Borrowing Base Deficiency Cures Sample Clauses

Borrowing Base Deficiency Cures. (i) In addition to any other obligation of the Borrower to cure any Borrowing Base Deficiency pursuant to the terms of this Agreement, if any Borrowing Base Deficiency exists, then the Borrower shall within the applicable Borrowing Base Deficiency Cure Period either (A)(1) deposit into or credit to the Collection Account cash and Eligible Investments, (2) repay Advances (together with all accrued and unpaid costs and expenses of the Agents, Custodian, Collateral Administrator, Securities Intermediary and the Lenders for which the Borrower has received a reasonably detailed invoice prior to such date of repayment, in each case in respect of the amount so repaid), (3) sell Collateral Assets in accordance with Article X, (4) during the Reinvestment Period, pledge additional Collateral Assets as Collateral; provided that no Administrative Agent approval shall be required for a Collateral Asset pledged pursuant to this clause (4) to be treated as an “Eligible Collateral Asset” for a period not exceeding nine (9) months, so long as such additional Collateral Asset (I) is (x) a Broadly Syndicated Loan or (y) constitutes a portion of a pre-existing Eligible Collateral Asset that was approved by Administrative Agent, (II) has not been subject to an Asset Value Adjustment Event and (III) has not experienced a deterioration in the credit worthiness of the related Obligor or of the Obligor’s general industry, as determined by the Collateral Manager in accordance with the Collateral Management Standard and certified by the Collateral Manager to the Administrative Agent, and/or (5) deliver a Capital Raise Notice and/or (B) deliver to the Administrative Agent a written report (the “Cure Report”) showing a projected cure of any Borrowing Base Deficiency based on actions described in clause (A), if any, and pending purchases and sales of Collateral Assets by 3:00 p.m. on the second Business Day following the occurrence of the Borrowing Base Deficiency, which Cure Report shall (1) be satisfactory to the Administrative Agent, (2) give effect to all committed purchases of Collateral Assets and other financial assets by the Borrower and account in a manner satisfactory to the Administrative Agent for any change in the market value of any such Collateral Asset and (3) give effect to sales of Collateral Assets (including sales committed to on the date of such Cure Report) only if such sales are to Approved Broker Dealers or the Equityholder and Borrower reasonably expects such s...
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Borrowing Base Deficiency Cures. Any Borrowing Base Deficiency may be cured by the Borrower taking one or more of the following actions: (i) crediting Cash into the Principal Collection Account; (ii) repaying the applicable Advances Outstanding in accordance with Section 2.3(b); or (iii) posting additional Eligible Loans and/or Permitted Investments as Collateral or effecting a Substitution of a new Eligible Loan for an existing Loan; provided that the amount of any reduction of a Borrowing Base Deficiency pursuant to any such additional Eligible Loans shall be the Adjusted Borrowing Value of such Eligible Loans. For the avoidance of doubt, the Borrower may cure a Borrowing Base Deficiency by any combination of (i), (ii) or (iii) of this Section 2.6 (or by any other action with the prior written consent of the Administrative Agent). Notwithstanding any other provisions of this Agreement, if the Borrower has eliminated a Borrowing Base Deficiency pursuant to clause (i) of this Section 2.6, upon written request of the Borrower to the Collateral Agent to release such funds from the Principal Collection Account and certification by the Borrower that immediately after giving effect to the return of any such Cash, no Borrowing Base Deficiency will exist, the Borrower shall be permitted the return of all or a portion of the Cash so deposited in the Principal Collection Account and the Collateral Agent shall pay the amount so requested to the Borrower and, for the avoidance of doubt, such amount shall not constitute Available Funds.
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Borrowing Base Deficiency Cures. (a) Any Borrowing Base Deficiency may be cured by the Borrower taking one or more of the following actions in the aggregate amount necessary to cure such Borrowing Base Deficiency: (i) crediting Cash into the Principal Collection Account; (ii) repaying the applicable Advances Outstanding in accordance with Section 2.3(b); or (iii) posting additional Eligible Loans and/or Permitted Investments as Collateral; provided that (x) the amount of any reduction of a Borrowing Base Deficiency pursuant to any such additional Eligible Loans shall be the Adjusted Borrowing Value of such Eligible Loans and (y) the use of this clause (iii) to cure a Borrowing Base Deficiency during the Amortization Period shall be subject to the approval of the Administrative Agent in its sole discretion.
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Borrowing Base Deficiency Cures. Any Borrowing Base Deficiency may be cured by the Borrower taking one or more of the following actions: (i) crediting Cash into the Principal Collection Account; (ii) repaying the applicable Advances Outstanding in accordance with Section 2.3(b); or (iii) posting additional Eligible Loans and/or Permitted Investments as Collateral or effecting a Substitution of a new Eligible Loan for an existing Loan; provided that the amount of any reduction of a Borrowing Base Deficiency pursuant to any such additional Eligible Loans shall be the Adjusted Borrowing Value of such Eligible Loans.
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Borrowing Base Deficiency Cures. (a) Any Borrowing Base Deficiency may be cured by the Borrower taking one or more of the following actions: (i) crediting cash into the Principal Collection Account; (ii) repaying the applicable Advances Outstanding in accordance with Section 2.3(b); and/or (iii) posting additional Eligible Loans and/or Permitted Investments as Collateral; provided that the amount of any reduction of a Borrowing Base Deficiency pursuant to any such additional Eligible Loans shall be the Adjusted Borrowing Value of such Eligible Loans. For the avoidance of doubt, the Borrower may cure a Borrowing Base Deficiency by any combination of the applicable clauses in this Section 2.6 (or by any other action with the prior written consent of the Administrative Agent and the Required Lenders).
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Borrowing Base Deficiency Cures. Any Borrowing Base Deficiency may be cured by the Borrower taking one or more of the following actions: (i) crediting Cash into the Principal Collection Account; -51- USActive ▇▇▇▇▇▇▇▇.2
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Borrowing Base Deficiency Cures. If a Borrowing Base Deficiency exists, the Borrower may eliminate such Borrowing Base Deficiency in its entirety in accordance with this Section 2.05(c) and, in any case, within the applicable Cure Period. (i) To eliminate such Borrowing Base Deficiency, the Borrower may effect one or more (or any combination thereof) of the following actions (each a “Borrowing Base Deficiency Cure”): (A) deposit into or credit to the Collection Account cash and Eligible Investments, (B) repay Advances (together with all accrued and unpaid costs and expenses of the Agents, the Collateral Custodian, the Collateral Administrator, the Securities Intermediary and the Lenders, for which the Borrower has received a reasonably detailed invoice prior to such date of repayment, in each case in respect of the amount so repaid), (C) sell Collateral Loans in accordance with Article X, or (D) during the Reinvestment Period, pledge additional Collateral Loans as Collateral. For the avoidance of doubt, no Prepayment Fee shall be required in connection with any prepayment of an Advance, whether made to cure a Borrowing Base Deficiency or otherwise.
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Related to Borrowing Base Deficiency Cures

  • Borrowing Base Deficiency (i) Other than as provided in clause (ii) below, if the aggregate outstanding amount of the Advances plus the Letter of Credit Exposure ever exceeds the lesser of the (y) Borrowing Base and (z) the aggregate Commitments, the Borrower shall, after receipt of written notice from the Administrative Agent regarding such deficiency, take any of the following actions (and the failure of the Borrower to take such actions to remedy such Borrowing Base deficiency shall constitute an Event of Default): (A) prepay Advances or, if the Advances have been repaid in full, make deposits into the Cash Collateral Account to provide cash collateral for the Letter of Credit Exposure, such that the Borrowing Base deficiency is cured within 10 Business Days after the date such deficiency notice is received by the Borrower from the Administrative Agent; (B) pledge as Collateral for the Obligations additional Oil and Gas Properties acceptable to the Administrative Agent and each of Lenders such that the Borrowing Base deficiency is cured within 30 days after the date such deficiency notice is received by the Borrower from the Administrative Agent; (C) (i) deliver, within 10 Business Days after the date such deficiency notice is received by the Borrower from the Administrative Agent, written notice to the Administrative Agent indicating the Borrower’s election to repay the Advances and make deposits into the Cash Collateral Account to provide cash collateral for the Letters of Credit, each in five monthly installments equal to one-fifth of such Borrowing Base deficiency with the first such installment due 30 days after the date such deficiency notice is received by the Borrower from the Administrative Agent and each following installment due 30 days after the preceding installment and (ii) make such payments and deposits within such time periods; provided that, the Borrowing Base deficiency cure permitted under this clause (C) shall not be available to the Borrower unless, concurrent with the written notice delivered to the Administrative Agent electing this option, the Borrower shall have delivered to the Administrative Agent a calculation of the Borrower’s consolidated cash flow forecast and financial projections which demonstrates, to the Administrative Agent’s satisfaction, the Borrower’s ability to make each such installment payments and to otherwise pay its other Debt and trade accounts payable as they become due; or (D) (i) deliver, within 10 Business Days after the date such deficiency notice is received by the Borrower from the Administrative Agent, written notice to the Administrative Agent indicating the Borrower’s election to combine the options provided in clause (B) and clause (C) above, and also indicating the amount to be prepaid in installments and the amount to be provided as additional Collateral, and (ii) make such five equal consecutive monthly installments and deliver such additional Collateral within the time required under clause (B) and clause (C) above. (ii) Upon each reduction of the Borrowing Base, if any, resulting from a Borrowing Base redetermination made under Section 2.02(c)(ii) or (iii), if the aggregate outstanding amount of the Advances plus the Letter of Credit Exposure exceeds the lesser of the (y) Borrowing Base and (z) the aggregate Commitments, then the Borrower shall immediately prepay the Advances or, if the Advances have been repaid in full, make deposits into the Cash Collateral Account to provide cash collateral for the Letter of Credit Exposure, in an amount equal to (A) such portion of the Borrowing Base deficiency resulting from such reduction plus (B) if a Borrowing Base deficiency exists prior to such reduction, then an amount equal to the lesser of (i) the net cash proceeds of the transaction that triggered such Borrowing Base reduction and (ii) such portion of the Borrowing Base deficiency in existence immediately prior to such reduction. (iii) Each prepayment pursuant to this Section 2.05(b) shall be accompanied by accrued interest on the amount prepaid to the date of such prepayment and amounts, if any, required to be paid pursuant to Section 2.12 as a result of such prepayment being made on such date. Each prepayment under this Section 2.05(b) shall be applied to the Advances as determined by the Administrative Agent and agreed to by the Lenders in their sole discretion. The failure of the Borrower to provide a notice of its election within the required 10 days as required in clause (i) above shall be deemed to be an election by the Borrower to take the actions provided in clause (i)(A) above.

  • Borrowing Base Agent shall have received evidence from Borrowers that the aggregate amount of Eligible Receivables and Eligible Inventory is sufficient in value and amount to support Advances in the amount requested by Borrowers on the Closing Date;