Borrowing Base Deficit Clause Samples

Borrowing Base Deficit. If, on any day, the Principal Obligation exceeds the Available Commitment (such an event, a “Borrowing Base Deficiency”), including, without limitation, as a result of an Exclusion Event then the Borrowers or the applicable Qualified Borrower shall pay on demand (a “Mandatory Prepayment”) such excess to the Administrative Agent, for the benefit of the Lenders, in immediately available funds: (A) promptly on demand (but in no event later than two (2) Business Days after such demand), to the extent such funds are immediately available in any Collateral Account; or (B) within fifteen (15) Business Days of demand to the extent that it is necessary for the Borrowers to issue Capital Call Notices to fund such required payment (and the Borrowers shall issue such Capital Call Notices during such time, and shall pay such excess immediately after the Capital Contributions relating to such Capital Call Notice are received).

Borrowing Base Deficit. A Borrowing Base Deficit shall exist and such condition shall continue unremedied for three (3) Business Days.

Borrowing Base Deficit. A Borrowing Base Deficit shall exist and such condition shall continue unremedied for two (2) Business Days.

Borrowing Base Deficit. No later than one (1) Business Day (but no earlier than five (5) Business Days) prior to the consummation of the VMC Group Divestiture, the Company (or the Servicer on its behalf) shall deliver to the Administrative Agent the most recently delivered Interim Report, which Interim Report also shall include a pro forma calculation to give effect to the consummation of Step 1, Step 2, Step 3 and Step 4. In the event that such pro forma calculation shall reflect the existence of a pro forma Borrowing Base Deficit, then the Company shall pay, on or prior to the date on which such Borrowing Base Deficit would first arise and in all cases prior to the PNC Group Release, a portion of the outstanding Aggregate Capital at such time and/or a portion of the Adjusted LC Participation Amount, in an aggregate amount equal to the amount necessary to reduce such Borrowing Base Deficit to zero ($0). Solely with respect to such reduction, the parties hereto hereby waive the one (1) Business Day notice requirement set forth in Section 2.02(d) of the Receivables Financing Agreement and agree that the Servicer shall make the related payments under Sections 2.02(d), 3.04 and 3.05 of the Receivables Financing Agreement, as applicable, in accordance with the preceding sentence (rather than at least one (1) Business Day after the date of the notice contemplated by such Section 2.02(d)).

Borrowing Base Deficit. If any Borrowing Base Certificate shall reflect a Borrowing Base Deficit, the Borrower shall, immediately and without the necessity of a demand by the Administrative Agent or any Lender, prepay the Revolving Facility Loans and any Seasonal Term Loans in such amount as may be necessary to eliminate such Borrowing Base Deficit. Notwithstanding anything herein to the contrary, no such mandatory prepayment shall constitute or be deemed to constitute a cure of any Default or Event of Default arising as a result of such Borrowing Base Deficit giving rise to such prepayment obligation.

Borrowing Base Deficit. No Borrowing Base Deficit exists.

Borrowing Base Deficit. No Borrowing Base Deficit exists or would exist after giving effect to the Advance requested pursuant to Section 2 above.

Borrowing Base Deficit. At any time the aggregate principal amount of all Loans outstanding hereunder shall exceed the Borrowing Base and such condition shall continue unremedied for two Business Days.

Borrowing Base Deficit. A Borrowing Base Deficit shall exist and such condition shall continue unremedied for one (1)