Common use of Borrowing Base Deficit Clause in Contracts

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. 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 five (25) 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 within two (2) Business Days after the Capital Contributions relating to such Capital Call Notice are received).

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 Term Loan Lenders or Revolving Loan Lenders, as applicable, 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 USActive 61994469.1-47- 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).