Borrowing Base Shortfall Sample Clauses

Borrowing Base Shortfall. If a Borrowing Base Shortfall occurs and is not eliminated in accordance with Section 2.8(k).

Borrowing Base Shortfall. If at any time there occurs a Borrowing Base Shortfall, the Agent may, at the direction of the Majority Lenders, deliver to the Borrower a notice setting out the amount of the Borrowing Base Shortfall (the “Shortfall Notice”). Upon receipt of the Shortfall Notice, the Borrower will do one of the following or a combination thereof:‌ (i) reduce the Obligations under the Credit Facilities by the amount of the Borrowing Base Shortfall within 60 days of receipt of the Shortfall Notice, with the proceeds of such reduction to be paid to the Syndicated Facility Lenders and the Operating Lender on a pro rata basis based on the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount of each such Credit Facility; (ii) eliminate the Borrowing Base Shortfall by providing in favour of the Agent for and on behalf of the Lenders and the Swap Lenders additional security, such security to be in form and substance acceptable to the Lenders, in their discretion, to be delivered by the Borrower to the Agent for and on behalf of the Lenders within 60 days of receipt of the Shortfall Notice; or (iii) eliminate the Borrowing Base Shortfall within 60 days of receipt of the Shortfall Notice by such other means as are acceptable to the Lenders, including adding additional P&NG Rights acceptable to the Lenders to the Borrowing Base Properties or by making a prepayment in accordance with Section 3.6(f). Notwithstanding the foregoing provisions of this Section 3.6(c), nothing herein contained will affect or modify the rights of the Lenders under the Documents or the obligations of the Borrower thereunder.

Borrowing Base Shortfall. If at any time there exists a Borrowing Base Shortfall and such Borrowing Base Shortfall is not remedied pursuant to Section 2.5.

Borrowing Base Shortfall. (a) The Borrower shall ensure at all times that the Outstandings do not exceed the Borrowing Base. (b) The Borrower shall notify the Lender of any BB Shortfall promptly upon becoming aware of its occurrence (unless the Borrower is notified of the BB Shortfall by the Lender).

Borrowing Base Shortfall. The Borrowers may make a prepayment in order to comply with the provisions of Section 5.11.

Borrowing Base Shortfall. (a) On the first Business Day after a BB Shortfall Remedy Period the Lender determines that there is still a BB Shortfall and (a) the balance on any Collection Account is not positive, or (b) following a transfer from the Collection Account(s) to be applied in prepayment or repayment of the Loan referred to in clause 7.3(c) (Mandatory prepayment – Borrowing Base), the Shortfall is not remedied. (b) Without prejudice to clause 7.3 (Mandatory prepayment – Borrowing Base), the Borrower does not comply with its obligations under clause 21.27 (Borrowing Base Shortfall).

Borrowing Base Shortfall. If at any time there occurs a Borrowing Base Shortfall, the Agent shall deliver to the Borrower a notice setting out the amount of the Borrowing Base Shortfall (the “Shortfall Notice”). Upon receipt of the Shortfall Notice, the Borrower will do one of the following or a combination thereof, (A) immediately, in the case of a re-determination relating to a disposition of assets and (B) in all other cases, within 60 days after receipt of the Shortfall Notice: (i) reduce the Obligations under the Credit Facilities by the amount of the Borrowing Base Shortfall, with the proceeds of such reduction to be paid to the Syndicated Facility Lenders and the Operating Lender on a pro rata basis based on the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount of each such Credit Facility; (ii) eliminate the Borrowing Base Shortfall by providing in favour of the Agent for and on behalf of the Lenders and the Swap Lenders additional security, such security to be in form and substance acceptable to the Lenders, in their sole discretion, to be delivered by the Borrower to the Agent for and on behalf of the Lenders; or (iii) eliminate the Borrowing Base Shortfall by such other means as are acceptable to the Lenders, including adding additional P&NG Rights acceptable to the Lenders, in their sole discretion (provided that any additional oil and gas assets offered as security will be evaluated by each Lender in accordance with its normal oil and gas evaluation parameters for a loan of this nature) to the Borrowing Base Properties or by making a prepayment in accordance with Section 3.6. If the Borrowing Base Shortfall is not eliminated as required above within the requisite period prescribed above, such failure shall be an Event of Default for the purposes of this Agreement at the end of such prescribed period. Notwithstanding the foregoing provisions of this Section 3.5(c), nothing herein contained will affect or modify the rights of the Lenders under the Loan Documents or the obligations of the Borrower thereunder.

Borrowing Base Shortfall. Subject to the proviso contained in ------------------------ Section 9.01(j), at any time that a reduction in the Borrowing Base causes the sum of the aggregate amount of Revolving Loans then outstanding, plus the aggregate amount of Swing Loans then outstanding, plus the Dollar Equivalent of the aggregate L/C Liabilities then outstanding, less the amount of any L/C cover that shall have been provided and not yet returned to exceed the Borrowing Base then in effect (after giving effect to the aforementioned reduction), Borrower shall immediately prepay Swing Loans and the Revolving Loans (and/or provide cover for L/C Liabilities as specified in Section 2.10(d)), such prepayment to be applied, first, to the Swing Loans, second, to Revolving Loans outstanding ----- ------ and, third, as cover for L/C Liabilities outstanding as specified in Section ----- 2.10(d). If at any time following the provision of cover for L/C Liabilities pursuant to this Section 2.10(c) the Borrowing Base then in effect shall exceed the sum of the aggregate amount of Revolving Loans then outstanding, plus the aggregate amount of Swing Loans then outstanding, plus the Dollar Equivalent of the aggregate L/C Liabilities then outstanding, less the amount of any L/C cover that shall have been provided and not yet returned, Administrative Agent shall release and return to Borrower L/C cover in an amount equal to the lesser of (i) such excess and (ii) all such cover then held by Administrative Agent.

Borrowing Base Shortfall. Fourth, the amount of any Borrowing Base Shortfall, first (A) to the Note Holders (to their respective Note Holder’s Account and in accordance with such Note Holder’s Pro Rata Share), until the outstanding principal balances of the Purchase Money Notes have been reduced to zero, and (B) the remainder, if any, to the Lenders (to their respective Lender’s Account and in accordance with such ▇▇▇▇▇▇’s Pro Rata Share);