Common use of Borrowing Base Exceeded Clause in Contracts

Borrowing Base Exceeded. Whenever the outstanding principal balance of the Loans plus the Letters of Credit Outstanding exceeds the Borrowing Base, the Borrower shall make, within one (1) Business Day after the Borrower learns of such excess and whether or not the Agent has given notice to such effect, a mandatory prepayment of principal equal to the excess of the outstanding principal balance of the Loans over the Borrowing Base, together with accrued interest on such principal amount.

Borrowing Base Exceeded. Whenever the outstanding principal balance of the Loans plus the Letters of Credit Outstanding exceeds the Borrowing Base, the Borrower shall make, within with one (1) Business Day after the Borrower learns of such excess and whether or not the Agent has given notice to such effect, a mandatory prepayment of principal equal to the excess of the outstanding principal balance of the Loans over the Borrowing Base, together with accrued interest on such principal amount.