Common use of Borrowing Base Overadvance Clause in Contracts

Borrowing Base Overadvance. If at any time the aggregate principal amount of all outstanding Advances, together with the aggregate amount of all Letter of Credit Liabilities, exceeds the Borrowing Base, the Borrower shall, within 30 days of the earlier of (A) receipt by the Borrower of notice from the Agent stating that such excess exists or (B) the date the Borrower delivers (or was required to deliver) a Borrowing Base Certificate indicating the existence of such excess, deliver to the Agent for prompt distribution to each Lender a written plan acceptable to all of the Lenders to eliminate such excess. If such excess is not eliminated within 90 days of the earlier of receipt by the Borrower of such notice or the date the Borrower delivers (or was required to deliver) such Borrowing Base Certificate, an Event of Default shall be deemed to have occurred hereunder. All payments under this subsection (b) shall be applied to pay all amounts of excess principal outstanding on the applicable Advances and any applicable Reimbursement Obligations in accordance with Section 3.2., and the remainder, if any, shall be paid to the Borrower or whomever else may be legally entitled to such remainder.

Borrowing Base Overadvance. If at any time the aggregate principal amount of all outstanding Advances, together with the aggregate amount of all Letter of Credit Liabilities, Advances exceeds the Borrowing Base, the Borrower shall, within 30 days of the earlier of (A) receipt by the Borrower of notice from the Agent Bank stating that such excess exists or (B) the date the Borrower delivers (or was required to deliver) a Borrowing Base Certificate indicating the existence of such excess, deliver to the Agent Bank for prompt distribution to each Lender the Bank a written plan acceptable to all of the Lenders Bank to eliminate such excess. If such excess is not eliminated within 90 days of the earlier of receipt by the Borrower of such notice or the date the Borrower delivers (or was required to deliver) such Borrowing Base Certificate, an Event of Default shall be deemed to have occurred hereunder. All payments under this subsection (b) shall be applied to pay all amounts of excess principal outstanding on the applicable Advances and any applicable Reimbursement Obligations in accordance with Section 3.2.Advances, and the remainder, if any, shall be paid to the Borrower or whomever else may be legally entitled to such remainder.