Common use of Combination Elections Clause in Contracts

Combination Elections. If Borrower elects (or is deemed to have elected) to eliminate the Borrowing Base Deficiency by a combination of prepayment and mortgaging of additional Oil and Gas Properties in accordance with Section 2.8(e)(i)(C), then within 30 days after Borrower’s receipt of the Borrowing Base Deficiency Notice (or such longer time as determined by Administrative Agent), Borrower shall (or shall cause another Loan Party to) execute, acknowledge and deliver to Administrative Agent one or more Mortgages covering such additional Oil and Gas Properties and pay Administrative Agent the amount by which the Borrowing Base Deficiency exceeds the present values of such additional Oil and Gas Properties in one (1) installment within 30 days after Borrower’s receipt of the Borrowing Base Deficiency Notice and if any Borrowing Base Deficiency remains after prepaying all Loans as a result of L/C Obligations, Cash Collateralize such excess as provided in Section 2.5 or in six (6) equal consecutive monthly installments beginning within 30 days after B▇▇▇▇▇▇▇’s receipt of the Borrowing Base Deficiency Notice and continuing on the same day of each month thereafter. Notwithstanding anything to the contrary contained herein, if any Periodic or Special Determination is made hereunder during any period when a Borrowing Base Deficiency (referred to herein as the “Original Deficiency”) is being paid in installments pursuant to Section 2.8(e)(ii)(A) or (C), and such determination results in a Borrowing Base that is less than the amount of the Borrowing Base determined pursuant to the immediately previous Borrowing Base determination hereunder (the positive difference thereof being referred to herein as the “Additional Deficiency”), then (x) the Original Deficiency shall continue to be paid in installments accordance with B▇▇▇▇▇▇▇’s original election or deemed election hereunder with respect thereto and (y) the Additional Deficiency shall be paid in accordance with B▇▇▇▇▇▇▇’s election or deemed election hereunder with respect thereto.

Combination Elections. If Borrower elects (or is deemed to have elected) to eliminate the Borrowing Base Deficiency by a combination of prepayment and mortgaging of additional Oil and Gas Properties in accordance with Section 2.8(e)(i)(C), then within 30 days after Borrower’s receipt of the Borrowing Base Deficiency Notice (or such longer time as determined by Administrative Agent), Borrower shall (or shall cause another Loan Party to) execute, acknowledge and deliver to Administrative Agent one or more Mortgages covering such additional Oil and Gas Properties and pay Administrative Agent the amount by which the Borrowing Base Deficiency exceeds the present values of such additional Oil and Gas Properties in one (1) installment within 30 days after Borrower’s receipt of the Borrowing Base Deficiency Notice and if any Borrowing Base Deficiency remains after prepaying all Loans as a result of L/C Obligations, Cash Collateralize such excess as provided in Section 2.5 or in six (6) equal consecutive monthly installments beginning within 30 days after B▇▇▇▇▇▇▇▇’s receipt of the Borrowing Base Deficiency Notice and continuing on the same day of each month thereafter. Notwithstanding anything to the contrary contained herein, if any Periodic Determination or Special Determination is made hereunder during any period when a Borrowing Base Deficiency (referred to herein as the “Original Deficiency”) is being paid in installments pursuant to Section 2.8(e)(ii)(A) or (C), and such determination results in a Borrowing Base that is less than the amount of the Borrowing Base determined pursuant to the immediately previous Borrowing Base determination hereunder (the positive difference thereof being referred to herein as the “Additional Deficiency”), then (x) the Original Deficiency shall continue to be paid in installments accordance with B▇▇▇▇▇▇▇▇’s original election or deemed election hereunder with respect thereto and (y) the Additional Deficiency shall be paid in accordance with B▇▇▇▇▇▇▇▇’s election or deemed election hereunder with respect thereto.

Combination Elections. If the Borrower elects (or is deemed to have elected) to eliminate the Borrowing Base Deficiency by a combination of prepayment and mortgaging of additional Oil and Gas Properties in accordance with Section 2.8(e)(i)(C3.03(c)(ii)(A)(3), then within 30 thirty (30) days after the Borrower’s receipt of the Borrowing Base Deficiency Notice (or such longer time as determined by the Administrative Agent), the Borrower shall (or shall cause another Loan Party a Subsidiary to) execute, acknowledge and deliver to the Administrative Agent one or more Mortgages Security Instruments covering such additional Oil and Gas Properties and pay the Administrative Agent the amount by which the Borrowing Base Deficiency exceeds the present values of such additional Oil and Gas Properties in one three (1) installment within 30 days after Borrower’s receipt of the Borrowing Base Deficiency Notice and if any Borrowing Base Deficiency remains after prepaying all Loans as a result of L/C Obligations, Cash Collateralize such excess as provided in Section 2.5 or in six (63) equal consecutive monthly installments beginning within 30 thirty (30) days after B▇▇▇▇▇▇▇Borrower’s receipt of the Borrowing Base Deficiency Notice and continuing on the same day of each month thereafter. Notwithstanding anything ; provided that all payments required to be made pursuant to this Section 3.03(c)(ii)(B)(3) must be made on or prior to the contrary contained hereinTermination Date. (iii) During a Borrowing Base Period, upon any adjustment to the Borrowing Base pursuant to Section 9.10 or pursuant to Section 2.06(e), if a Borrowing Base (iv) Each prepayment of Revolving Credit Borrowings pursuant to this Section 3.03(c) shall be applied, (A) first, ratably to any ABR Revolving Credit Borrowings then outstanding, (B) second, to any RFR Borrowings then outstanding, and if more than one RFR Borrowing is then outstanding, to each such RFR Borrowing in order of priority beginning with the RFR Borrowing with the least number of days remaining prior to the Interest Payment Date applicable thereto and ending with the RFR Borrowing with the most number of days remaining prior to the Interest Payment Date applicable thereto and (C) third, to any Term Benchmark Revolving Credit Borrowings then outstanding, and if more than one Term Benchmark Revolving Credit Borrowing is then outstanding, to each such Term Benchmark Revolving Credit Borrowing in order of priority beginning with the Term Benchmark Revolving Credit Borrowing with the least number of days remaining in the Interest Period applicable thereto and ending with the Term Benchmark Revolving Credit Borrowing with the most number of days remaining in the Interest Period applicable thereto; provided, however, if any Periodic excess remains after the prepayment of all Revolving Credit Borrowings and after the Borrower Cash Collateralizes all Letter of Credit Obligations or Special Determination is made hereunder during any period when a Borrowing Base Deficiency outstanding Letters of Credit, such excess shall be prepaid by the Borrower. (referred to herein as the “Original Deficiency”v) is being paid in installments Each prepayment of Revolving Credit Borrowings pursuant to this Section 2.8(e)(ii)(A3.03(c) or (C), and such determination results in a Borrowing Base that is less than shall be accompanied by accrued interest on the amount of the Borrowing Base determined pursuant prepaid to the immediately previous Borrowing Base determination hereunder extent required by Section 3.02. (the positive difference thereof being referred to herein as the “Additional Deficiency”d), then (x) the Original Deficiency shall continue to be paid in installments accordance with B▇▇▇▇▇▇▇’s original election or deemed election hereunder with respect thereto and (y) the Additional Deficiency shall be paid in accordance with B▇▇▇▇▇▇▇’s election or deemed election hereunder with respect thereto.