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 4.06(a)(iii), 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 a Guarantor to) execute, acknowledge and deliver to Administrative Agent security instruments acceptable to Administrative Agent 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 installment within 30 days after Borrower’s receipt of the Borrowing Base Deficiency Notice or in 6 equal consecutive monthly installments beginning within 30 days after Borrower’s receipt of the Borrowing Base Deficiency Notice and continuing on the same day of each month thereafter.

Combination Elections. If Borrower elects (or is deemed to have elected) to eliminate the Borrowing Base Deficiency deficiency by a combination of prepayment and mortgaging of additional oil and gas properties in accordance with Section 4.06(a)(iii), then within 30 thirty (30) days after Borrower’s 's receipt of the Borrowing Base Deficiency Notice (or such longer time as determined by Administrative Agent), Borrower shall (or shall cause a Guarantor to) execute, acknowledge and deliver to Administrative Agent security instruments acceptable to Administrative Agent covering such additional oil and gas properties and pay Administrative Agent the amount by which the Borrowing Base Deficiency deficiency exceeds the present values of such additional oil and gas properties in one installment within 30 thirty (30) days after Borrower’s 's receipt of the Borrowing Base Deficiency Notice or in 6 six (6) equal consecutive monthly installments beginning within 30 thirty (30) days after Borrower’s 's receipt of the Borrowing Base Deficiency Notice and continuing on the same day of each month thereafter.