Mandatory Action. (i) If on any date the Effective Amount shall exceed the Borrowing Base (a "Deficiency"), then the Company must cure the Deficiency, and except as provided in paragraph (ii) below, may effect such cure through any of the following means or any combination thereof: (A) the making of a lump sum principal prepayment on the Revolving Credit Loans within 30 days of the occurrence of such Deficiency (and, if any Deficiency remains after prepayment of all Revolving Credit Loans, cash collateralization of the LC Obligation to the extent required to eliminate the Deficiency); (B) the making of a principal prepayment on the Revolving Credit Loans (and, if any Deficiency remains after prepayment of all Revolving Credit Loans, cash collateralization of the LC Obligation to the extent required to eliminate the Deficiency) in three equal monthly installments commencing thirty 30 days from the date the Deficiency occurs and continuing on the same day of the next two succeeding months thereafter; or (C) the pledge within ten Business Days of the occurrence of such Deficiency of additional unencumbered Collateral of sufficient value and character (as determined by the Required Lenders in their sole discretion) that when added to the Borrowing Base shall equal the applicable Effective Amount.
Mandatory Action. (i) If on any date a Borrowing Base Deficiency exists, then the Company shall cure such Borrowing Base Deficiency immediately by prepaying the Loans in an aggregate principal amount equal to such excess, together with interest on the principal amount paid and accrued to date of such prepayment and if any excess remains after prepaying the Loans because of any Letter of Credit Outstandings, Cash Collateralize an amount equal to such excess; provided, however, that upon any Borrowing Base Deficiency caused by a redetermination downward of the Borrowing Base pursuant to Section 2.6, the Company may effect such cure through any of the following means or any combination thereof: (A) the making of a lump sum principal prepayment on the Loans within 30 days of the occurrence of such Borrowing Base Deficiency (and, if any Borrowing Base Deficiency remains after prepayment of all Loans, Cash Collateralizing the Letter of Credit Outstandings to the extent required to eliminate the Borrowing Base Deficiency); (B) the making of a principal prepayment on the Loans (and, if any Borrowing Base Deficiency remains after prepayment of all Loans, Cash Collateralizing the Letter of Credit Outstandings to the extent required to eliminate the Borrowing Base Deficiency) in six substantially equal monthly installments commencing 30 days from the date the Borrowing Base Deficiency occurs and continuing on the same day of the next five succeeding months thereafter; or (C) the pledge within 15 Business Days of the occurrence of such Borrowing Base Deficiency of additional unencumbered Collateral of sufficient value and character (as determined by the Lenders in their sole discretion) that when added to the Borrowing Base shall equal the applicable Effective Amount.
Mandatory Action. To the extent that any law requires that something must be done (such as obtaining consent) before the Grantor may validly grant a security interest over any of the Secured Property, the security interest under this clause 3 only takes effect in relation to that Secured Property when the thing required is done. The Grantor agrees to do anything necessary to ensure that it is done.
Mandatory Action. To the extent that any law requires that something must be done (such as obtaining consent) before the Mortgagor may validly mortgage any of the Secured Property, the mortgage under clause 3.1 (“Mortgage”) only takes effect in relation to that Secured Property when the thing required is done. The Mortgagor agrees to do anything reasonably necessary to ensure that it is done.
