Common use of Mandatory Action Clause in Contracts

Mandatory Action. (i) If on any date the Effective Amount shall exceed the Borrowing Base (a "Deficiency"), then the Company shall 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 Loans within 30 days of the occurrence of such Deficiency (and, if any Deficiency remains after prepayment of all Loans, cash collateralization of the LC Obligation to the extent required to eliminate the Deficiency); (B) the making of a principal prepayment on the Loans (and, if any Deficiency remains after prepayment of all 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 the Effective Amount shall exceed the Borrowing Base (a "“Deficiency"”), then the Company shall 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 Loans within 30 days of the occurrence of such Deficiency (and, if any Deficiency remains after prepayment of all Loans, cash collateralization of the LC Obligation to the extent required to eliminate the Deficiency); (B) the making of a principal prepayment on the Loans (and, if any Deficiency remains after prepayment of all Loans, cash collateralization of the LC Obligation to the extent required to eliminate the Deficiency) in three five equal monthly installments commencing thirty 30 days from the date the Deficiency occurs and continuing on the same day of the next two four 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 the Effective Amount shall exceed the Borrowing Base (a "Deficiency"), then the Company shall 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 the Effective Amount shall exceed the Borrowing Base (a "“Deficiency"”), then the Company shall 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 Loans within 30 days of the occurrence of such Deficiency (and, if any Deficiency remains after prepayment of all Loans, cash collateralization of the LC Obligation to the extent required to eliminate the Deficiency); (B) the making of a principal prepayment on the Loans (and, if any Deficiency remains after prepayment of all 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.