Common use of Mandatory Prepayment For Borrowing Base Deficiency Clause in Contracts

Mandatory Prepayment For Borrowing Base Deficiency. In the event the Total Outstandings ever exceed the Borrowing Base as determined by Lenders pursuant to Section 7(b) hereof (a "Borrowing Base Deficiency"), the Borrowers shall, within ten (10) days after written notification from the Agent, either (A) by instruments reasonably satisfactory in form and substance to the Agent, provide the Agent with Collateral with value and quality in amounts satisfactory to all of the Lenders in their discretion in order to increase the Borrowing Base by an amount at least equal to such excess, or (B) prepay, without premium or penalty, the principal amount of the Notes in an amount at least equal to such excess plus accrued interest thereon to the date of prepayment, or (C) prepay, without premium or penalty, the principal amount of such excess in not more than six (6) equal monthly installments to be applied to principal plus accrued interest thereon with the first such monthly payment being due upon the 30th day after receipt of notice of such deficiency; provided that, the entire principal amount of such excess must be repaid before the next Determination Date. If the Total Outstandings ever exceed the Revolving Commitment or the Borrowing Base as a result of a required reduction in the Revolving Commitment or the Borrowing Base pursuant to Section 2(f) hereof, then in such event, Borrowers shall, upon written notice, immediately prepay the principal amount of the Notes in an amount at least equal to such excess plus accrued interest to the date of prepayment.

Mandatory Prepayment For Borrowing Base Deficiency. In the event the Total Outstandings ever exceed the Borrowing Base as determined by Lenders pursuant to Section 7(b) hereof (a "Borrowing Base Deficiency"), the Borrowers Borrower shall, within ten (10) days after written notification from the Agent, either (A) by instruments reasonably satisfactory in form and substance to the Agent, provide the Agent with Collateral with value and quality in amounts satisfactory to all of the Lenders in their discretion in order to increase the Borrowing Base by an amount at least equal to such excess, or (B) prepay, without premium or penalty, the principal amount of the Notes in an amount at least equal to such excess plus accrued interest thereon to the date of prepayment, or (C) prepay, without premium or penalty, the principal amount of such excess in not more than six (6) equal monthly installments to be applied to principal plus accrued interest thereon with the first such monthly payment being due upon the 30th day after receipt of notice of such deficiency; provided that, the entire principal amount of such excess must be repaid before the next Determination Date. If the Total Outstandings ever exceed the Revolving Commitment or the Borrowing Base as a result of a required reduction in the Revolving Commitment or the Borrowing Base pursuant to Section 2(f2(d) hereof, then in such event, Borrowers Borrower shall, upon written notice, immediately prepay the principal amount of the Notes in an amount at least equal to such excess plus accrued interest to the date of prepayment.

Mandatory Prepayment For Borrowing Base Deficiency. In the event the Total Outstandings Indebtedness ever exceed exceeds the Borrowing Base as determined by Lenders pursuant to Section 7(b) hereof (a "Borrowing Base Deficiency"), the Borrowers Borrower shall, within ten (10) days after written notification from the Agent, either (A) by instruments reasonably satisfactory in form and substance to the AgentLender, provide the Agent with Collateral collateral with value and quality in amounts satisfactory to all of the Lenders in their discretion in order to increase the Borrowing Base by an amount at least equal to such excess, or (B) prepay, without premium or penalty, the principal amount of the Notes in an amount at least equal to such excess plus accrued interest thereon to the date of prepayment, or (C) prepay, without premium or penalty, the principal amount of such excess in not more than six (6) equal monthly installments to be applied to principal plus accrued interest thereon with the first such monthly payment being due upon the 30th day after receipt of notice of such deficiency; provided thatprovided, however, that the entire principal amount of such excess must be repaid before the next Determination Date. If the Total Outstandings Indebtedness ever exceed exceeds the Revolving Commitment or the Borrowing Base as a result of a required reduction in the Revolving Commitment or the Borrowing Base pursuant to Section 2(f2(g) hereof, then in such event, Borrowers Borrower shall, upon written notice, immediately prepay the principal amount of the Notes in an amount at least equal to such excess plus accrued interest to the date of prepayment.

Mandatory Prepayment For Borrowing Base Deficiency. In the event the Total Outstandings ever exceed the Borrowing Base as determined by Lenders the Banks pursuant to Section 7(b5(b) hereof (a "Borrowing Base Deficiency")above, the Borrowers shall, within ten thirty (1030) days after written notification from the Agent, either (Ai) by instruments reasonably satisfactory in form and substance to the Agent, provide the mortgage to Agent with Collateral collateral with value and quality in amounts satisfactory to all of the Lenders Banks in their discretion in order to increase the Borrowing Base by an amount at least equal to such excess, or (Bii) prepay, without premium or penaltypenalty (except as set forth in Section 3(k) above with respect to the prepayment of any LIBOR Tranche), the principal amount of the Revolving Notes in an amount at least equal to such excess plus accrued interest thereon to the date of prepayment, or (C) prepay, without premium or penalty, the principal amount of such excess in not more than six (6) equal monthly installments to be applied to principal plus accrued interest thereon with the first such monthly payment being due upon the 30th day after receipt of notice of such deficiency; provided that, the entire principal amount of such excess must be repaid before the next Determination Date. If the Total Outstandings ever exceed the Revolving Commitment or the Borrowing Base as a result of a Monthly Commitment Reduction or any other required reduction in the Revolving Commitment or the Borrowing Base pursuant to Section 2(f) hereofCommitment, then in such event, Borrowers shallshall immediately prepay, upon written noticewithout premium or penalty (except as set forth in Section 3(k) above with respect to the prepayment of any LIBOR Tranche), immediately prepay the principal amount of the Revolving Notes in an amount at least equal to such excess plus accrued interest to the date of prepayment.

Mandatory Prepayment For Borrowing Base Deficiency. In the event the Total Outstandings ever exceed exceeds the Borrowing Base as determined by Lenders pursuant to Section 7(b) hereof (a "Borrowing Base Deficiency"), the Borrowers Borrower shall, within ten (10) days after written notification from the Agent, either (A) by instruments reasonably satisfactory in form and substance to the AgentLender, provide the Agent with Collateral with value and quality in amounts satisfactory to all of the Lenders in their discretion in order to increase the Borrowing Base by an amount at least equal to such excess, or (B) prepay, without premium or penalty, the principal amount of the Notes in an amount at least equal to such excess plus accrued interest thereon to the date of prepayment, or (C) prepay, without premium or penalty, the principal amount of such excess in not more than six (6) equal monthly installments to be applied to principal plus accrued interest thereon with the first such monthly payment being due upon the 30th day after receipt of notice of such deficiency; provided thatprovided, however, that the entire principal amount of such excess must be repaid before the next Determination Date. If the Total Outstandings ever exceed exceeds the Revolving Commitment or the Borrowing Base as a result of a required reduction in the Revolving Commitment or the Borrowing Base pursuant to Section 2(f2(d) hereof, then in such event, Borrowers Borrower shall, upon written notice, immediately prepay the principal amount of the Notes in an amount at least equal to such excess plus accrued interest to the date of prepayment.

Mandatory Prepayment For Borrowing Base Deficiency. In the event -------------------------------------------------- the Total Outstandings ever exceed the Borrowing Base as determined by Lenders pursuant to Section 7(b) hereof (a "Borrowing Base Deficiency")hereof, the Borrowers shall, within ten thirty (1030) days after written notification from the Agent, either (A) by instruments reasonably satisfactory in form and substance to the AgentLender, provide the Agent with Collateral collateral with value and quality in amounts satisfactory to all of the Lenders in their discretion in order to increase the Borrowing Base by an amount at least equal to such excess, or (B) prepay, without premium or penalty, the principal amount of the Notes in an amount at least equal to such excess plus accrued interest thereon to the date of prepayment, or (C) prepay, without premium or penalty, the principal amount of such excess in not more than six five (65) equal monthly installments to be applied to principal plus accrued interest thereon with the first such monthly payment being due upon the 30th day after receipt of notice of such deficiency; provided that, the entire principal amount of such excess must be repaid before the next Determination Date. If the Total Outstandings ever exceed the Revolving Commitment or the Borrowing Base as a result of a any required reduction in the Revolving Commitment or the Borrowing Base pursuant to Section 2(f) hereofCommitment, then in such event, Borrowers shall, upon written notice, immediately prepay the principal amount of the Notes in an amount at least equal to such excess plus accrued interest to the date of prepayment.

Mandatory Prepayment For Borrowing Base Deficiency. In the event the Total Outstandings ever exceed exceeds the Borrowing Base as determined by Lenders pursuant to Section 7(b) hereof (a "Borrowing Base Deficiency"), the Borrowers shall, within ten (10) days after written notification from the Agent, either (A) by instruments reasonably satisfactory in form and substance to the AgentLender, provide the Agent with Collateral with value and quality in amounts satisfactory to all of the Lenders in their discretion in order to increase the Borrowing Base by an amount at least equal to such excess, or (B) prepay, without premium or penalty, the principal amount of the Notes in an amount at least equal to such excess plus accrued interest thereon to the date of prepayment, or (C) prepay, without premium or penalty, the principal amount of such excess in not more than six (6) equal monthly installments to be applied to principal plus accrued interest thereon with the first such monthly payment being due upon the 30th day after receipt of notice of such deficiency; provided thatprovided, however, that the entire principal amount of such excess must be repaid before the next Determination Date. If the Total Outstandings ever exceed exceeds the Revolving Commitment or the Borrowing Base as a result of a required reduction in the Revolving 28 Commitment or the Borrowing Base pursuant to Section 2(f) hereof, then in such event, Borrowers shall, upon written notice, immediately prepay the principal amount of the Notes in an amount at least equal to such excess plus accrued interest to the date of prepayment.

Mandatory Prepayment For Borrowing Base Deficiency. In the event the Total Outstandings ever exceed exceeds the Borrowing Base as determined by Lenders pursuant to Section 7(b) hereof (a "“Borrowing Base Deficiency"”), the Borrowers Borrower shall, within ten (10) days after written notification from the Collateral Agent, either (A) by instruments reasonably satisfactory in form and substance to the AgentLender, provide the Agent with Collateral with value and quality in amounts satisfactory to all of the Lenders in their discretion in order to increase the Borrowing Base by an amount at least equal to such excess, or (B) prepay, without premium or penalty, the principal amount of the Notes in an amount at least equal to such excess plus accrued interest thereon to the date of prepayment, or (C) prepay, without premium or penalty, the principal amount of such excess in not more than six (6) equal monthly installments to be applied to principal plus accrued interest thereon with the first such monthly payment being due upon the 30th day after receipt of notice of such deficiency; provided thatprovided, however, that the entire principal amount of such excess must be repaid before the next Determination Date. If the Total Outstandings ever exceed exceeds the Revolving Commitment or the Borrowing Base as a result of a required reduction in the Revolving Commitment or the Borrowing Base pursuant to Section 2(f) hereof, then in such event, Borrowers Borrower shall, upon written notice, immediately prepay the principal amount of the Notes in an amount at least equal to such excess plus accrued interest to the date of prepayment.