Borrowing Base Deficit. A Borrowing Base Deficit shall exist and such condition shall continue unremedied until the earlier to occur of the next Distribution Date and the second Business Day after such Borrowing Base Deficit arose.
Borrowing Base Deficit. A Borrowing Base Deficit shall exist and such condition shall continue unremedied for three (3) Business Days.
Borrowing Base Deficit. A Borrowing Base Deficit shall exist and such condition shall continue unremedied for two (2) Business Days.
Borrowing Base Deficit. No Borrowing Base Deficit exists or would exist after giving effect to the Advance requested pursuant to Section 2 above.
Borrowing Base Deficit. No later than one (1) Business Day (but no earlier than five (5) Business Days) prior to the consummation of the VMC Group Divestiture, the Company (or the Servicer on its behalf) shall deliver to the Administrative Agent the most recently delivered Interim Report, which Interim Report also shall include a pro forma calculation to give effect to the consummation of Step 1, Step 2, Step 3 and Step 4. In the event that such pro forma calculation shall reflect the existence of a pro forma Borrowing Base Deficit, then the Company shall pay, on or prior to the date on which such Borrowing Base Deficit would first arise and in all cases prior to the PNC Group Release, a portion of the outstanding Aggregate Capital at such time and/or a portion of the Adjusted LC Participation Amount, in an aggregate amount equal to the amount necessary to reduce such Borrowing Base Deficit to zero ($0). Solely with respect to such reduction, the parties hereto hereby waive the one (1) Business Day notice requirement set forth in Section 2.02(d) of the Receivables Financing Agreement and agree that the Servicer shall make the related payments under Sections 2.02(d), 3.04 and 3.05 of the Receivables Financing Agreement, as applicable, in accordance with the preceding sentence (rather than at least one (1) Business Day after the date of the notice contemplated by such Section 2.02(d)). Section 5.
Borrowing Base Deficit. At any time the aggregate principal amount of all Loans outstanding hereunder shall exceed the Borrowing Base and such condition shall continue unremedied for two Business Days.
Borrowing Base Deficit. A Borrowing Base Deficit shall exist and such condition shall continue unremedied for one (1)
Borrowing Base Deficit. No Borrowing Base Deficit exists.
Borrowing Base Deficit. If, on any day (a “Prepayment Trigger Date”), the total Revolving Credit Exposures exceeds the Borrowing Base (including as a consequence of an Exclusion Event or a reduction in the total Commitments), then Borrower shall prepay Loans in the amount of such excess; provided that the amount of such excess shall be prepaid in respect of Loans concurrently with the creation of such excess if such excess results from any reduction of the Borrowing Base as a result of (1) any act(s) taken at the election of any Credit Party in violation of Section 6.12 or (2) any prepayments required by the terms of Section 6.13. Amounts to be applied pursuant to this paragraph to the partial prepayment of Loans shall be applied first to reduce outstanding ABR Loans. Notwithstanding the foregoing, in the event that such mandatory prepayment arises from an Exclusion Event, the prepayment requirement set forth above shall be suspended for a period of ten (10) Business Days for Borrower to prepare and submit to Administrative Agent and the Lenders a plan to cure such Exclusion Event in compliance with Section 9.02 hereof. The Required Lenders shall be permitted to approve or reject such plan in each such Lender’s sole and absolute discretion; provided, however, notwithstanding anything to the contrary contained herein, the Required Lenders shall not be permitted to reject any such plan if it provides for the remedies that are available to Borrower pursuant to Section 9.02 hereof. In the event that the Required Lenders approve such plan, then the resolution to such Exclusion Event set forth therein shall supersede the prepayment requirement set forth above so long as, but only for so long as, Borrower complies with such plan in all respects. In the event that the Required Lenders reject such plan, Borrower does not submit a plan within then (10) Business Days or Borrower does not comply with the terms of an approved plan in all material respects, then the prepayment obligations set forth above shall be reinstated with such prepayment being required to be made within five (5) Business Days of Borrower being notified of such rejection, Borrower’s failure to submit a plan within the time period required or failure to comply with an approved plan in all material respects, as applicable. Borrower’s right to submit a plan to cure an Exclusion Event as provided above shall not be deemed to cure or toll any other Default or Event of Default other than any Defaults or Events of Default that ...
Borrowing Base Deficit. A Borrowing Base Deficit shall exist and Borrower shall fail to make a prepayment pursuant to Section 4.1(d) or otherwise cause sufficient funds to remedy such Borrowing Base Deficit to be deposited in the Collection Account pursuant to Section 11.2(d)(v) for three Business Days.
