Borrowing Base Deficiencies

Example Definitions of "Borrowing Base Deficiencies"
Borrowing Base Deficiencies. If the Revolving Facility Outstandings shall on any date exceed the Borrowing Base, the Borrower, not later than the next Business Day following such date, shall remit to the Administrative Agent an amount equal to such excess, without notice or demand by the Administrative Agent or any Lender. Such remittance shall be applied to the Obligations (whether or not due) in such order of application as the Administrative Agent may in its sole discretion choose. To the extent that the amount of such... remittance exceeds the outstanding non-contingent Obligations, such excess portion of the remittance shall be deposited in the L/C Cash Collateral Account. View More
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