Borrowing Base Covenants. (a) The Borrower shall cause the Eligible Properties in the Borrowing Base to at all times comply with the Borrowing Base Requirements; provided that if the requirements of clauses (a), (b), (c) or (d) of the definition of Borrowing Base Requirements are not met, then within 2 Business Days of notice of such failure either (i) the Borrower shall have cured such failure or (ii) for Borrowing Base purposes the Borrower shall have lowered the Borrowing Base Value of those Eligible Properties that contributed to such failure to the point that such failure no longer exists.
Borrowing Base Covenants. Borrower shall:
Borrowing Base Covenants. (a) All assets included in the Borrowing Base must be owned by Borrower or a Guarantor and must be unencumbered except for Permitted Liens; provided, however, that for purposes of this paragraph, the term “Permitted Liens” shall not include Liens permitted under clauses (iii), (xiv) and (xv) of §8.2.
Borrowing Base Covenants. The Borrower shall (x) cause the following covenants to be in compliance at all times, and (y) certify and report such compliance in each Borrowing Base Certificate required to be delivered pursuant to this Agreement (i) as of the last day of each Calendar Quarter, and (ii) at the time each Loan is made or Letter of Credit issued hereunder:
Borrowing Base Covenants. The Loan Parties shall not permit:
Borrowing Base Covenants. The Borrower shall not:
Borrowing Base Covenants. The Borrower shall at all times comply with the following, tested as of date of any Borrowing and as of the close of each Fiscal Quarter:
Borrowing Base Covenants. 34 4.5 Failure to Comply With Borrowing Base Covenants..................34
Borrowing Base Covenants. The REIT Guarantor and the Borrower shall not permit:
Borrowing Base Covenants. If the Credit Agreement is terminated or for any reason is no longer in force and effect, or the restriction in Section 8.1(h) of the Credit Agreement (which prohibits the use of any Unencumbered Borrowing Base Properties (as defined in the Credit Agreement) as a borrowing base, unencumbered asset pool, or any similar form of credit support for the Indebtedness (as defined in the Credit Agreement) described in such Section 8.1(h)) is no longer effective, Party B shall comply with each and every covenant, term, and provision set forth in Sections 7.13 and 9.1 of the Credit Agreement, as if such covenants, terms, and provisions and any defined terms referred to therein were fully set forth in this Agreement and made a part hereof, subject, however, to any applicable period of grace or notice and cure with respect to a failure to comply with such covenants or provisions as set forth in the Credit Agreement. Notwithstanding the foregoing, Section 9.1 will be modified so that the phrase “Loans and the Letters of Credit Outstanding” shall be deleted in its entirety and the phrase “unsecured Indebtedness of Borrower and its Subsidiaries” substituted in lieu thereof and the definition of the term Debt Service Coverage Amount shall be modified by deleting the references to the term “Loans” and substituting in lieu thereof the term “unsecured Indebtedness of Borrower and its Subsidiaries.”
