Common use of Borrowing Base Covenants Clause in Contracts

Borrowing Base Covenants. 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 the definition of Borrowing Base Requirements are not met, then within five (5) Business Days of notice of such failure either (i) the Borrower shall have cured such failure or (ii) the Eligible Property’s Borrowing Base Value shall have been lowered or removed from the Borrowing Base to the extent necessary to cause such failure to no longer exists.

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 the definition of Borrowing Base Requirements are not met, then within five (5) Business Days of notice of such failure either (i) the Borrower shall have cured such failure or (ii) the Eligible Property’s Borrowing Base Value shall have been lowered or removed from the Borrowing Borrower Base to the extent necessary to cause such failure to no longer exists.

Borrowing Base Covenants. The Borrower and PROP 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 the definition of Borrowing Base Requirements are not met, then within five (5) Business Days of notice of such failure either (i) the Borrower shall have cured such failure or (ii) the Eligible Property’s Borrowing Base Value shall have been lowered or removed from the Borrowing Base to the extent necessary to cause such failure to no longer exists.