Common use of Borrowing Base Covenants Clause in Contracts

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 Borrower 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 clauses (a), (b), (c) or (d) of the definition of Borrowing Base Requirements are not met, then within five (5) 2 Business Days of notice of such failure either (i) the Borrower shall have cured such failure or (ii) for Borrowing Base purposes the Eligible Property's Borrower shall have lowered the Borrowing Base Value shall have been lowered or removed from the Borrower Base of those Eligible Properties that contributed to the extent necessary to cause such failure to the point that such failure no longer exists.