Borrowing Base Requirements. The Borrower shall cause 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 at any time, then within five (5) Business Days of such failure either (i) the Borrower shall have cured such failure or (ii) the Borrower shall have delivered an updated Borrowing Base Certificate in form and substance reasonably acceptable to the Administrative Agent evidencing the reduction or removal of any applicable Eligible Property’s Borrowing Base Value from the Borrowing Base to the extent necessary to cause such failure to no longer exist.
Borrowing Base Requirements. The Borrower shall cause the Eligible Properties comprising 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 at any time, then within five (5) Business Days of the date Borrower obtains knowledge of or receives written notice that any Borrowing Base Property ceased to constitute an Eligible Property (an “Ineligible Property”) either (i) the Borrower shall cure such failure, (ii) the Borrower shall deliver an updated Borrowing Base Certificate in form and substance reasonably acceptable to the Administrative Agent evidencing the reduction or removal of any Ineligible Property’s Borrowing Base Value from the Borrowing Base to the extent necessary to cause such failure to no longer exist or (iii) the Borrower shall (a) notify Administrative Agent of its intent to add another Eligible Property (a “Replacement Property”) to the Borrowing Base to replace such Eligible Property and identify such Replacement Property to Administrative Agent and (b) within forty-five (45) days after the date of such notice, the Ineligible Property shall be removed from the Borrowing Base and such Replacement Property shall be added to the Borrowing Base, each in accordance with Section 7.3 hereof.
Borrowing Base Requirements. The Borrower shall cause all Eligible Properties included in Borrowing Base to at all times comply with the Borrowing Base Requirements (other than with respect to Eligible Properties that may exceed concentration limits but may still be included in the Borrowing Base Portfolio Value in compliance with the definition of Borrowing Base Requirements); provided that if the requirements of the definition of Borrowing Base Requirements are not met at any time (including with respect to Eligible Properties that may exceed concentration limits but still be included in the Borrowing Base Portfolio Value in compliance with the definition of Borrowing Base Requirements), then within five (5) Business Days of the date Borrower obtains knowledge of or receives written notice that (y) any Eligible Property excludes the concentration limits set forth in the definition of Borrowing Base Requirements, Borrower shall deliver an updated Borrowing Base Certificate in form and substance reasonably acceptable to the Administrative Agent evidencing the reduction of such Eligible Property’s Availability Amount from the Availability Amount to the extent necessary to cause such concentration limit excess to no longer exist or (x) any Borrowing Base Property ceased to constitute an Eligible Property (an “Ineligible Property”) either (i) the Borrower shall cure such failure, (ii) the Borrower shall deliver an updated Borrowing Base Certificate in form and substance reasonably acceptable to the Administrative Agent evidencing the reduction or removal of any Ineligible Property’s Availability Amount from the Availability Amount to the extent necessary to cause such failure to no longer exist or (iii) the Borrower shall (a) notify Administrative Agent of its intent to add another Eligible Property (a “Replacement Property”) to the Availability Amount to replace such Eligible Property and identify such Replacement Property to Administrative Agent and (b) within forty-five (45) days after the date of such notice, the Ineligible Property shall be removed from the Availability Amount and such Replacement Property shall be added to the Availability Amount, each in accordance with Section 7.3 hereof.
Borrowing Base Requirements. The Borrower shall cause the Hotel Properties in the Borrowing Base to at all times comply with the Borrowing Base Requirements; provided that (a) if the requirements of clauses (a), (b), or (c) of the definition of Borrowing Base Requirements are not met, then within two (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 Hotel Value of those Eligible Properties that contributed to such failure to the point that such failure no longer exists, or (b) if the requirements of clause (e) of the definition of Borrowing Base Requirements are not met, then within thirty (30) 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 Hotel Value of those Eligible Properties that contributed to such failure to the point that such failure no longer exists.
Borrowing Base Requirements. Minimum Eligible Properties
Borrowing Base Requirements. The Borrower shall deliver to the Lender a Borrowing Base Certificate and Borrowing Base Report in accordance with clause 19 (Borrowing Base).
Borrowing Base Requirements. The Loan Parties shall comply at all times with all of the Borrowing Base eligibility requirements set forth in Section 2.01.3 hereof.
Borrowing Base Requirements. Borrower covenants and agrees with Lender that while this Agreement is in affect: I) Maximum borrowings shall be the lesser of a) $2,000,000.00; or b) 75.000% of agregate amount of "Eligible Accounts."
Borrowing Base Requirements. (a) The aggregate indebtedness pursuant to Revolving Facility A, plus the amount of outstanding Credits pursuant to Revolving Facility A shall never exceed the Borrowing Base.
(b) As used herein, the term "Borrowing Base" shall mean the sum of (i) fifty percent (50%) of the Current Fair Market Value of Borrower's Eligible Public Securities plus (ii) the lesser of (y) $22,500,000, and (z) twenty-five percent (25%) of the Current Fair Market Value of Eligible Other Securities.
Borrowing Base Requirements. Upon the deletion of a Real Property as a Borrowing Base Property (whether automatically or as a result of an election by the Borrower, as described above), the Guarantor which owned such Real Property, but that does not otherwise own any other Borrowing Base Property, shall, upon the Borrower’s written request, be released from its obligations under this Agreement or, if applicable, its separate Guaranty Agreement and any other Loan Documents pursuant to lien releases and other documentation reasonably acceptable to the Borrower and the Administrative Agent.
