Common use of Borrowing Base Requirements Clause in Contracts

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.