Common use of Nonconforming Properties Clause in Contracts

Nonconforming Properties. If a Property which the Borrower desires to be included as an Unencumbered Property does not satisfy the requirements of an Eligible Property, then the Administrative Agent, upon written request of the Borrower, shall request that the Requisite Lenders in their sole discretion determine whether such Property shall be included as an Unencumbered Property. In connection therewith, the Borrower shall promptly deliver the information required by the immediately preceding subsection (b) to each of the Lenders. If such a request is made by the Administrative Agent to the Lenders, within 10 Business Days after the date on which a Lender has received such request and all of the items referred to in the immediately preceding subsection (b), each such Lender shall notify the Administrative Agent in writing whether or not such Lender accepts such Property as an Unencumbered Property in its sole discretion. If a Lender fails to give such notice within such time period, such Lender shall be deemed to have approved such Property as an Unencumbered Property. A Property shall become an Unencumbered Property under this subsection (c) only upon the approval and/or deemed approval of the Requisite Lenders.

Nonconforming Properties. If a Property which the Borrower desires wants to be have included as an in calculation of the Unencumbered Property Borrowing Base Value does not satisfy the requirements of an Eligible Unencumbered Borrowing Base Property, then the Administrative Agent, upon written request of the Borrower, Borrower shall request that the Requisite Lenders in their sole discretion determine whether such Property shall be included as an Unencumbered Borrowing Base Property. In connection therewith, the Borrower shall promptly deliver the information required by the immediately preceding subsection (b) to each of the Lenders. If such a request is made by the Administrative Agent to the Lenders, within 10 15 Business Days after the date on which a Lender has received such request and all of the items referred to in the immediately preceding subsection (b), each such Lender shall notify the Administrative Agent in writing whether or not such Lender accepts such Property as an Unencumbered Property in its sole discretionBorrowing Base Property. If a Lender fails to give such notice within such time period, such Lender shall be deemed to have approved such Property as an Unencumbered Borrowing Base Property. A Property shall become an Unencumbered Borrowing Base Property under this subsection (c) only upon the approval and/or deemed approval of the Requisite Lenders.

Nonconforming Properties. If a Property which the Borrower desires wants to be have included as an in calculation of the Unencumbered Property Value does not satisfy the requirements of an Eligible Property, then the Administrative Agent, upon written request of the Borrower, Borrower shall request that the Requisite Lenders in their sole discretion determine whether such Property shall be included as an Unencumbered Property. In connection therewith, the Borrower shall promptly deliver the information required by the immediately preceding subsection (b) to the Administrative Agent, who shall promptly deliver the same to each of the Lenders. If such a request is made by the Administrative Agent to the Lendersmade, within 10 15 Business Days after the date on which a Lender has received such request and all of the items referred to in the immediately preceding subsection (b), each such Lender shall notify the Administrative Agent in writing whether or not such Lender accepts such Property as an Unencumbered Property in its sole discretionProperty. If a Lender fails to give such notice within such time period, such Lender shall be deemed to have approved such Property as an Unencumbered Property. A Property shall become an Unencumbered Property under this subsection (c) only upon the approval and/or deemed approval of the Requisite Lenders.

Nonconforming Properties. If a Property which the Borrower desires wants to be have included as an in the Unencumbered Property Borrowing Base Value does not satisfy the requirements of an Eligible Unencumbered Borrowing Base Property, then the Administrative Agent, upon written request of the Borrower, Borrower shall request that the Requisite Lenders in their sole discretion determine whether such Property shall be included as an Unencumbered Borrowing Base Property. In connection therewith, the Borrower shall promptly deliver the information required by the immediately preceding subsection (b) to each of the Lenders. If such a request is made by the Administrative Agent to the Lenders, within 10 Business Days after the date on which a Lender has received such request and all of the items referred to in the immediately preceding subsection (b), each such Lender shall notify the Administrative Agent in writing whether or not such Lender accepts such Property as an Unencumbered Property in its sole discretionBorrowing Base Property. If a Lender fails to give such notice within such time period, such Lender shall be deemed to have approved such Property as an Unencumbered Borrowing Base Property. A Property shall become an Unencumbered Borrowing Base Property under this subsection (c) only upon the approval and/or deemed approval of the Requisite Lenders.

Nonconforming Properties. If a Property which the Borrower desires to be included as an Unencumbered Property does not satisfy the requirements of an Eligible Property, then the Administrative Agent, upon written request of the Borrower, shall request that the Requisite Lenders in their sole discretion determine whether such Property shall be included as an Unencumbered Property. In connection therewith, the Borrower shall promptly deliver the information required by the immediately preceding subsection (b) to each of the Lenders. If such a request is made by the Administrative Agent to the Lenders, within 10 Business Days after the date on which a Lender has received such request and all of the items referred to in the immediately preceding subsection (b), each such Lender shall notify the Administrative Agent in writing whether or not such Lender accepts such Property as an Unencumbered Property in its sole discretion. If a Lender fails to give such notice within such time period, such Lender shall be deemed to have approved such Property as an Unencumbered Property. A Property shall become an Unencumbered Property under this subsection (c) only upon the approval and/or deemed approval of the Requisite Lenders.. ​

Nonconforming Properties. If a Property which the Borrower desires wants to be have included as an Unencumbered Property in calculations of the Borrowing Base does not satisfy the requirements of an Eligible Property or is not a Wholly Owned Property or a Controlled Property, then the Administrative Agent, upon written request of the Borrower, Borrower shall request that the Requisite Lenders in their sole discretion determine whether such Property shall be included as an Unencumbered a Borrowing Base Property. In connection therewith, the Borrower shall promptly deliver the information required by the immediately preceding subsection (b) to each of the Lenders. If such a request is made by the Administrative Agent to the Lenders, within 10 Business Days after the date on which a Lender has received such request and all of the items referred to in the immediately preceding subsection (b), each such Lender shall notify the Administrative Agent in writing whether or not such Lender accepts such Property as an Unencumbered Property in its sole discretiona Borrowing Base Property. If a Lender fails to give such notice within such time period, such Lender shall be deemed to have approved such Property as an Unencumbered a Borrowing Base Property. A Property shall become an Unencumbered a Borrowing Base Property under this subsection (c) only upon the approval and/or deemed approval of the Requisite Lenders.