Common use of Nonconforming Properties Clause in Contracts

Nonconforming Properties. If a Property which the Borrower wants to have included in calculations of the Borrowing Base does not satisfy the requirements of an Eligible Property, the Borrower may by written notice to the Administrative Agent request that the Lenders nevertheless include such Property as a Borrowing Base Property. Such written notice shall set forth in a manner reasonably acceptable to the Administrative Agent a detailed description of each criteria set forth in the definition of Eligible Property which such Property fails to satisfy and the extent or manner in which it failed to satisfy such criteria (the “Nonconforming Features”). The Administrative Agent shall forward any such notice to the Lenders promptly upon receipt. In connection therewith, the Borrower shall deliver the information required by the immediately preceding subsection (b) to each of the Lenders. A Property shall become a Borrowing Base Property under this subsection only upon the approval of the Requisite Lenders, such approval not to be unreasonably withheld, conditioned or delayed.