Common use of Borrowing Base Covenants Clause in Contracts

Borrowing Base Covenants. All assets included in the Borrowing Base must be owned by Borrower or a Guarantor and must be unencumbered except for Permitted Liens; provided, however, that for purposes of this paragraph, the term “Permitted Liens” shall not include Liens permitted under clauses (iii), (xiv) and, unless it would otherwise be permitted under another category of Permitted Liens, (xv) of §8.2.

Borrowing Base Covenants. (a) All assets included in the Borrowing Base must be owned by Borrower or a Guarantor and must be unencumbered except for Permitted Liens; provided, however, that for purposes of this paragraph, the term “Permitted Liens” shall not include Liens permitted under clauses (iii), (xiv) and, unless it would otherwise be permitted under another category of Permitted Liens, and (xv) of §8.2. (b) Borrower shall not at any time permit the sum of (i) the Outstanding principal balance of the Loans and (ii) the Outstanding Letters of Credit to be greater than the Borrowing Base.

Borrowing Base Covenants. (a) All assets included in the Borrowing Base must be owned by Borrower or a Guarantor and must be unencumbered except for Permitted Liens; provided, however, that for purposes of this paragraph, the term “Permitted Liens” shall not include Liens permitted under clauses (iii), (xiv) and, unless it would otherwise be permitted under another category of Permitted Liens, (xv) of §8.2. (b) Borrower shall not at any time permit the sum of (i) the Outstanding principal balance of the Loans, plus (ii) the Outstanding Letters of Credit, to be greater than the Borrowing Base.