Common use of Borrowing Base Property Clause in Contracts

Borrowing Base Property. Borrower shall: (i) defend the right, title and interest of the Borrower-SPE in and to the Borrowing Base Property against the claims and demands of all Persons; (ii) shall cause the Borrowing Base Property to be managed in accordance with the policies and procedures customary for assets of a type such as said Borrowing Base Properties; (iii) shall review its policies and procedures periodically to confirm that the policies and procedures are being complied with in all material respects and are adequate to meet the Borrower’s business objectives with respect to the Borrowing Base Properties; and (iv) shall not transfer or assign, or grant any Lien or option with respect to, or grant any pledge or negative pledge of the Borrowing Base Property or any interest in the Borrowing Base Property (except with respect to the negative pledges of the Borrowing Base Property provided for the benefit of the Lenders hereunder), and except as may otherwise be permitted under this Agreement.

Borrowing Base Property. Borrower shall: (i) defend the right, title and interest of the Borrower-SPE in and to the Borrowing Base Property against the claims and demands of all Persons; (ii) shall cause the Borrowing Base Property to be managed in accordance with the policies and procedures customary for assets of a type such as said Borrowing Base Properties; (iii) shall review its policies and procedures periodically to confirm that the policies and procedures are being complied with in all material respects and are adequate to meet the Borrower’s 's business objectives with respect to the Borrowing Base Properties; and (iv) shall not transfer or assign, or grant any Lien or option with respect to, or grant any pledge or negative pledge of the Borrowing Base Property or any interest in the Borrowing Base Property (except with respect to the negative pledges of the Borrowing Base Property provided for the benefit of the Lenders hereunder), and except as may otherwise be permitted under this Agreement.