Borrowing Base Requirements Clause Samples

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.

Borrowing Base Requirements. The Borrower shall cause all Eligible Properties included in Borrowing Base to at all times comply with the Borrowing Base Requirements (other than with respect to Eligible Properties that may exceed concentration limits but may still be included in the Borrowing Base Portfolio Value in compliance with the definition of Borrowing Base Requirements); provided that if the requirements of the definition of Borrowing Base Requirements are not met at any time (including with respect to Eligible Properties that may exceed concentration limits but still be included in the Borrowing Base Portfolio Value in compliance with the definition of Borrowing Base Requirements), then within five (5) Business Days of the date Borrower obtains knowledge of or receives written notice that (y) any Eligible Property excludes the concentration limits set forth in the definition of Borrowing Base Requirements, Borrower shall deliver an updated Borrowing Base Certificate in form and substance reasonably acceptable to the Administrative Agent evidencing the reduction of such Eligible Property’s Availability Amount from the Availability Amount to the extent necessary to cause such concentration limit excess to no longer exist or (x) 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 Availability Amount from the Availability Amount 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 Availability Amount 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 Availability Amount and such Replacement Property shall be added to the Availability Amount, each in accordance with Section 7.3 hereof.

Borrowing Base Requirements. The Borrower shall cause the Hotel Properties in the Borrowing Base to at all times comply with the Borrowing Base Requirements; provided that (a) if the requirements of clauses (a), (b), or (c) of the definition of Borrowing Base Requirements are not met, then within 2 Business Days of notice of such failure either (i) the Borrower shall have cured such failure or (ii) for Borrowing Base purposes the Borrower shall have lowered the Hotel Value of those Eligible Properties that contributed to such failure to the point that such failure no longer exists, (b) if the requirements of clause (e) of the definition of Borrowing Base Requirements are not met, then within 180 days of notice of such failure either (i) the Borrower shall have cured such failure or (ii) for Borrowing Base purposes the Borrower shall have lowered the Hotel Value of those Eligible Properties that contributed to such failure to the point that such failure no longer exists, and (c) if the requirements of clauses (f) or (g) of the definition of Borrowing Base Requirements are not met and such failure remains uncured 180 days after notice of the commencement of such failure, then such failure shall constitute an Event of Default without any notice being given to the Borrower or any Guarantor in connection therewith.

Borrowing Base Requirements. Minimum Eligible Properties

Borrowing Base Requirements. The Borrower shall deliver to the Lender a Borrowing Base Certificate and Borrowing Base Report in accordance with clause 19 (Borrowing Base).

Borrowing Base Requirements. On, and at all times after, the date that a Property is included as a Borrowing Base Property pursuant to the terms of this Agreement, the Parent and the Borrower shall not permit (a) the Borrowing Base Value of all Borrowing Base Properties determined on an aggregate basis to be less than $75,000,000 or (b) the Occupancy Rate of all Borrowing Base Properties determined on an aggregate basis to be less than 80.0% or (c) the number of Borrowing Base Properties to be less than 8.

Borrowing Base Requirements. Subsequent to the initial Borrowing Base Certificate provided in accordance with the paragraph above, Borrower shall commence providing monthly Borrowing Base Certificates to Lender within twenty (20) days of each calendar month end.

Borrowing Base Requirements. Borrowing Base Value

Borrowing Base Requirements. Borrower covenants and agrees with Lender that while this Agreement is in affect: I) Maximum borrowings shall be the lesser of a) $2,000,000.00; or b) 75.000% of agregate amount of "Eligible Accounts."