Common use of Eligible Property Clause in Contracts

Eligible Property. It is acknowledged and agreed by Grantor that the standards and requirements for the Collateral constituting an Eligible Property and being included in calculations of the Borrowing Base are as set forth in the Credit Agreement, and that the Collateral subject hereto may cease to be an Eligible Property and cease to be included in calculating the Borrowing Base if the Collateral is not in compliance with such eligibility requirements, notwithstanding that the Collateral may remain subject to this Security Instrument.

Eligible Property. It is acknowledged and agreed by Grantor Owner that the standards and requirements for the Collateral constituting an Eligible Property and being included in calculations of the Borrowing Base are as set forth in the Credit Agreement, and that the Collateral subject hereto may cease to be an Eligible Property and cease to be included in calculating the Borrowing Base if the Collateral is not in compliance with such eligibility requirements, notwithstanding that the Collateral may remain subject to this Security Instrument.