Common use of Failure of Certain Borrowing Base Assets Representations and Warranties Clause in Contracts

Failure of Certain Borrowing Base Assets Representations and Warranties. If at any time the Borrowers shall become aware that any representation set forth on Exhibit J hereto is no longer true and correct with respect to any Borrowing Base Asset in the Borrowing Base Asset Pool, the Borrowers shall promptly notify the Agent in writing of such event, together with a detailed description of the factual circumstances giving rise thereto. In such event, the Agent may, and at the direction of the Required Lenders shall, require that the asset no longer be considered a Borrowing Base Asset for purposes hereof and require that such asset be removed from the Borrowing Base Assets Pool. Upon the determination that an asset shall no longer be considered a Borrowing Base Asset for purposes hereof, the provisions of Section 2.5(b)(i) shall apply.

Failure of Certain Borrowing Base Assets Representations and Warranties. If at any time the Borrowers shall become aware that any representation set forth on Exhibit J hereto is no longer true and correct with respect to any Borrowing Base Asset in the Borrowing Base Asset Assets Pool, the Borrowers shall promptly notify the Agent in writing of such event, together with a detailed description of the factual circumstances giving rise thereto. In such event, the Agent shall promptly provide a copy of such notice to the Lenders and may, and at the direction of the Required Requisite Lenders shall, require that the asset no longer be considered a Borrowing Base Asset for purposes hereof and require that such asset be removed from the Borrowing Base Assets Pool. Upon the determination that an asset shall no longer be considered a Borrowing Base Asset for purposes hereof, the provisions of Section 2.5(b)(i2.7(b) shall apply.

Failure of Certain Borrowing Base Assets Representations and Warranties. If at any time the Borrowers shall become aware that any representation set forth on Exhibit J hereto is no longer true and correct with respect to any Borrowing Base Asset in the Borrowing Base Asset Pool, the Borrowers shall promptly notify the Agent in writing of such event, together with a detailed description of the factual circumstances giving rise thereto. In such event, the Agent may, and at the direction of the Required Requisite Lenders shall, require that the asset no longer be considered a Borrowing Base Asset for purposes hereof and require that such asset be removed from the Borrowing Base Assets Pool. Upon the determination that an asset shall no longer be considered a Borrowing Base Asset for purposes hereof, the provisions of Section 2.5(b)(i2.7(b)(i) shall apply.