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 Borrowers shall become aware that (a) as to any First Mortgage Asset in the Borrowing Base Asset Pool, any First Mortgage Asset Representation or Warranty is no longer true and correct, (b) as to any Real Property Asset in the Borrowing Base Assets Pool, any Real Property Asset Representation or Warranty is no longer true and correct, (c) as to any Real Estate Security in the Borrowing Base Assets Pool, any Real Estate Security Representation or Warranty is no longer true and correct, (d) as to Subordinated Asset in the Borrowing Base Assets Pool, any Subordinated Asset Representation or Warranty is no longer true and correct or (e) as to CDO Retained Assets in the Borrowing Base Assets Pool, any CDO Retained Asset Representation or Warranty is no longer true and correct, Borrowers shall promptly notify the Administrative Agent in writing of such event, together with a detailed description of the factual circumstances giving rise thereto. If the event relates to any breach arising as a result of any payment default in respect of the applicable Borrowing Base Asset whereby any payment in respect of the applicable Borrowing Base Asset is past due for more than thirty (30) but less than forty-five (45) days, the Administrative 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. If the event relates to any breach arising as a result of any payment default in respect of the applicable Borrowing Base Asset whereby any payment in respect of the applicable Borrowing Base Asset is past due for more than forty-five (45) days, the asset shall automatically no longer be considered a Borrowing Base Asset for purposes hereof and such asset shall be removed from the Borrowing Base Assets Pool. If the event relates to any breach (other than any breach arising as a result of any payment default) in respect of the applicable Borrowing Base Asset which continues after any applicable cure period, the Administrative Agent may 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 2.10(a) shall apply.

Failure of Certain Borrowing Base Assets Representations and Warranties. If at any time Borrowers shall become aware that (a) as to any First Mortgage Asset in the Borrowing Base Asset Pool, any First Mortgage Asset Representation or Warranty is no longer true and correct, (b) as to any Real Property Asset in the Borrowing Base Assets Pool, any Real Property Asset Representation or Warranty is no longer true and correct, or (c) as to any Real Estate Security in the Borrowing Base Assets Pool, any Real Estate Security Representation or Warranty is no longer true and correct, (d) as to Subordinated Asset in the Borrowing Base Assets Pool, any Subordinated Asset Representation or Warranty is no longer true and correct or (e) as to CDO Retained Assets in the Borrowing Base Assets Pool, any CDO Retained Asset Representation or Warranty is no longer true and correct, Borrowers shall promptly immediately notify the Administrative Agent in writing of such event, together with a detailed description of the factual circumstances giving rise thereto. If the event relates to any breach arising as a result of any payment default in respect of the applicable Borrowing Base Asset whereby any payment in respect of the applicable Borrowing Base Asset is past due for more than thirty (30) but less than forty-five (45) days, the Administrative 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. If the event relates to any breach arising as a result of any payment default in respect of the applicable Borrowing Base Asset whereby any payment in respect of the applicable Borrowing Base Asset is past due for more than forty-five (45) days, the asset shall automatically no longer be considered a Borrowing Base Asset for purposes hereof and such asset shall be removed from the Borrowing Base Assets Pool. If the event relates to any breach (other than any breach arising as a result of any payment default) default in respect of the applicable Borrowing Base Asset which continues after any applicable cure period, the Administrative Agent may 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 2.10(a) shall apply.