Acceptance of Borrowing Base Properties. (a) Initial Borrowing Base Properties. As of the Closing Date, the Administrative Agent and the Lenders have approved for inclusion in calculations of the Borrowing Base the Subject Properties identified on Schedule 1.1A and the Borrowing Base Value attributable to each such Property as of such date (as set forth on Schedule 1.1A); provided that, on or prior to the Closing Date, the Administrative Agent and the Lenders shall have received (in electronic form, if feasible and acceptable to the Lenders), in form and substance reasonably satisfactory to the Administrative Agent, all of the documents required to be provided under Section 6.3 with respect to such Properties.
Acceptance of Borrowing Base Properties. 40 3.02 Release of Borrowing Base Properties........................... 42 3.03
Acceptance of Borrowing Base Properties. Subject to compliance with the terms and conditions of Section 4.01 and this Section 3.01, Lenders have accepted the properties listed on Schedule 1 as of the Closing Date as Borrowing Base Properties. The acceptance of the Assigned Mortgages as Borrowing Base Property is conditional, and each Assigned Mortgage shall only remain qualified as Borrowing Base Property so long as, (i) no default occurs under any of the loan documents which is not cured within any applicable cure period pertaining to the Assigned Mortgage which would permit acceleration of such loan, including, without limitation, failure to make any payments when due, breach of covenants, representations or warranties, breach of any guarantees pertaining to such loan, or the bankruptcy or insolvency of the borrower or any guarantor with respect to such loan, (ii) no dispute occurs involving the nature or enforceability of the applicable loan obligations, and (iii) no loss of lien priority occurs with respect to the applicable mortgage, whether due to attachments, judgments or otherwise. If any single Assigned Mortgage executed by AFP Partners, a California limited partnership ("AFP"), as mortgagor, shall be disqualified as a Borrowing Base Property pursuant to the preceding, then all other Assigned Mortgages executed by AFP, as mortgagor, shall be disqualified as Borrowing Base Property concurrently therewith. Upon disqualification of any Assigned Mortgage, the Borrowing Base shall be reduced accordingly and any outstanding principal balance of the Loans in excess of the Borrowing Base, after giving effect to such Assigned Mortgage disqualification, shall be immediately due and payable unless Borrower provides additional or replacement Borrowing Base Property (acceptable to Agent and Lenders in accordance with this Section 3.01)
Acceptance of Borrowing Base Properties. (a) Subject to compliance with the terms and conditions of Section 4.1, Agent has accepted the Properties listed on Schedule 1 as Borrowing Base Stabilized Properties and the Properties listed on Schedule 2 as Borrowing Base Development Properties. Hereafter, if Borrower desires that Lenders accept a Property as a Borrowing Base Property, Borrower shall so notify Agent in writing and Agent shall deliver a copy of such notice to each Lender. No Property will be evaluated by Lenders as a potential Borrowing Base Property unless Borrower delivers to Agent the following in form and substance acceptable to Agent:
Acceptance of Borrowing Base Properties. Subject to compliance with the terms and conditions of Section 4.1, ----------- Lenders have accepted the properties listed on Schedule 1 as of the Effective ---------- Date as Borrowing Base Properties. All Borrowing Base Properties (x) must be located in the Washington, D.C./Baltimore Standard Metropolitan Statistical Area or the Richmond Metropolitan Area, as determined by Administrative Agent, or other metropolitan areas as approved by the Requisite Lenders, and (y) except for three (3) Properties, and the Worldgate Property, must contain more than one hundred (100) dwelling units. If Borrower desires that Lenders accept an additional property as a Borrowing Base Property, Borrower shall so notify Administrative Agent, and the Administrative Agent shall promptly notify each other Lender. No such additional Property will be evaluated by Lenders as a potential Borrowing Base Property unless Borrower delivers to Administrative Agent in form and substance acceptable to Administrative Agent:
Acceptance of Borrowing Base Properties
