Common use of Addition of Mortgaged Properties Clause in Contracts

Addition of Mortgaged Properties. (1) The Borrower shall have the right, subject to the consent of the Majority Banks which may be withheld by the Majority Banks in their sole and absolute discretion, to add to the Collateral, any other Real Estate which is owned by the Borrower or an Approved Subsidiary and which is not security for any other Indebtedness. Such addition shall be completed by the completion and delivery to the Agent for the benefit of the Banks of each of the Eligible Real Estate Qualification Documents. Such Real Estate shall be Eligible Real Estate, shall be satisfactory to the Majority Banks in all respects and shall have a Borrowing Base amount attributable thereto by the Agent so as to cause the Borrower to continue to be in compliance with all covenants contained in this Agreement. In the event that the Borrower desires for such Real Estate to be Special Real Estate, the Borrower shall deliver such evidence as the Agent may require indicating that it is not feasible for such Real Estate to be Regular Real Estate upon the transfer and amendment and restatement of any existing loan documents which may encumber such Real Estate, and such Real Estate may not be Special Real Estate without the approval of the Agent. (2) In connection with each such addition to increase the Borrowing Base or to replace a Mortgaged Property except for the reasons set forth in Section 5.6, the Borrower, within fifteen (15) days of the Borrower's request to add such Real Estate to the Collateral, shall pay to the Agent for the account of the Banks a review fee of $10,000.00 for each parcel of Real Estate to be added to be split equally by the Banks, without regard to their respective Commitment Percentages. (3) In the event that Borrower shall desire to convert any Special Real Estate to Regular Real Estate, as a condition to such conversion, Borrower shall deliver to Agent such additional or updated Eligible Real Estate Qualification Documents as Agent may request.

Addition of Mortgaged Properties. (1a) The Borrower shall have the right, subject to the consent of the Majority Banks which may be withheld by the Majority Banks in their sole and absolute discretion, to add to the Collateral, any other Real Estate which is owned by the Borrower or an Approved Subsidiary and which is not security for any other Indebtedness. Such addition shall be completed by the completion and delivery to the Agent for the benefit of the Banks of each of the Eligible Real Estate Qualification Documents. Such Real Estate shall be Eligible Real Estate, shall be satisfactory to the Majority Banks in all respects and shall have a Borrowing Base amount attributable thereto by the Agent so as to cause the Borrower to continue to be in compliance with all covenants contained in this Agreement. In the event that the Borrower desires for such Real Estate to be Special Real Estate, the Borrower shall deliver such evidence as the Agent may require indicating that it is not feasible for such Real Estate to be Regular Real Estate upon the transfer and amendment and restatement of any existing loan documents which may encumber such Real Estate, and such Real Estate may not be Special Real Estate without the approval of the Agent. (2b) In From and after July 1, 2003, in connection with each such addition to increase the Borrowing Base or to replace a Mortgaged Property except for the reasons set forth in Section 5.6, the Borrower, within fifteen (15) days of the Borrower's request to add such Real Estate to the Collateral, shall pay to the Agent for the account of the Banks a review fee of $10,000.00 for each parcel of Real Estate to be added to be split equally by the Banks, without regard to their respective Commitment Percentages. No review fee shall be payable with respect to the addition or replacement of a Mortgaged Property occurring on or before June 30, 2003. (3c) In the event that Borrower shall desire to convert any Special Real Estate to Regular Real Estate, as a condition to such conversion, Borrower shall deliver to Agent such additional or updated Eligible Real Estate Qualification Documents as Agent may request.

Addition of Mortgaged Properties. (1a) The Borrower shall have the right, subject to the consent of the Majority Banks which may be withheld by the Majority Banks in their sole and absolute discretion, to add to the Collateral, any other Real Estate which is owned by the Borrower or an Approved Subsidiary and which is not security for any other Indebtedness. Such addition shall be completed by the completion and delivery to the Agent for the benefit of the Banks of each of the Eligible Real Estate Qualification Documents. Such Real Estate shall be Eligible Real Estate, shall be satisfactory to the Majority Banks in all respects and shall have a Borrowing Base amount attributable thereto by the Agent Majority Banks so as to cause the Borrower to continue to be in compliance with all covenants contained in this Agreement. In the event that the Borrower desires for such Real Estate to be Special Real Estate, the Borrower shall deliver such evidence as the Agent may require indicating that it is not feasible for such Real Estate to be Regular Real Estate upon the transfer and amendment and restatement of any existing loan documents which may encumber such Real Estate, and such Real Estate may not be Special Real Estate without the approval of the Agent. (2b) In connection with each such addition to increase the Borrowing Base or to replace a Mortgaged Property except for the reasons set forth in Section 5.6, the Borrower, within fifteen (15) days of the Borrower's request to add such Real Estate to the Collateral, shall pay to the Agent for the account of the Banks a review fee of $10,000.00 for each parcel of Real Estate to be added to be split equally by the Banks, without regard to their respective Commitment Percentages. (3) In the event that Borrower shall desire to convert any Special Real Estate to Regular Real Estate, as a condition to such conversion, Borrower shall deliver to Agent such additional or updated Eligible Real Estate Qualification Documents as Agent may request.

Addition of Mortgaged Properties. (1a) The Borrower shall have the right, subject to the consent of the Majority Banks which may be withheld by the Majority Banks in their sole and absolute discretion, to add to the Collateral, any other Real Estate which is owned by the Borrower or an Approved Subsidiary and which is not security for any other Indebtedness. Such addition shall be completed by the completion and delivery to the Agent for the benefit of the Banks of each of the Eligible Real Estate Qualification Documents. Such Real Estate shall be Eligible Real Estate, shall be satisfactory to the Majority Banks in all respects and shall have a Borrowing Base amount attributable thereto by the Agent Majority Banks so as to cause the Borrower to continue to be in compliance with all covenants contained in this Agreement. In the event that the Borrower desires for such Real Estate to be Special Real Estate, the Borrower shall deliver such evidence as the Agent may require indicating that it is not feasible for such Real Estate to be Regular Real Estate upon the transfer and amendment and restatement of any existing loan documents which may encumber such Real Estate, and such Real Estate may not be Special Real Estate without the approval of the Agent. (2b) In connection with each such addition to increase the Borrowing Base or to replace a Mortgaged Property except for the reasons set forth in Section 5.6, the Borrower, within fifteen (15) days of the Borrower's request to add such Real Estate to the Collateral, shall pay to the Agent for the account of the Banks a review fee of $10,000.00 for each parcel of Real Estate to be added to be split equally by the Banks, without regard to their respective Commitment Percentages. (3) In the event that Borrower shall desire to convert any Special Real Estate to Regular Real Estate, as a condition to such conversion, Borrower shall deliver to Agent such additional or updated Eligible Real Estate Qualification Documents as Agent may request.