Addition/Removal of Borrowing Base Properties Sample Clauses

Addition/Removal of Borrowing Base Properties. (a) The Borrowers may from time to time amend Schedule 1.01(a) to add an additional Real Property that qualifies as a Borrowing Base Property; provided no Real Property shall be included as a Borrowing Base Property in any compliance certificate delivered to the Administrative Agent, on Schedule 1.01(a) or otherwise in any calculation of the Borrowing Base, the Collateral Value Amount, the Mortgageability Amount, or any of the components of the financial covenants set forth in Section 7.11 that refer to “Borrowing Base Properties” unless the Borrowers have delivered to the Administrative Agent the Borrowing Base Deliverables with respect to such Real Property, and each of the Designated Agents have approved in writing (or otherwise been deemed to have been approved) such items and the qualification of such Real Property as a Borrowing Base Property.
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Addition/Removal of Borrowing Base Properties. (a) The Borrower may from time to time amend Schedule 5.24(a) to add an additional Real Property that qualifies as a Borrowing Base Property; provided no Real Property shall be included as a Borrowing Base Property in any compliance certificate delivered to the Administrative Agent, on Schedule 5.24(a) or otherwise in any calculation of the Borrowing Base, the Collateral Value Amount, the Mortgageability Amount, or any of the components of the financial covenants set forth in Section 7.11 that refer to “Borrowing Base Properties” unless and until (i) the Borrower has delivered to the Administrative Agent all of the BBP Deliverables with respect to such Real Property (except to the extent the delivery thereof is otherwise waived in writing by the Administrative Agent and the Supermajority Lenders) and either (A) the Mortgage meeting the requirements hereof and encumbering such Real Property has been filed or recorded in each filing or recording office that the Administrative Agent may deem necessary or desirable in its reasonable discretion in order to create a valid first and subsisting Lien on the property described therein in favor of Administrative Agent for the benefit of the Secured Parties (except to the extent the filing or recording thereof is otherwise temporarily waived in writing by the Administrative Agent as expressly contemplated in Section 1.07(e) below) or (B) the Administrative Agent has received a Mortgage Policy respecting such Real Property (which Mortgage Policy shall include affirmative “gap” insurance coverage), and (ii) the Supermajority Lenders have approved in writing (or otherwise been deemed to have been approved in accordance with the provisions of clause (g) of the definition of “Borrowing Base Properties”) such items and the qualification of such Real Property as a Borrowing Base Property; provided, further, to the extent the Borrower has delivered to the Administrative Agent all of the Conditional Approval BBP Deliverables with respect to a particular Real Property, the Supermajority Lenders may conditionally approve (or be deemed to have conditionally approved, in accordance with the provisions of clause (g) of the definition of “Borrowing Base Properties”) the addition of such Real Property as a Borrowing Base Property, such conditional approval to be subject only to the receipt and approval by the Administrative Agent and the Supermajority Lenders (to the extent subject to Supermajority Lender approval) of each of the rem...
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Addition/Removal of Borrowing Base Properties 
Sample 1

Related to Addition/Removal of Borrowing Base Properties

  • Borrowing Base Properties (a) Except where the failure to comply with any of the following would not have a Material Adverse Effect, each of Parent and Borrower shall, and shall use commercially reasonable efforts to cause each other Loan Party or the applicable tenant, to:

  • Borrowing Base Assets (a) The Eligible Real Estate and Borrowing Base Loans included in the calculation of the Borrowing Base Availability shall at all times satisfy all of the following conditions:

  • Unencumbered Properties Each Property included in any calculation of Unencumbered Asset Value or Unencumbered NOI satisfied, at the time of such calculation, all of the requirements contained in the definition of “Unencumbered Property Criteria.”

  • Initial Borrowing Base For the period from and including the Closing Date to but excluding the first Redetermination Date, the amount of the Borrowing Base shall be $2,250,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.14(e), (f) and (g).

  • Borrowing Base Reports Within thirty (30) days after the last day of each month, aged listings of accounts receivable and accounts payable (by invoice date) (the “Borrowing Base Reports”);

  • Borrowing Base If, at any time, (A) the Revolver Usage on such date exceeds (B) the lesser of (x) the Borrowing Base reflected in the Borrowing Base Certificate most recently delivered by Borrowers to Agent, or (y) the Maximum Revolver Amount, in all cases as adjusted for Reserves established by Agent in accordance with Section 2.1(c), then Borrowers shall immediately prepay the Obligations in accordance with Section 2.4(f)(i) in an aggregate amount equal to the amount of such excess.

  • Borrowing Base Report The Agent shall have received from the Borrower the initial Borrowing Base Report dated as of the Closing Date.

  • Calculation of Borrowing Base For purposes of this Agreement, the “Borrowing Base” shall be determined, as at any date of determination, as the sum of the products obtained by multiplying (x) the Value of each Eligible Portfolio Investment by (y) the applicable Advance Rate; provided that:

  • Collateral Examination Agent shall have completed Collateral examinations and received appraisals, the results of which shall be satisfactory in form and substance to Lenders, of the Receivables, Inventory, General Intangibles, and Equipment of each Borrower and all books and records in connection therewith;

  • Additional Property Collateral shall also include the following property (collectively, the “Additional Property”) which Debtor becomes entitled to receive or shall receive in connection with any other Collateral: (a) any stock certificate, including without limitation, any certificate representing a stock dividend or any certificate in connection with any recapitalization, reclassification, merger, consolidation, conversion, sale of assets, combination of shares, stock split or spin-off; (b) any option, warrant, subscription or right, whether as an addition to or in substitution of any other Collateral; (c) any dividends or distributions of any kind whatsoever, whether distributable in cash, stock or other property; (d) any interest, premium or principal payments; and (e) any conversion or redemption proceeds; provided, however, that until the occurrence of an Event of Default (as hereinafter defined), Debtor shall be entitled to all cash dividends and all interest paid on the Collateral (except interest paid on any certificate of deposit pledged hereunder) free of the security interest created under this Agreement. All Additional Property received by Debtor shall be received in trust for the benefit of Secured Party. All Additional Property and all certificates or other written instruments or documents evidencing and/or representing the Additional Property that is received by Debtor, together with such instruments of transfer as Secured Party may request, shall immediately be delivered to or deposited with Secured Party and held by Secured Party as Collateral under the terms of this Agreement. If the Additional Property received by Debtor shall be shares of stock or other securities, such shares of stock or other securities shall be duly endorsed in blank or accompanied by proper instruments of transfer and assignment duly executed in blank with, if requested by Secured Party, signatures guaranteed by a bank or member firm of the New York Stock Exchange, all in form and substance satisfactory to Secured Party. Secured Party shall be deemed to have possession of any Collateral in transit to Secured Party or its agent.

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