Borrowing Base Leases Sample Clauses

Borrowing Base Leases. (a) All Borrowing Base Leases (and all renewals thereof) executed after the Closing Date (other than extensions or renewals of existing Material Borrowing Base Leases pursuant to options provided therein and the Ensign Master Leases in each case in accordance with the terms of the applicable Borrowing Base Lease) shall provide for rental rates obtained through arm’s-length negotiations, shall be on commercially reasonable terms, and shall not contain any terms which could reasonably be expected to have a Property Material Adverse Effect. Each Loan Party that has entered into a Borrowing Base Lease: (A) shall not collect any rent under such Lease more than one (1) month in advance (other than security deposits); (B) shall not execute any other assignment of lessor’s interest in such Lease or the rent thereunder; (C) shall promptly furnish Administrative Agent with a copy of such Borrowing Base Lease (other than leases of Multi-Tenant Buildings) upon execution thereof; (D) shall observe and perform the material obligations imposed upon the lessor under such Leases in a commercially reasonable manner; and (E) shall enforce the obligations of the lessee thereunder to be observed or performed in a commercially reasonable manner that does not result in any Property Material Adverse Effect. (b) The Loan Parties will, and will cause their Subsidiaries to, cause each Tenant with respect to each Borrowing Base Asset (other than a Multi-Tenant Building or a Subsidiary Operated Facility) to deliver each quarterly or annual financial statement of such Tenant or the parent company of such Tenant required to be delivered pursuant to the applicable Borrowing Base Lease; provided that the failure of a Tenant to deliver any such financial statement shall not constitute a Default or Event of Default so long as the Borrower (i) delivers a new Borrowing Base Certificate removing the applicable Borrowing Base Asset within ten (10) Business Days of a Responsible Officer of the Borrower becoming aware of such violation; and (ii) makes any prepayment required pursuant to Section 2.12 in connection with such removal and after giving effect to such removal and payment (and the addition of any other Borrowing Base Asset on or prior to such date), the Loan Parties are in compliance with this Section 5.19(c).
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Borrowing Base Leases. All Borrowing Base Leases (and all renewals thereof) executed after the Closing Date shall provide for rental rates obtained through arm’s-length negotiations, shall be on commercially reasonable terms, and shall not contain any terms which could reasonably be expected to have a Material Adverse Effect.
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Borrowing Base Leases. (a) All Borrowing Base Leases (and all renewals thereof) executed after the Closing Date (other than extensions or renewals of existing Material Borrowing Base Leases pursuant to options provided therein and the Ensign Master Leases in each case in accordance with the terms of the applicable Borrowing Base Lease) shall (i) provide for rental rates obtained through arm’s-length negotiations, shall be on commercially reasonable terms, and shall not contain any terms which could reasonably be expected to have a Property Material Adverse Effect; and (ii) provide that such Lease is subordinate to the applicable Mortgage and that the Tenant will attorn to Administrative Agent and any purchaser at a foreclosure sale under the Mortgage (and the Administrative Agent shall enter into an SNDA with respect
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Related to Borrowing Base Leases

  • 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: (b) Pay all real estate and personal property taxes, assessments, water rates or sewer rents, ground rents, maintenance charges, impositions, and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Borrowing Base Property, now or hereafter levied or assessed or imposed against any Borrowing Base Property or any part thereof (except those which are being contested in good faith by appropriate proceedings diligently conducted). (c) Promptly pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated materials incurred in connection with any Borrowing Base Property (except those which are being contested in good faith by appropriate proceedings diligently conducted), and in any event never permit to be created or exist in respect of any Borrowing Base Property or any part thereof any other or additional Lien or security interest other than Liens permitted by Section 8.01. (d) Operate the Borrowing Base Properties in a good and workmanlike manner and in all material respects in accordance with all Laws in accordance with such Loan Party’s prudent business judgment. (e) Cause each other Loan Party to, to the extent owned and controlled by a Loan Party, preserve, protect, renew, extend and retain all material rights and privileges granted for or applicable to each Borrowing Base Property.

  • Borrowing Base Agent shall have received evidence from Borrowers that the aggregate amount of Eligible Receivables and Eligible Inventory is sufficient in value and amount to support Advances in the amount requested by Borrowers on the Closing Date;

  • 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”);

  • 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.”

  • CREDIT AND COLLATERAL REQUIREMENTS The applicable credit and collateral requirements are specified on the Cover Sheet.

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

  • Operating Leases Incur any obligation to pay rent under an operating lease in any Fiscal Year if to do so would result in the aggregate obligation of Borrower and its Subsidiaries to pay rent under all operating leases in that Fiscal Year to exceed $4,000,000.

  • Collateral Locations All of such Grantor’s locations where Collateral is located are listed on Exhibit A. All of said locations are owned by such Grantor except for locations (i) which are leased by the Grantor as lessee and designated in Part VII(b) of Exhibit A and (ii) at which Inventory is held in a public warehouse or is otherwise held by a bailee or on consignment as designated in Part VII(c) of Exhibit A.

  • New Collateral Locations Borrower may open any new location within the continental United States provided Borrower (a) gives Lender thirty (30) days prior written notice of the intended opening of any such new location and (b) executes and delivers, or causes to be executed and delivered, to Lender such agreements, documents, and instruments as Lender may deem reasonably necessary or desirable to protect its interests in the Collateral at such location, including UCC financing statements.

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