Disqualifying Environmental Event. Any Release or threatened Release of Hazardous Substances, any violation of Environmental Laws or any other similar environmental event with respect to any Real Estate that is reasonably likely to have a material adverse effect on the value of such Real Estate.
Disqualifying Environmental Event. Any Release or threatened Release of Hazardous Substances, any violation of Environmental Laws or any other similar environmental event with respect to any Eligible Unencumbered Property that could reasonably be expected to cost in excess of $2,500,000 to remediate or, which, with respect to all of the Eligible Unencumbered Properties, could reasonably be expected to cost in excess of $5,000,000 in the aggregate to remediate. Disqualifying Structural Event. Any structural issue which, with respect to any Eligible Unencumbered Property, could reasonably be expected to cost in excess of $2,500,000 to remediate or, which, with respect to all of the Eligible Unencumbered Properties, could reasonably be expected to cost in excess of $5,000,000 in the aggregate to remediate.
Disqualifying Environmental Event. Any actual release of Hazardous Substances or any violation of Environmental Laws or any other environmental event with respect to any Borrowing Base Property or real estate securing a Borrowing Base Loan that could reasonably be expected to cost in excess of $500,000 to remediate or, which, with respect to all of the Borrowing Base Assets, could reasonably be expected to cost in excess of $5,000,000 in the aggregate to remediate. Disqualifying Structural Event. Any structural issue which, with respect to any Borrowing Base Property or real estate securing a Borrowing Base Loan, could reasonably be expected to cost in excess of $500,000 to remediate or repair or, which, with respect to all of the Borrowing Base Assets, could reasonably be expected to cost in excess of $2,000,000 in the aggregate to remediate or repair.
Disqualifying Environmental Event. Any Release or threatened Release of Hazardous Substances, any violation of Environmental Laws or any other similar environmental event with respect to any Eligible Unencumbered Property that will, in the Agent’s reasonable opinion, cost in excess of $500,000 to remediate or, which, with respect to all of the Eligible Unencumbered Properties, will, in the Agent’s reasonable opinion cost in excess of $1,000,000 in the aggregate to remediate. Disqualifying Structural Event. Any structural issue which, with respect to any Eligible Unencumbered Property, will, in the Agent’s reasonable opinion, cost in excess of $500,000 to remediate or, which, with respect to all of the Eligible Unencumbered Properties, will, in the Agent’s reasonable opinion cost in excess of $1,000,000 in the aggregate to remediate.
Disqualifying Environmental Event. Any Release or threatened Release of Hazardous Substances, any violation of Environmental Laws or any other similar environmental event with respect to any Collateral Property that will, in the Agent’s reasonable opinion, cost in excess of $500,000 to remediate or, which, with respect to all of the Collateral Properties, will, in the Agent’s reasonable opinion cost in excess of $1,000,000 in the aggregate to remediate.
Disqualifying Environmental Event. Any Release or threatened Release of --------------------------------- Hazardous Substances, any violation of Environmental Laws or any other similar environmental event with respect to a Real Estate Asset that causes (x) such Real Estate Asset (in the case of an office building) to no longer be a Class A or Class B office building or such Real Estate Asset (if a Real Estate Asset other than a Class A or Class B office building) to be no longer in the same asset class, (y) the occupancy or rent of such Real Estate Asset to be adversely affected, as compared to what otherwise would have been the occupancy or rent of such Real Estate Asset in the absence of such environmental event (provided that an environmental event that reduces a Class A to a Class B office building at Class B occupancy and rent which are standard in the relevant market shall not constitute a Disqualifying Environmental Event under this clause (y) or clause (x) above) or (z) such Real Estate Asset to no longer be financeable on a non- recourse (with customary exceptions) long-term debt basis under the then generally accepted underwriting standards of national insurance company or pension fund real estate institutional lenders.
Disqualifying Environmental Event. With respect to any Collateral Property, any release of Hazardous Substances, any violation of Environmental Laws or any other similar environmental event with respect to such Real Estate that could reasonably be expected to cost in excess of $1,000,000.00 to remediate or, which, with respect to all of the Collateral Properties (including such Potential Collateral Property), could reasonably be expected to cost in excess of $5,000,000.00 in the aggregate to remediate; provided, however, the Borrowers shall have sixty (60) days to remediate any such release of Hazardous Substances, violation of Environmental Laws or any other similar environmental event before such release of Hazardous Substances, violation of Environmental Laws or any other similar environmental event shall be deemed a Disqualifying Environmental Event. Disqualifying Structural Event. With respect to any Collateral Property, any structural issue which, with respect to such Real Estate, could reasonably be expected to cost in excess of $1,000,000.00 to remediate or, which, with respect to all of the Collateral Properties (including such Potential Collateral Property), could reasonably be expected to cost in excess of $5,000,000.00 in the aggregate to remediate.
Disqualifying Environmental Event. Any Release or threatened Release of Hazardous Substances, any violation of Environmental Laws or any other similar environmental event with respect to any Borrowing Base Property that will, in the Borrower's and the Agent's reasonable opinion cost in excess of (x) with respect to CBD Properties, $10,000,000 and (y) with respect to all other Borrowing Base Properties, $1,000,000 to remediate or, which, with respect to the Borrowing Base Properties, will, in the Borrower's and Agent's reasonable opinion cost in excess of $35,000,000 in the aggregate to remediate, PROVIDED that (i) with respect to any particular Borrowing Base Property, if, in the Agent's reasonable opinion, such environmental events will cost in excess of the $1,000,000 or $10,000,000 cost basket, as applicable, but such environmental events do not have a material adverse impact on the use and occupancy of such Borrowing Base Property, (A) such Borrowing Base Property will be permitted to remain in the Borrowing Base unless and until the Agent determines, in its reasonable opinion, that such environmental events do have a material adverse impact on such use and occupancy, and (B) the Borrowing Base Value attributable to such Borrowing Base Property shall be reduced by an amount equal to the aggregate of all costs in excess of the applicable cost basket, net of such costs covered by an indemnification in favor of the Borrower, in form and substance satisfactory to the Agent from a third party who, in the reasonable opinion of the Agent, is a credit-worthy entity, and (ii) in the event the Borrower and the Agent determine that environmental events will cost in excess of $35,000,000 in the aggregate to remediate for all Borrowing Base Properties, the Borrowing Base Value shall be reduced by an amount equal to the aggregate of all costs in excess of such $35,000,000 to the extent such costs in excess of $35,000,000 are not covered by an indemnification in favor of the Borrower, in form and substance satisfactory to the Agent from a third party who, in the reasonable opinion of the Agent, is a credit-worthy entity. DISQUALIFYING STRUCTURAL EVENT. Any structural issue, which, with respect to any Borrowing Base Property other than rehab properties, will, in the Borrower's and the Agent's reasonable opinion cost in excess of (x) with respect to CBD Properties, $10,000,000 and (y) all other Borrowing Base Properties, $1,000,000 to fix or, which, with respect to the Borrowing Base Properties other th...
Disqualifying Environmental Event. Any Release or threatened Release --------------------------------- of Hazardous Substances, any violation of Environmental Laws or any other similar environmental event with respect to any Borrowing Base Property that will, in the Borrower's and the Agent's reasonable opinion cost in excess of $1,000,000 to remediate or, which, with respect to the Borrowing Base Properties, will, in the Borrower's and Agent's reasonable opinion cost in excess of $20,000,000 in the aggregate to remediate, provided that for all such -------- environmental events that, individually or in the aggregate, in the Borrower's and the Agent's reasonable judgment will cost in excess of $20,000,000 to remediate, the Borrower has received an indemnification, in form and substance satisfactory to Agent, for an amount at least equal to $10,000,000 from a third party, who, in the reasonable opinion of Agent, is a credit-worthy entity. Disqualifying Structural Event. Any structural issue, which, with ------------------------------ respect to any Borrowing Base Property other than rehab properties, will, in the Borrower's and the Agent's reasonable opinion cost in excess of $1,000,000 to fix or, which, with respect to the Borrowing Base Properties other than rehab properties, will, in the Borrower's and Agent's reasonable opinion cost in excess of $10,000,000 in the aggregate to fix, provided that if, in the Borrower's and Agent's reasonable opinion, such structural issues will cost in excess of $10,000,000 in the aggregate to fix, the Borrowing Base Value shall be reduced by an amount equal to the aggregate of all costs in excess of such $10,000,000.
Disqualifying Environmental Event. Any Release or threatened Release of Hazardous Substances, any violation of Environmental Laws or any other similar environmental event with respect to any Borrowing Base Property that will, in the Borrower's and the Agent's reasonable opinion cost in excess of $1,000,000 to remediate or, which, with respect to the Borrowing Base Properties, will, in the Borrower's and Agent's reasonable opinion cost in excess of $20,000,000 in the aggregate to remediate, PROVIDED that for all such environmental events that, individually or in the aggregate, in the Borrower's and the Agent's reasonable judgment will cost in excess of $20,000,000 to remediate, the Borrower has received an indemnification, in form and substance satisfactory to Agent, for an amount at least equal to $10,000,000 from a third party, who, in the reasonable opinion of Agent, is a credit-worthy entity.
