Exclusions from Eligible Collateral. If (i) any Collateral constituting Eligible Collateral is materially damaged or destroyed or becomes subject to any material condemnation proceeding, (ii) Borrower violates any provisions of, or breaches any representations and warranties in, the Loan Documents (including, without limitation, the Environmental Agreement) with respect to such Collateral that Administrative Agent reasonably determines materially and adversely affects the value of the Collateral, or (iii) Administrative Agent makes or is entitled to make any claim under the Title Policy with respect to a matter that Administrative Agent reasonably determines materially and adversely affects the Collateral, such Collateral may, in Administrative Agent’s reasonable discretion and upon written notice to Borrower, be declared by Administrative Agent to no longer be Eligible Collateral. In addition, if any such Collateral does not continue to meet all the requirements applicable to Eligible Collateral, such Collateral will no longer constitute Eligible Collateral. Any determination by Administrative Agent as to whether certain Collateral constitutes Eligible Collateral will be final, conclusive, binding and effective upon such written notice to Borrower, absent manifest error.
Exclusions from Eligible Collateral. If (i) any Qualified Property constituting Eligible Collateral is materially damaged or destroyed (which, for purposes of this Section 3.3 shall mean in excess of fifty percent (50%) of the replacement cost of the Improvements located upon such Qualified Property), or becomes subject to any condemnation proceeding, and Operating Borrower fails to promptly notify Administrative Agent that the applicable Project Borrower will initiate repairs, or the applicable Project Borrower fails to promptly and diligently pursue and complete such repairs within one hundred eighty (180) days after the date of the applicable casualty (provided that, in the event of a casualty, the applicable Project Borrower is entitled to payment of insurance proceeds covering such casualty in a sufficient amount to cover one hundred percent (100%) of the costs of such repairs so as to allow the applicable Project Borrower to repair the Improvements to the same condition as immediately prior to such casualty), or, with respect to condemnation, Operating Borrower fails to provide Administrative Agent with condemnation proceeds to the extent required pursuant to the Loan Documents, (ii) Borrower violates any provisions of, or breaches any representations and warranties in, the Loan Documents (including, without limitation, the Environmental Agreement) with respect to such Collateral that Administrative Agent determines materially and adversely affects the value of the Collateral unless Borrower fails to remedy the violation described above within ten (10) days after notice from Administrative Agent, or (iii) Administrative Agent makes or is entitled to make any claim under the Title Policy with respect to a matter that Administrative Agent determines materially and adversely affects the Collateral, such Collateral may, in Administrative Agent’s sole discretion and upon notice to Borrower, be declared by Administrative Agent to no longer be Eligible Collateral, unless Borrower remedies the violation described above within ten (10) days after notice from Administrative Agent, and the Borrowing Base shall be adjusted pursuant to Section 3.4(d). In addition, if any such Collateral does not continue to meet all the requirements applicable to Eligible Collateral, such Collateral will no longer constitute Eligible Collateral, and the Borrowing Base shall be adjusted in accordance with the provisions of Section 3.4(d) below. Any determination by Administrative Agent as to whether certain Collatera...
