Material Real Property Sample Clauses
The 'Material Real Property' clause defines which real estate assets are considered significant or essential within the context of an agreement. Typically, this clause identifies specific properties or sets criteria—such as value, location, or operational importance—that qualify certain real property as 'material.' For example, it may apply to properties that are critical to a company's business operations or represent a substantial portion of its asset base. The core function of this clause is to ensure that both parties clearly understand which properties are subject to heightened scrutiny, special conditions, or particular obligations, thereby reducing ambiguity and managing risk related to key real estate assets.
Material Real Property. At the Borrower’s expense, take all action either necessary or as reasonably requested by the Administrative Agent to ensure that the Collateral and Guarantee Requirement continues to be satisfied, including (i) not later than ninety (90) days after the acquisition by any Loan Party of any Material Real Property as determined by the Borrower (acting reasonably and in good faith) (or such longer period as the Administrative Agent may agree in writing in its discretion) that is required to be provided as Collateral pursuant to the Collateral and Guarantee Requirement, which property would not be automatically subject to another Lien pursuant to pre-existing Collateral Documents, cause such property to be subject to a Lien and Mortgage in favor of the Administrative Agent for the benefit of the Secured Parties and take, or cause the relevant Loan Party to take, such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect or record such Lien, in each case to the extent required by, and subject to the limitations and exceptions of, the Collateral and Guarantee Requirement and to otherwise comply with the requirements of the Collateral and Guarantee Requirement; and (ii) as promptly as practicable after the request therefor by the Administrative Agent, deliver to the Administrative Agent with respect to each such acquired Material Real Property, any existing title reports, abstracts, surveys, appraisals or environmental assessment reports, to the extent available and in the possession or control of the Loan Parties or their respective Subsidiaries; provided, however, that there shall be no obligation to deliver to the Administrative Agent any existing environmental assessment report or appraisal whose disclosure to the Administrative Agent would require the consent of a Person other than the Loan Parties or one of their respective Subsidiaries, where, despite the commercially reasonable efforts of the Loan Parties or their respective Subsidiaries to obtain such consent, such consent cannot be obtained; provided, further, that no mortgage over such Material Real Property may be executed unless the Administrative Agent has received a Federal Emergency Management Agency Standard Flood Hazard Determination and all other information needed to satisfy its flood insurance requirements, in each case, with respect to such Material Real Property.
Material Real Property. Promptly upon, and in any event within ten Business Days after, Holdings or any other Credit Party acquires any fee interest in Real Property the fair market value of which is equal to or greater than $2,000,000, notice of such acquisition, together with Holdings’ good faith determination of the fair market value thereof.
Material Real Property. Schedule 2.1.11 sets forth all Material Real Property;
Material Real Property. Promptly upon, and in any event within ten Business Days after, the Borrower or any other Credit Party acquires any Real Property the Fair Market Value of which is equal to or greater than $2,500,000, notice of such acquisition, together with the Borrower’s good faith determination of the Fair Market Value thereof.
Material Real Property. Within 10 Business Days of the acquisition by any Loan Party after the date hereof of any Material Real Property, the Borrower shall notify the Administrative Agent in writing thereof, setting forth with specificity a description of the interest acquired, the location of the real property, any structures or improvements thereon and either an appraisal or such Loan Party’s good-faith estimate of the current value of such real property (for purposes of this Section 7.12, the “Current Value”). The Administrative Agent (acting at the written direction of the Required Lenders) shall notify such Loan Party whether it intends to require a Mortgage (and any other Real Property Deliverables) with respect to such Material Real Property. Upon receipt of such notice requesting a Mortgage (and any other Real Property Deliverables), the Person that has acquired such Material Real Property shall promptly furnish the same to the Administrative Agent.
Material Real Property. Create, incur, assume or suffer to exist any Lien upon any Material Real Property, whether now owned or hereafter acquired, other than (i) easements, rights-of-way, restrictions, covenants, conditions, encroachments, protrusions and other similar encumbrances and minor title defects affecting real property which, in the aggregate, do not in any case materially interfere with the ordinary conduct of the business of any Parent, the Borrower or any Restricted Subsidiary; (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property that does not materially interfere with the ordinary conduct of the business of any Parent, the Borrower or any Restricted Subsidiary; (iii) ground leases in respect of real property on which facilities owned or leased by any Parent, the Borrower or any Restricted Subsidiary are located and (iv) Liens pursuant to any Loan Document and any Liens incurred pursuant to Section 7.01(ff).
Material Real Property. To the extent that any Material Real Property is acquired (which may be by completion of construction), in any transaction or series of related transactions, by a Loan Party or a Material Subsidiary during any fiscal quarter of the Parent Guarantor, within thirty (30) days (or such longer period of time agreed by the Administrative Agent) after a Compliance Certificate is required to be delivered for such quarter under Section 6.01(a) or (b), deliver (i) a mortgage or deed of trust, (ii) any existing environmental reports, (iii) insurance certificates or certificates of the type referred to in Section 4.02(b)(i) to the extent requested by the Administrative Agent, and (iv) other documents reasonably requested by the Administrative Agent in connection with granting and perfecting a First Priority Lien on such Material Real Property in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, in each case in form and substance reasonably acceptable to the Administrative Agent. As used herein, “Material Real Property” means any processing plant, terminal, and any other Real Property (other than Pipeline Real Property) owned in fee by any Loan Party or a Restricted Subsidiary, or group of related tracts of Real Property (other than Pipeline Real Property), acquired (whether acquired in a single transaction or in a series of transactions) or owned by a Loan Party or any Restricted Subsidiary having a fair market value (including the fair market value of improvements owned by any Loan Party or Restricted Subsidiary and located thereon) on such date of determination equal to $25.0 million or more.
Material Real Property. (A) Subject to paragraphs (B) and (C), if:
(1) any freehold land integral to the Project (which shall include all freehold land required for access for the purposes of the then-current Mine Plan); or
(2) any leasehold land integral to the Project (which shall include all leasehold land required for access for the purposes of the then-current Mine Plan), (together, “Material Real Property”) exists then ProjectCo shall procure that:
(3) where no registration is required in respect of such Material Real Property, such Material Real Property becomes subject to the relevant Security Documents within 20 Business Days of the later of such Material Real Property becoming integral to the Project and the date of this Agreement; and
(4) where registration is required in respect of such Material Real Property, such registration is lodged with the relevant authority within 20 Business Days of the later of such Material Real Property becoming integral to the Project and the date of this Agreement, and ProjectCo shall use best endeavours to procure that such Material Real Property is then registered with the relevant Governmental Body within 120 days thereof.
(B) If Security over any leasehold land constituting part of Material Real Property requires the consent of a third party, then the Security over such land shall only become effective once the consent of that third party is obtained. ProjectCo shall exercise reasonable endeavours to obtain such consent within 10 Business Days of such Material Real Property becoming integral to the Project and if it is not obtained by such date then as soon as reasonably practicable thereafter, and, until such required consent is obtained, such land shall be excluded from the scope of Material Real Property.
(C) If Security over any leasehold land constituting part of Material Real Property requires that ProjectCo serves notice upon a third party, but does not otherwise require such third party’s consent, ProjectCo shall be required only to exercise reasonable endeavours to obtain an acknowledgment of such notice.
Material Real Property any owned Real Estate with a net book value greater than $250,000 located in any Mortgage State.
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