Minimum Property Requirement Sample Clauses
The Minimum Property Requirement clause sets a baseline standard that a property must meet for a transaction, such as a sale or lease, to proceed. Typically, this clause outlines specific conditions regarding the property's physical condition, legal status, or compliance with regulations, such as requiring that the property be free from major structural defects or meet certain safety codes. Its core practical function is to protect the interests of the buyer or tenant by ensuring they are not obligated to proceed with the transaction if the property fails to meet these essential criteria, thereby reducing the risk of acquiring a substandard or non-compliant property.
Minimum Property Requirement. The Pool shall not at any time consist of less than twenty (20) Pool Properties with an aggregate Appraised Value of not less than $400,000,000.00.
Minimum Property Requirement. The Unencumbered Pool shall not at any time consist of less than twenty (20) PoolUnencumbered Properties with an aggregate PoolUnencumbered Value of not less than $400,000,000.00.
Minimum Property Requirement. Beginning on September 30, 2012 and continuing until December 29, 2013, the Borrowing Base shall consist of not less than three (3) Mortgaged Properties. Beginning on December 30, 2013, and continuing thereafter, the Borrowing Base shall consist of not less than five (5) Mortgaged Properties with an aggregate Appraised Value of not less than $100,000,000.00.
Minimum Property Requirement. Permit there to be fewer than fifteen (15) Unencumbered Pool Properties having an Aggregate Unencumbered Pool Property Value Amount greater than or equal to $275,000,000.00 in the Borrowing Base, tested as of the end of any Fiscal Quarter of the Borrower.
Minimum Property Requirement. The Borrowing Base Assets shall at all times consist of not less than seven (7) Borrowing Base Properties with an aggregate Appraised Value of not less than $220,000,000.00; provided that from and after the IPO Event, the Borrowing Base Assets shall at all times consist of not less than ten (10) Borrowing Base Properties with an aggregate Appraised Value of not less than $300,000,000.00.
Minimum Property Requirement. The Mortgage Properties included in the calculation of the Borrowing Base Availability (i) shall consist of not less than nine (9) Mortgage Properties, and (ii) shall have an aggregate Borrowing Base Value of not less than $400,000,000.00.
Minimum Property Requirement. There to be less than 10 Borrowing Base Properties with an aggregate Borrowing Base Value of at least $25,000,000 at any time.
Minimum Property Requirement. The Borrowing Base shall consist of not less than ten (10) Mortgaged Properties with an aggregate Appraised Value of not less than $150,000,000.00.”
(gg) By deleting the addresses for notices to the Agent or ▇▇▇▇▇▇▇ ▇▇ §▇▇ of the Credit Agreement, and inserting in lieu thereof the following: “If to the Agent or KeyBank: KeyBank National Association ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇, 3rd Floor Brooklyn, Ohio 44144 Attn: Real Estate Capital Services With a copy to: KeyBank National Association ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, N.E., Suite 1550 Atlanta, Georgia 30328 Attn: ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ Telecopy No.: (▇▇▇) ▇▇▇-▇▇▇▇ and ▇▇▇▇▇▇▇ Long & ▇▇▇▇▇▇▇▇ LLP ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇.▇. ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇ Attn: ▇▇. ▇▇▇▇▇▇▇ ▇. Timmons, Esq. Telecopy No.: (▇▇▇) ▇▇▇-▇▇▇▇”
(hh) By deleting in its entirety Schedule 1.1 of the Credit Agreement, and inserting in lieu thereof Schedule 1.1 attached to this Amendment.
Minimum Property Requirement. (a) Beginning on June 17, 2015 and continuing until December 17, 2015, the Pool shall consist of not less than three (3) Pool Properties with an aggregate Appraised Value of not less than $50,000,000.00, and (b) beginning on December 17, 2015, and continuing thereafter, the Pool shall consist of not less than six (6) Pool Properties with an aggregate Appraised Value of not less than $100,000,000.00.