Common use of Removal of Borrowing Base Properties Clause in Contracts

Removal of Borrowing Base Properties. Notwithstanding anything contained herein to the contrary, to the extent any property qualifying as a Borrowing Base Property (a) ceases to be wholly owned by a Loan Party or ground leased by a Loan Party pursuant to an acceptable ground lease; or (b) ceases to be encumbered by a first priority perfected Lien (subject only to Permitted Liens) in favor of the Administrative Agent (for the benefit of the Lenders, Administrative Agent and other secured parties referenced herein), such property shall cease to qualify as a Borrowing Base Property hereunder and Schedule 1.01(b) attached hereto shall be deemed to have been amended to remove such Real Property from the list of Borrowing Base Properties; provided, that no such removal of a Borrowing Base Property from qualification as such shall result in the release of any remaining Liens in favor of the Administrative Agent except to the extent otherwise provided herein or in any other Loan Document.