Approved Asset definition
Examples of Approved Asset in a sentence
Following the expiration of the Approved Asset Validity Period with respect to a Collateral Loan (and, in the case of a rescission of approval by the Administrative Agent, the eight (8) hour grace period), if such Collateral Loan has not been purchased or committed to be purchased by the Borrower, the approval to purchase such Collateral Loan will cease to be valid and, if applicable, such Collateral Loan will be deemed to be removed from the Approved List.
Borrower will permit representatives of Agent to have free access to and to inspect and copy all books, records and contracts of Borrower relating to each Approved Asset, and will permit representatives of Agent to have free access to and to inspect and copy all other books, records and contracts of Borrower at all reasonable times and upon reasonable prior notice to Borrower.
If, at any time thereafter, such former Approved Asset again meets the Minimum Lease-Up Requirement, it shall, as of the date it meets such requirement, again be deemed an Approved Asset.
Borrower shall, at all times until Agent and Lenders have been fully repaid all indebtedness evidenced by the Note, maintain, or cause to be maintained, in effect, adequate insurance with respect to each Approved Asset, including casualty insurance on a 100% replacement cost basis.
Borrower shall set up and maintain accurate and complete books, accounts and records pertaining to each Approved Asset in a manner reasonably acceptable to Agent.
Borrower shall, before any penalty or interest attaches thereto because of delinquency in payment, pay and discharge, or cause to be paid and discharged, all taxes, assessments, levies and governmental charges imposed upon or against each Approved Asset or upon or against the Note or the indebtedness evidenced hereby (hereinafter referred to as “Impositions”).
Borrower shall not voluntarily or involuntarily agree to, cause, suffer or permit (A) any sale, transfer or conveyance of any interest of Borrower, Guarantor or any Approved Subsidiary, legal or equitable, in any Approved Asset or any part or portion thereof; or (B) any mortgage, pledge, encumbrance or lien to be imposed or remain outstanding against any Approved Asset, or any security interest to exist therein (hereinafter each called an “Encumbrance”), except as created by the Loan Documents (if any).
Following the expiration of the Approved Asset Validity Period with respect to a Collateral Loan (and, in the case of a rescission of approval by the Administrative Agent, the eight (8) business hour grace period), if such Collateral Loan has not been purchased or committed to be purchased by the Borrower, the approval to purchase such Collateral Loan will cease to be valid and, if applicable, such Collateral Loan will be deemed to be removed from the Approved List.
Borrower shall maintain (and shall cause any Approved Subsidiary to maintain) its existence as a duly organized and qualified limited partnership (or such other entity, in the case of any Approved Subsidiary), in good standing under the laws of the state of its formation and the laws of each state in which any Approved Asset owned by it is located, and none of Borrower, Guarantor nor any such Approved Subsidiary shall be dissolved, merged, wound-up or terminated.
Maintain its qualification to transact business in its state of organization, in each state in which an Approved Asset owned by it is located, and in each jurisdiction where failure so to qualify would permanently preclude Borrower (or such Approved Subsidiary) from enforcing its rights with respect to any material asset or would expose Borrower (or such Approved Subsidiary) to any material liability.