Borrowing Base Asset definition
Borrowing Base Asset means a Real Property Asset which, as of any date of determination, satisfies all of the following requirements: (a) such Real Property Asset is 100% owned by a Borrower in fee simple or pursuant to the terms of an Eligible Ground Lease; (b) the Administrative Agent, on behalf of the Lenders, shall have received each of the Borrowing Base Asset Deliverables with respect to such Real Property Asset, in each case in form and substance acceptable to the Administrative Agent and Required Lenders in their discretion; (c) such Real Property Asset is not subject to any Lien (other than a Permitted Lien) or any Negative Pledge; (d) such Real Property Asset is free of all material mechanical and structural defects, environmental conditions (as evidenced by environmental reports acceptable to Administrative Agent) or other adverse matters except for defects, conditions or matters individually or collectively which are not material to the profitable operation of such Real Property Asset and the most recently-delivered FIRREA-compliant MAI appraisal with respect to such Real Property Asset is acceptable to the Administrative Agent in its discretion; (e) such Real Property Asset has been fully developed for use as a skilled nursing facility, domestic assisted living facility, independent living facility, rehabilitation hospital or other healthcare facility acceptable to the Administrative Agent and Required Lenders; (f) such Real Property Asset is leased to and operated by an Eligible Tenant pursuant to a Facility Lease reasonably acceptable to the Administrative Agent; (g) no required rental payment, principal or interest payment, payments of real property taxes or payments of premiums on insurance policies payable to the applicable Borrower-owner with respect to such Real Property Asset is past due beyond the earlier of the applicable grace period with respect thereto, if any, and sixty (60) days; (h) no event of default has occurred and is then-continuing under any Material Contract applicable to such Borrowing Base Asset; (i) no Material Contract applicable to such Borrowing Base Asset shall have been terminated without the prior written consent of the Required Lenders; (j) no condemnation or condemnation proceeding shall have been instituted (and remain undismissed for a period of ninety (90) consecutive days), in each case, with respect to a material portion of the Real Property Asset; (k) no material casualty event shall have occurred with respect to the improve...
Borrowing Base Asset means a Real Property Asset which, as of any date of determination, satisfies all of the following requirements: (a) such Real Property Asset is 100% owned by a Borrower in fee simple or pursuant to the terms of an Eligible Ground Lease; (b) the Administrative Agent, on behalf of the Lenders, shall have received each of the Borrowing Base Asset Deliverables with respect to such Real Property Asset, in each case in form and substance acceptable to the Administrative Agent in its discretion; (c) such Real Property Asset is not subject to any Lien (other than a Permitted Lien) or any Negative Pledge; (d) such Real Property Asset is free of all material mechanical and structural defects, environmental conditions (as evidenced by environmental reports acceptable to Administrative Agent) or other adverse matters except for defects, conditions or matters individually or collectively which are not material to the profitable operation of such Real Property Asset and the most recently-delivered FIRREA-compliant MAI appraisal with respect to such Real Property Asset is acceptable to the Administrative Agent in its discretion; (e) such Real Property Asset has been fully developed for use as a skilled nursing facility, domestic assisted living facility, independent living facility, rehabilitation hospital or other healthcare facility acceptable to the Administrative Agent and Required Lenders; (f) such Real Property Asset is leased to and operated by an Eligible Tenant pursuant to a Facility Operating Lease reasonably acceptable to the Administrative Agent; (g) no required rental payment, principal or interest payment, payments of real property taxes or payments of premiums on insurance policies payable to the applicable Borrower-owner with respect to such Real Property Asset is past due beyond the earlier of the applicable grace period with respect thereto, if any, and sixty (60) days; (h) no event of default has occurred and is then continuing under any Material Contract applicable to such Borrowing Base Asset; (i) no Material Contract applicable to such Borrowing Base Asset shall have been terminated without the prior written consent of the Required Lenders; (j) no condemnation or condemnation proceeding shall have been instituted (and remain undismissed for a period of ninety (90) consecutive days), in each case, with respect to a material portion of the Real Property Asset; (k) no material casualty event shall have occurred with respect to the improvements located...
Borrowing Base Asset means a Borrowing Base Property, an Unencumbered Mortgage Receivable or Unencumbered Cash.
Examples of Borrowing Base Asset in a sentence
Notwithstanding the foregoing, the failure of any Proposed Borrowing Base Asset to comply with one or more of the Borrowing Base Conditions shall not preclude the addition of such Proposed Borrowing Base Asset as a Borrowing Base Asset so long as the Administrative Agent and the Required Lenders shall have expressly consented to the addition of such Proposed Borrowing Base Asset as a Borrowing Base Asset notwithstanding the failure to satisfy such conditions.
To the extent requested by the Administrative Agent, any Borrower owning any Borrowing Base Asset or any Real Property Asset which is proposed for qualification as such shall execute and deliver to the Administrative Agent an environmental indemnity agreement with respect to thereto in form and substance acceptable to the Administrative Agent.
At all times cause each Borrowing Base Asset to be managed and operated by an Approved Manager that has entered into a management agreement with respect to such Asset in form and substance satisfactory to the Administrative Agent.
The applicable Borrower has a fee simple title to or holds a ground lease interest pursuant to an Eligible Ground Lease in each Borrowing Base Asset listed on Schedule 5.12 hereto and such schedule correctly sets forth the type of interest (fee or leasehold) held by each Borrower in each Borrowing Base Asset.
With respect to each Borrowing Base Asset or other parcel of Real Estate, all of the buildings, structures and improvements now or hereafter located thereon.
More Definitions of Borrowing Base Asset
Borrowing Base Asset means (a) the Petroleum Assets listed in Schedule 4 (Initial Borrowing Base Assets) and (b) any New Borrowing Base Asset but, in the case of (a) or (b), excluding any Petroleum Asset which has ceased to be designated a Borrowing Base Asset in accordance with Clause 6 (Projections).
Borrowing Base Asset means a Real Property Asset located in the United States that the Borrower has designated as a Borrowing Base Asset in the most recent Borrowing Base Certificate delivered to the Administrative Agent and which, as of any date of determination, satisfies all of the following requirements:
Borrowing Base Asset means an Eligible Asset that the Borrower has proposed to designate as a Borrowing Base Asset, which designation has been approved by the Required Lenders in their reasonable discretion. For the avoidance of doubt, any Asset that is not, or at any time ceases to be, an Eligible Asset is not a Borrowing Base Asset.
Borrowing Base Asset each Eligible Asset included in the Borrowing Base on the Closing Date or subsequently added to the Borrowing Base pursuant to Section 4.3.
Borrowing Base Asset means (a) each CDO Bond, (b) each Unencumbered Loan, and (c) each Industrial Portfolio Interest, in each case, that are set forth on Schedule 1.1(a) (as such Schedule may be updated from time to time with respect to Unencumbered Loans and CDO Bonds in accordance with Section 2.26); provided that (A) no CDO Bond, Unencumbered Loan or Industrial Portfolio Interest Borrowing Base Asset shall be included in the Borrowing Base if (i) such Borrowing Base Asset is subject to a Lien, other than in favor of Collateral Agent; (ii) if an “event of default” or similar event or condition has occurred and is continuing under the agreements or instruments governing such CDO Bond, Unencumbered Loan or Industrial Portfolio Interest; or (iii) if as a result of the inclusion of such Borrowing Base Asset in the Borrowing Base, the right of Borrower or its applicable Subsidiary to own, hold, or encumber (in favor of Collateral Agent) the Equity Interests in the Pledged Entities is or would be reasonably expected to be, restricted, abridged, or otherwise limited under any Contractual Obligation; provided, however that solely with respect to the loans evidenced by the Industrial Portfolio Interests Loan Documents, the limited restrictions on transfer set forth therein that are in effect on the date hereof (without giving effect to any amendment, modification or waiver thereof) shall be permitted, (B) no CDO Bond Borrowing Base Asset shall be included in the Borrowing Base unless the underlying collateralized debt obligation transaction was sponsored or originated by the Borrower or its Affiliates (other than CDO Bonds issued by the CSE RE 2006-A CDO and the CapLease 2005-1 CDO) and (C) no Industrial Portfolio Interest Borrowing Base Asset shall be included in the Borrowing Base if the Organizational Documents of the applicable Pledged Entity holding the Industrial Portfolio Interest Borrowing Base Asset are amended, restated, supplemented, waived or otherwise modified after the date of its first inclusion in the Borrowing Base without the prior written consent of Administrative Agent and Requisite Lenders.
Borrowing Base Asset means at any time any Field which qualifies as a Borrowing Base Asset at such time as determined by reference to Clause 5 (Borrowing Base Assets).
Borrowing Base Asset means Domestic Inventory and Domestic Accounts.