Borrowing Base Property Conditions definition
Borrowing Base Property Conditions means, collectively, the following conditions with respect to any Student Housing Property, each of which shall be established to the satisfaction of the Administrative Agent: (a) such Student Housing Property is 100% owned by a Subsidiary Guarantor either (i) in fee simple or (ii) subject to a ground lease which (A) has a remaining term of at least 30 years (after giving effect to any renewal terms that are exercisable at the sole option of the applicable Subsidiary Guarantor), (B) contains customary leasehold mortgagee protection rights, and (C) is mortgageable without the applicable ground lessor's consent (or with only such consents as shall have been obtained); (b) no Person other than a Loan Party has any direct or indirect ownership of any Equity Interest or other voting interest in such Subsidiary Guarantor (it being understood that no such Person shall be deemed to have any such ownership interest for purposes of this definition solely by virtue of (i) owning any Equity Interest in the Parent Guarantor, (ii) owning any limited partnership interests in the Borrower; provided that, in the case of this clause (ii), at least 51% of the limited partnership interests in the Borrower are at all times owned by the Parent Guarantor, or (iii) in the case of the Ground Leased Property (Temple), the ownership by the Ground Lessor (Temple) of a 1.0% membership interest in the Loan Party which owns the Ground Leased Property (Temple); provided that, in the case of this clause (iii), such Loan Party retains control of all decisions relating to the financing and management of the Ground Leased Property (Temple), subject to the terms of the Ground Lease (Temple)); (c) such Student Housing Property and the interest of Borrower and any Guarantor therein is subject to no Liens or negative pledge other than with respect to any Student Housing Property those described in clauses (a), (b), (d) and (e) of the definition of "Permitted Liens"; (d) construction of such Student Housing Property is complete, a certificate of occupancy has been issued for such Student Housing Property (or such Student Housing Property may otherwise be lawfully occupied for its intended use), and such Student Housing Property is not otherwise a Development Property; (e) such Student Housing Property is free of material title defects and structural defects, has all Environmental Permits applicable thereto and is not subject to any material Environmental Claim or otherwise in violation of any Env...
Borrowing Base Property Conditions means, collectively, the following conditions with respect to any Student Housing Property, each of which shall be established to the satisfaction of the Administrative Agent:
Borrowing Base Property Conditions means that each of clauses (i) through (x) of the definition of “Borrowing Base Property” are satisfied and that the Lease-Up Condition is satisfied.
Examples of Borrowing Base Property Conditions in a sentence
Upon satisfaction of the requirements of this Section 8.13(a) and the occurrence of the Addition Date with respect thereto, and subject to the continued compliance of any such Additional Borrowing Base Property with the Borrowing Base Property Conditions, such Additional Borrowing Base Property shall be included in the Borrowing Base as a Borrowing Base Property.
The Borrowing Base Properties satisfy the Borrowing Base Property Conditions (except for any Excluded Borrowing Base Property to the extent set forth in Section 8.13(d)).
Each of the Borrowing Base Properties satisfies the Borrowing Base Property Conditions applicable to it.
In the event the Borrower desires to add an Additional Borrowing Base Property as aforesaid, the Borrower shall provide written notice to the Administrative Agent of such request (which the Administrative Agent shall promptly furnish to the Lenders), together with all documentation and other information required to permit the Administrative Agent to determine whether such Student Housing Property satisfies the Borrowing Base Property Conditions.
No Lender shall be required to make any Loan hereunder if the Borrowing Base Requirements shall not be satisfied immediately before and after making such Loan or if the Borrowing Base Property Conditions have not been satisfied with respect to any Real Property Assets securing the Obligations.
More Definitions of Borrowing Base Property Conditions
Borrowing Base Property Conditions means the following with respect to an Individual Property:
Borrowing Base Property Conditions means, with respect to any Real Property Asset, the following, in each case as satisfied in the Administrative Agent’s sole reasonable judgment:
Borrowing Base Property Conditions. “Borrowing Base Requirements”, “Non-Use Fee Rate”, “Revolving Loan Availability” and “Revolving Outstandings” set forth in Section 1.1 of the Credit Agreement are hereby deleted in their entirety and replaced with the following: Borrowing Base Asset Value means intentionally deleted. Borrowing Base Property means intentionally deleted.
Borrowing Base Property Conditions means intentionally deleted. Borrowing Base Requirements means intentionally deleted.
Borrowing Base Property Conditions means the following: • The property is located in the U.S. • The property is 100% owned by the Subsidiary Guarantors either in fee or subject to a ground lease. Any ground leases must (a) have a remaining term of at least 30 years (after giving effect to any renewal terms that are exercisable at the sole option of the applicable Subsidiary Guarantors), (b) contain customary leasehold mortgagee protection rights, and (c) be mortgageable without ground lessor consent (or with only such consents as shall have been obtained). • The property is a student housing property. • The property is not subject to any non-permitted liens. • The property is not under development. • The property is free of material structural defects and material adverse environmental issues. • The property shall be self-managed by the Borrower or one of its subsidiaries, and all management rights shall be expressly subordinate to the Facility.
Borrowing Base Property Conditions set forth in Section 1.1 of the Credit Agreement is hereby amended to add the following additional condition:
Borrowing Base Property Conditions appearing in Section 1.01 of the Credit Agreement: “Furthermore, with respect to the Student Housing Property owned by Village At Newark Urban Renewal, LLC, the following conditions shall apply, each of which shall be established to the satisfaction of the Administrative Agent: (i) such Student Housing Property is 100% owned by Village At Newark Urban Renewal, LLC; (ii) ACC OP (Village At Newark) LLC shall be a Subsidiary Guarantor; (iii) ACC OP (Village At Newark) LLC shall be the managing member of Village At Newark Urban Renewal, LLC and shall retain control of all decisions relating to the financing, sale, leasing and management of the Student Housing Property owned by Village At Newark Urban Renewal, LLC (subject to the limits in clauses (ix) and (x) of the definition of “Major Decisions” in the Amended and Restated Limited Liability Company Agreement of Village At Newark Urban Renewal, LLC effective as of August 2, 2005, which provisions limit the leveraging of such Student Housing Property above 80% of the value of such Student Housing Property and material additions or changes to such Student Housing Property); and (iv) Village At Newark Urban Renewal, LLC shall have no Debt.”