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 the Borrower or a Wholly Owned Subsidiary either (i) in fee simple or (ii) pursuant to and under 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 Borrower or the applicable Wholly Owned Subsidiary), (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 Borrower or such Wholly Owned Subsidiary (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, or (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); (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, (i) Liens in favor of the Administrative Agent for the benefit of the Lenders pursuant to the Loan Documents, (ii) those Liens described in clauses (a), (b), (d) and (e) of the definition of “Permitted Liens” and (iii) a first priority mortgage lien on such Student Housing Property (including the rents, issues and profits therefrom), or any interest therein (including the rents, issues and profits therefrom), and related personal property; provided that no default, or event or condition which with the giving of notice or passage of time would become an event of default, under any Debt secured by a Lien described in this clause (c)(iii) has occurred and is continuing; (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 St...
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 (ix) of the definition of “Borrowing Base Property” are satisfied and that the Lease-Up Condition is satisfied; provided, however, that it is agreed that with respect to a Real Estate Asset which is the subject of a 1031 like-kind exchange or which is owned by tenants in common, the Administrative Agent may agree to immaterial changes to the Borrowing Base Property Conditions and the other terms and provisions of this Agreement relating thereto.
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)).
General agreement characterized by the absence of sustained opposition to substantial issues by any important stakeholder group.NOTE – Consensus should be the result of a process seeking to take into account the views of interested stakeholders, particularly those directly affected, and to reconcile any conflicting arguments.
An Event of Default shall result if the Borrowing Base Property Conditions have not been satisfied at any time for any Real Property Asset constituting Collateral.
In the event that a Ground Lease or Space Lease is cancelled, terminated or surrendered pursuant to this Section 16.4.6 or otherwise, the same shall result in the failure of the related Ground Lease Property or Space Lease Property to satisfy the Borrowing Base Property Conditions applicable to it for all purposes of this Agreement and the other Credit Documents.
More Definitions of Borrowing Base Property Conditions
Borrowing Base Property Conditions means the following with respect to an Individual Property:
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, 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 set forth in Section 1.1 of the Credit Agreement is hereby amended to add the following additional condition:
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 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.”