Borrowing Base Requirements means with respect to the calculation of the Borrowing Base, collectively that (a) at all times such calculation shall be based on no less than ten (10) Eligible Properties; (b) the Borrowing Base Value shall at all times be equal to or in excess of $100,000,000; (c) no more than 20% of the Borrowing Base Value may be comprised of Eligible Properties which are not used as retail (provided entertainment Properties shall not constitute retail), office or mixed-use retail/office Properties; (d) no more than 25% of the Borrowing Base Value may be comprised of any one Eligible Property (for the avoidance of doubt, an Eligible Property that exceeds this sublimit may be included in the calculation of Borrowing Base Value; provided, that any amount over 25% of the Borrowing Base Value is excluded from the calculation of the Borrowing Base Value); (e) no more than 20% of Borrowing Base Value may be from (i) Eligible Properties that derive less than 80% of their Property NOI from a single Tenant (for the avoidance of doubt, to the extent such Eligible Properties exceed this sublimit, they may be included in the calculation of Borrowing Base Value in an amount of up to 20% of the Borrowing Base Value), or (ii) from any single Tenant, unless such Tenant’s Rating is equal to or better than BBB-/Baa3 from S&P or Xxxxx’x (a “Prime Tenant”), respectively (for the avoidance of doubt, to the extent that any single Tenant, other than a Prime Tenant, exceeds this sublimit, the related Eligible Properties may be included in the calculation of Borrowing Base Value in an amount of up to 20% of the Borrowing Base Value); (f) no more than 30% of Borrowing Base Value may be comprised of Permitted Ground Lease Investments; (g) the Eligible Properties (other than Permitted Ground Lease Investments) must have an aggregate Occupancy Rate of at least 85%; and (h) no more than 35% of the Borrowing Base Value may be comprised of Eligible Properties which are located in the same MSA (for the avoidance of doubt, an Eligible Property that exceeds this sublimit may be included in the calculation of Borrowing Base Value, provided, that any amount over 35% of the Borrowing Base Value is excluded from the calculation of the Borrowing Base Value).
Borrowing Base Requirements means with respect to the calculation of the Borrowing Base, collectively, that:
Borrowing Base Requirements means with respect to the calculation of the Borrowing Base Value, collectively, that:
Examples of Borrowing Base Requirements in a sentence
The Borrower does not comply with any provision of clause 18.6 (Borrowing Base Requirements), clause 19.1 (Definitions), clause 19.2 (Calculation of the Borrowing Base), clause 19.3 (Borrowing Base Certificate and Borrowing Base Report) or clause 21.20 (Collection Accounts).
The Borrowing Base Requirements and the Parent Hotel Property Requirements are met.
The Issuing Lender shall not be required to issue any Letter of Credit hereunder if the requirements for making a Loan hereunder have not been satisfied (including, without limitation, the Borrowing Base Requirements).
The Borrowing Base Properties collectively satisfy the Aggregate Borrowing Base Requirements.
No individual employee shall have the right to invoke arbitration.
More Definitions of Borrowing Base Requirements
Borrowing Base Requirements means, as of the date of a Borrowing Base Certificate, (a) the Available Borrowing Base exceeds the Outstanding P&I plus Operating Expenses and (b) the Interest Rate Coverage Ratio is not less than 1.40:1.00.
Borrowing Base Requirements means collectively that (a) no more than 10% of the Borrowing Base Value may be comprised of Eligible Properties which are leased by Borrower pursuant to a Qualified Ground Lease; (b) no more than 20% of the Borrowing Base Value may be comprised of Eligible Properties which are neither SNF’s or ALF’s; (c) no more than 15% of the Borrowing Base Value may be comprised of Eligible Properties which are not 100% owned by Borrower and/or any Guarantor (exclusive of Eligible Properties attributable to (a) above) and (d) no more than 10% of the Borrowing Base Value may be comprised of any one Eligible Property.
Borrowing Base Requirements means collectively that (a) both the Investment Amount and total guest rooms for the Eligible Properties which are located outside the United States in the aggregate shall not exceed 15% of the Investment Amount and total guest rooms, as applicable, for all Eligible Properties and shall only be in an Approved Other Country; (b) both the Investment Amount and total guest rooms for the Eligible Properties which are located in any one state in the aggregate shall not exceed 20% (except for New York, Florida, Texas and California which shall not exceed 30% for each such state) of the Investment Amount and total guest rooms, as applicable, for all Eligible Properties; (c) both the Investment Amount and total guest rooms for the Eligible Properties which are limited service hotels in the aggregate shall not exceed 10% of the Investment Amount and total guest rooms, as applicable, for all Eligible Properties; (d) both the Investment Amount and total guest rooms for the Eligible Properties which are not operated under any franchise or license agreement in the aggregate shall not exceed (i) prior to June 30, 1999, 30% and (ii) thereafter, 20% of the Investment Amount and total guest rooms, as applicable, for all Eligible Properties; (e) no Hotel Property or other Property shall cause the Parent to forfeit the Parent's tax status as a REIT; (f) both the Investment Amount and total guest rooms for Eligible Properties which are subject to a ground lease (excluding the LeMeridien Hotel in New Orleans, Louisiana; the golf course lease for the Marriott Seaview Resort in Atlantic City, New Jersey; the parking lot lease for the Radisson South Hotel in Bloomington, Minnesota; and the Princess Hotel in San Diego, California, if acquired by the Borrower or its Subsidiary) in the aggregate shall not exceed 20% of the Investment Amount and total guest rooms, as applicable, for all Eligible Properties; (g) the total guest rooms for Eligible Properties which are out of service at any one time in the aggregate shall not exceed 15% of the total guest rooms for all Eligible Properties; (h) no more than 20% of the Borrowing Base may be comprised of Renovating Properties; (i) no more than 20% of the Borrowing Base may be comprised of Hotel Properties owned or leased by Joint Venture Subsidiaries and (j) no more than 20% of the Borrowing Base may be comprised of any one Eligible Property.
Borrowing Base Requirements means with respect to the calculation of clause (a)(i) of the Borrowing Base, collectively that (a) at all times such calculation shall be based on no less than twenty (20) Eligible Properties; (b) the aggregate Occupancy Rate for all Eligible Properties shall be greater than 80%; and (c) no more than 25% of the Aggregate Borrowing Base Value may be comprised of any one Eligible Property.
Borrowing Base Requirements means with respect to the calculation of the Borrowing Base, collectively, that (a) the Borrowing Base Value shall at all times be equal to or in excess of $35,000,000; (b) no more than 15% of the Borrowing Base Value may be comprised of any one Eligible Property; and (c) the weighted average (based on Borrowing Base Value) Occupancy Rate of all Eligible Properties included in the Borrowing Base shall be no less than 70%.
Borrowing Base Requirements means with respect to the calculation of clause (a)(i)(A) of the Borrowing Base, collectively that (a) at all times such calculation shall be based on no less than twelve (12) Eligible Properties; (b) no more than 20% of the Aggregate Borrowing Base Value may be comprised of Eligible Properties which have Occupancy Rates of more than 70% but less than 80%; (c) no more than 15% of the Aggregate Borrowing Base Value may be comprised of any one Eligible Property with an Occupancy Rate of less than 80%; and (d) no more than 25% of the Aggregate Borrowing Base Value may be comprised of any one Eligible Property.
Borrowing Base Requirements means, as of the date of a Borrowing Base Certificate, (a) the Available Borrowing Base exceeds the Outstanding P&I plus Operating Expenses and (b) the Interest Rate Coverage Ratio is not less than 1.40:1.00. [***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission.