Designated Mortgaged Property definition
Examples of Designated Mortgaged Property in a sentence
All proceeds of (i) Designated Mortgaged Property remaining after satisfaction of any Designated Mortgages Liens recorded thereon and (ii) Borrower’s share of Mortgaged Property subject to a Designated Participation Loan or otherwise remaining after satisfaction of any participation interest shall be remitted to Agent, for the ratable benefit of the Lenders, for application to the outstanding Advances.
Upon receipt of such notice, the applicable Mortgaged Property shall be a Designated Mortgaged Property for all purposes of this Agreement, including without limitation, the calculation of the Borrowing Base.
The Company may designate any Mortgaged Property as a Designated Mortgaged Property by delivering a written notice of such designation to the Agent.
All proceeds of (i) Designated Mortgaged Property remaining after satisfaction of any Designated Mortgages Liens recorded thereon and (ii) Borrower’s share of Mortgaged Property subject to a Designated Participation Loan or otherwise remaining after satisfaction of any participation interest shall be remitted to Lender for application to the outstanding Advances.
Based on the most recent Borrowing Base Certificate delivered by Borrower to Agent and on other information available to Agent, Agent shall in its reasonable credit judgment determine which Designated Mortgaged Properties of Borrower shall be "Eligible Fixed Assets", except that no Designated Mortgaged Property to which any of the exclusionary criteria set forth below applies shall be Eligible Fixed Assets.
Without limiting the generality of the foregoing, before an increase in Appraised Value with respect to a Designated Mortgaged Property may be taken into account in calculating the Property Amount with respect to such Designated Mortgaged Property, the Company must amend the applicable Mortgage to secure the full amount of the increased Appraised Value.