Eligible Borrowing Base Property means (i) any Project which does not meet the criteria below but is approved by the Required Lenders in their sole discretion or (ii) any Project which meets the following criteria:
Eligible Borrowing Base Property any Real Property that satisfies each of the following conditions at all times:
Eligible Borrowing Base Property any Real Property (other than the Initial Borrowing Base Office Properties and Sunset Xxxxx) that satisfies each of the following conditions:
Examples of Eligible Borrowing Base Property in a sentence
Each of the Lenders shall have completed to its satisfaction a financial analysis of each Eligible Borrowing Base Property.
Any structural issue which, with respect to any Eligible Borrowing Base Property, could reasonably be expected to cost in excess of $500,000 to remediate or, which, with respect to all of the Eligible Borrowing Base Properties, could reasonably be expected to cost in excess of $1,000,000 in the aggregate to remediate.
Wilson, Sociobiology: The New Synthesis (Cam- bridge: Harvard University, 1975).p.
Environmental assessments may include without limitation detailed visual inspections of such Eligible Borrowing Base Property including, without limitation, any and all storage areas, storage tanks, drains, dry xxxxx and leaching areas, and, if and to the extent reasonable, appropriate and required pursuant to applicable Environmental Laws, the taking of soil samples, surface water samples and ground water samples, as well as such other investigations or analyses as the Agent deems appropriate.
Each of the direct and indirect Subsidiaries of the Borrower which either owns an Eligible Borrowing Base Property or which has entered into a Subsidiary Guaranty or any Security Document, as applicable.
More Definitions of Eligible Borrowing Base Property
Eligible Borrowing Base Property means any Seniors Housing Property, MOB or Other Healthcare Asset which: (i) is 100% owned by any Owner; (ii) is owned in fee simple, free and clear of any title exceptions other than those approved in writing by Agent (if not owned in fee simple, the applicable property may be subject to a “mortgageable” ground lease with not less than 30 years remaining on the term and with other standard mortgagee provisions acceptable to Agent in its sole, but reasonable, discretion); (iii) is free from environmental concerns; (iv) has all appropriate licenses per the applicable jurisdiction [such license may be in the name of the seller of the applicable Project so long as (A) the applicable license is in place as of date of sale to any Owner, (B) the applicable Owner has completed its change of ownership license application and reasonably expects to receive a license effectively dated as of the closing date for such Project, (C) the applicable Owner has delivered to Agent a satisfactory opinion of counsel regarding the licensing of the applicable Project from a local attorney with expertise in the healthcare legal practice area, and (D) the appropriate change of ownership license is received within 90 days of inclusion of the Project in the Borrowing Base]; (v) is located in the mainland United States; (vi) is an operating property free from development and/or material renovation; and (vii) is otherwise acceptable to Required Lenders in their reasonable discretion.
Eligible Borrowing Base Property any Real Property that satisfies each of the following conditions at all times: (a) such Real Property is a hotel property located in the continental United States, (b) such Real Property is wholly-owned by the Borrower or a Subsidiary Guarantor (or a Subsidiary that will become a Subsidiary Guarantor at the time such Real Property is added to the Borrowing Base) in fee simple or subject to a ground lease or air rights lease pursuant to an Acceptable Lease, (c) for any Real Property that is a Seasoned Property, such Real Property has an average Occupancy Rate greater than 60%,
Eligible Borrowing Base Property no later than the date that is 30 days after the date of the Borrower’s written request delivered pursuant to Section 5.3(a) with respect to such Real Property; and (iii) subject to Section 5.3(c), the Supermajority Lenders shall have approved the addition of such Real Property to the Borrowing Base. For the avoidance of doubt, in the event that the Borrower has failed to deliver the Preliminary Diligence Materials, the final Third Party Reports and all other documentation required to be delivered pursuant to clause (h) of the definition of “Eligible Borrowing Base Property” for such
Eligible Borrowing Base Property means any Seniors Housing Property, MOB or Other Healthcare Asset which: (i) is 100% owned by any Owner; (ii) is owned in fee simple, free and clear of any title exceptions other than those approved in writing by Agent (if not owned fee simple, the applicable property may be subject to a “mortgageable” ground lease with not less than 30 years remaining on the term and with other standard mortgagee provisions acceptable to Agent in its sole discretion); (iii) is free from environmental concerns; (iv) has all appropriate licenses per the applicable jurisdiction; (v) is located in the mainland United States; (vi) is an operating property free from development and/or material renovation; and (vii) is otherwise acceptable to Required Lenders in their reasonable discretion.
Eligible Borrowing Base Property means any Real Property Asset that:
Eligible Borrowing Base Property any Real Property that satisfies each of the following conditions at all times: (a) such Real Property is a hotel property located in the continental United States, (b) such Real Property is wholly-owned by the Borrower or a Subsidiary Guarantor (or a Subsidiary that will become a Subsidiary Guarantor at the time such Real Property is added to the Borrowing Base) in fee simple or subject to a ground lease or air rights lease pursuant to an Acceptable Lease, (c) for any Real Property that is a Seasoned Property, such Real Property has an average Occupancy Rate greater than 60%, (d) for any Real Property that is a Seasoned Property, such Real Property has RevPAR greater than 60%, (e) neither such Real Property, nor if such Real Property is owned by a Subsidiary Guarantor (or a Subsidiary that will become a Subsidiary Guarantor at the
Eligible Borrowing Base Property no later than the date that is 30 days after the date of the Borrower’s written request delivered pursuant to Section 5.3(a) with respect to such Real Property; and (iii) subject to Section 5.3(c), the Supermajority Lenders shall have approved the addition of such Real Property to the Borrowing Base. For the avoidance of doubt, in the event that the Borrower has failed to deliver the Preliminary Diligence Materials, the final Third Party Reports and all other documentation required to be delivered pursuant to clause (h) of the definition of “Eligible Borrowing Base Property” for such Real Property on or prior to the date that is 30 days after the date of the Borrower’s written request delivered pursuant to Section 5.3(a) with respect to such Real Property, the Administrative Agent may in its sole discretion require that the Borrower update any of such documents prior to submitting the request to the Lenders for approval.