Material Property Event means, with respect to any Borrowing Base Property, the occurrence of any event or circumstance occurring or arising after the date of this Agreement that could reasonably be expected to have a (a) material adverse effect with respect to the financial condition or the operations of such Borrowing Base Property, (b) material adverse effect on the Borrowing Base Asset Value of such Borrowing Base Property, or (c) material adverse effect on the ownership of such Borrowing Base Property.
Material Property Event means, with respect to any Unencumbered Property, the occurrence of any event or circumstance occurring or arising after the date of this Agreement that resulted in a (a) material adverse effect with respect to the financial condition or the operations of such Unencumbered Property, (b) material adverse effect on the value of such Unencumbered Property, or (c) material adverse effect on the ownership of such Unencumbered Property.
Material Property Event means the occurrence of any event or circumstance that would reasonably be expected to result in a material adverse effect with respect to the use, operations or marketability of an Unencumbered Eligible Property.
Examples of Material Property Event in a sentence
There are no actions, suits, investigations or legal, equitable, arbitration or administrative proceedings pending, or to the actual knowledge of any Loan Party, threatened, against any Loan Party that would reasonably be expected to result in a Material Adverse Effect or in a Material Property Event with respect to any Borrowing Base Property.
There is no proposed material Tax assessment against any Loan Party or, to Bxxxxxxx’s knowledge, any basis for such assessment, in each case, that is not being contested in good faith or that would, if made, reasonably be expected to have a Material Adverse Effect or result in a Material Property Event with respect to any Borrowing Base Property.
More Definitions of Material Property Event
Material Property Event means, with respect to any Property, the occurrence of any event or circumstance occurring or arising after the date of this Agreement that could reasonably be expected to result in a material adverse effect with respect to the financial condition or the operations of such Property.
Material Property Event means, with respect to any Borrowing Base Property, the occurrence of any event or circumstance occurring or arising after the date of this Agreement that could reasonably be expected to result in a (a) material adverse effect with respect to the financial condition or the operations of such Borrowing Base Property, (b) material adverse effect on the Appraised Value of such Borrowing Base Property, or (c) material adverse effect on the ownership of such Borrowing Base Property.
Material Property Event means, with respect to any Borrowing Base Property, the occurrence of any event or circumstance occurring or arising after the date of this Agreement that could reasonably be expected to have a (a) material adverse effect with respect to the financial condition or the operations of such Borrowing Base Property, (b) material adverse effect on the Borrowing Base Value of such Borrowing Base Property, (c) material adverse effect on the ownership of such Borrowing Base Property, or (d) a material impairment of the Lien granted to Administrative Agent with respect to the applicable Borrowing Base Property Owners and Consolidated Owners thereof, or the related deposit and cash management accounts.
Material Property Event means, with respect to any Collateral Property, the occurrence of any event or circumstance that could reasonably be expected to result in a (a) material adverse effect with respect to the financial condition or the operations of such Collateral Property, (b) material adverse effect on the Appraised Value of such Collateral Property (except to the extent that Borrowers can demonstrate to the reasonable satisfaction of Administrative Agent that such change in Appraised Value is due to a general decline in the relevant market for such real property), or (c) material adverse effect on the title of such Collateral Property.
Material Property Event with respect to any Eligible Unencumbered Asset, the occurrence of any event or circumstance occurring or arising after the First Amendment Effective Date that could reasonably be expected to have a (a) material adverse effect with respect to the financial condition or the operations of such Eligible Unencumbered Asset, (b) material adverse effect on the ownership of such Eligible Unencumbered Asset, or (c) result in a Material Environmental Amount.
Material Property Event means, with respect to any Borrowing Base Property, the occurrence of any event or circumstance occurring or arising after the date of this Agreement that could reasonably be expected to have a (a) material adverse effect with respect to the financial condition or the operations of such Borrowing Base Property, (b) material adverse effect on the value of such Borrowing Base Property, or (c) material adverse effect on the ownership of such Borrowing Base Property, but only to the extent and prior to the release of such Property as a Borrowing Base Property. Lenders acknowledge and agree that a default under a non-recourse loan for assets leased to Borders shall not be deemed to cause a Material Property Event and a lease rejection by Borders for leases with Borders shall not be deemed to cause a Material Property Event.
Material Property Event means that: (a) a casualty shall have damaged or destroyed the Property or portions thereof, or a condemnation or similar proceeding shall have been instituted against the Property or portions thereof (or a deed in lieu thereof shall have been delivered), for which the aggregate estimated cost to repair or restore the Property or applicable portions thereof (in the case of a casualty) or the aggregate estimated diminution in value of the Property (in the case of a condemnation or similar proceeding), as reasonably determined by the Parties, shall (i) equal or exceed $7,000,000 (whether or not insured) or $1,700,000 of uninsured costs, (ii) result in a material impairment of the use and occupancy of the Property that: (x) continues (or would reasonably be expected to continue) for a period of more than 90 days and (y) permits (or would permit, as the case may be) the GSA-IRS to terminate the GSA-IRS Lease pursuant to the terms thereof; or (iii) otherwise permit the GSA-IRS to terminate the GSA-IRS Lease pursuant to the terms thereof; provided, that if the Parties are unable to agree on the estimated cost to repair or restore the Property or the diminution in value of the Property within three (3) Business Days after the Parties are all notified of the applicable occurrence, then, (1) the Seller Parties shall promptly select an independent, third-party engineer (in the case of a casualty) or M.A.I. appraiser (in the case of a condemnation or similar proceeding), which shall be reasonably acceptable to Purchaser, (2) Seller and Purchaser shall instruct such engineer or appraiser to use commercially reasonable efforts to deliver to the Parties an estimate of the cost to repair or restore the Property or the diminution of value of the Property, as applicable, as soon as practicable but not later than ten (10) Business Days after the commencement of such engineer’s or appraiser’s engagement, (3) the Parties shall rely upon such estimate for purposes of this Agreement, and (4) Seller and Purchaser shall share equally in the cost and expense of such engineer or appraiser; or (b) a casualty, condemnation or similar proceeding or other event shall 719028938 have occurred at the Xxxx Garage Property that will or is likely to result in a breach by Master Tenant of its obligations to provide the number of parking spaces required under the GSA-IRS Parking Area Lease for a period of ninety (90) days or more.