Mortgage Requirement means, with respect to any Material Real Property owned by the Parent Borrower or a Subsidiary Guarantor, (i) provision of, (a) a policy or policies of title insurance issued by a nationally recognized title insurance company insuring the Lien of each Mortgage as a first priority Lien on the Material Real Property described therein free of any other Liens other than those permitted by this Agreement and (b) a Mortgage executed by the Parent Borrower or a Subsidiary Guarantor in recordable form and otherwise in form and substance reasonably acceptable to the Parent Borrower and the Administrative Agent, (ii) recording of such Mortgage in the land records of the county in which such Material Real Property to be so encumbered is located and (iii) acquisition of standard flood hazard determinations for such Material Real Property, and if such Material Real Property is determined to be in a special flood zone, delivery of evidence of flood insurance in compliance with the requirements of the National Flood Insurance Program, and (iv) a local counsel opinion as to the enforceability of such Mortgage in the state in which the Material Real Property described in such Mortgage is located in form and substance reasonably acceptable to the Administrative Agent; provided, that (a) the Borrowers or a Subsidiary Guarantor shall not be required to deliver land surveys, environmental site assessments, engineering reports, zoning reports or any further legal opinions from primary counsel or local counsel in connection with the delivery of such Mortgages; and (b) the Administrative Agent may waive the requirements of clauses (i)(a) and (iv) if the burden, cost or consequences of obtaining title insurance or such opinions is excessive in relation to the benefits to be obtained therefrom by the Lenders under the Loan Documents.
Mortgage Requirement means the requirement that the Loan Parties shall have granted to the Collateral Agent a perfected Lien on at least eighty-five percent (85%) of the aggregate book value (including the book value of improvements owned by any Loan Party and located thereon) of all Real Property of the Loan Parties (but excluding any Excluded Real Property).
Mortgage Requirement means a requirement that the Loan Parties shall have granted to the Administrative Agent a perfected Lien on at least ninety percent (90%) of the value (including the value of improvements owned by any Loan Party and located thereon) of all Real Property and Easements of the Loan Parties. For purposes of this definition, value shall be determined by reference to Consolidated Total Assets.
Examples of Mortgage Requirement in a sentence
In connection with the delivery of each Reserve Report, the Issuer shall review the Reserve Report and the list of current Mortgaged Properties (as described in Section 6.11(b)(vi)) to ascertain whether the Mortgaged Properties satisfy the Minimum Mortgage Requirement.
Within 90 days after the Closing Date (to the extent such period has not been extended by the Administrative Agent in its discretion), the Borrower shall comply, and shall cause its applicable Subsidiaries to comply, with the Mortgage Requirement with respect to each Material Real Property owned on the Closing Date.
No later than April 30, 2019, Borrower shall (i) deliver the Mortgage, securing $5,000,000 of the Secured Obligations on a “last dollar” basis and (ii) satisfy the Mortgage Requirement.
Fail to maintain at any time first priority Mortgages sufficient to satisfy to the Mortgage Requirement following the delivery of a certificate pursuant to Section 5.2(e) of the Existing Credit Agreement or of this Agreement, as applicable.
Fail to maintain at any time first priority Mortgages sufficient to satisfy to the Mortgage Requirement following the delivery of a certificate pursuant to Section 4.1(j) or 5.2(c), as applicable.
More Definitions of Mortgage Requirement
Mortgage Requirement means, at any time, the requirement that, with respect to each Material Owned Real Property, the Administrative Agent shall have received the following, each in form and substance satisfactory to the Administrative Agent:
Mortgage Requirement shall have the meaning assigned to such term in Section 5.14(d).
Mortgage Requirement means, as of any date of determination, the Loan Parties shall have granted to the Collateral Agent a perfected Lien with respect to and Mortgage otherwise meeting the requirements applicable to Mortgages hereunder on (x) Gathering Systems of the Loan Parties representing at least ninety percent (90%) of the book value of all Gathering Systems of the Loan Parties at such time and (y) with respect to any Real Property not constituting Gathering Systems, each other parcel of Real Property owned or leased by a Loan Party, or in which any Loan Party has a related Easement or other related real property interest, which, when taken together with any other related parcels, Easements or interests of the Loan Parties that are contiguous to such parcel, Easement or interests, has a Fair Market Value as of such time of $3,000,000 or more; provided that, at its discretion, the Administrative Agent may exclude any Building from the foregoing clause (y) by written notice to the Borrower and the Lenders.
Mortgage Requirement means, at any time, the requirement that the Collateral Agent shall have received the following:
Mortgage Requirement means, with respect to any Material Real Property owned by any Loan Party, (a) provision of (i) a policy or policies of title insurance issued by a nationally recognized title insurance company insuring the Lien of each Mortgage as a first priority Lien on the Material Real Property described therein, subject only to Permitted Prior Liens, and free of other Liens except Liens that are junior in priority to the Lien of the Administrative Agent secured by such Mortgage that are otherwise permitted pursuant to Section 7.01 and (ii) a Mortgage executed by any Loan Party in recordable form and otherwise in form and substance reasonably acceptable to the Administrative Agent; (b) recording of such Mortgage in the land records of the county in which such Material Real Property to be so encumbered is located; (c) acquisition of standard flood hazard determinations for such Material Real Property, and if such Material Real Property is determined to be in a special flood zone, delivery of evidence of flood insurance in compliance with the requirements of the National Flood Insurance Program; (d) a local counsel opinion as to the enforceability of such Mortgage in the state in which the Material Real Property described in such Mortgage is located in form and substance reasonably acceptable to the Administrative Agent; and (e) a title survey in form and substance reasonably satisfactory to the Administrative Agent for each Material Real Property and, with respect to Material Real Property acquired after the Closing Date, certified to the Borrower or the applicable Restricted Subsidiary, the title company issuing the title insurance policy, the Administrative Agent and their respective successors and assigns.
Mortgage Requirement has the meaning set forth on Schedule 1.1.
Mortgage Requirement has the meaning specified in Section 6.15.