Removed Borrowing Base Property definition
Removed Borrowing Base Property means any Student Housing Property previously included within the definition of "Borrowing Base Property" as to which all of the following conditions have been met: (a) the Borrower has notified the Administrative Agent in writing that it wishes to exclude such Student Housing Property from the definition of "Borrowing Base Property" as a result of the sale or other permanent disposition or refinancing of such Borrowing Base Property, (b) no Default or Event of Default has occurred and is continuing at the time such Student Housing Property is excluded from the definition of "Borrowing Base Property" or would result from such exclusion, and (c) prior to the exclusion of such Student Housing Property from the definition of "Borrowing Base Property", the Borrower has delivered to the Administrative Agent a Borrowing Base Certificate demonstrating that, after giving effect to such exclusion, (i) the Aggregate Borrowing Base Amount will be equal to or greater than the Facility Exposure and (ii) unless otherwise approved in writing by the Required Lenders, there will be not less than four Borrowing Base Properties having an Aggregate Borrowing Base Amount of not less than $60,000,000.
Removed Borrowing Base Property means any Student Housing Property previously included within the definition of “Borrowing Base Property” as to which all of the following conditions have been met: (a) the Borrower has notified the Administrative Agent in writing that it wishes to exclude such Student Housing Property from the definition of “Borrowing Base Property”, (b) no Default or Event of Default has occurred and is continuing at the time such Student Housing Property is excluded from the definition of “Borrowing Base Property” or would result from such exclusion, and (c) prior to the exclusion of such Student Housing Property from the definition of “Borrowing Base Property”, the Borrower has delivered to the Administrative Agent a Borrowing Base Certificate demonstrating that, after giving effect to such exclusion, the Aggregate Borrowing Base Amount will be equal to or greater than the Facility Exposure.
Removed Borrowing Base Property means any Student Housing Property previously included within the definition of “Borrowing Base Property” as to which all of the following conditions have been met: (a) the Borrower has notified the Administrative Agent in writing that it wishes to exclude such Student Housing Property from the definition of “Borrowing Base Property” as a result of the sale or other permanent disposition or refinancing of such Borrowing Base Property, (b) no Default or Event of Default has occurred and is continuing at the time such Student Housing Property is excluded from the definition of “Borrowing Base Property” or would result from such exclusion, and (c) prior to the exclusion of such Student Housing Property from the definition of “Borrowing Base Property”, the Borrower has delivered to the Administrative Agent a Borrowing Base Certificate demonstrating that, after giving effect to such exclusion, the Aggregate Borrowing Base Amount will be equal to or greater than the sum of the Facility Exposure plus all other Unsecured Debt.
Examples of Removed Borrowing Base Property in a sentence
Upon the Borrowing Base Property satisfying the conditions of becoming a Removed Borrowing Base Property, the Administrative Agent will, at the Borrower’s expense, execute and deliver to such Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of such Borrowing Base Property, as the case may be, from the assignment and security interest granted under the Collateral Document in accordance with the terms of the Loan Documents.