{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "to-borrower", "type": "definition", "offset": [0, 11]}, {"key": "true-and-correct", "type": "clause", "offset": [83, 99]}, {"key": "material-adverse-effect", "type": "definition", "offset": [117, 140]}, {"key": "borrowing-base-property", "type": "definition", "offset": [151, 174]}, {"key": "all-laws", "type": "clause", "offset": [189, 197]}, {"key": "subdivision-and-platting", "type": "clause", "offset": [213, 237]}, {"key": "reliance-on", "type": "clause", "offset": [260, 271]}, {"key": "no-loan-party", "type": "clause", "offset": [311, 324]}, {"key": "any-notice", "type": "definition", "offset": [338, 348]}, {"key": "any-person", "type": "definition", "offset": [363, 373]}, {"key": "a-borrowing", "type": "definition", "offset": [379, 390]}, {"key": "in-compliance-with", "type": "definition", "offset": [481, 499]}, {"key": "knowledge-of", "type": "clause", "offset": [520, 532]}, {"key": "disclosed-in-writing", "type": "clause", "offset": [566, 586]}, {"key": "administrative-agent", "type": "clause", "offset": [590, 610]}, {"key": "the-loan-parties", "type": "definition", "offset": [616, 632]}, {"key": "directly-or-indirectly", "type": "clause", "offset": [642, 664]}, {"key": "otherwise-disposed-of", "type": "definition", "offset": [688, 709]}, {"key": "agreed-to", "type": "clause", "offset": [730, 739]}, {"key": "development-rights", "type": "definition", "offset": [751, 769]}, {"key": "air-rights", "type": "definition", "offset": [771, 781]}, {"key": "with-respect-to", "type": "clause", "offset": [834, 849]}, {"key": "property-use", "type": "clause", "offset": [921, 933]}, {"key": "other-laws", "type": "definition", "offset": [947, 957]}, {"key": "utility-services", "type": "definition", "offset": [967, 983]}, {"key": "necessary-for", "type": "definition", "offset": [984, 997]}, {"key": "the-operation", "type": "clause", "offset": [1042, 1055]}, {"key": "intended-purpose", "type": "clause", "offset": [1074, 1090]}, {"key": "available-at", "type": "definition", "offset": [1095, 1107]}, {"key": "current-use", "type": "definition", "offset": [1146, 1157]}, {"key": "in-all-material-respects", "type": "definition", "offset": [1199, 1223]}, {"key": "zoning-ordinances", "type": "clause", "offset": [1244, 1261]}, {"key": "restrictive-covenants", "type": "definition", "offset": [1280, 1301]}, {"key": "use-restrictions", "type": "definition", "offset": [1346, 1362]}, {"key": "authority-having-jurisdiction", "type": "clause", "offset": [1383, 1412]}, {"key": "no-borrowing", "type": "clause", "offset": [1442, 1454]}, {"key": "subject-of", "type": "clause", "offset": [1476, 1486]}, {"key": "any-loan", "type": "clause", "offset": [1506, 1514]}, {"key": "in-accordance-with", "type": "definition", "offset": [1649, 1667]}], "samples": [{"hash": "9FBVhxCbd1l", "uri": "/contracts/9FBVhxCbd1l#borrowing-base-properties", "label": "Term Loan Agreement (STAG Industrial, Inc.)", "score": 25.2272416153, "published": true}, {"hash": "ftl3J5awwmi", "uri": "/contracts/ftl3J5awwmi#borrowing-base-properties", "label": "Term Loan Agreement (STAG Industrial, Inc.)", "score": 24.1375770021, "published": true}, {"hash": "1uCPeP7spUx", "uri": "/contracts/1uCPeP7spUx#borrowing-base-properties", "label": "Credit Agreement (STAG Industrial, Inc.)", "score": 23.8528405202, "published": true}], "size": 19, "snippet": "To Borrower\u2019s knowledge and except where the failure of any of the following to be true and correct would not have a Material Adverse Effect:\n(a) Each Borrowing Base Property complies with all Laws, including all subdivision and platting requirements, without reliance on any adjoining or neighboring property. No Loan Party has received any notice or claim from any Person that a Borrowing Base Property, or any use, activity, operation, or maintenance thereof or thereon, is not in compliance with any Law, and has no knowledge of any such noncompliance except as disclosed in writing to Administrative Agent;\n(b) The Loan Parties have not directly or indirectly conveyed, assigned, or otherwise disposed of, or transferred (or agreed to do so) any development rights, air rights, or other similar rights, privileges, or attributes with respect to a Borrowing Base Property, including those arising under any zoning or property use ordinance or other Laws;\n(c) All utility services necessary for the use of each Borrowing Base Property and the operation thereof for their intended purpose are available at each Borrowing Base Property;\n(d) The current use of each Borrowing Base Property complies in all material respects with all applicable zoning ordinances, regulations, and restrictive covenants 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"/contracts/i1CnUewetHw#borrowing-base-properties", "label": "Credit Agreement (American Realty Capital Properties, Inc.)", "score": 24.1594798084, "published": true}, {"hash": "iVO053q4vog", "uri": "/contracts/iVO053q4vog#borrowing-base-properties", "label": "Credit Agreement (American Realty Capital Trust III, Inc.)", "score": 24.1403148528, "published": true}], "size": 27, "snippet": "(a) Except where the failure to comply with any of the following would not have a Material Adverse Effect, each of Parent and Borrower shall, and shall use commercially reasonable efforts to cause each other Loan Party or the applicable tenant, to:\n(b) Pay all real estate and personal property taxes, assessments, water rates or sewer rents, ground rents, maintenance charges, impositions, and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Borrowing Base Property, now or hereafter levied or assessed or imposed against any 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"/contracts/904KHgPfUOy#borrowing-base-properties", "label": "Revolving Credit Agreement (Vinebrook Homes Trust, Inc.)", "score": 30.8439425051, "published": true}], "size": 25, "snippet": "To each Borrower\u2019s knowledge and except (i) as disclosed in the Real Property Information delivered to Administrative Agent, and (ii) where the failure of any of the following to be true and correct would not constitute a Material Adverse Effect or result in a Material Property Event with respect to any Borrowing Base Property:\n(a) Each Borrowing Base Property Owner has good record and marketable title in fee simple to all Borrowing Base Properties necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or result in a Material Property Event with respect to such Borrowing Base Property. Each applicable Borrowing Base Property Owner has good record and marketable fee simple title to the Borrowing Base Property owned by such Borrowing Base Property Owner, subject only to Liens permitted by Section 6.01. All of the outstanding Equity Interests in each Borrowing Base Property Owner have been validly issued, are fully paid and nonassessable and are owned by a Borrower or a Wholly Owned Subsidiary thereof free and clear of all Liens (other than Liens permitted by Section 6.01).\n(b) Each Borrowing Base Property complies in all material respects with all Legal Requirements, including all subdivision and platting requirements, without reliance on any adjoining or neighboring property. No Credit Party has received any written notice or written claim from any Person that a Borrowing Base Property, or any use, activity, operation, or maintenance thereof or thereon, is not in compliance with any Legal Requirement, and has no knowledge of any such noncompliance except as disclosed to Administrative Agent;\n(c) The Credit Parties have not directly or indirectly conveyed, assigned, or otherwise disposed of, or transferred (or agreed to do so), other than pursuant to Permitted Liens, any development rights, air rights, or other similar rights, privileges, or attributes with respect to a Borrowing Base Property, including those arising under any zoning or property use ordinance or other Legal Requirements;\n(d) All utility services necessary for the use of each Borrowing Base Property and the operation thereof for their intended purpose are available at each Borrowing Base Property;\n(e) The current use of each Borrowing Base Property complies in all material respects with all applicable zoning ordinances, regulations, and restrictive covenants affecting such Borrowing Base Property, all use restrictions of any Governmental Authority having jurisdiction have been satisfied;\n(f) Except as disclosed in writing to the Administrative Agent, the rent rolls delivered to the Administrative Agent with respect thereof are true, correct and complete in all material respects and the Leases referred to thereon are all valid and in full force and effect; (ii) the Leases (including modifications thereto) are in writing, and there are no oral agreements with respect thereto; (iii) the copies of each of the Leases (if any) delivered to the Administrative Agent are true, correct and complete in all material respects and have not been modified (or further modified); (iv) to the knowledge of any Credit Party, no material defaults exist under any of the Leases by any party (including any guarantor) thereto that, individually or in the aggregate with respect to all such 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Base Property is the subject of any pending or, to any Credit Party\u2019s knowledge, threatened condemnation or material adverse zoning proceeding for which Administrative Agent has not been notified in writing; and\n(h) Each Borrowing Base Property complies with the conditions to be included as a Borrowing Base Property under Section 2.23(d)(ii) and, except as previously disclosed to the Administrative Agent in writing, no Exclusion Event with respect to any such Borrowing Base Property has occurred.", "hash": "6219d6579260cad283c032f25ab91b16", "id": 2}, {"snippet_links": [{"key": "borrowing-base-property", "type": "definition", "offset": [13, 36]}, {"key": "release-conditions", "type": "definition", "offset": [51, 69]}], "samples": [{"hash": "2T9kkxRI0MQ", "uri": "/contracts/2T9kkxRI0MQ#borrowing-base-properties", "label": "Loan Agreement (Cedar Realty Trust, Inc.)", "score": 32.8412046543, "published": true}, {"hash": "gKDeKfhYoiT", "uri": 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"offset": [1185, 1195]}, {"key": "restrictive-covenant", "type": "clause", "offset": [1356, 1376]}, {"key": "subdivision-plat", "type": "clause", "offset": [1452, 1468]}, {"key": "condominium-declaration", "type": "definition", "offset": [1472, 1495]}, {"key": "consent-to", "type": "clause", "offset": [1544, 1554]}, {"key": "consent-of-all-the-lenders", "type": "clause", "offset": [1853, 1879]}, {"key": "natural-element", "type": "definition", "offset": [2053, 2068]}, {"key": "sand-and-gravel", "type": "definition", "offset": [2103, 2118]}, {"key": "method-of", "type": "definition", "offset": [2221, 2230]}], "samples": [{"hash": "9DnS8z1meR7", "uri": "/contracts/9DnS8z1meR7#borrowing-base-properties", "label": "Credit Agreement (Vinebrook Homes Trust, Inc.)", "score": 33.6338124572, "published": true}, {"hash": "2TaoPEykayb", "uri": "/contracts/2TaoPEykayb#borrowing-base-properties", "label": "Credit Agreement (Vinebrook Homes Trust, Inc.)", "score": 32.5879534565, "published": true}, {"hash": "fTsmBjm82uV", "uri": "/contracts/fTsmBjm82uV#borrowing-base-properties", "label": "Increase Agreement, Joinder, and Second Amendment to Credit Agreement (Vinebrook Homes Trust, Inc.)", "score": 31.2792607803, "published": true}], "size": 13, "snippet": "Neither the Parent nor any Borrower shall, nor shall it permit any other Credit Party to, directly or indirectly:\n(a) Use or occupy or conduct any activity on, or knowingly permit the use or occupancy of or the conduct of any activity on any Borrowing Base Properties by any tenant, in any manner which violates any Law or which constitutes a public or private nuisance in any manner which would have a Material Property Event with respect to any Borrowing Base Property or which makes void, voidable, or cancelable any insurance then in force with respect thereto or makes the maintenance of insurance in accordance with Section 5.06(a) commercially unreasonable (including by way of increased premium);\n(b) Without the prior written consent of Administrative Agent (which consent shall not be unreasonably withheld or delayed), initiate or permit any zoning reclassification of any Borrowing Base Property or seek any variance under existing zoning ordinances applicable to any Borrowing Base Property or use or knowingly permit the use of any Borrowing Base Property in such a manner which would result in such use becoming a nonconforming use under applicable zoning ordinances or other Laws;\n(c) Without the prior written consent of Administrative Agent (which consent shall not be unreasonably withheld or delayed), (i) impose any material easement, restrictive covenant, or encumbrance upon any Borrowing Base Property, (ii) execute or file any subdivision plat or condominium declaration affecting any Borrowing Base Property, or (iii) consent to the annexation of any Borrowing Base Property to any municipality;\n(d) Do any act, or suffer to be done any act by any Credit Party or any of its Affiliates, which would reasonably be expected to cause a Material Property Event (including by way of negligent act); or\n(e) Without the prior written consent of all the Lenders (which consent shall not be unreasonably withheld or delayed), permit any drilling or exploration for or extraction, removal or production of any mineral, hydrocarbon, gas, natural element, compound or substance (including sand and gravel) from the surface or subsurface of any Borrowing Base Property regardless of the depth thereof or the method of mining or extraction thereof.", "hash": "2f940c470148e1bb3d4ad59d2cbefe72", "id": 6}, {"snippet_links": [{"key": "borrowing-base-property-owners", "type": "definition", "offset": [19, 49]}, {"key": "licenses-and-permits", "type": "clause", "offset": [65, 85]}, {"key": "issued-by", "type": "definition", "offset": [86, 95]}, {"key": "regulatory-agencies", "type": "clause", "offset": [137, 156]}, {"key": "to-develop", "type": "definition", "offset": [177, 187]}, {"key": "own-and-operate", "type": "definition", "offset": [189, 204]}, {"key": "each-borrowing", "type": "clause", "offset": [221, 235]}, {"key": "development-of-the", "type": "clause", "offset": [270, 288]}, {"key": "to-possess", "type": "definition", "offset": [339, 349]}, {"key": "license-or-permit", "type": "definition", "offset": [359, 376]}, {"key": "material-adverse-effect", "type": "definition", "offset": [394, 417]}, {"key": "terms-and-conditions-of", "type": "clause", "offset": [490, 513]}, {"key": "in-the-aggregate", "type": "definition", "offset": [604, 620]}, {"key": "the-licenses", "type": "clause", "offset": [666, 678]}, {"key": "full-force-and-effect", "type": "definition", "offset": [708, 729]}, {"key": "neither-the-borrower", "type": "definition", "offset": [910, 930]}, {"key": "notice-of-proceedings", "type": "clause", "offset": [1002, 1023]}, {"key": "relating-to", "type": "definition", "offset": [1024, 1035]}, {"key": "modification-of", "type": "clause", "offset": [1054, 1069]}, {"key": "subject-of", "type": "clause", "offset": [1142, 1152]}, {"key": "title-to-the", "type": "clause", "offset": [1313, 1325]}, {"key": "leasehold-estate", "type": "definition", "offset": [1361, 1377]}, {"key": "from-time-to-time", "type": "clause", "offset": [1480, 1497]}, {"key": "in-accordance-with", "type": "definition", "offset": [1498, 1516]}, {"key": "the-interest", "type": "definition", "offset": [1537, 1549]}, {"key": "subject-to", "type": "definition", "offset": [1629, 1639]}, {"key": "in-favor-of", "type": "clause", "offset": [1667, 1678]}, {"key": "the-administrative-agent", "type": "clause", "offset": [1679, 1703]}, {"key": "benefit-of-the-lenders", "type": "clause", "offset": [1720, 1742]}, {"key": "repayment-of-obligations", "type": "clause", "offset": [1756, 1780]}, {"key": "other-permitted-liens", "type": "clause", "offset": [1785, 1806]}, {"key": "notice-of-the", "type": "clause", "offset": [1902, 1915]}, {"key": "loan-party", "type": "definition", "offset": [1964, 1974]}, {"key": "leasehold-rights", "type": "definition", "offset": [1991, 2007]}, {"key": "no-person", "type": "clause", "offset": [2149, 2158]}, {"key": "right-of-first-refusal-to-purchase", "type": "clause", "offset": [2176, 2210]}, {"key": "except-to-the-extent", "type": "clause", "offset": [2430, 2450]}, {"key": "failure-of-the", "type": "clause", "offset": [2455, 2469]}, {"key": "environmental-reports", "type": "definition", "offset": [2560, 2581]}, {"key": "environmental-indemnity", "type": "clause", "offset": [2601, 2624]}, {"key": "hazardous-materials", "type": "definition", "offset": [2674, 2693]}, {"key": "in-violation", "type": "definition", "offset": [2694, 2706]}, {"key": "environmental-legal-requirements", "type": "clause", "offset": [2714, 2746]}, {"key": "applicable-to", "type": "clause", "offset": [2747, 2760]}, {"key": "notice-of-a-claim", "type": "clause", "offset": [2861, 2878]}, {"key": "pursuant-to", "type": "definition", "offset": [2888, 2899]}, {"key": "a-borrowing", "type": "definition", "offset": [2951, 2962]}, {"key": "common-law", "type": "clause", "offset": [2986, 2996]}, {"key": "pertaining-to", "type": "definition", "offset": [2997, 3010]}, {"key": "governmental-authority", "type": "definition", "offset": [3282, 3304]}, {"key": "material-violation", "type": "clause", "offset": [3318, 3336]}, {"key": "with-respect-to", "type": "clause", "offset": [3622, 3637]}, {"key": "to-the-borrower", "type": "clause", "offset": [3932, 3947]}, {"key": "in-default", "type": "clause", "offset": [4007, 4017]}, {"key": "after-notice", "type": "definition", "offset": [4018, 4030]}, {"key": "expiration-of", "type": "clause", "offset": [4039, 4052]}, {"key": "cure-periods", "type": "definition", "offset": [4068, 4080]}, {"key": "the-performance", "type": "clause", "offset": [4084, 4099]}, {"key": "material-obligation", "type": "clause", "offset": [4107, 4126]}, {"key": "knowledge-of", "type": "clause", "offset": [4173, 4185]}, {"key": "passage-of-time", "type": "clause", "offset": [4220, 4235]}, {"key": "giving-of-notice", "type": "clause", "offset": [4243, 4259]}, {"key": "by-any-party", "type": "clause", "offset": [4307, 4319]}, {"key": "major-leases", "type": "definition", "offset": [4337, 4349]}, {"key": "default-under", "type": "clause", "offset": [4522, 4535]}, {"key": "no-actions", "type": "clause", "offset": [4736, 4746]}, {"key": "voluntary-or-involuntary", "type": "clause", "offset": [4748, 4772]}, {"key": "bankruptcy-or-insolvency-laws", "type": "definition", "offset": [4831, 4860]}, {"key": "other-amounts-payable", "type": "clause", "offset": [4920, 4941]}, {"key": "any-other-person", "type": "definition", "offset": [5042, 5058]}, {"key": "the-lien", "type": "clause", "offset": [5083, 5091]}, {"key": "on-behalf-of", "type": "clause", "offset": [5129, 5141]}, {"key": "applicable-borrowing-base", "type": "definition", "offset": [5434, 5459]}, {"key": "other-party", "type": "definition", "offset": [5514, 5525]}, {"key": "the-ground-leases", "type": "clause", "offset": [5592, 5609]}, {"key": "other-agreement", "type": "clause", "offset": [5665, 5680]}, {"key": "third-party", "type": "clause", "offset": [5697, 5708]}, {"key": "no-payments", "type": "clause", "offset": [5741, 5752]}, {"key": "no-notice-of-default", "type": "clause", "offset": [5837, 5857]}, {"key": "received-by", "type": "definition", "offset": [5886, 5897]}, {"key": "prior-to-the", "type": "clause", "offset": [5948, 5960]}, {"key": "date-hereof", "type": "clause", "offset": [5961, 5972]}, {"key": "to-the-knowledge", "type": "clause", "offset": [5978, 5994]}, {"key": "of-the-borrower", "type": "clause", "offset": [5995, 6010]}, {"key": "with-notice", "type": "clause", "offset": [6140, 6151]}, {"key": "lapse-of-time", "type": "clause", "offset": [6155, 6168]}, {"key": "a-default", "type": "definition", "offset": [6200, 6209]}, {"key": "ground-lessor", "type": "definition", "offset": [6286, 6299]}, {"key": "affiliate-of", "type": "definition", "offset": [6405, 6417]}], "samples": [{"hash": "dZzuJfbvFAh", "uri": "/contracts/dZzuJfbvFAh#borrowing-base-properties", "label": "Loan Agreement (Cedar Shopping Centers Inc)", "score": 21.8514715948, "published": true}, {"hash": "y7zsKFvv4r", "uri": "/contracts/y7zsKFvv4r#borrowing-base-properties", "label": "Loan Agreement (Cedar Shopping Centers Inc)", "score": 21.0, "published": true}, {"hash": "a3rIOo7P0Wd", "uri": "/contracts/a3rIOo7P0Wd#borrowing-base-properties", "label": "Loan Agreement (Cedar Shopping Centers Inc)", "score": 21.0, "published": true}], "size": 7, "snippet": "6.14.1 Each of the Borrowing Base Property Owners possesses such Licenses and Permits issued by the appropriate federal, state, or local regulatory agencies or bodies necessary to develop, own and operate (as applicable) each Borrowing Base Property given status of the development of the Borrowing Base Property, except where the failure to possess any such License or Permit would not have a Material Adverse Effect. The Borrowing Base Property Owners are in material compliance with the terms and conditions of all such Licenses and Permits, except where the failure so to comply would not, singly or in the aggregate, result in a Material Adverse Effect. All of the Licenses and Permits are valid and in full force and effect, except where the invalidity of such Licenses and Permits or the failure of such Licenses and Permits to be in full force and effect would not result in a Material Adverse Effect. Neither the Borrower nor any of the Borrowing Base Property Owners has received any written notice of proceedings relating to the revocation or modification of any such Licenses and Permits which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect.\n6.14.2 (i) The Borrowing Base Property Owners have either (x) fee simple title to the Borrowing Base Properties or (y) a leasehold estate interest in the Borrowing Base Properties, as set forth in Schedule 6.14.2(i) (as such may be updated from time to time in accordance with Section 6.22); (ii) the interest of the Borrowing Base Property Owners in the Borrowing Base Properties are not subject to any Liens except for those in favor of the Administrative Agent for the ratable benefit of the Lenders securing the repayment of Obligations and other Permitted Liens; (iii) neither the Borrower nor any of the Borrowing Base Property Owners has received written notice of the assertion of any claim by anyone adverse to any Loan Party\u2019s ownership, or leasehold rights in and to any Borrowing Base Property (except as may be disclosed in any update from time to time in accordance with Section 6.22); and (iv) no Person has an option or right of first refusal to purchase all or part of any Borrowing Base Property or any interest therein which has not been waived (except as may be disclosed in Schedule 6.14.2(i) or in any update from time to time in accordance with Section 6.22);\n6.14.3 Except to the extent the failure of the following to be true would not result in a Material Adverse Effect or is disclosed in the Environmental Reports (as defined in the Environmental Indemnity) (i) each Borrowing Base Property is free of any Hazardous Materials in violation of any Environmental Legal Requirements applicable to such property; (ii) none of the Borrowing Base Property Owners or Borrower has received any written notice of a claim under or pursuant to any Environmental Legal Requirements applicable to a Borrowing Base Property or under common law pertaining to Hazardous Materials on or originating from any Borrowing Base Property (except as may be disclosed in any update from time to time in accordance with Section 6.22); and (iii) none of the Borrowing Base Property Owners or Borrower has received any written notice from any Governmental Authority claiming any material violation of any Environmental Legal Requirements that is uncured or unremediated (except as may be disclosed in any update from time to time in accordance with Section 6.22);\n6.14.4 Except to the extent the failure of the following to be true would not result in a Material Adverse Effect, (i) with respect to the Borrowing Base Properties, each Major Lease is in full force and effect (except as may be disclosed in any update from time to time in accordance with Section 6.22), (ii) except as set forth in Schedule 6.14.4(ii) (as such may be updated from time to time in accordance with Section 6.22), to the Borrower\u2019s knowledge, none of the Borrowing Base Property Owners is in default after notice and the expiration of all applicable cure periods in the performance of any material obligation under any Major Lease and the Borrower has no knowledge of any circumstances which, with the passage of time or the giving of notice, or both, would constitute an event of default by any party under any of the Major Leases, (iii) except as set forth in Schedule 6.14.4(iii) (as such may be updated from time to time in accordance with Section 6.22), to the Borrower\u2019s knowledge, no tenant is in default under any Major Lease, (iv) except as otherwise expressly set forth in Schedule 6.14.4(iv) (as such may be updated from time to time in accordance with Section 6.22), to the Borrower\u2019s Knowledge, there are no actions, voluntary or involuntary, pending against any tenant under a Major Lease under any bankruptcy or insolvency laws, and (v) none of the Major Leases and none of the rents or other amounts payable thereunder has been assigned, pledged or encumbered by any of the Borrowing Base Property Owners or any other Person, except with respect to the Lien in favor of the Administrative Agent on behalf of the Lenders securing the repayment of Obligations.\n6.14.5 Except to the extent the failure of the following to be true would not result in a Material Adverse Effect, (i) each Ground Lease with respect to a Borrowing Base Property is valid, binding and in full force and effect as against the applicable Borrowing Base Property Owners and, to the Borrower\u2019s knowledge, the other party thereto, (ii) none of Borrowing Base Property Owner\u2019s interest in the Ground Leases is subject to any pledge, lien, assignment, license or other agreement granting to any third party any interest therein, and (iii) no payments under any Ground Lease with respect to a Borrowing Base property are delinquent and no notice of default thereunder has been sent or received by any Loan Party which has not been cured or waived prior to the date hereof, and to the knowledge of the Borrower, there does not exist under any of the Ground Leases any default by any Borrowing Base Property Owners or any event which merely with notice or lapse of time or both, would constitute such a default by any of the Borrowing Base Property Owners, and (iv) the identity of each ground lessor under a Ground Lease with respect to a Borrowing Base Property and whether each such ground lessor is an Affiliate of any Loan Party are set forth in Schedule 6.14.5.", "hash": "b53f1b3f9522340d23dd136939a4ac75", "id": 7}, {"snippet_links": [{"key": "the-loan-parties", "type": "definition", "offset": [4, 20]}, {"key": "student-housing-property", "type": "definition", "offset": [45, 69]}, {"key": "owned-by", "type": "definition", "offset": [70, 78]}, {"key": "beneficial-owners", "type": "definition", "offset": [150, 167]}, {"key": "the-borrowing", "type": 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{"key": "other-improvements", "type": "definition", "offset": [4413, 4431]}, {"key": "adjoining-land", "type": "clause", "offset": [4435, 4449]}, {"key": "could-reasonably-be-expected-to", "type": "definition", "offset": [4484, 4515]}, {"key": "material-adverse-effect", "type": "definition", "offset": [4523, 4546]}, {"key": "roads-and-streets", "type": "definition", "offset": [4559, 4576]}, {"key": "service-of", "type": "clause", "offset": [4591, 4601]}, {"key": "access-to", "type": "definition", "offset": [4606, 4615]}, {"key": "the-current", "type": "clause", "offset": [4658, 4669]}, {"key": "the-public", "type": "definition", "offset": [4787, 4797]}, {"key": "due-inquiry", "type": "definition", "offset": [4836, 4847]}, {"key": "septic-system", "type": "clause", "offset": [4853, 4866]}, {"key": "safe-condition", "type": "definition", "offset": [4930, 4944]}, {"key": "compliance-with-all-applicable-law", "type": "clause", "offset": [4963, 4997]}, {"key": "comprised-of", "type": "clause", "offset": [5045, 5057]}, {"key": "separate-tax-lots", "type": "clause", "offset": [5099, 5116]}, {"key": "lot-or-parcel", "type": "definition", "offset": [5222, 5235]}, {"key": "other-property", "type": "definition", "offset": [5256, 5270]}], "samples": [{"hash": "lvD2wFgLruk", "uri": "/contracts/lvD2wFgLruk#borrowing-base-properties", "label": "Credit Agreement (American Campus Communities Inc)", "score": 18.0, "published": true}], "size": 6, "snippet": "(i) The Loan Parties, or with respect to the Student Housing Property owned by 1772 Sweet Home Road, LLC, 1772 Sweet Home Road, LLC are the legal and beneficial owners of the Borrowing Base Properties free and clear of any Lien, except for Permitted Liens described in clauses (a), (b), (d) and (e) of the definition of \"Permitted Liens\". Each of the Borrowing Base Properties satisfies the requirements in this Agreement to being a Borrowing Base Property. To each Loan Party's knowledge, except as set forth on Schedule 4.01(y) hereto, there are no proceedings in condemnation or eminent domain affecting any of the Borrowing Base Properties and, to the knowledge of each Loan Party, none is threatened. No Person has any option or other right to purchase all or any portion of any of the Borrowing Base Properties or any interest therein.\n(ii) To each Loan Party's knowledge, the Borrowing Base Properties and the use thereof comply in all material respects with all applicable zoning, subdivision and land use laws, regulations and ordinances, all applicable health, fire, building codes, parking laws and all other laws, statutes, codes, ordinances, rules and regulations applicable to the Borrowing Base Properties, or any of them, including without limitation the Americans with Disabilities Act. To each Loan Party's knowledge, all material permits, licenses and certificates for the lawful use, occupancy and operation of each component of each of the Borrowing Base Properties in the manner in which it is currently being used, occupied and operated, including, but not limited to liquor licenses and certificates of occupancy, or the equivalent, have been obtained and are current and in full force and effect. To each Loan Party's knowledge, no legal proceedings are pending or threatened with respect to the zoning of any Borrowing Base Property. To each Loan Party's knowledge, neither the zoning nor any other right to construct, use or operate any Borrowing Base Property is in any way dependent upon or related to any real estate other than such Borrowing Base Property in any way that has had or is reasonably likely to give rise to a materially adverse effect as to the value, use of or ability to sell or finance such Borrowing Base Property. No tract map, parcel map, condominium plan, condominium declaration, or plat of subdivision will be recorded by any Loan Party with respect to any Borrowing Base Property without the Administrative Agent's prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned.\n(iii) [Intentionally omitted.]\n(iv) [Intentionally omitted.]\n(v) To each Loan Party's knowledge, all improvements on any Borrowing Base Property, including without limitation the roof and all structural components, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior doors, parking facilities, sidewalks and landscaping, are in good condition and repair. The Loan Parties are not aware of any latent or patent structural or other material defect or deficiency in any of the Borrowing Base Properties and, to the Loan Parties' knowledge, city water supply, storm and sanitary sewers, and electrical, gas (if applicable) and telephone facilities are available to each of the Borrowing Base Properties within the boundary lines of each of the Borrowing Base Properties (except in any way that has not had and is reasonably likely to not give rise to a materially adverse effect as to the value, use of or ability to sell or finance such Borrowing Base Property), are fully connected to the improvements and are fully operational, are sufficient to meet the reasonable needs of each of the Borrowing Base Properties as now used or presently contemplated to be used, and no other utility facilities are necessary to meet the reasonable needs of any of the Borrowing Base Properties as now used or presently contemplated. Except in any way that has not had and is reasonably likely to not give rise to a materially adverse effect as to the value, use of or ability to sell or finance such Borrowing Base Property, to the Loan Parties' knowledge no part of any of the Borrowing Base Properties is within a flood plain and none of the improvements thereon create encroachments over, across or upon any of the Borrowing Base Properties' boundary lines, rights of way or easements, and no building or other improvements on adjoining land create such an encroachment which could reasonably be expected to have a Material Adverse Effect. All public roads and streets necessary for service of and access to each of the Borrowing Base Properties for the current and contemplated uses thereof have been completed and are serviceable and are physically and legally open for use by the public. To the Loan Parties' knowledge after due inquiry, any septic system located at any of the Borrowing Base Properties is in good and safe condition and repair and in compliance with all applicable law.\n(vi) Each of the Borrowing Base Properties is comprised of one (1) or more parcels which constitute separate tax lots. No part of any of the Borrowing Base Properties is included or assessed under or as part of another tax lot or parcel, and no part of any other property is included or assessed under or as part of the tax lots or parcels comprising any of the Borrowing Base Properties.", "hash": "8abfc9ea91335425aef5a20f31041fd4", "id": 8}, {"snippet_links": [{"key": "conduct-of", "type": "clause", "offset": [86, 96]}, {"key": "in-force", "type": "definition", "offset": [218, 226]}, {"key": "maintenance-of-insurance", "type": "definition", "offset": [261, 285]}, {"key": "in-accordance-with", "type": "definition", "offset": [286, 304]}, {"key": "section-65", "type": "clause", "offset": [305, 316]}, {"key": "consent-of-the-administrative-agent", "type": "clause", "offset": [414, 449]}, {"key": "zoning-reclassification", "type": "clause", "offset": [474, 497]}, {"key": "borrowing-base-property", "type": "definition", "offset": [505, 528]}, {"key": "zoning-ordinances", "type": "clause", "offset": [565, 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{"key": "group-member", "type": "definition", "offset": [4625, 4637]}, {"key": "the-obligations", "type": "clause", "offset": [4674, 4689]}, {"key": "with-respect-to", "type": "clause", "offset": [4810, 4825]}, {"key": "the-borrower", "type": "definition", "offset": [4946, 4958]}, {"key": "replacement-manager", "type": "clause", "offset": [5043, 5062]}, {"key": "qualified-manager", "type": "definition", "offset": [5068, 5085]}, {"key": "pursuant-to-a", "type": "definition", "offset": [5086, 5099]}, {"key": "replacement-management-agreement", "type": "definition", "offset": [5100, 5132]}, {"key": "qualified-franchisor", "type": "definition", "offset": [5338, 5358]}, {"key": "replacement-franchise-agreement", "type": "clause", "offset": [5373, 5404]}, {"key": "operating-lease", "type": "definition", "offset": [5447, 5462]}, {"key": "reduction-of", "type": "clause", "offset": [5579, 5591]}, {"key": "agreement-or", "type": "definition", "offset": [5640, 5652]}, {"key": "other-charges", 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"samples": [{"hash": "9P12AIVPqg9", "uri": "/contracts/9P12AIVPqg9#borrowing-base-properties", "label": "Credit Agreement (Chatham Lodging Trust)", "score": 24.2005475702, "published": true}, {"hash": "eLdvRjpoUIi", "uri": "/contracts/eLdvRjpoUIi#borrowing-base-properties", "label": "Credit Agreement (Chatham Lodging Trust)", "score": 21.7939767283, "published": true}], "size": 5, "snippet": "(a) Use or occupy or conduct any activity on, or allow the use or occupancy of or the conduct of any activity on any Borrowing Base Properties in any manner which makes void, voidable, or cancelable any insurance then in force with respect thereto or makes the maintenance of insurance in accordance with Section 6.5 commercially unreasonable (including by way of increased premium);\n(b) Without the prior written consent of the Administrative Agent, initiate or permit any zoning reclassification of any Borrowing Base Property or seek any variance under existing zoning ordinances applicable to any Borrowing Base Property or use or permit the use of any Borrowing Base Property in such a manner which would result in such use becoming a nonconforming use under applicable zoning ordinances or other Requirement of Law, in each case, in a manner that would materially interfere with the use or operation of such Borrowing Base Property;\n(c) Without the prior written consent of the Administrative Agent, (i) except as permitted by Section 7.3(f), impose any material easement, restrictive covenant, or encumbrance upon any Borrowing Base Property, (ii) execute or file any subdivision plat affecting any Borrowing Base Property or (iii) consent to the annexation of any Borrowing Base Property to any municipality;\n(d) Suffer, permit or initiate the joint assessment of any Borrowing Base Property (i) with any other real property constituting a tax lot separate from such Borrowing Base Property, and (ii) which constitutes real property with any portion of such Borrowing Base Property which may be deemed to constitute personal property, or any other procedure whereby the Lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of such Borrowing Base Property;\n(e) Without the prior written consent of the Administrative Agent, permit any drilling or exploration for or extraction, removal or production of any mineral, hydrocarbon, gas, natural element, compound or substance (including sand and gravel) from the surface or subsurface of any Borrowing Base Property regardless of the depth thereof or the method of mining or extraction thereof;\n(f) Without the prior written consent of the Supermajority Lenders, surrender the leasehold estate created by any Acceptable Lease or terminate or cancel any Acceptable Lease or modify, change, supplement, alter, or amend any Acceptable Lease, either orally or in writing, in each case, except as would not cause such Acceptable Lease to fail to qualify as an Acceptable Lease;\n(g) Without the prior written consent of the Supermajority Lenders, fail to (i) exercise any option or right to renew or extend the term of any Acceptable Lease in accordance with the terms of such Acceptable Lease (and give prompt written notice thereof to the Administrative Agent) and (ii) execute, acknowledge, deliver and record any document requested by the Administrative Agent to evidence the Lien of the related Mortgage on such extended or renewed lease term, in each case, except as would not cause such Acceptable Lease to fail to qualify as an Acceptable Lease; provided, that, the Loan Parties shall not be required to exercise any particular option or right to renew or extend to the extent the Loan Parties shall have received the prior written consent of the Supermajority Lenders (which consent may be withheld by the Supermajority Lenders in their sole and absolute discretion and which consent shall not be necessary to the extent such failure to exercise such right would not cause such Acceptable Lease to fail to qualify as an Acceptable Lease) allowing the Loan Parties to forego exercising such option or right to renew or extend;\n(h) Without the prior written consent of the Supermajority Lenders, waive, excuse, condone or in any way release or discharge any lessor of or from such lessor\u2019s material obligations, covenants and/or conditions under the applicable Acceptable Lease, in each case, except as would not cause such Acceptable Lease to fail to qualify as an Acceptable Lease;\n(i) Without the prior written consent of the Supermajority Lenders, notwithstanding anything contained in any Acceptable Lease to the contrary, sublet any portion of any Borrowing Base Property held pursuant to an Acceptable Lease, except as would not cause such Acceptable Lease to fail to qualify as an Acceptable Lease;\n(j) Enter into any Contractual Obligations related to any Borrowing Base Property providing for the payment of a management fee (or any other similar fee) to anyone other than a Group Member, unless such fee is subordinated to the Obligations in a manner satisfactory to the Administrative Agent;\n(k) Without the prior written consent of the Administrative Agent with respect to any Borrowing Base Property, (i) surrender, terminate, cancel, amend or modify any Management Agreement; provided, that the Borrower may, without the Administrative Agent\u2019s consent, replace any Manager so long as the replacement manager is a Qualified Manager pursuant to a Replacement Management Agreement; (ii) surrender, terminate or cancel any Franchise Agreement; provided, that the Borrower may, without the Administrative Agent\u2019s consent, replace any Franchisor so long as the replacement franchisor is a Qualified Franchisor pursuant to a Replacement Franchise Agreement; (iii) surrender, terminate or cancel any Operating Lease or enter into any other Operating Lease with respect to such Borrowing Base Property; (iv) reduce or consent to the reduction of the term of any Management Agreement, Franchise Agreement or Operating Lease; (v) increase or consent to the increase of the amount of any fees or other charges under any Management Agreement or Franchise Agreement; (vi) change the amount of any fees or other charges under any Operating Lease; or (vii) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, any Management Agreement, Franchise Agreement or Operating Lease in any material respect;\n(l) Without the prior written consent of the Administrative Agent, with respect to each Borrowing Base Property, fail to cause the obligations of any lessee under any related Operating Lease to be secured by all of the assets of such lessee pursuant to documentation either (i) in form and substance substantially similar to the Leaseco Security Documents delivered to the Administrative Agent on the Closing Date or (ii) otherwise reasonably satisfactory to the Administrative Agent, including, without limitation, any Management Agreement, Franchise Agreement or deposit account or Lockbox Account; provided that, in the alternative, the relevant lessee shall provide a first priority security interest in all of the assets of such lessee in favor of the Administrative Agent for the benefit of the Secured Parties;\n(m) Following the occurrence and during the continuance of an Event of Default, exercise any rights, make any decisions, grant any approvals or otherwise take any action under any Management Agreement, Franchise Agreement or Operating Lease without the prior written consent of the Administrative Agent, which consent may be granted, conditioned or withheld in the Administrative Agent\u2019s sole discretion; or\n(n) Any acquisition of any related lessor\u2019s interest in any Acceptable Lease by any Group Member shall be accomplished by the Group Member in such a manner so as to avoid a merger of the interests of lessor and lessee in such Acceptable Lease, unless consent to such merger is granted by the Administrative Agent.", "hash": "879f2828d02caf55ceaf9a5c42290bca", "id": 9}, {"snippet_links": [{"key": "the-borrowing", "type": "clause", "offset": [0, 13]}, {"key": "comprised-of", "type": "clause", "offset": [39, 51]}, {"key": "the-properties", "type": "definition", "offset": [56, 70]}, {"key": "on-schedule", "type": "definition", "offset": [82, 93]}, {"key": "on-the-effective-date", "type": "clause", "offset": [101, 122]}, {"key": "borrowing-base-property", "type": "definition", "offset": [166, 189]}, {"key": "pursuant-to-section", "type": "definition", "offset": [190, 209]}], "samples": [{"hash": "jQrJR8dsSOC", "uri": "/contracts/jQrJR8dsSOC#borrowing-base-properties", "label": "Second Lien Credit Agreement (Pennsylvania Real Estate Investment Trust)", "score": 34.5879534565, "published": true}, {"hash": "afuKWtdR4Uv", "uri": "/contracts/afuKWtdR4Uv#borrowing-base-properties", "label": "First Lien Credit Agreement (Pennsylvania Real Estate Investment Trust)", "score": 34.5879534565, "published": true}, {"hash": "jYa5XaIghUc", "uri": "/contracts/jYa5XaIghUc#borrowing-base-properties", "label": "Second Lien Credit Agreement (Pennsylvania Real Estate Investment Trust)", "score": 31.9568788501, "published": true}], "size": 4, "snippet": "The Borrowing Base Properties shall be comprised of (i) the Properties identified on Schedule 1.1(B) on the Effective Date, and (ii) any Property which is added as a Borrowing Base Property pursuant to Section 8.17.", "hash": "bd6f1e690f1faa2729fe825d5767093b", "id": 10}], "next_curs": "CmISXGoVc35sYXdpbnNpZGVyY29udHJhY3Rzcj4LEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IiJib3Jyb3dpbmctYmFzZS1wcm9wZXJ0aWVzIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"parents": [["representations-and-warranties", "Representations and Warranties"], ["affirmative-covenants", "Affirmative Covenants"], ["negative-covenants", "Negative Covenants"], ["consolidations-mergers-sales-of-assets-issuance-and-sale-of-equity", "Consolidations, Mergers, Sales of Assets, Issuance and Sale of Equity"], ["property-matters", "Property Matters"]], "title": "Borrowing Base Properties", "size": 187, "children": [["additional-borrowing-base-properties", "Additional Borrowing Base Properties"], ["eligibility-of-properties", "Eligibility of Properties"], ["initial-borrowing-base-properties", "Initial Borrowing Base Properties"], ["frequency-of-calculations-of-borrowing-base", "Frequency of Calculations of Borrowing Base"], ["", ""]], "id": "borrowing-base-properties", "related": [["unencumbered-properties", "Unencumbered Properties", "Unencumbered Properties"], ["real-properties", "Real Properties", "Real Properties"], ["real-estate-assets", "Real Estate Assets", "Real Estate Assets"], ["after-acquired-real-property", "After Acquired Real Property", "After Acquired Real Property"], ["mortgaged-properties", "Mortgaged Properties", "Mortgaged Properties"]], "related_snippets": [], "updated": "2025-07-07T12:37:48+00:00", "also_ask": [], "drafting_tip": "Define the calculation method, specify eligible assets, and set adjustment triggers to ensure clarity, accuracy, and lender protection.", "explanation": "The Borrowing Base Properties clause defines the specific assets or properties that are eligible to be included in the calculation of a borrower's borrowing base under a loan agreement. Typically, this clause outlines the types of assets\u2014such as inventory, accounts receivable, or real estate\u2014that can be counted, and may set criteria or conditions those assets must meet to qualify. By clearly specifying which properties are included, the clause ensures both lender and borrower have a mutual understanding of the collateral supporting the loan, thereby reducing disputes and clarifying the amount that can be borrowed."}, "json": true, "cursor": ""}}