Borrowing Base Property. The REIT and the Borrowers make the following representations and warranties concerning each Borrowing Base Property.
Borrowing Base Property. Borrower shall: (i) defend the right, title and interest of the Borrower-SPE in and to the Borrowing Base Property against the claims and demands of all Persons; (ii) shall cause the Borrowing Base Property to be managed in accordance with the policies and procedures customary for assets of a type such as said Borrowing Base Properties; (iii) shall review its policies and procedures periodically to confirm that the policies and procedures are being complied with in all material respects and are adequate to meet the Borrower’s business objectives with respect to the Borrowing Base Properties; and (iv) shall not transfer or assign, or grant any Lien or option with respect to, or grant any pledge or negative pledge of the Borrowing Base Property or any interest in the Borrowing Base Property (except with respect to the negative pledges of the Borrowing Base Property provided for the benefit of the Lenders hereunder), and except as may otherwise be permitted under this Agreement.
Borrowing Base Property. Each Borrowing Base Property satisfies the following criteria: (i) such Borrowing Base Property is leased to an Operating Lessee; (ii) such Borrowing Base Property is designated a full-service property (in accordance with industry standard, as reasonably determined by Administrative Agent); (iii) the Specified Borrowing Base Properties shall at all times be luxury or better quality hotels, and Marriott Lincolnshire shall at all times be an upper-upscale, luxury or better quality hotel, as designated by Xxxxx Travel Research (or a similar successor company designated by Administrative Agent); (iv) such Property is operated under a nationally recognized brand (a) in the case of Marriott Lincolnshire, by an Approved Manager (as set forth on Schedule IV of the Original Agreement) and (b) in the case of the Specified Borrowing Base Properties, by an Approved Luxury Manager; (v) such Borrowing Base Property is fully operating, open to the public and not under development or redevelopment (except for routine, ordinary course renovation, maintenance and repair that does not result in the closure of more than fifteen percent (15%) of the rooms at such hotel); provided, however, that temporary closure due to force majeure events, not to exceed five (5) Business Days, shall be permitted; (vi) such Borrowing Base Property is not subject to or encumbered by any Indebtedness other than Permitted Borrowing Base Debt; (vii) such Borrowing Base Property is free of material structural defects or material environmental issues; (viii) neither such Borrowing Base Property nor the Property Owner thereof is encumbered with Permitted Borrowing Base Debt or any other Material Agreement that by its terms precludes the grant of the Collateral or the exercise by or on behalf of the Secured Creditors of remedies with respect to the Collateral; and (ix) the Property Owner of such Borrowing Base Property is Borrower or a Subsidiary Guarantor.
Borrowing Base Property. The Additional Borrower will be utilizing loan proceeds advanced under the Credit Agreement with respect to the following Borrowing Base Properties: 0000 Xxxxxxxxxx Xxxxxxxxx, Xxxxx, Xxxxx (the “Ennis, Texas Property”). The Additional Borrower represents and warrants that use of such loan proceeds shall be in accordance with the terms and conditions of the Credit Agreement.
Borrowing Base Property. Each Borrowing Base Property satisfies the criteria set forth in Section 7.1.22.
Borrowing Base Property. As of any date of determination, an ----------------------- Unencumbered Asset owned by the Borrower that: (i) is a Permitted Property, (ii) is not the subject of a Disqualifying Structural Event, (iii) is not the subject of a Disqualifying Environmental Event, (iv) is not a Real Estate Asset Under Development, (v) is wholly-owned or ground-leased by the Borrower, (vi) is not subject to a Non-Material Breach, and (vii) has been designated by the Borrower in writing to the Agent as a Real Estate Asset that is a Borrowing Base Property, provided that on such date of -------- determination, the Unencumbered Assets that are Borrowing Base Properties shall have been 85% leased in the aggregate as of the date of such determination, and provided, further, that each request to include an Unencumbered Asset as a -------- ------- Borrowing Base Property shall be accompanied by a compliance certificate in the form of Exhibit C-5 attached hereto (the foregoing clauses (i) through (vii) and ----------- the succeeding provisos being herein referred to collectively as the "Borrowing -------- Base Conditions"). The Borrowing Base Properties that constitute the Borrowing Base on the Closing Date are set forth on Schedule 3. ---------- Borrowing Base Value. As of any date of determination, an amount -------------------- equal to (i) the Borrowing Base Net Operating Income from the Borrowing Base Properties as determined on such date minus (ii) the amount by which the Annual ----- Borrowing Base Capital Expenditures applicable to the quarter upon which such Borrowing Base Net Operating Income was based exceeds the amount deducted for Capital Expenditures in determining such Borrowing Base Net Operating Income, with the number resulting from such subtraction being divided by the ------- -- Capitalization Rate; provided that such Borrowing Base Net Operating Income -------- shall be adjusted on a pro forma basis to account for Real Estate Assets that --- ----- were acquired by the Borrower and added to the Borrowing Base during such quarter by projecting the results generated by any such Real Estate Asset for the portion of the applicable quarter during which the Borrower owned (or ground-leased) such Real Estate Asset over the entire applicable quarter.
Borrowing Base Property. The Additional Borrower will be utilizing loan proceeds advanced under the Credit Agreement with respect to the following Borrowing Base Properties: 00 Xxxxxxx Xxxxx, Xxxxx, Xxxxx Xxxxxxxx (the “Sylva, North Carolina Property”). The Additional Borrower represents and warrants that use of such loan proceeds shall be in accordance with the terms and conditions of the Credit Agreement.
Borrowing Base Property. 1. Cash and Equivalents (minus $40,000,000) (100% of value) (+) $ 2. Entitled Land (50% of cost) (+) $ 3. LUD (65% of cost) (+) $ 4. Lots (75% of cost) (+) $ 5. Model Houses (85% of cost) (+) $ 6. Pre-Sold Houses (90% of cost) (+) $ 7. Spec Houses (90% of cost; reduced to 75% at 18 months, and reduced to 50% at 24 months) (+) $ 8. Total of Lines 1 through 7: $ BORROWING BASE
Borrowing Base Property. The Additional Borrower will be utilizing loan proceeds advanced under the Credit Agreement with respect to the following Borrowing Base Properties: 0000 Xxxxxx Xxxxxx, Westminster, Colorado (the “Westminster, Colorado Property”). The Additional Borrower represents and warrants that use of such loan proceeds shall be in accordance with the terms and conditions of the Credit Agreement.
Borrowing Base Property. At the relevant time of reference, the Eligible Real Estate, plus any other Real Estate approved by the Majority Banks in their sole good faith judgment. The Borrowing Base Properties as of the date hereof are listed in Schedule 2 hereto. Borrowing Base Value.
