Common use of Eligible Projects Clause in Contracts

Eligible Projects. The Borrowers may from time to time with the consent of the Lenders designate a Facility owned by a Borrower or a Synthetic Lease Transaction as an Eligible Project to be included in the Borrowing Base pursuant to the terms hereof. The Facilities which are then Eligible Projects shall be listed on any future Borrowing Base Report. The Obligations shall be secured by all of the following property and assets of each Borrower, each Synthetic Lessee, ARC or any Affiliate, wherever situated with regard to each of the Eligible Projects: (a) a Deed of Trust on the fee simple interest held by the applicable Borrower in the premises of such Eligible Project and all other Improvements now or hereafter located thereon; or an assignment of an Assigned Note and the related Note Collateral pertaining to such Eligible Project which is the subject of a Synthetic Lease Transaction; provided that ARC will provide to the Agent for the benefit of the Lenders as additional Collateral for the applicable Assigned Note a first lien deed of trust on its fee ownership of any Eligible Project that is the subject of a Ground Lease in connection with a Synthetic Lease Transaction (each a "Fee Interest Deed of Trust" as it may from time to time be amended, restated or substituted); (b) a first lien security interest in all fixtures, building materials and all other machinery, equipment and other personality used or installed by any Borrower or the Synthetic Lessors or Synthetic Lessees on the premises of such Eligible Project or in the Improvements constructed thereon; and (c) all of the other Collateral relating to such Eligible Project. In connection with a Synthetic Lease Transaction the collateral described in (b) and (c) above may be assigned through and in connection with the assignment to the Agent of the Note Collateral. The Borrowers may obtain the release of an Eligible Project and all Collateral associated therewith from the liens of the applicable Deed of Trust or assignment of Assigned Note, Collateral Assignments, Security Documents and other Financing Documents at any time provided no Default or Event of Default has occurred and is continuing or would occur as a result of such release and provided that the provisions of Section 2.1 (c) and Section 7.2.1 are satisfied and provided that the Borrowers pay any resulting Borrowing Base Deficiency before or contemporaneously with any such release.

Eligible Projects. The Borrowers may shall from time to time with the consent designate Facilities owned by any of the Lenders designate a Facility owned by a Borrower or a Synthetic Lease Transaction Borrowers as an Eligible Project to be Projects included in the Borrowing Base pursuant to the terms hereof. The Facilities which are then currently Eligible Projects shall be are listed on EXHIBIT C attached hereto and incorporated herein by reference or any future Borrowing Base Report. The Obligations Credit Facility shall be secured by all of the following property and assets of each Borrower, each Synthetic Lessee, ARC or any Affiliate, wherever situated with regard to each of the Eligible Projects: (a) a Deed the first lien Deeds of Trust on the fee simple interest held by interests of the applicable Borrower Borrowers in the premises Eligible Projects or on the leasehold interests of such Eligible Project and all other Improvements now or hereafter located thereon; or an assignment of an Assigned Note and the related Note Collateral pertaining to such Eligible Project which is the subject of a Synthetic Lease Transaction; provided that ARC will provide to the Agent for the benefit of the Lenders as additional Collateral for the applicable Assigned Note a first lien deed of trust on its fee ownership of any Eligible Project that is the subject of a Borrowers under Qualified Ground Lease in connection with a Synthetic Lease Transaction (each a "Fee Interest Deed of Trust" as it may from time to time be amendedLeases, restated or substituted); (b) a first lien security interest in all fixtures, building materials and all other machinery, equipment and other personality personalty used or installed by any Borrower the Borrowers or the Synthetic Lessors or Synthetic Lessees on each of the premises of such an Eligible Project or in the Improvements constructed thereon; , and (c) all of the other Collateral relating to such the Eligible Project. In connection with a Synthetic Lease Transaction the collateral described in (b) and (c) above may be assigned through and in connection with the assignment to the Agent of the Note CollateralProjects. The Borrowers may obtain the release of an Eligible Project and all Collateral associated therewith from the liens lien of the applicable its Deed of Trust or assignment of Assigned Note, Collateral Assignments, Security Documents and other Financing Documents at any time provided no Default or Event of Default has occurred and is continuing or and provided at least six (6) Eligible Projects remain in the Borrowing Base upon payment of any Borrowing Base Deficiency which would occur as a result of from such release and provided certification that the provisions of Section 2.1 (c) and Section 7.2.1 are satisfied and provided that remaining principal sum outstanding does not exceed then current availability from the Eligible Projects remaining in the Borrowing Base. In addition, the Borrowers pay any resulting may exclude an Eligible Project from the calculation of the Borrowing Base Deficiency before without releasing it from the lien of its Deed of Trust at anytime provided at least six (6) Eligible Projects remain in the Borrowing Base; provided, however, that all covenants and conditions set forth in this Agreement shall continue to apply to such Eligible Project unless expressly otherwise agreed in writing by the Administrative Agent or contemporaneously with as otherwise provided in ARTICLE IX (Events of Default) hereof. The Administrative Agent may in its sole discretion agree to include a Facility occupied pursuant to a Qualified Ground Lease; provided, however, that at no time shall Eligible Projects subject to Qualified Ground Leases, plus Accommodator Eligible Projects subject to Qualified Ground Leases which are not a Sunrise Qualified Ground Leases (as defined in the Accommodator Financing Agreement) comprise more than twenty percent (20%) of the maximum availability under the Borrowing Base under this Credit Facility at any such releaseone time.

Eligible Projects. The Borrowers may from time to time with the consent of the Lenders designate a Facility owned by a Borrower or a Synthetic Lease Transaction as an Eligible Project to be included in the Borrowing Base pursuant to the terms hereof. The Facilities which are then Eligible Projects shall be listed on any future Borrowing Base Report. The Obligations shall be secured by all of the following property and assets of each Borrower, each Synthetic Lessee, ARC or any Affiliate, wherever situated with regard to each of the Eligible Projects: (a) a Deed of Trust on the fee simple interest held by the applicable Borrower in the premises of such Eligible Project and all other Improvements now or hereafter located thereon; or an assignment of an Assigned Note and the related Note Collateral pertaining to such Eligible Project which is the subject of a Synthetic Lease Transaction; provided that ARC will provide to the Agent for the benefit of the Lenders as additional Collateral for the applicable Assigned Note a first lien deed of trust on its fee ownership of any Eligible Project that is the subject of a Ground Lease in connection with a Synthetic Lease Transaction (each a "Fee Interest Deed of Trust" as it may from time to time be amended, restated or substituted); (b) a first lien security interest in all fixtures, building materials and all other machinery, equipment and other personality used or installed by any Borrower or the Synthetic Lessors or Synthetic Lessees on the premises of such Eligible Project or in the Improvements constructed thereon; and (c) all of the other Collateral relating to such Eligible Project. In connection with a Synthetic Lease Transaction the collateral described in (b) and (c) above may be assigned through and in connection with the assignment to the Agent of the Note Collateral. The Borrowers may obtain the release of an Eligible Project and all Collateral associated therewith from the liens of the applicable Deed of Trust or assignment of Assigned Note, Collateral Assignments, Security Documents and other Financing Documents at any time provided no Default or Event of Default has occurred and is continuing or would occur as a result of such release and provided that the provisions of Section 2.1 (c) and Section 7.2.1 are satisfied and provided that the Borrowers pay any resulting Borrowing Base Deficiency before or contemporaneously with any such release.or