Common use of Material Real Property Clause in Contracts

Material Real Property. To the extent that any Material Real Property is acquired (which may be by completion of construction), in any transaction or series of related transactions, by a Loan Party or a Material Subsidiary during any fiscal quarter of the Parent Guarantor, within thirty (30) days (or such longer period of time agreed by the Administrative Agent) after a Compliance Certificate is required to be delivered for such quarter under Section 6.01(a) or (b), deliver (i) a mortgage or deed of trust, (ii) any existing environmental reports, (iii) insurance certificates or certificates of the type referred to in Section 4.02(b)(i) to the extent requested by the Administrative Agent, and (iv) other documents reasonably requested by the Administrative Agent in connection with granting and perfecting a First Priority Lien on such Material Real Property in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, in each case in form and substance reasonably acceptable to the Administrative Agent. As used herein, “Material Real Property” means any processing plant, terminal, and any other Real Property (other than Pipeline Real Property) owned in fee by any Loan Party or a Restricted Subsidiary, or group of related tracts of Real Property (other than Pipeline Real Property), acquired (whether acquired in a single transaction or in a series of transactions) or owned by a Loan Party or any Restricted Subsidiary having a fair market value (including the fair market value of improvements owned by any Loan Party or Restricted Subsidiary and located thereon) on such date of determination equal to $25.0 million or more.