Minimum Borrowing Base Properties Sample Clauses
The Minimum Borrowing Base Properties clause sets a required threshold for the value or number of assets that must be maintained as collateral to support a loan or credit facility. In practice, this clause specifies the types of properties or assets that qualify for inclusion in the borrowing base and establishes a minimum value or quantity that must be upheld at all times. For example, it may require that a borrower always maintain at least a certain number of eligible real estate properties or a minimum appraised value in the borrowing base. The core function of this clause is to protect the lender by ensuring there is always sufficient collateral backing the loan, thereby reducing credit risk and providing a clear standard for compliance.
Minimum Borrowing Base Properties. Maintain a minimum of fifteen (15) Borrowing Base Properties at all times.
Minimum Borrowing Base Properties. Subject to this Section 8.5, the Borrower shall not, and shall not permit any other Obligor or any Subsidiary of the Borrower or any other Obligor to,
(i) sell, transfer, encumber with a Lien or otherwise dispose of any Borrowing Base Property included in the calculation of the Borrowing Base Value; or
(ii) remove any Borrowing Base Property from the calculation of the Borrowing Base Value pursuant to (b)(ii); or
(iii) substitute any Potential Borrowing Base Property(s) for any existing Borrowing Base Properties; unless, immediately following such sale, transfer, disposition, removal or substitution (x) there shall be at least eight (8) Borrowing Base Properties included in the calculation of the Borrowing Base Value and (y) the Borrowing Base Value would be at least $300,000,000 (the “Minimum Borrowing Base Requirements”). Simultaneously with any such proposed sale, transfer, disposition, removal or substitution, the Borrower shall deliver to the Agent a certificate (a “Minimum Borrowing Base Certificate”) of a Responsible Officer of the REIT Guarantor certifying compliance with the Minimum Borrowing Base Requirements.
Minimum Borrowing Base Properties. Permit there to be less than four (4) Properties in the Borrowing Base.
Minimum Borrowing Base Properties. Section 4.2(a) of the Loan Agreement is hereby amended and restated in its entirety as follows:
(a) The Borrowing Base shall contain at least five (5) Borrowing Base Properties, provided that for purposes of this clause (a), in no event shall the Borrowing Base Properties owned by RPT Hialeah I, LLC, and RPT Hialeah II, LLC collectively count as more than one (1) Borrowing Base Property;”