Common use of Mortgage Coverage Clause in Contracts

Mortgage Coverage. The Administrative Agent shall be reasonably satisfied that, upon recording the Mortgages in the appropriate filing offices, it shall have a first priority Lien on at least 85% of the PV-9 of the Borrowing Base Properties; provided that Excepted Liens of the type described in clauses (a) to (d), (f), (i), (m) and (n) of the definition thereof (and subject to the provisos at the end of such definition) (the “Excepted Mortgaged Property Liens”) may exist.

Mortgage Coverage. The Administrative Agent shall be reasonably satisfied that, upon recording the Mortgages in the appropriate filing offices, it shall have a first priority Lien on at least 8590% of the PV-9 of the Borrowing Base Properties; provided that Excepted Liens of the type described in clauses (a) to (d), (f), (i), (m) and (n) of the definition thereof (and subject to the provisos at the end of such definition) (the “Excepted Mortgaged Property Liens”) may exist.