Acceptable Properties definition

Acceptable Properties means, as of any date, (a) the Initial Borrowing Base Properties; and (b) the Properties identified by Borrower in the Borrowing Base Report and approved by Administrative Agent, which Properties are (i) (A) Properties having three hundred (300) or more keys and competing in the upper-upscale segment as defined by ▇▇▇▇▇ Travel Research, (B) free and clear of any Liens (other than Permitted Liens), negative pledges, or other restrictions to the transfer or encumbrance of such Property, other than customary exceptions, reasonably acceptable to Administrative Agent, (C) located within the continental United States in a top 20 MSA, (D) branded by a nationally recognized hotel company reasonably acceptable to Administrative Agent, (E) owned, in fee simple title or through a leasehold interest in such Property pursuant to an Acceptable Ground Lease by (1) Borrower or (2) a Wholly Owned Subsidiary of Borrower that has executed a Subsidiary Guaranty and whose Equity Interests are owned, directly or indirectly by Borrower or a Subsidiary Guarantor, free and clear of any Liens (other than the Liens granted pursuant to the Loan Documents), (F) subject to management agreements, and franchise agreements, reasonably acceptable to Administrative Agent, (G) eligible for inclusion in the Borrowing Base pursuant to Section 4.04, or (ii) approved by Administrative Agent and Required Lenders or Super Majority Lenders, as applicable, pursuant to Sections 4.03 and 4.05, and “Acceptable Property” means any one of the Acceptable Properties.
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Acceptable Properties means those Properties which the Required Lenders determine meet the following criteria: Lenders have a recorded first mortgage and/or deed of trust in form satisfactory to Lenders; Lenders have received a mortgagee's title insurance policy insuring the priority of such mortgages issued by a title insurance company acceptable to Lenders containing only such restrictions as are acceptable to Lenders; Lenders have received a current "as-built" survey prepared by a surveyor acceptable to Lenders showing no encroachments or restrictions that would interfere with Borrower and Co-Obligors use of the Properties; Lenders have received a current appraisal prepared by an appraiser engaged by Lenders which appraisal complies in all respects with FIRREA and other regulatory requirements; and Lenders have received a current environmental survey concerning the Properties prepared by an environmental assessment firm reasonably acceptable to the Required Lenders and an Environmental Indemnity Agreement with respect to the Properties in form and content satisfactory to Lenders. Borrower and Co-Obligors shall pay all costs associated with obtaining the foregoing for any Properties whether or not the Properties ultimately become Acceptable Properties. The amount of the title insurance policy shall be the Renewal Amount.
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Examples of Acceptable Properties in a sentence

  • Borrower and Co-Obligors shall pay all costs associated with obtaining the foregoing for any Properties whether or not the Properties ultimately become Acceptable Properties.

  • Prior to the Second Closing of the portion of the Properties that have been designated by Borrower to continue to finance under this Agreement, the Required Lenders shall determine which of such Properties are "Acceptable Properties".

Related to Acceptable Properties

  • Eligible Property means property beneficially owned by a person or entity other than the Fund and held in a bank account maintained by BNYM for or on behalf of the Fund, or property held in a Fund shareholder account, which is (x) subject to reporting or escheat under an Unclaimed Property Law, (y) of a nature or type or classification reasonably related to the services performed by BNYM under this Agreement (such as cash amounts representing non-negotiated dividend checks and shares in abandoned shareholder accounts), and (z) under the control of BNYM.

  • Acceptable Collateral means the following assets of Borrowers, as long as such assets are (x) held in the Collateral Accounts, (y) subject to a first priority Lien in favor of the relevant Applicable Lender and not subject to any other Lien (other than Permitted Liens), and (z) the Collateral Requirement has been satisfied with respect thereto:

  • Excluded Properties the collective reference to the fee or leasehold interest in real properties owned by the Parent Borrower or any of its Subsidiaries not described in Schedule 5.8.

  • Borrowing Base Properties means the Oil and Gas Properties of the Loan Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 8.12.

  • rateable property means property on which the municipality may in terms of Section 2 of the Property Rates Act 2004 levy a rate, but excluding property fully excluded from the levying of rates in terms of Section 17 of that Act.