Adverse Property Effect definition

Adverse Property Effect means any event or condition that (a) has a material adverse effect on the business, assets, properties, operations or financial or other condition of any Credit Party individually or of the Credit Parties taken as a whole, (b) materially impairs the ability of the Borrower or any Credit Party to perform its respective obligations under this Agreement or any other Loan Document or (c) materially and adversely affects any particular Real Property Asset, or the Lien (including, without limitation, the intended priority thereof) granted to Agent (for the benefit of itself and the other Lenders) with respect to the applicable Real Property Asset, or materially impairs the validity or enforceability of, or materially impairs the rights, remedies or benefits available to Agent or Lenders with respect to the applicable Real Property Asset; provided, however, that any event or condition will be deemed to have an "Adverse Property Effect" if such event or condition when taken together with all other events and conditions occurring or in existence at such time (including all other events and conditions which, but for the fact that a representation, warranty or covenant is subject to a materiality exception, would cause such representation or warranty contained herein to be untrue or such covenant to be breached) would result in an "Adverse Property Effect", even though, individually, such event or condition would not do so.
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Examples of Adverse Property Effect in a sentence

  • Each Credit Party shall comply with all Legal Requirements pertaining to it, to each Real Property Asset and to its use, occupancy, maintenance, repair, replacement, restoration, operation, management and ownership thereof, except to the extent noncompliance shall not have an Adverse Property Effect.

  • No Subsidiary Guarantor shall enter into any agreement or instrument or become subject to any restriction which could reasonably be expected to have a Material Adverse Effect or a Material Adverse Property Effect.

  • With respect to each of the Select Real Property Assets and the other Mortgaged Real Property Assets, there are no Permits that have not been validly issued and are not in full force and effect the failure of which to obtain or maintain would have, or could reasonably be expected to have, an Adverse Property Effect.

  • No Subsidiary Guarantor is in default under any Lease which default, individually or in the aggregate, has or reasonably could have a Material Adverse Effect or a Material Adverse Property Effect, and no Subsidiary Guarantor’s interest therein is subject to any claim, setoff, or encumbrance.

  • Neither any Loan Party nor any Subsidiary thereof is in default beyond any applicable grace period under or with respect to, any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or a Material Adverse Property Effect.

  • All utility services necessary for the use and operation of each Collateral Property are available at the boundaries thereof, including electric and natural gas facilities, telephone service, water supply, storm and sanitary sewer facilities, except, in each case, as otherwise could not reasonably be expected to have a Material Adverse Effect or a Material Adverse Property Effect.

  • Each Loan Party has disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject, or by which any of the Collateral Properties is bound, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect or a Material Adverse Property Effect.

  • Equipment, machinery, apparatus, fixtures, structures and installations and other items of personal property may be substituted for portions of the Theatre Improvements and Equipment if (subject to the terms of paragraph (i) of Section 9 hereof) such substitution is consistent with prudent business practices and could not reasonably be expected to adversely affect the Tenant's ability to perform its obligations under this Lease nor result in a Material Adverse Property Effect.

  • To Borrower’s knowledge, no Subsidiary Guarantor is in default under any agreement or instrument to which it is a party or by which its Collateral Property is bound which default, individually or in the aggregate, has or reasonably could have a Material Adverse Effect or a Material Adverse Property Effect.

  • Tenant will not make any Capital -------------------- Expenditures with respect to any Theatre Improvements or Equipment other than Capital Expenditures that will not have a Material Adverse Property Effect.