Borrowing Base Requirements means with respect to the calculation of the Borrowing Base, collectively, that:
Borrowing Base Requirements means with respect to the calculation of the Borrowing Base, collectively that (a) at all times such calculation shall be based on no less than ten (10) Eligible Properties; (b) the Borrowing Base Value shall at all times be equal to or in excess of $100,000,000; (c) no more than 20% of the Borrowing Base Value may be comprised of Eligible Properties which are not used as retail (provided entertainment Properties shall not constitute retail), office or mixed-use retail/office Properties; (d) no more than 25% of the Borrowing Base Value may be comprised of any one Eligible Property (for the avoidance of doubt, an Eligible Property that exceeds this sublimit may be included in the calculation of Borrowing Base Value; provided, that any amount over 25% of the Borrowing Base Value is excluded from the calculation of the Borrowing Base Value); (e) no more than 20% of Borrowing Base Value may be from (i) Eligible Properties that derive less than 80% of their Property NOI from a single Tenant (for the avoidance of doubt, to the extent such Eligible Properties exceed this sublimit, they may be included in the calculation of Borrowing Base Value in an amount of up to 20% of the Borrowing Base Value), or (ii) from any single Tenant, unless such Tenant’s Rating is equal to or better than BBB-/Baa3 from S&P or Xxxxx’x (a “Prime Tenant”), respectively (for the avoidance of doubt, to the extent that any single Tenant, other than a Prime Tenant, exceeds this sublimit, the related Eligible Properties may be included in the calculation of Borrowing Base Value in an amount of up to 20% of the Borrowing Base Value); (f) no more than 30% of Borrowing Base Value may be comprised of Permitted Ground Lease Investments; (g) the Eligible Properties (other than Permitted Ground Lease Investments) must have an aggregate Occupancy Rate of at least 85%; and (h) no more than 35% of the Borrowing Base Value may be comprised of Eligible Properties which are located in the same MSA (for the avoidance of doubt, an Eligible Property that exceeds this sublimit may be included in the calculation of Borrowing Base Value, provided, that any amount over 35% of the Borrowing Base Value is excluded from the calculation of the Borrowing Base Value).
Borrowing Base Requirements means, as of the date of a Borrowing Base Certificate, (a) the Available Borrowing Base exceeds the Outstanding P&I plus Operating Expenses and (b) the Interest Rate Coverage Ratio is not less than 1.40:1.00.
Examples of Borrowing Base Requirements in a sentence
Furthermore, any differences in the annual results need to be explained, measured and presented in a reconciliation table.
This Agreement may be executed in any number of separate counterparts, all of which shall collectively constitute one agreement.
The Borrowing Base Requirements and the Parent Hotel Property Requirements are met.
So that for the actions of the creditor who abuses personal data, the debtor as the party who is harmed is entitled to legal protection as appropriate, namely to get compensation for the loss he suffered, because it was the result of the creditor's actions.Therefore, it would be better if people weremore careful in choosing online loans.
In connection with the Company’s grant of a Lien and mortgage on any Real Property Asset, the Administrative Agent shall receive all mortgage documentation (including leasehold mortgage documents, if applicable) necessary in the Administrative Agent’s discretion to satisfy the Borrowing Base Requirements for such Real Property Asset and to grant the Administrative Agent a first priority Lien in such Real Property Asset.
More Definitions of Borrowing Base Requirements
Borrowing Base Requirements means with respect to the calculation of clause (a)(i) of the Borrowing Base, collectively that (a) at all times such calculation shall be based on no less than twenty (20) Eligible Properties; (b) the aggregate Occupancy Rate for all Eligible Properties shall be greater than 80%; and (c) no more than 25% of the Aggregate Borrowing Base Value may be comprised of any one Eligible Property.
Borrowing Base Requirements means collectively that (a) no more than 10% of the Borrowing Base Value may be comprised of Eligible Properties which are leased by Borrower pursuant to a Qualified Ground Lease; (b) no more than 20% of the Borrowing Base Value may be comprised of Eligible Properties which are neither SNF’s or ALF’s; (c) no more than 15% of the Borrowing Base Value may be comprised of Eligible Properties which are not 100% owned by Borrower and/or any Guarantor (exclusive of Eligible Properties attributable to (a) above) and (d) no more than 10% of the Borrowing Base Value may be comprised of any one Eligible Property.
Borrowing Base Requirements means with respect to the calculation of clause (a)(i)(A) of the Borrowing Base, collectively that (a) at all times such calculation shall be based on no less than twelve (12) Eligible Properties; (b) no more than 20% of the Aggregate Borrowing Base Value may be comprised of Eligible Properties which have Occupancy Rates of more than 70% but less than 80%; (c) no more than 15% of the Aggregate Borrowing Base Value may be comprised of any one Eligible Property with an Occupancy Rate of less than 80%; and (d) no more than 25% of the Aggregate Borrowing Base Value may be comprised of any one Eligible Property.
Borrowing Base Requirements means with respect to the calculation of clause (a)(i)(A) of the Borrowing Base, collectively that (a) at all times such calculation shall be based on no less than twelve (12) Eligible Properties; (b) the aggregate Occupancy Rate for all Eligible Properties shall be greater than (i) for each calculation made on or prior to December 31, 2014, 75% and (ii) at all times thereafter, 80%; and (c) no more than 25% of the Aggregate Borrowing Base Value may be comprised of any one Eligible Property; provided that, for each calculation made on or prior to December 31, 2013, the Xxxx Xxxx Property may, to the extent it constitutes an Eligible Property, comprise up to 35% of the Aggregate Borrowing Base.
Borrowing Base Requirements means, as of the date of a Borrowing Base Certificate, the Available Borrowing Base exceeds the Outstanding Principal.
Borrowing Base Requirements means with respect to the calculation of clause (a)(i) of the Borrowing Base, collectively that (a) at all times such calculation shall be based on no less than twenty (20) Eligible Properties; (b) the aggregate Occupancy Rate for all Eligible Properties shall be greater than 80%; and (c) no more than 25% of the Aggregate Borrowing Base Value may be comprised of any one Eligible Property; (d) no more than 5% of the Aggregate Borrowing Base Value may be attributable to Borrowing Base Properties owned by the PROP Subsidiaries; (e) from and after the second anniversary of the Second Amendment Closing Date, no Borrowing Base Value attributable to Borrowing Base Properties owned by a PROP Subsidiary may be included in the calculation of the Aggregate Borrowing Base Value or Borrowing Base; and (e) no more than 15% of the Aggregate Borrowing Base Value may be attributable to Post-Development Assets.
Borrowing Base Requirements means collectively that (a) both the Investment Amount and total guest rooms for the Eligible Properties which are located outside the United States in the aggregate shall not exceed 15% of the Investment Amount and total guest rooms, as applicable, for all Eligible Properties and shall only be in an Approved Other Country; (b) both the Investment Amount and total guest rooms for the Eligible Properties which are located in any one state in the aggregate shall not exceed 20% (except for New York, Florida, Texas and California which shall not exceed 30% for each such state) of the Investment Amount and total guest rooms, as applicable, for all Eligible Properties; (c) both the Investment Amount and total guest rooms for the Eligible Properties which are limited service hotels in the aggregate shall not exceed 10% of the Investment Amount and total guest rooms, as applicable, for all Eligible Properties; (d) both the Investment Amount and total guest rooms for the Eligible Properties which are not operated under any franchise or license agreement in the aggregate shall not exceed (i) prior to June 30, 1999, 30% and (ii) thereafter, 20% of the Investment Amount and total guest rooms, as applicable, for all Eligible Properties; (e) no Hotel Property or other Property shall cause the Parent to forfeit the Parent's tax status as a REIT; (f) both the Investment Amount and total guest rooms for Eligible Properties which are subject to a ground lease (excluding the LeMeridien Hotel in New Orleans, Louisiana; the golf course lease for the Marriott Seaview Resort in Atlantic City, New Jersey; the parking lot lease for the Radisson South Hotel in Bloomington, Minnesota; and the Princess Hotel in San Diego, California, if acquired by the Borrower or its Subsidiary) in the aggregate shall not exceed 20% of the Investment Amount and total guest rooms, as applicable, for all Eligible Properties; (g) the total guest rooms for Eligible Properties which are out of service at any one time in the aggregate shall not exceed 15% of the total guest rooms for all Eligible Properties; (h) no more than 20% of the Borrowing Base may be comprised of Renovating Properties; (i) no more than 20% of the Borrowing Base may be comprised of Hotel Properties owned or leased by Joint Venture Subsidiaries and (j) no more than 20% of the Borrowing Base may be comprised of any one Eligible Property.