Pool A Project definition

Pool A Project means any Eligible Project for which, when the Borrowing Base is computed at the end of a reporting period, (a) either (i) construction has been on-going for not more than fifteen (15) months or (ii) it is a Completed Facility not later than fifteen (15) months after the date on which the applicable Deed of Trust was executed; or (b) after it is a Completed Facility, meets the Minimum Occupancy Requirement and Fixed Charge Coverage Ratio Requirement.

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Pool A Project means any Eligible Project which, at any time when the Borrowing Base is computed, meets the applicable Pool A covenants set forth in Section 7.2.2 hereof.

Pool A Project means any Facility for which, when the Borrowing Base is computed at the end of a reporting period meets the Minimum Occupancy Requirement and Fixed Charge Coverage Ratio Requirement.

Examples of Pool A Project in a sentence

• Each Pro Forma Operating Statement shall demonstrate to the Agent's satisfaction in its sole discretion that the Eligible Project will qualify and is likely to continue to qualify as a Pool A Project.

• The following provisions shall determine whether a Facility qualifies as a Pool A Project under applicable circumstances.

• If any Eligible Project does not qualify as a Pool A Project, it shall be classified as a Pool B Project or a Pool C Project based upon the length of time that it has failed to satisfy the applicable criteria for a Pool A Project.

• Neither Borrower shall continue to own any Released Project, nor shall the Texas Partnership be the owner of, or the tenant under a lease with respect to, any Released Project; provided, however, except in the case of a sale of a Pool A Project, nothing herein shall be construed as prohibiting any Released Project from being owned by ALC or an ALC subsidiary other than either Borrower or the Texas Partnership.

• Any Eligible Project to be constructed or under construction must qualify as a Pool A Project when it is added to the Borrowing Base; however, any Completed Facility or Acquisition Project which is completed may be added to the Borrowing Base as either a Pool A Project, a Pool B Project or a Pool C Project.

• Any Eligible Project ceases to be a Pool A Project provided, however, the Borrower may cure such default by paying in full the applicable Facility Owner Note and removing such Eligible Project from the Borrowing Base within three (3) Banking Days of notice by the Administrative Agent.

• Each Total Development Budget for an Eligible Project shall include an interest reserve (the "Interest Reserve"), an Operating Reserve, a hard cost contingency reserve of not less than five percent (5%) of the total budgeted construction costs and a development fee payable to the Borrower (the "Development Fee") and shall demonstrate to the Agent's satisfaction in its sole discretion that the Eligible Project will be designated as a Pool A Project.

• Any Eligible Project must qualify as a Pool A Project when it is added to and while it remains in the Borrowing Base.

• Each Pro Forma Operating Statement shall demonstrate to the Lender's satisfaction in its sole discretion that the Eligible Project will qualify and continue to qualify as a Pool A Project.

• Borrowers shall have provided Agent with written notice of the requested release at least thirty (30) days, as to a Pool A Project, or ten (10) days, as to a Pool B Project, prior to the requested closing date which notice may be conditioned on the closing of the sale or refinancing transaction, the proceeds of which are intended to be used by Borrowers to prepay the Loan in accordance with the terms hereof.