Material Property Event definition

Material Property Event means, with respect to any Borrowing Base Property, the occurrence of any event or circumstance occurring or arising after the date of this Agreement that could reasonably be expected to have a (a) material adverse effect with respect to the financial condition or the operations of such Borrowing Base Property, (b) material adverse effect on the Borrowing Base Asset Value of such Borrowing Base Property, or (c) material adverse effect on the ownership of such Borrowing Base Property.

Material Property Event means, with respect to any Unencumbered Property, the occurrence of any event or circumstance occurring or arising after the date of this Agreement that resulted in a (a) material adverse effect with respect to the financial condition or the operations of such Unencumbered Property, (b) material adverse effect on the value of such Unencumbered Property, or (c) material adverse effect on the ownership of such Unencumbered Property.

Material Property Event means the occurrence of any event or circumstance that would reasonably be expected to result in a material adverse effect with respect to the use, operations or marketability of an Unencumbered Eligible Property.

Examples of Material Property Event in a sentence

• Each Obligor holding title to a Collateral Property shall punctually pay, perform, observe, and keep all covenants, obligations, and conditions in or pursuant to any Permitted Liens, unless the failure to do so is not reasonably likely to result in a Material Property Event.

• No material Casualty has occurred with respect to all or any part of any Borrowing Base Property, other than any Casualty with respect to a Borrowing Base Property for which the Administrative Agent shall have received notice in accordance with Section 6.7 and the Improvements on any Borrowing Base Property have not been damaged (ordinary wear and tear excepted) and not repaired, except as could not reasonably be expected to cause a Material Property Event.

• There is no fact presently known to any Loan Party which has not been disclosed to the Lenders which would have a Material Adverse Effect or could reasonably be expected to cause a Material Property Event.

• All sums due and owing by any Obligor to the other parties to each REA (or by the other parties to each REA to any Obligor) pursuant to the terms of such REA, have been paid, are current, and no lien has attached on any Collateral Property (or threat thereof been made) for failure to pay any of the foregoing except where such failure could not reasonably be expected to cause a Material Property Event.

• To its knowledge, there are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other agency now pending or threatened against or affecting any Collateral Property, which actions, suits or proceedings, if determined against such Collateral Property, would reasonably be expected to have a Material Adverse Effect or Material Property Event.

More Definitions of Material Property Event

Material Property Event means, with respect to any Property, the occurrence of any event or circumstance occurring or arising after the date of this Agreement that could reasonably be expected to result in a material adverse effect with respect to the financial condition or the operations of such Property.

Material Property Event means, with respect to any Borrowing Base Property, the occurrence of any event or circumstance occurring or arising after the date of this Agreement that could reasonably be expected to result in a (a) material adverse effect with respect to the financial condition or the operations of such Borrowing Base Property, (b) material adverse effect on the Appraised Value of such Borrowing Base Property, or (c) material adverse effect on the ownership of such Borrowing Base Property.

Material Property Event means, with respect to any Collateral Property, the occurrence of any event or circumstance that could result in (a) a material adverse effect with respect to the financial condition or the operations of the Collateral Properties, taken as a whole, or (b) material adverse effect on the value or ownership of the Collateral Properties, taken as a whole.

Material Property Event means, with respect to any Borrowing Base Property, the occurrence of any event or circumstance occurring or arising after the date of this Agreement that could reasonably be expected to have a (a) material adverse effect with respect to the financial condition or the operations of such Borrowing Base Property, (b) material adverse effect on the Borrowing Base Value of such Borrowing Base Property, (c) material adverse effect on the ownership of such Borrowing Base Property, or (d) a material impairment of the Lien granted to Administrative Agent with respect to the applicable Borrowing Base Property Owners and Consolidated Owners thereof, or the related deposit and cash management accounts.

Material Property Event means, with respect to any Borrowing Base Property, the occurrence of any event or circumstance occurring or arising after the date of this Agreement that could reasonably be expected to have a (a) material adverse effect with respect to the financial condition or the operations of such Borrowing Base Property, (b) material adverse effect on the value of such Borrowing Base Property, or (c) material adverse effect on the ownership of such Borrowing Base Property, but only to the extent and prior to the release of such Property as a Borrowing Base Property. Lenders acknowledge and agree that a default under a non-recourse loan for assets leased to Borders shall not be deemed to cause a Material Property Event and a lease rejection by Borders for leases with Borders shall not be deemed to cause a Material Property Event.

Material Property Event with respect to any Eligible Unencumbered Asset, the occurrence of any event or circumstance occurring or arising after the Third Amendment Effective Date that could reasonably be expected to have a (a) material adverse effect with respect to the financial condition or the operations of such Eligible Unencumbered Asset, (b) material adverse effect on the ownership of such Eligible Unencumbered Asset, or (c) result in a Material Environmental Amount.

Material Property Event with respect to any Eligible Unencumbered Asset, the occurrence of any event or circumstance occurring or arising after the Second Amendment Effective Date that could reasonably be expected to have a (a) material adverse effect with respect to the financial condition or the operations of such Eligible Unencumbered Asset, (b) material adverse effect on the ownership of such Eligible Unencumbered Asset, or (c) result in a Material Environmental Amount.