Borrowing Base Property Clause Samples

Borrowing Base Property. Each Borrowing Base Property satisfies the following criteria: (i) such Borrowing Base Property is leased to an Operating Lessee; (ii) such Borrowing Base Property is designated a full-service property (in accordance with industry standard, as reasonably determined by Administrative Agent); (iii) the Specified Borrowing Base Properties shall at all times be luxury or better quality hotels, and Marriott Lincolnshire shall at all times be an upper-upscale, luxury or better quality hotel, as designated by ▇▇▇▇▇ Travel Research (or a similar successor company designated by Administrative Agent); (iv) such Property is operated under a nationally recognized brand (a) in the case of Marriott Lincolnshire, by an Approved Manager (as set forth on Schedule IV of the Original Agreement) and (b) in the case of the Specified Borrowing Base Properties, by an Approved Luxury Manager; (v) such Borrowing Base Property is fully operating, open to the public and not under development or redevelopment (except for routine, ordinary course renovation, maintenance and repair that does not result in the closure of more than fifteen percent (15%) of the rooms at such hotel); provided, however, that temporary closure due to force majeure events, not to exceed five (5) Business Days, shall be permitted; (vi) such Borrowing Base Property is not subject to or encumbered by any Indebtedness other than Permitted Borrowing Base Debt; (vii) such Borrowing Base Property is free of material structural defects or material environmental issues; (viii) neither such Borrowing Base Property nor the Property Owner thereof is encumbered with Permitted Borrowing Base Debt or any other Material Agreement that by its terms precludes the grant of the Collateral or the exercise by or on behalf of the Secured Creditors of remedies with respect to the Collateral; and (ix) the Property Owner of such Borrowing Base Property is Borrower or a Subsidiary Guarantor.

Borrowing Base Property. The Additional Borrower will be utilizing loan proceeds advanced under the Credit Agreement with respect to the following Borrowing Base Properties: ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇ (the “Cleveland, Ohio Property”) and ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Livingston, Texas (“Livingston, Texas Property”). The Additional Borrower represents and warrants that use of such loan proceeds shall be in accordance with the terms and conditions of the Credit Agreement.

Borrowing Base Property. The REIT and the Borrowers make the following representations and warranties concerning each Borrowing Base Property. (a) OFF-SITE UTILITIES. All water, sewer, electric, gas, telephone and other utilities are installed to the property lines of the Borrowing Base Property and, except in the case of drainage facilities, are connected to the Buildings located thereon with valid permits and are adequate to service the Building in material compliance with applicable law.

Borrowing Base Property. At the relevant time of reference, the Eligible Real Estate, plus any other Real Estate approved by the Majority Banks in their sole good faith judgment. The Borrowing Base Properties as of the date hereof are listed in Schedule 2 hereto. Borrowing Base Value.

Borrowing Base Property. Cash and Equivalents (minus $40,000,000) (100% of value) (+) $ 2. Entitled Land (50% of cost) (+) $ 3. LUD (65% of cost) (+) $ 4. Lots (75% of cost) (+) $ 5. Model Houses (85% of cost) (+) $ 6. Pre-Sold Houses (90% of cost) (+) $ 7. Spec Houses (90% of cost; reduced to 75% at 18 months, and reduced to 50% at 24 months) (+) $ 8. Total of Lines 1 through 7: $

Borrowing Base Property. Cash and Equivalents (minus $25,000,000) (100% of value) (+) $____________

Borrowing Base Property. The REIT and the Borrowers make the following representations and warranties concerning each Borrowing Base Property. (a) OFF-SITE UTILITIES. All water, sewer, electric, gas, telephone and other utilities are installed to the property lines of the Borrowing Base Property and, except in the case of drainage facilities, are connected to the Building located thereon with valid permits and are adequate to service the Building in compliance with applicable law. (b) ACCESS, ETC. The streets abutting the Borrowing Base Property are public roads, to which the Borrowing Base Property has direct access by trucks and other motor vehicles and by foot, or are private ways (with direct access by trucks and other motor vehicles and by foot to public roads) to which the Borrowing Base Property has direct access. All private ways providing access to the Borrowing Base Property are zoned in a manner which will permit access to the Building over such ways by trucks and other commercial and industrial vehicles.

Borrowing Base Property. The Additional Borrower will be utilizing loan proceeds advanced under the Credit Agreement with respect to the following Borrowing Base Properties: ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, Westminster, Colorado (the “Westminster, Colorado Property”). The Additional Borrower represents and warrants that use of such loan proceeds shall be in accordance with the terms and conditions of the Credit Agreement.

Borrowing Base Property. The Additional Borrower will be utilizing loan proceeds advanced under the Credit Agreement with respect to the following Borrowing Base Properties: ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ (the “Sylva, North Carolina Property”). The Additional Borrower represents and warrants that use of such loan proceeds shall be in accordance with the terms and conditions of the Credit Agreement.