Leasehold Properties

Leasehold Properties. Means leasehold properties of the Borrowers acceptable to the Collateral Monitoring Agent, which have an appraised value on a net orderly liquidation basis (as demonstrated by an appraisal satisfactory to the Collateral Monitoring Agent from appraisers satisfactory to the Collateral Monitoring Agent) such that 37.5% thereof is equal to at least $75 million (or, to the extent less than $75 million, appropriate Reserves in the Borrowing Base have been established satisfactory to the Collateral... Monitoring Agent). View More