Approvals and Permits; Assets and Property. Borrower has obtained and there are in full force and effect all Approvals and Permits presently necessary for the conduct of the business of Borrower, and Borrower owns, leases, licenses or otherwise has rights to all assets necessary for conduct of the business and operations of Borrower, except as otherwise permitted pursuant to this Agreement, except for any failure to obtain and maintain in full force and effect any Approval or Permit or any failure to own, lease or license such assets that would not, individually or in the aggregate, (i) be materially adverse to the business, properties, assets, operations or condition (financial or otherwise) of Borrower or (ii) materially and adversely affect any Units, Lots or other property that is at any time included as Eligible Collateral. The assets of Borrower are not subject to any Liens and Encumbrances, other than (A) the Liens and Encumbrances created pursuant to this Agreement; (B) the Permitted Exceptions with respect to property encumbered by a Deed of Trust; and (C) with respect to other assets of Borrower that are not encumbered by a Deed of Trust, Liens and Encumbrances that have been taken into account in the preparation of financial statements and reports of Borrower delivered to the Lender. To the extent Borrower makes or intends to make sales of Units prior to the issuance of any applicable public reports, Borrower has, and will at all times maintain, all special exemption orders and other approvals and permits that are necessary or appropriate.
Approvals and Permits; Assets and Property. Except as disclosed to Lender in writing prior to the date hereof, to the best knowledge of Borrower, (i) Borrower has all Approvals and Permits necessary for the development currently taking place at each Qualified Project and (ii) there are no facts or circumstances known to Borrower that would materially impair the ability of Borrower to obtain Approvals and Permits necessary for the future development of each Qualified Project or to otherwise continue the contemplated development of said Qualified Project. In the event that the foregoing representation and warranty shall cease to be true in all material respects with respect to a Qualified Project or portion thereof, such Qualified Project (or portion thereof, as the case may be) shall cease to be part of the Borrowing Base until such time as such representation and warranty shall become true in all material respects.
Approvals and Permits; Assets and Property. Except as disclosed to Lender in writing prior to the date hereof, to the best knowledge of Borrower, there are no facts or circumstances known to Borrower that would materially impair the ability of Borrower to obtain Approvals and Permits necessary for the future development of the Project or to otherwise continue the contemplated development of the Project.
Approvals and Permits; Assets and Property. Borrower and each Loan Party has obtained and there are in full force and effect all Approvals and Permits presently necessary for the conduct of the business of Borrower and each Loan Party, and Borrower and each Loan Party owns, leases or licenses all assets necessary for conduct of the business and operations of Borrower and each Loan Party, in each case to the extent the failure to have would reasonably be expected to result in a Material Adverse Change. The assets of each Subsidiary Guarantor are not subject to any Liens and Encumbrances, other than those permitted under Section 7.9.
Approvals and Permits; Assets and Property. Borrower and each Loan Party has obtained and there are in full force and effect all Approvals and Permits presently necessary for the conduct of the business of Borrower and each Loan Party, and Borrower and each Loan Party owns, leases, or licenses all assets necessary for conduct of the business and operations of Borrower and each Loan Party, except as otherwise permitted pursuant to this Agreement. The assets of each Loan Party are not subject to any Liens and Encumbrances, other than (i) the Liens and Encumbrances created pursuant to this Agreement or any other Loan Document, and (ii) the Permitted Exceptions with respect to Subdivisions.
Approvals and Permits; Assets and Property. Borrower has obtained and there are in full force and effect all material Approvals and Permits. Borrower owns or leases all assets and property necessary for conduct of the business and operations of Borrower. Such assets and property are not subject to any Liens and Encumbrances, other than Permitted Exceptions.
Approvals and Permits; Assets and Property. To the best knowledge of Borrower, Borrower has obtained and there are in full force and effect all approvals and permits presently necessary for the conduct of the business of each Borrower, and each Borrower owns, leases, or licenses all assets and property necessary for conduct of the business and operations of such Borrower, except as otherwise permitted pursuant to this Agreement, except for any failure to own, lease or license such assets and property that would not, individually or in the aggregate, be materially adverse to the business, properties, assets, operations, prospects, or condition (financial or otherwise) of Borrower.
Approvals and Permits; Assets and Property. Borrower and each Loan Party has obtained and there are in full force and effect all Approvals and Permits presently necessary for the conduct of the business of Borrower and each Loan Party, and Borrower and each Loan Party owns, leases or licenses all assets necessary for conduct of the business and operations of Borrower and each Loan Party. The assets of Borrower and each Project Borrower are not subject to any Liens and Encumbrances, other than (i) the Liens and Encumbrances created pursuant to this Agreement or any other Loan Document, (ii) the Permitted Exceptions with respect to property encumbered by the Mortgage Instruments, and (iii) with respect to other assets of Borrower or any other Loan Party that are not encumbered by the Mortgage Instruments, Liens and Encumbrances that have been taken into account in the preparation of financial statements and reports of Borrower and such other Loan Parties delivered to Administrative Agent or any Lender or otherwise securing Indebtedness permitted under Section 7.10.
Approvals and Permits; Assets and Property. Except as disclosed to Administrative Agent and Banks in writing prior to the date hereof, to the best knowledge of Borrower, (a) Borrower has all Approvals and Permits necessary for the development currently taking place at the Project and (b) there are no facts or circumstances known to Borrower that would materially impair the ability of Borrower to obtain Approvals and Permits necessary for the future development of the Project or to otherwise continue the contemplated development of the Project.
Approvals and Permits; Assets and Property. Borrower has obtained and there are in full force and effect all Approvals and Permits presently necessary for the conduct of their respective businesses, and each owns, leases, or licenses all assets necessary for conduct of their respective businesses and operations, except as otherwise permitted pursuant to this Agreement, except for any failure to obtain and maintain in full force and effect any Approval or Permit or any failure to own, lease or license such assets that would not, individually or in the aggregate, (i) be materially adverse to their respective businesses, properties, assets, operations or condition (financial or otherwise), or (ii) materially and adversely affect any Approved Subdivision (or the Lots contained therein) or other property that is at any time included as Eligible Collateral. The Collateral is not subject to any Liens and Encumbrances, other than (A) the Liens and Encumbrances created pursuant to this Agreement and the other Loan Documents; and (B) the Permitted Exceptions. The assets of Borrower (other than Collateral) are not subject to any Liens and Encumbrances other than Liens and Encumbrances disclosed on the financial statements of Borrower (to the extent required to be disclosed on such financial statements in accordance with GAAP).
