Eligible Real Estate. Real Estate:
Eligible Real Estate. Real Estate which at all times satisfies the following requirements:
(a) which is wholly-owned in fee by the Borrower or a Subsidiary Guarantor (or is leased by the Borrower or a Subsidiary Guarantor under a Ground Lease with a remaining term of thirty (30) years or more (inclusive of any unexercised extension options which are exercisable solely at the discretion of the lessee) at all times such Real Estate is a Borrowing Base Asset), the Equity Interests of which, prior to inclusion of such Real Estate as a Borrowing Base Asset and in the calculation of the Borrowing Base Availability, shall have been made subject to a first priority Lien in favor of the Agent or, subject to §7.20(a)(xiii), which is wholly-owned in fee by an Approved JV (or is leased by such Approved JV under a Ground Lease with a remaining term of thirty (30) years or more (inclusive of any unexercised extension options which are exercisable solely at the discretion of the lessee) at all times such Real Estate is a Borrowing Base Asset) and, prior to inclusion of such Real Estate as a Borrowing Base Asset and in the calculation of the Borrowing Base Availability, the direct or indirect Equity Interests of the Borrower in such Approved JV shall have been made subject to a first priority Lien in favor of the Agent (provided, for the avoidance of doubt, that any direct or indirect Equity Interests in such Approved JV held by any Person other than the Borrower or a Subsidiary of the Borrower (which Subsidiary is not itself an Approved JV) shall not be required to be made subject to a first priority Lien in favor of the Agent);
(b) which is located within the United States;
(c) which is used as an income-producing Medical Property;
(d) as to which all of the representations set forth in §6 of this Agreement concerning such Real Estate are true and correct in all material respects (provided that to the extent that all or any portion of the representations and warranties contained in §6 is qualified by “Material Adverse Effect” or any other materiality qualifier, then the qualifier therein contained shall apply in lieu of the “in all material respects” contained in this clause (d);
(e) which is not subject to any Lien other than the Lien of the Agent and other Liens expressly permitted under §8.2;
(f) as to which (i) such Real Estate shall be in compliance in all material respects with all applicable Healthcare Laws and Environmental Laws, (ii) the Borrower, such Subsidiary Guarantor or Approv...
Eligible Real Estate. With respect to Developed Lots, Fall Foundation Lots, Lots under Development, Model Homes, Real Estate Held for Development, Home Work-In-Process, Speculative Homes, or any other form or type of real estate of the Company or any Restricted Subsidiary which may be considered for the purposes of the Borrowing Base, the term "Eligible" used in connection with any such type of real estate shall mean that portion of real property (a) owned in fee simple title by the Company or a Restricted Subsidiary, and (b) which is not subject to any mortgage, lien, or encumbrance, except for Unleveraged Seller Financing, and except for reservations, exceptions, encroachments, easements, rights-of-way, restrictions, leases or other similar title exceptions which do not materially detract from the value of such real estate or interfere with its use or resale.
Eligible Real Estate. Agent shall have the right to establish, modify, or eliminate Reserves against Eligible Real Estate from time to time in its reasonable credit judgment. In addition, Agent reserves the right, at any time and from time to time after the Closing Date, to adjust any of the applicable criteria, to establish new criteria and to adjust advance rates with respect to Eligible Real Estate in its reasonable credit judgment, subject to the approval of Required Lenders in the case of adjustments, new criteria or changes in advance rates which have the effect of making more credit available.
Eligible Real Estate. Based on the most recent Borrowing Base -------------------- Certificate delivered by Borrower to Agent and on other information available to Agent, Agent shall in its reasonable judgment determine which Real Estate of Borrower shall be "Eligible Real Estate" for purposes of this Agreement. In -------------------- determining whether any particular Real Estate constitutes Eligible Real Estate, Agent shall not include any such Real Estate to which any of the exclusionary criteria set forth below applies. Agent reserves the right, at any time and from time to time after the Effective Date, to adjust any such criteria, to establish new criteria and to adjust advance rates with respect to Eligible Real Estate in its reasonable judgment, subject to the approval of each Lender in the case of an increase in the percentage advance rates and (y) Supermajority Revolving Lenders in the case of any adjustments or new criteria which have the effect of making more credit available. Eligible Real Estate shall not include any Real Estate of the Borrower that:
(a) is not identified on Schedule 1.18; -------------
(c) is either not encumbered by a Deed of Trust or is encumbered by a Deed of Trust where Borrower shall have failed or neglected to perform, keep or observe any provision of such Deed of Trust, as a result of which an Event of Default shall have occurred and be continuing;
(d) ceases to be covered by insurance required by the Loan Documents; or
(e) is encumbered by any Lien other than a Lien explicitly allowed under Section 6.7. -----------
Eligible Real Estate. With respect to Developed Lots, Fall Foundation Lots, Lots Under Development, Model Homes, Real Estate Held for Development, Home Work-In-Process, Speculative Homes, or any other form or type of real estate of the Company or any Restricted Subsidiary which may be considered for the purposes of the Borrowing Base, the term "Eligible" used in connection with any such type of real estate means that portion of real property (a) owned in fee simple title by the Company or a Restricted Subsidiary, (b) which is not subject to any mortgage, lien, or encumbrance, except for reservations, exceptions, encroachments, easements, rights-of-way, restrictions, leases or other similar title exceptions which do not materially detract from the value of such real estate or interfere with its use or resale and (c) which has a zoning classification appropriate for a subdivision development of the type developed by the Company or a Restricted Subsidiary.
Eligible Real Estate. Real Estate:
(a) which is wholly-owned in fee (or leased under a Ground Lease) by Borrower, a Wholly Owned Subsidiary of Borrower or a Controlled JV Entity;
(b) which is located within the continental United States or Hawaii;
(c) which is either (i) Unimproved Land, (ii) a Development Property, (iii) Real Estate that is not income-producing multifamily property, Unimproved Land or Development Property or (iv) an income-producing multifamily property, which contains improvements that are in operating condition and available for occupancy, is currently open for business to the public and has been fully and continuously operating during the immediately preceding three (3) month period, and with respect to which valid certificates of occupancy and all other operating permits and licenses have been validly issued and are in full force and effect.
(d) as to which all of the representations set forth in §6 of this Agreement concerning Unencumbered Property are true and correct; and
(e) which is in compliance with and would not cause a Default or Event of Default under this Agreement.
Eligible Real Estate. All of the real estate owned by the Borrower and reflected in the most recent Borrowing Base Certificate delivered by Borrower to Bank shall be “Eligible Real Estate” for purposes of this Agreement. Eligible Real Estate shall not include any Real Property of Borrower that:
(a) is not owned or leased by Borrower free and clear of all liens and rights of any other person except the liens in favor of Bank and Permitted Liens;
(b) is not encumbered by a mortgage or deed of trust, in each case in favor of Lender;
(c) if the real property is leased by Borrower, the Lender has not approved the term of the lease and its form and the landlord has not given its written consent to the Lender’s leasehold mortgage;
(d) Lender has not received a title insurance policy or title insurance commitment with all conditions of issuance satisfied, in form satisfactory to Lender. Mortgaged parcels with title insurance that excludes coverage for access or do not have an endorsement confirming that the mortgaged parcel is the same as an identified tax parcel shall not be Eligible Real Estate, unless Lender shall give a written waiver.
(e) does not have a current appraisal satisfactory to Lender.
(f) has delinquent real property taxes or assessments; or
(g) is subject to a lis pendens, mechanic’s lien, a boundary dispute or is other similar controversy.
Eligible Real Estate. The Loan Parties, the Agents, and the Lenders hereby acknowledge and agree that, notwithstanding any provision of the Credit Agreement to the contrary, until such time as the Agent has obtained an updated appraisal with respect to the Eligible Real Estate, no Eligible Real Estate shall be included in the Borrowing Base.
Eligible Real Estate. With respect to Developed Lots, Fall Foundation Lots, Lots Under Development, Model Homes, Real Estate Held for Development, Home Work-In-Process, Speculative Homes, or any other form or type of real estate of the Company or any Restricted Subsidiary which may be considered for the purposes of the Borrowing Base, the term “Eligible” used in connection with any such type of real estate means that portion of real property (a) owned in fee simple title by the Company or a Restricted Subsidiary, (b) which is not subject to any mortgage, lien, or encumbrance, except for (i) reservations, exceptions, encroachments, easements, rights-of-way, restrictions, leases or other similar title exceptions which do not materially detract from the value of such real estate or interfere with its use or resale and (ii) Liens created by the Security Documents, and (c) which has a zoning classification appropriate for a subdivision development of the type developed by the Company or a Restricted Subsidiary.
4. Section 5, “COSTS AND EXPENSES,” of the Credit Agreement is hereby amended to recite in its entirety as follows:
