Common use of Eligible Real Property Clause in Contracts

Eligible Real Property. As to each parcel of Real Property that is identified as Eligible Real Property, Borrower has good, sufficient and legal title to such parcel of Real Property, and such Real Property is not excluded as ineligible by virtue of its failure to satisfy one or more of the criteria (other than Agent-discretionary criteria) set forth in the definition of Eligible Real Property.

Eligible Real Property. As to each parcel of Real Property that is identified by any Borrower as Eligible Real PropertyInventory in a Borrowing Base Certificate submitted to Agent, Borrower has good, sufficient and legal title to such parcel of Real Property, and such Real Property is not excluded as ineligible by virtue of its failure to satisfy one or more of the excluding criteria (other than Agent-discretionary criteria) set forth in the definition of Eligible Real Property.