Initial Collateral Properties Clause Samples
The 'Initial Collateral Properties' clause defines the specific assets or property types that must be provided as collateral at the outset of an agreement. Typically, this clause outlines the characteristics, value thresholds, and acceptable forms of collateral, such as cash, securities, or real estate, that the party must deliver before the contract becomes effective. By clearly specifying what qualifies as initial collateral, the clause ensures both parties understand the security backing the transaction, thereby reducing uncertainty and mitigating credit risk at the start of the contractual relationship.
Initial Collateral Properties. On the Effective Date, the Initial Collateral Properties shall be the sole Collateral Properties.
Initial Collateral Properties. As of the Agreement Effective Date, Schedule 1 is a correct and complete list of all Qualifying Collateral Pool Properties.
(a) Each of the Qualifying Collateral Pool Properties is not located in an area that has been identified by the Secretary of Housing and Urban Development as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, the applicable Subsidiary Guarantor has obtained and will maintain through the Facility Termination Date the insurance prescribed in Section 5.17 hereof.
(b) To the Borrower’s knowledge, each of the Qualifying Collateral Pool Properties and the present use and occupancy thereof are in material compliance with all material zoning ordinances (without reliance upon adjoining or other properties), building codes, land use and Environmental Laws, and other similar laws (“Applicable Laws”).
(c) Each of the Qualifying Collateral Pool Properties is served by all utilities required for the current or contemplated use thereof. Each of the Qualifying Collateral Pool Properties has accepted or is equipped to accept such utility service.
(d) All public roads and streets necessary for service of and access to each of the Qualifying Collateral Pool Properties for the current or contemplated use thereof have been completed, and are open for use by the public, or appropriate insured private easements are in place.
(e) Borrower is not aware of any material latent or patent structural or other significant deficiency of the Qualifying Collateral Pool Properties. Each of the Qualifying Collateral Pool Properties is free of damage and waste that would materially and adversely affect the value of the Qualifying Collateral Pool Properties, is in good repair and to Borrower’s knowledge there is no deferred maintenance other than ordinary wear and tear. Each of the Qualifying Collateral Pool Properties is free from damage caused by fire or other casualty.
(f) To Borrower’s knowledge, all liquid and solid waste disposal, septic and sewer systems located on the Qualifying Collateral Pool Properties are in a good and safe condition and repair and to Borrower’s knowledge, in material compliance with all Applicable Laws with respect to such systems.
(g) All improvements on the Qualifying Collateral Pool Properties lie within the boundaries and building restrict...
Initial Collateral Properties. As of the date hereof, the Lenders have approved for inclusion in calculations of the Borrowing Base, the Properties identified on Schedule 4.1. Upon satisfaction on or after the Effective Date of the conditions set forth in Section 6.3. with respect to such Properties, such Properties shall be deemed to be Collateral Properties.
Initial Collateral Properties. Implied Debt Service Equity Status (Material/ Equity Equity Status (Material/ Equity Equity Status (Material/ Equity Equity Status (Material/ Equity
Initial Collateral Properties. The following four (4) properties: (i) 5861 West Cleveland, ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ #▇, ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ #▇, ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇, and ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, (ii) 3035 & ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇, (iii) ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, and (iv) ▇▇▇▇-▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇. Provided that if any of these properties are not acquired within 30 days of the Closing Date and approved by the Agent for inclusion as Collateral Properties, such specific property shall cease to be included as an Initial Collateral Property for future covenant testing metrics.
Initial Collateral Properties. The Real Estate set forth on Schedule 1.3 to this Agreement, which constitute Collateral Properties as of the Closing Date.
Initial Collateral Properties. Project Owner ---------------------------------------------------- ---------------------------------------------------------------------
1. (a) Georgia Square Mall, Clark County, Georgia (▇) Georgia Square Partnership, a Georgia limited partnership
Initial Collateral Properties. The following properties: (i) ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇, 5502 West Brick, ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, and ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, (ii) ▇▇▇▇ ▇▇▇ ▇▇▇▇▇ Expressway, Indianapolis, Indiana, (iii) ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇, and (iv) ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, Illinois; the property located at ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇-▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ Drive, 2864-2876 Business Park Drive, 2851-2885 Business Park Drive, ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ Drive, ▇▇▇▇-▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ and ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ will be included as an Initial Collateral Property upon receipt of a title insurance endorsement acceptable to the Agent which endorsement shall reflect no intervening liens or encumbrances on such property from the recording of the original Mortgage on such property and shall increase the coverage of the subject Title Policy with respect to such property to the amount required under Section (b) of Schedule 1.2.