Qualified Assets. Schedule 5.21 is a correct and complete list of all Qualified Assets. None of the Qualified Assets or the Equity Interests of any Qualified Asset Owner is subject to any Lien except Permitted Encumbrances and Permitted Equity Encumbrances.
Qualified Assets. At all times following commencement of construction of any above-ground improvements thereon, each Qualified Asset shall be insured on a 100% Full Replacement Cost basis. Full Replacement Cost is defined as the cost of replacing the improvements, together with appurtenances and betterments in compliance with prevailing building codes, without deduction for physical depreciation thereof, at the time of replacement of the Qualified Asset, following a loss. The value so determined shall be binding and conclusive. The policy shall further provide that, in the event of a total or constructive total loss, the Partnership or SP Subsidiary shall not be unreasonably restricted from applying the proceeds to the re-building of the improvements at such other location as the Partnership shall elect. At all times following commencement of construction of any vertical improvements thereon, Qualified Assets shall be insured against physical loss or damage by fire, lightning and other risks and supplementary perils from time to time included under Special Form policies including, vandalism and malicious mischief (with agreed amount endorsements), windstorm, earthquake, and certified and non-certified acts of terrorism. The policy shall be endorsed to provide coverage for demolition and increased cost of construction to conform to local ordinance, and will include “extra expense” and “expediting expense” coverage.
Qualified Assets. The Borrower represents and warrants that as of the Effective Date, Schedule X is a correct and complete list of all Qualified Assets. Each of the Qualified Assets included by the Borrower in calculations of the Unencumbered Asset Value satisfies all of the requirements contained in this Agreement for the same to be included therein.
