Eligible Real Estate means Real Estate:
Eligible Real Estate means Real Estate deemed by the Agent in its Permitted Discretion to be eligible for inclusion in the calculation of the Borrowing Base and which, except as otherwise agreed by the Agent, in its Permitted Discretion, satisfies all of the following conditions:
Eligible Real Estate means Real Estate which satisfies each of the following conditions:
Examples of Eligible Real Estate in a sentence
As of the Agreement Date, the Borrower and its Subsidiaries are engaged in the business of acquiring, owning, leasing, making mortgage loans against, financing, managing and otherwise dealing in real estate (including, without limitation, Eligible Real Estate) and related personal property, together with other business activities incidental thereto.
The addition or replacement of Eligible Real Estate to or for the then existing Unencumbered Property shall be referred to as “Unencumbered Property Replacement”.
In the event that the Borrower shall elect to cure any Default in any covenant contained in Section 9.1(b) through Section 9.1(h), by providing additional Unencumbered Property to the Unencumbered Pool, the Real Estate to be added to the Unencumbered Pool shall be Eligible Real Estate and on or prior to the expiration of the thirty (30) day period referred to above, all conditions in this Agreement to the acceptance of such Real Estate to the Unencumbered Pool shall have been satisfied.
More Definitions of Eligible Real Estate
Eligible Real Estate means, as of any date of determination thereof, Real Estate which, except as otherwise agreed by the Agent, in its Permitted Discretion, satisfies all of the following conditions:
Eligible Real Estate means at the time of any determination thereof, without duplication, all real properties owned in fee by the Borrower or a Guarantor to the extent that: (a) the Borrower or such Guarantor has good and unencumbered title thereto (subject to Permitted Liens); (b) the Collateral Agent on behalf of the Secured Parties possesses a valid first priority perfected security interest therein pursuant to a mortgage or deed of trust and other security documents in favor of the Collateral Agent, in each case in form and substance reasonably satisfactory to the Collateral Agent; (c) such mortgage or deed of trust and other security documents shall have been filed and recorded as specified by the Collateral Agent and satisfactory evidence of such filing and recording shall have been received by the Collateral Agent; (d) the Collateral Agent shall have received such documents, including satisfactory title insurance policies (together with endorsements, coinsurance and reinsurance with respect thereto), surveys, abstracts, appraisals and legal opinions, as are reasonably requested by the Collateral Agent with respect to such real property; (e) arrangements reasonably satisfactory to the Collateral Agent shall have been made with respect to the potential receipt and application of proceeds from casualty or other damage to or condemnation of such real property; and (f) such real property is located in the United States of America. The standards of eligibility for such real property may be changed from time to time solely by the Collateral Agent in good faith and in the exercise of its reasonable judgment, with any such changes to be effective after no less than 10 Business Days' notice to and consultation with the Borrower.
Eligible Real Estate means Real Estate which at all times satisfies the following requirements:
Eligible Real Estate means, on any date of determination, the aggregate value (as reflected on the accounting records of the Borrower or the applicable Guarantor and consistent with such Person’s current and historical accounting practices) at such date of all Qualified Real Estate owned by the Borrower and the Guarantors and located in any jurisdiction in the United States of America as to which Qualified Real Estate (x) an appropriate mortgage, deed of trust or deed to secure debt has been recorded, to the extent required to be recorded pursuant Section 2.25(b), naming the Borrower or the applicable Guarantor as “mortgagor” or “trustor” and JPMorgan Chase Bank, N.A., as Administrative Agent, as “mortgagee” or “beneficiary” and (y) UCC financing statements have been filed naming the Borrower or the applicable Guarantor as “debtor” and JPMorgan Chase Bank, N.A., as Administrative Agent, as “secured party”. As used herein, the term “Qualified Real Estate” means, with respect to the Borrower or any Guarantor, all real property that is owned solely by such Person and as to which such Person has good, valid and marketable and unencumbered title; provided that no real property shall be considered for inclusion as Qualified Real Estate until (i) a collateral review of such real property shall have been performed by the Agents or their representatives (the fees and expenses associated with such review to be paid by the Borrower in accordance with the terms of this Agreement) and (ii) the Administrative Agent shall have received a third party appraisal of such real property in form and substance, and prepared by an independent appraisal firm, reasonably satisfactory to the Administrative Agent (the fees and expenses associated with such appraisal to be paid by the Borrower in accordance with the terms of this Agreement).
Eligible Real Estate means the Alabama Property and any other Real Estate of a U.S. Borrower which satisfies all of the following conditions and is otherwise deemed by the Required Lenders in their reasonable discretion to be eligible for inclusion in the calculation of the U.S. Borrowing Base:
Eligible Real Estate means any Real Estate meeting in all material respects the following criteria:
Eligible Real Estate means any real Property which meets all of the following specifications: