Eligible Real Estate Collateral definition

Eligible Real Estate Collateral means (1) in respect of real property owned in fee simple by the Borrower or an Obligor as of the date of this Agreement, and included within the Revolving Loans Borrowing Base at or below an aggregate value of $35 million, real property in respect of which: (a) the Administrative Agent has given written consent to the acceptance of such real estate as Eligible Real Estate Collateral following the receipt of a current appraisal satisfactory to the Administrative Agent, (b) the Administrative Agent has received on behalf of the Lenders a charge or mortgage on terms acceptable to the Administrative Agent ranking in first position and subject only to such encumbrances on title as the Administrative Agent in its sole discretion may accept, and (c) is not subject to any expected present or future claim under Environmental Laws, as may be confirmed by such environmental reports as the Administrative Agent in its sole discretion may require, and (2) in respect of any real property not owned in fee simple by the Borrower or an Obligor as of the date of this Agreement, or the inclusion of which in the Revolving Loans Borrowing Base results in an aggregate inclusion for Eligible Real Estate Collateral in excess of $35 million, shall be a property in respect of which (a) all Lenders have given their written consent to the acceptance of such real estate as Eligible Real Estate Collateral following the receipt of an appraisal satisfactory to all Lenders, (b) the Administrative Agent has received on behalf of the Lenders a charge or mortgage on terms acceptable to the Administrative Agent ranking in first position and subject only to such encumbrances on title as the Administrative Agent in its sole discretion may accept, and (c) is not subject to any expected present or future claim under Environmental Laws, as may be confirmed by such environmental reports as the Administrative Agent in its sole discretion may require.
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Eligible Real Estate Collateral means each parcel of Eligible Real Estate with respect to which the Company or Domestic Subsidiary owning such parcel of Eligible Real Estate has satisfied the conditions set forth on Exhibit M.
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Eligible Real Estate Collateral means real estate (including leasehold interests) and improvements thereon with respect to which Bank has a first priority mortgage lien (subject to no title exceptions which are not acceptable to Bank) and with respect to which Bank obtained due diligence materials (including, without limitation, appraisals, environmental assessments and surveys and, in the case of leasehold interests, landlord acknowledgments and agreements) acceptable to Bank in the exercise of its sole discretion.
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Examples of Eligible Real Estate Collateral in a sentence

  • If no Event of Default exists, the Administrative Agent shall release any insurance proceeds received by it to the Borrower; provided that, where the insurance proceeds relates to any material damage to any of the Eligible Machinery and Equipment or Eligible Real Estate Collateral, such proceeds must be used to repair such damage or re-invest in similar assets, otherwise such proceeds, to the extent of the amount of the Loan advanced based on such property, must be used to repay the Loan.


More Definitions of Eligible Real Estate Collateral

Eligible Real Estate Collateral means real estate in which an Obligor is vested with a fee simple interest, or a lease of real estate by an Obligor as a tenant under such lease having a remaining unexpired term (assuming all options contained in the lease for extension of the term were exercised by the Obligor) of 20 years or more that is not Excluded Real Estate Collateral.
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Eligible Real Estate Collateral means Real Property owned by LRE, in which Agent has a perfected first priority security interest which satisfies all requirements set forth in Section 8.3, and which has not remained in the Borrowing Base for more than 18 consecutive months; provided, however, that any real property which is removed from the Borrowing Base may not later be included in the Borrowing Base.
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Related to Eligible Real Estate Collateral

  • Eligible Real Estate means Real Estate:

  • Eligible Real Property means, as to each Borrower, Real Property owned by such Borrower in fee simple and included in an appraisal of such Real Property received by Agent in accordance with the requirements of this Agreement and in each case acceptable to Agent in good faith based on the criteria set forth below. Eligible Real Property shall not include: (a) Real Property which is not owned and operated by a Borrower; (b) Real Property subject to a security interest, lien or mortgage or other encumbrance in favor of any person other than Agent, except those permitted under Sections 9.8(b), (d) and (i) hereof; (c) Real Property that is not located in the United States of America; (d) Real Property that is not subject to the valid and enforceable, first priority, perfected security interest, lien and mortgage of Agent; (e) Real Property where Agent determines that issues relating to compliance with Environmental Laws materially adversely affect the value thereof or the ability of Agent to sell or otherwise dispose thereof (but subject to the right of Agent to establish Reserves after the date hereof to reflect such material adverse affect); (f) except as Agent may otherwise determine, Real Property improvements located on land which is not owned in fee simple by such Borrower; and (g) Real Property improved with residential housing. The criteria for Eligible Real Property set forth above may only be changed and any new criteria for Eligible Real Property may only be established by Agent acting in good faith based on either: (1) an event, condition or other circumstance arising after the date hereof, or (2) an event, condition or other circumstance existing on the date hereof to the extent Agent has no written notice thereof from any Borrower prior to the date hereof, in either case under clause (i) or (ii) which adversely affects or could reasonably be expected to adversely affect such Real Property in any material respect in the good faith determination of Agent.

  • Real Estate Asset means, at any time of determination, any interest (fee, leasehold or otherwise) then owned by any Credit Party in any real property.

  • Real Estate Assets means any investment by the Company or the Operating Partnership in unimproved and improved Real Property (including fee or leasehold interests, options and leases), directly, through one or more subsidiaries or through a Joint Venture.

  • Eligible Collateral means, with respect to a party, the items, if any, specified as such for that party in Paragraph 13.

  • real estate agent means any person, who negotiates or acts on behalf of one person in a transaction of transfer of his plot, apartment or building, as the case may be, in a real estate project, by way of sale, with another person or transfer of plot, apartment or building, as the case may be, of any other person to him and receives remuneration or fees or any other charges for his services whether as commission or otherwise and includes a person who introduces, through any medium, prospective buyers and sellers to each other for negotiation for sale or purchase of plot, apartment or building, as the case may be, and includes property dealers, brokers, middlemen by whatever name called;

  • Real Estate-Related Assets means any investments by the Company or the Operating Partnership in Mortgages and Real Estate-Related Securities.

  • Undepreciated Real Estate Assets as of any date means the cost (original cost plus capital improvements) of real estate assets of the Company and its Subsidiaries on such date, before depreciation and amortization, determined on a consolidated basis in accordance with GAAP.

  • Borrowing Base Property means Eligible Property and/or Commercial Land that the Administrative Agent has agreed to include in calculations of the Borrowing Base pursuant to Section 4.1. A Property shall be excluded from the determination of the Borrowing Base if at any time such Property shall cease to be an Eligible Property.

  • REAL ESTATE MORTGAGE INVESTMENT CONDUIT (A "REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"). [FOR SUBORDINATE CERTIFICATES][THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE CLASSES OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.] [FOR PRINCIPAL BALANCE CERTIFICATES][THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.] [FOR CLASS X-1 AND CLASS X-2 CERTIFICATES][THE OUTSTANDING CERTIFICATE NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE. THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL.] [FOR REGULATION S GLOBAL CERTIFICATES][PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF (A) THE CLOSING DATE AND (B) THE COMMENCEMENT OF THE INITIAL OFFERING OF THE CERTIFICATES IN RELIANCE ON REGULATION S, THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED. NO BENEFICIAL OWNERS OF THIS CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

  • Portfolio Assets means all Loan Assets owned by the Borrower, together with all proceeds thereof and other assets or property related thereto, including all right, title and interest of the Borrower in and to:

  • Eligible Property means property beneficially owned by a person or entity other than the Fund and held in a bank account maintained by BNYM for or on behalf of the Fund, or property held in a Fund shareholder account, which is (x) subject to reporting or escheat under an Unclaimed Property Law, (y) of a nature or type or classification reasonably related to the services performed by BNYM under this Agreement (such as cash amounts representing non-negotiated dividend checks and shares in abandoned shareholder accounts), and (z) under the control of BNYM.

  • Real Property Collateral means the parcel or parcels of Real Property identified on Schedule R-1 and any Real Property hereafter acquired by Borrower.

  • Permitted Receivables Related Assets means any other assets that are customarily transferred, sold and/or pledged or in respect of which security interests are customarily granted in connection with asset securitization transactions involving receivables similar to Receivables and any collections or proceeds of any of the foregoing (including, without limitation, lock-boxes, deposit accounts, records in respect of Receivables and collections in respect of Receivables).

  • Qualified Property has the meaning set forth in Section 313.021(2) of the TEXAS TAX CODE and as interpreted by the Comptroller’s Rules and the Texas Attorney General, as these provisions existed on the Application Review Start Date.