Eligible Real Property Collateral definition

Eligible Real Property Collateral. Real Property Collateral that complies with each of the representations and warranties respecting Real Property Collateral made in the Loan Documents and which satisfies all of the following conditions as determined by the Administrative Agent in its Permitted Discretion:
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Eligible Real Property Collateral has the meaning set forth in Section 3.1(v).
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Eligible Real Property Collateral means the Appraised Real Property.
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Examples of Eligible Real Property Collateral in a sentence

  • All Unimproved Land shall have met all of the requirements in this Agreement to be Eligible Real Property Collateral.

  • All Model Homes meet all of the requirements in this Agreement to be Eligible Real Property Collateral.

  • All Homes Under Construction meet all of the requirements in this Agreement to be Eligible Real Property Collateral.

  • All Land Under Development meets all of the requirements in this Agreement to be Eligible Real Property Collateral.

  • All Finished Lots meet all of the requirements in this Agreement to be Eligible Real Property Collateral.

  • All of the conditions to inclusion to of Real Property as Eligible Real Property Collateral in Section 4.09(b) shall have been met with respect to all of the Group A Property.


More Definitions of Eligible Real Property Collateral

Eligible Real Property Collateral means the Real Property owned by Borrower located in Boca Raton, Florida, as more specifically identified on SCHEDULE R-1.
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Eligible Real Property Collateral means Borrower Real Property that meets all of the conditions of Section 4.07 and all of the conditions in at least one of Sections 4.02, 4.03, 4.04, 4.05 or 4.06 of this Agreement for inclusion in the Borrowing Base as Eligible Real Property Collateral. Notwithstanding anything to the contrary in this Agreement: (i) neither the CF Property, nor the MF Property, nor the Xxxxxxxx Property nor the 7.01(f) Property, nor the PCI Released Property may be Eligible Real Property Collateral unless, with respect to the CF Property or the MF Property or the Xxxxxxxx Property or the 7.01(f) Property or the PCI Released Property, the fee interest has been conveyed to Borrower free of the Lien of any Existing Secured Indebtedness and free of all other Liens except Permitted Exceptions, and all of the conditions in this Agreement for inclusion of Borrower Real Property as Eligible Real Property Collateral have been met with respect to the Real Property constituting the CF Property or the MF Property or the Xxxxxxxx Property or the 7.01(f) Property or the PCI Released Property, as applicable; and (ii) at Majority Lender’s discretion, Borrower Real Property that meets all of the conditions to be Eligible Real Property Collateral, other than the condition requiring Borrower Real Property to be (or to be intended to be) developed into single- or multi- family “for sale” residential uses, that is intended to be used for commercial purposes, and that is part of, adjacent to, ancillary to, or used in connection with, single- or multi- family “for sale” residential Eligible Real Property Collateral, may be Eligible Real Property Collateral, provided that such Borrower Real Property shall in no event account for more than five percent (5%) of the Eligible Real Property Collateral Valuation at any time, and the value of such Real Property Collateral shall be determined by Majority Lenders. Notwithstanding anything to the contrary in this Agreement (including in Article IV), neither Unentitled Land nor any Real Property other than Borrower Real Property shall be Eligible Real Property Collateral.
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Eligible Real Property Collateral means (a) the Real Property --------------------------------- Collateral identified on Schedule R-3 attached hereto, and (b) any additional ------------ Real Property Collateral (with the exception of Excluded Assets) identified by Borrowers to Agent for inclusion on Schedule R-3, including the Excluded Real ------------ Property Collateral, which Real Property Collateral (i) is held for use in the ordinary course of Borrowers' business, (ii) is located in the continental United States of America, and in which Agent has a perfected Lien of first priority, (iii) is acceptable in all respects to Agent in its Permitted Discretion, (iv) with respect to which, subject to Section 3.2, Agent shall have ----------- received (A) appraisals of the Net Quick Sale Value of the Real Property Collateral satisfactory to Agent, and (B) a Mortgagee Policy in amounts satisfactory to Agent assuring Agent that the Mortgages on such Real Property Collateral are valid and enforceable first priority mortgage Liens on such Real Property Collateral free and clear of all defects and encumbrances except Permitted Liens, and the Mortgage Policies otherwise shall be in form and substance satisfactory to Agent, including such endorsements to such Mortgage Policies as Agent shall require; (v) with respect to which Agent shall have received a phase-I or phase-II environmental report as Agent shall require; the environmental consultants retained for such reports, the scope of the reports, and the results thereof shall be acceptable to Agent; (vi) with respect to which, subject to Section 3.2, Agent shall have received a ----------- real estate survey and title corrective work as Agent shall require; the surveyors retained for such surveys, the scope of the surveys and title corrective work, and the results thereof shall be acceptable to Agent, (vii) is not subject to a lease agreement with any Person as lessee, and (viii) strictly complies with all of Borrowers' representations and warranties to Agent; provided, however, that, with respect to additional parcels of Real Property -------- ------- Collateral, standards of eligibility may be fixed and revised from time to time by Agent in its Permitted Discretion. If and to the extent that an item of additional Real Property Collateral is identified by Borrowers to Agent that meets each of the foregoing criteria, Schedule R-3 automatically shall be deemed ------------ to be amended to include such parcel of Real Property Collateral.
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Eligible Real Property Collateral means the Real Property Collateral located at (a) 20 Xxxxxxxxx Xxxxxx, Xxxxxx, XX 00000 and (b) 20 Xxxxxxxxx Xxxxxx, Xxxxxx, XX 00000.
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Eligible Real Property Collateral means on the Closing Date, to the extent that all of the conditions in Section 4.01 are satisfied, the Group A Property; on the date that all of the conditions in Section 4.02 are satisfied, the Group B Property; and thereafter (including with respect to the Group A Property and the Group B Property and any other Borrower Real Property), Borrower Real Property that meets all of the conditions of Section 4.09 and all of the conditions in at least one of Sections 4.04, 4.05, 4.06, 4.07 or 4.08 of this Agreement for inclusion in the Borrowing Base as Eligible Real Property Collateral. The conditions in Section 4.01 with respect to the Group A Property must only be met on the Closing Date and the conditions in Section 4.02 with respect to the Group B Property must only be met on the earlier of (1) the Delayed Draw Closing Date, (2) the Second Term Loan Funding Date or (3) the date that is sixty (60) days after the Closing Date, and thereafter, for purposes of determining whether Group A Property or Group B Property is Eligible Real Property Collateral and which Real Property Classification may apply, the conditions in Sections 4.01 and 4.02 are superseded by the conditions in Section 4.04 through 4.09
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Related to Eligible Real Property Collateral

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

  • Personal Property Collateral means all Collateral other than Real Property.

  • Eligible Real Property means the real property listed on Schedule 1.01(a) owned by a Loan Party (i) that is located in the United States of America and is acceptable to the Agent in its Permitted Discretion for inclusion in the Borrowing Base, (ii) in respect of which an appraisal report has been delivered to the Agent in form, scope and substance satisfactory to the Agent in its Permitted Discretion, (iii) in respect of which the Agent is satisfied that all actions necessary or desirable in order to create perfected first priority Lien on such real property have been taken, including the presentation or delivery of the Mortgage to a title insurance company for recording, provided that the title insurance company has issued its title insurance policy to the Agent pursuant to clause (v) below in a New York style closing, (iv) in respect of which a Phase I environmental review report has been completed and delivered to the Agent in form and substance satisfactory to the Agent in its Permitted Discretion and which does not indicate any pending, threatened or existing Environmental Liability, or non compliance with any Environmental Law (except to the extent that Reserves for any such Environmental Liability deemed adequate by the Agent in its Permitted Discretion exist), (v) which is adequately protected by fully-paid valid title insurance with endorsements and in amounts acceptable to the Agent, insuring that the Agent, for the benefit of the Lenders, has a perfected first priority Lien on such real property, evidence of which shall have been provided in form and substance satisfactory to the Agent in its Permitted Discretion, and (vi) if required by the Agent: (A) an ALTA survey reasonably acceptable to the Agent and the title insurance company has been delivered for which all necessary fees have been paid and which is dated no more than 90 days prior to the date on which the applicable Mortgage is executed and delivered to a title insurance company for recording, certified to Agent and the issuer of the title insurance policy in a manner satisfactory to the Agent in its Permitted Discretion by a land surveyor duly registered and licensed in the state in which such Eligible Real Property is located and acceptable to the Agent in its Permitted Discretion; (B) in respect of which local counsel in states in which the Eligible Real Property is located have delivered a letter of opinion with respect to the enforceability and perfection of the Mortgages and any related fixture filings in form and substance satisfactory to the Agent in its Permitted Discretion; and (C) in respect of which such Loan Party shall have used its reasonable best efforts to obtain estoppel certificates executed by all tenants of such Eligible Real Property and such other consents, agreements and confirmations of lessors and third parties have been delivered as the Agent may deem necessary or desirable in its Permitted Discretion, together with evidence that all other actions that the Agent may deem necessary or desirable in order to create perfected first priority Liens on the property described in the Mortgages have been taken.

  • Mortgaged Real Property means (a) each Real Property identified on Schedule 1.01(a) hereto and (b) each Real Property, if any, which shall be subject to a Mortgage delivered after the Original Closing Date pursuant to Section 5.11(d) or pursuant to Section 5.11(d) of the Original Credit Agreement or the Prior Credit Agreement.

  • Landlord Personal Property Collateral Access Agreement means a Landlord Waiver and Consent Agreement substantially in the form of Exhibit S, with such amendments, modifications or supplements as may be approved by Collateral Agent.

  • Intellectual Property Collateral means, collectively, the Patents, Trademarks, Copyrights, Intellectual Property Licenses and Goodwill.

  • Borrowing Base Property means any one of the Borrowing Base Properties.

  • Excluded Real Property means (a) any fee-owned real property with a purchase price (in the case of real property acquired after the Effective Date) or Fair Market Value (in the case of real property owned as of the Effective Date, with Fair Market Value determined as of the Effective Date) of less than $3,500,000 individually, (b) any real property that is subject to a Lien permitted by Sections 6.02(iv), (xix), (xxii), (xxiii), (xxviii) or (xxxi), (c) any real property with respect to which, in the reasonable judgment of the Term Administrative Agent (confirmed by notice to the Borrower) the cost (including as a result of adverse tax consequences) of providing a Mortgage shall be excessive in view of the benefits to be obtained by the Lenders, (d) any real property to the extent providing a mortgage on such real property would (i) be prohibited or limited by any applicable law, rule or regulation (but only so long as such prohibition or limitation is in effect), (ii) violate a contractual obligation to the owners of such real property (other than any such owners that are the Borrower or Affiliates of the Borrower) that is binding on or relating to such real property (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code) but only to the extent such contractual obligation was not incurred in anticipation of this provision or (iii) give any other party (other than the Borrower or a wholly-owned Restricted Subsidiary of the Borrower) to any contract, agreement, instrument or indenture governing such real property the right to terminate its obligations thereunder (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code or other applicable law) and (e) any Leasehold.

  • Primary Collateral With respect to any Cross-Collateralized Mortgage Loan, any Mortgaged Property (or portion thereof) designated as directly securing such Cross-Collateralized Mortgage Loan and excluding any Mortgaged Property (or portion thereof) as to which the related lien may only be foreclosed upon by exercise of the cross-collateralization provisions of such Cross-Collateralized Mortgage Loan.

  • U.S. Collateral means any and all property owned, leased or operated by a Person covered by the U.S. Collateral Documents and any and all other property of any U.S. Loan Party, now existing or hereafter acquired, that may at any time be or become subject to a security interest or Lien in favor of the Administrative Agent to secure the Secured Obligations.

  • UCC Collateral is defined in Section 3.03.

  • Unimproved Real Property means Property in which the Company has an equity interest that was not acquired for the purpose of producing rental or other operating income, that has no development or construction in process and for which no development or construction is planned, in good faith, to commence within one (1) year.

  • Acceptable Collateral means: (i) a Letter of Credit; and/or (ii) a cash amount (in pounds) transferred to the credit of a Reserve Account;

  • Released Mortgaged Property Proceeds As to any Mortgage Loan, proceeds received by the Servicer in connection with (a) a taking of an entire Mortgaged Property by exercise of the power of eminent domain or condemnation or (b) any release of part of the Mortgaged Property from the lien of the related Mortgage, whether by partial condemnation, sale or otherwise, which are not released to the Mortgagor in accordance with applicable law and mortgage servicing standards the Servicer would use in servicing mortgage loans for its own account and this Agreement.

  • Borrowing Base Properties means the Oil and Gas Properties of the Credit Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 9.14.

  • Current Asset Collateral means all the “ABL Priority Collateral” as defined in the ABL Intercreditor Agreement.

  • Possessory Collateral means any Shared Collateral in the possession of a Collateral Agent (or its agents or bailees), to the extent that possession thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction. Possessory Collateral includes, without limitation, any Certificated Securities, Promissory Notes, Instruments, and Chattel Paper, in each case, delivered to or in the possession of the Collateral Agent under the terms of the First-Lien Security Documents.

  • Borrowing Base Assets means a collective reference to all Borrowing Base Assets in existence at any given time.

  • Real Property Assets means as to any Person as of any time, the real property assets (including, without limitation, interests in participating mortgages in which such Person’s interest therein is characterized as equity according to GAAP) owned directly or indirectly by such Person at such time.

  • Mortgaged Property shall have the meaning assigned to such term in the recitals.

  • Equity Collateral shall have the meaning set forth in Section 11.6 hereof.

  • Permitted Real Property Encumbrances means (i) those liens, encumbrances and other matters affecting title to any Mortgaged Property listed in the applicable title policy in respect thereof (or any update thereto) and found, on the date of delivery of such title policy to the Administrative Agent in accordance with the terms hereof, reasonably acceptable by the Administrative Agent, (ii) as to any particular real property at any time, such easements, encroachments, covenants, restrictions, rights of way, minor defects, irregularities or encumbrances on title which do not, in the reasonable opinion of the Administrative Agent, materially impair such real property for the purpose for which it is held by the mortgagor or owner, as the case may be, thereof, or the Lien held by the Administrative Agent, (iii) municipal and zoning laws, regulations, codes and ordinances, which are not violated in any material respect by the existing improvements and the present use made by the mortgagor or owner, as the case may be, of such real property, (iv) general real estate taxes and assessments not yet delinquent, and (v) such other items as the Administrative Agent may consent to.

  • Eligible Real Estate means Real Estate:

  • Mortgage Collateral the “Collateral” as defined in the Mortgage Loan Agreement.

  • 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.

  • Transferred Real Property means (a) the Transferred Owned Real Property and (b) the premises that is subject to the Transferred Real Property Leases.