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:
Eligible Real Property Collateral has the meaning set forth in Section 3.1(v).
Eligible Real Property Collateral means the Real Property owned by Borrower located in Boca Raton, Florida, as more specifically identified on SCHEDULE R-1.
Examples of Eligible Real Property Collateral in a sentence
All Homes Under Construction meet all of the requirements in this Agreement to be Eligible Real Property Collateral.
All Unimproved Land shall have met 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 Model Homes meet 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 Appraised Real Property.
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.
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
Eligible Real Property Collateral means the Real Property Collateral located at (a) 2▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ and (b) 2▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇.
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 ▇▇▇▇▇▇▇▇ 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 ▇▇▇▇▇▇▇▇ 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 ▇▇▇▇▇▇▇▇ 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.