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 Real Property owned by Borrower located in Boca Raton, Florida, as more specifically identified on SCHEDULE R-1.
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Examples of Eligible Real Property Collateral in a sentence

  • 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 Land Under Development meets 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 Homes Under Construction 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.
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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 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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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 (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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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, as to any Borrower, Real Property owned by such Borrower in fee simple in each case which are acceptable to Agent in good faith based on the criteria set forth below. In general, Eligible Real Property shall not include: (i) Real Property which is not operated by a Borrower except as Agent may otherwise agree; (ii) Real Property subject to a security interest, lien, mortgage or other encumbrance in favor of any person other than Agent (and other than those permitted under Section 9.8(b), 9.8(c) or 9.8(d) hereof or are subject to an intercreditor agreement in form and substance satisfactory to Agent between the holder of such lien and Agent); (iii) Real Property that is not located in the continental United States of America; (iv) Real Property that is not subject to the valid and enforceable, first priority, perfected security interest, lien and mortgage of Agent; (v) Real Property where Agent determines that issues relating to compliance with Environmental Laws adversely affect such Real Property in such manner that such Real Property would not be acceptable for purposes of including it in the calculation of the Borrowing Base based on the customary practices, procedures and policies of Agent and its Affiliates; provided, that, if the Real Property is acceptable for such purposes in accordance with such practices, procedures and policies, subject to the satisfaction of the other conditions set forth herein and any requirements arising pursuant to such practices, procedures and policies, such Real Property will be considered Eligible Real Property but subject to the right of Agent to establish Reserves to reflect the adverse affect of any environmental conditions or events with respect thereto on its value or the ability of Agent to sell or otherwise realize on such Collateral; (vi) Real Property improved with residential housing; (vii) Real Property that is not subject to a then current final written appraisal by an appraiser reasonably acceptable to Agent (which shall be one of the appraisers selected by Agent from its list of approved appraisers), on which Agent and Lenders are expressly permitted to rely, and that is in form, scope and methodology reasonably satisfactory to Agent; (viii) if requested by Agent, Real Property for which Agent shall not have received a then current environmental audit conducted by an independent environmental engineering firm reasonably acceptable to Agent (based on Agent’s list of approved firms and in form, scope, substance and methodology reasonably satisfactory to Agent, the results of which are satisfactory to Agent; (ix) if requested by Agent, Real Property for which Agent shall not have received, in form and substance reasonably satisfactory to Agent, a valid and effective title insurance policy (whether in the form of a pro form policy or a marked up title policy commitment) issued by a company and agent reasonably acceptable to Agent: (A) insuring the priority, amount and sufficiency of the Mortgage with respect to such Real Property, (B) insuring against matters that would be disclosed by surveys and (C) containing any legally available endorsements, assurances or affirmative coverage requested by Agent for protection of its interests; and (x) any Real Property other than the Baldwyn Real Property, except as Agent may otherwise agree. Any Real Property that is not Eligible Real Property shall nevertheless be part of the Collateral.

  • 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 K with such amendments or modifications 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 the following assets of Borrowers, as long as such assets are (x) held in the Collateral Accounts, (y) subject to a first priority Lien in favor of the relevant Applicable Lender and not subject to any other Lien (other than Permitted Liens), and (z) the Collateral Requirement has been satisfied with respect thereto:

  • 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 Loan Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 8.12.

  • 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 any Loan Party’s Inventory and Receivables and other assets directly related thereto, including documents, instruments, general intangibles, deposit accounts and the proceeds of all of the same.

  • Real Property Assets means as to any Person as of any time, the real property assets (including 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.