Encumbered Personal Property definition

Encumbered Personal Property means, to the extent applicable, all furniture, furnishings, fixtures, appliances, equipment, inventory, supplies, accounts, chattel paper, and general intangibles at any time located at, arising out of the use of, and/or used or useful in connection with the management or operation of any Encumbered Interval, whether now owned or hereafter acquired by the Borrower or an Applicable Underlying Borrower, together with all improvements and accessions thereto and replacements thereof and the cash and non-cash proceeds thereof, a lien against which constitutes Applicable Underlying Loan Collateral or Applicable Underlying Purchased Note Collateral for a Receivable.
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Encumbered Personal Property means all furniture, furnishings, fixtures, appliances, equipment, inventory, supplies, accounts, chattel paper, and general intangibles at any time located at, arising out of the use of, and/or used or useful in connection with the management or operation of any Mortgaged Real Property or any Financed Timeshare Interest, whether now owned or hereafter acquired by Borrower, together with all improvements and accessions thereto and replacements thereof and the cash and non-cash proceeds thereof, a Lien against which constitutes a portion of the Inventory Collateral for the Inventory Loan.
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Examples of Encumbered Personal Property in a sentence

  • Except for Encumbered Personal Property that is replaced in the ordinary course of business, all tangible Collateral (other than Collateral delivered to Lender or Custodian) shall remain, at all times, within the Applicable Resort at which it is located on the Closing Date, and Borrower may not transfer or cause the transfer of any such Collateral from such premises without the prior written approval of Lender.

  • For clarity, Landlord will be bound by its confidentiality and non-use obligations under Section 17.19; provided, however, that Landlord shall not be precluded from filing UCC-1 financing statements with sufficiently detailed collateral descriptions in order to perfect Landlord’s lien on Tenant’s Encumbered Personal Property.

  • Subject to the foregoing provisions of this Section 10.5 and the provisions of Section 10.6, any Leasehold Mortgage shall, at all times, be subject and subordinate to the terms of this Lease and the first priority lien on the Encumbered Personal Property, and any party foreclosing any such Leasehold Mortgage, or acquiring title by deed in lieu of foreclosure, shall acquire title subject to all of the terms and provisions of this Lease first priority lien on the Encumbered Personal Property.

  • Tenant agrees to enter into a security agreement or such other documentation as Landlord may reasonably require in order to perfect and enforce its interest in the Encumbered Personal Property, so long as such agreement and/or documentation is on usual and customary terms.

  • Borrower has furnished Lender with an MAI appraisal of the Applicable Resort, including but not limited to all real and personal property contemplated to become Mortgaged Real Property or Encumbered Personal Property hereunder, prepared by a nationally recognized appraisal firm and in form and content acceptable to Borrower and Lender, in the discretion of each.

  • Unless waived by Lender, Borrower has furnished Lender with an MAI appraisal of the Resort, including but not limited to all real and personal property contemplated to become Mortgaged Real Property, Encumbered Intervals, or Encumbered Personal Property hereunder, prepared by a nationally recognized appraisal firm and in form and content acceptable to Lender, in its sole discretion.

  • Except for Encumbered Personal Property that is replaced or under repair in the ordinary course of business, all tangible Collateral (other than Collateral delivered to Lender or Custodian) shall remain, at all times, within the Applicable Resort at which it is located on the Closing Date, and Borrower may not transfer or cause the transfer of any such Collateral from such premises without the prior written approval of Lender.

  • All tangible Inventory Collateral which is Encumbered Personal Property is to remain at all times on the premises of Borrower at its principal office in Las Vegas, Nevada or at a Resort and Borrower represents and warrants to Lender that all of the currently existing tangible Inventory Collateral is now located there and Borrower will not transfer any of the Inventory Collateral without the prior written consent of Lender.

  • All costs arising from the development and construction of the Resorts and Mortgaged Property, including all completed buildings, Units, Common Elements, and any Financed Improvements and the purchase of any Encumbered Personal Property have been paid or will be paid when due.

  • Except for Encumbered Personal Property that is replaced or under repair in the ordinary course of business, all tangible Collateral (other than Collateral delivered to Lender or Custodian) shall remain, at all times, within the Resort, and Borrower may not transfer or cause the transfer of any such Collateral from such premises without the prior written approval of Lender.