Examples of Initial Collateral Properties in a sentence
On the Effective Date, the Initial Collateral Properties shall be the sole Collateral Properties.
The Agent shall have received hazardous waste site assessment reports running in favor of the Agent and the Lenders concerning Hazardous Substances (or the threat thereof) and asbestos with respect to the Initial Collateral Properties, if any, dated no earlier than 30 days prior to the Closing Date (or such longer period of time as may be approved by the Agent), from environmental engineers acceptable to the Agent, such reports to be in form and substance satisfactory to the Agent and each of the Lenders.
The Administrative Agent shall have received a current, certified rent roll for each of the Initial Collateral Properties indicating, among other things, the tenant, status, date, term, square footage, options, rental and other material economic terms of all leases.
With respect to the Initial Advance only, Bank shall have Acceptable Appraisals on the Initial Collateral Properties reflecting an aggregate Appraised Value of not less than twice the Initial Term Loan Amount and an aggregate Appraised NOI in an amount that is not less than the Initial Term Loan Amount divided by 6.40.
The Agent (on behalf of the Lenders) shall have received a Title Policy for each of the Initial Collateral Properties, if any.
Borrower shall pay for all Appraisals of the Initial Collateral Properties and the Qualifying Collateral Properties required hereunder.
Certificates of insurance evidencing the existence of all insurance required to be maintained by the Borrower pursuant to the Loan Documents and the designation of the Lender as the loss payee thereunder with respect to the Initial Collateral Properties to the extent required by the Loan Documents, such certificates to be in such form and contain such information as is specified in the Loan Documents.
Subject to any more stringent requirements contained in the Mortgages with respect to the Initial Collateral Properties and the Qualifying Collateral Properties, the Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which they may be subject, the violation of which could reasonably be expected to have a Material Adverse Effect.
The Agent shall also have received zoning endorsements (where available under applicable law and regulation) to the Title Policies for the Initial Collateral Properties, if any, or, if not so available, such other evidence as is available, such as zoning letters, from public authorities that each of such Initial Collateral Properties is, as of the Closing Date, in full compliance with all applicable zoning, environmental and land use requirements.
The conditions precedent to a Real Estate Asset (other than the Initial Collateral Properties, if any) becoming a Collateral Property, as set forth in §11.4.