Pledged Real Estate definition
Examples of Pledged Real Estate in a sentence
In order to limit the documentary stamps, non-recurring intangible taxes, and similar costs payable on particular parcels of Pledged Real Estate Collateral or Additional Real Estate Collateral, the Collateral Agent may agree to limit the recovery under the Mortgages for such parcels.
Irrespective of the value of the property Borrowers will in any event provide to Lenders within fifteen (15) days following the Effective Date of the Fourth Amendment to this Agreement copies of any ESAs they may have with respect to any of the Pledged Real Estate.
Upon the reasonable request of the Agent made in response to the occurrence of any event or any change in circumstances with respect to any ABL Priority Pledged Real Estate or Term Priority Pledged Real Estate, the Loan Parties shall provide environmental assessment reports as Agent deems appropriate in its Permitted Discretion with respect to such Real Estate of the Loan Parties.
The Mortgages and other related documents to be executed and delivered by Borrowers as contemplated hereby shall be adequate to perfect the Collateral Agent’s Lien on the Pledged Real Estate Collateral or the Additional Real Estate Collateral described therein, as applicable.
Such Pledged Real Estate, to the extent constituting Eligible Real Estate, shall be included in the determination of the Term Borrowing Base.
In addition to the Pledged Real Estate Collateral, the Borrowers will provide the Collateral Agent with a first priority Mortgage on all of the Additional Real Estate Collateral.
The Mortgages for the Pledged Real Estate Collateral will require the Borrowers to continue to maintain such insurance for so long as the Mortgages have not been satisfied.
The actual amount at any time advanced under this Section 4.07 in respect of the Pledged Real Estate Collateral shall never exceed the then applicable Pledged Real Estate Loan Value.
Subject to the terms of this Agreement including this Section 4.07, the Borrowers will be able to obtain or retain in respect of the Commitment a maximum of twenty million dollars ($20,000,000) of Advances secured by first priority mortgages, in form and substance acceptable to the Lenders and subject only to Permitted Liens (“Mortgages”), on the Pledged Real Estate Collateral and the Additional Real Estate Collateral.
The Administrative Agent shall release any collateral security related to any Pledged Real Estate which is removed from such SCHEDULE in accordance with this Section 9.24.