Qualified Real Property Inventory as of any date, Real Property Inventory that is not subject to or encumbered by any deed of trust, mortgage, judgment Lien, or any other Lien (other than the Permitted Liens described in clauses (b)-(f), (j) and (r) of the definition of “Permitted Liens”) and other Liens which have been bonded around so as to remove such Liens as encumbrances against such Real Property Inventory in a matter satisfactory to the Administrative Agent and its legal counsel).
Qualified Real Property Inventory means, as of any date, Real Property Inventory that is not subject to or encumbered by any deed of trust, mortgage, judgment Lien, or any other Lien (other than the Permitted Liens), and which (i) is not subject to any pending condemnation proceeding, (ii) is not subject to or impaired by any environmental contamination or problem, soils problem or other problem or issue that would materially impair the value thereof or make it unsuitable for a residential project, and (iii) is in compliance in all material respects with all applicable Environmental Laws.
Qualified Real Property Inventory means, as of any date, Real Property Inventory that is not subject to or encumbered by any Lien, other than (a) Liens described in clauses (a), (b), (c), (d), (e), (f), (g), (j), (m), (o), (q), (r), (t), (u) and (v) of the definition of “Permitted Encumbrances” and in clauses (i) and (xxv) of Section 7.2A, (b) any Lien that has been bonded around so as to remove such Lien as an encumbrance against such Real Property Inventory and (c) any Insured Lien.
Examples of Qualified Real Property Inventory in a sentence
All Qualified Real Property Inventory and other assets owned by the Loan Parties are free and clear of all mortgages, Liens, charges and other encumbrances (other than Permitted Liens and notices of commencement filed against Qualified Real Property Inventory located in Florida).
Borrower shall promptly take all actions necessary to prevent the imposition of any Liens on any of the Qualified Real Property Inventory included in the Borrowing Base arising out of or related to any Environmental Laws.
So long as the Borrowing Base includes Qualified Real Property Inventory, the Administrative Agent or Collateral Agent, as applicable, shall have received, with respect to any Qualified Real Property Inventory included in the Borrowing Base, those documents, instruments and agreements contemplated for the real property by the definition of Qualified Real Property Inventory and such other documents specified on Annex I with respect to such real property.
The Administrative Agent shall be entitled to inspect not more than once each fiscal quarter of the Borrower documentation with a scope reasonably identified by the Administrative Agent with respect to any work-in-progress, including, without limitation, sales contracts, loan commitments, buyer deposits, lot purchase closing statements, certificates of occupancy, notices of commencement and other matters relating to the Qualified Real Property Inventory, etc.
The Administrative Agent may determine that the Appraised Value of a Qualified Real Property Inventory is $0.00 as a result of material damage, destruction, other casualty, condemnation, eminent domain, contamination or other adverse event affecting such Qualified Real Property Inventory.
More Definitions of Qualified Real Property Inventory
Qualified Real Property Inventory means, as of any date, Real Property Inventory that is not subject to or encumbered by any Lien, other than
Qualified Real Property Inventory means, as of any date, Real Property Inventory that is not subject to or encumbered by any deed of trust, mortgage, judgment Lien, or any other Lien (other than the Permitted Liens), and which (i) is not subject to any pending condemnation proceeding, (ii) is not subject to or impaired by any environmental contamination or problem, soils problem or other problem or issue that would materially impair the
Qualified Real Property Inventory as of any date, Real Property Inventory that is not subject to any Lien (other than (i) the Permitted Liens described in clauses (b), (c), (d), (f), (j), (l), (p) or (r) of the definition of “Permitted Liens”, (ii) the Permitted Liens described in clause (i)(iii) of the definition of “Permitted Liens” which secure deferred purchase price obligations arising in respect of a Profit and Participation Agreement and (iii) other Liens which have been bonded around so as to remove such Liens as encumbrances against such Real Property Inventory in a matter satisfactory to the Administrative Agent and its legal counsel).
Qualified Real Property Inventory as of any date, Real Property Inventory that is not subject to or encumbered by any deed of trust, mortgage, judgment Lien, or any other Lien (other than the Permitted Liens described in clauses (b)-(f), (j) and (r) of the definition of “Permitted Liens”) and other Liens which have been bonded around so as to remove such Liens as encumbrances against such Real Property Inventory in a matter satisfactory to the Administrative Agent and its legal counsel). “Real Property Inventory”: as of any date, land (including improvements under construction on such land) that is owned by any Loan Party, which land is being developed or held for future development or sale, together with the right, title and interest of such Loan Party in and to the streets, the land lying in the bed of any streets, roads or avenues, open or proposed, in or of, the air space and development rights pertaining thereto and the right to use such air space and development rights, all rights of way, privileges, liberties, tenements, hereditaments and appurtenances belonging in or in any way appertaining thereto, all fixtures, all easements now or hereafter benefiting such land and all royalties and rights appertaining to the use and enjoyment of such land necessary for the residential development of such land, together with all of the buildings and other improvements now or hereafter erected on such land, and any fixtures appurtenant thereto and all related personal property. “Recent Balance Sheet”: as defined in Section 4.8. “Reference Time”: with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time determined by the Administrative Agent in its reasonable discretion. “Refunded Swingline Loans”: as defined in Section 2.4(b). “Register”: as defined in Section 10.6(b). “Regulations U and X”: Regulations U and X of the Board as in effect from time to time. “Reimbursement Obligation”: the obligation of the Borrower to reimburse the applicable Issuing Lender pursuant to Section 3.5 for amounts drawn under Letters of Credit. “Relevant Anniversary Date”: as defined in Section 2.22(a). “Relevant Governmental Body”: the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any succ...
Qualified Real Property Inventory as of any date, Real Property Inventory that is not subject to or encumbered by any deed of trust, mortgage, judgment Lien, or any other Lien (other than (i) the Permitted Liens described in clauses (b), (f), (s), (t), (z), (aa) and (cc) of the definition of “Permitted Liens”, (ii) the Permitted Liens described in clause (g) of the definition of “Permitted Liens” but solely with respect to Entitled Land, (iii) the Permitted Liens described in clause (l) of the definition of “Permitted Liens” but solely to the extent such Permitted Liens relate to Purchase Money Indebtedness that (x) is incurred after the Closing Date and (y) is incurred within 30 days after the acquisition of such asset by the Borrower or the applicable Restricted Subsidiary or the applicable installation, construction or improvement, (iv) the Permitted Liens described in clause (r) of the definition of “Permitted Liens”, but solely to the extent such attachment or judgment Lien is bonded in a manner satisfactory to the Administrative Agent and its legal counsel, (v) the Permitted Liens described in clause (x) of the definition of “Permitted Liens”, other than any Permitted Liens in respect of payments described in clause (x)(iii) of such definition that are past due and (vi) other Liens which have been bonded around so as to remove such Liens as encumbrances against such Real Property Inventory in a matter satisfactory to the Administrative Agent and its legal counsel).
Qualified Real Property Inventory as of any date, Real Property Inventory that is owned solely by Loan Parties, is not subject to or encumbered by any deed of trust, mortgage, judgment Lien, or any other Lien (other than the Permitted Liens described in clauses (b), (c), (f) or (p) of the definition of “Permitted Liens”) and with respect to which:
Qualified Real Property Inventory means, as of any date, Real Property Inventory that is owned by the Borrower or its Restricted Subsidiaries that is not subject to or encumbered by any Lien, other than (a) Liens described in clauses (a), (b), (c), (d), (e), (f), (g), (j), (m), (o), (q), (r), (t), (u) and (v) of the definition of “Permitted Encumbrances” and in clauses (i) and (xv) of Section 7.1A, (b) any Lien that has been bonded around so as to remove such Lien as an encumbrance against such Real Property Inventory and (c) any Insured Lien.