Qualified Real Property Inventory definition

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 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 Environmental Laws.

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.

• Upon the request of the Administrative Agent from time to time, but no more than twice in any calendar year unless an Event of Default has occurred and is continuing, plans and cost budgets with respect to land development work in respect of Qualified Real Property Inventory of a reasonable size shall be provided by the Borrower to the Administrative Agent, at the Borrower’s expense.

• 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 (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.

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 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.

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 (x) the Permitted Liens described in clauses (b), (c), (f), (p) or (r) of the definition of “Permitted Liens” and (y) solely with respect to the properties described on Exhibit A of the Collateral Assignment (as defined below), Permitted Liens described in clause (i)(iii) of the definition of “Permitted Liens”; provided that with respect to this clause (y), such Permitted Liens and any obligations described in clause (i)(iii) of the definition of “Permitted Liens” are expressly subordinated to the Liens securing the Obligations and the Obligations, respectively, on terms reasonably acceptable to the Administrative Agent) and with respect to which:

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 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 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