Collateral Asset Sample Clauses
The Collateral Asset clause defines the specific assets that are pledged or provided as security for the performance of obligations under an agreement. Typically, this clause will identify the type of asset—such as cash, securities, or property—and outline any requirements regarding its value, location, or maintenance. By clearly specifying what constitutes acceptable collateral, the clause ensures both parties understand what is at stake and helps protect the secured party’s interests in the event of default or non-performance.
Collateral Asset. (a) To the Borrower’s Knowledge and except as disclosed on the survey provided to the Lender pursuant to Section 4.1(xiv) of this Agreement, no buildings at the Collateral Asset are located in an area that has been identified by the Secretary of Housing and Urban Development as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968 or the Flood Disaster Protection Act of 1973, as amended, or any successor law, or, if located within any such area, Borrower has obtained and will maintain through the Maturity Date the insurance prescribed in Section 4.1(xvi) hereof.
(b) To the Borrower’s Knowledge as except as disclosed to Lender in the PCIA, as of the Agreement Execution Date, the Collateral Asset and the present use and occupancy thereof are in material compliance with all applicable zoning ordinances (without reliance upon adjoining or other properties), building codes, land use and Environmental Laws, and other similar laws (“Applicable Laws”).
(c) To the Borrower’s Knowledge, the Collateral Asset is served by all utilities required for the current or contemplated use thereof. The Collateral Asset has accepted or is equipped to accept such utility service.
(d) To the Borrower’s Knowledge, all public roads and streets necessary for service of and access to the Collateral Asset for the current or contemplated use thereof have been completed, and are open for use by the public.
(e) To the Borrower’s Knowledge, the Collateral Asset is served by public water and sewer systems or, if the Collateral Asset is not serviced by a public water and sewer system, the alternate systems are adequate and meet, in all material respects, all requirements and regulations of, and otherwise comply in all material respects with, all Applicable Laws with respect to such alternate systems.
(f) To the Borrower’s Knowledge and except as may be disclosed in the reports delivered to Lender pursuant to Section 4.1 hereof, as of the Agreement Execution Date, (i) Borrower is not aware of any latent or patent structural or other significant deficiency of the Collateral Asset, (ii) the Collateral Asset is free of damage and waste that would materially and adversely affect the value of the Collateral Asset, is in good repair and there is no deferred maintenance other than ordinary wear and tear, (iii) the Collateral Asset is free from damage caused by fire or other casualty and (iv) there is no pending or, to...
Collateral Asset. (i) The Borrower is (i) either the registered owner of the Collateral Asset and his title is, except for already existing non value reducing encumbrances in section II and already existing land charges in section III of the land register (that have to be redeemed at the latest with the disbursement of the Facility and have to be deleted within 15 (fifteen) days in the respective land registers), in no way limited, and it is the sole legal and economic holder of all rights and claims arising out of or in connection with all lease agreements concluded with respect to the Collateral Asset, or (ii) there are effectively registered priority notices of conveyances in the respective land registers in favour of the Borrower and it will become the legal and economic proprietor of the Collateral Asset in consequence of the registration in the respective land registers and will also be the holder of all rights and claims arising out of Loan Agreement between ARC RMNUSGER01 LLC and Deutsche Pfandbriefbank AG Page 19 of 50 or in connection with all lease agreements concluded with respect to the Collateral Asset and its ownership of the Collateral Asset will not be limited in any way (except for the already existing non value reducing encumbrances in section II). All lease agreements concluded with respect to the Collateral Asset comply with the written form requirement (Schriftformerfordernis), are legal, valid and binding, and the Borrower fulfills all its obligations under or in connection with all lease agreements (apart from issues, which were explicitly disclosed in writing before the closing of this Agreement by reference to this Section 16.16 (Collateral Asset) to the Bank).
(b) There are no damages to the Collateral Asset which could have an impact on the use or on the value of the Collateral Asset. The Collateral Asset is (i) in good condition (apart from issues explicitly disclosed in writing before the closing of this Agreement by reference to this Section 16.16 (Collateral Asset) to the Bank) and (ii) has no structural defects, flood or surface subsidence damages.
Collateral Asset. Determination of the market value of the Collateral Asset in the minimum amount of € 21,400,000 (twenty-one million four hundred thousand Euros) at least 2 (two) weeks before the Drawdown Date.
Collateral Asset. (a) The Collateral Asset is an office and production asset located in L▇▇▇▇▇▇▇▇▇▇▇ ▇-▇, ▇▇▇▇▇ ▇▇▇▇▇. It includes all properties as defined in ANNEX 1 "COLLATERAL ASSET".
(b) The Borrower has acquired the Collateral Asset by purchase agreement which was entered into before the notary public D▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, Hamburg, on 19 November 2013 by notarial deed no. 1731/2013 AG, the Purchase Agreement.
(c) Property Manager of the Collateral Asset is Rheinmetall Immobilien GmbH, the tenant of the Collateral Asset, with the oversight of Moor Park Property Management GmbH.
(d) Asset Manager will be Moor Park Capital Partners LLP.
Collateral Asset. For the avoidance of doubt, Mortgagee shall not be responsible for any losses, costs or expenses incurred by Mortgagor in connection with the loss of any recording tax credits or savings pertaining to this Mortgage and Mortgagor will expressly indemnify Mortgagee from any and all losses, costs and expenses (including reasonable attorneys’ fees) Mortgagee may incur as a result of failure by Mortgagor to pay any recording or other documentary taxes associated with this Mortgage.