Collateral Pool Properties Sample Clauses
The Collateral Pool Properties clause defines the specific characteristics and requirements that assets must meet to be included in a collateral pool. It typically outlines criteria such as asset type, quality, valuation standards, and eligibility conditions, ensuring that only qualifying assets are accepted as collateral. By establishing clear standards for what constitutes acceptable collateral, this clause helps maintain the integrity and value of the collateral pool, thereby reducing credit risk and providing assurance to parties relying on the pool's security.
Collateral Pool Properties. 7.1.8.1. Borrower, as a whole, shall be in compliance with the Sublimits set forth in Section 2.6.1 at such times as expressly required in this Agreement; and
7.1.8.2. Each Property Borrower shall own at all times the entire equity interest in its respective Collateral Pool Property.
Collateral Pool Properties. (a) Schedule 4.3(a) contains a correct and complete list of all Collateral Pool Properties as of the Closing Date, including applicable ownership information.
(b) With respect to each Collateral Pool Property from time to time:
(i) no Collateral Pool Property is 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 any portion of the buildings on such Collateral Pool Properties are located within any such area, the Borrower or applicable Subsidiary Guarantor has obtained and will maintain through the Maturity Date the flood insurance prescribed in Section 6.10 hereof (including Schedule 6.10)
(ii) each of the Collateral Pool Properties and the present use and occupancy thereof are in material compliance with all zoning ordinances (without reliance upon adjoining or other properties), health, fire and building codes, land use laws (including those regulating parking) and Environmental Laws (except as disclosed in any environmental report delivered to and approved by the Administrative Agent and the Required Lenders (collectively, the “Approved ESAs” and each individually, an “Approved ESA”) pursuant to this Agreement or as permitted under the definition of Eligible Property) and other applicable laws;
(iii) each of the Collateral Pool Properties is served by all utilities required for the current or contemplated use thereof;
(iv) all public roads and streets necessary for service of and access to each of the Collateral Pool Properties for the current or contemplated use thereof have been completed, and are open for use by the public, or appropriate insured private easements are in place;
(v) the Borrower is not aware of any material structural or other significant deficiency of the Collateral Pool Properties;
(vi) each of the Collateral Pool Properties is free of damage and material physical waste that would materially and adversely affect the value of such Collateral Pool Property, is in good condition and repair subject to any items set forth in any property condition report delivered to and approved by the Administrative Agent and the Required Lenders (collectively, the “Approved PCRs” and each individually, an “Approved PCR”) or as otherwise permitted under the definition of Eligible Property...
Collateral Pool Properties. Except as set forth in Schedule 3.19 or as set forth in the written engineer reports provided to Administrative Agent (and forwarded to the Lenders) on or before the date hereof or in connection with the inclusion of any applicable Collateral Pool Property, all of the Collateral Pool Properties, and all major building systems located thereon, are structurally sound, in reasonably good condition and working order and free from material defects (other than latent defects), subject to ordinary wear and tear, except for such portion of such Real Estate which is not occupied by any tenant and which may not be in final working order pending final build-out of such space and except where such defects DB3/ 204690278.10 have not had and would not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Loan Parties on the date any Real Estate becomes a Collateral Pool Property each of the Collateral Pool Properties, and the use and operation thereof, is in compliance with all applicable federal and state law and governmental regulations and any local ordinances, orders or regulations, including without limitation, laws, regulations and ordinances relating to zoning, building codes, subdivision, fire protection, health, safety, handicapped access, historic preservation and protection, wetlands, tidelands, and Environmental Laws except in cases where such non-compliance would not have a Material Adverse Effect. All water, sewer, electric, gas, telephone and other utilities necessary for the use and operation of the Collateral Pool Property are installed to the property lines of the Collateral Pool Property through dedicated public rights of way or through perpetual private easements with respect to which the applicable Mortgage creates a valid and enforceable first lien subject to Permitted Encumbrances and, except in the case of drainage facilities, are connected to the Building located thereon with valid permits and are adequate to service the Building in compliance with applicable law, and except where the failure of any of the foregoing would not reasonably be expected to have a Material Adverse Effect. There are no unpaid or outstanding real estate or other taxes or assessments on or against any of the Collateral Pool Properties which are payable by the Parent, the Borrower or a Subsidiary Guarantor (except only real estate or other taxes or assessments, that are not yet delinquent or are being protested as permitted by this Agreement). ...
Collateral Pool Properties. With respect to the Collateral Pool Properties which are part of the Collateral Pool on the Closing Date, the Borrower shall have delivered all documents and information required hereunder for inclusion of such Collateral Pool Property into the Collateral Pool and the Banks shall have approved the inclusion therein.
Collateral Pool Properties. As of the Agreement Date, Schedule 6.1(y) is a correct and complete list of all Collateral Pool Properties. Each of the Collateral Pool Properties included by the Borrower in calculations of the Collateral Pool Value satisfies all of the requirements contained in this Agreement for the same to be included therein.
Collateral Pool Properties. 88 SECTION 3.20..... Mortgages.................................................................................... 89
Collateral Pool Properties. Without limiting the further covenants contained in the Security Documents, at all times the Borrower shall use commercially reasonable efforts to cause each other Loan Party or the applicable tenant, to:
(a) Pay (or cause to be paid) when due all real estate and personal property taxes, assessments, water rates or sewer rents, ground rents, maintenance charges, impositions, and any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Collateral Pool Property, now or hereafter levied or assessed or imposed against any Collateral Pool Property or any part thereof (except those which are being contested in good faith by appropriate proceedings diligently conducted and where the failure to pay any of the foregoing could reasonably be expected to have a Material Adverse Effect);
(b) promptly pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated materials incurred in connection with any Collateral Pool Property (except those which are being contested in good faith by appropriate proceedings diligently conducted and where the failure to pay any of the foregoing could reasonably be expected to have a Material Adverse Effect), and in any event never permit to be created or exist in respect of any Collateral Pool Property or any part thereof any other or additional Lien or security interest other than Permitted Encumbrances and other Liens permitted hereunder; and
(c) operate the Collateral Pool Properties in a good and workmanlike manner and in all material respects in accordance with all applicable laws in accordance with the Borrower’s or such other Loan Party’s prudent business judgment, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.
Collateral Pool Properties. The Borrower shall not, and shall not permit any other Loan Party, directly or indirectly, to:
(a) use or occupy or conduct any activity on, or knowingly permit the use or occupancy of or the conduct of any activity on any Collateral Pool Properties by any tenant, in any manner which violates any applicable law or which constitutes a public or private nuisance in any manner which would have a Material Adverse Effect or which makes void, voidable, or cancelable any insurance then in force with respect thereto or makes the maintenance of insurance in accordance with Section 5.15 commercially unreasonable (including by way of increased premium);
(b) without the prior written consent of the Administrative Agent and the Required Lenders (which consent shall not be unreasonably withheld, conditioned or delayed), except in connection with any construction, development or redevelopment of any real estate, initiate or permit any zoning reclassification of any Collateral Pool Property or seek any variance under existing zoning ordinances applicable to any Collateral Pool Property or in any event use or knowingly permit the use of any Collateral Pool Property in such a manner which would result in such use becoming a nonconforming use under applicable zoning ordinances or other applicable law if such nonconforming use would reasonably be expected to have a Material Adverse Effect;
(c) without the prior written consent of Administrative Agent and the Required Lenders (which consent shall not be unreasonably withheld, conditioned or delayed), except in connection with any construction, development or redevelopment of any real estate, (i) impose any material easement, restrictive covenant, or encumbrance upon any Collateral Pool Property, other than the easements entered into the ordinary course of business and that would customarily be agreed to by a reasonably prudent land owner, (ii) execute or file any subdivision plat or condominium declaration affecting any Collateral Pool Property, or (iii) consent to the annexation of any Collateral Pool Property to any municipality;
(d) do any act which would reasonably be expected to materially decrease the value of any Collateral Pool Property as reflected in the most-recent Appraisal (including by way of negligent act); 103 DB3/ 204481699.8
(e) subject to any prior grants or transfer of mineral rights and related rights, without the prior written consent of all the Lenders (which consent shall not be unreasonably withheld or...
Collateral Pool Properties. 59 ARTICLE VII COVENANTS...........................................................................................61
Collateral Pool Properties. (a) Borrower makes the following representations and warranties with respect to each Collateral Pool Property: