Collateral Verification Certificate definition
Examples of Collateral Verification Certificate in a sentence
The allowed amount of each A&D Draw Request shown in the Collateral Verification Certificate shall be subject to the Maximum Facility Amount and all applicable Sub-Limits, in accordance with the approved Budget for the A&D Project set forth on the applicable A&D Project Addendum and determined by the information provided by Borrower in its A&D Draw Request, subject to adjustment based on Lender’s inspections.
L▇▇▇▇▇ AND SONS, LLC, a Florida limited Liability company OHIO SAVINGS BANK, a federal savings bank By: By: G▇▇▇▇▇ ▇▇▇▇▇▇▇, Chief Financial Officer , Vice President Schedule 1 Facility Terms and Sub-Limits Schedule 2 Financial Covenants Exhibit A Form of A&D Land Addendum Exhibit B Form of A&D Project Addendum Exhibit C Collateral Verification Certificate Exhibit D Certificate of Compliance SELECTED OF THEIR OWN FREE WILL, AND THAT THEY HAVE HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.
A&D Land: thirty six (36) months A&D Project: thirty six (36) months Notwithstanding the foregoing, at such time as A&D Land is converted to an A&D Project, the Required Repayment Term shall commence for such A&D Project (including the A&D Land) from the date of conversion to an A&D Project; and at such time as a Unit on a Developed Lot is included in a Collateral Verification Certificate, the Required Repayment Term for such Developed Lot shall no longer apply.
Lots on which a Unit is being constructed, which Unit is included in the Collateral Verification Certificate, shall be included in the Maximum Available Amount.
If inspections of the Property indicate that the Collateral Verification Certificate overstates the values, costs, or completion percentages, in addition to any other remedy afforded Lender, Lender may increase its sample size, frequency or scope of its inspections.
Should inspections of the A&D Projects indicate that the A&D Draw Requests portion of the Collateral Verification Certificate overstate the values, costs, or completion percentages, in addition to any other remedy afforded Lender, Lender may increase its frequency or scope of its inspections.
In reviewing Borrower’s Collateral Verification Certificate, determinations of “value,” “cost,” and “percentage of completion” shall be made by Lender in its reasonable discretion and in accordance with its standard credit procedures.
In the event the percentage of completion or other information relating to a particular Eligible Property Type as determined by Lender varies from the information provided by Borrower in its most current Collateral Verification Certificate, Lender may, at any time and in its sole discretion, use the information as determined by Lender to calculate the Collateral Basis Amount.
Subject to the terms and conditions of this Agreement, upon Borrower’s submission of a Working Capital Line Draw Request or a Collateral Verification Certificate (comprised of A&D Draw Requests and Borrowing Base Draw Requests) and subject to Lender’s approval, Lender will authorize Draws, which shall be subject to the Maximum Facility Amount, the Maximum Available Amount, and all related Sub-Limits.
Upon the inclusion of a Unit in a Collateral Verification Certificate, the associated Developed Lot shall be considered as a part of the Borrowing Base Request in the Collateral Verification Certificate.