Facility Loan Collateral definition

Facility Loan Collateral means (a)(i) all Eligible Preferred Stock owned by IIP SPE, (ii) all IIP SPE’s rights, title and interest in and to the Eligible Loan Receivable and (iii) all Leasing Real Property owned by an Obligor and submitted for inclusion under the Facility Revolver Borrowing Base, in each case, at any time and pledged as Collateral for the Loans advanced hereunder and all of the collateral covered by the Security Instrument, this Agreement or any other Loan Document, and (b) all accessions to, substitutions for and replacements, products and proceeds of any of the foregoing.
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Facility Loan Collateral set forth in Section 1.1 of the Loan Agreement is hereby amended and restated as follows:
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Facility Loan Collateral means all Eligible Preferred Stock owned by IIP SPE and all IIP SPE’s rights, title and interest in and to the Eligible Loan Receivable, in each case, pledged as security for the Loans advanced hereunder, subject to modification pursuant to the Addendum, as applicable. For the avoidance of doubt, neither the Facility Loan Collateral or any other Collateral governed by the Loan Documents includes any assets of IQHQ or any IQHQ Obligor.
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Examples of Facility Loan Collateral in a sentence

  • All of the Facility Loan Collateral must be kept free and clear of all Liens, encumbrances and Security Interests, except Permitted Liens and those in favor of Agent in connection with the Loans.

  • Any such inspection or visit to any Facility Loan Collateral, may, at Borrower Agent’s option, require that Agent or its designee be accompanied by Borrower Agent’s representative, provided, however, that if Borrower Agent has not provided such representative within five (5) Business Days of Agent’s request for a visit or inspection, no such representative will be required to accompany Agent or its designee.

  • Each Borrower and each Subsidiary Guarantor must at all times deposit, or cause to be deposited, in each case, promptly but in any event within two (2) Business Days of receipt thereof, all gross revenues, loan receivables, payments of Distributions from the Facility Loan Collateral into the applicable Operating Account.

  • Upon Full Payment, each Obligor shall be released from its respective obligations under the Loan Documents and Agent shall promptly cause all or any portion of the Facility Loan Collateral of any Obligor which is subject to any a Lien arising under the Loan Documents to be released and reconveyed to the applicable Obligor entitled thereto.

  • Each Borrower and each Subsidiary Guarantor must open and maintain at EWB Operating Accounts for in respect of the Facility Loan Collateral.

  • No Borrower is obligated for the payment of any commission or other fee with respect to the purchase of the Facility Loan Collateral, or if such Borrower is so obligated, such commission or other fee has been paid in full or provision has been made therefor.

  • In addition, Agent agrees that neither it nor its designee will visit or audit any Facility Loan Collateral more than once every year, provided such limitation will be inapplicable if an Event of Default exists.

  • No Event of Default exists, and to Borrower’s knowledge no material event of default by Borrower exists under any other material document to which Borrower is a party which relates to any of the Facility Loan Collateral that would reasonably be expected to have a Material Adverse Effect.

  • So long as no Event of Default exists, any Borrower may sell or otherwise dispose of the equipment when obsolete, worn out, inadequate, unserviceable or unnecessary for use in the operation of the Facility Loan Collateral, but, if material to the operation of the Facility Loan Collateral, only upon replacing the same with other equipment comparable in value and utility to the equipment that is disposed if needed for the operation of the Facility Loan Collateral.

  • Each Borrower must (and shall cause each Subsidiary Guarantor to) pay and discharge (or cause to be paid and discharged) prior to delinquency, all material amounts of taxes, assessments and other governmental charges upon the Facility Loan Collateral.