Material Owned Property definition
Examples of Material Owned Property in a sentence
Each of the Borrower and its Subsidiaries owns good and marketable fee simple title to all of its Material Owned Property, and none of its respective Material Owned Property is subject to any Liens, except for Permitted Liens.
Without limiting the generality of the foregoing, the Administrative Agent acknowledges and agrees that the granting of Mortgages on the Material Owned Property and the obtaining of title insurance in connection with any such Mortgaged Property cannot be accomplished without undue effort or expense prior to the Effective Date, and, therefore, will not be required as a condition to the initial Credit Extension hereunder and/or the effectiveness of Commitments hereunder.
No later than thirty (30) days following Administrative Agent’s written request to Grantor, each Grantor will furnish the Administrative Agent with a Mortgage under Applicable Law covering any parcel of (i) Material Owned Property owned or acquired by it, or (ii) Material Leased Property leased by it.
Each Loan Party, promptly upon the request of Administrative Agent, also will authenticate or execute and deliver UCC financing statements (including fixture filings), obtain control agreements with respect to accounts other than Excluded Accounts, and local counsel legal opinions with respect to Material Owned Property as Administrative Agent may reasonably request.
All real property constituting Material Owned Property (as defined in the Credit Agreement) as of the date hereof, together with the estimated value of such property and a description of the use of such property, is set forth in Annex J.