Real Estate Collateral Conditions Precedent definition

Real Estate Collateral Conditions Precedent means each of the following conditions with respect to any Real Estate: (i) the Borrowers (as applicable) shall have executed and delivered to the Agent, an agent of the Agent, or to a title insurance company acceptable to the Agent, a Mortgage as the Agent on behalf of the Lenders may reasonably require to obtain a first lien on the Real Estate; (ii) the Agent shall have received, in respect of such Mortgage, a mortgagee's title policy or marked-up unconditional binder for such insurance which shall (a) be in an amount satisfactory to the Agent; (b) insure that the applicable Mortgage insured thereby creates a valid first lien on the property covered by such Mortgage, free and clear of all defects and encumbrances except those reasonably acceptable to the Agent (provided, however, that Agent shall not be entitled to object to any defect or encumbrance which constituted an exception to title insurance as shown on the title insurance policy of any previous lender who has accepted a Mortgage on the Real Property); (c) name the Agent on behalf of the Lenders as the insured thereunder; (d) contain such endorsements and effective coverage as the Agent may reasonably request, including, without limitation, the Line of Credit endorsement, provided, however, that any such requested endorsement shall be available in the applicable jurisdiction and shall not require the payment of any additional title insurance premium other than in an immaterial amount; and (e) indicate that all premiums in respect of such policy have been paid and that all charges for mortgage recording taxes, if any, have been paid; (iii) Agent shall have received a satisfactory appraisal on such Real Estate, which appraisal shall be by an appraiser acceptable to the Agent; (iv) Agent shall have received an environmental audit report on such Real Property which report shall; (x) provide that the Agent and Lenders may rely on it, (y) be satisfactory in form and substance to the Agent and (z) not disclose or indicate any material liability (real or potential) stemming from the Real Property or the operations on the Real Property; and (v) if required by applicable law, Agent shall have received (y) a survey and (z) a flood plain certification, each in form and substance satisfactory to Agent.
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Related to Real Estate Collateral Conditions Precedent

  • Conditions Precedent shall have the meaning set forth in Clause 4.2.

  • Special Conditions means Special Conditions of Contract, which override the General Conditions, also referred to as SCC.

  • GENERAL AND SPECIAL CONDITIONS OF CONTRACT means the instructions to Tenderer and General and special conditions of contract pertaining to the work for which above tenders have been called for.

  • Mortgage Conditions means the mortgage conditions booklet reference MORT 0154 MAY 13 HF;

  • Special Condition means a condition of a Transporter's Licence or Shipper's Licence other than a Standard Condition;

  • Closing Date Mortgaged Property as defined in Section 3.1(h).

  • Special Conditions of Contract means the pages completed by the Procuring Entity entitled Special Conditions of Contract which constitute Part A of the Special Conditions.

  • Acceptable Collateral means any of the following assets of Borrower, if (x) held in or credited to any Collateral Account subject to a first priority Lien under the applicable Security Agreement and (y) the Collateral Requirement has been satisfied with respect thereto:

  • Collateral Pool means the aggregate total of the Collateral.

  • Landlord Personal Property Collateral Access Agreement means a Landlord Waiver and Consent Agreement substantially in the form of Exhibit K with such amendments or modifications as may be approved by Collateral Agent.

  • Property Condition Report means a report prepared by a company satisfactory to Lender regarding the physical condition of the Property, satisfactory in form and substance to Lender in its sole discretion.

  • Counterparty Downgrade Collateral Account means an interest-bearing account of the Issuer with the Custodian into which all Counterparty Downgrade Collateral is to be deposited.

  • Real Estate Assets means any investment by the Company or the Operating Partnership in unimproved and improved Real Property (including fee or leasehold interests, options and leases), directly, through one or more subsidiaries or through a Joint Venture.

  • Borrowing Base Property means any one of the Borrowing Base Properties.

  • Borrowing Base Properties means the Oil and Gas Properties of the Loan Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 8.12.

  • Permitted Existing Liens means the Liens on assets of the Borrower and its Subsidiaries identified as such on Schedule 1.1.3 to this Agreement.

  • Real Estate Asset means, at any time of determination, any interest (fee, leasehold or otherwise) then owned by any Credit Party in any real property.

  • Mortgage Collateral the “Collateral” as defined in the Mortgage Loan Agreement.

  • Environmental Conditions means any conditions of the environment, including, without limitation, the work place, the ocean, natural resources (including flora or fauna), soil, surface water, ground water, any actual or potential drinking water supply sources, substrata or the ambient air, relating to or arising out of, or caused by the use, handling, storage, treatment, recycling, generation, transportation, Release or threatened Release or other management or mismanagement of Regulated Substances resulting from the use of, or operations on, the Property.

  • Real Property Collateral means the parcel or parcels of Real Property identified on Schedule R-1 and any Real Property hereafter acquired by Borrower.

  • Borrowing Base Assets means a collective reference to all Borrowing Base Assets in existence at any given time.

  • Real Estate Loan means any debt obligation that is (a) directly or indirectly secured by a mortgage, deed of trust or similar Lien on commercial real estate, residential real estate, office, retail or industrial property or undeveloped land, is underwritten as a mortgage loan and is not otherwise associated with an operating business or (b) a loan to a company engaged primarily in acquiring and developing undeveloped land (whether or not such loan is secured by real estate).

  • Permitted Existing Investments means the Investments of the Borrower and its Subsidiaries identified as such on Schedule 1.1.2 to this Agreement.

  • Collateral Access Agreement means a landlord waiver, bailee letter, or acknowledgement agreement of any lessor, warehouseman, processor, consignee, or other Person in possession of, having a Lien upon, or having rights or interests in any Loan Party’s or its Subsidiaries’ books and records, Equipment, or Inventory, in each case, in form and substance reasonably satisfactory to Agent.

  • Additional Collateral Loan Each Mortgage Loan that is supported by Additional Collateral.

  • Counterparty Downgrade Collateral means any cash and/or securities delivered to the Issuer as collateral for the obligations of a Hedge Counterparty under a Hedge Transaction.