Real Estate Inventory definition
Examples of Real Estate Inventory in a sentence
At any time of determination ------------------------- thereof, the value of any component of Real Estate Inventory used to calculate the Borrowing Base does not exceed the GAAP Value of such component of Real Estate Inventory.
Each of the Borrower and its Restricted Subsidiaries has good record and marketable title in fee simple to all Real Estate Inventory included in the Borrowing Base, except for defects in title that do not interfere in any material respect with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes.
All policies covering the Real Estate, Equipment and Inventory are, subject to the rights of any holders of Permitted Encumbrances holding claims senior to CIT, to be made payable to CIT, in case of loss, under a standard non-contributory "mortgagee", "lender" or "secured party" clause and are to contain such other provisions as CIT may require to fully protect CIT's interest in the Real Estate, Inventory and Equipment and to any payments to be made under such policies.
At any time of determination thereof, the value of any component of Real Estate Inventory used to calculate the Borrowing Base does not exceed the GAAP Value of such component of Real Estate Inventory.
The preceding financial statements shall include, on a project-by-project basis, a breakdown of Real Estate Inventory costs.
All policies covering the Real Estate, Equipment and Inventory are, subject to the rights of any holders of Permitted Encumbrances holding claims senior to the Agent, to be made payable to the Agent, in case of loss, under a standard non-contributory "mortgagee", "lender" or "secured party" clause and are to contain such other provisions as the Agent may require to fully protect the Agent's interest in the Real Estate, Inventory and Equipment and to any payments to be made under such policies.
The Borrower shall use the proceeds of any Additional Term Loans solely for Permitted Acquisitions and the repayment of outstanding Revolving Loans or those Existing Loans not subject to a Conversion Notice.
With respect to the Subdivision known as “Marketside II”, Borrower has requested that Administrative Agent and Lenders permit Real Estate Inventory in such Subdivision be classified as Eligible Assets, notwithstanding the fact that such property is encumbered by (1) a deed of trust dated November 6, 2018, for the benefit of DMB White Tank, LLC, and recorded in the official records of Maricopa County, Arizona as instrument no.
All policies covering the Real Estate, Equipment and Inventory are, subject to the rights of any holders of Permitted Encumbrances holding claims senior to CIT, to be made payable to CIT, in case of loss, under a standard non–contributory "mortgagee", "lender" or "secured party" clause and are to contain such other provisions as CIT may require to fully protect CIT’s interest in the Real Estate, Inventory and Equipment and to any payments to be made under such policies.
Notwithstanding the foregoing, each Protective Advance and the charges, costs and expenses, including reasonable attorneys’ fees, incurred or paid by Administrative Agent or Lenders in exercising any right, power or remedy conferred by this Agreement or any other Loan Document or in the enforcement thereof or the completion of Real Estate Inventory shall be charged to Borrower pursuant to Section 10.4.