Eligible Real Estate

Eligible Real Estate. Means Real Estate acceptable to the Administrative Agent in its reasonable discretion to be eligible for inclusion in the calculation of the Borrowing Base, and without limiting the foregoing, satisfies each of the following conditions: a) a Loan Party owns fee title thereto and is occupied by a Loan Party and/or a lessee of a Loan Party; b) the applicable Loan Party has executed and delivered to the ... Collateral Agent such Deeds of Trust and other security documents as the Collateral Agent may reasonably request; c) the applicable Loan Party shall have delivered to the Collateral Agent a Title Insurance Policy issued by the Title Company, environmental studies, and other real estate items, as reasonably required by, and reasonably satisfactory to, the Collateral Agent, including, but not limited to, those items required by FIRREA; d) the Collateral Agent has a perfected first-priority lien in such Real Estate for the benefit of the Credit Parties; e) such Real Estate has been appraised by a third party appraiser reasonably acceptable to the Administrative Agent; f) such Real Estate is free and clear of any Lien other than Liens set forth in the Title Insurance Policy furnished for such Real Estate; and g) as to which the mortgagor is in compliance with the representations, warranties and covenants set forth in the Deed of Trust relating to such property, unless the Administrative Agent, in its discretion, otherwise determines to waive this requirement in the determination of Eligible Real Estate. 6 View More