Common use of Collateral Certificate Clause in Contracts

Collateral Certificate. Each proposed Borrowing Base Report shall be accompanied by a Collateral Certificate certified as true and correct and executed by an authorized signer of Borrower. As Lender may from time to time request, each proposed Borrowing Base Report shall also be accompanied by such additional certificates, “check runs” and other evidence as Lender may require to assist Lender in verifying the information therein. Units and Lots may be added as Eligible Collateral only upon receipt and approval by Lender of the proposed Borrowing Base Report and Collateral Certificate which include such Unit or Lot and upon satisfaction of all other provisions of this Agreement. Each Collateral Certificate prepared separately shall be in form and substance satisfactory to Lender, shall be on a “stage draw” format whereby Lender assigns a percentage of completion based upon “stages of completion” set forth in a fixed schedule that shall contain such certifications and information as Lender may require, including, without limitation, the following: (i) The information required to be included on the Borrowing Base Report; (ii) The total number, and a description of, the Presold Units, Spec Units, Model Units, and Lots that constitute Eligible Collateral; (iii) The Collateral Value for each Unit and Lot that constitutes Eligible Collateral; (iv) The total Collateral Value for the Borrowing Base; (v) The calculated amount of Collateral Value and usage for all types of Eligible Collateral and a calculation of all applicable limitations; (vi) The amount of Loan proceeds that are available for Advances against each item of Eligible Collateral based on the terms of this Agreement; and (vii) A statement that Borrower is in compliance with the terms and conditions of the Loan Documents.

Collateral Certificate. Each proposed Borrowing Base Report shall will be accompanied by a Collateral Certificate certified as true and correct and executed by an authorized signer of Borrower. As Lender may from time to time request, each proposed Borrowing Base Report shall also be accompanied by such additional certificates, “check runs” and other evidence as Lender may require to assist Lender in verifying the information therein. Units and Lots may be added as Eligible Collateral only upon receipt and approval by Lender of the proposed Borrowing Base Report and Collateral Certificate which include such Unit or Lot and upon satisfaction of all other provisions of this Agreement. Each Collateral Certificate prepared separately shall be in form and substance satisfactory to Lender, shall be on a “stage draw” format whereby Lender assigns a percentage of completion based upon “stages of completion” set forth in a fixed schedule that shall contain such certifications and information as Lender may require, including, without limitation, the following: (i) The information required to be included on the Borrowing Base Report; (ii) The total number, and a description of, the Presold Units, Spec Units, Model Units, and Lots that constitute Eligible Collateral; (iii) The Collateral Value for each Unit and Lot that constitutes Eligible Collateral; (iv) The total Collateral Value for the Borrowing Base; (v) The calculated amount of Collateral Value and usage for all types of Eligible Collateral and a calculation of all applicable limitations; (vi) The amount of Loan proceeds that are available for Advances against each item of Eligible Collateral based on the terms of this Agreement; and; (vii) A statement that Borrower is in compliance with the terms and conditions of the Loan Documents.; and

Collateral Certificate. Each proposed Borrowing Base Report shall will be accompanied by a Collateral Certificate certified as true and correct and executed by an authorized signer of Borrower. As Lender Bank may from time to time request, each proposed Borrowing Base Report shall also be accompanied by such additional certificates, “check runs” and other evidence as Lender Bank may require to assist Lender Bank in verifying the information therein. Units and Lots may be added as Eligible Collateral only upon receipt and approval by Lender Bank of the proposed Borrowing Base Report and Collateral Certificate which include such Unit or Lot and upon satisfaction of all other provisions of this Agreement. Each Collateral Certificate prepared separately shall be in form and substance satisfactory to LenderBank, shall be on a “stage draw” format whereby Lender assigns a percentage of completion based upon “stages of completion” set forth in a fixed schedule that shall contain such certifications and information as Lender Bank may require, including, without limitation, the following: (i) The information required to be included on the Borrowing Base Report; (ii) The total number, and a description of, the Presold Units, Spec Units, Model Units, and Lots that constitute Eligible Collateral; (iii) The Collateral Value for each Unit and Lot that constitutes Eligible Collateral; (iv) The total Collateral Value for the Borrowing Base; (v) The calculated amount of Collateral Value and usage for all types of Eligible Collateral and a calculation of all applicable limitations; (vi) The amount of Loan proceeds that are available for Advances against each item of Eligible Collateral based on the terms of this Agreement; and; (vii) A statement that Borrower is in compliance with the terms and conditions of the Loan Documents.; and