Common use of Collateral Certificate Clause in Contracts

Collateral Certificate. Each Collateral Inventory Report will be accompanied by a Collateral Certificate signed by an executive officer of Borrower. As the Lender may from time to time request, each Collateral Inventory Report shall also be accompanied by such certificates and other evidence as the Lender may require to assist the Lender in verifying the information therein. Units and Eligible Lots may be added as Eligible Collateral only upon receipt of the Collateral Inventory Report and Collateral Certificate and upon satisfaction of all other provisions of this Agreement. Each Collateral Certificate shall be in form and substance satisfactory to the Lender, shall contain such certifications as the Lender may require, and shall set forth the following: (i) The Eligible Lot Collateral Value for each Eligible Lot that constitutes Eligible Collateral; (ii) The total Collateral Value for the Borrowing Base; (iii) The calculated amount of Collateral Value and usage for all types of Eligible Collateral and a calculation of all applicable limitations; and (iv) A statement that Borrower is in compliance with the terms and conditions of the Loan Documents.