Qualifying Note Receivable. A Qualifying Note Receivable shall be either (a) a loan originated and owned by Borrower or a Guarantor to a Person that is not an Affiliate of Borrower that operates a commercial business and with whom Borrower or a Guarantor simultaneously enters into a sale-leaseback transaction, or (b) a loan originated and owned by Borrower or a Guarantor to a Person that is not an Affiliate of Borrower that operates a single-user commercial business from the real estate that is security for such loan, and which loan is secured by a first-priority mortgage in the related real estate and improvements, and which loans are in each case otherwise approved by Agent to be an Unencumbered Pool Asset. For the avoidance of doubt, a Hybrid Lease shall not constitute a Qualifying Note Receivable. Rating Agencies. S&P, Xxxxx’x, Fitch and any substitute rating agency appointed by Borrower and the Agent pursuant to the definition of “Credit Rating”, collectively, and Rating Agency means either S&P, Xxxxx’x, Fitch or such substitute rating agency. Real Estate. All real property and related improvements, including, without limitation, the Unencumbered Pool Properties, at the time of determination then owned or leased (as lessee or sublessee) in whole or in part or operated by the Borrower or any of its Subsidiaries, or an Unconsolidated Affiliate of the Borrower and which is located in the United States of America or the District of Columbia, or as provided in §7.20(a)(xxvi), located in Canada.
Qualifying Note Receivable. A Qualifying Note Receivable shall be either (a) a loan originated and owned by Borrower or a Guarantor to a Person that is not an Affiliate of Borrower that operates a commercial business and with whom Borrower or a Guarantor simultaneously enters into a sale-leaseback transaction, or (b) a loan originated and owned by Borrower or a Guarantor to a Person that is not an Affiliate of Borrower that operates a single-user commercial business from the real estate that is security for such loan, and which loan is secured by a first-priority mortgage in the related real estate and improvements, and which loans are in each case otherwise approved by Agent to be an Unencumbered Pool Asset. For the avoidance of doubt, a Hybrid Lease shall not constitute a Qualifying Note Receivable.
