Existing Property Debt definition

Existing Property Debt means the indebtedness to which the Property was subject immediately prior to the time of the Contribution of such Property.

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Existing Property Debt means the Debt Financing and any subsequent refinancing thereof, including a refinancing of any subsequent refinancing.

Existing Property Debt means, for each Protected Property, the indebtedness to which such Protected Property was subject immediately prior to the time of the Contribution of such Protected Property, including as set forth as applicable on Schedules 3 and 4 of the Contribution Agreement, as amended and/or supplemented from time to time.

Examples of Existing Property Debt in a sentence

Greenbriar shall not, and shall not permit any Subsidiary to, refinance Existing Property Debt, unless the aggregate loan amount does not exceed seventy-one percent (71%) of the appraised value of the collateral in such refinancing.
Buyer will receive a credit (the “Assumed Debt Credit”) against Buyer’s obligation to pay the Purchase Price at Closing for the (i) the unpaid principal amount and all accrued and unpaid interest of the Existing Property Debt assumed by Buyer, less (ii) the balance of any FF&E replacement reserves or similar reserves held by Existing Lender as of the Closing Date which are not released to Seller as of Closing.
Promptly following execution of this Agreement, Seller and Buyer shall work together to obtain the Existing Lender’s approval (the “Lender Approval”) to an assumption of the Existing Property Debt by Buyer at Closing.
All conditions imposed on Seller by Existing Lender and reasonably approved by Seller during the Approval Period relating to Buyer’s assumption of the Existing Property Debt at Closing shall have been fulfilled and/or delivered by Seller, as applicable.
All costs and fees related to Buyer’s assumption of the Existing Property Debt, including without limitation any assumption fees and lender's legal fees, shall be paid by Buyer.

More Definitions of Existing Property Debt

Existing Property Debt means collectively the existing debts of Seller to the Existing Lender secured by a first-priority security interest in the Purchased Property located at Arbor Terrace-Decatur and Arbor Terrace-Asheville, which (i) with respect to the Arbor Terrace-Decatur Property was originally issued in an amount equal to $11,100,000.00, had an estimated balance of $11,089,500.00 as of March 1, 2013, is due and payable on January 1, 2018 and has an interest rate of 5.49% per annum with payments based upon a thirty (30) year amortization schedule throughout the remainder of the term, and (ii) with respect to the Arbor Terrace-Asheville was originally issued in an amount equal to $9,600,000.00, had an estimated balance of $9,600,000.00 as of March 1, 2013, is due and payable on February 1, 2018 and has an interest rate of 5.49% per annum with payments based upon a thirty (30) year amortization schedule throughout the remainder of the term.

Existing Property Debt means, for each Protected Property, the indebtedness secured by such Protected Property (or, in the case of a Yonkers Pledged Property, the indebtedness secured by the Yonkers Pledged Properties) at the time of the Contribution of such Protected Property, as set forth on Exhibit I of the Contribution Agreement, and, for the avoidance of doubt, shall not include the Acklinis-Ackrik Debt or the Woodbridge-Manchester Debt.

Existing Property Debt means, as of any date, mortgage notes payable collateralized by the Existing Property Group that would be reflected on a consolidated balance sheet of Greenbriar and the Subsidiaries prepared as of such date in accordance with GAAP.

Existing Property Debt means any indebtedness that is secured by a Property Encumbrance that exists as of the date of this Amendment.