First Mortgage Receivables definition

First Mortgage Receivables means any Indebtedness owing to a member of the Consolidated Group which is secured by a first-priority mortgage or deed of trust on commercial real estate having a value in excess of (x) the purchase price of such Indebtedness with respect to any such Indebtedness that was originated by a third party and acquired by such member of the Consolidated Group, or (y) the amount of such Indebtedness with respect to any such Indebtedness that was originated by such member of the Consolidated Group, and in each case, which has been designated by the Borrower as a “First Mortgage Receivable” in its most recent financial covenant compliance certificate; provided, however, that (i) any such Indebtedness owed by an Investment Affiliate shall be reduced by the Ownership Share of such Indebtedness, and (ii) any such Indebtedness owed by a member of the Consolidated Group shall be reduced by the Consolidated Group’s pro rata share of such Indebtedness.
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First Mortgage Receivables means a promissory note, indenture or other evidence of indebtedness secured by a first-priority Mortgage of which (a) the Borrower or any Subsidiary of the Borrower that is a Guarantor is the holder and retains the rights of collection of all payments thereunder and (b) the real property subject to such first-priority Mortgage is not directly or indirectly owned by the Parent Guarantor or any of its Subsidiaries.
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First Mortgage Receivables. Any Indebtedness owing to a member of the Consolidated Group which is secured by a first-priority mortgage or deed of trust on commercial real estate having a value in excess of the amount of such Indebtedness and which has been designated by the Borrower as a "First Mortgage Receivable" in its most recent compliance certificate.
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Examples of First Mortgage Receivables in a sentence

  • The Consolidated Group's Investment in First Mortgage Receivables (with each asset valued at the lower of its acquisition cost and its fair market value) shall not at any time exceed five percent (5%) of Total Asset Value.

  • Developable Land, Passive Non-Real Estate Investments and First Mortgage Receivables will be valued at the lower of acquisition cost or market value.

  • The Borrower will, and will cause each of its Subsidiaries to, use the proceeds of the Borrowings for the general corporate purposes of the Borrower, including working capital needs, the repayment of Indebtedness, making investments in First Mortgage Receivables, making Mezzanine Debt Investments, financing for property acquisitions of new Projects and construction of new improvements or expansions of existing improvements on Projects.

  • First Mortgage Receivables (with each asset valued at the lower of its acquisition cost and its fair market value), up to fifteen percent (15%) of Total Asset Value.

  • The Borrowing Base may be supplemented from time to time to reflect additional Borrowing Base Properties and/or First Mortgage Receivables.