Hybrid Asset definition

Hybrid Asset means a parcel of Property (a) the fee interest of which is owned by, or is subject to a Ground Lease under which the lessee is, the Borrower or one of its Subsidiaries (the “Base Property”), which Base Property is leased to a tenant with Indebtedness owing to the Borrower or such Subsidiary secured by a first-priority mortgage or deed of trust on improvements located on such Base Property, and (b) which has been designated in writing by the Borrower to the Administrative Agent (which designation may occur at any time) as a “Hybrid Asset”.
View Source

Examples of Hybrid Asset in a sentence

  • Schedule 7.1(f)(i) is, as of the Agreement Date, a complete and correct listing of all Properties and Hybrid Assets of the Borrower, each other Loan Party and each other Subsidiary, setting forth, for each such Property or Hybrid Asset, as applicable, the current occupancy status of such Property or Hybrid Asset and whether such Property or Hybrid Asset is a Development Asset and, if such Property or Hybrid Asset is a Development Asset, the status of completion of such Property or Hybrid Asset.

  • If a Development Asset is owned by an Unconsolidated Affiliate of Spirit REIT or any of its Subsidiaries, then the value of such Development Asset for the purposes of this clause shall equal the product of (1) the GAAP book value for such Property or Hybrid Asset, as applicable, and (2) the Spirit REIT’s applicable Ownership Share thereof.

  • Schedule 7.1(f)(i) is, as of the Agreement Date, a complete and correct listing of all Properties and Hybrid Assets of the Borrower, each other Loan Party and each other Subsidiary, setting forth, for each such Property or Hybrid Asset, as applicable, the current occupancy status of such Property or Hybrid Asset and whether 76 such Property or Hybrid Asset is a Development Asset and, if such Property or Hybrid Asset is a Development Asset, the status of completion of such Property or Hybrid Asset.

Related to Hybrid Asset

  • Hybrid vehicle (HV) means a vehicle equipped with a powertrain containing at least two different categories of propulsion energy converters and at least two different categories of propulsion energy storage systems.

  • Hybrid Loop means a Local Loop comprised of both fiber optic cable, usually in the feeder plant, and copper wire or cable usually in the distribution plant.

  • Hybrid Securities means any trust preferred securities, or deferrable interest subordinated debt with a maturity of at least 20 years, which provides for the optional or mandatory deferral of interest or distributions, issued by the Borrower, or any business trusts, limited liability companies, limited partnerships or similar entities (i) substantially all of the common equity, general partner or similar interests of which are owned (either directly or indirectly through one or more wholly owned subsidiaries) at all times by the Borrower or any of its subsidiaries, (ii) that have been formed for the purpose of issuing trust preferred securities or deferrable interest subordinated debt, and (iii) substantially all the assets of which consist of (A) subordinated debt of the Borrower or a subsidiary of the Borrower, and (B) payments made from time to time on the subordinated debt.

  • S&P Eligible Asset means: (1) cash (excluding any cash irrevocably deposited by the Fund for the payment of any liabilities within the meaning of MTP Basic Maintenance Amount), (2) Receivables for Municipal Obligations Sold, (3) S&P Hedging Transactions or (4) a Municipal Obligation (including Inverse Floater as defined below) owned by the Fund that (A) is interest bearing and pays interest at least semi-annually; (B) is payable with respect to principal and interest in U.S. Dollars; (C) is not subject to a covered call or put option written by the Fund; (D) except for Inverse Floaters, is not part of a private placement of Municipal Obligations; and (E) except for Inverse Floaters, is part of an issue of Municipal Obligations with an original issue size of at least $10 million. Any Municipal Obligation that is a part of an original issue size of less than $10 million must carry a rating of at least “AA” by S&P or “AAA” by Moody’s, Fitch or another nationally recognized statistical rating organization. Notwithstanding the foregoing limitations:

  • Portfolio Asset means an asset of an investment fund;