Maximum Property Concentration definition

Maximum Property Concentration. As defined in the Series Supplement relating to the most recent Series of Notes.
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Maximum Property Concentration. With respect to any date of determination: (i) with respect to the Property Concentration for any Business Sector, (a) in the case of Specialty Retailers as of any Determination Date, a percentage equal to 23.0% as of such Determination Date, (b) in the case of Education Facilities as of any Determination Date, a percentage equal to 10.0% as of such Determination Date, (c) in the case of Movie Theaters as of any Determination Date, a percentage equal to 12.5% as of such Determination Date, and (d) in the case of any other Business Sector (other than the Restaurant Business Sector, so long as no related Restaurant Concept exceeds 7.5% of the Allocated Collateral Amount of all Mortgage Loans and Mortgaged Properties) as of any Determination Date, a percentage no greater than 7.5% as of such Determination Date; (ii) with respect to the Property Concentration for any Tenant (including affiliates thereof), (x) in the case of the largest concentration of Tenants (including affiliates thereof) as of such Determination Date, a percentage equal to 7.0% as of such Determination Date and (y) in the case of the five (5) largest concentrations of Tenants (including affiliates thereof) as of such Determination Date, an aggregate percentage equal to 30.0% as of such Determination Date; (iii) with respect to the Property Concentration for any state, a percentage equal to 15.0% plus the Property Concentration of such state as of the Initial Closing Date; (iv) with respect to the Property Concentration for Ground Leases, a percentage equal to 2.0%; and (v) with respect to the Property Concentration for Leases pursuant to which Tenants pay Percentage Rent only, a percent equal to 1.0%.
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Maximum Property Concentration. Means, with respect to any Determination Date, after giving effect to any Qualified Substitute Property, Qualified Substitute Loan, Qualified Mortgaged Property, Post-Closing Property, Replacement Property and, in each case, the Leases thereunder, the following percentages equal to the aggregate Allocated Loan Amounts of the Properties in such concentration over the aggregate Allocated Loan Amounts of the Collateral Pool: (i) (a) with respect to the Restaurants – Casual Dining, Restaurants – Family Dining, and Restaurants – Quick Service Business Sectors as of any Determination Date, no limit, so long as no related Restaurant Concept exceeds 25.0% as of such Determination Date and (b) with respect to each other Business Sector as of any Determination Date, a percentage equal to 20.0%; (ii) with respect to any Tenant (including affiliates thereof), (a) in the case of the largest Tenant (including affiliates thereof) as of such Determination Date, a percentage equal to 25.0% and (b) in the case of the five (5) largest Tenants (including affiliates thereof) as of such Determination Date, an aggregate percentage equal to 60.0% as of such Determination Date; (iii) (a) with respect to Properties located in any state (other than Texas, Florida or Georgia) as of such Determination Date, a percentage equal to 17.5% and (b) with respect to Properties located in Texas, Florida or Georgia as of such Determination Date, a percentage equal to 25.0% as of such Determination Date; (iv) with respect to Properties with a FCCR less than 1.25 as of such Determination Date, a percentage equal to 10.0% as of such Determination Date; (v) with respect to Tenant Ground Leases as of such Determination Date, a percentage equal to 3.0% as of such Determination Date; (vi) with respect to Leasehold Properties as of such Determination Date, a percentage equal to 5.0% as of such Determination Date; (vii) with respect to Percentage Rent as a percentage of total rent as of such Determination Date, a percent equal to 5.0% as of such Determination Date; (viii) with respect to Properties with less than twelve (12) months of operating history at such location as of such Determination Date, a percentage equal to 10.0% as of such Determination Date and (ix) (a) with respect to Loans, as of such Determination Date prior to the first Related Series Closing Date occurring after the Series Closing Date, a percentage no greater than 0.0% as of such Determination Date and (b) with respect to Loans, as...
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Examples of Maximum Property Concentration in a sentence

  • No Property will constitute a Qualified Substitute Property unless, after giving effect to the transfer of such Property to the related Issuer, either (i) a Maximum Property Concentration is not exceeded, or (ii) if, prior to such substitution, an existing Maximum Property Concentration is already exceeded, the addition of such Qualified Substitute Property will reduce the Maximum Property Concentration or such Maximum Property Concentration will remain unchanged after giving effect to such substitution.

  • The Determination Date Report shall contain information with respect to the Financed Properties as of the Determination Date, including, but not limited to, Ineligible Assets, Maximum Property Concentration, Financial Covenants as of the most recent fiscal quarter, delinquency and default data, Monthly DSCR, FCCR, and any additional information in the possession of the Property Manager or reasonably available to it that the Administrative Agent requests in its reasonable discretion from time to time.

  • No Property will constitute a Qualified Substitute Property unless, after giving effect to the transfer of such Property to the related Borrower, either (i) a Maximum Property Concentration is not exceeded, or (ii) if, prior to such substitution, an existing Maximum Property Concentration is already exceeded, the addition of such Qualified Substitute Property will reduce the Maximum Property Concentration or such Maximum Property Concentration will remain unchanged after giving effect to such substitution.

  • At the time of the addition of such New Property to the Collateral, such New Property is an Eligible Property and does not breach the Maximum Property Concentrations; provided that if a Maximum Property Concentration was already exceeded, the addition of such New Property will be permitted if such excess is reduced thereby.


More Definitions of Maximum Property Concentration

Maximum Property Concentration. With respect to any Determination Date and any concentration set forth below, means a percentage equal to the aggregate Allocated Loan Amounts in such concentration over the Aggregate Allocated Loan Amounts of the Collateral Pool: (a) with respect to the Other Amusement and Recreation Industries (7139) industry group from the North American Industry Classification System as of any Determination Date, a percentage equal to 20.0%, and (b) in the case of any other industry group from the North American Industry Classification System (other than Restaurants and Other Eating Places, so long as no related Restaurant Concept exceeds 12.5% of the Allocated Loan Amount of the Collateral Pool) as of any Determination Date, a percentage no greater than 15.0% as of such Determination Date; (ii) with respect to any Tenant (including affiliates thereof), (a) in the case of the largest Tenant (including affiliates thereof) as of any Determination Date, a percentage equal to 12.5% and (b) in the case of the 5 largest Tenants (including affiliates thereof) as of any Determination Date, an aggregate percentage equal to 45% as of such Determination Date; (iii) (a) with respect to Properties located in any state (other than Texas, Illinois and Tennessee) as of any Determination Date, a percentage equal to 12.5%; (b) with respect to Properties located in Illinois or Tennessee as of any Determination Date, a percentage equal to 15.0% as of such Determination Date and (c) with respect to Properties located in Texas as of any Determination Date, a percentage equal to 27.5% as of such Determination Date; (iv) with respect to Properties with a 4-Wall FCCR less than 1.4x as of any Determination Date, a percentage equal to 12.0% as of such Determination Date; (v) with respect to ground leases as of any Determination Date, a percentage equal to 2% as of such Determination Date; (vi) with respect to Tenants which pay Percentage Rent only as of any Determination Date, a percent equal to 2.0% as of such Determination Date; (vii) with respect to Properties with less than 12 months of operating history at such location as of any Determination Date, a percentage equal to 10.0% as of such Determination Date and (viii) (a) with respect to Mortgage Loans, as of any Determination Date prior to a New Issuance, a percentage no greater than 0.0% as of such Determination Date and (b) with respect to Mortgage Loans, as of any Determination Date on or after the date of the first New Issuance, a perce...
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Maximum Property Concentration. With respect to any Determination Date and any concentration set forth below, means a percentage equal to the aggregate Allocated Loan Amounts for the Properties in such concentration over the Aggregate Allocated Loan Amounts of the Collateral Pool: (a) with respect to the Other Amusement and Recreation Industries (7139) industry group from the North American Industry Classification System as of any Determination Date, a percentage equal to 20.0%, and (b) in the case of any other industry group from the North American Industry Classification System (other than Restaurants and Other Eating Places, so long as no related Restaurant Concept exceeds 12.5% of the Allocated Loan Amount of all Properties) as of any Determination Date, a percentage no greater than 15.0% as of such Determination Date; (ii) with respect to any Tenant (including affiliates thereof), (a) in the case of the largest Tenant (including affiliates thereof) as of any Determination Date, a percentage equal to 12.5% and (b) in the case of the 5 largest Tenants (including affiliates
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Maximum Property Concentration. (i) With respect to the Property Concentration for any Concept, (x) in the case of each of the 5 largest concentrations of Concepts as of the Cut-off Date, a percentage equal to the Property Concentration of such Concept as of the Cut-off Date, and (y) in the case of each other Concept, a percentage equal to five percentage points plus the Property Concentration of such Concept as of the Cut-off Date; (ii) with respect to the Property Concentration for any Tenant (including affiliates thereof), (x) in the case of each of the 5 largest concentrations of Tenants (including affiliates thereof) as of the Cut-off Date, a percentage equal to the Property Concentration of such Tenant (and its affiliates) as of the Cut-off Date, and (y) in the case of each other Tenant (and its affiliates), a percentage equal to five percentage points plus the Property Concentration of such Tenant (and its affiliates) as of the Cut-off Date; provided, however, that if the Property Concentration for any Tenant exceeds 10% as of the Cut-off Date, the Maximum Property Concentration for such Tenant shall equal 10% (unless the Issuer is contractually obligated to allow such Tenant to apply the terms of its Lease to the proposed substitute property, in which case the Issuer will provide prompt written notice to the Rating Agencies), (iii) with respect to the Property Concentration for any state, (x) in the case of the State of Texas, a percentage equal to the Property Concentration of the State of Texas as of the Cut-off Date, and (y) in the case of each other state, a percentage equal to eight percentage points plus the Property Concentration of such state as of the Cut-off Date; and (iv) with respect to the Property Concentration for Ground Leases, a percentage equal to the Property Concentration of Ground Leases as of the Cut-off Date; provided, however, that any Concept, Tenant or state that is not represented in the Mortgaged Properties comprising the Collateral as of the Cut-off Date shall have a Maximum Property Concentration of 5% with respect to each such Concept or Tenant and 8% with respect to each such state.
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Maximum Property Concentration. As defined in the definition of Remaining Pool Criteria in this Section 1.01.
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Related to Maximum Property Concentration

  • Borrowing Base Property means any one of the Borrowing Base Properties.

  • Baseline concentration means that ambient concentration level that exists in the baseline area at the time of the applicable minor source baseline date. A baseline concentration is deter- mined for each pollutant for which a minor source baseline date is estab- lished and shall include:

  • Net concentration means the difference between the concentration of a given substance in a sample taken of the discharge and the concentration of the same substances in a sample taken at the intake which supplies water to the given process. For the purpose of this definition, samples that are taken to determine the net concentration shall always be 24-hour composite samples made up of at least six increments taken at regular intervals throughout the plant day.

  • Borrowing Base Properties means the Oil and Gas Properties of the Credit Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 9.14.

  • median concentration means that half of the homes in a county are expected to be below this value and half to be above it. All houses contain some radon, and a few houses will contain much more than the median concentration. The only way to accurately assess long-term exposure to radon in a specific house is through long-term testing (sampling the indoor air for a year or more). The EPA recommends that all homes be tested for radon. Columbia University's "Radon Project" website offers help to homeowners in assessing the cost vs. benefit of testing a specific house for radon or modifying it for radon reduction (see http://www.stat.columbia.edu/~radon/).

  • Alcohol concentration means the number of grams of alcohol per:

  • Daily Concentration means the concentration of a substance as measured in a daily composite sample, or, arithmetic average of all grab sample results defining a grab sample average.

  • Unimproved Land means land on which no development (other than improvements that are not material and are temporary in nature) has occurred.

  • Excess Concentration means, without duplication, the sum of the following amounts:

  • Background concentration means such concentration of that substance as is present in:

  • In-stream Waste Concentration or "(IWC)" means the concentration of a discharge in the receiving water after mixing has occurred in the allocated zone of influence.

  • Obligor Concentration Limit At any time, in relation to the aggregate Unpaid Balance of Receivables owed by any single Obligor and its Affiliated obligors (if any):

  • Contractor-acquired property means property acquired, fabricated, or otherwise provided by the Contractor for performing a contract, and to which the Government has title.

  • Maximum Concentration Level Assessment means the Maximum Concentration Level Assessment for the purposes of a Basic Comprehensive Certificate of Approval, described in the Basic Comprehensive User Guide, prepared by a Toxicologist using currently available toxicological information, that demonstrates that the concentration at any Point of Impingement for a Compound of Concern that does not have a Ministry Point of Impingement Limit is not likely to cause an adverse effect as defined by the EPA. The concentration at Point of Impingement for a Compound of Concern must be calculated in accordance with O. Reg. 419/05.

  • Permitted Real Property Encumbrances means (i) those liens, encumbrances and other matters affecting title to any Mortgaged Property listed in the applicable title policy in respect thereof (or any update thereto) and found, on the date of delivery of such title policy to the Administrative Agent in accordance with the terms hereof, reasonably acceptable by the Administrative Agent, (ii) as to any particular real property at any time, such easements, encroachments, covenants, restrictions, rights of way, minor defects, irregularities or encumbrances on title which do not, in the reasonable opinion of the Administrative Agent, materially impair such real property for the purpose for which it is held by the mortgagor or owner, as the case may be, thereof, or the Lien held by the Administrative Agent, (iii) municipal and zoning laws, regulations, codes and ordinances, which are not violated in any material respect by the existing improvements and the present use made by the mortgagor or owner, as the case may be, of such real property, (iv) general real estate taxes and assessments not yet delinquent, and (v) such other items as the Administrative Agent may consent to.

  • Derived air concentration (DAC) means the concentration of a given radionuclide in air which, if breathed by the reference man for a working year of 2,000 hours under conditions of light work, results in an intake of one ALI. For purposes of these regulations, the condition of light work is an inhalation rate of 1.2 cubic meters of air per hour for 2,000 hours in a year. DAC values are given in Part 4, Appendix 4B, Table 4B1, Column 3.

  • Residual disinfectant concentration (“C” in CT cal- culations) means the concentration of disinfectant measured in mg/l in a representative sample of water.

  • Marijuana concentrate means any type of marijuana product consisting wholly or in part of

  • Title V operating permit means a permit issued under Chapter 3745-77 of the Administrative Code.

  • Cannabis concentrate means cannabis that has undergone a process to concentrate one or more active cannabinoids, thereby increasing the product’s potency. Resin from granular trichomes from a cannabis plant is a concentrate for purposes of this division. A cannabis concentrate is not considered food, as defined by Section 109935 of the Health and Safety Code, or a drug, as defined by Section 109925 of the Health and Safety Code.

  • Excluded Properties the collective reference to the fee or leasehold interest in real properties owned by the Parent Borrower or any of its Subsidiaries not described in Schedule 5.8.

  • Unencumbered Properties means each Acceptable Property that either (a) is an Initial Unencumbered Property or (b) becomes an Unencumbered Property pursuant to Section 4.03, and “Unencumbered Property” means any one of the Unencumbered Properties.

  • iron ore concentrates means products (whether in pellet or other form) resulting from secondary processing but does not include metallised agglomerates;

  • Borrowing Base Assets means a collective reference to all Borrowing Base Assets in existence at any given time.

  • Unimproved Real Property means Property in which the Company has an equity interest that was not acquired for the purpose of producing rental or other operating income, that has no development or construction in process and for which no development or construction is planned, in good faith, to commence within one (1) year.

  • Released Mortgaged Property Proceeds As to any Mortgage Loan, proceeds received by the Servicer in connection with (a) a taking of an entire Mortgaged Property by exercise of the power of eminent domain or condemnation or (b) any release of part of the Mortgaged Property from the lien of the related Mortgage, whether by partial condemnation, sale or otherwise, which are not released to the Mortgagor in accordance with applicable law and mortgage servicing standards the Servicer would use in servicing mortgage loans for its own account and this Agreement.