Mortgage Note Receivable definition

Mortgage Note Receivable means a promissory note secured by a Mortgage of which the Parent, the Borrower or another Subsidiary is the holder and retains the rights of collection of all payments thereunder.

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Examples of Mortgage Note Receivable in a sentence

A first priority mortgage loan on a completed single-tenant commercial real estate property, and which Mortgage Note Receivable includes, without limitation, the indebtedness secured by a related first priority security instrument.
A mortgage loan on a Medical Property, and which Mortgage Note Receivable includes, without limitation, the indebtedness secured by a related first priority security instrument.
A Hybrid Lease shall not be considered a Mortgage Note Receivable.
A first priority mortgage loan on a completed Hotel Property of the type permitted by §8.3(o), and which Mortgage Note Receivable includes, without limitation, the indebtedness secured by a related first priority security instrument.
A mortgage loan secured by a first mortgage lien on a Medical Property, and which Mortgage Note Receivable includes, without limitation, the indebtedness secured by a related first priority security instrument.
A first priority mortgage loan on a completed retail, industrial, warehouse, manufacturing, distribution and/or office property of the type permitted by §8.3(k), and which Mortgage Note Receivable includes, without limitation, the indebtedness secured by a related first priority security instrument (subject to ordinary course title exceptions).
Any Mortgage Note Receivable, or other note, instrument or other agreement evidencing a payment obligation to Borrower made by a Person that is not a Wholly-Owned Subsidiary of Borrower.
Each promissory note included as an Eligible Mortgage Note Receivable in calculations of the Unencumbered Asset Value satisfies all requirements contained in the definition of "Eligible Mortgage Note Receivable." As of the Agreement Date, Part II of Schedule 6.1.(g) is a true, correct and complete listing of all such Eligible Mortgage Notes Receivable.
A first priority mortgage loan on a completed and operating Healthcare Facility of the type permitted by §8.3(n), and which Mortgage Note Receivable includes, without limitation, the indebtedness secured by a related first priority security instrument.

More Definitions of Mortgage Note Receivable

Mortgage Note Receivable 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 the amount of such Indebtedness and which has been designated by the Borrower as a “Mortgage Note Receivable” in its most recent compliance certificate. “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. “Negative Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than any Loan Document) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that such term shall not include any covenant, condition or restriction contained in any ground lease from a Governmental Authority (provided that the foregoing limitation shall not in any way waive or modify any of the conditions for qualification of a ground lease as an “Eligible Ground Lease” under the definition of such term). “Net Operating Income” means, with respect to any Project for any period, “property rental and other income” (as determined by GAAP) attributable to such Project accruing for such period; minus the amount of all expenses (as determined in accordance with GAAP) incurred in connection with and directly attributable to the ownership and operation of such Project for such period, including, without limitation, Management Fees and amounts accrued for the payment of ground rent, real estate taxes and insurance premiums, but excluding any general and administrative expenses related to the operation of the Project, any interest expense or other debt service charges, any amortization related to above and below market leases, any straight-lining of rents under GAAP, impairment charges and any non-cash charges such as depreciation or amortization of financing costs. “Non-Consenting Lender” is defined in Section 2.19(b). “Non-Core Properties” means properties that are not retail. “Non-Recourse Indebtedness” means, with respect to any Person, (a) Indebtedness for which the liability of such Person (except for liability for fraud, misrepresentation, misapplication