Qualified Substitute Property definition

Qualified Substitute Property means the fee simple interest in real property located in the United States of America, together with all buildings and other improvements thereon and leasehold interests therein, added to the Property subject to the Liens of the Loan Documents in connection with a Property Substitution pursuant to Section 2.14 after satisfaction of the conditions described therein. No Qualified Substitute Property may be subject to a ground lease.
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Qualified Substitute Property. As defined in the Property Management Agreement.
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Qualified Substitute Property. A Property not relating to a Hybrid Lease and acquired by an Issuer in substitution for any Exchanged Asset or with the Release Price (or any portion of the Release Price) from a Released Property that, in each case, on the date such Qualified Substitute Property is added to the Collateral Pool, (i)(A) in connection with any Exchanged Asset, has a Collateral Value that, when combined with the Collateral Value of all other Qualified Substitute Properties, Qualified Substitute Loans and Qualified Substitute Hybrid Leases acquired by the Issuers since the most recent Issuance Date, is at least equal to the sum of (1) the Fair Market Value of all Exchanged Properties and (2) the Collateral Value of all Exchanged Loans and Exchanged Hybrid Lease exchanged since the most recent Issuance Date (each such Exchanged Property, Exchanged Loan and Exchanged Hybrid Lease as measured on the date of their respective removals) and (B) in connection with any Property acquired with the Release Price (or a portion thereof) from a Released Property, has a Collateral Value equal to the Release Price (or portion thereof) applied to purchase such Qualified Substitute Property, (ii) complies, in all material respects, with all of the representations and warranties made with respect to Properties under the Indenture (with each date therein referring to the date of substitution), (iii) has, together with all other Qualified Substitute Properties, Qualified Substitute Loans and Qualified Substitute Hybrid Leases acquired by the Issuers since the most recent Issuance Date, the same or greater aggregate Monthly Lease Payments and Monthly Loan Payments as the Exchanged Assets and Released Assets since the most recent Issuance Date (each measured on the date of their respective removals), (iv) is leased pursuant to a Lease, that when combined with the Leases of all other Qualified Substitute Properties and Qualified Substitute Hybrid Leases and the Mortgage Loans of all other Qualified Substitute Loans acquired since the most recent Issuance Date, has a weighted average remaining term that equals or exceeds the weighted average remaining term of the Leases associated with the Exchanged Properties, Released Properties, Exchanged Hybrid Leases and Released Hybrid Leases and the Mortgage Loans associated with the Exchanged Loans and Released Loans since the most recent Issuance Date (each measured on the date of their respective removals), (v) if the Tenant thereof or any third party has an...
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Examples of Qualified Substitute Property in a sentence

  • Such Qualified Substitute Property will be included in the Collateral Pool and pledged to the Indenture Trustee to secure the Notes.

  • Each of the Property Manager, the Special Servicer and the applicable Issuer has covenanted that it will not give its consent to a transfer unless: (i) the substituted property is a Qualified Substitute Property; (ii) all Advances, Extraordinary Expenses and Emergency Property Expenses related to the Property being transferred are reimbursed; and (iii) such Lease will not be treated as a new Lease but instead will be treated as a modification of the original Lease.

  • On or prior to the effective date of any such substitution, the Property Manager shall deliver to the Custodian and each Issuer an amended Owned Property Schedule and an amended Mortgage Loan Schedule reflecting the addition to the Collateral of each new Qualified Substitute Property and related Lease, Qualified Substitute Hybrid Lease and Qualified Substitute Loan and the removal from the Collateral of each Removed Property and related Lease and Removed Loan.

  • In addition, the Property Manager or the applicable Issuer shall provide to the Indenture Trustee an explanation of the Non-Renewal Risk or Credit Risk, including, if applicable, a copy of any written communication from the Tenant or Borrower related to such Non-Renewal Risk or Credit Risk, as well as a summary description of the anticipated Qualified Substitute Property, Qualified Substitute Hybrid Lease or Qualified Substitute Loan, as applicable.

  • Such survey shall reflect the same legal description contained in the Title Insurance Policy relating to the Qualified Substitute Property and shall include, among other things, a metes and bounds description of the real property comprising part of the Qualified Substitute Property (unless such real property has been satisfactorily designated by lot number on a recorded plat).

  • Pursuant to the Escrow Agreement, Relinquished Property Proceeds in the Exchange Account may be transferred to the Release Account following the occurrence of certain events specified therein and, in accordance with Section 3.05(b), such Relinquished Property Proceeds may be used to acquire a Qualified Substitute Property.

  • Upon the closing of the substitution of any Property, all references herein to the term “Properties” or the term “Property” shall be deemed to exclude the Substituted Property and to include the Qualified Substitute Property, and the Substitute Allocated Loan Amount with respect to such Qualified Substitute Property shall be deemed to be the Allocated Loan Amount with respect to such Qualified Substitute Property for all purposes hereunder.

  • Unless and until an Excluded Asset is added to the Collateral Pool as a Qualified Substitute Property, the terms of this Agreement that relate to the Collateral Pool, including Articles III (other than this Section 3.01(e)), Article IV, Article V, Article VI and Article VII, shall not apply with respect to any Excluded Assets.

  • Proceeds received in connection with the sale of an Excluded Asset may, in STORE Capital’s discretion, be transferred to the Exchange Account; provided, however, that unless such Excluded Asset has been added to the Collateral Pool as a Qualified Substitute Property, STORE Capital shall not be required to make an equivalent deposit into the Exchange Reserve Account for any Excluded Asset whose sale proceeds have been deposited into the Exchange Account.

  • In addition, a Qualified Substitute Property may be added to the Collateral Pool prior to the payment of the related Release Price, so long as all of the requirements set forth in this Section 7.01 are completed.


More Definitions of Qualified Substitute Property

Qualified Substitute Property shall have the meaning set forth in Section 2.6.1 hereof.
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Qualified Substitute Property means real property, together with all buildings and other improvements thereon and leasehold interests therein, which real property is primarily used as a temperature controlled warehousing and logistics facility and is added to the Collateral in connection with a Property Substitution pursuant to Section 2.5.3.
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Qualified Substitute Property means real property located in the United States of America, together with all buildings and other improvements thereon, which real property is leased to LTF Club Operations, Inc., a Minnesota corporation and is added to the Collateral in connection with a Property Substitution pursuant to Section 2.3 after satisfaction of the conditions described in such Section and in Section 8.2. Gxxxxxx Sachs Commercial Mortgage Capital, L.P. Loan Agreement Life Time Fitness Portfolio
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Qualified Substitute Property. (i) as of the date of the substitution, has an Appraised Value which, when combined with the Appraised Value of all other Qualified Substitute Properties to be acquired by the Issuer in exchange for the related Released Property, is equal to or greater than the Appraised Value of such Released Property as of the Closing Date or the date of substitution (whichever is higher), (ii) complies with all of the representations and warranties made with respect to the Released Property, (iii) is a operated under a Franchise Concept of the same or higher-tier than, the Released Property (based on the Rating Agencies' tiering criteria), (iv) has, together with all other Qualified Substitute Properties to be acquired by the Issuer in exchange for the Released Property, Base Rent equal to or greater than the Base Rent payable in respect of such Released Property, and (v) has a Lease with a remaining term equal to or longer than the remaining term of the Lease related to the Released Property; provided, that no Property will constitute a Qualified Substitute Property unless, after giving effect to the transfer of such Property to the Issuer in exchange for a Released Property, the Remaining Pool Criteria will be satisfied.
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Qualified Substitute Property. A New Property acquired by a Borrower in accordance with the Credit Agreement and substituted for any Exchanged Property that, on the date such Qualified Substitute Property is added to the Collateral pool, (i) in connection with any Exchanged Property, has a Collateral Value that, when combined with the Collateral Value of all other Qualified Substitute Properties acquired by the Borrowers since the Closing Date, is at least equal to the Fair Market Value of all Exchanged Properties exchanged since Closing Date (each such Exchanged Property as measured on the date of their respective removals), (ii) is an Eligible Property, (iii) has, together with all other Qualified Substitute Properties, acquired by the Borrowers since the Closing Date, the same or greater aggregate Monthly Lease Payments and Monthly Loan Payments, if applicable, as the Exchanged Properties and Released Properties since the Closing Date (each measured on the date of their respective removals), (iv) is leased pursuant to a Lease, that when combined with the Leases of all other Qualified Substitute Properties acquired since the Closing Date, has a weighted average remaining term that equals or exceeds the weighted average remaining term of the Leases associated with the Exchanged Properties, and Released Properties, since the Closing Date (each measured on the date of their respective removals), (v) if the Tenant thereof or any third party has an option to purchase such Qualified Substitute Property, the contractual amount of such Third Party Option Price is not less than what the Allocated Loan Amount of such Qualified Substitute Property would be after giving effect to the substitution of such Property, (vi) when combined with all other Qualified Substitute Properties since the Closing Date, does not cause the Aggregate 4-Wall FCCR of such Qualified Substitute Properties to be less than the Aggregate 4-Wall FCCR (measured as of the date of each respective substitution) of all Exchanged Properties and Released Properties since the Closing Date.
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Qualified Substitute Property means real property located in the United States of America, together with all buildings and other improvements thereon and leasehold interests therein, added to the Collateral in connection with a Property Substitution pursuant to Section 2.3 after satisfaction of the conditions described in such Sections and in Section 8.2.
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Related to Qualified Substitute Property

  • Qualified Substitute Mortgage Loan A Mortgage Loan substituted for a Deleted Mortgage Loan pursuant to the terms of this Agreement which must, on the date of such substitution, (i) have an outstanding principal balance, after application of all scheduled payments of principal and interest due during or prior to the month of substitution, not in excess of and not more than 5% less than the Stated Principal Balance of the Deleted Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs, (ii) have a Mortgage Rate not less than (and not more than one percentage point in excess of) the Mortgage Rate of the Deleted Mortgage Loan, (iii) with respect to each Adjustable Rate Mortgage Loan have a Maximum Mortgage Rate not less than the Maximum Mortgage Rate on the Deleted Mortgage Loan, (iv) with respect to each Adjustable Rate Mortgage Loan have a Minimum Mortgage Rate not less than the Minimum Mortgage Rate of the Deleted Mortgage Loan, (v) with respect to each Adjustable Rate Mortgage Loan have a Gross Margin equal to or greater than the Gross Margin of the Deleted Mortgage Loan, (vi) with respect to each Adjustable Rate Mortgage Loan, adjust in accordance with the Index and have a next Adjustment Date not more than two months later than the next Adjustment Date on the Deleted Mortgage Loan, and have the same intervals between Adjustment Dates as the Deleted Mortgage Loan, (vii) have a remaining term to maturity not greater than (and not more than one year less than) that of the Deleted Mortgage Loan, (viii) have the same Due Date as the Due Date on the Deleted Mortgage Loan, (ix) have a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio of the Deleted Mortgage Loan as of such date, (x) have a risk grading certified by the Seller at least equal to the risk grading assigned on the Deleted Mortgage Loan, (xi) have been underwritten or reunderwritten by the Originator in accordance with the same underwriting criteria and guidelines as the Mortgage Loans being replaced, (xii) be of the same or better credit quality as the Mortgage Loan being replaced, (xiii) have a lien priority equal to or superior to that of the Deleted Mortgage Loan, (xiv) be secured by the same property type as the Deleted Mortgage Loan and (xv) conform to each representation and warranty in the applicable Mortgage Loan Purchase Agreement. In the event that one or more Mortgage Loans are substituted for one or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate principal balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates, the Loan-to-Value Ratios described in clause (ix) hereof shall be satisfied as to each such Mortgage Loan, the risk gradings described in clause (x) hereof shall be satisfied as to each such Mortgage Loan and, except to the extent otherwise provided in this sentence, the representations and warranties described in clause (xv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan or in the aggregate, as the case may be.

  • Substitute Property shall have the meaning set forth in Section 2.6 hereof.

  • Qualified Property has the meaning set forth in Section 313.021(2) of the TEXAS TAX CODE and as interpreted by the Comptroller’s Rules and the Texas Attorney General, as these provisions existed on the Application Review Start Date.

  • Qualified Ground Lease means each of the ground leases or ground subleases set forth on Schedule 1.01(d) hereto and for a Future Property means any ground lease (a) which is a direct ground lease or ground sublease granted by the fee owner of real property or a master ground lessee from such fee owner, (b) which may be transferred and/or assigned without the consent of the lessor (or as to which the lease expressly provides that (i) such lease may be transferred and/or assigned with the consent of the lessor and (ii) such consent shall not be unreasonably withheld or delayed) or subject to certain reasonable pre‑defined requirements, (c) which has a remaining term (including any renewal terms exercisable at the sole option of the lessee) of at least twenty (20) years, (d) under which no material default has occurred and is continuing, (e) with respect to which a Lien may be granted without the consent of the lessor (but subject to customary requirements regarding the nature of the holder of such Lien and prior notice to the lessor), (f) which contains customary and reasonable lender protection provisions, including, without limitation, provisions to the effect that (i) the lessor shall notify any holder of a Lien in such lease of the occurrence of any default by the lessee under such lease and shall afford such holder the option to cure such default, and (ii) in the event that such lease is terminated, such holder shall have the option to enter into a new lease having terms substantially identical to those contained in the terminated lease and (g) which otherwise contains no non-customary terms that are material and adverse to the lessee.

  • Unencumbered Property means any one of the Unencumbered Properties.

  • qualified supplier means a supplier that a procuring entity recognises as having satisfied the conditions for participation;

  • Qualified Subsidiary means any direct or indirect Domestic Subsidiary or Eligible Foreign Subsidiary.

  • 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.

  • Eligible Property means property beneficially owned by a person or entity other than the Fund and held in a bank account maintained by BNYM for or on behalf of the Fund, or property held in a Fund shareholder account, which is (x) subject to reporting or escheat under an Unclaimed Property Law, (y) of a nature or type or classification reasonably related to the services performed by BNYM under this Agreement (such as cash amounts representing non-negotiated dividend checks and shares in abandoned shareholder accounts), and (z) under the control of BNYM.

  • Qualified Assets means any of the following assets: (i) interests, rights, options, warrants or convertible or exchangeable securities of the Partnership; (ii) Debt issued by the Partnership or any Subsidiary thereof in connection with the incurrence of Funding Debt; (iii) equity interests in Qualified REIT Subsidiaries and limited liability companies (or other entities disregarded from their sole owner for U.S. federal income tax purposes, including wholly owned grantor trusts) whose assets consist solely of Qualified Assets; (iv) up to a one percent (1%) equity interest in any partnership or limited liability company at least ninety-nine percent (99%) of the equity of which is owned, directly or indirectly, by the Partnership; (v) cash held for payment of administrative expenses or pending distribution to security holders of the General Partner or any wholly owned Subsidiary thereof or pending contribution to the Partnership; and (vi) other tangible and intangible assets that, taken as a whole, are de minimis in relation to the net assets of the Partnership and its Subsidiaries.

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

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

  • Qualified project means the construction or expansion of any capital project of the Borrower or any of its Restricted Subsidiaries, the aggregate actual or budgeted capital cost of which (in each case, including capital costs expended by the Borrower or any such Restricted Subsidiaries prior to the construction or expansion of such project) exceeds $50,000,000.

  • Qualified building means a building built at least 30 years before the date of application, located within a designated downtown or, village center, or neighborhood development area, which, upon completion of the project supported by the tax credit, will be an income-producing building not used solely as a single-family residence. Churches and other buildings owned by religious organization may be qualified buildings, but in no event shall tax credits be used for religious worship.

  • Qualified Replacement Mortgage A Home Equity Loan substituted for another pursuant to Section 3.04, 3.05(b) or 3.06(b) hereof, which (i) has a Coupon Rate at least equal to the Coupon Rate of the Home Equity Loan being replaced, (ii) is secured by Property that is of the same or better property type as, or is a single family dwelling and the same or better occupancy status as, the Property securing the Home Equity Loan being replaced or is a primary residence, (iii) shall mature no later than the latest Final Scheduled Distribution Date with respect to the related Home Equity Loan Group, (iv) has a Loan-to-Value Ratio as of the Replacement Cut-Off Date no higher than the Loan-to-Value Ratio of the replaced Home Equity Loan at such time, (v) shall be of the same or higher credit quality classification (determined in accordance with the Seller’s credit underwriting guidelines set forth in the Seller’s underwriting manual) as the Home Equity Loan which such Qualified Replacement Mortgage replaces, (vi) shall be a First Mortgage Loan if the Home Equity Loan which such Qualified Replacement Mortgage replaces was a First Mortgage Loan and shall be a First Mortgage Loan or Second Mortgage Loan if the Home Equity Loan which such Qualified Replacement Mortgage replaces was a Second Mortgage Loan, (vii) has an outstanding principal balance as of the related Replacement Cut-Off Date equal to or less than the outstanding principal balance of the replaced Home Equity Loan as of such Replacement Cut-Off Date, (viii) shall not provide for a “balloon” payment if the related Home Equity Loan did not provide for a “balloon” payment (and if such related Home Equity Loan provided for a “balloon” payment, such Qualified Replacement Mortgage shall have an original maturity of not less than the original maturity of such related Home Equity Loan), (ix) shall be a fixed rate Home Equity Loan if the Home Equity Loan being replaced is in Group I or an adjustable rate Home Equity Loan if the Home Equity Loan being replaced is in Group II, (x) satisfies the criteria set forth from time to time in the definition thereof at Section 860G(a)(4) of the Code (or any successor statute thereto) and applicable to the Trust, (xi) satisfies the representations and warranties set forth in Section 3.04(b) hereof, (xii) shall not be 30 days or more Delinquent and (xiii) if such Home Equity Loan being replaced is in Group II, shall adjust based on the same index as, have no lower margin than, have the same interval between adjustment dates as and have a maximum Coupon Rate no lower than, and a minimum Coupon Rate no lower than, the Home Equity Loan being replaced.

  • Major Asset Disposition means the sale or other disposition in one transaction or a series of related transactions of 50% or more of the assets of the Company and its subsidiaries on a consolidated basis; and any specified percentage or portion of the assets of the Company shall be based on fair market value, as determined by a majority of the members of the Incumbent Board;

  • Qualified Securitization Facility means any Securitization Facility (1) constituting a securitization financing facility that meets the following conditions: (a) the Board of Directors will have determined in good faith that such Securitization Facility (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Borrower and the applicable Restricted Subsidiary or Securitization Subsidiary and (b) all sales or contributions of Securitization Assets and related assets to the applicable Person or Securitization Subsidiary are made at fair market value (as determined in good faith by the Borrower) or (2) constituting a receivables financing facility.

  • Permitted Asset Disposition means (i) any Asset Disposition permitted by Section 8.5 and (ii) any Excluded Asset Disposition.

  • 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.

  • Specified Property means property for which an election has been made for a special elective benefit.

  • Specified Subsidiary means, at any date of determination (a) any Material Subsidiary or (b) any Unrestricted Subsidiary (i) whose total assets at the last day of the Test Period ending on the last day of the most recent fiscal period for which Section 9.1 Financials have been delivered were equal to or greater than 10% of the Consolidated Total Assets of the Borrower and the Subsidiaries at such date, or (ii) whose revenues during such Test Period were equal to or greater than 10% of the consolidated revenues of the Borrower and the Subsidiaries for such period, in each case determined in accordance with GAAP, and (c) each other Unrestricted Subsidiary that is the subject of an Event of Default under Section 11.5 and that, when such Subsidiary’s total assets or revenues are aggregated with the total assets or revenues, as applicable, of each other Subsidiary that is the subject of an Event of Default under Section 11.5 would constitute a Specified Subsidiary under clause (b) above.

  • Qualifying Property means a primary residence that a qualified applicant owned and occupied

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

  • Qualified buildings means construction of new structures,

  • After-Acquired Property means any property (other than Collateral or Excluded Property) that is acquired or otherwise owned by the Company or any Subsidiary after the Issue Date of a type that secures the Secured Obligations.

  • Applicant’s Qualified Property means the Qualified Property of the Applicant to which the value limitation identified in the Agreement will apply and as more fully described in EXHIBIT 4 of this Agreement.