Real Estate Reserve definition

Real Estate Reserve means, as of the date of determination by Agent an amount equal to 50% of the appraised value of any Eligible Real Estate that does not have a corresponding Environmental Site Assessment Report, consistent with American Society for Testing and Materials (ASTM) Standard E 1527-00 and applicable state or provincial requirements, prepared by environmental engineers reasonably satisfactory to Agent, in form and substance reasonably satisfactory to Agent in its sole discretion; provided such Real Estate Reserves shall be implemented or withdrawn in Agent’s sole discretion.
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Real Estate Reserve means an amount equal to $0; provided, that the "Real Estate Reserve" shall mean an amount equal to $4,000,000 if (i) Kimco fails to provide Overline Revolving Credit Loans (as defined in the Kimco Credit Agreement) to Borrower in an amount equal to $40,000,000 pursuant to the Sixth Amendment to Kimco Credit Agreement dated June 29, 2004 or (ii) on or before July 31, 2004 (A) Borrower fails to have executed and delivered to Agent mortgages and deeds of trust, in form and substance satisfactory to the Agent, to grant to Agent, on behalf of the Lenders, a lien on each of the three parcels of real property owned by Borrower and set forth on Schedule 5.1(A) hereto and (B) Agent and Kimco fail to enter into an intercreditor and marshalling agreement satisfactory to Agent pursuant to which Kimco agrees to a satisfactory marshalling arrangement with respect to the real properties set forth on Schedule 5.1(A) and Agent agrees that its liens and security interests on such real properties are junior and subordinate to Kimco's liens and security interests on such properties in the same manner that Kimco's liens and security interests on Borrower's current assets are junior and subordinate to Agent's liens and security interests.
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Real Estate Reserve means a monthly reserve against Availability of $8,000 per month for real estate property taxes and improvements with respect to the real property located at 251 D’Arcy Parkway, Lathrop, California 95330. The amount held in the Real Estate Reserve may be reduced from time to time by the amount of any real estate property taxes paid by Borrower and improvement made by Borrower to the real property referred to in the previous sentence upon evidence, satisfactory to Lender, that such taxes have been paid and such improvements have been made. To the extent that the Real Estate Reserve is reduced pursuant to the previous sentence it shall thereafter be replenished on a monthly basis at the rate of $8,000 per month.
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Examples of Real Estate Reserve in a sentence

  • The Real Estate Reserve shall decrease on a dollar for dollar basis upon the receipt by National City Bank of the amounts set forth in each of the notifications delivered to the Agent under this Section 2.3(b)(iii).

  • In no event shall the sum of the aggregate outstanding Advances plus the outstanding Letter of Credit Obligations plus the Real Estate Reserve exceed the lesser of (i) the Revolving Commitment Limit or (ii) the Available Amount.

  • Borrower's obligation to fund the Real Estate Reserve shall be at the Bank's sole discretion and shall occur upon the earlier of an Event of Default or February 1, 2000.

  • The Real Estate Reserve shall be reduced to zero upon the earlier of (A) the date when the aggregate amount of all Prime Rate Borrowings made pursuant to this Section 2.3(b)(iii) equals Two Million Dollars ($2,000,000) or (B) the date of the receipt by the Agent of a notification from National City Bank advising the Agent that the Real Estate Reserve should be reduced to zero.

  • For the purposes of this Section 2.9(b), “Unused Amount” means the Maximum Line Amount reduced by (i) the outstanding Revolving Advances, (ii) the Real Estate Reserve, (iii) the Permanent Reserve, and (iv) the Letter of Credit Reserve.

  • After sending the NCCF Notification, the Bank, at Bank's sole discretion, may apply the Real Estate Reserve to the payment of all or a portion of the Line of Credit Loan or Other Loans.

  • If the Bank requires the Borrower to fund all or a portion of the Real Estate Reserve, the Bank shall notify National City Commercial Finance, Inc.


More Definitions of Real Estate Reserve

Real Estate Reserve means a $5,000,000 Reserve, which Reserve may be adjusted in the Administrative Agent’s Permitted Discretion after the Administrative Agent shall have received satisfactory Phase II Environmental Reports with respect to the Specified Properties.
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Real Estate Reserve initially means 70% of the Appraised Value of the Illinois Site. Upon satisfaction of both of the following conditions, the Real Estate Reserve shall mean $0:
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Real Estate Reserve means the lesser of (i) $4,000,000 and (ii) the aggregate proceeds realized from the disposition of the Real Property described on Exhibit D hereto (net of the reasonable costs incurred by Borrower in connection with such disposition).
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Real Estate Reserve means (a) on the date of receipt by the Borrower of the proceeds from the sale of its Canton property, the amount of Two Million Dollars ($2,000,000) and (b) thereafter, the amount of Two Million Dollars ($2,000,000) as it may be reduced from time to time pursuant to Section 2.3(b)(iii) of this Agreement.
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Real Estate Reserve means reserves established by the Administrative Agent in its Credit Judgment to reflect factors that could reasonably be expected to negatively impact the Value of real estate, including change in market value, casualty, or Environmental Liability.
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Real Estate Reserve means, at any time, an amount, which may not be below zero, equal to (A) $30,000,000, minus (B) the product of (i) 75%, multiplied by (ii) the appraised value (as determined by an appraisal meeting the requirements of clause (g) of the definition of Real Estate Closing Requirements) of each Required Location meeting the Real Estate Closing Requirements as determined by Administrative Agent in its reasonable discretion. Refunded Swing Line Loan - see Section 2.2.4(c).
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Related to Real Estate Reserve

  • Real Estate means all Leases and all land, together with the buildings, structures, parking areas, and other improvements thereon, now or hereafter owned by any Loan Party, including all easements, rights-of-way, and similar rights relating thereto and all leases, tenancies, and occupancies thereof.

  • Real Estate Leases has the meaning set forth in Section 2.1(d)(ii).

  • Real Estate-Related Assets means any investments by the Company or the Operating Partnership in Mortgages and Real Estate-Related Securities.

  • Real Estate Taxes means the ad valorem real estate taxes levied against the Property (and the improvements and fixtures located thereon), betterment assessments, special benefit taxes and special assessments levied or imposed against the Property, taxes levied or assessed on gross rentals payable by Tenant to the extent charged, assessed or imposed upon tenants in general which are based upon the rents payable under this Lease, any impact fees levied or assessed, whether or not billed by the taxing authority as a special benefit tax or a special assessment, all taxes levied or assessed on the Property that are in addition to or in lieu of taxes that are currently so assessed, and penalties and interest related to Real Estate Taxes if the applicable Real Estate Tax bills have been forwarded to Tenant in a timely manner; provided, however, that Real Estate Taxes shall not include any Excluded Taxes. “Excluded Taxes” shall mean, without limitation, Landlord’s income taxes, gift taxes, excess profit taxes, excise taxes, franchise taxes, estate, succession, inheritance and realty transfer taxes resulting from the transfer of any direct or indirect interest in the Property by Landlord unless such taxes replace Real Estate Taxes in the future (except as expressly set forth in the last sentence of this Section 4(a)), and any interest or penalty charges resulting solely from Landlord’s failure to promptly deliver the Real Estate Tax bills to Tenant if the applicable taxing authority has forwarded the tax xxxx to Landlord rather than Tenant. All special benefit taxes and special assessments shall be amortized over the longest time permitted under ordinance and Tenant’s liability for installments of such special benefit taxes and special assessments not yet due shall be paid in full prior to the expiration or termination of this Lease; provided, that the useful life of any such improvements do not extend beyond the expiration of the Term. Tenant shall also pay, directly to the applicable Governmental Authority (as hereinafter defined), any storm water charges, fees and taxes and use and occupancy tax in connection with the Property or any improvements thereon (or in the event Landlord is required by law to collect such tax, Tenant shall pay such use and occupancy tax to Landlord as Rent within thirty (30) days of written demand and Landlord shall remit any amounts so paid to Landlord to the appropriate Governmental Authority in a timely fashion) and deliver evidence of such payment to Tenant within ten (10) days of making such payment or within ten (10) days of receipt of Tenant’s request for such evidence of payment.

  • Real Estate Assets means any investment by the Company or the Operating Partnership in unimproved and improved Real Property (including fee or leasehold interests, options and leases), directly, through one or more subsidiaries or through a Joint Venture.

  • Real Estate Asset means, at any time of determination, any interest (fee, leasehold or otherwise) then owned by any Credit Party in any real property.

  • REAL ESTATE MORTGAGE INVESTMENT CONDUIT (A "REMIC") AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"). [FOR SUBORDINATE CERTIFICATES][THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE CLASSES OF CERTIFICATES OF THE SAME SERIES AS AND TO THE EXTENT DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.] [FOR PRINCIPAL BALANCE CERTIFICATES][THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.] [FOR CLASS X-1 AND CLASS X-2 CERTIFICATES][THE OUTSTANDING CERTIFICATE NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE. THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND WILL NOT ENTITLE THE HOLDER HEREOF TO DISTRIBUTIONS OF PRINCIPAL.] [FOR REGULATION S GLOBAL CERTIFICATES][PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF (A) THE CLOSING DATE AND (B) THE COMMENCEMENT OF THE INITIAL OFFERING OF THE CERTIFICATES IN RELIANCE ON REGULATION S, THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED. NO BENEFICIAL OWNERS OF THIS CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

  • Commercial real estate means real estate or an interest in real estate that is not any of the following:

  • Real Estate Loan means any debt obligation that is (a) directly or indirectly secured by a mortgage, deed of trust or similar Lien on commercial real estate, residential real estate, office, retail or industrial property or undeveloped land, is underwritten as a mortgage loan and is not otherwise associated with an operating business or (b) a loan to a company engaged primarily in acquiring and developing undeveloped land (whether or not such loan is secured by real estate).

  • Leased Real Estate means all real property that the Company or any of its Subsidiaries leases, subleases or otherwise uses or occupies, or has the right to use or occupy, pursuant to a Lease.

  • Real Estate Business means homebuilding, housing construction, real estate development or construction and related real estate activities, including the provision of mortgage financing or title insurance.

  • Real estate sign means a temporary non-illuminated sign installed, erected or displayed on a property for the notification that a building, premises or portion thereof is offered for sale, rent or lease;

  • Material Real Estate Asset means (i) any fee-owned Real Estate Asset having a fair market value in excess of $2,500,000 as of the date of the acquisition thereof or (ii) any Real Estate Asset that the Required Lenders have determined is material to the business, general affairs, assets, liabilities, operations, management, condition (financial or otherwise), stockholders’ equity, results of operations or value of any Loan Party or any Subsidiary thereof, including the Borrower.

  • Residential real estate means any real property located in this state, upon which is constructed or intended to be constructed a dwelling;

  • Undepreciated Real Estate Assets as of any date means the cost (original cost plus capital improvements) of real estate assets of the Company and its Subsidiaries on such date, before depreciation and amortization, determined on a consolidated basis in accordance with GAAP.

  • Related Real Estate Documents with respect to any Real Estate subject to a Mortgage, the following, in form and substance satisfactory to Agent and received by Agent for review at least 10 days prior to the effective date of the Mortgage: (a) a mortgagee title policy (or binder therefor) covering Agent’s interest under the Mortgage, in a form and amount and by an insurer acceptable to Agent, which must be fully paid on such effective date; (b) such assignments of leases, estoppel letters, attornment agreements, consents, waivers and releases as Agent may require with respect to other Persons having an interest in the Real Estate; (c) a current, as-built survey of the Real Estate, containing a metes-and-bounds property description and flood plain certification, and certified by a licensed surveyor acceptable to Agent; (d) flood insurance in an amount, with endorsements and by an insurer acceptable to Agent, if the Real Estate is within a flood plain; (e) a current appraisal of the Real Estate, prepared by an appraiser acceptable to Agent, and in form and substance satisfactory to Required Lenders; (f) an environmental assessment, prepared by environmental engineers acceptable to Agent, and accompanied by such reports, certificates, studies or data as Agent may reasonably require, which shall all be in form and substance satisfactory to Required Lenders; and (g) an Environmental Agreement and such other documents, instruments or agreements as Agent may reasonably require with respect to any environmental risks regarding the Real Estate.

  • Hotel Property means a Property on which there is located an operating hotel.

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

  • Real Estate Investment Trust means any Person that qualifies as a real estate investment trust under Sections 856 through 860 of the Code.

  • Estate in Real Property A fee simple estate in a parcel of land.

  • real estate agent means any person, who negotiates or acts on behalf of one person in a transaction of transfer of his plot, apartment or building, as the case may be, in a real estate project, by way of sale, with another person or transfer of plot, apartment or building, as the case may be, of any other person to him and receives remuneration or fees or any other charges for his services whether as commission or otherwise and includes a person who introduces, through any medium, prospective buyers and sellers to each other for negotiation for sale or purchase of plot, apartment or building, as the case may be, and includes property dealers, brokers, middlemen by whatever name called;

  • Owned Real Estate means all land, together with all buildings, structures, fixtures, and improvements located thereon and all easements, rights of way, and appurtenances relating thereto, owned by the Company or any of its Subsidiaries.

  • Leased Properties has the meaning set forth in Section 3.1(n)(ii).