Real Property Indebtedness definition
Examples of Real Property Indebtedness in a sentence
Neither Borrower nor any Guarantor will amend or modify the Indenture or the Senior Notes, except for amendments or modifications that do not (i) impose upon Borrower or any Guarantor obligations not contained therein as of the date of this Agreement (except as otherwise hereinafter provided), (ii) change the definition of Real Property Indebtedness or change any subordination provisions, or (iii) otherwise adversely affect Borrower or any Guarantor.
Mortgagee's consummation ofthe loan (the "Loan") secured by this Mortgage is based upon Mortgagor's representation and warranty that the Loan qualifies as "Permitted Real Property Indebtedness" ("PRPI"), as defined under the "Indenture" described in the Loan Agreement.
Schedule 4.20 sets forth by category (a) all Company Indebtedness, (b) all Affiliated Indebtedness, (c) all Equipment Indebtedness and (d) all Real Property Indebtedness, and describes by category any Encumbrances on any Assets which secure the same such Indebtedness, in each case as of the Closing.
The documentation for the purchase of the New Seller Real Property (and, if applicable, the assumption of any New Seller Real Property Indebtedness) shall expressly provide that neither Buyer, the Trust nor any of their affiliates (other than the Buyer Subsidiary) shall have any liability thereunder, and shall otherwise be in form and substance reasonably satisfactory to Buyer.
The Plantation View Loan, and the value and financial condition of Plantation View, meet, in all respects, the requirements of the definition of "Permitted Real Property Indebtedness" described in the Indenture, such that: (i) the Plantation View Loan constitutes "Permitted Real Property Indebtedness" under the Indenture and; (ii) the Plantation View Loan is a part of the "Senior Indebtedness" and the "Designated Senior Indebtedness" described therein.
No Subsidiary Guarantor shall at any time directly or indirectly own any Assets consisting of Real Property which are encumbered by any Real Property Indebtedness.
At the Closing, the Landlord shall deliver to the Buyer a pay-off letter for all indebtedness secured by the Real Property (the "Real Property Indebtedness"), showing the amount that would have to be paid in order to satisfy such Real Property Indebtedness in full (the "Real Estate Payoff Amount") and agreeing that upon payment of such amount all Liens and Encumbrances in favor of the lender with respect to the Real Property Indebtedness will be released.
Borrower and Lender acknowledge that, in order to qualify as "Permitted Real Property Indebtedness" under the Indenture, the Plantation View Loan is to be secured exclusively by a mortgage, deed of trust, security agreement or assignment, or other lien or charge against the Plantation View real property and/or improvements thereon (and/or any personal property (tangible or intangible) and fixtures relating thereto (collectively, the "Plantation View Assets").
Borrower is in full compliance with the requirements of the Indenture as to the incurring of such Permitted Real Property Indebtedness in such a manner as does not violate the terins of the Indenture.