Renovating Property definition

Renovating Property means a Hotel Property (a) that has been owned for four or more, but less than six, consecutive full Fiscal Quarters by the Parent or by a Person that has been a Subsidiary of the Parent during such entire period and (b) with respect to which renovation, consisting of alterations, remodeling and other similar work having an aggregate cost exceeding ten percent (10%) of the Investment Amount in such Hotel Property, was commenced within 180 days of such acquisition and was completed, or is reasonably expected to be completed, within eighteen (18) months of such acquisition.
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Renovating Property means a Hotel Property (a) that has been designated as such in writing by the Borrower to the Administrative Agent, and (b) with respect to which a renovation (i) was commenced consisting of alterations, remodeling and other similar work having an aggregate cost exceeding ten percent (10%) of the Investment Amount in such Hotel Property and (ii) was completed, or is reasonably expected to be completed, within twenty-four (24) months of the commencement of such renovation; provided that, except as provided in the definition of “Borrowing Base Requirements”, the Borrower shall only be able to designate (y) one (1) Hotel Property as a Renovating Property at any one time and (z) a Hotel Property as a Renovating Property only during the Fiscal Quarters for which the renovation is occurring (not exceeding eight (8) Fiscal Quarters) and the Rolling Period following such period.
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Renovating Property means a Hotel (i) that has been owned for four or more, but less than six, consecutive full Fiscal Quarters by the Borrower or by a Person that has been a Subsidiary of the Borrower during such entire period and (ii) with respect to which renovation, consisting of alterations, remodeling and other similar work having an aggregate cost exceeding ten percent (10%) of the Borrower's Investment in such Hotel, was commenced within 180 days of such acquisition and was completed, or is reasonably expected to be completed, within eighteen (18) months of such acquisition ; provided, however, that, in the event the Renovating Properties shall have an aggregate value (determined in the manner provided in clause (b) of the definition of "Aggregate Value") exceeding twenty-five percent (25%) of the Aggregate Value of all Eligible Hotels, such Renovating Properties shall cease to constitute Renovating Properties to the extent required to reduce the aggregate value (as so determined) of all remaining Renovating Properties to an amount not exceeding twenty-five percent (25%) of the Aggregate Value of all Eligible Hotels.
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More Definitions of Renovating Property

Renovating Property means a Hotel Property (a) that has been designated as such in writing by the Borrower to the Administrative Agent, and
Sample 1
Renovating Property means a Hotel Property (a) that has been designated as such in writing by the Borrower to the Administrative Agent, and (b) with respect to which a renovation (i) was commenced consisting of alterations, remodeling and other similar work having an aggregate cost exceeding ten percent (10%) of the Investment Amount in such Hotel Property and (ii) was completed, or is reasonably expected to be completed, within twenty-four (24) months of the commencement of such renovation; PROVIDED that the Borrower shall only be able to designate (y) one (1) Hotel Property as a Renovating Property at any one time and (z) a Hotel Property as a Renovating Property only during the Fiscal Quarters for which the renovation is occurring (not exceeding eight (8) Fiscal Quarters) and the Rolling Period following such period.
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Renovating Property means a Hotel Property (a) that has been designated
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Renovating Property means an Eligible Property upon which the Borrower commences renovations consisting of alterations, remodeling and other similar work (having an aggregate cost exceeding ten (10%) percent of the Investment Amount in such Eligible Property) within one hundred eighty (180) days after the Borrower’s acquisition of such Eligible Property, which renovations are completed within eighteen (18) months of the Borrower’s acquisition of such Eligible Property.
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Related to Renovating Property

  • Operating Property means any property owned, leased, or operated by the Party in question or by any of its Subsidiaries or in which such Party or Subsidiary holds a security interest or other interest (including an interest in a fiduciary capacity), and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • Existing Property means all property against which ad valorem property taxes were levied by a local unit for its concluding fiscal year, minus all property that is considered losses for purposes of ad valorem property tax levies of the local unit for the ensuing fiscal year.

  • Building Project means the aggregate combined parcel of land on a portion of which are the improvements of which the Premises form a part, with all the improvements thereon, said improvements being a part of the block and lot for tax purposes which are applicable to the aforesaid land.

  • Condominium Property means the lands, leaseholds, and personal property that are subjected to condominium ownership, whether or not contiguous, and all improvements thereon and all easements and rights appurtenant thereto intended for use in connection with the condominium.

  • Adjoining Property means all sidewalks, driveways, curbs, gores and vault spaces adjoining any of the Leased Premises.

  • Mixed-use property means an eligible property that includes three or more residential units and may also contain a commercial property component in the same building.

  • Leased Property shall have the meaning given such term in Section 2.1.

  • Mining Property means a property used for mining operations as defined in the Mineral and Petroleum Resources Development Act, 2002 (Act No. 28 of 2002);

  • Rental Property means a hotel room, vacation home, or other rental property You booked for Your stay during Your Trip.

  • Project means the goods or Services described in the Signature Document or a Work Order of this Contract.

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

  • New property means (i) the assessed value, after final

  • Existing Project is a Project that has achieved Commercial Operation on or prior to the Execution Date.

  • Improved Property means any property upon which there is erected a structure intended for continuous or periodic habitation, occupancy or use by human beings or animals and from which structure Sanitary Sewage and/or Industrial Wastes shall be or may be discharged.

  • Renovation means altering a facility or one or more facility components in any way, including the stripping or removal of RACM from a facility component. Operations in which load-supporting structural members are wrecked or taken out are demolitions.

  • Substitute Improvements means the substitute or additional improvements of the Issuer described in Article V hereof.

  • Additional Property means, in respect of a Series, the rights and benefits provided in respect of the Series, or applicable Class, pursuant to any letter of credit, surety bond, cash collateral account, spread account, guaranteed rate agreement, maturity liquidity facility, tax protection agreement, interest rate and/or currency swap agreement, loan agreement, enhancement agreement or other similar arrangement as contemplated under the Pooling and Servicing Agreement and as provided for in the related Series Purchase Agreement.

  • the Property means the Property more particularly described in Condition 2 of the Conditions of Sale (as defined in 1.6 below);

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

  • The Project Site, where applicable, means the place or places named in the SCC.

  • Condominium Project Real estate including the separate ownership in fee, or on a satisfactory leasehold estate, of a particular residential unit with an indivisible interest in the real estate designated for common ownership strictly by unit owners.

  • Project Property means the real property on or for which preconstruction service or construction work is or will be provided.

  • 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.

  • Common Property means any and all real and personal property and easements and other interests therein, together with the facilities and improvements located thereon, now or hereafter owned by the Association for the common use and enjoyment of the Owners.

  • Building Equipment shall have the meaning set forth in the Security Instrument.

  • Capital Improvements mean the purchase, renovation, rehabilitation, or construction of permanent land, buildings, structures, equipment and furnishings used directly for or in the Project, and any goods or services for the Project that are purchased and capitalized under GAAP, including any organizational costs and research and development costs incurred in Illinois. Capitalized lease costs for land, buildings, structures or equipment shall be included in “Capital Improvements” only if the lease term, including any extensions or options to extend, equals or exceeds the term of this Agreement, and provided that such lease costs are valued at their present value using the corporate interest rate prevailing at the time the Company filed its Application with the Department.