Sale or Refinancing definition

Sale or Refinancing means any of the following items or transactions: a sale, transfer, exchange or other disposition of all or substantially all of the assets of the Partnership, a condemnation of or casualty at the Apartment Housing or any part thereof, a claim against a title insurance company, the refinancing of any Mortgage or other indebtedness of the Partnership and any similar item or transaction; provided, however, that the payment of Capital Contributions by the Partners shall not be included within the meaning of the term "Sale or Refinancing."

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Sale or Refinancing means the sale, refinancing, exchange, condemnation, eminent domain taking, casualty or other disposition of any Asset or any interest in any Joint Venture.

Sale or Refinancing means any Partnership transaction (other than the receipt of Capital Contributions) not in the ordinary course of its business, including, without limitation, sales, exchanges or other dispositions of real or personal property, condemnations, recoveries of damage awards and insurance proceeds (other than business or rental interruption insurance proceeds) not reinvested in the repair or reconstruction of properties or any mortgage refinancings or borrowings in addition to borrowings initially made to finance the purchase of properties, but excluding: (i) the disposition of a property by transfer back to the seller or an affiliate thereof, whether in the form of a rescission, exchange or resale or pursuant to an option or other similar arrangement entered into at or prior to the time of taking title to the property, if the proceeds from such transfer back are reinvested in another property and (ii) the disposition of a property within two years after termination of the offering of the Units contemplated by Section 4.3 of the Partnership Agreement if the proceeds of such disposition are reinvested in other properties as permitted by Section 7.4F of the Partnership Agreement.

Examples of Sale or Refinancing in a sentence

If the General Partner shall so fail to pay, the General Partner and its Affiliates shall forthwith cease to be entitled to any fees hereunder (other than the Development Fee) and/or to the payment of any Net Operating Income or Sale or Refinancing Proceeds to which the General Partner may otherwise be entitled hereunder.
Each Operating Loan shall be nonrecourse to the Partners, and shall be repayable out of 50% of the available Net Operating Income or Sale or Refinancing Proceeds in accordance with Article XI of this Agreement.
Any such proceeds received in respect of such event occurring after the Compliance Period shall be so utilized or, if permitted by the Project Documents and with the Consent of the Special Limited Partner, shall be treated as Sale or Refinancing Proceeds.
In the event a Sale or Refinancing of the Apartment Housing occurs prior to repayment in full of the Annual Credit Shortfall then the excess will be paid in accordance with Section 11.2(b).
All items includable in the calculation of Income or Loss not arising from a Sale or Refinancing, and all Tax Credits, shall be allocated 99.98% to the Limited Partner, 0.01% to the Special Limited Partner and 0.01% to the General Partner.
None of the Leases, Rents, Design and Development Documents, Contracts of Sale or Refinancing Commitments are subject to any Encumbrance other than the Permitted Encumbrances.
To Grantor’s knowledge and belief, none of the Leases, Rents, Design and Construction Documents, Contracts of Sale or Refinancing Commitments are subject to any Encumbrance other than the Permitted Encumbrances.
None of the Leases, Rents, Design and Construction Documents, Contracts of Sale or Refinancing Commitments are subject to any Encumbrance other than the Permitted Encumbrances.
All items includable in the calculation of Income or Loss not arising from a Sale or Refinancing, and all Tax Credits, shall be allocated 99.98% to the Limited Partner, .01% to the Special Limited Partner and ..01% to the General Partner.
If the General Partner shall fail to so pay, the General Partner and its Affiliates shall forthwith cease to be entitled to any fees hereunder (other than the Development Fee) and/or to the payment of any Net Operating Income or Sale or Refinancing Proceeds to which the General Partner may otherwise be entitled hereunder.

More Definitions of Sale or Refinancing

Sale or Refinancing means any sale or refinancing transaction by the Borrower or a Subsidiary not in the ordinary course of its business, including, without limitation, sales, exchanges or other dispositions of all or any portion of any Property Investments, condemnations, recoveries of damage awards and insurance proceeds (other than business or rental interruption insurance proceeds) with respect to any Property Investments, or any refinancing of any Property Investments.

Sale or Refinancing means any Partnership or Local Limited Partnership transaction not in the ordinary course of its business, including, without limitation, sales, exchanges or other dispositions of Apartment Complexes, Local Limited Partnership Interests and real or personal property of the Partnership, or any borrowings or refinancings. Sale or Refinancing shall not include any receipt of capital contributions by the Partnership or a Local Limited Partnership; provided, however, that the receipt by the Partnership of a return of all or a portion of its capital contribution to a Local Limited Partnership, however funded, shall be treated as a Sale or Refinancing.

Sale or Refinancing means any Partnership transaction (other than the receipt of Capital Contributions) not in the ordinary course of its business, including, without limitation, sales, exchanges or other dispositions of real or personal property, condemnations, recoveries of damage awards and insurance proceeds (other than business or rental interruption insurance proceeds) or any borrowing or mortgage refinancings. The disposition of a Property of the Partnership by transfer back to the seller or an affiliate thereof, whether in the form of a rescission, exchange or resale or pursuant to an option or other similar arrangement entered into at or prior to the time of taking title to the Property, shall not, if the proceeds from such transfer back are reinvested in another Property, constitute a Sale or Refinancing and shall not result in Sale or Refinancing Proceeds, Sale or Refinancing shall not include a sale permitted under Section 5.3A (vi), and no such sale shall result in Sale or Refinancing Proceeds.

Sale or Refinancing means any sale or refinancing transaction not in the ordinary course of business of a Project Company or the Partnership as more fully described in the Partnership Agreement and including, specifically, proceeds of a sale of a Membership Interest including a sale under the Option Agreement.

Sale or Refinancing means (i) a Disposition, (ii) a sale of the Company (by membership interest sale, merger, reorganization or otherwise), (iii) the refinancing of any Company indebtedness or the obtaining of new Company indebtedness or (iv) the liquidation or winding up of the Company.

Sale or Refinancing means a sale by the Partnership of any Local Limited Partnership Interest, or any other real or personal property of the Partnership, or the Partnership's receipt of the proceeds of a sale or refinancing of an Apartment Complex or any other real or personal property of a Local Limited Partnership.