Special Purpose Property definition
Special Purpose Property means a Project or Property improved primarily for a specialized single purpose use, such as, for example, a hotel, parking, golf course, amusement park, restaurant or theater facility.
Special Purpose Property means a Mortgaged Property which is a “Limited or Special Purpose Property” as defined in the SBA SOP. “Subsidiary” shall mean with respect to any Person, any corporation, partnership or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership or other entity (irrespective of whether or not at the time securities or other ownership interests of any other class or classes of such corporation, partnership or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person. “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. “Term SOFR” shall mean, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. “Transaction” shall have the meaning specified in Section 1. “Transaction Conditions Precedent” shall mean, with respect to each proposed Transaction,