Stabilized Asset definition

Stabilized Asset means (i) with respect to an acquisition of an asset, such asset becomes stabilized when the Operating Partnership or its Subsidiaries or an unconsolidated joint venture in which the Operating Partnership or any Subsidiary has an interest has owned the asset as of at least six Reporting Dates, and (ii) with respect to a new construction or development asset, such asset becomes stabilized four Reporting Dates after the earlier of (a) six Reporting Dates after substantial completion of construction or development or (b) the first Reporting Date on which the asset is at least 90% leased.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Stabilized Asset means (i) with respect to an acquisition of an asset, such asset becomes stabilized when the Guarantor or its Subsidiaries or an unconsolidated joint venture in which the Guarantor or any Subsidiary has an interest has owned the asset as of at least six Reporting Dates, and (ii) with respect to a new construction or development asset, such asset becomes stabilized four Reporting Dates after the earlier of (A) six (6) Reporting Dates after substantial completion of construction or development or (B) the first Reporting Date on which the asset is at least 90% leased.

Stabilized Asset means any Qualifying Unencumbered Property which, while owned by Borrower achieved (i) an average Occupancy Rate greater than or equal to 85% during a calendar month and (ii) an Occupancy Rate of at least 85% on the last day of such month. As used herein, "Stabilized Asset" means any Qualifying Unencumbered Property which, while owned by Borrower, at one time satisfied the foregoing requirements, regardless of whether such Property subsequently fails to maintain such Occupancy Rates.

Examples of Stabilized Asset in a sentence

• Security Documents as defined in Section 3.2. Stabilized Asset shall mean an Individual Property which has an Occupancy Ratio of equal to or greater than eighty percent (80%).

• Notwithstanding the foregoing, such Nominated Property shall no longer qualify as an Unencumbered Development Property on the date that is the earlier of (A) twelve months following the date that Completion of Construction on such Nominated Property has occurred, or (B) the first fiscal quarter in which such Nominated Property becomes an Unencumbered Stabilized Asset Property.

• Adjusted Capitalized Value $_________ (calculated in the manner set forth above for Stabilized Asset, subject to the limits of Borrowing Base Value, or Non Stabilized Asset, as applicable) Multiplied by 70% $_________ Implied Loan Amount Calculation Principal amount which generates Implied Debt Service Coverage Ratio of 1.50 to 1.00, calculated in accordance with the worksheet which is to be annexed hereto.

• A copy of each item described in Sections 4.2(b) and (e) and evidence of the insurance required under Section 6.1.3 for each Unencumbered Stabilized Asset Pool Property listed in Exhibit A-l hereto and for each Unencumbered Development Property named in Exhibit A-2 hereto.

• Notwithstanding the foregoing, any property subject to a financeable ground lease (as determined by Administrative Agent in its reasonable discretion) in excess of 30 years (provided that no less than 15 years shall be remaining on such ground lease), shall not cease to be an Unencumbered Stabilized Asset Property solely because that property has been acquired by ground lease and not by fee simple.

More Definitions of Stabilized Asset

Stabilized Asset means, as of any date, any hotel asset owned by the Issuer, any Subsidiary or any Unconsolidated Entity that does not constitute a Non-Stabilized Asset.

Stabilized Asset means (i) with respect to an acquisition of an asset, such asset becomes stabilized when the Guarantor or its Subsidiaries or an unconsolidated joint venture in which the Guarantor or any Subsidiary has an interest has owned the asset as of at least six Reporting Dates, and (ii) with respect to a new construction or development asset, such asset becomes stabilized four Reporting Dates after the earlier of (A) six

Stabilized Asset means, as of any date, any of the Company’s real estate assets and any real estate assets of the Company’s Subsidiaries, at least 90% of the rentable area of which was leased pursuant to bona fide tenant leases, licenses, or other agreements requiring current rent or other similar payments for the entire three months of the most recently completed fiscal quarter.

Stabilized Asset means an Individual Property which has an Occupancy Ratio of equal to or greater than eighty percent (80%).

Stabilized Asset means an Individual Property which has an Occupancy Ratio of equal to or greater than eighty percent (80%). If due to the occurrence of an Event of Loss as to any Borrowing Base Property which was a Stabilized Asset prior to such Event of Loss, the Occupancy Ratio with respect thereto is less than eighty percent (80%), such Borrowing Base Property shall continue to be deemed to be a Stabilized Asset (notwithstanding that the Occupancy Ratio with respect thereto is less than eighty percent (80%) as a result of such Event of Loss) for a period equal to the lesser of (i) six (6) months from the occurrence of the Event of Loss or (ii) the determination that the subject Borrowing Base Property is not, or ceases to be, a Restoration Property; provided that the value derived from Individual Properties permitted to be Stabilized Assets pursuant to this sentence, as calculated pursuant to clause (a) of the definition of Borrowing Base Value, together with the Non-Stabilized Assets as calculated pursuant to clause (b) of Borrowing Base Value, shall not exceed 10% of the Borrowing Base Value.

Stabilized Asset means, as of any date, any hotel asset owned by the Partnership, any Subsidiary or any Unconsolidated Entity that does not constitute a Non-Stabilized Asset.

Stabilized Asset means an Individual Property which has an Occupancy Ratio of equal to or greater than eighty percent (80%). Back to Contents