Substitution Properties definition

Substitution Properties shall have the meaning set forth in Section 3.3 of this Agreement.
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Substitution Properties means the real property on the list of substitution properties certified to Lender in the Officer’s Certificate, together with all buildings and other improvements thereon (other than leasehold improvements that are the property of a Tenant under a Lease at a Property); and “Substitution Property” means an individual property included in the Substitution Properties or all Substitution Properties collectively, as the context may require; provided, however, in the event there is an insufficient number of Substitution Properties on such list to satisfy the replacements required hereunder (or if the value of such Substitution Properties based on the Valuations is not sufficient to satisfy the Replacement Qualifications), Borrower and Lender shall agree on such additional properties owned by Borrower as necessary to provide such replacements.
Sample 1Sample 2
Substitution Properties means the real property on the list of substitution properties certified to Lender in the Officer’s Certificate, together with all buildings and other improvements thereon (other than leasehold improvements that are the property of a Tenant under a Lease at a Property); and “Substitution Property” means an individual property included in the Substitution Properties or all Substitution Properties collectively, as the context may require; provided, however, in the event there is an insufficient number of Substitution Properties on such list to satisfy the replacements required hereunder (or if the value of such Substitution Properties based on the Appraisal delivered to Lender pursuant to this Agreement is not sufficient to satisfy the Replacement Qualifications), Borrower and Lender shall agree on such additional properties owned by Borrower as necessary to provide such replacements.
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Examples of Substitution Properties in a sentence

  • With regard to each of the Substitution Properties, Lender shall have approved, in its sole discretion, current appraisals of each of the Substitution Properties prepared by an appraiser engaged by Lender.

  • Appraisals of all Development and Acquisition Properties acquired after Closing shall be delivered to Agent pursuant to Section 2.18, and Appraisals of all Substitution Properties shall be delivered to Agent pursuant to Section 2.17.


More Definitions of Substitution Properties

Substitution Properties means the real property on the list of substitution properties certified to Lender in the Officer’s Certificate, together with all buildings and other improvements thereon (other than leasehold improvements that are the property of a Tenant under a Lease at a Property) and any New Property that is used to replace a Property in accordance with Section 2.2(b); and “Substitution Property” means an individual property included in the Substitution Properties or all Substitution Properties collectively, as the context may require; provided, however, in the event there is an insufficient number of Substitution Properties on such list to satisfy the replacements required hereunder (or if the value of such Substitution Properties based on the Appraisal delivered to Lender pursuant to this Agreement is not sufficient to satisfy the Replacement Qualifications), Borrower and Lender shall agree on such additional properties owned by Borrower as necessary to provide such replacements.
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Related to Substitution Properties

  • Substitute Property shall have the meaning set forth in Section 2.6 hereof.

  • Common Properties means and refer to those areas of land shown on any recorded subdivision plat of The Properties and intended to be devoted to the common use and enjoyment of the owners of The Properties.

  • 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.

  • Securitization Property means the property described in section 10j.

  • Excluded Properties the collective reference to the fee or leasehold interest in real properties owned by the Parent Borrower or any of its Subsidiaries not described in Schedule 5.8.

  • Initial Properties means collectively the Properties listed on Schedule 1.1 and “Initial Property” means any of such Properties.

  • 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.

  • Commercial property means property formerly or currently used primarily for business, retail, governmental or professional purposes.

  • Transition Property means the property right created by a financing order, including without

  • 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.

  • Subject Properties has the meaning specified in Section 5.13(a).

  • 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.

  • Replacement Property means any property which is placed in service as a replacement for any item of Equipment or any Improvement previously subject to this Fee Agreement regardless of whether such property serves the same functions as the property it is replacing and regardless of whether more than one piece of property replaces any item of Equipment or any Improvement to the fullest extent that the FILOT Act permits.

  • Undeveloped Property means all Assessor’s Parcels of Taxable Property which are not Developed Property.

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

  • Other Properties shall have the meaning set forth in Section 9.1.

  • Mortgaged Properties the real properties listed on Schedule 1.1B, as to which the Administrative Agent for the benefit of the Lenders shall be granted a Lien pursuant to the Mortgages.

  • Real Property Interests means all interests in real property of whatever nature, including easements, whether as owner or holder of a Security Interest, lessor, sublessor, lessee, sublessee or otherwise.

  • Leased Properties has the meaning set forth in Section 3.1(n)(ii).

  • Retail Property means a Property improved with a building or buildings the substantial use of which is retail space, which may include a Property that is part of a Mixed-Use 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.

  • Acquired Property shall have the meaning set forth in Section 5.1.10(h)(i) hereof.

  • 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.

  • Cooperative Property The real property and improvements owned by the Cooperative Corporation, including the allocation of individual dwelling units to the holders of the Coop Shares of the Cooperative Corporation.