UAP Property means a Real Property Asset that is (i) directly owned by the Borrower or a Guarantor that is a direct or indirect wholly-owned Subsidiary of the Borrower or a Qualified Non-Wholly Owned Subsidiary, (ii) a multi-tenant retail property located in the United States and is not unimproved land or assets under development, (iii) either owned in fee simple or subject to an Eligible Ground Lease interest approved by the Administrative Agent, (iv) free of any environmental problems as represented in writing to the Administrative Agent (without the need for environmental reports or other related information except upon reasonable request), (v) not subject to a Lien or other restriction other than Non-Consensual Liens (provided that a Real Property Asset may not be considered to be a UAP Property as long as it is subject to a Non-Consensual Lien incurred pursuant to Section 7.01(g) if (x) the amount of such Non-Consensual Lien, when aggregated with all other Non-Consensual Liens then existing that were incurred pursuant to Section 7.01(g), exceeds $500,000 and (y) such Non-Consensual Lien has remained unsatisfied or undischarged for a period of greater than 90 days) and (vi) subject to negative pledge in favor of the Administrative Agent.
UAP Property means a Real Property Asset that is (i) directly owned by the Borrower, a Guarantor that is a direct or indirect wholly-owned Subsidiary of the Borrower or a Qualified Non-Wholly Owned Subsidiary or a UAP Subsidiary, (ii) a retail property located in the United States and is not unimproved land or assets under development, (iii) either owned in fee simple or subject to an Eligible Ground Lease interest reasonably acceptable to the Administrative Agent, (iv) free of any material environmental problems, (v) not subject to any Liens other than (A) Permitted Liens set forth in Section 7.01(a)-(m) or (B) Permitted Liens set forth in Section 7.01(n) that (i) are in favor of the Lenders or (ii) secure Indebtedness that would otherwise be Consolidated Unsecured Indebtedness and all Obligations equally and ratably pursuant to an agreement consistent with Section 7.01(n)(ii), and (vi) not subject to any agreement by any Loan Party not to grant a Lien on such UAP Property securing the Obligations except for an agreement consistent with the provisions of Section 7.01(n)(ii).
UAP Property means any real property asset located in the United States owned or leased by a Domestic Credit Party:
Examples of UAP Property in a sentence
Contract, create, incur, assume or permit to exist any Lien with respect to any UAP Property other than Permitted Liens.
Upon not less than ten (10) Business Days prior written notice from the Company to the holders of Notes, the Company may from time to time designate that a Property be added (subject to the other requirements for a Property otherwise qualifying as a UAP Property) or deleted as a UAP Property.
No Default shall exist under this Agreement or the other Loan Documents after giving effect to the release of the UAP Property, except for any Default which is cured or remedied by the removal of such Individual Property from being a UAP Property.
To the extent that an Individual Property does not meet the requirements to qualify as a UAP Property, as defined, the Borrower may nevertheless request that such Individual Property be included as a UAP Property and the Required Lenders may, in their sole and absolute discretion, agree to the acceptance of such Individual Property as an additional UAP Property.
Any failure of any removal and release requested by the Borrower to meet all of the Release Conditions shall be deemed a rejection of the proposed Release Request and, subject to the other terms and conditions hereof as to whether any Individual Property is a UAP Property, such UAP Property shall remain a UAP Property hereunder.
More Definitions of UAP Property
UAP Property is defined in the definition of Unencumbered Asset Pool.
UAP Property means a Real Property Asset that is (i) directly owned by the Borrower, a Guarantor that is a direct or indirect wholly-owned Subsidiary of the Borrower or a Qualified Non-Wholly Owned Subsidiary or a UAP Subsidiary, (ii) a retail property located in the United States and is not unimproved land or assets under development, (iii) either owned in fee simple or subject to an Eligible Ground Lease interest reasonably acceptable to the Administrative Agent, (iv) free of any material environmental problems, (v) not subject to any Liens other than (A) Permitted Liens set forth in Section 7.01(a)-(m) or (B) Permitted Liens set forth in Section 7.01(n) that (i) are in favor of the Lenders or (ii) secure Indebtedness that would otherwise be Consolidated Unsecured Indebtedness and all Obligations equally and ratably pursuant to an agreement consistent with Section 7.01(n)(ii), and (vi) not subject to any agreement by any Loan Party not to xxxxx x Xxxx on such UAP Property securing the Obligations except for an agreement consistent with the provisions of Section 7.01(n)(ii).
UAP Property means a Real Property Asset that is (i) directly owned by the Borrower, a Guarantor that is a direct or indirect wholly-owned Subsidiary of the Borrower or a Qualified Non-Wholly Owned Subsidiary or a UAP Subsidiary, (ii) a multi-tenant retail property located in the United States and is not unimproved land or assets under development, (iii) either owned in fee simple or subject to an Eligible Ground Lease interest approved by the Administrative Agent, (iv) free of any environmental problems as represented in writing to the Administrative Agent (without the need for environmental reports or other related information except upon reasonable request), (v) not subject to a Lien or other restriction other than Non-Consensual Liens (provided that a Real Property Asset may not be considered to be a UAP Property as long as it is subject to a Non-Consensual Lien incurred pursuant to Section 7.01(g) if (x) the amount of such Non-Consensual Lien, when aggregated with all other Non-Consensual Liens then existing that were incurred pursuant to Section 7.01(g), exceeds $500,000 and (y) such Non-Consensual Lien has remained unsatisfied or undischarged for a period of greater than 90 days) and (vi) subject to negative pledge in favor of the Administrative Agent.
UAP Property is defined in the definition of Unencumbered Asset Pool. “Unencumbered Asset Pool” means, a pool of unencumbered Properties consisting of properties (each a “UAP Property” and collectively, the “UAP Properties”) owned by the Company or a Guarantor, and (i) listed on Schedule 5.25 on the May 2011 Amendment Effective Date or (ii) deemed to be listed on Schedule 5.25 after such properties’ designation by the Company as an UAP Property in writing to the holders of Notes in accordance with Section 9.12 hereof; that meet the following criteria:
UAP Property set forth in Section 1.1 of the Existing Credit Agreement is hereby amended in the following respects: (i) the introductory sentence of the definition is amended in its entirety to read as set forth below; (ii) subclause (b) is hereby amended in its entirety to read as set forth below; (iii) a new subclause (g) shall be inserted immediately following subclause (f) to read as set forth below; and (iv) the word “and” at the end of subclause (e) shall be deleted and the “.” at the end of subclause (f) shall be replaced with “; and”:
UAP Property means a Real Property Asset that is (i) directly owned by the Borrower or a Guarantor, (ii) a multi-tenant retail property located in the United States and is not unimproved land or assets under development, (iii) either owned in fee simple or subject to an Eligible Ground Lease interest approved by the Administrative Agent, (iv) free of any environmental problems as represented in writing to the Administrative Agent (without the need for environmental reports or other related information except upon reasonable request), (v) not subject to a Lien or other restriction other than Non-Consensual Liens (provided that a Real Property Asset may not be considered to be a UAP Property as long as it is subject to a Non-Consensual Lien incurred pursuant to Section 7.01(g) if (x) the amount of such Non-Consensual Lien, when aggregated with all other Non-Consensual Liens then existing that were incurred pursuant to Section 7.01(g), exceeds $500,000 and (y) such Non-Consensual Lien has remained unsatisfied or undischarged for a period of greater than 90 days) and (vi) subject to negative pledge in favor of the Administrative Agent.
UAP Property means a Real Property Asset that is (i) directly owned by the Company, a Guarantor that is a direct or indirect wholly-owned Subsidiary of the Company or a Qualified Non-Wholly Owned Subsidiary or a UAP Subsidiary, (ii) a retail property located in the United States and is not unimproved land or assets under development, (iii) either owned in fee simple or subject to an Eligible Ground Lease interest reasonably acceptable to the Required Holders, (iv) free of material environmental problems, (v) is not subject to any Liens other than (A) Permitted Liens set forth in Section 10.5(a)-(l) or (B) Permitted Liens set forth in Section 10.5(n) that are (i) in favor of and for the ratable benefit of the Holders or (ii) secure Indebtedness that would otherwise be Consolidated Unsecured Indebtedness and all Note Obligations equally and ratably pursuant to an agreement consistent with Section 10.5(n)(ii), and (vi) is not subject to any agreement by any Obligor not to xxxxx x Xxxx on such UAP Property securing the Note Obligations except for an agreement consistent with the provisions of Section 10.5(n)(ii).