Advance Property definition

Advance Property means cither: (a) a real estate asset acquired by Guarantor or a Subsidiary of Guarantor as part of Guarantor’s programs which, immediately following the acquisition thereof: (i) is owned in fee by Guarantor or a Subsidiary of Guarantor; (ii) is not subject to any Liens or encumbrances other than (A) mortgages, deeds of trust, deeds to secure debt or other instruments or agreements securing first priority or subordinate financing or otherwise creating a direct Lien on such asset, (B) Mezzanine Financing of the owner of such asset (with the total amount of all financing under subclauses (A) and (B) with respect to an Advance Property not to exceed the amounts permitted pursuant to Section 7.4(a) hereof), and (C) taxes and assessments not yet due or payable and non-monetary encumbrances that do not interfere with the intended use, operation, value or marketability of (he Advance Properly or that are insured or endorsed over by the title insurer; (iii) is a single or multi tenant office, retail or industrial property or a multi-family residential property located in the United Stales; (iv) is, in the reasonable judgment of the Administrative Agent, of a quality consistent with the quality of the Initial Advance Properties; (v) as lo properties that are multi-family residential properties, has an occupancy rate of at least eighty-five percent (85%) (based on the percentage of the total leasable square footage of such properly that is leased pursuant lo valid leases and occupied by the tenants under such leases); and (vi) as to properties other than multi-family residential properties, has an occupancy rate of at least seventy-five percent (75%) (based on the percentage of the total leasable square footage of such property that is leased pursuant to valid leases having terms that extend for at least three (3) years after the date on which the applicable Loan is to be made); or (b) a real estate asset not meeting the above criteria but which is otherwise reasonably approved by the Required Lenders. All tenants who are in bankruptcy or subject lo any of the circumstances described in Section 9.1.3(A) and all tenants who are not in occupancy of the premises demised under their leases will be excluded from the calculations set forth above. Advance Property Submittals shall mean, with respect to an Advance Property, a copy of the fully executed purchase contract for the Advance Property.
View Source

Examples of Advance Property in a sentence

  • Notwithstanding the foregoing, with respect to any Monthly Payment Advance, Property Protection Advance, Administrative Advance or Companion Loan Advance, such advances shall be reimbursed from collections on the Whole Loan prior to any distributions to the Note Holders.

  • Upon receipt of an Initial Borrowing Request, the Administrative Agent shall request confirmation from the Diligence Agent of the items set forth in Section 2.02(a)(v) in respect of each applicable Pending Renovation Advance Property, which confirmation shall be provided by the Diligence Agent within three (3) Business Days of receipt of an Initial Borrowing Request.

  • In connection with each Borrowing of Renovation Loans, the Administrative Agent shall instruct the Paying Agent in writing to remit to the Borrower Representative the Funded Renovation Reserves with respect to each Pending Renovation Advance Property from the Renovation Reserves Account upon satisfaction by the Loan Parties of each of the conditions precedent to such Borrowing set forth in Section 3.03 and subject to Section 6.13(e).

  • Upon receipt of an Initial Borrowing Request, the Administrative Agent shall request confirmation from the Diligence Agent of the items set forth in Section 2.02(a)(iv) in respect of each applicable Pending Advance Property, which confirmation shall be provided by the Diligence Agent within three (3) Business Days of receipt of an Initial Borrowing Request.

  • Borrower and Guarantors shall perform all of their obligations under or with respect to each Future Advance Property (including any funding agreement) relating thereto.

  • Borrower shall not permit any failure to fund under or with respect to a Future Advance Property or any related agreement (including any funding agreement) to cause a default under a Lease or permit the Tenant to exercise any remedies (including, without limitation, any abatement, setoff or other reduction of rent) thereunder.

  • Upon receipt of an Initial Borrowing Request, the Administrative Agent shall request confirmation from the Diligence Agent of the items set forth in Section 2.02(a)(vi) in respect of each applicable Pending Additional Renovation Advance Property, which confirmation shall be provided by the Diligence Agent within three (3) Business Days of receipt of an Initial Borrowing Request.

  • Subject to the rights of Tenants, the Loan Parties shall permit agents, representatives and employees of the Administrative Agent to inspect the Financed Properties, Financed Single Plat Developments and Pending Advance Properties or any part thereof at reasonable hours upon reasonable advance notice, which in the case of any Financed Property or Pending Advance Property that is then occupied by a Tenant shall not be shorter than the minimum period required by applicable law.

  • Upon receipt of an Initial Borrowing Request, the Administrative Agent shall request confirmation from the Diligence Agent of the items set forth in Section 2.02(a)(iv) in respect of each applicable Pending Advance Property, and further request such confirmation be provided by the Diligence Agent within three (3) Business Days of receipt of an Initial Borrowing Request.

  • Upon receipt of an Initial Borrowing Request, the Administrative Agent shall request confirmation from the Diligence Agent of the items set forth in Section 2.02(a)(v) in respect of each applicable Pending Renovation Advance Property, and further request such confirmation be provided by the Diligence Agent within three (3) Business Days of receipt of an Initial Borrowing Request.