Asset Level Financing definition
Asset Level Financing means (i) a secured mortgage financing with respect to a parcel of real property that is owned by a Foreign Subsidiary, which secured mortgage financing is provided by a Person that is not an Affiliate of the Borrower or (ii) a mezzanine loan or preferred equity financing (or a similar financing approved in writing by the Administrative Agent in its reasonable discretion) with respect to a parcel of real property, or the cash flow arising from such property, that is owned by a Foreign Subsidiary that is the subject of a secured mortgage financing described in clause (i) above, which mezzanine loan, preferred equity financing (or similar financing) is provided by a Person that is not an Affiliate of the Borrower.