Eligible Mortgage Note Receivable definition
Eligible Mortgage Note Receivable means a promissory note which satisfies all of the following requirements: (a) such promissory note is owned solely by the Borrower or a Guarantor; (b) such promissory note is secured by a first priority Mortgage; (c) neither such promissory note, nor any interest of the Borrower or such Guarantor therein, is subject to (i) any Lien other than Permitted Liens of the types described in clauses (a) through (c) of the definition thereof or (ii) any Negative Pledge; (d) the real property subject to such Mortgage is not subject to any other Lien other than Permitted Liens of the types described in clauses (a) through (c) of the definition thereof; (e) the real property subject to such Mortgage is free of all structural defects, environmental conditions or other adverse matters except for defects, conditions or matters individually or collectively which are not material to the profitable operation of such real property; (f) such real property is occupied and is in operation (or will be in operation after the completion of construction (which is otherwise permitted hereunder) with respect to such real property); (g) any required principal, interest or other payment due under such promissory note is not more than 60 days past due; and (h) there exists no default or event of default under such promissory note.
Eligible Mortgage Note Receivable means a promissory note which satisfies all of the following requirements: (a) such promissory note is owned solely by the Borrower or a Wholly Owned Subsidiary;
Examples of Eligible Mortgage Note Receivable in a sentence
Each promissory note included as an Eligible Mortgage Note Receivable in calculations of the Unencumbered Asset Value satisfies all requirements contained in the definition of "Eligible Mortgage Note Receivable." As of the Agreement Date, Part II of Schedule 6.1.(g) is a true, correct and complete listing of all such Eligible Mortgage Notes Receivable.