Excluded Real Property definition

Excluded Real Property means (a) any fee-owned real property with a purchase price (in the case of real property acquired after the Effective Date) or Fair Market Value (in the case of real property owned as of the Effective Date, with Fair Market Value determined as of the Effective Date) of less than $3,500,000 individually, (b) any real property that is subject to a Lien permitted by Sections 6.02(iv), (xix), (xxii), (xxiii), (xxviii) or (xxxi), (c) any real property with respect to which, in the reasonable judgment of the Term Administrative Agent (confirmed by notice to the Borrower) the cost (including as a result of adverse tax consequences) of providing a Mortgage shall be excessive in view of the benefits to be obtained by the Lenders, (d) any real property to the extent providing a mortgage on such real property would (i) be prohibited or limited by any applicable law, rule or regulation (but only so long as such prohibition or limitation is in effect), (ii) violate a contractual obligation to the owners of such real property (other than any such owners that are the Borrower or Affiliates of the Borrower) that is binding on or relating to such real property (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code) but only to the extent such contractual obligation was not incurred in anticipation of this provision or (iii) give any other party (other than the Borrower or a wholly-owned Restricted Subsidiary of the Borrower) to any contract, agreement, instrument or indenture governing such real property the right to terminate its obligations thereunder (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code or other applicable law) and (e) any Leasehold.
Excluded Real Property. (a) any Real Property that is subject to a Lien expressly permitted by Section 7.3(j) (solely to the extent that the Indebtedness secured by such Lien would prohibit a Lien on such Real Property to secure the Obligations) or Section 7.3(g) (solely to the extent securing Indebtedness under Sections 7.2(c) or 7.2(t)), (b) any Real Property with respect to which, in the reasonable judgment of the Borrower and the Administrative Agent, the cost of providing a mortgage on such Real Property in favor of the Secured Parties under the Security Documents shall be excessive in view of the benefits to be obtained by the Lenders therefrom and (c) any Real Property to the extent providing a mortgage on such Real Property would (i) result in material adverse tax consequences to Holdings or the Borrower or any of its Restricted Subsidiaries as reasonably determined by the Borrower (provided, that any such designation of Real Property as Excluded Real Property shall be subject to the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed)), (ii) violate any applicable Requirement of Law, (iii) be prohibited by any applicable Contractual Obligations (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code) to the extent such prohibition was not created in contemplation of a mortgage on such Real Property or (iv) give any other party (other than a Loan Party or a wholly-owned Subsidiary) to any contract, agreement, instrument or indenture governing such Real Property the right to terminate its obligations thereunder (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code or other applicable law) to the extent such right was not created in contemplation of a mortgage on such Real Property; provided that the Borrower may designate in a written notice to the Administrative Agent any Real Property not to constitute “Excluded Real Property”, whereupon the Borrower shall be obligated to comply with the applicable requirements of Section 6.8 as if it were newly acquired.
Excluded Real Property has the meaning set forth in Section 2.2(b)(v).

Examples of Excluded Real Property in a sentence

  • Schedule 7.2 attached hereto contains a complete and accurate list in all material respects as of the Closing Date of all Real Estate (other than the Excluded Real Property, if any, as of such date).


More Definitions of Excluded Real Property

Excluded Real Property means any Real Property owned in fee having a fair market value of $3,000,000 or less.
Excluded Real Property means (a) the real property described on Schedule 10.2 and (b) any other owned real property of the Company and its Restricted Subsidiaries that is not a hotel or theater and if the fair market value thereof (as reasonably determined by the Company and approved by the Administrative Agent) does not exceed $5,000,000 or as otherwise agreed to by the Required Holders.
Excluded Real Property means (i) any real property that the Borrower reasonably anticipates will secure Indebtedness incurred pursuant Sections 7.03(e) or (y), (ii) any real property subject to a Lien listed on Schedule 7.01 securing Indebtedness for borrowed money, (iii) any other Material Real Property subject to a capital lease, purchase money mortgage or other Lien in accordance with Sections 7.01(i) and (ii), or in the case of any after-acquired Material Real Property, pre-existing secured Indebtedness for borrowed money, in each case permitted to be incurred pursuant to Section 7.01 and Section 7.03 of this Agreement and (iv) any real property subject to a sale-leaseback transaction or reasonably anticipated to be subject to a sale-leaseback transaction after either (A) the date hereof or (B) after the 90 day period pursuant to Section 6.12(b)(iii); provided that (x) the Borrower is in good faith intending to effect such sale leaseback transaction and (y) if any such real property that was anticipated to be subject to a sale-leaseback transaction is not actually subject to a sale-leaseback transaction by the date that is 270 days after the date such real property was acquired, such real property shall no longer be deemed to be Excluded Real Property.
Excluded Real Property has the meaning assigned to such term in Section 6.11(a).
Excluded Real Property means (a) any Real Property set forth on Schedule 1.01(a) and (b) any Pension Real Property.
Excluded Real Property means all leasehold interests and interest in owned real property other than the Specified Real Property.
Excluded Real Property means the (i) all Real Estate acquired in connection with the West Xxxxxx Acquisition, (ii) the Real Estate located at 00000 X XX 0000 Xxxxxx, XX 00000 and (iii) Specified FTS Real Property; provided, that if (A) a Permitted Sale Leaseback Transaction shall not have been consummated with respect to the Specified FTS Real Property, or a purchase money Debt financing described in Section 8.12(v) shall not have been consummated with respect to the Specified FTS Real Property, in each case, within 12 months of the FTS Acquisition, or (B) a purchase money Debt financing described in Section 8.12(v) shall have been so consummated but is later satisfied (and not Refinanced with Refinancing Debt), then the Specified FTS Real Property shall no longer constitute Excluded Real Property.