Hybrid Asset definition

Hybrid Asset means a parcel of Property (a) the fee interest of which is owned by, or is subject to a Ground Lease under which the lessee is, the Borrower or one of its Subsidiaries (the “Base Property”), which Base Property is leased to a tenant with Indebtedness owing to the Borrower or such Subsidiary secured by a first-priority mortgage or deed of trust on improvements located on such Base Property, and (b) which has been designated in writing by the Borrower to the Administrative Agent (which designation may occur at any time) as a “Hybrid Asset”.
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Examples of Hybrid Asset in a sentence

  • Schedule 7.1(f)(i) is, as of the Agreement Date, a complete and correct listing of all Properties and Hybrid Assets of the Borrower, each other Loan Party and each other Subsidiary, setting forth, for each such Property or Hybrid Asset, as applicable, the current occupancy status of such Property or Hybrid Asset and whether such Property or Hybrid Asset is a Development Asset and, if such Property or Hybrid Asset is a Development Asset, the status of completion of such Property or Hybrid Asset.

  • If a Development Asset is owned by an Unconsolidated Affiliate of Spirit REIT or any of its Subsidiaries, then the value of such Development Asset for the purposes of this clause shall equal the product of (1) the GAAP book value for such Property or Hybrid Asset, as applicable, and (2) the Spirit REIT’s applicable Ownership Share thereof.

  • Schedule 7.1(f)(i) is, as of the Agreement Date, a complete and correct listing of all Properties and Hybrid Assets of the Borrower, each other Loan Party and each other Subsidiary, setting forth, for each such Property or Hybrid Asset, as applicable, the current occupancy status of such Property or Hybrid Asset and whether 76 such Property or Hybrid Asset is a Development Asset and, if such Property or Hybrid Asset is a Development Asset, the status of completion of such Property or Hybrid Asset.