LCF Assets definition
LCF Assets. All Purchased Assets other than Purchased Assets that are secured by Underlying Mortgaged Properties consisting primarily of hotel properties (as determined by Buyer) and that, as of the related Purchase Date, otherwise meet all of the criteria to qualify as eligible Whole Loans, eligible Senior Interests or eligible Mezzanine Loans, except that they are directly or indirectly secured by Liens on Underlying Mortgaged Properties, which as of the Purchase Date therefor, either (a) do not satisfy the Debt Yield Test for Core Assets of the applicable type, as set forth in the Fee Letter, or (b) do not satisfy the PPV Test for Core Assets of the applicable type, as set forth in the Fee Letter but, in each case, which Purchased Asset satisfies the PPV Test applicable to LCF Assets, as set forth in the Fee Letter.