Material Real Estate Asset definition

Material Real Estate Asset means (i) any fee-owned Real Estate Asset having a fair market value in excess of $2,500,000 as of the date of the acquisition thereof or (ii) any Real Estate Asset that the Required Lenders have determined is material to the business, general affairs, assets, liabilities, operations, management, condition (financial or otherwise), stockholders’ equity, results of operations or value of any Loan Party or any Subsidiary thereof, including the Borrower.

Material Real Estate Asset means (a) on the Closing Date, each Real Estate Asset listed on Schedule 1.01(c) and (b) any “fee-owned” Real Estate Asset acquired by any Loan Party after the Closing Date having a fair market value (as reasonably determined by the Borrower in consultation with the Administrative Agent after taking into account any liabilities with respect thereto that impact such fair market value) in excess of $20,000,000 as of the date of acquisition thereof.

Material Real Estate Asset means any domestic fee owned Real Estate Asset having a fair market value in excess of $5,000,000.

Examples of Material Real Estate Asset in a sentence

• Set forth on Schedule 4.11(b) is a true and complete list, as of the Closing Date, of all Material Real Estate Assets, identifying the proper jurisdiction for the filing of a Mortgage in respect of each Material Real Estate Asset.

• In the case of a conflict between this Security Agreement and any Mortgage with respect to any Material Real Estate Asset that is also subject to a valid and enforceable Lien under the terms of such Mortgage (including Fixtures), the terms of such Mortgage shall govern.

• In addition, upon the Collateral Agent’s request, such Loan Party shall deliver to the Collateral Agent a copy of all consultant’s reports, environmental site assessments or other material documents in possession of the Loan Parties to determine if such Material Real Estate Asset is subject to material Environmental Claims.

• Notwithstanding anything to the contrary set forth in this Agreement or in any other Loan Document, in no event shall any Loan Party be required to deliver a Mortgage with respect to any Real Estate Asset that is not a Material Real Estate Asset.

• Set forth on Schedule 4.11(b) is true and complete list, as of the Closing Date, of all Real Estate Assets owned in fee by any Credit Party, identifying each Material Real Estate Asset, if any, and the proper jurisdiction for the filing of a Mortgage in respect thereof.

More Definitions of Material Real Estate Asset

Material Real Estate Asset means any fee-owned real Property having a fair market value in excess of $2,500,000 as of the date of the acquisition thereof.

Material Real Estate Asset means any fee-owned Real Estate Asset located in the United States having a fair market value (determined in good faith by the Borrower) in excess of $7,500,000 as of the date of the acquisition thereof.

Material Real Estate Asset means any fee owned Real Estate Asset having a fair market value in excess of $20,000,000; provided that in no event shall Material Real Estate Assets include the Real Estate Assets of Borrower and its Subsidiaries owned as of the Original Closing Date and located in (a) Carolina, Puerto Rico and (b) Xxxxxx Church, Barbados. “Maximum Amount” as defined in 7.13(a).

Material Real Estate Asset means any and all of the following: (i) all fee-owned Real Estate Assets other than any Immaterial Fee-Owned Properties, (ii) any Real Estate Asset that the Requisite Purchasers determine after the Closing Date, in their reasonable discretion, to be material to the business, operations, properties, assets, condition (financial or otherwise) or prospects of any of Company and its Subsidiaries and designate in writing to be a “Material Real Estate Asset”, and (iii) any Real Estate Asset listed on Schedule 1.1(b).

Material Real Estate Asset means (i) in the case of Real Estate Assets on the Closing Date, each fee-owned Real Estate Asset and (ii) in the case of Real Estate Assets acquired or constructed after the Closing Date, each fee-owned Real Estate Asset having a fair market value in excess of $2,500,000 as of the date of the acquisition or completion of construction thereof.

Material Real Estate Asset means (i) a fee-owned Real Estate Asset having a fair market value in excess of $2,000,000 as of the date of the acquisition thereof, and (ii) all Leasehold Properties other than those (a) with respect to which the aggregate payments under the term of the lease are less than $1,500,000 per annum, or (b) that relate to a site the loss of which would not otherwise have a Material Adverse Effect.

Material Real Estate Asset means any “fee-owned” Real Estate Asset located in the United States or Canada, and the improvements thereto, that (together with such improvements) has a fair market value (as determined by the Company in good faith after taking into account any liabilities with respect thereto that impact such fair market value) in excess of $50,000,000 (a) as of the Issue Date, with respect to any Real Estate Asset owned by the Company or any Note Guarantor as of the Issue Date, or (b) as of the date of acquisition thereof, with respect to any Real Estate Asset acquired by the Company or any Note Guarantor after the Issue Date.