Mortgageable Property definition
Mortgageable Property means (i) real property owned by the Borrower or any of its Restricted Subsidiaries and (ii) real property leased by the Borrower or any of its Restricted Subsidiaries (provided that the term of such lease expires, or the Borrower or the relevant Restricted Subsidiary has the unconditional right to extend the term of such lease to a date that is, at least 365 days after the Latest Maturity Date).
Examples of Mortgageable Property in a sentence
The Lenders agree to immediately release such mortgage, in full or in part, to the extent that L.S. Wholesale or the Guarantors thereafter creates a security interest or similar right upon the Mortgageable Property or part thereof in favor of any third party or Affiliate subject to the preceding paragraph.