Permitted Real Estate Sales means the sale of any owned real property of a Credit Party (a) subject to a Lien in favor of the Administrative Agent for the benefit of the Lenders or (b) not listed on Schedule 1.1(f) (as such schedule may be updated from time to time with the consent of the Administrative Agent), in each case, that satisfies the following requirements: (i) no Default or Event of Default shall exist at the time of such sale or be caused by such sale, (ii) such sale is for Fair Market Value, (iii) the Net Cash Proceeds of such sale are applied to the Loans to the extent required pursuant to Section 2.9(b), and (iv) solely with respect to any real property subject to a Lien in favor of the Administrative Agent, the Borrower is in compliance with the Loan to Value Test after giving effect to such Permitted Real Estate Sale.
Permitted Real Estate Sales means the sale of any owned real property of a Credit Party (a) subject to a Lien in favor of the Administrative Agent for the benefit of the Lenders that satisfies the following requirements: (i) no Default or Event of Default shall exist at the time of such sale or be caused by such sale and (ii) such sale is for Fair Market Value.
Permitted Real Estate Sales means, collectively, the Boxborough Real Estate Sale, the 118 Acre Parcel Sale, the Acton Real Estate Sale and the Fullerton Real Estate Sale.
Examples of Permitted Real Estate Sales in a sentence
Conduct any Asset Sale, or permit any Subsidiary (other than an Excluded Subsidiary) to do so, other than (i) dispositions of obsolete, worn or nonfunctional equipment (ii) sales of inventory in the ordinary course of business, (iii) any Asset Sale or series of related Asset Sales that generate Net Cash Proceeds of less than Five Hundred Thousand Dollars ($500,000), (iv) the Permitted Asset Sales, and (v) the Permitted Real Estate Sales.
The Loan Parties hereby agree that they will make or commit to make Capital Expenditures in their businesses in an aggregate amount equal to Net Cash Proceeds arising from Permitted Real Estate Sales, or such greater amount if required under the Senior Indenture in connection with such Permitted Real Estate Sales, within 180 days of the date of receipt of Net Cash Proceeds giving rise thereto.
More Definitions of Permitted Real Estate Sales
Permitted Real Estate Sales means the sale of any owned real property of a Credit Party (a) subject to a Lien in favor of the Administrative Agent for the benefit of the Lenders or (b) not listed on Schedule 1.1(f) as such schedule may be updated from time to time with the consent of the Administrative Agent), in each case, that satisfies the following requirements: (i) no Default or Event of Default shall exist at the time of such sale or be caused by such sale, (ii) such sale is for Fair Market Value and (iii) the Net Cash Proceeds of such sale are applied to the Loans to the extent required pursuant to Section 2.9(b).
Permitted Real Estate Sales means the sale of any Mortgaged Property; provided, that, (a) no Default or Event of Default shall be existing or would result from such sale, and (b) such sale is for Fair Market Value.
Permitted Real Estate Sales means sales for cash or, with respect to up to three parcels, without cash consideration pursuant to the terms of written employment agreements, of single family lots in the developments of Porcupine Ridge at the Northstar-at-Tahoe resort, Unit 7A at the Xxxxxxxar-at-Tahoe resort and Unit 7B at the Northstar-at-Tahoe resort.
Permitted Real Estate Sales means the sale of any owned real property of a Credit Party (a) subject to a Lien in favor of the Administrative Agent for the benefit of the Lenders or (b) not listed on S chedule 1.1(f) (as such schedule may be updated from time to time with the consent of the Administrative Agent), in each case, that satisfies the following requirements: (i) no Default or Event of Default shall exist at the time of such sale or be caused by such sale,
Permitted Real Estate Sales means (i) sales for cash or, with respect to up to three parcels, without cash consideration pursuant to the terms of written employment agreements, of single family lots in the developments of Porcupine Ridge at the Northstar-at-Tahoe resort, Unit 7A at the Northstar-at-Tahoe resort and Unit 7B at the Northstar-at-Tahoe resort and (ii) sales of development real estate at Loon’s South Mountain and at Cranmore.
Permitted Real Estate Sales means (a) the sale of any owned or leased real property of a Credit Party, (b) the contribution, sale or other transfer of any owned or leased real property of a Credit Party to a Permitted Joint Venture, (c) the sale of any owned or leased real property by a Permitted Joint Venture to the extent such owned or leased real property was contributed, sold or otherwise transferred to such Permitted Joint Venture by a Credit Party and (d) the sale of any ownership interest (or economic interest) in a Permitted Joint Venture, in each case that satisfies the following requirements: (i) with respect to sales under clauses (a), (b) or (d) above, no Default or Event of Default shall exist at the time of such sale or be caused by such sale, (ii) such sale is for fair market value, (iii) the Net Cash Proceeds of such sale are applied to the Loans to the extent required pursuant to Section 2.9(b), and (iv) unless otherwise approved by the Required Lenders with respect to (a) and (b) above (without duplication), (A) the total consideration received by the Credit Parties for such sale, contribution or other transfer, when combined with the total consideration received by the Credit Parties for all other Permitted Real Estate Sales under clauses (a) and (b) above, shall not exceed $150,000,000 in the aggregate for all such Permitted Real Estate Sales and (B) the non-cash consideration received by the Credit Parties for such sale, contribution or other transfer, when combined with the non-cash consideration received by the Credit Parties for all other Permitted Real Estate Sales under clauses (a) and (b) above, shall not exceed $75,000,000 in the aggregate for all such Permitted Real Estate Sales.
Permitted Real Estate Sales means a Disposition by any Borrower of any Real Property mortgaged to secure any of the Credit Facilities; provided that in accordance with Section 2.03.4(b) hereof, the Borrowers prepay the applicable Mortgage Loan and other Obligations in an amount not less than the greater of (a) 100% of the Net Available Proceeds received from such Disposition and (b) 100% of the latest appraised value of the subject Real Property. For the avoidance of doubt, the full amount of the Net Available Proceeds of Permitted Real Estate Sales shall be applied to repayment of the Obligations pursuant to Section 2.03.4(b) hereof.