PILOT Transaction means, with respect to any Project and the Subsidiary Guarantor having an interest in such Project, a transaction or series of related transactions in which:
PILOT Transaction means a transaction or series of related transactions in which (a) the Guarantor that owns the Borrowing Base Property known as Gaylord Opryland (as described on Schedule 1.01(b)) transfers the legal title of such Borrowing Base Property (subject to the Mortgage Instrument then in existence with respect to such Borrowing Base Property) to The Industrial Development Board of the Metropolitan Government of Nashville and Davidson County (the “IDB”) and simultaneously leases such Borrowing Base Property back pursuant to a lease which (i) obligates the Parent and/or such Guarantor to make payments in lieu of ad valorem taxes (“PILOT Payments”) equal to what such taxes would be if such Guarantor had retained legal title to such Borrowing Base Property, (ii) obligates the Parent and/or such Guarantor to make nominal rent payments and (iii) grants to the Parent and/or such Guarantor the option to reacquire title of such Borrowing Base Property for a nominal sum at such time as the Bonds (as herein defined) have been paid, and (b) the IDB issues bonds (the “Bonds”) which are payable from all or a portion of such PILOT Payments and/or other payments to be made by the Parent and/or such Guarantor.
PILOT Transaction means a transaction or series of related transactions in which (a) the Guarantor that owns the Borrowing Base Property known as Xxxxxxx Opryland (as described on Schedule 1.01(b)) transfers the legal title of such Borrowing Base Property (subject to the Mortgage Instrument then in existence with respect to such Borrowing Base Property) to The Industrial Development Board of the Metropolitan Government of Nashville and Davidson County (the “IDB”) and simultaneously leases such Borrowing Base Property back pursuant to a lease which (i) obligates the Borrower and/or such Guarantor to make payments in lieu of ad valorem taxes (“PILOT Payments”) equal to what such taxes would be if such Guarantor had retained legal title to such Borrowing Base Property, (ii) obligates the Borrower and/or such Guarantor to make nominal rent payments and (iii) grants to the Borrower and/or such Guarantor the option to reacquire title of such Borrowing Base Property for a nominal sum at such time as the Bonds (as herein defined) have been paid, and (b) the IDB issues bonds (the “Bonds”) which are payable from all or a portion of such PILOT Payments and/or other payments to be made by the Borrower and/or such Guarantor.
Examples of PILOT Transaction in a sentence
Permit any Consolidated Party to enter into any Sale and Leaseback Transaction with respect to any Borrowing Base Property, other than a Permitted PILOT Transaction.
Notwithstanding any provision in this Agreement to the contrary, any Lien created in connection with a PILOT Transaction solely to secure repayment of a bond, note or other obligation owned by Borrower or a Subsidiary (or any affiliate thereof) shall be deemed a Permitted Encumbrance.
Permit any Consolidated Party to enter into any Sale and Leaseback Transaction with respect to any Borrowing Base Property, other than the PILOT Transaction.
Prior to an Unsecured Conversion pursuant to subsection (b) below, the Obligations will be secured by a first lien on each Qualified Property and a first priority security interest in all property related to the Qualified Properties pursuant to a Mortgage Instrument, including without limitation all interests of the Subsidiary Guarantor in any Bonds issued pursuant to a PILOT Transaction related to any Qualified Property, subject to Permitted Liens.
Said PILOT Transaction resulted in the execution and recording of an IDB Lease for Building G (the "XXXXXXX BUILDING G PREMISES IDB LEASE") having an intended term of three (3) years from the effective date of the PILOT Transaction therefor and a specific amount and duration of a property tax reduction as specified therein.
More Definitions of PILOT Transaction
PILOT Transaction means a transaction or series of related transactions in which (a) the Guarantor that owns the Borrowing Base Property known as Xxxxxxx Opryland (as described on Schedule 1.01(b)) transfers the legal title of such Borrowing Base Property (subject to the Mortgage Instrument then in existence with respect to such Borrowing Base Property) to The Industrial Development Board of the Metropolitan Government of Nashville and Davidson County (the “IDB”) and simultaneously leases such Borrowing Base Property back pursuant to a lease which (i) obligates the Parent and/or such Guarantor to make payments in lieu of ad valorem taxes (“PILOT Payments”) equal to what such taxes would be if such Guarantor had retained legal title to such Borrowing Base Property, (ii) obligates the Parent and/or such Guarantor to make nominal rent payments and (iii) grants to the Parent and/or such Guarantor the option to reacquire title of such Borrowing Base Property for a nominal sum at such time as the Bonds (as herein defined) have been paid, and (b) the IDB issues bonds (the “Bonds”) which are payable from all or a portion of such PILOT Payments and/or other payments to be made by the Parent and/or such Guarantor.
PILOT Transaction means any sale or lease, subject to the lien of the Indenture, of any portion of the Trust Estate to any government or governmental authority for ad valorem tax abatement purposes and a corresponding lease or sublease of such portion of the Trust Estate from such government or governmental authority to the Borrower.
PILOT Transaction means the payment-in-lieu-of-tax transactions under the statues and laws of the State of Tennessee, providing for abatement of ad valorem real and/or personal property taxes.
PILOT Transaction means the transaction or series of related transactions consummated on June 15, 2017, in which (a) RHP transferred the legal title of the Borrowing Base Property known as Gaylord Opryland (as described on Schedule 1.01(b)) (subject to the Mortgage Instrument then in existence with respect to such Borrowing Base Property) to the IDB and simultaneously leased such Borrowing Base Property back pursuant to the PILOT Lease Agreement which, among other things, (i) obligates the Parent and/or such Guarantor to make payments in lieu of ad valorem taxes (“PILOT Payments”) as set forth in the PILOT Agreement, (ii) obligates the Parent and/or such Guarantor to make rent payments as set forth in the PILOT Agreement and (iii) grants to the Parent and/or such Guarantor the option to reacquire title of such Borrowing Base Property for a nominal sum and (b) the IDB issued Revenue Bond (Opryland Project) Series 2017 in the principal amount not exceeding $650,000,000 (the “Bonds”) which are payable from all or a portion of such PILOT Payments and/or other payments to be made by the Parent and/or such Guarantor.
PILOT Transaction means the transaction or series of related transactions consummated on June 15, 2017, in which (a) RHP transferred the legal title of the Borrowing Base Property known as Gxxxxxx Opryland (as described on Schedule 1.01(b)) (subject to the Mortgage Instrument then in existence with respect to such Borrowing Base Property) to the IDB and simultaneously leased such Borrowing Base Property back pursuant to the PILOT Lease Agreement which, among other things, (i) obligates the Parent and/or such Guarantor to make payments in lieu of ad valorem taxes (“PILOT Payments”) as set forth in the PILOT Agreement, (ii) obligates the Parent and/or such Guarantor to make rent payments as set forth in the PILOT Agreement and (iii) grants to the Parent and/or such Guarantor the option to reacquire title of such Borrowing Base Property for a nominal sum and (b) the IDB issued Revenue Bond (Opryland Project) Series 2017 in the principal amount not exceeding $650,000,000 (the “Bonds”) which are payable from all or a portion of such PILOT Payments and/or other payments to be made by the Parent and/or such Guarantor.
PILOT Transaction means the transaction or series of related transactions consummated on June 15, 2017, in which (a) RHP transferred the legal title of the Unencumbered Property known as Gxxxxxx Opryland) (subject to the Mortgage Instrument then in existence with respect to such Unencumbered Property) to the IDB and simultaneously leased such Unencumbered Property back pursuant to the PILOT Lease Agreement which, among other things, (i) obligates the Parent and/or such Guarantor to make payments in lieu of ad valorem taxes (“PILOT Payments”) as set forth in the PILOT Agreement, (ii) obligates the Parent and/or such Guarantor to make rent payments as set forth in the PILOT Agreement and (iii) grants to the Parent and/or such Guarantor the option to reacquire title of such Unencumbered Property for a nominal sum and (b) the IDB issued Revenue Bond (Opryland Project) Series 2017 in the principal amount not exceeding $650,000,000 (the “Bonds”) which are payable from all or a portion of such PILOT Payments and/or other payments to be made by the Parent and/or such Guarantor.