Prospective Property definition

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Prospective Property means a prospective property described under “Relationship with Lotus Crux and Lotus Crux Acquisition – Strategic Investment Agreement”.

Prospective Property means (i) a Property that an Additional Borrower desires to purchase with a portion of the purchase funds advanced under the Note pursuant to terms of this Agreement, or (ii) a Property that an Additional Borrower wholly owns and desires to re-finance with a portion of such re-finance funds advanced under the Note pursuant to terms of this Agreement, and (iii) in both cases, the Loan Parties and such Additional Borrower has submitted to Lender an Application for Advance regarding such Prospective Property for Lender's review and approval, in Lender's sole discretion, pursuant to the terms of this Agreement together with all materials and other requirements required for an Application for Advance. "Prospective Property Closing Date" means the later of actual calendar day that (a) a Prospective Property is purchased or re-financed by an Additional Borrower, which must be no earlier than thirty (30) days nor no later than ninety (90) days after Lender receives the Application for Advance for such Prospective Property, unless an earlier or later date is approved in writing by Lender, in Lender's sole discretion and (b) the deed and Deed of Trust for such Prospective Property is filed of record in the real property records of the county in which the Prospective Property is located. "Purchase Contract" means a purchase and sale contract for a Prospective Property entered into or assumed by an Additional Borrower and delivered to Lender as part of an Application for Advance for such Prospective Property. "Purchase Price" means the purchase price under a Purchase Contract to be paid by an Additional Borrower for the Prospective Property covered by such Purchase Contract. "Request for Advance" means a written Request for Advance for Acquisition/Refinance Purposes in form and substance as set forth on Exhibit E attached hereto and made part hereof, , executed delivered by Borrower, each Guarantor and each Subsidiary to Lender. "Remaining Committed Sum" means an amount equal to the Committed Sum less (a) the then current unpaid principal balance under the Note, this Loan Agreement, any Deed of Trust or any other Loan Document and (b) any amount requested by Borrowers or Additional Borrowers for an Acquisition/Refinance Purpose or an Operational Purpose and Lender has approved to advance pursuant to the terms of this Loan Agreement but has not yet funded. "Submission Date" means the date the Loan Parties and any Additional Borrowers submit to Lender either an Operatio...

Examples of Prospective Property in a sentence

An inspection of and acceptable report on the buildings and other improvements located on such Prospective Property in form and substance and by an engineer acceptable to Lender in Lender's sole discretion, at Borrowers' and Additional Borrowers' sole cost and expense.
An appraisal of the Prospective Property by a qualified MAI appraiser approved by Lender, in form, scope and substance satisfactory to Lender, showing the fair market value of the Prospective Property.
Evidence reasonably satisfactory to Lender that the Prospective Property, on the Submission Date, has an ICR of 1.50 or more for the twelve (12) months immediately preceding the Submission Date.
A copy of the organizational documents for the new Additional Borrower (e.g., articles of formation, limited liability operating agreements, articles of incorporation, by-laws, etc.) Current bankruptcy, federal tax lien and judgment searches and searches of all UCC records in the County where a Prospective Property is located and an Additional Borrower is formed or incorporated, demonstrating the absence of adverse claims.
Lender may, in Lender's sole discretion, disburse Loan proceeds directly to third parties, including, but not limited to, Title Companies, to pay a portion of the Purchase Price or refinance loan amount of such Prospective Property together with other costs or expenses required to be paid by Borrowers or Additional Borrowers pursuant to this Agreement.
Satisfactory evidence of the compliance of the Prospective Property with The Americans with Disabilities Act of 1990, as amended, similar state laws, and any regulations promulgated pursuant thereto, as amended.
Ladies and Gentlemen: The Loan Parties and ________________________________, a _________________________ ("Additional Borrower") request an Advance under the Loan Agreement to pay costs incurred in connection with the acquisition or re-finance of a Prospective Property, in the amount of $__________________.
The District’s successful acquisition of the Prospective Property and construction of the New School are not certain to occur.
Accordingly, the Parties have included appropriate contingencies within this Agreement addressing any District decision not to pursue the acquisition of a Prospective Property or the development of the New School, including contingencies for delay in accomplishing either.
The documents, materials and other information required under Exhibit A of the Loan Agreement are submitted with this letter and, among other things, identifies the Prospective Property and provides information about Additional Borrower.