Qualified Substitute Property definition

Qualified Substitute Property means the fee simple interest in real property located in the United States of America, together with all buildings and other improvements thereon and leasehold interests therein, added to the Property subject to the Liens of the Loan Documents in connection with a Property Substitution pursuant to Section 2.14 after satisfaction of the conditions described therein. No Qualified Substitute Property may be subject to a ground lease.

Qualified Substitute Property. As defined in the Property Management Agreement.

Qualified Substitute Property. A Property not relating to a Hybrid Lease and acquired by an Issuer in substitution for any Exchanged Asset or with the Release Price (or any portion of the Release Price) from a Released Property that, in each case, on the date such Qualified Substitute Property is added to the Collateral Pool, (i)(A) in connection with any Exchanged Asset, has a Collateral Value that, when combined with the Collateral Value of all other Qualified Substitute Properties, Qualified Substitute Loans and Qualified Substitute Hybrid Leases acquired by the Issuers since the most recent Issuance Date, is at least equal to the sum of (1) the Fair Market Value of all Exchanged Properties and (2) the Collateral Value of all Exchanged Loans and Exchanged Hybrid Lease exchanged since the most recent Issuance Date (each such Exchanged Property, Exchanged Loan and Exchanged Hybrid Lease as measured on the date of their respective removals) and (B) in connection with any Property acquired with the Release Price (or a portion thereof) from a Released Property, has a Collateral Value equal to the Release Price (or portion thereof) applied to purchase such Qualified Substitute Property, (ii) complies, in all material respects, with all of the representations and warranties made with respect to Properties under the Indenture (with each date therein referring to the date of substitution), (iii) has, together with all other Qualified Substitute Properties, Qualified Substitute Loans and Qualified Substitute Hybrid Leases acquired by the Issuers since the most recent Issuance Date, the same or greater aggregate Monthly Lease Payments and Monthly Loan Payments as the Exchanged Assets and Released Assets since the most recent Issuance Date (each measured on the date of their respective removals), (iv) is leased pursuant to a Lease, that when combined with the Leases of all other Qualified Substitute Properties and Qualified Substitute Hybrid Leases and the Mortgage Loans of all other Qualified Substitute Loans acquired since the most recent Issuance Date, has a weighted average remaining term that equals or exceeds the weighted average remaining term of the Leases associated with the Exchanged Properties, Released Properties, Exchanged Hybrid Leases and Released Hybrid Leases and the Mortgage Loans associated with the Exchanged Loans and Released Loans since the most recent Issuance Date (each measured on the date of their respective removals), (v) if the Tenant thereof or any third party has an...

Examples of Qualified Substitute Property in a sentence

• Such Qualified Substitute Property will be included in the Collateral Pool and pledged to the Indenture Trustee to secure the Notes.

• Each of the Property Manager, the Special Servicer and the applicable Issuer has covenanted that it will not give its consent to a transfer unless: (i) the substituted property is a Qualified Substitute Property; (ii) all Advances, Extraordinary Expenses and Emergency Property Expenses related to the Property being transferred are reimbursed; and (iii) such Lease will not be treated as a new Lease but instead will be treated as a modification of the original Lease.

• In addition, the Property Manager or the applicable Issuer shall provide to the Indenture Trustee an explanation of the Non-Renewal Risk or Credit Risk, including, if applicable, a copy of any written communication from the Tenant or Borrower related to such Non-Renewal Risk or Credit Risk, as well as a summary description of the anticipated Qualified Substitute Property, Qualified Substitute Hybrid Lease or Qualified Substitute Loan, as applicable.

• Upon the closing of the substitution of any Property, all references herein to the term “Properties” or the term “Property” shall be deemed to exclude the Substituted Property and to include the Qualified Substitute Property, and the Substitute Allocated Loan Amount with respect to such Qualified Substitute Property shall be deemed to be the Allocated Loan Amount with respect to such Qualified Substitute Property for all purposes hereunder.

• Lender shall have received the then-current Annual Budget with respect to the Qualified Substitute Property.

• Proceeds received in connection with the sale of an Excluded Asset may, in STORE Capital’s discretion, be transferred to the Exchange Account; provided, however, that unless such Excluded Asset has been added to the Collateral Pool as a Qualified Substitute Property, STORE Capital shall not be required to make an equivalent deposit into the Exchange Reserve Account for any Excluded Asset whose sale proceeds have been deposited into the Exchange Account.

• No Property will constitute a Qualified Substitute Property unless, after giving effect to the transfer of such Property to the related Issuer, either (i) a Maximum Property Concentration is not exceeded, or (ii) if, prior to such substitution, an existing Maximum Property Concentration is already exceeded, the addition of such Qualified Substitute Property will reduce the Maximum Property Concentration or such Maximum Property Concentration will remain unchanged after giving effect to such substitution.

• Lender shall have received a Qualified Survey with respect to the Qualified Substitute Property in form and substance reasonably satisfactory to Lender.

• Lender shall have received a copy of all material Permits for the use and operation of the Properties and the certificate(s) of occupancy, if required and obtainable, for the Qualified Substitute Property.

• In addition, the Property Manager or the applicable Issuer shall provide to the Indenture Trustee an explanation of the Non-Renewal Risk or Credit Risk, including, if applicable, a copy of any written communication from the Tenant related to such Non-Renewal Risk or Credit Risk, as well as a summary description of the anticipated Qualified Substitute Property.

More Definitions of Qualified Substitute Property

Qualified Substitute Property shall have the meaning set forth in Section 2.6.1 hereof.

Qualified Substitute Property means real property located in the United States of America, together with all buildings and other improvements thereon, which real property is leased to LTF Club Operations, Inc., a Minnesota corporation and is added to the Collateral in connection with a Property Substitution pursuant to Section 2.3 after satisfaction of the conditions described in such Section and in Section 8.2. Gxxxxxx Sachs Commercial Mortgage Capital, L.P. Loan Agreement Life Time Fitness Portfolio

Qualified Substitute Property. A New Property acquired by a Borrower in accordance with the Credit Agreement and substituted for any Exchanged Property that, on the date such Qualified Substitute Property is added to the Collateral pool, (i) in connection with any Exchanged Property, has a Collateral Value that, when combined with the Collateral Value of all other Qualified Substitute Properties acquired by the Borrowers since the Closing Date, is at least equal to the Fair Market Value of all Exchanged Properties exchanged since Closing Date (each such Exchanged Property as measured on the date of their respective removals), (ii) is an Eligible Property, (iii) has, together with all other Qualified Substitute Properties, acquired by the Borrowers since the Closing Date, the same or greater aggregate Monthly Lease Payments and Monthly Loan Payments, if applicable, as the Exchanged Properties and Released Properties since the Closing Date (each measured on the date of their respective removals), (iv) is leased pursuant to a Lease, that when combined with the Leases of all other Qualified Substitute Properties acquired since the Closing Date, has a weighted average remaining term that equals or exceeds the weighted average remaining term of the Leases associated with the Exchanged Properties, and Released Properties, since the Closing Date (each measured on the date of their respective removals), (v) if the Tenant thereof or any third party has an option to purchase such Qualified Substitute Property, the contractual amount of such Third Party Option Price is not less than what the Allocated Loan Amount of such Qualified Substitute Property would be after giving effect to the substitution of such Property, (vi) when combined with all other Qualified Substitute Properties since the Closing Date, does not cause the Aggregate 4-Wall FCCR of such Qualified Substitute Properties to be less than the Aggregate 4-Wall FCCR (measured as of the date of each respective substitution) of all Exchanged Properties and Released Properties since the Closing Date.

Qualified Substitute Property means real property located in the United States of America, together with all buildings and other improvements thereon and leasehold interests therein, added to the Collateral in connection with a Property Substitution pursuant to Section 2.3 after satisfaction of the conditions described in such Sections and in Section 8.2.

Qualified Substitute Property. (i) as of the date of the substitution, has an Appraised Value which, when combined with the Appraised Value of all other Qualified Substitute Properties to be acquired by the Issuer in exchange for the related Released Property, is equal to or greater than the Appraised Value of such Released Property as of the Closing Date or the date of substitution (whichever is higher), (ii) complies with all of the representations and warranties made with respect to the Released Property, (iii) is a operated under a Franchise Concept of the same or higher-tier than, the Released Property (based on the Rating Agencies' tiering criteria), (iv) has, together with all other Qualified Substitute Properties to be acquired by the Issuer in exchange for the Released Property, Base Rent equal to or greater than the Base Rent payable in respect of such Released Property, and (v) has a Lease with a remaining term equal to or longer than the remaining term of the Lease related to the Released Property; provided, that no Property will constitute a Qualified Substitute Property unless, after giving effect to the transfer of such Property to the Issuer in exchange for a Released Property, the Remaining Pool Criteria will be satisfied.