Release of Properties definition

Release of Properties. The Borrower will not be permitted to sell or refinance any of the Properties during the Lock-Out Period, if applicable. Provided that no default then exists under the Term Loan, the Borrower will have the right, on any interest payment date (following expiration of the Lock-out Period, if applicable) in connection with a sale or refinancing of a Property, to obtain a release of such Property (in whole but not in part) from the liens of the mortgage and other security documents thereon, provided that at the time of such release certain conditions to be specified in the documents for the Term Loan are satisfied, including, without limitation, (i) prepayment of the Term Loan in an amount equal to 125% of the portion of the Term Loan allocated by the Lenders to such Property and (ii) maintenance of a portfolio debt service coverage ratio at levels consistent with the greater of (x) the debt service coverage ratio existing on the funding date of the Term Loan and (y) the debt service coverage ratio existing immediately prior to such release, in either case, assuming a fixed constant of 10.48%. The allocation of the Term Loan among the Properties shall be determined by the Lenders upon completion of their due diligence and underwriting review and shall be set forth in the documentation for the Term Loan. In addition to the foregoing, in the event of a Major Loss (whether occurring before or after expiration of the Lock-out Period, if applicable), the Borrower shall have the right to obtain a release of the affected Property (in whole but not in part) from the liens of the mortgage and other security documents thereon, provided that at the time of such release the Borrower complies with the conditions for release of a Property specified in subparagraph (ii) of the preceding paragraph.
Sample 1

Examples of Release of Properties in a sentence

  • Section 2.1. Loan Commitment; Disbursement to Borrower 49 Section 2.2. Interest Rate 53 Section 2.3. Loan Payment 58 Section 2.4. Prepayments 59 Section 2.5. Release of Properties 61 Section 2.6. Cash Management 66 Section 2.7. Intentionally Omitted 70 Section 2.8. Permitted Mezzanine Loan 70 III.

  • Mandatory Prepayments; Release of Properties.......................

  • Release of Properties Within Annual Limits......................................

  • Release of Properties Frequency of Calculations of Borrowing Base Joint and Several Liability.

Related to Release of Properties

  • Real Properties means, at any time, a collective reference to each of the facilities and real properties (including the Borrowing Base Properties) owned or leased by the Consolidated Parties at such time.

  • hazardous properties means radioactive, toxic or explosive properties.

  • Excluded Properties the collective reference to the fee or leasehold interest in real properties owned by the Parent Borrower or any of its Subsidiaries not described in Schedule 5.8.

  • Release Property shall have the meaning set forth in Section 2.6 hereof.

  • Other Properties shall have the meaning set forth in Section 9.1.

  • Initial Properties means collectively the Properties listed on Schedule 1.1 and “Initial Property” means any of such Properties.

  • Owned Real Properties has the meaning set forth in Section 3.16(b).

  • Owned Properties has the meaning set forth in Section 3.16.

  • New property means (i) the assessed value, after final

  • Common Properties means and refer to those areas of land shown on any recorded subdivision plat of The Properties and intended to be devoted to the common use and enjoyment of the owners of The Properties.

  • Hotel Property means a Property on which there is located an operating hotel.

  • Environmental Approvals means any permit, license, approval, ruling, variance, exemption or other authorization required under applicable Environmental Laws.

  • Permitted Existing Investments means the Investments of the Borrower and its Subsidiaries identified as such on Schedule 1.1.2 to this Agreement.

  • Environmental Releases means releases as defined in CERCLA or under any applicable state or local environmental law or regulation.

  • Excluded Environmental Liabilities means any and all Environmental Liabilities whether arising before, at or after the Effective Time, to the extent relating to, resulting from, or arising out of the past, present or future operation, conduct or actions of Xxxxxxx Retained Business.

  • Lender’s Environmental Liability means any and all losses, liabilities, obligations, penalties, claims, litigation, demands, defenses, costs, judgments, suits, proceedings, damages (including consequential damages), disbursements or expenses of any kind or nature whatsoever (including reasonable attorneys’ fees at trial and appellate levels and experts’ fees and disbursements and expenses incurred in investigating, defending against or prosecuting any litigation, claim or proceeding) which may at any time be imposed upon, incurred by or asserted or awarded against the Administrative Agent, any Lender or any Issuer or any of such Person’s Affiliates, shareholders, directors, officers, employees, and agents in connection with or arising from:

  • Material Properties means (a) those Mortgaged Properties designated on Schedule 3.12 as Material Properties and (b) each other Mortgaged Property with respect to which a Mortgage is granted pursuant to Section 5.11 after the Restatement Effective Date.

  • Unimproved Real Property means Property in which the Company has an equity interest that was not acquired for the purpose of producing rental or other operating income, that has no development or construction in process and for which no development or construction is planned, in good faith, to commence within one (1) year.

  • Excluded Property shall have the meaning set forth in the Security Agreement.

  • Commercial property means property formerly or currently used primarily for business, retail, governmental or professional purposes.

  • Phase I Environmental Assessment A “Phase I assessment” as described in, and meeting the criteria of, the ASTM, plus a radon and asbestos inspection.

  • Operating Property means any property owned, leased, or operated by the Party in question or by any of its Subsidiaries or in which such Party or Subsidiary holds a security interest or other interest (including an interest in a fiduciary capacity), and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • Permitted Real Property Encumbrances means (i) those liens, encumbrances and other matters affecting title to any Mortgaged Property listed in the applicable title policy in respect thereof (or any update thereto) and found, on the date of delivery of such title policy to the Administrative Agent in accordance with the terms hereof, reasonably acceptable by the Administrative Agent, (ii) as to any particular real property at any time, such easements, encroachments, covenants, restrictions, rights of way, minor defects, irregularities or encumbrances on title which do not, in the reasonable opinion of the Administrative Agent, materially impair such real property for the purpose for which it is held by the mortgagor or owner, as the case may be, thereof, or the Lien held by the Administrative Agent, (iii) municipal and zoning laws, regulations, codes and ordinances, which are not violated in any material respect by the existing improvements and the present use made by the mortgagor or owner, as the case may be, of such real property, (iv) general real estate taxes and assessments not yet delinquent, and (v) such other items as the Administrative Agent may consent to.

  • Environmental Agreement means the Environmental Indemnification and Release Agreement of even date herewith by and between Borrower and Lender pertaining to the Property, as the same may from time to time be extended, amended, restated or otherwise modified.