Repositioned Property definition
Repositioned Property means a single-tenant Real Property Asset owned or ground leased by any of the Consolidated Parties as lessor that (a) (i) is leased to a Tenant pursuant to a Facility Lease that provides for an initial free-rent period or a period of deferred rent, in either case not exceeding twelve (12) months (or in which the applicable lessor is negotiating with the Tenant to provide a rent free period or a period of deferred rent) or (ii) has been transitioned from an existing Tenant to a different Tenant pursuant to a Facility Lease at any time during the preceding fiscal quarter (or in which the applicable lessor is negotiating with an existing Tenant and/or new Tenant to transition from the existing Tenant to the new Tenant) and (b) designated by Borrower or Omega REIT as a Repositioned Property in a compliance certificate that is delivered to Administrative Agent together with any quarterly or annual financial statements of Borrower delivered pursuant to the Loan Documents. The status of a Real Property Asset as a Repositioned Property shall be deemed effective as of the first day of the fiscal quarter to which such compliance certificate relates (in the case where the certificate accompanies quarterly financial statements) or the first day of the last fiscal quarter of the fiscal year to which such compliance certificate relates (in the case where the certificate accompanies annual financial statements). The status of a Real Property Asset as a Repositioned Property shall terminate on the earlier of (x) in the case of clause (a)(i) above, the last day of the fiscal quarter during which the applicable free-rent period or period of deferred rent expires, and (y) the revocation of such status by Borrower or Omega REIT in a compliance certificate that is delivered to Administrative Agent together with any quarterly or annual financial statements of Borrower delivered pursuant to the Loan Documents. Notwithstanding anything to the contrary contained herein, (i) a Real Property Asset may not be designated as a Repositioned Property on more than two (2) occasions, (ii) a Real Property Asset that has been designated as a Repositioned Property may not be re-designated as a Repositioned Property until at least twelve (12) months have elapsed since the termination of its initial designation as a Repositioned Property and (iii) no designation of a Real Property Asset as a Repositioned Property shall be effective for more than four (4) consecutive fiscal quarters. Notwithsta...
Repositioned Property means a single-tenant Real Property Asset owned or ground leased by any of the Consolidated Parties as lessor that (a) (i) is leased to a Tenant pursuant to a Facility Lease that provides for an initial free-rent period or a period of deferred rent, in either case not exceeding twelve (12) months (or in which the applicable lessor is negotiating with the Tenant to provide a rent free period or a period of deferred rent) or (ii) has been transitioned from an existing Tenant to a different Tenant pursuant to a Facility Lease at any time during the preceding fiscal quarter (or in which the applicable lessor is negotiating with an existing Tenant and/or new Tenant to transition from the existing Tenant to the new Tenant) and (b) designated by Borrower or Omega LP as a Repositioned Property in a compliance certificate that is delivered to Administrative Agent together with any quarterly or annual financial statements of Borrower delivered pursuant to the Loan Documents. The status of a Real Property Asset as a Repositioned Property shall be deemed effective as of the first day of the fiscal quarter to which such compliance certificate relates (in the case where the certificate accompanies quarterly financial statements) or the first day of the last fiscal quarter of the fiscal year to which such compliance certificate relates (in the case where the certificate accompanies annual financial statements). The status of a Real Property Asset as a Repositioned Property shall terminate on the earlier of (x) in the case of clause (a)(i) above, the last day of the fiscal quarter during which the applicable free-rent period or period of deferred rent expires, and (y) the revocation of such status by Borrower or Omega LP in a compliance certificate that is delivered to Administrative Agent together with any quarterly or annual financial statements of Borrower delivered pursuant to the Loan Documents. Notwithstanding anything to the contrary contained herein, (i) a Real Property Asset may not be designated as a Repositioned Property on more than two (2) occasions, (ii) a Real Property Asset that has been designated as a Repositioned Property may not be re-designated as a Repositioned Property until at least twelve (12) months have elapsed since the termination of its initial designation as a Repositioned Property and (iii) no designation of a Real Property Asset as a Repositioned Property shall be effective for more than four (4) consecutive fiscal quarters. Notwithstandin...
Repositioned Property means a single-tenant Property owned or ground leased by any of the Consolidated Parties as lessor that is (i) leased to a Tenant pursuant to a Facility Lease that provides for an initial free-rent period or a period of deferred rent, in either case not exceeding twelve months and (ii) designated by the REIT Guarantor or the Parent Borrower as a Repositioned Property in a Compliance Certificate that is delivered to the Administrative Agent pursuant to Section 6.02(a). The status of a Property as a Repositioned Property shall be deemed effective as of the first day of the fiscal quarter to which such Compliance Certificate relates (in the case where the certificate accompanies the financial statements referred to in Section 6.01(b)) or the first day of the last fiscal quarter of the fiscal year to which such compliance certificate relates (in the case where the certificate accompanies the financial statements referred to in Section 6.01(a)). The status of a Property as a Repositioned Property shall terminate on the earlier of (x) the last day of the fiscal quarter during which the applicable free-rent period or period of deferred rent expires and (y) the revocation of such status by the REIT Guarantor or the Parent Borrower in a Compliance Certificate that is delivered to the Administrative Agent pursuant to Section 6.02(a). Notwithstanding anything to the contrary contained herein, (i) a Property may not be designated as a Repositioned Property on more than two occasions, (ii) a Property that has been designated as a Repositioned Property may not be re-designated as a Repositioned Property until at least twelve months have elapsed since the termination of its initial designation as a Repositioned Property and (iii) no designation of a Property as a Repositioned Property shall be effective for more than four consecutive fiscal quarters.