SPE Properties definition

SPE Properties means those properties secured by either (1) that certain loan agreement between SMC-SPE-1 and First Union National Bank of North Carolina dated October 4, 1996, or (2) that certain loan agreement between SMC-SPE-2 and First Union National Bank of North Carolina dated October 4, 1996, which have not been sold or otherwise disposed of by Seller as of the date hereof.
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Examples of SPE Properties in a sentence

  • ExchangeRight shall promptly make or cause to be made by the SPE and each 2nd Tier SPEs all payments of obligations under any debt secured by the SPE Properties.

  • ExchangeRight shall pay and discharge, or cause the SPE and any 2nd Tier SPEs, to pay and discharge, all taxes, assessments and governmental charges or levies imposed upon such entities or upon their income or profits, or upon any properties belonging to any of them, including the SPE Properties.

  • The SPE or any applicable 2nd Tier SPE has or will have good, marketable and indefeasible title in fee to its SPE Properties.

  • The SPE Properties may be transferred by ExchangeRight into a wholly owned subsidiary of the SPE or any 2nd Tier SPE at ExchangeRight’s discretion, in which case any representation covenant or agreement contained in this Agreement or the Loan Documents related to the SPE or a 2nd Tier SPE shall also be deemed to apply to such subsidiary.

  • The SPE Properties are in good condition, order and repair in all material respects and there exists no structural or other material defect or damages to the SPE Properties, whether latent or otherwise.

  • ExchangeRight shall take, and cause the SPE or any 2nd Tier SPE to take, all reasonable steps and perform or cause to be performed all reasonable actions necessary or appropriate to protect the SPE Properties and to maintain the Lender’s perfected security interest in the Collateral.

  • ExchangeRight shall use the net proceeds of disbursements of the Facility Amount solely for the SPE to acquire SPE Properties as set forth in the recitals to this Agreement.

  • If additional debt financing is used to acquire or inventory the SPE Properties, (a) the SPE Properties may be used as collateral for such financing, (b) the Note will remain secured by the Collateral and the security interest in the Collateral shall be senior to all other security interests in the Collateral; and (c) if Lender forecloses on the Collateral it will do so subject to any such financing and security interest in the Properties.

  • ExchangeRight shall give prompt written notice to Lender of: (i) any material litigation, proceedings or investigations pending or threatened against ExchangeRight, the SPE, any 2nd Tier SPE or any SPE Property which might materially adversely affect such entity’s condition (financial or otherwise) or the SPE Properties; and (ii) any Event of Default of which ExchangeRight has knowledge.

  • ExchangeRight, the SPE and any 2nd Tier SPEs shall maintain adequate insurance to cover the SPE Properties.