Split Property definition

Split Property shall have the meaning given to such term in Section 8.7(b)(viii) of the Participation Agreement.
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Split Property means the relevant part of each Leasehold Property to be assigned in part by the relevant member of the Seller Group to the Purchaser or the relevant Business Purchaser or Target Company or by the relevant Target Company to the relevant member of the Seller Group and designated as such in this Schedule subject to obtaining any Consents required (if applicable) on the terms set out in paragraph 5 of Part D of this Schedule;
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Examples of Split Property in a sentence

  • SPLIT PROPERTY PRINCIPLES These principles are intended to apply to each Split Property.

  • Upon the sale of or receipt of the Maximum Residual Guarantee Amount regarding any Split Property, an Appraisal delivered in conjunction with the sale shall set forth the proportionate value of the Land and Improvements at the time of such sale, which shall be used to set the allocation of the proceeds received with respect to such Split Property for distribution pursuant to Section 8.7(b)(iii) or 8.7(b)(iv), as applicable.

  • The Properties to be included in each Split Property Group shall be subject to the mutual agreement of Borrowers and Lender.

  • The aggregate amount of the Split Loan shall be in the amount of the unpaid Principal as of the date that the Split Loan is effectuated (the "SPLIT LOAN DATE") and shall be allocated among the individual Split Loans based upon the relative Allocated Loan Amounts (as the same may be adjusted by Lender based upon the Adjusted Net Operating Income of each of the Properties included in the respective Split Property Groups for the 12 full months next preceding the Split Loan Date).

  • It is the intent of the parties that the consummation of the Split Property Groups, as contemplated herein, will not result in a change in economics (i.e., change in total payment obligations under the Loan) to Borrowers that would apply if the Split Property Group were not consummated.