Transition Asset definition

Transition Asset means, at any time of determination, either (a) Property that was acquired by a Borrower or a Subsidiary within the period of six fiscal quarters most recently ended and when acquired had an Occupancy Rate of less than seventy percent (70.0%) or (b) a Property identified by the Borrower Representative in a written notice (which may be by telecopy or electronic mail) to the Administrative Agent on which the existing building is undergoing a renovation or redevelopment that will result in at least thirty percent (30%) of the total gross leasable area of such building being unavailable for occupancy. A Transition Asset of the type described in clause (a) of this definition will cease to be a Transition Asset immediately following the last day of the period of six fiscal quarters commencing with the fiscal quarter in which such Property was acquired, and a Transition Asset of the type described in clause (b) of this definition will cease to be a Transition Asset immediately following the last day of the period of six fiscal quarters commencing with the fiscal quarter in which all improvements related to the renovation or redevelopment were completed. A Transition Asset of the type described in clause (a) of this definition shall in no event be considered to be a Newly-Acquired Property.
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Transition Asset means, at any time of determination, either (a) Property that was acquired by a Borrower or a Subsidiary within the period of 18 months occurring immediately preceding the date of determination and when acquired had an Occupancy Rate of less than seventy percent (70.0%) or (b) a Property identified by the Borrower Representative in a written notice (which may be by telecopy or electronic mail) to the Administrative Agent on which the existing building is undergoing a renovation or redevelopment that will result in at least thirty percent (30%) of the total gross leasable area of such building being unavailable for occupancy. A Transition Asset of the type described in clause (a) of this definition will cease to be a Transition Asset on the date that is 18 months after the date of the acquisition of such Property, and a Transition Asset of the type described in clause (b) of this definition will cease to be a Transition Asset upon all improvements related to the renovation or redevelopment having been completed for 18 months.
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Transition Asset means, at any time of determination, either (a) Property that was acquired by a Borrower, a Subsidiary or an Unconsolidated Affiliate within the period of six fiscal quarters most recently ended and when acquired had an Occupancy Rate of less than seventy percent (70.0%) or
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Examples of Transition Asset in a sentence

  • The division between MPM and MSC of shared and other assets shall be effected in accordance with the Transition Asset Separation Principles set forth on Exhibit I.

  • On the applicable Subsequent Transfer Date for any Transition Assets, without the taking of any further action or the payment of additional consideration by any party hereto, all of the right, title and interest of IMS in and to any and all of such Transition Assets shall be assigned, transferred, conveyed and delivered to PGIO (who immediately thereafter shall contribute such Transition Asset to the Company), free and clear of all Liens except Permitted Liens.

  • Part I of Schedule 6.1.(f) is, as of the Agreement Date, a complete and correct listing of all Properties of each Borrower and each of their respective Subsidiaries, which also identifies any Property that is a Development Property or Transition Asset as such a Property.

  • This Section 6.1 shall no longer apply to any Transition Asset that has been sold or otherwise transferred in accordance with Section 6.3 hereof.

  • Upon the shutdown of any Transition Asset during the Term or any Renewal Term, such asset will cease to be a Transition Asset hereunder.

  • The employee may report either 1) eight (8) hours regular time and two (2) hours sick leave or 2) eight (8) hours regular and zero (0) sick leave.

  • Part I of Schedule 6.1.(f) is, as of the Agreement Date, a complete and correct listing of all Properties of each Borrower, each other Loan Party and each of their respective Subsidiaries, which also identifies any Property that is a Development Property or Transition Asset as such a Property.

  • Notwithstanding the foregoing, the Company may appoint another person to serve as President and/or Chief Executive Officer, upon the effectiveness of which appointment Executive shall become Chief Operating Officer (the period during which Executive serves as Chief Operating Officer, if any, the “Second Period”).

  • Subject to Section 5.1, in the event the Services requiring the use of any Transition Asset set forth on Schedule I cannot be completed before the shutdown date for such Transition Asset, Seller shall continue to operate such Transition Asset in accordance with this Section 6.1 until the completion of such Services.

  • Without limiting the generality of the foregoing, during the Term of this Agreement and subject to Section 5.1, Seller shall continue to provide security services, insurance, permits, utilities, adequate staffing and reasonable maintenance for each Transition Asset on the same or substantially similar terms as existed prior to the Closing.