Transitional Properties definition
Transitional Properties means such Retail/Other Properties for which (i) the Borrower has delivered a repositioning or redevelopment plan to the Administrative Agent and (ii) such plan demonstrates that at least 50% of the square footage of the applicable Retail/Other Property will be under active redevelopment for some period and will not produce ▇▇▇▇▇▇▇ revenue during such redevelopment period.
Transitional Properties means such Retail/Other Properties for which (i) the Borrower has delivered a repositioning or redevelopment plan to the Administrative Agent and
Transitional Properties means those Properties which are less than 50% leased to tenants in occupancy, paying rent and not in default under their respective Tenant Leases, which Properties shall each be valued as follows:
Examples of Transitional Properties in a sentence
Notwithstanding the foregoing, to the extent the value of Transitional Properties exceeds 10% of Total GAV, such excess shall be excluded in the calculation of Total GAV.
More Definitions of Transitional Properties
Transitional Properties means such Retail/Other Properties for which (i) the Borrower has delivered a repositioning or redevelopment plan to the Administrative Agent and (ii) such plan demonstrates that at least 50% of the square footage of the applicable Retail/Other Property will be under active redevelopment for some period and will not produce stabile revenue during such redevelopment period.
Transitional Properties means (i) as of the Effective Date, the Real Estate Asset commonly known as ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ and (ii) after the Effective Date, at the Borrower’s election, on or more of the Real Estate Assets commonly known as (x) One Fair Oaks, (y) ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ and (z) ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, provided that, in each case under clause (ii), the primary tenant within the applicable Real Estate Asset has vacated a substantial portion of the premises and has ceased to pay a substantial portion of its rent; and provided further, that any such Transitional Property under clauses (i) or (ii) above shall cease to constitute a Transitional Property at the earlier to occur of (a) the first day of the first full fiscal quarter after such Real Estate Asset achieves a stabilized occupancy of 80% or (b) two (2) years following such Real Estate Asset being classified as a Transitional Property, or (c) the Borrower’s written election made to the Agent.