Qualifying Disposition

Qualifying Disposition. Shall mean (a) a sale or other disposition of the Property that constitutes a transfer of fee simple title to the Property by Owner which results in Net Cash Proceeds being received by Agent, but shall exclude, without limitation, any Bankruptcy Plan Transfer or (b) a foreclosure by Agent upon the Property under the Syndicated Loan Documents or applicable law pursuant to which fee simple title to the Property is transferred to a Person ... who is not Agent, any Pre-Petition Lender, an Affiliate of Agent or an Affiliate of any Pre-Petition Lender and which results in Net Cash Proceeds being received by Agent, for its benefit and the benefit of the Pre-Petition Lenders, but shall exclude, without limitation, (i) any foreclosure by Agent upon the Property in which Agent or an Affiliate of Agent acquires the Property as a result of a credit bid or in exchange for debt forgiveness and (ii) any purchase of the Property by Agent, any Pre-Petition Lender, an Affiliate of Agent, or an Affiliate of any Pre-Petition Lender by credit bid of any of the Syndicated Obligations at a sale under Section 363 of the Bankruptcy Code or pursuant to a Bankruptcy Plan. A Qualifying Disposition shall not include any lease of any of the Property that does not result in the transfer of fee simple title to the Property. View More