GLOSSARY TERM  
  Take-out  
 
  DESCRIPTION  
  A source of repayment of the original financing that is usually triggered by Practical Completion. It can take the form of proceeds from a purchaser under a sale contract, rental income from a Tenant under an Agreement for Lease, term financing or a refinancing (including by drawing down under a letter of credit or Bank Guarantee provided by a 'takeout financier').