LEASES IN PLACE definition

LEASES IN PLACE means Leases of space at the Trust Property under which the tenant has accepted the demised premises, opened for business and is then obligated to pay rent; provided that Borrower shall not receive credit for rent payable under such Lease for the period commencing on the latter to occur of the date that is twelve (12) months prior to the expiration date of the Lease term or the date that the renewal or extension option in the Lease, if any, expires, if (1) the Lease has not been renewed or extended pursuant to and in accordance with the Lease, or (2) a replacement tenant has not executed a Lease for all
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LEASES IN PLACE. Leases of space at the Property under which the tenant has accepted the demised premises, opened for business and is then obligated to pay rent (provided that Borrower shall not receive credit for rent payable under such Lease during the period commencing on the latter to occur of the date that is twelve (12) months prior to the expiration of the Lease term or the date that the renewal or extension option in the Lease, if any, expires, if (1) the Lease has not been renewed or extended pursuant to and in accordance with the Lease, or (2) a replacement tenant has not executed a Lease for all or a portion of the space then subject to the related Lease in Place in accordance with the provisions of this Agreement (but in the case of this clause (2), Borrower shall only receive credit for rent payable under such Lease to the extent of the space so re-let), and with respect to which no bankruptcy proceeding has been commenced against the tenant that has not been dismissed; provided that if a tenant that has a long-term unsecured debt rating of at least "BBB-" or its equivalent ("investment grade") and no worse than a "stable" outlook by any two of S&P, Moody's and/or Fitch, such tenant shall not be required to be open fxx xxxxness; provided, further, that if a Lease In Place is subject to any unescrowed rent concession or credit, such unescrowed rent concession or credit shall be deducted from the rent payable under such Lease In Place when determining the rent payable under such Leases In Place, provided that such rent concession or credit shall be amortized over the primary lease term (excluding any extension options), provided such primary lease term shall be reduced by assuming that any and all lease cancellation options contained in such Lease are exercised. Above market rents payable under Leases In Place will be adjusted, in Lender's reasonable determination, down to the applicable market rents when determining the rent payable under such Lease In Place if the tenant thereunder is not investment grade. (For purposes of this definition, Bank of America, N.A. ("BANK OF AMERICA"), Disney Enterprises, Inc. ("DISNEY"), and Time Warner Entertainment Co., L.P. ("TIME WARNER") will be deemed to constitute investment grade tenants). LETTER OF CREDIT: an irrevocable, unconditional, transferable, clean sight draft letter of credit acceptable to Lender and the Rating Agencies (either an evergreen letter of credit or one which does not expire until at least thirty (30)...
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LEASES IN PLACE means each Lease (a) under which the tenant (i) has accepted the demised premises pursuant to the applicable Lease, (ii) is in actual occupancy and open for business (i.e., is not “dark”), and (iii) has commenced paying full, unabated Rent pursuant to the applicable Lease, (b) with respect to which neither Borrower nor any Mortgage Borrower has notice that the tenant will be vacating, (c) which is not a month-to-month Lease, (d) which is not due to expire within ninety (90) days from any date of determination, and (e) where none of the applicable tenant or any guarantor of such Lease are the subject of any Bankruptcy Action.
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Examples of LEASES IN PLACE in a sentence

  • RESIDENTS WITH LEASES IN PLACE AS OF DECEMBER 2, 2011 ARE EXEMPTED UNTIL THEIR CURRENT LEASE EXPIRES.


More Definitions of LEASES IN PLACE

LEASES IN PLACE each Lease (i) under which a Tenant has accepted and is in possession of the premises demised pursuant to such Lease, (ii) under which the applicable Tenant is in occupancy and has commenced paying the then current monthly Rent (less any rent abatement), annualized, pursuant to the applicable Lease, (iii) with respect to which Borrower has not received notice that the Tenant will be vacating the demised premises or terminating the applicable Lease, (iv) that will not be expiring within six (6) months from the date of any calculation relating to or determination of Leases in Place (unless such Lease has been renewed or extended), (v) that if entered into after the date of this Agreement, is pursuant to a written Lease that satisfies the requirements of this Agreement, (vi) under which the Tenant is not in default, and (vii) under which the Tenant (or its parent, if applicable) is not the subject of any Bankruptcy Action unless such Lease has been affirmed, assumed, or assigned in a manner reasonably satisfactory to Lender.
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LEASES IN PLACE means each Lease (a) under which the tenant (i) has accepted the demised premises pursuant to the applicable Lease, (ii) is in actual occupancy and open for business (i.e., is not “dark”), and (iii) has commenced paying full, unabated Rent pursuant to the applicable Lease, (b) with respect to which no Borrower has notice that the tenant will be vacating, (c) which is not a month-to-month Lease, (d) which is not due to expire within ninety (90) days from any date of determination, and (e) where none of the applicable tenant or any guarantor of such Lease are the subject of any Bankruptcy Action.
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LEASES IN PLACE means each Lease under which the tenant (i) has accepted the demised premises pursuant to the applicable Lease, (ii) is in occupancy (unless the Lease does not require continuous operation) and has commenced paying full unabated Rent pursuant to the applicable Lease, (iii) with respect to which (x) Borrower has not received notice that the tenant will be vacating (unless the Lease does not require continuous operation) and (y) the applicable Lease will not be expiring within ninety (90) days, (iv) is not the subject of any Bankruptcy Action, and (v) is not in default of its monetary obligations beyond the applicable notice and cure periods.
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Related to LEASES IN PLACE

  • Shelter-in-place means staff and children staying at the fa- cility due to an external threat such as a storm, chemical or gas leak or explosion, or other event that prohibits the occupants from safely leaving the facility.

  • Real Property Leases means all leases, sub-leases, licenses or other agreements, in each case, pursuant to which any Group Company leases or sub-leases any real property.

  • Leaseholds of any Person means all the right, title and interest of such Person as lessee or licensee in, to and under leases or licenses of land, improvements and/or fixtures.

  • Company Leases shall have the meaning set forth in Section 3.12(a).

  • Subsidiary Interests means, collectively, the issued and outstanding shares of stock of the Subsidiary Debtors as of the Petition Date and any options, warrants or other contractual rights to acquire any shares of stock of the Subsidiary Debtors as of the Petition Date.

  • Material Contracts has the meaning set forth in Section 3.09(a).

  • Initial Properties means collectively the Properties listed on Schedule 1.1 and “Initial Property” means any of such Properties.

  • Subsidiary Equity Interests has the meaning specified in Section 5.6.

  • Permitted Sale Leaseback means any Sale Leaseback consummated by the Borrower or any of the Restricted Subsidiaries after the Original Closing Date, provided that any such Sale Leaseback not between (a) a Credit Party and another Credit Party or (b) a Restricted Subsidiary that is not a Credit Party to another Restricted Subsidiary that is not a Credit Party is consummated for fair value as determined at the time of consummation in good faith by (i) the Borrower or such Restricted Subsidiary and, in the case of any Sale Leaseback (or series of related Sales Leasebacks) the aggregate proceeds of which exceed $100,000,000, (ii) the board of directors of the Borrower or such Restricted Subsidiary (which such determination may take into account any retained interest or other Investment of the Borrower or such Restricted Subsidiary in connection with, and any other material economic terms of, such Sale Leaseback).

  • Sale Leaseback means any transaction or series of related transactions pursuant to which the Borrower or any of the Restricted Subsidiaries (a) sells, transfers or otherwise disposes of any property, real or personal, whether now owned or hereafter acquired, and (b) as part of such transaction, thereafter rents or leases such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold, transferred or disposed.

  • Real Property Security Documents means the Landlord Consent and any mortgage or deed of trust or any other real property security document executed or required hereunder to be executed by any Obligor and granting a security interest in real Property owned or leased (as tenant) by any Obligor in favor of the Secured Parties.

  • Personal Property Leases has the meaning set forth in Section 2.1(e).

  • Existing Contracts means the existing licenses and contracts given by the Railway Administration / Authority, in relation to commercial establishments, as existing on Station Development Land, as on the date of the Agreement, and as further set out in the Schedules, which shall, for avoidance of doubt, exclude any licenses and/ or contracts in relation to any Excluded Activities and/or Railway Operational Activities;

  • Real Property Lease has the meaning set forth in Section 3.9(b).

  • Real Estate Leases has the meaning set forth in Section 2.1(d)(ii).

  • Material Properties means (a) those Mortgaged Properties designated on Schedule 3.12 as Material Properties and (b) each other Mortgaged Property with respect to which a Mortgage is granted pursuant to Section 5.11 after the Restatement Effective Date.

  • immovable property shall have the meaning which it has under the law of the Contracting State in which the property in question is situated. The term shall in any case include property accessory to immovable property, livestock and equipment used in agriculture and forestry, rights to which the provisions of general law respecting landed property apply, usufruct of immovable property and rights to variable or fixed payments as consideration for the working of, or the right to work, mineral deposits, sources and other natural resources; ships, boats and aircraft shall not be regarded as immovable property.

  • Principal place of business means the head office or registered office of the organisation within which the principal financial functions and operational control of the activities referred to in this Regulation are exercised;

  • Real Properties means, at any time, a collective reference to each of the facilities and real properties (including the Borrowing Base Properties) owned or leased by the Consolidated Parties at such time.

  • New Leases means those leases, license agreements and occupancy agreements encumbering any Real Property which are entered into after the Effective Date in accordance with the terms of this Agreement, as the same may be amended or modified from time to time in accordance with the terms of this Agreement.

  • Existing Securities means, collectively, the Equity Securities and the Debt Securities.

  • Property Lease means any Depot Lease, any lease in respect of a Managed Station Area, any lease in respect of Shared Facilities or any Station Lease and any agreement or lease of a similar or equivalent nature (whether in respect of any such facility or otherwise) which the Franchisee may enter into with a person who has an interest in a network or a railway facility which is to be used for or in connection with the provision or operation of the Franchise Services;

  • Subsidiary Shares has the meaning ascribed to it in Section 3.3(a).

  • Owned Real Properties has the meaning set forth in Section 3.16(b).