Affiliate Leases. The Buyer shall have been granted access to and reviewed all real property leases entered into by and between the Company (and/or its Subsidiaries) and any officer, director, stockholder, employee or Affiliate of the Company (or an Affiliate of any of the foregoing), and the terms of each such lease shall have been satisfactory to Buyer in its sole and absolute discretion (subject to the following sentence of this Section 8.16). Notwithstanding the foregoing, all such real property leases shall have been amended to reflect the following terms:
Affiliate Leases. The parties agree and acknowledge that the Affiliate Leases will be terminated at Closing and neither the interests, rights or obligations of any Seller (including any Seller Tenant) thereunder will be conveyed or assigned to Buyer.
Affiliate Leases. Affiliates of the Sellers who own Real Property used in the conduct of the Business shall have executed and delivered commercial leases leasing such Real Property to the Company and/or its Subsidiaries, on terms and conditions satisfactory to the Purchaser and the Affiliates (the “Affiliate Leases”) the form of which is attached hereto as Exhibit E.
Affiliate Leases. The Administrative Member shall not permit the LLC to enter into any Lease, other than Major Leases (which are governed by the provisions of Section 7.02(d)), with any Person set forth in a notice delivered from Investor to Administrative Member on the date hereof (the "Restricted List"). The Administrative Member shall cause the LLC to use commercially reasonable efforts to cause each Lease, other than a Major Lease, entered into after the date hereof, to include a representation from the tenant thereunder that such tenant is not a Person set forth on the Restricted List. Investor Member shall have the right to add or delete Persons from the Restricted List from time to time upon written notice to the Administrative Member given in accordance with the terms and provisions of Section 14.03, provided that any Person so added shall be a related person (as described in Section 856(d)(2)(B) of the Code) to a REIT Member. Administrative Member shall keep the Restricted List confidential in accordance with the terms and provisions of Section 14.26.
Affiliate Leases. The parties acknowledge that the Company, the Company’s Subsidiaries, and/or the VIEs (collectively, the “Company Entities”) have entered into a number of real property leases with B&R Group Realty Holding LLC, a Delaware limited liability company affiliated with the Company (“B&R Realty”) and/or its Subsidiaries (collectively, the “Realty Affiliates”), whereby the Company Entities lease certain real properties from the Realty Affiliates (collectively, the “Affiliate Leases”). Effective as of the Closing, each of the Affiliate Leases shall be amended and restated. Except to the extent otherwise agreed in writing between the Company and the Parent, each such Affiliate Lease, as so amended and restated, shall (i) be a triple-net lease in the form currently promulgated by the American Industrial Real Estate Association (AIR); (ii) have a term of ten (10) years, commencing on the Closing Date, with one ten (10) year renewal option at then fair market rental, as determined by agreement or (if there is no agreement) by arbitration; (iii) call for an initial base rent equal to fair rental value as of the Closing, as determined prior to the Closing by a third-party appraiser mutually satisfactory to the Company and the Parent; (v) call for 2.5% annual increases in base rent, both during the initial term and during any option term; and (vi) be unconditionally guaranteed (using an AIR standard Guaranty of Lease form) by the Parent. The Affiliate Leases shall also give the Parent a right of first refusal on the sale of the property.
Affiliate Leases. If any person or entity forming a part of the Seller leases any of the Fee Properties to another person or entity forming a part of the Seller or its Affiliates, such lease shall be terminated at or prior to Closing, in a manner reasonably acceptable to Buyer, and such lease shall not constitute a Permitted Encumbrance or one of the “Leases.”
Affiliate Leases. (a) Guarantor has acquired all of the partnership interests, limited liability company membership interests or other equity interests in the tenants under the leases with Affiliates of Borrowers and Guarantor on the following Properties and no person or entity other than Guarantor holds any equity interest in such tenants: (i) Pin Oak, Florida (Clare Bridge); (ii) Michigan City, Indiana (Sterling House); and (iii) Southern Pines, North Carolina (Sterling House). All such leases have been terminated and have no further force or effect.
Affiliate Leases. Notwithstanding anything in this Agreement or the Affiliate Leases to the contrary, the Seller Parties shall terminate, or cause to be terminated, each of the Affiliate Leases at or prior to Closing. Such termination shall be made without payment of any fees or penalties by either the landlord or the tenant thereunder.
Affiliate Leases. On or prior to the date that is ninety (90) days after the date hereof, the Borrower shall enter into a lease in the form attached hereto as Exhibit A with each of its tenants that are Affiliates (each, an “Affiliate Lease”) at a fair market rental rate approved by Administrative Agent in its reasonable discretion. Borrower shall have the right to waive the tenant’s obligation to pay rent under each Affiliate Lease prior to the occurrence of an Event of Default. In the event that any Affiliate Lease does not provide that it is terminable by the Administrative Agent (or any successor landlord) at any time following an Event of Default, then at the time such Affiliate Lease is executed, the Borrower shall deliver to Administrative Agent a guaranty of the obligations of each tenant under an Affiliate Lease in form and substance and from a guarantor acceptable to Administrative Agent and the Required Lenders in their sole and absolute discretion, provided, however, that if the tenant is Propco, then no such guaranty shall be required by the Administrative Agent or the Lenders. In addition, simultaneously with the execution of each Affiliate Lease, Borrower shall enter into an assignment of leases and rents in favor of the Administrative Agent in the form of the existing Assignment of Leases and Rents. In no event shall Borrower amend, modify or terminate any Affiliate Lease without the prior written consent of Administrative Agent, which consent may be withheld in its sole and absolute discretion.
Affiliate Leases. At the Closing the Parent shall cause the Company to enter into a commercial lease for each locations at which the Company leases real property from a Person affiliated with the Principal Shareholder for use as a warehouse, in substantially the form attached hereto as Exhibit K (the “Affiliate Leases”).
