Approved Properties Sample Clauses
The "Approved Properties" clause defines which specific properties are authorized for use, reference, or inclusion under the agreement. Typically, this clause lists or describes the properties—such as real estate, intellectual property, or assets—that the parties have mutually agreed upon as being covered by the contract. For example, in a lease or licensing agreement, it may specify the addresses or identifying details of the properties involved. Its core practical function is to ensure clarity and prevent disputes by precisely identifying the scope of properties subject to the agreement, thereby avoiding ambiguity about what is included or excluded.
Approved Properties. At any time other than when a Default is outstanding, an Asset Company may acquire any freehold, leasehold, hereditary building right or any other real estate property (a real estate) and (subject to Clause 31.7 (Additional Properties)) commence Development of that Property if the following criteria are satisfied in respect of that real estate to the satisfaction of the Facility Agent:
(a) no more than:
(i) one third of the Total Commitments shall be allocated to Properties in England;
(ii) one fifth of the Total Commitments shall be allocated to Properties in Denmark;
(iii) one third of the Total Commitments shall be allocated to Properties in France;
(iv) one fifth of the Total Commitments shall be allocated to Properties in The Netherlands;
(v) one third of the Total Commitments shall be allocated to Properties in Germany; and
(vi) one fifth of the Total Commitments shall be allocated to Properties in Sweden;
(b) the Facility Agent is satisfied that:
(i) that real estate is located in a Permitted Jurisdiction;
(ii) the Budgeted Costs for that real estate do not exceed €10,000,000 (or its equivalent) for any real estate in England or €7,000,000 (or its equivalent) for any real estate in any other Permitted Jurisdiction;
(iii) the proposed net lettable area is intended to be no less than 3,000 square metres and no more than 6,000 square metres at Construction Completion; and
(iv) if that real estate is a leasehold estate or, in relation to subparagraph (C) below, a hereditary building right:
(A) the term of that leasehold is no less than 99 years for a Property situated in England;
(B) the term of that leasehold is no less than 50 years for a Property situated in The Netherlands;
(C) for a Property situated in Germany, the Majority Lenders have given their consent to that leasehold estate or, in relation to a hereditary building right, the term of that hereditary building right is no less than 50 years;
(D) the term of that leasehold is no less than 50 years for a Property situated in France;
(E) the term of that leasehold is no less than 60 years for a Property situated in Sweden; and
(F) the term of that leasehold is no less than 50 years for a Property situated in Denmark; and
(c) the relevant Obligor delivers to the Facility Agent not less than five Business Days prior to the acquisition by the relevant Asset Company of the real estate, a real estate package (a Real Estate Package) in form and substance satisfactory to the Facility Agent in respect of...
Approved Properties. If NHP and the OP timely deliver a Final Approval Notice with respect to any Property, then such Property shall be deemed an “Approved Property” (and collectively, with each other Approved Property, the “Approved Properties”) for purposes of this Agreement and, as promptly as practicable thereafter, NHP shall secure the necessary mortgage construction financing for such Approved Property upon terms consistent with those set forth in the Final Information Package for such Approved Property (the “Financing”), and upon the earlier of (i) the issuance of a firm loan commitment from the lender providing such Financing or (ii) the closing of such Financing, the following shall occur:
(a) NHP shall execute and deliver (or, at NHP’s election, NHP shall cause a subsidiary that is wholly-owned, directly or indirectly, by NHP to execute and deliver), and PMB shall cause the applicable PMB Member to execute and deliver, a JV Agreement relating to the development and financing of such Approved Property; and
(b) NHP, the OP, PMB, the NHP Member and the PMB Member shall execute and deliver a Contribution Agreement in order to set forth the terms and conditions of the future Contribution Transaction with respect to such Approved Property. Notwithstanding anything to the contrary contained herein, in the event that NHP is unable (despite the use of good faith efforts) to secure the Financing for any Approved Property upon terms consistent with those set forth in the Loan Proposal for such Approved Property, such inability shall not constitute a breach of this Agreement and, instead, NHP shall promptly deliver a new Loan Proposal to PMB and the process set forth in Sections 2.5(d), (e) and (f) and Section 2.6 shall begin all over again for such Property.
Approved Properties. Recipient submitted to IHCDA a designated list of properties with residential structures with its Application. Any request to remove or substitute a property or residential structure from the Project must be made using the Waiver form designated by IHCDA. IHCDA has conditionally accepted the structures submitted with the Application to be included in the Project. Final written approval (“FWA Notice”) of such properties requested by the Recipient will be given within ten (10) business days of the BEP Hearing(s) required by BEP Notice BEP- 14-12. No structures may be demolished until the FWA Notice has been issued by IHCDA. The demolition of any structure prior to the issuance of the FWA Notice by IHCDA is considered a material breach of this Agreement and may result in any of the consequences set forth in Section 17(a)(i) of this Agreement.
Approved Properties. Following Lender's underwriting review and approval by Lender's Senior Loan Committee, Lender shall notify Borrower of the conditions precedent to a property's becoming an Approved Property and the disbursement of a Loan or Loans with respect to such property.