Common use of Approved Properties Clause in Contracts

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 that real estate that sets out: (i) projected Budgeted Costs for the Development; (ii) a detailed financial plan (including profit and loss accounts and cash flow) for the period from the Trading Date for that real estate to the third anniversary of that Trading Date; (iii) an environmental report from a Consultant addressed to the Finance Parties together with an overview from the Company including an explanation of any perceived environmental risks; and (iv) the Specifications; and (d) the Majority Lenders have given their consent to the Real Estate Package and the acquisition of the real estate (such approval shall be deemed to have been given five Business Days from receipt of the Real Estate Package by the Lenders unless expressly not given within that time), (an Approved Property).