Dark Tenant definition

Dark Tenant means any Tenant that (i) is not rated (or, if a Lease guaranty has been provided, such guarantor is not rated) at least BBB- by S&P, Baa3 by Moody’s or the equivalent by Fitch and (ii) has vacated in excess of fifty percent (50%) of the overall square footage of the space demised under its Lease (unless a substantial portion of such space has been subleased and the sublessee(s) are in occupancy). For avoidance of doubt, any space that has been subleased shall not be deemed to have been vacated for purposes of this definition, so long as the applicable sublessee is in occupancy. “DBRS” means DBRS, Inc. or its applicable affiliate. “Debt” means, with respect to any Person, without duplication: (i) all indebtedness of such Person to any other party (regardless of whether such indebtedness is evidenced by a written instrument such as a note, bond or debenture), including indebtedness for borrowed money or for the deferred purchase price of property or services; (ii) all letters of credit issued for the account of such Person and all unreimbursed amounts drawn thereunder; (iii) all indebtedness secured by a Lien on any property owned by such Person (whether or not such indebtedness has been assumed) except obligations for impositions that are not yet due and payable; (iv) all Contingent Obligations of such Person; (v) all payment obligations of such Person under any interest rate protection agreement (including any interest rate swaps, floors, collars or similar agreements) and similar agreements; and (vi) any material actual or contingent liability to any Person or Governmental Authority with respect to any employee benefit plan (within the meaning of Section 3(3) of ERISA) subject to Title IV of ERISA, Section 302 of ERISA or Section 412 of the Code. “Default” means the occurrence of any event that, but for the giving of notice or the passage of time, or both, would be an Event of Default. “Default Rate” means, with respect to any Note or Note Component, the greater of (x) 500 basis points per annum in excess of the interest rate otherwise applicable to such Note or Note Component hereunder and (y) 100 basis points per annum in excess of the Prime Rate from time to time; provided that, if the foregoing would result in an interest rate in excess of the maximum rate permitted by applicable law, the Default Rate shall be limited to the maximum rate permitted by applicable law. “Defeasance Borrower” has the meaning set forth in Section 2.1(c). 6
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Dark Tenant means any Tenant that (i) is not rated (or, if a Lease guaranty has been provided, such guarantor is not rated) at least BBB- by S&P, Baa3 by Xxxxx’x or the equivalent by Fitch and (ii) has vacated in excess of fifty percent (50%) of the overall square footage of the space demised under its Lease (unless a substantial portion of such space has been subleased and the sublessee(s) are in occupancy). For avoidance of doubt, any space that has been subleased shall not be deemed to have been vacated for purposes of this definition, so long as the applicable sublessee is in occupancy.
Sample 1
Dark Tenant means a tenant at the Property that (x) is not rated at least BBB- by S&P and Xxxxx’x and (y) has vacated a material portion of the overall square footage covered by its lease.
Sample 1

Examples of Dark Tenant in a sentence

  • Go Dark: Tenant shall not be obligated to continuously occupy the Property; however if Tenant does cease to occupy the Property it shall be conditioned on Tenant otherwise complying with the terms and conditions of this Lease, including the payment of any amounts due under the lease.

  • Go Dark: Tenant shall not be obligated to continuously occupy the Property; however, if Tenant does cease to occupy the Property it shall be conditioned on Tenant otherwise complying with the terms and conditions of this Lease, including the payment of any amounts due under the lease.

  • If Tenant Goes Dark, Tenant shall maintain a security alarm for the Premises with a reputable company approved by Landlord, sufficient to notify the police or fire officials in the event of an emergency; maintain the temperature within the Premises at 45º degrees Fahrenheit or higher in order to prevent any damage to the Premises due to freezing temperatures; and comply with all other terms and conditions of the Lease.


More Definitions of Dark Tenant

Dark Tenant means any Person that rents or leases a portion of a Borrowing Base Property and makes rental or lease payments in respect of its interests in such Borrowing Base Property prior to or subsequent to occupying or taking possession of such portion of a Borrowing Base Property, but in no event currently occupies or possesses such portion of a Borrowing Base Property. Debt of any Person means, without duplication, (a) all indebtedness of such Person, (b) all borrowed money of such Person, whether or not evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person as lessee under Capital Leases which have been or should be recorded as liabilities on a balance sheet of such Person in accordance with GAAP, (d) all obligations of such Person to pay the deferred purchase price of property or services (excluding trade accounts payable in the ordinary course of business); provided, that if a Person enters into a purchase agreement with respect to any real property, and such purchase agreement contemplates that such Person shall enter into a related lease agreement, amounts owing under such lease agreement by such Person shall not constitute “Debt” until such time as such lease agreement is entered into by such Person and is valid, binding and enforceable or such Person makes regular lease payments in respect of such real property irrespective of the status of the related lease, (e) all indebtedness secured by a Lien on the property of such Person, whether or not such indebtedness shall have been assumed by such Person; provided that if such Person has not assumed or otherwise become liable for such indebtedness, such indebtedness shall be measured at the fair market value of such property securing such indebtedness at the time of determination, (f) all obligations, contingent or otherwise, with respect to the face amount of all letters of credit (whether or not drawn), bankers’ acceptances and similar obligations issued for the account of such Person (including the Letters of Credit), (g) all Hedging Obligations of such Person, (h) all Contingent Liabilities of such Person, (i) all Debt of any partnership of which such Person is a general partner and (j) any Capital Securities or other equity instrument, whether or not mandatorily redeemable, that under GAAP is characterized as debt, whether pursuant to financial accounting standards board issuance No. 150 or otherwise. Dollar and the sign “$” mean lawful money of the United States ...
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Related to Dark Tenant

  • Tenant means any Person leasing, subleasing or otherwise occupying any portion of the Property under a Lease or other occupancy agreement.

  • Landlord means the owner, lessor or sublessor of the dwelling unit or the building of which such

  • Major Tenant means a tenant of a Loan Party under a lease of Property which entitles it to occupy 15,000 square feet or more of the net rentable area of such Property.

  • Anchor Tenant means the primary customer occupying a site.

  • Lessee means a person who acquires the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, the term includes a sublessee.

  • Sublessee means any Person for so long, but only so long, as such Person is in possession of the Airframe and/or any Engine pursuant to the terms of a Sublease which is then in effect pursuant to Section 7(b)(x) of the Lease.

  • the Tenant means the party(ies) named on the tenancy agreement as the tenant of The Property.

  • Subtenant means any Person entitled to occupy, use, or possess any Premises under a Sublease.

  • Sublandlord means the holder of sublandlord’s interest under this Sublease. In the event of any assignment or transfer of the Sublandlord’s interest under this Sublease, which assignment or transfer may occur at any time during the Term in Sublandlord’s sole discretion, Sublandlord shall be and hereby is entirely relieved of all covenants and obligations of Sublandlord hereunder accruing subsequent to the date of the transfer and it shall be deemed and construed, without further agreement between the parties hereto, that any transferee has assumed and shall carry out all covenants and obligations thereafter to be performed by Sublandlord hereunder. Sublandlord may transfer and deliver the then existing Letter of Credit to the transferee of Sublandlord’s interest under this Sublease, and thereupon Sublandlord shall be discharged from any further liability with respect thereto. In addition, Sublandlord shall comply with all of its obligations as “Tenant” under the Master Lease except to the extent that any such obligation is the obligation of Subtenant pursuant to the terms of this Sublease. Notwithstanding any other term or provision of this Sublease, the liability of Subtenant to Sublandlord for any default in Subtenant’s obligations under this Sublease shall be limited to actual, direct damages, and under no circumstances shall Sublandlord, its partners, members, shareholders, directors, agents, officers, employees, contractors, sublessees, successors and/or assigns be entitled to recover from Subtenant (or otherwise be indemnified by Subtenant) for lost revenues, lost profit or other consequential, special or punitive damages arising in connection with this Sublease for any reason, except for any breach by Subtenant under Section 12 of the Master Lease. Notwithstanding any other term or provision of this Sublease, no personal liability shall at any time be asserted or enforceable against Subtenant’s shareholders, directors, officers, or partners on account of any of Subtenant’s obligations or actions under this Sublease.

  • Lessor means a person who transfers the right to possession and use of goods under a lease. Unless the context clearly indicates otherwise, the term includes a sublessor.

  • Sublessor means one who conveys real property by sublease."

  • Ground Lessee means the Owner Lessor as lessee of the Ground Interest under the Facility Site Lease.

  • Tenant Lease means any lease entered into by the Borrower, any Loan Party or any Subsidiary with respect to any portion of a Property.

  • Ground Lessor means each lessor that has executed a Ground Lease (collectively, the “Ground Lessors”).

  • Landlords means anyone owning an interest in the Property, whether freehold or leasehold, entitling them to possession of it upon the termination or expiry of the Tenancy and anyone who subsequently owns the Property.

  • the Landlord includes the person for the time being entitled to the reversion immediately expectant on the determination of the Term;

  • Master Tenant means any entity approved by HUD now or hereafter leasing the Healthcare Facility pursuant to a Master Lease.

  • Tenants means the tenants under the Leases.

  • Sublease means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease.

  • Subleased Premises means approximately -18;961 rentable square feet on the 141h floor of the Building, as more specifically depicted on Exhibit A attached hereto and made a part hereof. The Subleased Premises include all of the Leased Premises identified in the Prime Lease.

  • Major Tenants has the meaning ascribed to such term in Section 7.2.

  • Superior Landlord means the person for the time being who owns the interest in the Premises which gives him the right to possession of the Premises at the end of the Landlord’s lease of the Premises.

  • Space Lease The space or occupancy lease pursuant to which any Borrower holds a leasehold interest in the related Mortgaged Property, together with any estoppels or other agreements executed and delivered by the lessor in favor of the lender under the related Mortgage Loan(s).

  • Lessors means a lessor under a Superior Lease.

  • Leased space means a self−service storage unit or a space located within a self−service storage facility that a lessee is enti- tled to use for the storage of personal property on a self−service basis pursuant to a rental agreement and that is not rented or pro- vided to the lessee in conjunction with property for residential use by the lessee.

  • this Lease means the relevant portion of Articles 1 through 29 of this Office Lease to which this Tenant Work Letter is attached as EXHIBIT B and of which this Tenant Work Letter forms a part, and all references in this Tenant Work Letter to sections of "this Tenant Work Letter" shall mean the relevant portion of Sections 1 through 7 of this Tenant Work Letter.