GLCR definition
Examples of GLCR in a sentence
It is expressly understood and agreed that a GLCR Failure shall not be deemed to be a default under this Lease, however, a failure of Tenant to remedy a GLCR Failure in accordance with this Section 39.1 (i.e., a failure to execute and deliver the GLCR Master Lease or pay the GLCR Reserve each in accordance with this Section 39.1) shall, subject to notice and the applicable cure period pursuant to Section 20.1(a) above, be a default under this Lease.
In no event shall Landlord waive any provision of or amend or modify the GLCR Master Lease without Landlord’s prior written consent.
Sublandlord hereby subleases to Subtenant, and Subtenant hereby subleases from Sublandlord, the portion of the Premises necessary, as determined in accordance with Article 39 of the Master Lease and based on the GLCR Master Lease Rental, to cause the Ground Lease Coverage Ratio to equal 2.5:1.0 (the “Subleased Premises”), on the terms and conditions hereinafter set forth.
Tenant shall notify Landlord GLCR Master Lease Rental has been paid within five (5) Business Days after a monthly installment GLCR Master Lease Rental has been paid.
Within thirty (30) days after Landlord’s request, Tenant shall deliver to Landlord the most recent annual and quarterly financial statements of the GLCR Master Lease Tenant prepared in accordance with GAAP and certified by Tenant and the GLCR Master Lease Tenant, evidencing the satisfaction of the Net Worth Threshold.
The Subleased Premises shall be determined and recalculated in accordance with this Sublease and Article 39 of the Master Lease immediately upon a GLCR Failure and thereafter on a quarterly basis.
If at any time during which a GLCR Master Lease is in effect, the GLCR Master Lease tenant fails to maintain a “Net Worth” of at least $500,000,000 (“Net Worth Threshold”), Tenant shall deliver to Landlord within ten (10) Business Days a substitute GLCR Master Lease (in the form attached hereto as Exhibit G) with a GLCR Master Lease tenant meeting or exceeding the Net Worth Threshold.
Within ten (10) Business Days after Landlord’s request, from time to time but no more frequently than twice in any twelve (12) month period, Tenant shall certify, and shall cause the GLCR Master Lease tenant to certify, that the GLCR Master Lease is in full force, that there are no defaults under the GLCR Master Lease, the date through which GLCR Master Lease Rental has been paid, and such other matters Landlord may reasonably request.
Provided that Subtenant fully complies with the terms of this Section 9, in no event shall the Termination Fee be calculated to include any GLCR Monthly Rent that would have been payable for any period after the Payment Delivery Date.
All GLCR Monthly Rent and all other amounts payable to Sublandlord under this Sublease (“Additional Rent”) shall be paid to Sublandlord when due, without prior notice or demand and without deduction or offset, in lawful money of the United States of America in cash or by check payable to such address as Sublandlord shall designate in writing.