Material Leasehold definition

Material Leasehold means a Real Property Asset consisting of a leasehold interest in an Operating Lease or a Capital Lease which is reasonably determined by Agent to be of material value as collateral for the Obligations.

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Material Leasehold means any facility or location in which a Credit Party has a Leasehold interest and at which (i) with respect to any single location, the Value of Inventory and Equipment exceeds $500,000, (ii) with respect to any single location, the Value of Inventory and Equipment is less than or equal to $500,000 and, when such Value is aggregated with the Value of Inventory and Equipment at all other locations in which a Credit Party has a Leasehold interest at which the Value of Inventory and Equipment is less than or equal to $500,000 for which no Collateral Access Agreement is in place, exceeds $2,000,000 or (iii) any centralized location where books and records relating to the Accounts are located.

Material Leasehold means any Leasehold with respect to a manufacturing or similar facility.

Examples of Material Leasehold in a sentence

• If Holdings or any of its Subsidiaries acquires any Material Leasehold Property, Holdings shall use commercially reasonable efforts to, or shall cause such Subsidiary to use commercially reasonable efforts to, cause such Leasehold Property to be a Conforming Leasehold Interest and Holdings shall deliver evidence of the foregoing to Administrative Agent.

• If Borrower or any of its Subsidiaries acquires any Material Leasehold Property, Borrower shall use its commercially reasonable efforts to, or shall use its commercially reasonable efforts to cause such Subsidiary to, cause such Material Leasehold Property to be a Conforming Leasehold Interest.

• No Loan Party is in breach or violation of any of the terms, conditions or provisions of any Material Contracts or any lease with respect to any Material Leasehold Property, except for such breaches and violations thereof as in the aggregate do not and could not reasonably be expected to have a Material Adverse Effect.

• The Borrower agrees to use commercially reasonable efforts to obtain and deliver to the Lender from time to time a Landlord Agreement in respect of each Material Leasehold Interest, unless advised by the Lender in writing to not be required.

• All easements, licences, servitude and other agreements necessary for the operation and maintenance of each Material Freehold Interest and each Material Leasehold Interest in the manner in which it is currently being operated have been obtained and, to the best of each Group Party’s knowledge, are in good standing.

• The Lender confirms that it will not register any debenture or mortgage granted by any Credit Party in favour of the Lender in respect of any Material Leasehold Interest unless a Landlord Agreement in respect of such Material Leasehold Interest has been executed and delivered by the applicable landlord.

• Promptly upon, and in any event within ten Business Days after, Holdings or any other Credit Party acquires any Material Leasehold or any fee owned (or the equivalent) Real Property with a building insured value of $5,000,000 or more or upon which a Mortgage is required to be granted under the Senior Secured Notes Documents to secure the obligations thereunder.

• If Company or any of its Subsidiaries acquires any Material Leasehold Property, Company shall, or shall cause such Subsidiary to, cause such Material Leasehold Property to be a Conforming Leasehold Interest.

• Without limiting the generality of the foregoing, each Credit Party will, if requested by the Lenders, use commercially reasonable efforts to obtain a Landlord’s Waiver and Consent from each lessor of a Material Leasehold Property on which any of the Collateral is or is to be located to the extent requested by the Lenders.

• If Holdings or any of its Subsidiaries acquires any Material Leasehold Property, Holdings shall, use commercially reasonable efforts to, or shall cause such Subsidiary to use commercially reasonable efforts to, cause such Leasehold Property to be a Conforming Leasehold Interest.

More Definitions of Material Leasehold

Material Leasehold means a Real Property Asset consisting of a leasehold interest in an Operating Lease or a Capital Lease which is reasonably determined by Agents to be of material value as collateral for the Obligations; provided that in no event shall any such leasehold interest with respect to which the aggregate amount of all rents payable during any Fiscal Year is less than $100,000 be deemed to be a Material Leasehold; and provided, further that in no event shall any such leasehold interest of office space used solely for conducting the sales and service operations of Company and its Subsidiaries (in each case on a basis consistent with the past practices of Company and its Subsidiaries prior to the Closing Date with respect to the conduct of business at their respective branch and district sales and service offices (but not the Melbourne, Florida sales and service facilities of U.S. Dictaphone)) be deemed to be a Material Leasehold.

Material Leasehold means any facility or location in which a Grantor has a Leasehold interest and at which (i) with respect to any single location, the value of Inventory and Equipment exceeds $500,000, (ii) with respect to any single location, the value of Inventory and Equipment is less than or equal to $500,000 and, when such value is aggregated with the value of Inventory and Equipment at all other locations in which a Grantor has a Leasehold interest at which the value of Inventory and Equipment is less than or equal to $500,000 for which no Collateral Access Agreement is in place, exceeds $2,000,000 or (iii) any centralized location where books and records relating to the Accounts are located.