Re-tenanting Event definition

Re-tenanting Event means lender’s receipt of evidence that the borrower has entered into a new lease or leases with a replacement tenant or tenants reasonably acceptable to lender for the demised premises which had previously been occupied by the applicable Significant Tenant in form and substance reasonably satisfactory to lender and otherwise in accordance with the terms of the related loan agreement, and (i) that each tenant under any such replacement lease has accepted possession and is in occupancy of, and is open for business and conducting normal business operations at, all of the space demised under the lease and is paying full, unabated rent in accordance with the lease, (ii) that the rents payable under any such replacement lease are no less than one hundred percent (100%) of the rents under the lease being replaced and are comparable to existing local market rates for similar properties and (iii) that all landlord obligations under any such replacement lease (including, without limitation, tenant improvement and leasing commission obligations) have been duly performed, completed and paid for, such evidence to include, without limitation, a fully-executed Lease and an acceptable tenant estoppel certificate from each such tenant.
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Re-tenanting Event means, with respect to the Cardiology/Gastro Associates Space, Lender’s receipt of evidence in form and substance satisfactory to Lender that one or more replacement tenants reasonably satisfactory to Lender are in full occupancy of such premises, open for business and paying full, unabated rent pursuant to a lease with a term of no less than five (5) years and a net effective rental payment of no less than $23.00 per foot, on a triple net basis (however, in the event that such lease provides for a term of less than five (5) years or a net effective rental payment of less than $23.00 per foot, on a triple net basis, such lease terms shall be acceptable to Lender in its sole discretion), such evidence to include, without limitation, (i) a fully-executed Lease entered into in accordance with the terms of the Loan Agreement and satisfactory to Lender and (ii) a tenant estoppel certificate from such replacement tenant that confirms the foregoing.
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Re-tenanting Event. Lender’s receipt of evidence reasonably satisfactory to Lender that Borrower has entered into a new Lease or Leases with a replacement Tenant or Tenants acceptable to Lender for the demised premises which had previously been occupied by Riot Games or the applicable Successor Tenant (as applicable) in form and substance satisfactory to Lender and otherwise in accordance with the terms of this Agreement, and:
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Examples of Re-tenanting Event in a sentence

  • Upon the occurrence and during the continuation of a Major Tenant Trigger Period, Borrower shall deposit with Lender the Major Tenant Trigger Event Excess Cash Flow (the “Monthly Major Tenant Rollover Deposit”) for tenant improvements and leasing commissions that may be incurred by Borrower following the occurrence of either (a) an Acceptable Major Tenant Lease Extension or (b) an Acceptable Re-tenanting Event with respect to the Major Tenant Space.


More Definitions of Re-tenanting Event

Re-tenanting Event means Lender’s receipt of evidence that Borrower has entered into a new Lease or Leases with a replacement Tenant or Tenants acceptable to Lender for the demised premises which had previously been occupied by the Sole Tenant in form and substance satisfactory to Lender and otherwise in accordance with the terms of this Agreement, and (i) that each Tenant under any such replacement Lease has accepted possession and is in occupancy of, and is open for business and conducting normal business operations at, all of the space demised under the Lease and is paying full, unabated rent in accordance with the Lease, and (ii) that all landlord obligations under any such replacement Lease required to have been performed as of the date of the Acceptable Tenant Estoppel Certificate (including, without limitation, tenant improvement and leasing commission obligations) have been duly performed, completed and paid for, such evidence to include, without limitation, a fully-executed Lease and a fully-executed estoppel certificate from each such Tenant in form and substance satisfactory to Lender (an “Acceptable Tenant Estoppel Certificate”) that provides, among other things (1) that such Tenant has accepted and is occupying all of the space demised under such replacement Lease, is open for business and is paying full, unabated rent in accordance with such replacement Lease, (2) that all of the obligations of Borrower, as landlord under such replacement Lease, required to have been performed as of the date of the Acceptable Tenant Estoppel Certificate have been duly performed, completed and paid for, including, without limitation, any obligations of Borrower to make or to pay or reimburse such Tenant for any tenant improvements and leasing commissions, (3) that any improvements described in such replacement Lease have been constructed in accordance with such replacement Lease and have been accepted by such Tenant, (4) that such Tenant is not then entitled to any concession or rebate of Rent or other charges from time to time due and payable under such replacement Lease, and (5) that there are no defaults by Borrower or such Tenant under such replacement Lease.
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Related to Re-tenanting Event

  • Terminating Event means any of the following events:

  • Landlord Default shall have the meaning given such term in Article 14.

  • 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.

  • Liquidating Event has the meaning set forth in Section 13.1 hereof.

  • Landlord Delay means a delay in the construction of the Tenant Improvements or Compliance Work resulting directly from the acts or omissions of Landlord, Landlord’s employees, agents, or contractors including, but not limited to (i) failure of Landlord to timely approve or disapprove any plans; (ii) interference by Landlord, its employees, agents or contractors with the completion of the Tenant Improvements or Compliance Work (including the impairment of Tenant’s contractors’ or vendors’ or employees’ access to the Premises for any reason (including due to the presence of Landlord’s contractors, vendors or personnel), failure to provide reasonable access to the Building’s loading docks or other facilities necessary for the construction of the Tenant Improvements or Compliance Work and/or the movement of materials and personnel to the Premises for such purpose) and (iii) delays due to the acts or failures to act of Landlord, its agents or contractors with respect to payment of the Tenant Improvement Allowance. If Tenant contends that a Force Majeure Construction Delay or a Landlord Delay has occurred, Tenant acknowledges and agrees that it has inspected the Building and the Site and in no event shall the physical character or condition of the Building and/or Site existing as of the Effective Date constitute a basis for a Landlord Delay (this agreement does not apply to the failure of any Building component to properly operate). Further, in no event shall any delay of Landlord constitute a Landlord Delay unless such delay results in a full day of delay in the construction of the Tenant Improvements or Compliance Work. Tenant shall notify Landlord in writing (the “Delay Notice”) of the event which constitutes such Force Majeure Construction Delay or Landlord Delay; such notice may be via electronic mail to Landlord’s construction representative described above. Tenant will additionally use reasonable efforts to mitigate the effects of any Force Majeure Construction Delay or Landlord Delay through the re-sequencing or re-scheduling of work, if feasible, but this sentence will not be deemed to require Tenant to incur overtime or after-hours costs unless Landlord agrees in writing to bear such costs. If the actions or inactions or circumstances described in the Delay Notice constitute a Landlord Delay, and are not cured by Landlord within one (1) business day after Landlord’s receipt of the Delay Notice, then a Landlord Delay shall be deemed to have occurred commencing as of the expiration of such one (l)-business day period. The Lease Commencement Date and the Lease Expiration Date will each be delayed on a day for day basis for each day of Force Majeure Construction Delay or Landlord Delay.