Severed Lease definition

Severed Lease. As defined in Section 30.2.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Severed Lease means a lease and sublease in substantially the form of this Agreement, with appropriate changes to reflect the fact that this Agreement has been so severed.

Severed Lease or “Severed Leases”: As defined in Section 1.9(a).

Examples of Severed Lease in a sentence

• With respect to all indemnification obligations of Lessee hereunder (or of a GSI Financing Subsidiary under a Severed Lease), Lessee, at its election, may elect to have Global Parent provide such indemnities in lieu of Lessee (or the applicable GSI Financing Subsidiary), and in connection therewith execute an indemnity reasonably acceptable to Lessor and Sprint, and upon execution of same, Lessor will acknowledge that Lessee is relieved of all indemnification obligations hereunder.

• Effective upon the Severance Date, the Rent payable with respect to each Severed Property shall no longer be payable by Lessee under this Lease and shall instead be payable under the Severed Lease applicable to such Severed Property.

• Each Lease Severance Notice shall identify the Severed Properties proposed to be subject to each Severed Lease.

• The initial Base Rent for each Severed Property shall be the then current Base Rent Allocation Amount thereof and thereafter during the term of such Severed Lease shall annually increase in the same manner in which Base Rent increases under this Lease.

• Notwithstanding anything to the contrary herein, the Parties agree that while an arbitration proceeding is pending pursuant to this Section 1.9(c), Tenant shall not be obligated to execute or deliver the applicable Severed Lease in dispute (or the accompanying Severed Lease Ancillary Documents).

• If applicable, the State Specific Provisions (solely to the extent the same are relevant to the applicable Severed Properties) shall be included in the applicable Severed Lease.

• Lessor will prepare the Severed Lease, the Credit Enhancements, the Lease amendment and, if necessary, the amendments to the applicable Other Agreements with respect to each Severed Property consistent with the provisions of this Section 29.2 and the parties agree to execute and deliver or cause to be executed and delivered.

• Effective on the Severance Date, the parties shall enter into the Severed Lease, and an amendment of this Lease, an amendment of the applicable Other Agreements that assures that Lessor receives Credit Enhancements for both the Severed Lease and this Lease as so amended, comparable to that existing prior to the severance.

• Lessor will prepare the Severed Lease, the Other Credit Enhancements, the Lease amendment and, if necessary, the amendments to the other applicable Obligation Documents with respect to each Severed Property consistent with the provisions of this Section 30.2 and the parties agree to execute and deliver or cause to be executed and delivered.

• This paragraph addresses the contents of a Severed Lease; nothing in this paragraph alters any consent or approval requirements or obligations that may be required under the DC Master Lease, this Lease or any Severed Lease (except, in the case of each Severed Lease, as expressly provided in this Section 1.9(d)(H)).

More Definitions of Severed Lease

Severed Lease. Has the meaning given to such term in each Lease.

Severed Lease shall have the meaning given to such term in Section 28.1(a).

Severed Lease shall have the meaning set forth in the Master Lease. “Severed Lease Documents” shall have the meaning set forth in the Master Lease. “State” shall mean the state or commonwealth in which each Individual Property is located. “Title Commitment” shall mean the title commitment for each Individual Property made available by Seller to Purchaser on the Datasite. “Title Company” shall mean Commonwealth Land Title Insurance Company, Attention: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇. “Transaction” shall have the meaning set forth in the Recitals. “Transfer Tax Forms” shall have the meaning set forth in Section 10.2(f). “Transfer Taxes” shall mean any state, county and/or local transfer taxes, documentary taxes, stamp taxes or similar taxes applicable to the conveyance of the Real Property pursuant to this Agreement. “Updated Survey” shall have the meaning set forth in Section 4.2(c)(i). “Updated Title Commitment” shall have the meaning set forth in Section 4.2(c)(i). “Violations” shall have the meaning set forth in Section 4.2(e).