Sonic Agreement definition
Sonic Agreement with CAR (the "Sonic Agreement"), pursuant to which, among other things, Sonic Automotive would agree to certain changes in the various lease agreements currently in effect between Sonic Automotive and/or its subsidiaries, as tenants, and various members of the Mar Mar Group, as landlords, including but not limited to (i) Sonic Automotive's agreement to amend and restate all of such leases pursuant to a new standardized form of lease to be agreed upon between Sonic Automotive and CAR, and (ii) Sonic Automotive's agreement to renew at least 75% of the current leases between Sonic Automotive and/or its subsidiaries, as tenant, and members of the Mar Mar Group, as landlord, at the end of the terms of such leases.
Sonic Agreement means that certain Sonic Agreement dated as of even date herewith by and among the Acquirer, SAI and the tenants set forth in such agreement.
Examples of Sonic Agreement in a sentence
The Sellers and the Owners will have delivered --------------------- or caused to be delivered the Sonic Leases and Sonic Guarantees as required under the Sonic Agreement.
At Closing (I) each Lease with respect to a Property (other than the Continuing Leases) will (A) be a Sonic Lease within the meaning of the Sonic Agreement, and (B) be guaranteed by SAI, and (II) each Continuing Lease will be guaranteed by the Person, if any, guaranteeing such Lease as of the Effective Date.