Credit Leases Sample Clauses

Credit Leases. Any Lease of all or any part of the Property in excess of (x) 90,000 rentable square feet (inclusive of expansion options), or (y) 20,000 rentable square feet (inclusive of expansion options) with a term greater than five (5) years (inclusive of extension options).
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Credit Leases. The Mortgaged Property relating to each Loan is subject to a Credit Lease, and such Credit Lease is in full force and effect, and is a legal, valid, binding and enforceable agreement of the related Tenant, except as may be limited by bankruptcy, insolvency or other laws affecting the rights of creditors generally, and general principles of equity. To the best of the applicable Seller's and Bedford's knowledge, no default by the Mortgagor or the Tenant has occurred under such Credit Lease and there is no existing condition which, but for the passage of time or the giving of notice, or both, would result in a default under the terms of such Credit Lease;
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Credit Leases. The Mortgaged Property is subject to a Credit Lease, and such Credit Lease is in full force and effect, and is a legal, valid, binding and enforceable agreement of the related Tenant, except as may be limited by bankruptcy, insolvency or other laws affecting the rights of creditors generally, and general principles of equity. To the best of the Representing Party's knowledge, no default by the Mortgagor or the Tenant has occurred under such Credit Lease and there is no existing condition which, but for the passage of time or the giving of notice, or both, would result in a default under the terms of such Credit Lease;
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Credit Leases. Within 30 days after the Closing Date, the Master Servicer shall notify the insurer under any Lease Enhancement Policy and/or Residual Value Insurance Policy for any Credit Lease Loan that (i) both the Master Servicer and the Special Servicer shall be sent notices under each such policy and (ii) the Trustee for the benefit of the Certificateholders shall be the loss payee under each such policy. In the event that the Master Servicer has actual knowledge of any event (an "INSURED EVENT") giving rise to a claim under any Lease Enhancement Policy or Residual Value Insurance Policy, the Master Servicer shall prepare and file a "proof of loss" form with the appropriate insurer within five Business Days after receiving notice of any Insured Event under any such policy and shall diligently process any claims under such policy in accordance with the Servicing Standard. With respect to each Lease Enhancement Policy and Residual Value Insurance Policy, the Master Servicer shall review and familiarize itself with the terms and conditions relating to enforcement of claims and shall monitor the dates by which any claim must be made or any action must be taken under such policy to realize the full value thereof for the benefit of the Certificateholders; and, at least ten Business Days prior to any date on which any action must be taken under such policy to realize the full value of such policy for the benefit of the Certificateholders, the Master Servicer shall take such action, consistent with the Servicing Standard. The Master Servicer shall abide by the terms and conditions precedent to payment of claims under the Lease Enhancement Policies and Residual Value Insurance Policies and take all such action as may be required to comply with the terms and provisions of such policies in order to maintain such policies in full force and effect and to make claims thereunder. The Master Servicer shall make a Servicing Advance with respect to a Mortgaged Property subject to a Credit Lease in an amount equal to all such funds as are necessary for the costs of maintenance or repair of a Mortgaged Property or other obligation of the related Mortgagor to the extent the failure to complete such maintenance or repair or other obligation may give rise to a Maintenance Right or Additional Right of the related Tenant and PROVIDED that the particular Servicing Advance would not, if made, constitute a Nonrecoverable Servicing Advance. All such Servicing Advances shall be reimbursable from...
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Related to Credit Leases

  • Letter of Credit Liabilities At any time and in respect of any Letter of Credit, the sum of (a) the maximum undrawn face amount of such Letter of Credit plus (b) the aggregate unpaid principal amount of all drawings made under such Letter of Credit which have not been repaid (including repayment by a Revolving Credit Loan). For purposes of this Agreement, a Revolving Credit Lender (other than the Revolving Credit Lender acting as the Issuing Lender) shall be deemed to hold a Letter of Credit Liability in an amount equal to its participation interest in the related Letter of Credit under §2.10, and the Revolving Credit Lender acting as the Issuing Lender shall be deemed to hold a Letter of Credit Liability in an amount equal to its retained interest in the related Letter of Credit after giving effect to the acquisition by the Revolving Credit Lenders other than the Revolving Credit Lender acting as the Issuing Lender of their participation interests under such Section.

  • Letter of Credit Participations (a) Immediately upon the issuance by the Letter of Credit Issuer of any Letter of Credit, the Letter of Credit Issuer shall be deemed to have sold and transferred to each Revolving Credit Lender (each such Revolving Credit Lender, in its capacity under this Section 3.3, an “L/C Participant”), and each such L/C Participant shall be deemed irrevocably and unconditionally to have purchased and received from the Letter of Credit Issuer, without recourse or warranty, an undivided interest and participation (each an “L/C Participation”), to the extent of such L/C Participant’s Revolving Credit Commitment Percentage in each Letter of Credit, each substitute therefor, each drawing made thereunder and the obligations of the Borrower under this Agreement with respect thereto, and any security therefor or guaranty pertaining thereto; provided that the Letter of Credit Fees will be paid directly to the Administrative Agent for the ratable account of the L/C Participants as provided in Section 4.1(b) and the L/C Participants shall have no right to receive any portion of any Fronting Fees.

  • Cover for Letter of Credit Liabilities In the event that the Borrowers shall be required pursuant to this Section 2.10, to provide cover for Letter of Credit Liabilities, the Borrowers shall effect the same by paying to the Administrative Agent immediately available funds in an amount equal to the required amount, which funds shall be retained by the Administrative Agent in the Collateral Account (as collateral security in the first instance for the Letter of Credit Liabilities) until such time as the Letters of Credit shall have been terminated and all of the Letter of Credit Liabilities paid in full.

  • Extended Letters of Credit Each Revolving Lender confirms that its obligations under the immediately preceding subsections (i) and (j) shall be reinstated in full and apply if the delivery of any Cash Collateral in respect of an Extended Letter of Credit is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise.

  • Existing Letters of Credit The parties hereto agree that the Existing Letters of Credit shall be deemed Letters of Credit for all purposes under this Agreement, without any further action by the Borrower.

  • Letter of Credit Participation See Section 4.1.4.

  • Participations in Letters of Credit Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

  • Letter of Credit Payments If any draft shall be presented for payment under any Letter of Credit, the Issuing Lender shall promptly notify the Borrower of the date and amount thereof. The responsibility of the Issuing Lender to the Borrower in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit.

  • Collateral for Undrawn Letters of Credit (a) If the prepayment of the amount available for drawing under any or all outstanding Letters of Credit is required under Section 1.8(b), Section 1.14, Section 9.2 or Section 9.3 above, the Borrower shall forthwith pay the amount required to be so prepaid, to be held by the Administrative Agent as provided in subsection (b) below.

  • Commitments and Contracts (1) The Company has Previously Disclosed or provided to the Investor or its representatives, prior to the date hereof, true, correct, and complete copies of each of the following to which the Company or any Company Subsidiary is a party or subject (whether written or oral, express or implied) (each, a “Company Significant Agreement”):

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