Affiliate Leases Clause Samples
The Affiliate Leases clause defines the terms under which affiliates of the primary parties to a contract may enter into or be included in lease agreements governed by the main contract. Typically, this clause clarifies whether subsidiaries, parent companies, or other related entities can benefit from or be bound by the lease terms, and may outline the process for adding such affiliates as lessees or lessors. Its core function is to provide flexibility for corporate groups to structure their leasing arrangements efficiently, ensuring that related entities can participate without renegotiating the main contract, and to prevent ambiguity about which entities are covered by the lease.
Affiliate Leases. The parties agree and acknowledge that the Affiliate Leases will be terminated at Closing and neither the interests, rights or obligations of any Seller (including any Seller Tenant) thereunder will be conveyed or assigned to Buyer.
Affiliate Leases. The Buyer shall have been granted access to and reviewed all real property leases entered into by and between the Company (and/or its Subsidiaries) and any officer, director, stockholder, employee or Affiliate of the Company (or an Affiliate of any of the foregoing), and the terms of each such lease shall have been satisfactory to Buyer in its sole and absolute discretion (subject to the following sentence of this Section 8.16). Notwithstanding the foregoing, all such real property leases shall have been amended to reflect the following terms:
(i) the approval or objection by the Company (and/or its Subsidiaries), as lessor under each such lease, to improvements proposed to be effected by the lessee to the real property covered by such lease shall be provided by the lessor within thirty (30) days of receipt of notification by the lessee of each such proposed improvement; consent to any such proposed improvement (of which lessor is notified in a timely fashion in accordance with the terms of the lease) shall not be unreasonably withheld by the lessor;
(ii) rent payments under each such lease during the extension period of the lease shall be calculated without reference to the Consumer Price Index (the “CPI”) and shall not increase due to a rise in the CPI; and
(iii) in lieu of CPI-based increases, rent payable by the lessee under each such lease shall be increased by fifteen percent (15%) during each five year extension period under the lease.
Affiliate Leases. The Company shall have executed and delivered to Affiliate(s) of the Sellers who own Real Property used in the conduct of the Business commercial leases leasing such Real Property to the Company and/or its Subsidiaries, on terms and conditions satisfactory to the Affiliate(s) and the Purchaser, a form of which is attached hereto as Exhibit E.
Affiliate Leases. The Buying Parties shall have been granted access to all real property leases entered into by and between the Selling Parties (and/or its subsidiaries) and any officer, director, stockholder, employee or Affiliate of such Selling Parties (or an Affiliate of any of the foregoing), and the terms of each such lease shall have been satisfactory to Buying Parties in its sole and absolute discretion.
Affiliate Leases. If any person or entity forming a part of the Seller leases any of the Fee Properties to another person or entity forming a part of the Seller or its Affiliates, such lease shall be terminated at or prior to Closing, in a manner reasonably acceptable to Buyer, and such lease shall not constitute a Permitted Encumbrance or one of the “Leases.”
Affiliate Leases. Notwithstanding anything in this Agreement or the Affiliate Leases to the contrary, the Seller Parties shall terminate, or cause to be terminated, each of the Affiliate Leases at or prior to Closing. Such termination shall be made without payment of any fees or penalties by either the landlord or the tenant thereunder.
Affiliate Leases. At the Closing the Parent shall cause the Company to enter into a commercial lease for each locations at which the Company leases real property from a Person affiliated with the Principal Shareholder for use as a warehouse, in substantially the form attached hereto as Exhibit K (the “Affiliate Leases”).
Affiliate Leases. There are currently in effect Billboard Leases with certain Affiliates of Gator (the "Affiliate Leases"), which are set forth on Schedule 7.6. The Affiliate Leases shall be amended effective as of the Closing, pursuant to amendments in the form attached as Exhibit 7.6, to provide that no rent or other charges shall be payable by Gator thereunder for a period of 60 months following the Closing Date.
Affiliate Leases. The Administrative Member shall not permit the LLC to enter into any Lease, other than Major Leases (which are governed by the provisions of Section 7.02(d)), with any Person set forth in a notice delivered from Investor to Administrative Member on the date hereof (the "Restricted List"). The Administrative Member shall cause the LLC to use commercially reasonable efforts to cause each Lease, other than a Major Lease, entered into after the date hereof, to include a representation from the tenant thereunder that such tenant is not a Person set forth on the Restricted List. Investor Member shall have the right to add or delete Persons from the Restricted List from time to time upon written notice to the Administrative Member given in accordance with the terms and provisions of Section 14.03, provided that any Person so added shall be a related person (as described in Section 856(d)(2)(B) of the Code) to a REIT Member. Administrative Member shall keep the Restricted List confidential in accordance with the terms and provisions of Section 14.26.
Affiliate Leases. The parties acknowledge that the Company, the Company’s Subsidiaries, and/or the VIEs (collectively, the “Company Entities”) have entered into a number of real property leases with B&R Group Realty Holding LLC, a Delaware limited liability company affiliated with the Company (“B&R Realty”) and/or its Subsidiaries (collectively, the “Realty Affiliates”), whereby the Company Entities lease certain real properties from the Realty Affiliates (collectively, the “Affiliate Leases”). Effective as of the Closing, each of the Affiliate Leases shall be amended and restated. Except to the extent otherwise agreed in writing between the Company and the Parent, each such Affiliate Lease, as so amended and restated, shall (i) be a triple-net lease in the form currently promulgated by the American Industrial Real Estate Association (AIR); (ii) have a term of ten (10) years, commencing on the Closing Date, with one ten (10) year renewal option at then fair market rental, as determined by agreement or (if there is no agreement) by arbitration; (iii) call for an initial base rent equal to fair rental value as of the Closing, as determined prior to the Closing by a third-party appraiser mutually satisfactory to the Company and the Parent; (v) call for 2.5% annual increases in base rent, both during the initial term and during any option term; and (vi) be unconditionally guaranteed (using an AIR standard Guaranty of Lease form) by the Parent. The Affiliate Leases shall also give the Parent a right of first refusal on the sale of the property.