Approved Lease Clause Samples
The 'Approved Lease' clause defines the specific terms and conditions under which a lease agreement is considered acceptable or authorized by the relevant parties, often the landlord or lender. This clause typically outlines the required features of a lease, such as duration, permitted use, and tenant qualifications, and may require that any lease entered into by the tenant or subtenant meets these standards before it is recognized as valid under the main agreement. Its core practical function is to ensure that all leases associated with the property adhere to predetermined criteria, thereby protecting the interests of the property owner or lender and maintaining control over the use and occupancy of the premises.
Approved Lease. No Loan shall be approved for any Project unless and until Borrower has obtained a lease for the Project and the lease and the prospective tenant have been approved by Lender as an Approved Lease under Section 2.3 below. There shall have occurred no event of default or breach under the Approved Lease and no Material Adverse Event shall have occurred affecting the Lessee under the Approved Lease.
Approved Lease a Lease entered into in accordance with the terms of this Agreement which has been expressly approved in writing by Administrative Agent, in its reasonable discretion, or which does not require the express written approval of Administrative Agent pursuant to the terms hereof.
Approved Lease. (i) the Leases set forth on the Rent Roll, (ii) that certain Lease, dated as of August 23, 2018, by and between Borrower, as landlord, and Knotel 2▇▇ ▇ ▇▇▇▇ LLC, as tenant, (iii) that certain Lease, dated as of April 11, 2019, by and between Borrower, as landlord, and Control Point Associates, Inc., as tenant, and (iv) any Lease entered into in accordance with the terms of this Agreement which has been expressly approved in writing (or deemed approved) by Administrative Agent or which does not require the express written approval of Administrative Agent pursuant to the terms hereof entered into after the date hereof (not including any amendments or modifications thereto).
Approved Lease. Any Lease that meets the following criteria shall not require Agent’s or Lenders’ prior written approval: (i) the rental rate thereunder is at least ninety percent (90%) of the rental rate in the Pro Forma Projection; (ii) the lease term is for a minimum of five (5) consecutive years; (iii) the Lease does not contain any early termination rights in favor of Tenant other than those contained in customary casualty and condemnation provisions; (iv) the proposed Tenant has been operating and profitable for a minimum of five (5) consecutive years, or such Tenant’s long-term senior debt rating is rated at least BBB- by S&P or the equivalent thereof by ▇▇▇▇▇’▇; and (v) the Lease is entered into on the Borrower’s standard form lease, which has been approved by Agent, without any material modifications. Architect: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Associates, L.L.C. Architect’s Certificate: A certificate in the form of Exhibit G attached hereto executed by the Architect in favor of Lender.
Approved Lease. A lease of a Project, or portion thereof, approved by Lender in writing. The Approved Leases for the single tenant Projects as of the Loan Opening Date are described on Exhibit “E” hereto. The Approved Leases for Flagstaff Land and Flagstaff Improvements are described on Exhibit “E-1” hereto (the “Flagstaff Leases”).
Approved Lease. A lease of Land or Land and Improvements approved by Lender in writing. The Approved Leases as of the Loan Opening Date are described on Exhibit “E” hereto.
Approved Lease. With respect to any disbursement of such funds for Tenant Improvements or Leasing Commissions, Bank shall have received a fully-executed copy of the Lease under which the Tenant Improvements are to be performed or the Leasing Commissions are to be paid. Each Disbursement Request shall be deemed a certification, by Borrower, that the applicable Lease is in full force and effect and that, to the knowledge of Borrower, there is no material default or alleged material default of either Borrower or the tenant thereunder.
Approved Lease. The words “Approved Lease” mean the Commercial-Industrial Net Lease, dated January 15, 2021, between Borrower, as lessor, and ComSovereign Holding Corp., a Nevada corporation, as lessee.