Creation of New Master Lease Sample Clauses

Creation of New Master Lease. In the event of a sale during ---------------------------- the first twenty-four (24) full calendar months following April 20, 2001 to a single purchaser that is not an Affiliate of Lessor (the "Unaffiliated Buyer") ------------------ of twenty (20) or more of the Combined Leased Properties (collectively, the "Sub-Portfolio Properties"), Lessor, acting in concert with the other lessors of ------------------------ Sub-Portfolio Properties, shall have the right to require that the Sub-Portfolio Properties be excluded from the then existing Combined Leases and that Tenant enter into an additional master lease (the "New Master Lease") of the ---------------- Sub-Portfolio Properties with the Unaffiliated Buyer, as lessor, provided that each of the following conditions is satisfied: (i) the Coverage Ratio of the Sub-Portfolio Properties that are operated as hospitals is not greater than fifteen percent (15%) above or below the Coverage Ratio of the Combined Leased Properties that are operated as hospitals other than the Sub-Portfolio Properties (for example, if the Coverage Ratio of the Combined Leased Properties that are operated as hospitals other than the Sub-Portfolio Properties were 1.5:1, then the Coverage Ratio of the Sub-Portfolio Properties that are operated as hospitals must not exceed 1.72:1 or be less than 1.28:1); (ii) the Coverage Ratio of the Sub-Portfolio Properties that are operated as nursing centers is not greater than ten percent (10%) above or below the Coverage Ratio of the Combined Leased Properties that are operated as nursing centers other than the Sub-Portfolio Properties; and (iii) by the creation of the New Master Lease, Lessor shall not cause any of the Combined Leases, as it applies to any of the Combined Leased Properties, to be treated as a capital lease, rather than an operating lease, under generally accepted accounting principles or under the applicable rules of the Financial Accounting Standards Board. In the event that Lessor wishes to exercise its rights under this Section 40.17, Lessor, together ------------- with the other lessors of Sub-Portfolio Properties, shall give written notice thereof to Tenant not less than thirty (30) days prior to the anticipated date of closing of the sale of the Sub-Portfolio Properties to the Unaffiliated Buyer (it being agreed, however, that, in the event such notice is given but the anticipated closing for any reason fails to occur, Lessor shall retain the right, on the terms set forth in ...
Sample 1Sample 2See All (7)
AutoNDA by SimpleDocs

Related to Creation of New Master Lease

  • Notification of New Employer In the event that I leave the employ of the Company, I hereby consent to the notification of my new employer of my rights and obligations under this Agreement.

  • Admission of New Members No other person shall be made a Member without the unanimous consent of the Members at the time such membership decision is to be made. The Secretary shall revise Exhibit “B” attached hereto to reflect the admission of new Members.

  • Applicability to New Accounts and New Contracts The parties to this Agreement may amend the schedules to this Agreement from time to time to reflect, as appropriate, changes in or relating to the Contracts, any Series or Class, additions of new classes of Contracts to be issued by the Company and separate accounts therefor investing in the Trust. Such amendments may be made effective by executing the form of amendment included on each schedule attached hereto. The provisions of this Agreement shall be equally applicable to each such class of Contracts, Series, Class or separate account, as applicable, effective as of the date of amendment of such Schedule, unless the context otherwise requires. The parties to this Agreement may amend this Agreement from time to time by written agreement signed by all of the parties.

  • Maintenance of Net Worth The Borrower shall, as of the last day of each Fiscal Quarter, maintain a Tangible Net Worth of not less than the sum of (a) $136,017,557, plus (b) 75% of the aggregate net proceeds received by Parent or any of its Subsidiaries after the First Amendment Effective Date in connection with any offering of Stock or Stock Equivalents of the Borrower, Parent or the Subsidiaries.

  • Issuance of New Note Upon any partial conversion of this Note, a new Note containing the same date and provisions of this Note shall, at the request of the Holder, be issued by the Borrower to the Holder for the principal balance of this Note and interest which shall not have been converted or paid. The Borrower will pay no costs, fees or any other consideration to the Holder for the production and issuance of a new Note.

  • Issuance of New Certificate to Pledgee In the event certificates have been issued, a pledgee of shares transferred as collateral security shall be entitled to a new certificate if the instrument of transfer substantially describes the debt or duty that is intended to be secured thereby. Such new certificate shall express on its face that it is held as collateral security, and the name of the pledgor shall be stated thereon, who alone shall be liable as a shareholder, and entitled to vote thereon.

  • APPLICABILITY TO NEW ACCOUNTS AND NEW CONTACTS The parties to this Agreement may amend the schedules to this Agreement from time to time to reflect changes in or relating to the Contracts and to add new classes of variable annuity contracts and variable life insurance policies to be issued by the Company through new or existing Separate Accounts investing in the Fund. The provisions of this Agreement shall be equally applicable to each such separate account and each such class of contracts or policies, unless the context otherwise requires. Any such amendment must be signed by the parties and must bear an effective date for that amendment.

  • Issuance of New Certificates to Pledgee A pledgee of Shares transferred as collateral security shall be entitled to a new certificate if the instrument of transfer substantially describes the debt or duty that is intended to be secured thereby. Such new certificate shall express on its face that it is held as collateral security, and the name of pledgor shall be stated thereon, who alone shall be liable as a Shareholder and entitled to vote thereon.

  • Making of New Term Loans On any Increase Effective Date on which new Commitments for Term Loans are effective, subject to the satisfaction of the foregoing terms and conditions, each Lender of such new Commitment shall make a Term Loan to Borrower in an amount equal to its new Commitment.

  • Issuance of New Warrant Upon the occurrence of any of the events listed in this Section 8 that results in an adjustment of the type, number or exercise price of the securities underlying this Warrant, the Holder shall have the right to receive a new warrant reflecting such adjustment upon the Holder tendering this Warrant in exchange. The new warrant shall otherwise have terms identical to this Warrant.

Time is Money Join Law Insider Premium to draft better contracts faster.