Common use of Investment Grade Tenant Clause in Contracts

Investment Grade Tenant. (a) a Tenant with a long term senior unsecured debt rating of Baa3 or better as rated by Mxxxx’x (or an equivalent shadow rating using Mxxxx’x ratings grid) or BBB- or better as rated by S&P (it being understood that in the event there is a discrepancy between the Mxxxx’x rating and the S&P rating, the higher of the two ratings will be utilized), (b) a Tenant for which the Borrower has delivered an Investment Grade Tenant Certificate and Borrower has (and shall continue to) furnished Agent with an updated Investment Grade Tenant Certificate for such Tenant each year on or before the date which is the anniversary of the initial Investment Grade Tenant Certificate delivered to Agent for such Tenant (for the avoidance of doubt, if such updated Investment Grade Tenant Certificate is not timely delivered to the Agent, the applicable Tenant shall no longer be considered an Investment Grade Tenant unless and until Borrower delivers to Agent a new Investment Grade Tenant Certificate), provided, that for purposes of this definition, an Investment Grade Tenant Certificate shall include an “Investment Grade Tenant Certificate” delivered pursuant to the Existing Credit Agreement with respect to a Tenant so long as such Investment Grade Tenant Certificate is dated within one (1) year of the previous Investment Grade Tenant Certificate delivered to Agent with respect to such Tenant, (c) a Tenant that is a Subsidiary of an entity that meets such ratings requirement under clause (a) or (b) above provided that such entity has guaranteed all of such Tenant’s obligations under the applicable Lease, or (d) a Tenant who is a controlled Affiliate of FedEx Corporation, General Electric Co., Trane U.S., Inc., State of Indiana, Nissan North America, Inc., Sandoz, Inc., Wyndham Worldwide Corp., Waste Management Inc. or Panasonic Corp., or any other Person identified in writing from time to time by the Borrower and accepted by the Agent in its reasonable discretion, but in each case only for so long as such Person satisfies the rating requirements under clause (a) or (b) above. It is agreed and understood that (subject to actual changes in the long term senior unsecured debt rating of any Tenant or any entity which has guaranteed such Tenant’s Lease) each Tenant which qualifies as an “Investment Grade Tenant” under the Credit Agreement immediately prior to the Second Amendment Date shall constitute an “Investment Grade Tenant” on the Second Amendment Date.

Investment Grade Tenant. (a) a Tenant with a long term senior unsecured debt rating of Baa3 or better as rated by Mxxxx’x (or an equivalent shadow rating using Mxxxx’x ratings grid) or BBB- or better as rated by S&P (it being understood that in the event there is a discrepancy between the Mxxxx’x rating and the S&P rating, the higher of the two ratings will be utilized), (b) a Tenant for which the Borrower has delivered an Investment Grade Tenant Certificate and Borrower has (and shall continue to) furnished Agent with an updated Investment Grade Tenant Certificate for such Tenant each year on or before the date which is the anniversary of the initial Investment Grade Tenant Certificate delivered to Agent for such Tenant (for the avoidance of doubt, if such updated Investment Grade Tenant Certificate is not timely delivered to the Agent, the applicable Tenant shall no longer be considered an Investment Grade Tenant unless and until Borrower delivers to Agent a new Investment Grade Tenant Certificate), provided, that for purposes of this definition, an Investment Grade Tenant Certificate shall include an “Investment Grade Tenant Certificate” delivered pursuant to the Existing Credit Agreement with respect to a Tenant so long as such Investment Grade Tenant Certificate is dated within one (1) year of the previous Investment Grade Tenant Certificate delivered to Agent with respect to such Tenant, (c) a Tenant that is a Subsidiary of an entity that meets such ratings requirement under clause (a) or (b) above provided that such entity has guaranteed all of such Tenant’s obligations under the applicable Lease, or (d) a Tenant who is a controlled Affiliate of FedEx Corporation, General Electric Co., Trane U.S., Inc., State of Indiana, Nissan North America, Inc., Sandoz, Inc., Wyndham Worldwide Corp., Waste Management Inc. or Panasonic Corp., or any other Person identified in writing from time to time by the Borrower and accepted by the Agent in its reasonable discretion, but in each case only for so long as such Person satisfies the rating requirements under clause (a) or (b) above. It is agreed and understood that (subject to actual changes in the long term senior unsecured debt rating of any Tenant or any entity which has guaranteed such Tenant’s Lease) each Tenant which qualifies as an “Investment Grade Tenant” under the Existing Credit Agreement immediately prior to the Second Amendment Closing Date shall constitute an “Investment Grade Tenant” on the Second Amendment Closing Date.

Investment Grade Tenant. (a) a Tenant with a long term senior unsecured debt rating of Baa3 or better as rated by Mxxxx’x (or an equivalent shadow rating using Mxxxx’x Moody’s ratings grid) or BBB- or better as rated by S&P (it being understood that in the event there is a discrepancy between the Mxxxx’x rating and the S&P rating, the higher of the two ratings will be utilized), (b) a Tenant for which the Borrower has delivered an Investment Grade Tenant Certificate and Borrower has (and shall continue to) furnished furnish Agent with an updated Investment Grade Tenant Certificate for each such Tenant each year on or before the date which is the anniversary of the initial Investment Grade Tenant Certificate delivered to Agent for such Tenant (for the avoidance of doubt, if such updated Investment Grade Tenant Certificate is not timely delivered to the Agent, the applicable Tenant shall no longer be considered an Investment Grade Tenant unless and until Borrower delivers to Agent a new Investment Grade Tenant Certificate), provided, that for purposes of this definition, an Investment Grade Tenant Certificate shall include an “Investment Grade Tenant Certificate” delivered pursuant to the Existing Credit Agreement with respect to a Tenant so long as such Investment Grade Tenant Certificate is dated within one (1) year of the previous Investment Grade Tenant Certificate delivered to Agent with respect to such Tenant, (c) a Tenant that is a Subsidiary of an entity that meets such ratings requirement under clause (a) or (b) above provided that such entity has guaranteed all of such Tenant’s obligations under the applicable Lease, or (d) a Tenant who is a controlled Affiliate of FedEx Corporation, General Electric Co., Trane U.S., Inc., State of Indiana, Nissan North America, Inc., Sandoz, Inc., Wyndham Worldwide Corp., Waste Management Inc. or Panasonic Corp., or any other Person identified in writing from time to time by the Borrower and accepted by the Agent in its reasonable discretion, but in each case only for so long as such Person satisfies the rating requirements under clause (a) or (b) above. It is agreed and understood that (subject to actual changes in the long term senior unsecured debt rating of any Tenant or any entity which has guaranteed such Tenant’s Lease) each Tenant which qualifies as an “Investment Grade Tenant” under the Existing Credit Agreement immediately prior to the Second Amendment Closing Date shall constitute an “Investment Grade Tenant” on the Second Amendment Closing Date.

Investment Grade Tenant. (a) a Tenant with a long term senior unsecured debt rating of Baa3 or better as rated by Mxxxx’x (or an equivalent shadow rating using Mxxxx’x Moody’s ratings grid) or BBB- or better as rated by S&P (it being understood that in the event there is a discrepancy between the Mxxxx’x rating and the S&P rating, the higher of the two ratings will be utilized), (b) a Tenant for which the Borrower has delivered an Investment Grade Tenant Certificate and Borrower has (and shall continue to) furnished furnish Agent with an updated Investment Grade Tenant Certificate for each such Tenant each year on or before the date which is the anniversary of the initial Investment Grade Tenant Certificate delivered to Agent for such Tenant (for the avoidance of doubt, if such updated Investment Grade Tenant Certificate is not timely delivered to the Agent, the applicable Tenant shall no longer be considered an Investment Grade Tenant unless and until Borrower delivers to Agent a new Investment Grade Tenant Certificate), provided, that for purposes of this definition, an Investment Grade Tenant Certificate shall include an “Investment Grade Tenant Certificate” delivered pursuant to the Existing Credit Agreement with respect to a Tenant so long as such Investment Grade Tenant Certificate is dated within one (1) year of the previous Investment Grade Tenant Certificate delivered to Agent with respect to such Tenant, (c) a Tenant that is a Subsidiary of an entity that meets such ratings requirement under clause (a) or (b) above provided that such entity has guaranteed all of such Tenant’s obligations under the applicable Lease, or (d) a Tenant who is a controlled Affiliate of FedEx Corporation, General Electric Co., Trane U.S., Inc., State of Indiana, Nissan North America, Inc., Sandoz, Inc., Wyndham Worldwide Corp., Waste Management Inc. or Panasonic Corp., or any other Person identified in writing from time to time by the Borrower and accepted by the Agent in its reasonable discretion, but in each case only for so long as such Person satisfies the rating requirements under clause (a) or (b) above. It is agreed and understood that (subject to actual changes in the long term senior unsecured debt rating of any Tenant or any entity which has guaranteed such Tenant’s Lease) each Tenant which qualifies as an “Investment Grade Tenant” under the Credit Agreement immediately prior to the Second Amendment Date shall constitute an “Investment Grade Tenant” on the Second Amendment Date.