Mortgagee SNDA Credit Requirement Sample Clauses

Mortgagee SNDA Credit Requirement. With respect to a Mortgagee SNDA, (A) (i) Subtenant (and/or any sublease guarantor) shall have been in existence as an operating business for at least ten (10) years prior to the date of entering into such Eligible Sublease and (ii) Subtenant shall have a pre-tax income (determined under generally accepted accounting principles) of at least $10,000,000 for each of the last three full fiscal year periods prior to the date of entering into such Eligible Sublease; or (B) the Subtenant (and/or any sublease guarantor) has at the commencement date of the Sublease investment grade long term credit ratings on its unsecured debt (which is not a split rating between rating agencies) from Standard and Poor’s Financial Services LLC and Xxxxx’x Investors Service, Inc., which on the date hereof is at least BBB- for Standard and Poor’s and at least Baa3 for Moody’s. In the event either of such rating agencies ceases to issue such credit ratings, the Parties shall reasonably agree on a substitute rating company or agency.
Sample 1
AutoNDA by SimpleDocs

Related to Mortgagee SNDA Credit Requirement

  • Letter of Credit Requirements (a) Any Letter of Credit required under this Loan Agreement must satisfy the following conditions:

  • Letter of Credit Reports Each Issuing Bank shall furnish (A) to the Agent on the first Business Day of each month a written report summarizing issuance and expiration dates of Letters of Credit issued by such Issuing Bank during the preceding month and drawings during such month under all such Letters of Credit and (B) to the Agent on the first Business Day of each calendar quarter a written report setting forth the average daily aggregate Available Amount during the preceding calendar quarter of all Letters of Credit issued by such Issuing Bank.

  • Letter of Credit Compliance Notwithstanding any other provision of this Agreement, the Servicer shall comply with all the requirements of any Letter of Credit so as to assure the full benefit of such Letter of Credit to the Trustee.

  • Letter of Credit Request See §2.10(a).

  • Letter of Credit Requests (a) Whenever the Borrower desires that a Letter of Credit be issued for its account or for the account of any of its Subsidiaries, it shall give the Administrative Agent and the Letter of Credit Issuer at least five (or such lesser number as may be agreed upon by the Administrative Agent and the Letter of Credit Issuer) Business Days’ written notice thereof. Each such notice shall be executed by the Borrower and shall be in the form of Exhibit G (each a “Letter of Credit Request”).

  • Conditions Precedent to All Loans and Letter of Credit Accommodations Each of the following is an additional condition precedent to Lender making Loans and/or providing Letter of Credit Accommodations to Borrower, including the initial Loans and Letter of Credit Accommodations and any future Loans and Letter of Credit Accommodations:

  • Conditions Precedent to Each Loan and Letter of Credit The obligation of each Lender on any date (including the Closing Date) to make any Loan and of each Issuer on any date (including the Closing Date) to Issue any Letter of Credit is subject to the satisfaction of each of the following conditions precedent:

  • Compliance with Credit and Collection Policy Such Seller Party has complied in all material respects with the Credit and Collection Policy with regard to each Receivable and the related Contract, and has not made any change to such Credit and Collection Policy, except such material change as to which the Agent has been notified in accordance with Section 7.1(a)(vii).

  • Letter of Credit Procedures 17 2.3.1 L/C Applications......................................................17 2.3.2 Participation in Letters of Credit....................................18 2.3.3 Reimbursement Obligations.............................................18 2.3.4 Limitation on Obligations of Issuing Banks............................19 2.3.5 Funding by Revolving Banks to Issuing Banks...........................19 2.4

  • Letter of Credit Requests; Minimum Stated Amount (a) Whenever the Borrower desires that a Letter of Credit be issued for its account, the Borrower shall give the Administrative Agent and the respective Issuing Lender at least five Business Days’ (or such shorter period as is acceptable to such Issuing Lender) written notice thereof (including by way of facsimile). Each notice shall be in the form of Exhibit C, appropriately completed (each, a “Letter of Credit Request”).

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!