Qualified Ground Leases. The only material leases of Properties for which either the Borrower or a Guarantor is a lessee are the Qualified Ground Leases. The Property Owner for a Real Property subject to a Qualified Ground Lease is the lessee under such Qualified Ground Lease and no consent is necessary to such Person being the lessee under such Qualified Ground Lease which has not already been obtained. The Qualified Ground Leases are in full force and effect and no defaults exist thereunder.
Qualified Ground Leases. With respect to any Qualified Ground Lease related to any Borrowing Base Asset, at reasonable times and at reasonable intervals but no more than once each Fiscal Year so long as no Event of Default has occurred and is continuing and subject to the requirements of the subject Qualified Ground Lease, deliver to the Administrative Agent upon request (or, subject to the requirements of the subject Qualified Ground Lease, cause the applicable lessor or other obligor to deliver to the Administrative Agent), an estoppel certificate and consent agreement in relation to such Qualified Ground Lease in form and substance reasonably acceptable to the Administrative Agent, in its discretion, and, in the case of the estoppel certificate, setting forth (i) the name of lessee and lessor under the Qualified Ground Lease (if applicable); (ii) that such Qualified Ground Lease is in full force and effect and has not been modified except to the extent that such modification (a copy of which shall be attached to the estoppel certificate) has not resulted in or is not reasonably expected to result in a material adverse effect on the applicable Loan Party’s operations; (iii) that no rental and other payments due thereunder are delinquent as of the date of such estoppel; and (iv) whether such Person knows of any actual or alleged defaults or events of default under the applicable Qualified Ground Lease.
Qualified Ground Leases. With respect to any Qualifying Qualified Ground Lease related to any Borrowing Base Asset, each Credit Party shall, and shall cause each of its Subsidiaries to:
Qualified Ground Leases. (a) Borrower shall, or shall cause the applicable Obligor or tenant to, (i) pay or cause to be paid all rents, additional rents and other sums required to be paid by any Obligor, as tenant under and pursuant to the provisions of any Qualified Ground Lease related to an Individual Property on or before the date on which such rent or other charge becomes overdue, (ii) diligently perform and observe all of the terms, covenants and conditions of any such Qualified Ground Lease on the part of any Obligor, as tenant thereunder, to be performed and observed prior to the expiration of any applicable grace period therein provided, (iii) promptly notify Lender of the giving of any notice by the landlord under any such Qualified Ground Lease to any Obligor of any default by such Obligor, as tenant thereunder, to be performed or observed and promptly deliver to Lender a true copy of each such notice, (iv) take all necessary action to prevent the termination of any such Qualified Ground Lease and (v) enforce each material covenant or obligation of any such Qualified Ground Lease in accordance with its terms.
(b) Borrower shall not, and shall not permit any Obligor to, surrender the leasehold estate created by any Qualified Ground Lease relating to an Individual Property, or terminate or cancel such Qualified Ground Lease except to the extent permitted pursuant to the Loan Documents. Borrower shall not, and shall not permit any Obligor to, without the prior written consent of Lender, modify, change, supplement, alter or amend such Qualified Ground Lease, in any respect, either orally or in writing, in any manner; provided, however, Lender shall not unreasonably withhold or delay Lender's consent to any proposed modification, change, supplementation, alteration or amendment provided same does not in any manner adversely affect the Lender or in any manner adversely impair the collateral value of the leasehold created by such Qualified Ground Lease.
Qualified Ground Leases. In addition, if the Hotel Property is subject to a Qualified Ground Lease, no default by the lessee under the Qualified Ground Lease exists and the Qualified Ground Lease remains in full force and effect.
Qualified Ground Leases. With respect to any Qualified Ground Lease related to any Borrowing Base Asset, at reasonable times and at reasonable intervals but no more than once each Fiscal Year so long as no Event of Default has occurred and is continuing and subject to the requirements of the subject Qualified Ground Lease, deliver to the Administrative Agent upon request (or, subject to the requirements of the subject Qualified Ground Lease, cause the applicable lessor or other obligor to deliver to the Administrative Agent), an estoppel certificate and consent agreement in relation to such Qualified Ground Lease in form and substance 62
Qualified Ground Leases. If the Borrower or any Borrower Subsidiary owns a leasehold estate in an Eligible Hotel, (A) a certified copy of the Qualified Ground Lease for such Eligible Hotel, together with all amendments and modifications thereto and a recorded memorandum thereof, which Ground Lease shall be satisfactory in all respects to the Lenders, and (B) a ground lessor estoppel executed by the ground lessor and fee owner, which estoppel shall be satisfactory in all respects to the Lenders.
Qualified Ground Leases. With respect to any Qualified Ground Lease related to any Borrowing Base Asset, at reasonable times and at reasonable intervals but no more than once each Fiscal Year so long as no Event of Default has occurred and is continuing and subject to the requirements of the subject Qualified Ground Lease, deliver to the Administrative Agent upon request (or, subject to the requirements of the subject Qualified Ground Lease, cause the applicable lessor or other obligor to deliver to the Administrative Agent), an estoppel certificate and consent agreement in relation to such Qualified Ground Lease in form and substance reasonably acceptable to the Administrative Agent, in its discretion, and, in the case of the estoppel certificate, setting forth (i) the name of lessee and lessor under the Annex A - 78
Qualified Ground Leases. Copies (certified by a Financial Officer) of any Qualified Ground Leases with respect to the Initial Eligible Properties and the Optional Eligible Properties;
Qualified Ground Leases. With respect to any Qualified Ground Lease related to any Specified Debt Asset, at reasonable times and at reasonable intervals but no more than once each Fiscal Year so long as no Event of Default has occurred and is continuing and subject to the requirements of the subject Qualified Ground Lease, each Note Party shall deliver to the Applicable Parties upon request of the Controlling Party (or, subject to the requirements of the subject Qualified Ground Lease, cause the applicable lessor or other obligor to deliver to the Applicable Parties), an estoppel certificate and consent agreement in relation to such Qualified Ground Lease in form and substance reasonably acceptable to the Controlling Party, in its discretion, and, in the case of the estoppel certificate, setting forth (i) the name of lessee and lessor under the Qualified Ground Lease (if applicable); (ii) that such Qualified Ground Lease is in full force and effect and has not been modified except to the extent that such modification (a copy of which shall be attached to the estoppel certificate) has not resulted in or is not reasonably expected to result in a material adverse effect on the applicable Note Party’s operations; (iii) that no rental and other payments due thereunder are delinquent as of the date of such estoppel; and (iv) whether such Person knows of any actual or alleged defaults or events of default under the applicable Qualified Ground Lease.
