Severance Leases Sample Clauses

Severance Leases. In the event Landlord (or the applicable fee owning Landlord entity with respect to any individual Facility) desires to sell or otherwise transfer the Leased Property with respect to a Facility (in whole, but not in part, and subject to exclusions for assets not capable of being transferred which in the aggregate are de minimis) to a third party (other than in connection with HLV Landlord’s sale of the Leased Property (HLV) to Affiliates of Tenant as a result of such Affiliates’ exercise of their repurchase right in accordance with the terms and conditions of Section 4 of the Convention Center Put-Call Agreement) or to an Affiliate(s) of Landlord (or in connection with a sale, assignment, transfer or conveyance of the Leased Property with respect to an individual Facility as described in Section 18.1(i)(b) above), the applicable operating Tenant entity(ies) with respect to such Facility and the new owner of such Facility shall (subject to Section 18.1) enter into a Severance Lease with respect to such Facility, in accordance with the following provisions: (a) Landlord shall give Tenant not less than fifteen (15) days’ advance written notice of a Severance Lease, and the applicable Tenant entity(ies) with respect to the applicable Leased Property (as set forth on Exhibit A) shall thereafter, within said fifteen (15)-day period (or such longer period of time as Landlord may require; it being understood that Landlord may delay or cancel the entry into the Severance Lease in the event that the underlying sale or transfer of a Facility is delayed or cancelled for any reason), execute, acknowledge and deliver a Severance Lease to the new owner of the applicable Facility for the remaining Term and on substantially the same terms and conditions as this Lease (except for appropriate adjustments (including to Exhibits and Schedules), including such adjustments as are described in this Article XVIII), and in any case no less favorable to Tenant than the terms and conditions of this Lease. (b) Rent payable under the Severance Lease at the time of the commencement of such Severance Lease shall be equal to the amount of the component(s) of Rent pertaining to the applicable Leased Property to be subject to such Severance Lease. Correspondingly, Rent payable hereunder shall be reduced by such amount. (c) Upon the execution and delivery by such fee owning landlord entity and such operating Tenant entity of a Severance Lease in accordance with this Section 18.2, (i) if, aft...
Sample 1Sample 2See All (4)
AutoNDA by SimpleDocs
Severance Leases. This Lease shall be modified at Tenant's request at any time after Substantial Completion of the Initial Renovation Work by subtracting from the Premises a Severable Premises, in each case without Landlord’s prior consent, subject to the provisions of this Section 10.8 (a "Severance"), provided that a Severance that subtracts only the entire Upland Premises from the Premises may be undertaken prior to Substantial Completion of the Initial Renovation Work. Landlord shall not unreasonably withhold its consent to a Severance prior to Substantial Completion of the Initial Renovation Work in connection with a lease to an Anchor Tenant where the proposed Anchor Tenant desires to commence the build-out of its premises prior to, and on a parallel schedule with, Xxxxxx’s efforts to achieve Substantial Completion of the Initial Renovation Work. (a) A Severance shall not become effective until a lease for a Severable Premises (the "Severance Lease") has been executed. Should Severance occur prior to Substantial Completion of the Tenant Work, Tenant shall remain as tenant under both the Severance Lease and this Lease until such time as Substantial Completion of the Tenant Work occurs, whereupon Tenant may Transfer the Severance Lease in accordance with this Article 10. (b) The Severance Lease shall apportion Rental (including the Esplanade Payment) and maintenance obligations between the Severance Lease and this Lease on the basis of the fair market rental value of the premises under the Severance Lease in relation to the fair market rental value of the Premises, as such values are set forth in an appraisal to be conducted no more than six (6) months prior to Severance. The scope of said appraisal shall be prepared by Lease Administrator in accordance with its policies and reviewed and approved by Tenant, in its reasonable discretion. Such appraisal shall be conducted in the manner provided in Article 356 hereof. (c) If this Lease shall expire or otherwise terminate, the same shall not result in the expiration or termination of, or otherwise affect the Severance Lease. The expiration or other termination of the Severance Lease shall not result in the expiration or termination of, or otherwise affect, this Lease. (d) In the event that Tenant elects to create a Severance Lease, Landlord will reasonably cooperate with Tenant to implement such Severance Lease including, without limitation, by executing any necessary reciprocal easement and operating agreements and a recog...
Sample 1See All (4)
Severance Leases. (a) Notwithstanding anything to the contrary contained in this Agreement or in any First Mortgage SNDA, without any further action by First Lien Agent, each of First Lien Agent, each Tenant and each Landlord consents to any Severance Lease entered into in accordance with Article XVIII of the Lease (and pursuant to Section 5(b) of each Second Mortgage SNDA) which results from a foreclosure under a Second Mortgage and acknowledges that each such Severance Lease shall constitute a Severance Lease for all purposes of the Lease (including Section 18.2 of the Lease). (b) Notwithstanding anything to the contrary contained in this Agreement or in any Second Mortgage SNDA, without any further action by Second Lien Agent, each of Second Lien Agent, each Tenant and each Landlord consents to any Severance Lease entered into in accordance with Article XVIII of the Lease (and pursuant to Section 5(b) of each First Mortgage SNDA) which results from a foreclosure under a First Mortgage and acknowledges that each such Severance Lease shall constitute a Severance Lease for all purposes of the Lease (including Section 18.2 of the Lease).
Sample 1
Severance Leases. Subject to Section 63.2 below, Landlord shall from time to time, after request by Xxxxxx, enter into no more than five (5) severance leases for portions of the Premises (each, a "Severance Lease") that, along with this Lease (which shall remain in full force and effect (although with a reduced premises) despite such severance(s)), collectively cover the entire Premises demised hereunder. Any such Severance Lease shall be with Tenant or one (1) or more designees of Tenant and shall be on terms substantially similar to those hereof, with it being recognized, however, that each Severance Lease shall (i) reflect the premises demised thereunder,
Sample 1
Severance Leases. The Parties expressly agree that no severance of this Lease and/or the Premises shall at any time interrupt, cancel, terminate or otherwise affect the leasehold created by this Lease, the Parties hereby covenanting that it is their mutual desire and intent with respect to the Severance Leases to separate the leasehold created hereby into separate leaseholds and to allocate various portions of the Premises demised hereunder to such separate leaseholds.
Sample 1
Severance Leases. Subject to Section 16.02 below, Landlord shall from time to time, after request by Xxxxxx, split the Premises and enter into no more than five (5) severance leases that, along with this Lease, shall remain in full force and effect (although with a reduced premises) despite such severance(s), collectively cover the entire Premises demised hereunder (each, a “Severance Lease”), such Severance Leases being with Tenant or one (1) or more designees of Tenant for the remainder of the Premises. Any such Severance Lease shall be on terms substantially similar to those hereof, with it being recognized, however, that each Severance Lease shall (i) reflect the premises demised thereunder, (ii) include the identity and contact information of the designated tenant thereunder, (iii) not include the right contained in this Article 16 to obtain a Severance Lease, and (iv) include such other variations as Landlord and Tenant and, if applicable, each actual or prospective Leasehold Mortgagee shall mutually agree are reasonable and appropriate in order for the premises demised under this Lease and each Severance Lease to be developed and financed independently and in order for Landlord to retain
Sample 1

Related to Severance Leases

  • Severance If any provision or part-provision of this Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part- provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the rest of this Agreement. If any provision or part-provision of this Agreement is invalid, illegal or unenforceable, the parties shall negotiate in good faith to amend such provision so that, as amended, it is legal, valid and enforceable, and, to the greatest extent possible, achieves the intended commercial result of the original provision.

  • Severance Allowance A laid-off employee shall be entitled to severance allowance pursuant to Article 55.

  • Termination Benefits (a) Upon the occurrence of a Change in Control, followed at any time during the term of this Agreement by the involuntary termination of the Executive’s employment (other than for Termination for Cause or death), or by the Executive for Good Reason, the Employers shall: (i) pay the Executive, or in the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, a lump sum payment within thirty (30) days of the Date of Termination an amount equal to three (3) times the Executive’s average annual compensation for the five most recent taxable years that the Executive has been employed by the Employers or such lesser number of years in the event that the Executive shall have been employed by the Employers for less than five years. For this purpose, annual compensation shall include base salary and any other taxable income, including, but not limited to, amounts related to the granting, vesting or exercise of restricted stock or stock option awards, commissions, bonuses, pension and profit sharing plan contributions or benefits (whether or not taxable), severance payments, retirement benefits, and fringe benefits paid or to be paid to the Executive or paid for the Executive’s benefit during any such year; and (ii) cause to be continued life insurance and non-taxable medical, dental and disability coverage substantially identical to the coverage maintained by the Employers for the Executive prior to his Date of Termination, except to the extent such coverage may be changed in its application to all employees on a nondiscriminatory basis. Such coverage and payments shall cease upon the expiration of thirty-six (36) full calendar months from the Date of Termination. (b) Notwithstanding the foregoing, to the extent required to avoid penalties under Section 409A of the Code, the cash severance payable under Section 3 of this Agreement shall be delayed until the first day of the seventh month following the Executive’s Date of Termination. (c) For purposes of this Agreement, a “termination of employment” shall mean a “Separation from Service” as defined in Section 409A of the Code and the regulations promulgated thereunder, such that the Employers and the Executive reasonably anticipate that the level of bona fide services the Executive would perform after a termination of employment would permanently decrease to a level that is less than 50% of the average level of bona fide services performed (whether as an employee or as an independent contractor) over the immediately preceding thirty-six (36) month period.

  • Severance Pay Notwithstanding the provisions of Article 62 (Severance Pay) of this Agreement, where the period of continuous employment in respect of which severance benefit is to be paid consists of both full and part-time employment or varying levels of part-time employment, the benefit shall be calculated as follows: the period of continuous employment eligible for severance pay shall be established and the part-time portions shall be consolidated to equivalent full-time. The equivalent full-time period in years shall be multiplied by the full-time weekly pay rate for the appropriate group and level to produce the severance pay benefit.

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