Common use of Tenant's Affiliates Clause in Contracts

Tenant's Affiliates. Landlord may enter into leases with Affiliates ------------------- of Tenant. As an inducement to Landlord entering into leases with Tenant's Affiliates: (a) Guarantor hereby unconditionally and irrevocably subordinates all payments due or to become due by Tenant by reason of any and all debts and other obligations, including the obligation to pay salaries or other compensation, and (b) Guarantor, Tenant and Tenant's Affiliates shall not receive or collect any payments, dividends, disbursements, distributions, contributions or any other sums from Tenant or Tenant's Affiliates at any time after an Event of Default has occurred under the Lease or any other lease between Landlord and: (i) Tenant; (ii) any Affiliate of Tenant; (iii) Guarantor; or (iv) any Affiliate of Guarantor.

Appears in 2 contracts

Samples: Lease Guaranty (Capital Automotive Reit), Lease Guaranty (Capital Automotive Reit)

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Tenant's Affiliates. Landlord may enter into leases with Affiliates ------------------- of Tenant. As an inducement to Landlord entering into leases with Tenant's ’s Affiliates: (a) Guarantor hereby unconditionally and irrevocably subordinates all payments due or to become due by Tenant by reason of any and all debts and other obligations, including the obligation to pay salaries or other compensation, and (b) Guarantor, Tenant and Tenant's ’s Affiliates shall not receive or collect any payments, dividends, disbursements, distributions, contributions or any other sums from Tenant or Tenant's ’s Affiliates at any time after an Event of Default has occurred under the Lease or any other lease between Landlord and: (i) Tenant; (ii) any Affiliate of Tenant; (iii) Guarantor; or (iv) any Affiliate of Guarantor.

Appears in 2 contracts

Samples: Lease Agreement, Lease Guaranty (Sonic Automotive Inc)

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