Affiliated Tenants definition
Examples of Affiliated Tenants in a sentence
As of the Closing Date and as of the Funding Date, there are no Affiliated Tenants at the Property.
An Event of Default by Tenant or Landlord, or any Affiliated Lessors or Affiliated Tenants, under any of the Other Leases or the Agreement To Lease, shall constitute an Event of Default under this Lease.
In the event that the Trailing 3 Year Lease Coverage Test is not satisfied, Tenant and Affiliated Tenants shall, within thirty (30) days following receipt or written notice from Landlord or any Affiliated Landlord, increase the Aggregate Lease Security Deposit by the amount of $3,000,000, in which event the Aggregate Lease Security Deposit shall not exceed $28,000,000.
In the event the Minimum Net Worth Requirement is not satisfied as of the Effective Date or as of any Minimum Net Worth Test Date, Tenant and Affiliated Tenants shall, so long as the then Aggregate Lease Security Deposit does not equal or exceed the Aggregate Lease Security Deposit Cap, within thirty (30) days following receipt of written notice from Landlord or any Affiliated Landlord, increase the Aggregate Lease Security Deposit to an amount equal to $20,000,000.
In such case, the Restricted Operating Expense Account shall no longer be restricted to the payment of Rent and/or Operating Expenses, and Tenant and Affiliated Tenants shall have the right to use any and all funds in the Restricted Operating Expense Account for whatever purpose or purposes they deem appropriate, in their sole discretion.
On the Effective Date, Tenant and Affiliated Tenants shall establish a segregated account in the aggregate amount of FIVE MILLION AND NO/100 DOLLARS ($5,000,000.00) in their names (the “Restricted Operating Expense Account”), in a bank designated by Tenant and Affiliated Tenants and approved by Landlord.
Tenant and Affiliated Tenants shall not use the funds in the Restricted Operating Expense Account for any purpose other than the payment of Rent and/or Operating Expenses with respect to the Leased Property and the Business under this Lease and the Affiliated Leases unless and until clauses (A), (B) and (C) of Section 20.7 above have been satisfied by the Capital Raise Deadline.
For each Fiscal Year throughout the Term except for Fiscal Year 2008, Tenant and Affiliated Tenants shall be required to maintain a Lease Coverage of at least 1.2 during each Fiscal Year, which Lease Coverage shall be tested as of the last business day of each Fiscal Year during the Term (the “Yearly Lease Coverage Test”).
Tenant agrees that the aggregate Net Worth of Tenant and Affiliated Tenants shall be required to equal or exceed (i) $15,000,000, as of the Effective Date and through Fiscal Year 2008, and (ii) $20,000,000, commencing the first day of Fiscal Year 2009 and throughout the remainder of the Term (in either case, the “Minimum Net Worth Requirement”).
In the event that the requirements of clauses (a) and (b) of Section 20.7 above have been satisfied by the Capital Raise Deadline, Tenant and Affiliated Tenants may apply any and all funds then remaining in the Restricted Operating Expense Account to their obligation under Section 20.7 above to increase the Aggregate Lease Security Deposit by $5,000,000.