Approved Ground Lease means, with respect to a Hotel Property, a ground lease that (a) has a remaining term (including renewal options that are exercisable without condition) of not less than fifty (50) years at the time such Hotel Property is first included as a Borrowing Base Property, or in the event that such remaining term is less than fifty (50) years, such ground lease either (i) contains an unconditional end-of-term purchase option in favor of the lessee for consideration that is, in the reasonable judgment of the Administrative Agent, de minimus or (ii) provides that the lessee’s leasehold interest therein automatically becomes a fee-owned interest at the end of the term, (b) permits a leasehold mortgage on terms satisfactory to Administrative Agent, (c) provides that such lease may not be terminated by the ground lessor without prior notice to the leasehold mortgagee and an opportunity for such leasehold mortgagee to cure any default by the lessee (including adequate time for the leasehold mortgagee to obtain possession to effect such cure), (d) does not place any material restrictions on the leasehold mortgagee’s ability to sell or transfer such Hotel Property after foreclosure; and (e) is otherwise satisfactory to the Administrative Agent in its reasonable judgment.
Approved Ground Lease means, at any time, any ground lease (whether related to an interest in land alone or an interest in land and the improvements located thereon) with respect to any Real Property which is on terms and conditions that are reasonably acceptable to Administrative Agent, and: (a) under which a Subsidiary Guarantor is the lessee or holds equivalent rights (including, without limitation, as a sublessee), (b) that has a remaining term of not less than forty (40) years (assuming the exercise of any extension options that are exercisable at the Subsidiary Guarantor’s option) or be subject to a purchase option in favor of the Subsidiary Guarantor that is exercisable in the sole discretion of the Subsidiary Guarantor and is for a nominal purchase price, (c) under which any required rental payment, principal or interest payment or other payment due under such lease or sublease, as applicable, from the Subsidiary Guarantor to the ground lessor is not more than thirty (30) days past due, (d) where no party to such lease or sublease, as applicable, is the subject of an Insolvency Proceeding, (e) where the Subsidiary Guarantor’s interest in the Real Property or the lease or sublease, as applicable, is not subject to any Lien (other than Permitted Exceptions), (f) contains provisions which create an obligation of the lessor to give the holder of any (i) recorded or unrecorded mortgage lien on such leased property or (ii) security interest in the Equity Interests of the owner of such leased property (provided such lessor has received written notice of either such lien or security interest) written notice of any defaults on the part of the Subsidiary Guarantor and agreement of such lessor that such lease will not be terminated until such holder has had a reasonable opportunity to cure such defaults (after foreclosure, if necessary for such cure), and fails to do so, (g) contains provisions which permit the use of such Real Property for its then-current use, (h) contains provisions which provide for such other rights customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease or sublease, and (i) under which there exists no default or event of default by a ground lessor, which default or event of default has caused or otherwise resulted in or could reasonably be expected to cause or otherwise result in any material interference with the Subsidiary Guarantor’s occupancy or other rights under t...
Approved Ground Lease means with respect to a Property a ground lease that (a) has a remaining term (including renewal options that are exercisable without condition) of not less than fifty (50) years at the time such Property is first included as a Collateral Property, (b) permits a leasehold mortgage that secures all of the Obligations on terms satisfactory to Administrative Agent, (c) provides that such lease may not be terminated by the ground lessor without prior notice to the leasehold mortgagee and an opportunity for such leasehold mortgagee to cure any default by the lessee (including adequate time for the leasehold mortgagee to obtain possession to effect such cure), (d) contains such other leasehold mortgagee protections as the Administrative Agent may require and (e) is otherwise satisfactory to the Administrative Agent.
Examples of Approved Ground Lease in a sentence
Each applicable Borrower has good record and marketable title in fee simple to, or valid leasehold interests pursuant to an Approved Ground Lease in, all of the Borrowing Base Properties owned by it and all other real property necessary in the ordinary conduct of its business, free and clear of all Liens except the Permitted Encumbrances.
If the landlord under any Approved Ground Lease shall deliver to Administrative Agent a copy of any notice of default under such Acceptable Ground Lease, then such notice shall constitute full protection to Administrative Agent for any action taken or omitted to be taken by Administrative Agent, in good faith, in reliance thereon.
Each of the Unencumbered Borrowing Base Properties is either wholly owned in fee by a Loan Party or ground leased by a Loan Party pursuant to a long term ground lease which has been designated as an Approved Ground Lease, in each case subject to no Liens other than Permitted Liens of the type described in Section 7.01(b), (c), (e), (f) and (i).
Each of the Borrowing Base Properties is either wholly owned in fee by a Borrower or ground leased by a Borrower pursuant to a long term ground lease which has been designated as an Approved Ground Lease, in each case subject to no Liens other than Permitted Liens.
Each of the Borrowing Base Properties is either wholly owned in fee by a Loan Party or ground leased by a Loan Party pursuant to a long term ground lease which has been designated as an Approved Ground Lease, in each case subject to no Liens other than Permitted Liens.
More Definitions of Approved Ground Lease
Approved Ground Lease means a ground lease that is in form and substance reasonably acceptable to the Administrative Agent and the Required Lenders (as evidenced by their approval of the Unencumbered BBP Deliverables related to a proposed Unencumbered Borrowing Base Property that is subject to a ground lease). The Monaco DC Ground Lease and the Argonaut Ground Lease are approved as Approved Ground Leases.
Approved Ground Lease means any one of them; and (i) under which there exists no default or event of default by a ground lessor which default or event of default has caused or otherwise resulted in or could reasonably be expected to cause or otherwise result in any material interference with the applicable Borrower lessee’s occupancy or other rights under the applicable ground lease.
Approved Ground Lease means, with respect to a Hotel Property, a ground lease that (a) has a remaining term (including renewal options that are exercisable without condition) of not less than fifty (50) years at the time such Hotel Property is first included as a Borrowing Base Property, or in the event that such remaining term is less than fifty (50) years, such ground lease either (i) contains an unconditional end-of-term purchase option in favor of the lessee for consideration that is, in the reasonable judgment of the Administrative Agent, de minimus or (ii) provides that the lessee’s leasehold interest therein automatically becomes a fee-owned interest at the end of the term, (b) permits a leasehold mortgage on terms satisfactory to Administrative Agent, (c) provides that such lease may not be terminated by the ground lessor without prior notice to the leasehold mortgagee and an opportunity for such leasehold mortgagee to cure any default by the lessee (including adequate time for the leasehold mortgagee to obtain possession to effect such cure), and (d) is otherwise satisfactory to the Administrative Agent in its reasonable judgment.
Approved Ground Lease means, at any time, any ground lease (whether related to an interest in land alone or an interest in land and the improvements located thereon) with respect to any Real Property on terms and conditions that are acceptable to the Administrative Agent, and: (a) under which a Subsidiary Guarantor is the lessee, (b) that has a remaining term of no less than forty (40) years (assuming the exercise of any applicable extension options that are exercisable at the lessee’s option) from the date it becomes a Borrowing Base Property under this Agreement or be otherwise subject to a purchase option in favor of the lessee that is exercisable in the sole discretion of such lessee and is for a nominal purchase price, (c) under which any required rental payment, principal or interest payment or other payment due under such lease from the Subsidiary Guarantor to the ground lessor is not more than thirty (30) days past due, (d) where no party to such lease has been the subject of a Bankruptcy Event, (e) where the Subsidiary Guarantor’s interest in the Real Property or the lease, as applicable, is not subject to (i) any Lien other than a Permitted Encumbrance or (ii) any Negative Pledge; (f) containing provisions which permit the use of such Real Property for its then-current use; (g) containing provisions which provide for such other rights customarily required by mortgagees making a loan secured by the interest of the holder of the leasehold estate demised pursuant to a ground lease; and (h) under which there exists, to the Borrower’s knowledge, no default or event of default by a ground lessor which default or event of default has caused or otherwise resulted in or could reasonably be expected to cause or otherwise result in any material interference with the lessee’s occupancy or other rights under the applicable ground lease.
Approved Ground Lease means, at any time, any ground lease (whether related to an interest in land alone or an interest in land and the improvements located thereon) with respect to any Real Property which is on terms and conditions that are acceptable to the Administrative Agent, and: (a) under which a Direct Property Owner is the lessee, (b) that has a remaining term of no less than thirty-five (35) years (assuming the exercise of any applicable extension or renewal options that are exercisable at the lessee’s option), calculated as of the date such Real Property becomes a Borrowing Base Property, (c) that is in full force and effect, (d) that is transferable and assignable either without landlord’s prior consent or with such consent, which, however, will not be unreasonably withheld or conditioned by landlord, (e) pursuant to which (i) no event of default or terminating event exists thereunder, and (ii) no event has occurred which but for the passage of time, or notice, or both would constitute a default or terminating event thereunder, and (f) where no party to such lease is the subject of a proceeding pursuant to Debtor Relief Laws. As of the Closing Date, the ground lease related to the Queen Mary Borrowing Base Property is deemed to be an Approved Ground Lease.
Approved Ground Lease means, at any time, any ground lease (whether related to an interest in land alone or an interest in land and the improvements located thereon) with respect to any Real Property (a) under which a Subsidiary Guarantor is the lessee, (b) that has a remaining term of no less than thirty-five (35) years (assuming the exercise of any applicable extension options that are exercisable at the lessee’s option) from the date it becomes a Borrowing Base Property under this Agreement or be otherwise subject to a purchase option in favor of the lessee that is exercisable in the sole discretion of such lessee and is for a nominal purchase price and (c) that the Administrative Agent has determined in its commercially reasonable discretion is a financeable ground lease.
Approved Ground Lease means a ground lease that is in form and substance reasonably acceptable to the Administrative Agent (as evidenced by its approval of the BBP Deliverables related to a proposed Borrowing Base Property that is subject to a ground lease), which ground lease shall, without limitation, provide for notice to any leasehold mortgagee or the beneficiary under any leasehold deed of trust (or any other Person in a similar capacity) of any default by the ground lessee thereunder and an opportunity (but not an obligation) for the recipient of such notice to cure such default on terms satisfactory to the Administrative Agent and shall otherwise conform to the Administrative Agent’s requirements with respect to ground leases.