Examples of Continuing Leases in a sentence
Schedule 1 attached hereto lists all of the Continuing Leases and Continuing Lease Guaranties and all amendments, supplements and other material modifications thereof.
Following closing, to the extent that we elect not to extend any or all of the Continuing Leases, the face amount of the Letter of Credit will be reduced proportionally in respect of the rent obligations under the Continuing Leases that are not extended.
The Marriott Parties hereby agree that, notwithstanding anything to the contrary set forth in the Reimbursement Agreement, commencing January 1, 2014, no Collateral Event shall be deemed to have occurred with respect to the Continuing Leases, the Continuing Lease Guaranties or the Lifecare Agreements so long as, and at any time that, the Letter of Credit is in effect or Marriott is in possession of L/C Proceeds, in each case sufficient to satisfy the Secured Obligations in full.
With respect to the Continuing Leases, the Sellers and the Owners shall have delivered a Tenant Estoppel Certificate substantially in the form of Exhibit 6.3(b) attached hereto.
On the terms set forth in this Agreement and subject to the conditions set forth in Section 3 hereof, at the Closing, the Marriott Parties shall execute for the benefit of, and deliver to, Sunrise a written consent to the extension of the Continuing Leases in the form set forth on Exhibit A attached hereto (the “Marriott Consent”).
At Closing (I) each Lease with respect to a Property (other than the Continuing Leases) will (A) be a Sonic Lease within the meaning of the Sonic Agreement, and (B) be guaranteed by SAI, and (II) each Continuing Lease will be guaranteed by the Person, if any, guaranteeing such Lease as of the Effective Date.
Sunrise hereby authorizes Marriott to deliver, on or after October 1, 2016, Terminating Lease Notices to the Landlord with respect to the Continuing Leases relating to lease terms commencing after December 31, 2018.
Marriott has agreed to reduce the face amount of the Letter of Credit proportionally on a quarterly basis during the Extension Term as we pay our rental obligations under the Continuing Leases.
The Owners shall have terminated all of the Leases (including, without limitation, licenses and occupancy agreements (and any amendments thereto or extensions thereof), rights of occupancy and rights of possession), other than the Continuing Leases, using a Pre-Acquisition Lease Termination Agreement and Estoppel Certificate substantially in the form of Exhibit 6.3(a) attached -------------- hereto.
We provided Marriott with a letter of credit (the “Letter of Credit”) issued by KeyBank, NA (“KeyBank”) with a face amount of $85.0 million to secure Marriott’s exposure under the Lease Guarantees for the Continuing Leases during the Extension Term and certain other of our obligations (collectively, the “Secured Obligations”).