Dark Property definition

Dark Property means any Property as to which, as of the last day of the Current Reporting Quarter, (a) all leases have terminated, (b) the Borrower is not recognizing revenue from any tenants in accordance with GAAP or (c) the Adjusted NOI for such Property is negative.

Dark Property has the meaning given that term in the definition of Occupancy Rate.

Dark Property means a Borrowing Base Property where one or more of the tenants previously occupying the Borrowing Base Property has vacated the Borrowing Base Property, but the Borrowing Base Property remains 100% leased (without regard to any subleases) to a tenant maintaining a rating of BBB-/Baa3 or better, which tenant is current on payments, has a minimum of eight (8) years left on the applicable lease and does not have any right to terminate its lease.

Examples of Dark Property in a sentence

• Tenant shall operate each 50% Go Dark Property such that it will retain during the entire 50% Go Dark Period the look, feel and consistency of a fully operating Sears Store or Kmart Store to minimize the impact of the 50% Go Dark on customers and the operations of the Store (the “50% Go Dark Operating Standard”).

• With respect to any such Dark Property after termination of the Lease, any reletting of any such Dark Property and any sale of any such Dark Property shall be in Landlord’s sole and absolute discretion.

• Tenant shall provide Landlord written evidence reasonably satisfactory to Landlord demonstrating Tenant’s marketing efforts, including, without limitation, a copy of the listing agreement Tenant entered into with a local broker to market such Dark Property.

• The Go Dark Trigger Cap Amount shall continue to be held in the Excess Cash Flow Account until such time as there is no other Excess Cash Flow Sweep Trigger Event in existence and the Dark Property Cure has occurred, only then shall the Go Dark Trigger Cap Amount be remitted to Borrower within five (5) Business Days thereafter.

• If Tenant fails to commence and thereafter diligently continue to market such Dark Property within such twelve (12) month period, the Landlord shall have the right (but not the obligation) to actively market a sublease for such Dark Property.

More Definitions of Dark Property

Dark Property means an otherwise Qualified Property where one or more of the Tenants previously occupying said Qualified Property has vacated said Qualified Property and caused total physical occupancy to be less than 100% for Single-Tenant Properties or 85% for Multi-Tenant Properties, but said Qualified Property remains 100% leased for Single-Tenant Properties or 85% for Multi-Tenant Properties (ignoring subleases) to one or more Credit Tenants, as applicable, pursuant to a net Lease or Leases, said Tenant or Tenants are current on payments.

Dark Property set forth in Section 1.01 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

Dark Property means Real Property not being operated by the applicable tenant and in respect of which the applicable tenant is paying in full the rent and other amounts due under its lease for such Real Property and is in compliance with its other material obligations under its lease.

Dark Property means any Property as to which (i) all leases have terminated or (ii) the Company is not recognizing revenue from any tenants in accordance with GAAP as of the last day of the Current Reporting Quarter.

Dark Property means, as of any date of determination, any Property that is Dark.

Dark Property means any Property as to which, as of the last day of the Current Reporting Quarter, (a) all leases have terminated,(b) the Borrower is not recognizing revenue from any tenants in accordance with GAAP or (c) the Adjusted NOI for such Property is negative.

Dark Property means any Property where a Sole Tenant (i) vacates, surrenders or ceases to conduct its normal business operations or (ii) notifies Borrower, Manager, any Affiliate of Borrower or Manager or any of their respective agents or representatives that it intends to vacate, surrender or cease to conduct its normal business operations (except if Sole Tenant subsequently decides not to and does not so vacate, surrender or cease to conduct its normal business operations at such Properties). EAST\87098743.3