Gone Dark definition
Gone Dark shall have the correlative meanings.
Gone Dark means that a Tenant has vacated, surrendered or ceased to conduct its normal business operations at substantially all of its premises demised under such Lease or has otherwise “gone dark” at such premises or has notified Borrower that it intends to vacate, surrender or cease to conduct its normal business operations at substantially all of its demised premises or otherwise “go dark”. Temporary cessation of normal business operations for a commercially reasonable period of time in the ordinary course of business, or during renovations or during renovation following a casualty, or for purposes of inventory shall not constitute Going Dark.
Gone Dark means that, with respect to any individual building (including any “bank branch”) that constitutes all or a portion of the Improvements at any Individual Property, Master Tenant has vacated and ceased operations in all of the space in such building (or bank branch) for more than 120 consecutive calendar days, other than as a result of a Casualty/Condemnation affecting such Improvements, as evidenced by one or more of the following: (a) Borrower’s receipt of written notice or a third party’s receipt of written notice of which Borrower is made aware (e.g. a property insurer), (b) Borrower’s actual knowledge based on physical inspection, (c) Lender’s actual knowledge based on physical inspection that is promptly verified by Borrower (Borrower agrees to promptly verify same after notice from Lender), (d) verifiable published reports, press releases or other media, or (e) the subject space (i.e., all of the space in such building or bank branch) being actively marketed for sublease after Master Tenant has vacated and ceased operations in the subject space; provided, that Master Tenant shall not be considered to have Gone Dark with respect to an individual building or bank branch if Borrower has obtained evidence satisfactory to Lender in its sole discretion that Master Tenant intends to resume or has resumed activity at such individual building or bank branch. For purposes of this definition, each reference to “Borrower” shall additionally include any of its Affiliates or any Manager retained by Borrower (as opposed to a property manager retained by Master Tenant).
Examples of Gone Dark in a sentence
At any time during the Term, including any Extension Term (as defined in Exhibit "A"), Tenant shall have the right, but not the obligation, to cease its business operations within the Premises (which may be referred to herein as “Go Dark” or any verb-tense variation thereof); provided, however, that nothing herein shall be deemed to affect Tenant’s obligation to pay full Rent during the period Tenant has Gone Dark.
More Definitions of Gone Dark
Gone Dark means the cessation of physical occupancy by Freeport (or other permitted Tenant of the Freeport Premises) at the Property except (i) during such periods when the Property is untenantable by reason of fire or other Casualty or Condemnation, (ii) in connection with repairs or alterations that are being made at the Property in accordance with the Freeport Lease, this Agreement and the other Loan Documents, (iii) that such Tenant shall not be deemed to have ceased physical occupancy in any portion of the Freeport Premises if such portion of the Freeport Premises has been subleased in its entirety to one or more subtenants, such subleases have been approved by Lender to the extent required pursuant to the terms of this Agreement and none of the subtenants have ceased physical occupancy in the subleased premises which in the aggregate cover the entire Freeport Premises.