Material Property Agreement definition

Material Property Agreement means all agreements (other than Leases) to which any Borrower is a party relating to the use, renovation, operation, development, construction, design or management of the Mortgaged Property (including, without limitation, any management, asset or development management agreements, service agreements and exclusive leasing agreements) that provides for aggregate payments in any calendar year in excess of $250,000.00 and which is not terminable by Borrower on thirty (30) or fewer days’ notice from Borrower.

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Material Property Agreement means, with respect to each Real Estate Asset, each hotel management agreement, property management agreement, franchise agreement (including any so-called “manchise” agreements), operating lease, ground lease, Subsidiary Loan Agreement and each applicable loan document and security instrument (including, relating to any mezzanine loans) related to the applicable Subsidiary Loan Agreements.

Material Property Agreement means any Property Agreement (a) which is material to the use, operation or value of the Property or (b) as to which the exercise by the counterparty thereto of its rights or remedies thereunder would have, or would be reasonably likely to result in, a Material Adverse Effect.

Examples of Material Property Agreement in a sentence

Borrower shall cause its Subsidiaries to not make any capital expenditures (including expenditures for maintenance, repair or improvement of any Hotel Property or other existing properties and assets) other than capital expenditures (i) required and necessary for the usual and customary maintenance and safety of such Hotel Property, (ii) required to be made under a Material Property Agreement or (iii) as approved by the Requisite Lenders in their sole discretion.
All Tenant Improvements, whether -------------------------------- installed by Landlord or Tenant, shall become a part of the Premises.
If a Material Property Agreement Party returns an executed Material Property Agreement Estoppel to a Seller, such Seller shall promptly deliver to Purchaser a copy of such executed Material Property Agreement Estoppel following such Seller’s receipt of such Material Property Agreement Estoppel.
Other than in connection with a casualty or in response to an unforeseen or emergency situation or as required by a Material Property Agreement, the Borrowers shall not, and shall not permit any Subsidiary Owner to, perform, undertake or contract to perform any Material Alteration without the prior written consent of the Requisite Lenders, which may be granted or withheld in such Lenders’ sole discretion.
Other than any amendments to, or terminations and replacements of, the Hilton Franchise Agreements, which amendments and replacements shall be in substantially the form of Exhibit G, each Borrower shall not, and shall cause its Subsidiary Owners to not, amend, modify, terminate or waive any material rights or obligations under, any Material Property Agreement, without the prior written consent of the Requisite Lenders or as contemplated in the Restructuring Support Agreement.
Each Material Property Agreement is in full force and effect, and no Subsidiary Owner is in default in any material respect in the performance, observance or fulfillment of any of its obligations, covenants or conditions contained in any Material Property Agreement other than those defaults for which the Borrowers and/or the applicable Subsidiary Owner(s) have received satisfactory forbearances or waivers).
Seller shall use commercially reasonable efforts to obtain the prompt return of the executed Material Property Agreement Estoppels in substantially the same form delivered to Seller by Purchaser.
If a Material Property Agreement Party returns an executed Material Property Agreement Estoppel to Seller, Seller shall promptly deliver to Purchaser a copy of such executed Material Property Agreement Estoppel following Seller’s receipt of such Material Property Agreement Estoppel.
If the Sellers are unable to the Material Property Agreement Estoppel Condition with respect to any Property on or before the Final Closing Date, then, unless the Buyer elects to waive such condition, such Property and its Asset-Related Property shall be deemed an “Excluded Material Property Agreement Asset”.
Notwithstanding the foregoing, Purchaser's obligation to close the transactions contemplated by this Agreement shall not be subject to or contingent upon the delivery of a Material Property Agreement Estoppel by any Material Property Agreement Party provided that Seller complies with its obligations under this Section 14.01(v).

More Definitions of Material Property Agreement

Material Property Agreement means all agreements to which any Borrower is a party relating to the use, renovation, operation, development, construction, design or management of the Mortgaged Property (including, without limitation, any management, asset or development management agreements, service agreements and exclusive leasing agreements) that provides for aggregate payments in any calendar year in excess of $25,000 and which is not terminable by a Borrower on thirty (30) or fewer days’ notice from such Borrower. “Maturity Date” means, (i) prior to the exercise of the Extension Option, the Initial Maturity Date, or (ii) in the event that the Extension Option is exercised in accordance with the terms of Section 3.7, the Extension Maturity Date. “Maximum Rate” means, at all times, the maximum rate of interest which may be charged, contracted for, taken, received or reserved by Lender in accordance with applicable Massachusetts law (or applicable United States federal law to the extent that such law permits Lender to charge, contract for, receive or reserve a greater amount of interest than under Massachusetts law). The Maximum Rate shall be calculated in a manner that takes into account any and all fees, payments, and other charges in respect of the Loan Documents that constitute interest under Applicable Law. Each change in any interest rate provided for herein based upon the Maximum Rate resulting from a change in the Maximum Rate shall take effect without notice to Borrowers at the time of such change in the Maximum Rate. “Maximum Revolving Credit” means the lesser of (a) the Revolving Loan Commitment and (b) the Borrowing Base then in effect on any Business Day (as reflected in the Borrowing Base Certificate most recently provided to the Lender or any information determined by the Lender in the interim). “MD Mortgaged Property” means, the land and the improvements thereon located at ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, any other real or personal, tangible or intangible, property more particularly described in the Mortgage executed with respect to each such parcels of land and improvements thereon. “Mortgage” shall mean (i) the Mortgage, Assignment of Leases and Rents, Financing Statement and Security Agreement by Curaleaf FL in favor of the Lender with respect to the FL Mortgaged Property, as amended by that certain First Amendment to Mortgage, Assignment of Leases and Rents, Financing Statement and Security Agreement dated as of the Closing Date, (ii) the Open-End Mortgag...