Material Site Title Issue definition
Material Site Title Issue means (i) with respect to any Leased Site, that none of the AT&T Contributors or the AT&T Newcos holds a leasehold interest in such Site or an easement, license, permit or similar agreement to operate such Site or such other possessory interest in such Site or (ii) with respect to any Owned Site, that none of the AT&T Contributors or the Sale Site Subsidiaries holds a fee simple interest in such Site.
Material Site Title Issue means: (a) with respect to any Leased Site, that no SM Group Member holds a valid and existing leasehold interest in such Leased Site or a valid and existing easement, license, marketing or development right, co-marketing or co-development right, permit or similar agreement or right with respect to such Leased Site or such other valid and existing possessory interest in such Leased Site as of the Initial Closing Date; or (b) with respect to any Owned Site, that no SM Group Member holds good and marketable fee simple interest in such Owned Site as of the Initial Closing Date.
Material Site Title Issue means (i) with respect to any Ground Leased Site, that none of the Verizon Contributors or the Verizon Lessors holds a leasehold interest in such Site or an easement, license, permit or similar agreement to operate such Site or such other possessory interest in such Site or (ii) with respect to any Owned Site, that none of the Verizon Contributors or the Sale Site Subsidiaries holds a fee simple interest in such Site.
Examples of Material Site Title Issue in a sentence
Obtaining Title Policies shall not be a condition to the occurrence of any Closing and the failure to be able to obtain a Title Policy with respect to a Portfolio Site shall not, in and of itself, be evidence of Material Site Title Issue or any other Managed Site Condition; provided that nothing in this Section 7.17 is intended to limit Buyer’s rights or remedies provided for under Article IV with respect to a Material Site Title Issue or any other Managed Site Condition.
More Definitions of Material Site Title Issue
Material Site Title Issue means (i) with respect to any Leased Site, that none of the T-Mobile Contributors or the T-Mobile SPEs holds a leasehold interest in such Site or an easement, license, permit or similar agreement to operate such Site or such other possessory interest in such Site or (ii) with respect to any Owned Site, that none of the T-Mobile Contributors or the Sale Site Subsidiaries holds a fee simple interest in such Site.
Material Site Title Issue means, with respect to any Portfolio Site: (a) with respect to any Leased Site, that no Commnet Group Member holds a valid and existing leasehold interest in such Leased Site or a valid and existing easement, license, marketing or development right, co-marketing or co-development right, permit or similar agreement or right with respect to such Leased Site or such other valid and existing possessory interest in such Leased Site as of the Initial Site Closing Date; (b) with respect to any Owned Site, that no Commnet Party holds good and marketable fee simple interest in such Owned Site as of the Initial Closing Date; or (c) any other title or related issue disclosed in a Title Report that could adversely impact the use or operation of the Portfolio Site in any material respect; and in any such case: (i) such Portfolio Site is identified as being subject to a Material Site Title Issue on the Signing Site Designation List; or (ii) (A) such Portfolio Site becomes subject to a Material Site Title Issue on or after the Signing Date and prior to the Initial Site Closing Date for such Portfolio Site, (B) such Material Site Title Issue is identified on the Closing Site Designation List for the Initial Site Closing Date for such Portfolio Site, and (C) the Expected Remediation Costs to remediate such Material Site Title Issue exceed the Remediation Cost Threshold.
Material Site Title Issue means (i) with respect to any Tower Leased Site, that no Cumulus Party, nor any of their respective Affiliates, holds a valid leasehold interest in such Tower Leased Site or an easement, license, permit or similar agreement to operate such Tower Leased Site, (ii) with respect to any Owned Site, that no Cumulus Party, nor any of their respective Affiliates, holds a valid fee simple interest in such Owned Site, (iii) with respect to any Tower Leased Site or Owned Site, that such Site does not have a valid and enforceable right of access to a public right-of-way, and (iv) with respect to any Tower Leased Site or Owned Site, that such Site is subject to (x) a restrictive covenant that prohibits the location or materially impairs the ownership or operation of a Tower located on such Site, or (y) a foreclosure proceeding, a foreclosure, a deed in lieu of foreclosure or similar other proceeding involving a Lien or Ground Lessor Mortgage that is reasonably likely to either (1) render the Tower located on such Site unusable as a communication tower or (2) result in the outcome specified in clause (i) or (ii) above.