Permitted Easements shall have the meaning set forth in Section 11.1. “Permitted Encumbrances” shall have the meaning set forth in Section 11.1. “Permitted Investments” shall mean:
Permitted Easements means (1) easements, licenses, rights-of-way and other rights and privileges in the nature of easements reasonably necessary or desirable for the use, repair, or maintenance of any real property and (2) if required by a governmental authority, the dedication or transfer of unimproved portions of any real property for road, highway or other public purposes; so long as, in each case (i) such grant, dedication or transfer does not materially impair the value of the remaining useful life of the applicable real property or the fair market value of such real property or materially impair or interfere with the use or operations thereof, and (ii) such grant, dedication or transfer is reasonably necessary in connection with the use, maintenance, alteration or improvement of the applicable real property.
Permitted Easements means, all rights-of-way, easements, rights of use or similar rights granted by the Borrower or the Lessee over any portion of the Project which, in the aggregate, do not materially (i) diminish the value of the Project or (ii) interfere with the ordinary conduct of the business of the Borrower or the Lessee, in each instance under clauses (i) or (ii), as conclusively established by a board resolution of the Borrower or the Lessee, as applicable. For the avoidance of doubt, any of the foregoing which would create or result in a Material Adverse Effect is strictly prohibited.
Examples of Permitted Easements in a sentence
The Authority holds or will hold by not later than the Commencement Date (i) good and marketable fee title to each property owned by the Authority, and (ii) valid and enforceable leases, licenses, and easements over any and all portions of the Stadium Site, in each case, free and clear of all encumbrances other than the Permitted Encumbrances and Permitted Easements.
More Definitions of Permitted Easements
Permitted Easements means (a) easements, licenses, rights-of-way and other rights and privileges in the nature of easements reasonably necessary or desirable for the use, repair, or maintenance of any Real Property as herein provided and (b) if required by applicable Governmental Authority, the dedication or transfer of unimproved portions of any Real Property for road, highway or other public purposes; so long as, in each case (i) such grant, dedication or transfer does not materially impair the value of remaining useful life of the applicable Real Property or the fair market value of such Real Property or materially impair or interfere with the use or operations thereof, (ii) such grant, dedication or transfer, in Administrative Borrower's business judgment, is reasonably necessary in connection with the use, maintenance, alteration or improvement of the applicable Real Property and (iii) such grant, dedication or transfer will not cause the applicable Real Property or any portion thereof to fail to comply with the provisions of the Loan Documents and all Applicable Law.
Permitted Easements means (a) easements, licenses, rights-of-way and other rights and privileges in the nature of easements reasonably necessary or desirable for the use, repair, or maintenance of any Real Property as herein provided and (b) if required by applicable Governmental Authority, the dedication or transfer of unimproved portions of any Real Property for road, highway or other public purposes; so long as, in each case (other than with respect to Real Property subject to the Synthetic Leases) (i) such grant, dedication or transfer does not materially impair the value or remaining useful life of the applicable Real Property or the fair market value of such Real Property or materially impair or interfere with the use or operations thereof, (ii) such grant, dedication or transfer, in Administrative Borrower's business judgment, is reasonably necessary in connection with the use, maintenance, alteration or improvement of the applicable Real Property and (iii) such grant, dedication or transfer will not cause the applicable Real Property or any portion thereof to fail to comply with the provisions of the Loan Documents and all Applicable Law.
Permitted Easements means any easement granted by Borrower in the ordinary course of business after the Closing Date for water and sewer lines, telephone lines, electric lines or other similar utilities, provided that (i) the easement depicts the specific dimensions and location of the easement area (e.g., is not blanket) which may not be under any Improvements, (ii) the use of the easement is limited to providing water, sewer, telephone, electric or other similar utility services to the Property, (iii) no such conveyance, grant or encumbrance shall impair the utility or operation of the Property or cause a Material Adverse Change to the Property, (iv) the easement does not contain language intended to make it superior to the lien of the Security Instrument, and (v) Borrower provides a copy of the final recorded easement to Lender within ten (10) days of execution.
Permitted Easements means easements and other similar encumbrances (or amendments thereto) (i) approved by Administrative Agent, (ii) entered into by Borrower in the ordinary course of business for use, access, water and sewer lines, telephones and telegraph lines, electric lines or other utilities or for other similar purposes, provided that no such easement or other similar encumbrance shall materially impair the use, operation or value of the Property or otherwise have a Material Adverse Effect, (iii) disclosed on the Title Policy, (iv) contained in the REA, or (v) otherwise permitted pursuant to the terms of the Loan Documents; provided that in no event shall a Permitted Easement be deemed to include an “easement of light and air” or a transfer of any air or development rights or, unless otherwise approved by the Administrative Agent in its reasonable discretion, parking rights.
Permitted Easements means, to the extent that no Material Adverse Effect would be created by or result from the consummation thereof: (a) easements that burden solely an asset which is not used in the operation of the Series 2017 Project, (b) underground easements, (c) access, pedestrian and vehicular crossing, longitudinal driveway, railroad cross access and track usage easements, public and private grade crossing and similar easements, (d) aerial easements or rights (including leases), including but not limited to those for communications, fiber optic or utility facilities (including easements for installation of cellular towers), (e) pylon sign and billboard easements and leases, (f) above-ground drainage or slope easements, (g) scenic and clear vision easements, (h) utility easements and minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions or covenants as to the use of real properties or Security Interests incidental to the conduct of the business of the Borrower or to the ownership of its properties, (i) easements, licenses, rights of way or similar encumbrances granted in the ordinary course of business, (j) reciprocal easement and/or access agreements encumbering a portion of the Project and an adjacent parcel or track, (k) aerial easements or rights (including leases) across road right of ways or other property, (1) any easements, leases, licenses, rights of way or similar encumbrances or agreements in favor of South Florida Regional Transportation Authority or Florida Department of Transportation, or an affiliate thereof, to allow commuter rail service on the corridor, (m) for the downtown Miami property, amendments to the recorded declaration of covenants in lieu of unity of title, easement and operating agreement and/or the declaration of covenants, restrictions and easements, including, but not limited to, any required amendment upon completion of the construction of the Miami station and the other residential, retail and office structures interconnected with the Miami station to correct any errors in the legal descriptions of the air rights granted to the entities owning the same and amendment to the allocation of shared costs assessed pursuant to the declaration of covenants, restrictions and easements among the owners of the station and other elements, or (n) any final map, plat...
Permitted Easements means, as to any Mortgaged Property, easements, covenants and restrictions agreement, leases, licenses (including, but not limited to hunting and recreational licenses or leases), rights of way or similar encumbrances with respect to such Mortgaged Property that (i) do not materially interfere with the then current use and operation of such Individual Property as of the Mortgage Delivery Date and (ii) do not have a Material Adverse Effect on the Mortgaged Property.
Permitted Easements means easements, rights of way, restrictions, covenants, reservations, and other similar encumbrances (or amendments thereto or terminations thereof) and construction access agreements in connection with any Individual Property and/or any other neighboring development or property (i) reasonably approved by Lender, (ii) expressly set forth in Leases executed on or prior to the date hereof, or in any other Lease for which Lender’s approval is obtained (or with respect to any Lease that is not a Major Lease, with the prior written consent of the Lender), or (iii) entered into by Borrower in the ordinary course of business for use, access, ingress, egress, traffic circulation, parking, development and construction, water and sewer lines, telephones and telegraph lines, electric lines, internet, cable, and Wi-Fi hardware, other utilities, solar and/or fuel cell facilities, or for other similar purposes, provided that no such easement or other similar encumbrance shall materially impair the use, operation or value of the Property or otherwise have, or be reasonably expected to result in, an Individual Material Adverse Effect; provided, that with respect to clause (iii), in no event shall a Permitted Easement be deemed to include an “easement of light and air” or a transfer of any air or development rights, unless otherwise approved by the Lender in its reasonable discretion. To the extent that the Deemed Approval Requirements are fully satisfied in connection with any Borrower request for approval under clause (i) of this definition, Lender’s approval shall be deemed given with respect to the matter for which approval was requested.