Permitted Leasehold Mortgage. A document creating or evidencing an encumbrance on Tenant’s leasehold interest (or a subtenant’s subleasehold interest) in the Leased Property, granted to or for the benefit of a Permitted Leasehold Mortgagee as security for the obligations under a Debt Agreement.
Permitted Leasehold Mortgage. Any mortgage, pledge agreement, security agreement, assignment of leases and rents, fixture filing or similar document creating or evidencing a lien on Tenant’s leasehold interest (or subleasehold interest) in all of the Leased Property, subject to exclusions with respect to items that are not capable of being mortgaged and that, in the aggregate, are de minimis (or a lien on at least eighty percent (80%) of the direct or indirect Equity Interests in Tenant at any tier of ownership), granted to or for the benefit of a Permitted Leasehold Mortgagee as security for the indebtedness of Tenant or its Affiliates.
Permitted Leasehold Mortgage means any mortgage, deed of trust, deed to secure debt, assignment, security interest, pledge, financing statement or any other instrument(s) or agreement(s) that is held by a Permitted Leasehold Mortgagee and is intended to grant security for any obligation encumbering the entire Leasehold Estate, as the same may be entered into, renewed, modified, amended, extended or assigned from time to time during the Term.
Examples of Permitted Leasehold Mortgage in a sentence
The Landlord shall not accept a voluntary surrender of this Lease at any time during which the Leasehold Estate is encumbered by a Permitted Leasehold Mortgage or prior to the expiration of the Compliance Period for the last building in the Project.
Any sublease is subordinate to this Lease, the Permitted Leasehold Mortgage and any new lease entered into between the Landlord and Permitted Leasehold Mortgagees.
If no Permitted Leasehold Mortgage is outstanding, such proceeds shall be payable to Tenant and may be applied to restore or repair the Improvements and Equipment.
The Tenant shall fully comply with all of the insurance requirements imposed upon the Tenant under the Permitted Leasehold Mortgage and the Bond Loan Documents and Taxable Loan Documents to which the Tenant is a party.
If the Landlord fails to complete such cure as provided above, then subject to the provisions of any Permitted Leasehold Mortgage, the Tenant shall thereupon be entitled to exercise any and all remedies available to the Tenant for such default under this Lease or at law or in equity.
More Definitions of Permitted Leasehold Mortgage
Permitted Leasehold Mortgage. As used in this Section and throughout this Lease, the noun “mortgage” shall include a deed of trust or other security instrument (whether in the nature of a security agreement, assignment, collateral assignment or otherwise); the verb “mortgage” shall include the granting or creation of a deed of trust or other such security instrument; the word “mortgagee” shall include the beneficiary under a deed of trust or other such secured party or assignee; and the phrase “Leasehold Mortgagee” or “permitted Leasehold Mortgagee” shall mean a mortgagee of or with respect to a Leasehold Mortgage.
Permitted Leasehold Mortgage. A document creating or evidencing an encumbrance on Tenant’s leasehold interest (or a subtenant’s subleasehold interest) in the Leased Property, granted to or for the benefit of a Permitted Leasehold Mortgagee as security for the obligations under a Debt Agreement. 4 Calculated as two percent (2%) of the trailing 12 months Net Revenues as of June 30, 2015. To be updated as of the date of execution of the Master Lease to equal two percent (2%) of the aggregate Base Year Net Revenue. 5 Calculated as fifty percent (50%) of the trailing 12 months Net Revenues as of June 30, 2015. To be updated as of the date of execution of the Master Lease to equal fifty percent (50%) of the aggregate Base Year Net Revenue.
Permitted Leasehold Mortgage has the meaning given in Section 26 hereof.
Permitted Leasehold Mortgage means any mortgage made pursuant to Article XIII, together with any applicable security instruments entered into in connection therewith, including mortgages, deeds of trust, mortgage deeds, security deeds, conditional deeds, financing statements, security agreements and any other documentation that the applicable lender may require.
Permitted Leasehold Mortgage is defined in Paragraph 36.
Permitted Leasehold Mortgage. The term "Permitted Leasehold Mortgage" means any mortgage, deed of trust, deed to secure debt, assignment, security interest, pledge, financing statement or any other instrument(s) or agreement(s) that is held by a Permitted Leasehold Mortgagee and is intended to grant security for any obligation encumbering the entire Leasehold Estate, as the same may be entered into, renewed, modified, amended, extended or assigned from time to time during the Term.
Permitted Leasehold Mortgage. A document creating or evidencing an encumbrance on Tenant’s leasehold interest in the Leased Property, granted as security for the obligations under Guarantor’s Credit Agreement, which provides that, in the event of the exercise by the lender of its rights thereunder, the lender shall be required to secure the approval of Landlord to the replacement of Tenant with respect to the affected portion of the Leased Property and contain the lender’s acknowledgment that such approval may be granted or withheld by Landlord in accordance with the provisions of Article XXII of this Master Lease, as such Article XXII may be amended or modified from time to time by Tenant and Landlord in the exercise of their sole discretion. Person: Any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other form of entity.