Re-tenanting Event definition
Re-tenanting Event means lender’s receipt of evidence that the borrower has entered into a new lease or leases with a replacement tenant or tenants reasonably acceptable to lender for the demised premises which had previously been occupied by the applicable Significant Tenant in form and substance reasonably satisfactory to lender and otherwise in accordance with the terms of the related loan agreement, and (i) that each tenant under any such replacement lease has accepted possession and is in occupancy of, and is open for business and conducting normal business operations at, all of the space demised under the lease and is paying full, unabated rent in accordance with the lease, (ii) that the rents payable under any such replacement lease are no less than one hundred percent (100%) of the rents under the lease being replaced and are comparable to existing local market rates for similar properties and (iii) that all landlord obligations under any such replacement lease (including, without limitation, tenant improvement and leasing commission obligations) have been duly performed, completed and paid for, such evidence to include, without limitation, a fully-executed Lease and an acceptable tenant estoppel certificate from each such tenant.
Re-tenanting Event means, with respect to the Cardiology/Gastro Associates Space, Lender’s receipt of evidence in form and substance satisfactory to Lender that one or more replacement tenants reasonably satisfactory to Lender are in full occupancy of such premises, open for business and paying full, unabated rent pursuant to a lease with a term of no less than five (5) years and a net effective rental payment of no less than $23.00 per foot, on a triple net basis (however, in the event that such lease provides for a term of less than five (5) years or a net effective rental payment of less than $23.00 per foot, on a triple net basis, such lease terms shall be acceptable to Lender in its sole discretion), such evidence to include, without limitation, (i) a fully-executed Lease entered into in accordance with the terms of the Loan Agreement and satisfactory to Lender and (ii) a tenant estoppel certificate from such replacement tenant that confirms the foregoing.
Re-tenanting Event. Lender’s receipt of evidence reasonably satisfactory to Lender that Borrower has entered into a new Lease or Leases with a replacement Tenant or Tenants acceptable to Lender for the demised premises which had previously been occupied by Riot Games or the applicable Successor Tenant (as applicable) in form and substance satisfactory to Lender and otherwise in accordance with the terms of this Agreement, and:
Examples of Re-tenanting Event in a sentence
Upon the occurrence and during the continuation of a Major Tenant Trigger Period, Borrower shall deposit with Lender the Major Tenant Trigger Event Excess Cash Flow (the “Monthly Major Tenant Rollover Deposit”) for tenant improvements and leasing commissions that may be incurred by Borrower following the occurrence of either (a) an Acceptable Major Tenant Lease Extension or (b) an Acceptable Re-tenanting Event with respect to the Major Tenant Space.
More Definitions of Re-tenanting Event
Re-tenanting Event means Lender’s receipt of evidence that Borrower has entered into a new Lease or Leases with a replacement Tenant or Tenants acceptable to Lender for the demised premises which had previously been occupied by the Sole Tenant in form and substance satisfactory to Lender and otherwise in accordance with the terms of this Agreement, and (i) that each Tenant under any such replacement Lease has accepted possession and is in occupancy of, and is open for business and conducting normal business operations at, all of the space demised under the Lease and is paying full, unabated rent in accordance with the Lease, and (ii) that all landlord obligations under any such replacement Lease required to have been performed as of the date of the Acceptable Tenant Estoppel Certificate (including, without limitation, tenant improvement and leasing commission obligations) have been duly performed, completed and paid for, such evidence to include, without limitation, a fully-executed Lease and a fully-executed estoppel certificate from each such Tenant in form and substance satisfactory to Lender (an “Acceptable Tenant Estoppel Certificate”) that provides, among other things (1) that such Tenant has accepted and is occupying all of the space demised under such replacement Lease, is open for business and is paying full, unabated rent in accordance with such replacement Lease, (2) that all of the obligations of Borrower, as landlord under such replacement Lease, required to have been performed as of the date of the Acceptable Tenant Estoppel Certificate have been duly performed, completed and paid for, including, without limitation, any obligations of Borrower to make or to pay or reimburse such Tenant for any tenant improvements and leasing commissions, (3) that any improvements described in such replacement Lease have been constructed in accordance with such replacement Lease and have been accepted by such Tenant, (4) that such Tenant is not then entitled to any concession or rebate of Rent or other charges from time to time due and payable under such replacement Lease, and (5) that there are no defaults by Borrower or such Tenant under such replacement Lease.