Severance Lease definition

Severance Lease means any “Severance Lease” (as defined in the Las Vegas Master Lease and the Regional Master Lease), any “Separate Lease” (as defined in the MGM Master Lease) and any similar leases permitted under any of the other Master Leases.

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Severance Lease means any “L1/L2 Severance Lease” (as defined in the Non-CPLV Master Lease as of the Issue Date) and any similar leases permitted under any of the other Master Leases.

Severance Lease. As defined in the Other Leases (as applicable).

Examples of Severance Lease in a sentence

• The execution and implementation of any L1/L2 Severance Lease shall be subject to obtaining all applicable Gaming Licenses from the applicable Gaming Authorities by Tenant, the L1 Successor Tenant and/or the L2 Successor Tenant (and each of their respective applicable Affiliates) in accordance with applicable Gaming Regulations.

• Each Minimum Cap Ex Requirement and the Triennial Allocated Minimum Cap Ex Amount B Floor payable under such L1/L2 Severance Lease at the time of the commencement of such L1/L2 Severance Lease shall be equal to the amount of the applicable Minimum Cap Ex Reduction Amount for the Facility.

• Seller has delivered to Purchaser true, correct and complete copies of each of the Severance Lease and the Condominium Declaration, including, in each case, all amendments and/or modifications thereto, in a velobound binder initialed by Seller and Purchaser or their respective counsel simultaneously herewith.

• Each Minimum Cap Ex Requirement (CPLV) and the Triennial Allocated Minimum Cap Ex Amount B Floor under the Severance Lease at the time of the commencement of such Severance Lease shall be equal to the amount of the applicable Minimum Cap Ex Reduction Amount with respect thereto and, from and after the effective date of the applicable Severance Lease, the Minimum Cap Ex Requirements (CPLV) shall cease to apply under this Lease.

• Lender may pay and expend such sums of money as Lender, in its sole discretion, deems necessary for the purpose of remedying a Severance Lease Default, and Borrower hereby agrees to pay to Lender, upon demand, all such sums so paid and expended by Lender, together with default interest thereon and other charges at the Default Rate set forth in the Lease Agreement, computed from the date of payment thereof by Lender.

More Definitions of Severance Lease

Severance Lease. A separate lease with respect to a New Jersey Facility, created when Landlord transfers a specific Facility (Facilities), which lease shall provide that the rent payable under the Severance Lease at the time of commencement of such Severance Lease shall be equal to the amount of the Rent Reduction Amount for the applicable Leased Property to be subject to such Severance Lease.

Severance Lease. A separate lease with respect to a Facility, created when Landlord transfers a specific Facility (or Facilities), which lease shall comply with the requirements set forth in Section 18.2 hereof. After the creation of a Severance Lease with an Affiliate of Landlord, such Severance Lease shall be considered an Other Lease hereunder.

Severance Lease. As defined in Section 22.7.

Severance Lease means that certain Agreement of Sublease (NYC) dated as of December 12, 2001 by and between New York Times Building LLC ("NYTB"), as landlord, and NYT Real Estate Company LLC, as tenant, a memorandum of which was recorded October 24, 2003 as CRFN 2003000433125 in the Office of the City Register (the "Initial NYTC Sublease"), which Initial NYTC Sublease was amended by First Amendment to Agreement of Sublease (NYT) dated as of August 15, 2006 between landlord and tenant and recorded in the Office of the City Register of the City of New York on November 20, 2006 as CRFN 2006000644735 (the "First Amendment") and by Second Amendment to Agreement of Sublease (NYT) (the "Second Amendment") dated as of January 29, 2007 between landlord and tenant and recorded in the Office of the City Register of the City of New York on February 22, 2007 as CRFN 2007000100157 and as amended by Third Amendment to Agreement of Sublease (NYT) (the "Third Amendment"), dated as of March 6, 2009 between landlord and tenant, as same may be further amended from time to time. Pursuant to that certain Assignment and Assumption Agreement, dated as of August 15, 2006, and recorded in the Office of the City Register of the City of New York on November 20, 2006 as CRFN 200600644732, NYTB assigned to 42nd Street Development Project, Inc. ("42DP") all of its right, titl▇ ▇▇▇ ▇▇▇▇▇est, as landlord, in and to the Severance Lease.

Severance Lease has the meaning provided in Section 10.8 hereof.

Severance Lease. A separate lease with respect to a New Jersey Facility, created when Landlord transfers a specific Facility (Facilities), which lease shall provide that the rent payable under the Severance Lease at the time of commencement of such Severance Lease shall be equal to the amount of the Rent Reduction Amount for the applicable Leased Property to be subject to such Severance Lease. Solvent: With respect to any Person on a particular date, that on such date (a) the fair value of the property of such Person, on a going-concern basis, is greater than the total amount of liabilities (including contingent liabilities) of such Person, (b) the present fair salable value of the assets of such Person, on a going-concern basis, is not less than the amount that will be required to pay the probable liability of such Person on its debts (including contingent liabilities) as they become absolute and matured, (c) such Person has not incurred, and does not intend to, and does not believe that it will, incur, debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital and (e) such Person is “solvent” within the meaning given that term and similar terms under applicable laws relating to fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent liability shall be computed as the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such 24 ACTIVE/103726432.5 US-DOCS\116344257.8

Severance Lease means that lease dated March 6,1972, entered into by the Landlord and PDC pursuant to Article 13, Section 13-01, subdivision (c) of the Master Lease which lease severed out the Land from the Ground Lease Land and which lease only encompasses the Land and no other Parcel.