Electorate Approval. In the event that the Electorate Approval is received, then, commencing with the Initial Repayment Date, and on each subsequent Rent Payment Due Date thereafter, the Lender shall cause the then due Rent owing to the Borrower, as lessor under the Lease, as such Rent may have been offset against by Tenant in accordance with and under the terms of the Lease (the “Adjusted Rent”), or a portion thereof, to be applied to and offset against the Outstanding Loan Amount plus interest accrued and unpaid through such Repayment Date (the “Rent Offset”) and Borrower consents hereby to the Rent Offset; provided, that the Adjusted Rent shall first be applied to offset all interest accrued and unpaid, and then any remaining amount shall then be applied to offset all or a portion of the Outstanding Loan Amount; provided further that the Rent Offset on the Initial Repayment Date and each subsequent Repayment Date during the first Lease Year (as defined in the Lease) shall be 100% of the Adjusted Rent, and the Rent Offset on each Repayment Date during all subsequent Lease Years, shall be equal to the difference between the Adjusted Rent minus 50% of the then due Rent. Any Outstanding Loan Amount or accrued and unpaid interest that is offset by the Adjusted Rent shall be considered repaid by the Borrower pursuant to the terms hereof. It is the intention of the parties hereto that the Tenant be a third-party beneficiary of this Agreement.
Appears in 5 contracts
Samples: Possession Credit Agreement, Possession Credit Agreement, Possession Credit Agreement
