Equipment Relocation Prepayment Sample Clauses

Equipment Relocation Prepayment. Some or all Collateral will be held at the following addresses: 5▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ and 1▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, Gardena, California 90248 (collectively, the “Gardena Premises”), which is leased by Lessee, pursuant to a commercial lease between Lessee and R▇▇▇▇▇▇ INDUSTRIAL – 18455 FIGUEROA, LLC, a Delaware limited liability company (“Gardena Landlord”). As a condition to closing the Transaction, Lessor required that Gardena Landlord and Lessee each execute a Collateral Access Agreement (the “Gardena Access Agreement”) in favor of Lessor that, among other things, provided Lessor the right to occupy the Gardena Premises rent free for up to 120 days to reclaim the Collateral upon the occurrence of an Event of Default (as defined under the Lease Agreement) under the Lease Agreement (“Gardena Premises Access Period”). As of the Effective Date, L▇▇▇▇▇ was unable to cause Gardena Landlord to execute the Gardena Access Agreement as required. However, as an accomodation to Lessee, L▇▇▇▇▇ has agreed to close and fund the Transaction, subject to, among other things, Lessee making an immediate prepayment under the Lease Agreement in an amount equal to $1,435,000 (the “Equipment Relocation Prepayment”), which will be applied by Lessor subject to the terms of Section 2 below or as otherwise set forth in the Lease Agreement.