Initial Transition. Simultaneously with the execution of this Lease, Lessee shall acquire for fair market value from the contributor of the Leased Property to Lessor all deposits, prepaid revenue and similar accounts, and Inventory existing at or with respect to the Leased Property as of the Commencement Date. ARTICLE ------- 2
Initial Transition. ARTICLE 2....................................................................... 2.1. Definitions....................................................... ARTICLE 3....................................................................... 3.1. Rent.............................................................. 3.2.
Initial Transition. As of the Commencement Date: (i) Manager shall in consultation with City and until each of the following agreements are terminated by City (notice of such terminations to be given to the respective party by City (1) within ten (10) Business Days of Manager’s written request to the City that it terminate one or both of such agreements; or (2) if no such request has been made by Manager, in a timely manner so that such termination will be effective on June 30, 2019), represent the interests of City with respect to the certain Property Management Agreement between City and LPC Transit Management LLC (“LPC”) dated December 17, 2013, as amended (the “LPC Agreement”) and represent the interests of City with respect to the certain Major Maintenance Agreement between City and ABM Onsite Services-West, Inc. (“ABM”) dated July 26, 2017 and August 29, 2017 (“MMA”) and (ii) Manager shall in consultation with City and unless and until such agreements are terminated according to their respective terms, represent the interest of City with respect to the leases and other contracts listed on Schedule 3 (the “Delegated Agreements”). Subject to the foregoing, Manager has the authority to maintain, modify, and/or terminate (in accordance with the express terms of each) the Delegated Agreements. City has provided to Manager, prior to the date hereof, copies of all Delegated Agreements and all Property Agreements, together with a rent roll (setting forth the names of all tenants, the amount of security deposits, if any, current rents, all delinquencies, the date rent was last paid and balances due, if any) and Manager shall be responsible to obtain from LPC all books, records, status of any litigation (including unlawful detainers), and operating data with respect to the Property to which City is entitled under the LPC Agreement or otherwise possesses, including, without limitation, as built plans and specifications (if available), maintenance work records, service provider agreements and contact information. customer records, financial and accounting records, correspondence, budgets and other similar documents, property and casualty insurance contracts and current broker contacts. City shall cooperate with LPC to provide to Manager any keys, access codes, combinations, and the like to the ARTIC Site in City’s possession and control, if any.
Initial Transition. (a) Upon the Commencement Date and pursuant to a separate Assignment and Assumption Agreement, Lessor or the prior owner of the Leased Property shall transfer and assign to Lessee, and Lessee shall assume, all occupancy agreements and operating agreements to which the Leased Property remains subject on the Commencement Date.
(b) As between Lessor and Lessee, Lessor shall be entitled to all income and shall be responsible for the payment or settlement of all expenses of the Leased Property accruing prior to the Commencement Date. Lessee shall act as Lessor's agent for the collection of all such income and shall remit the same to Lessor promptly upon Lessee's receipt thereof. Lessee shall notify Lessor of all such expenses and shall act as Lessor's payment agent for such expenses using funds provided by Lessor from time to time. On the Commencement Date, Lessee shall be entitled to receive all cash, working capital funds, bank accounts, house banks and similar accounts existing at or with respect to the Leased Property as of the Commencement Date and, as between Lessor and Lessee, Lessee shall be entitled to retain all such cash and other accounts for its own use.
Initial Transition. To assist employees with the initial transition to the telework requirements of the MLA, employees will have 90 calendar days from the effective date of the MLA to execute a revised telework agreement. If the number of days on an employee’s current agreement is not affected by the new MLA telework requirements, employees are not required to submit a new agreement.
Initial Transition. In order to effect a smooth transition from construction to operations, Manager shall work in cooperation with City’s representatives, City’s Contractor and Construction Manager, as well as the MM Provider to implement the Transition Plan set forth in Schedule 1. During the term of effectiveness of the Transition Plan (“Transition Period”), Manager shall perform the duties, responsibilities and obligations set forth in the Transition Plan, and as otherwise directed by City. Upon final completion of construction of the ARTIC Facility, as evidenced by issuance of the final certificate of occupancy for the ARTIC Facility, or as otherwise set forth in the Transition Plan, Manager
Section 4.1. Section 4.1 is hereby deleted and replaced in its entirety with the following:
Initial Transition. (a) Lessee has assumed or shall assume all occupancy agreements and operating agreements to which the Leased Property remains subject on the Commencement Date.
(b) All Inventory is or shall be owned by Lessee, Primary Manager or Submanager. SCHEDULE 1.3 contains provisions relating to the terms on which any Inventory transferred to Lessee by Lessor was acquired by Lessee and certain other accounting issues with respect thereto.
(c) Rights and obligations with respect to accrued revenues, expenses, cash on hand and similar items have been allocated between Lessor and Lessee as of the Commencement Date, as agreed to by, and reflected in the books and records of, Lessor and Lessee.
(d) Lessor shall lend to Lessee an amount of cash equal to the Initial Working Capital. Such loan shall bear interest at the [Base Rate], shall amortize over the [Term], and shall in any event be due and payable in full upon the termination of the Lease for any reason. Interest shall accrue, and payments of interest and principal shall be payable as an Additional Charge, on each date on which Base Rent is due and payable hereunder.
(e) Lessor shall also provide to Lessee, as an additional capital expenditure obligation of Lessor, any amounts required to be paid by Lessee for computer systems as provided in SECTION 1.02B of the Primary Management Agreement and for additional Fixed Asset Supplies as provided in SECTION 4.07 of the Primary Management Agreement.
Initial Transition. Simultaneously with the execution of this Lease, (i) an Affiliate of Lessee has agreed to deliver to Lessee, in immediately available funds, a sum equal to the amount of all deposits, prepaid revenue and similar accounts existing at or with respect to the Leased Property as of the Commencement Date, and in consideration of entering into this Lease, Lessee shall be entitled to retain all such cash and other accounts for its own use and (ii) Lessee shall acquire for fair market value from Lessor or the contributor of the Leased Property to Lessor all of the Inventory existing at the Leased Property.
Initial Transition. Customer will provide Sprint with a timetable to transition services from Customer’s existing provider to the Services to be provided by Sprint. Provided such timetable is consistent with the installation Service Levels, Sprint will transition such services to the Services in accordance with such timetable and will pay such remedies as set forth in the applicable Service Level Agreements if it fails to meet it.
Initial Transition. 3 ARTICLE II DEFINITIONS..............................................................................................3 2.1 Definitions............................................................................3 ARTICLE III
