Outstanding TILC Reserve Sample Clauses

Outstanding TILC Reserve. On the date hereof Borrower has established with Lender a reserve (the “Outstanding TILC Reserve”) in the amount of $157,621.93 in connection with certain leasing commissions and tenant improvement obligations of Borrower that are outstanding as of the date hereof but not yet paid to those certain tenants (each a “Outstanding TILC Tenant”, and collectively, the “Outstanding TILC Tenants”) as more particularly set forth on Exhibit B annexed hereto. Provided that no Event of Default has occurred and is continuing, Borrower may submit to Lender a written request for disbursement from the Outstanding TILC Reserve in an amount not to exceed the initial deposit made by Borrower into the Outstanding TILC Reserve on the date hereof, relating to space leased by an Outstanding TILC Tenant together with (x) copies of all documentation required to be delivered by the Outstanding TILC Tenant to Borrower under the applicable Leases as a prerequisite to the Outstanding TILC Tenant receiving its tenant allowance, (y) an estoppel by the applicable Outstanding TILC Tenant stating that the tenant allowance due to such Outstanding TILC Tenant is due and payable, that the Outstanding TILC Tenant is in possession of its demised premises, is open for business and is paying base rent under its Lease, and that there are no material defaults under the Lease to the Outstanding TILC Tenant and (z) a copy of the check sent by Borrower to the Outstanding TILC Tenant evidencing the payment of the tenant allowance; provided, however, that Borrower shall not be reimbursed for more than a total of $157,621.93. In no event shall Borrower be reimbursed for more than the amount allocated for the applicable Outstanding TILC Tenant as set forth on Exhibit B. All funds deposited into the Outstanding TILC Reserve shall be held by Lender pursuant to the provisions of this Security Instrument and, provided that no Event of Default shall have occurred and be continuing, all such funds shall be applied in payment of leasing commissions and tenant improvement obligations with respect to the Outstanding TILC Tenants. Should an Event of Default occur and be continuing, the sums on deposit in the Outstanding TILC Reserve may be applied by Lender in payment of any leasing commissions or tenant improvements with respect to any Outstanding TILC Tenants or may be applied to the payment of the Debt or any other charges affecting all or any portion of the Property, as Lender, in its sole discretion, may determ...
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Related to Outstanding TILC Reserve

  • Outstanding Principal Balance Each Receivable has an outstanding principal balance of at least $500.

  • Outstanding Stock All issued and outstanding shares of capital stock and equity interests in the Company have been duly authorized and validly issued and are fully paid and non-assessable.

  • Outstanding Common Stock The number of shares of Common Stock at any time outstanding shall (A) not include any shares thereof then directly or indirectly owned or held by or for the account of the Issuer or any of its Subsidiaries, and (B) be deemed to include all shares of Common Stock then issuable upon conversion, exercise or exchange of any then outstanding Common Stock Equivalents or any other evidences of Indebtedness, shares of Capital Stock or other Securities which are or may be at any time convertible into or exchangeable for shares of Common Stock or Other Common Stock.

  • Outstanding Balance The balance on Lender's books and records shall be presumptive evidence (absent manifest error) of the amounts owing to Lender by the Borrowers; provided that any failure to record any transaction affecting such balance or any error in so recording shall not limit or otherwise affect the Borrowers' obligation to pay the Obligations.

  • Outstanding Obligations Borrower shall have no obligations as of the date of this Agreement except those approved by HUD in writing and, except for those approved obligations, the Land has been paid for in full (or if the Land is subject to a leasehold interest, it must be subject to a HUD-approved lease), and is free from any liens or purchase money obligations, except as approved by HUD. As of the date hereof, all contractual obligations relating to the Project have been fully disclosed to HUD.

  • Outstanding Shares On the Closing Date, Pubco will have not more than 95,366,525 common shares issued and outstanding in the capital of Pubco after giving effect to the cancellation and issuance of the Pubco Shares contemplated in this Agreement, and to the private placement agreement referenced in below article 6.13.

  • Outstanding Loans There are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees or indebtedness by the Company or any Subsidiary to or for the benefit of any of the officers or directors of the Company, any Subsidiary or any of their respective family members, except as disclosed in the Registration Statement, the General Disclosure Package and the Final Prospectus. All transactions by the Company with office holders or control persons of the Company have been duly approved by the board of directors of the Company, or duly appointed committees or officers thereof.

  • Outstanding Capital Stock The outstanding shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and non-assessable; none of the outstanding shares of capital stock of the Company was issued in violation of any preemptive or similar rights of any stockholder of the Company.

  • Outstanding Amounts The outstanding principal balance of the Note reflected by the notations by the Lender on its records shall be deemed rebuttably presumptive evidence of the principal amount owing on the Note. The liability for payment of principal and interest evidenced by the Note shall be limited to principal amounts actually advanced and outstanding pursuant to this Agreement and interest on such amounts calculated in accordance with this Agreement.

  • Outstanding Indebtedness Neither the Company nor any of its Subsidiaries has outstanding any Indebtedness except as permitted by paragraph 6B. There exists no default under the provisions of any instrument evidencing such Indebtedness or of any agreement relating thereto.

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