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 $42,112.98 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 Sony. 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 Sony together with (x) copies of all documentation required to be delivered by Sony to Borrower under the Sony Lease as a prerequisite to Sony receiving its tenant allowance, (y) an estoppel by Sony stating that the tenant allowance due to Sony is due and payable, that Sony is in possession of its demised premises, is open for business and is paying base rent under the Sony Lease, and that there are no material defaults under the Sony Lease to Sony and (z) a copy of the check sent by Borrower to Sony evidencing the payment of the tenant allowance; provided, however, that Borrower shall not be reimbursed for more than a total of $42,112.98. All funds deposited into the Outstanding TILC Reserve shall be held by Lender pursuant to the provisions of this Mortgage 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 Sony. 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 Sony 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 determine; provided, however, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Lender as herein provided. To the extent there are any excess funds remaining in the Outstanding TILC Reserve after Borrower has paid all of its obligations to Sony, upon Lender’s receipt of a written request, which request shall be delivered with a statement from the Borrower that no further leasing commissions, tenant improvement obligations and/or tenant allowance obligations exist under this Section 3.7, Lender sh...
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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 Fees Failure to pay all outstanding fees may result in the loss and/or suspension of extra- curricular activity privileges. Fees may include but shall not be limited to: lost books, late library fees, lunch accounts, before/after care fees, and any and all fees which may accrue in the normal course of the school year.

  • 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 shall have no more than 55,000,000 common shares issued and outstanding in the capital of Pubco after giving effect to issuance of the Pubco Shares and the share cancellations described in this Agreement.

  • Outstanding Indebtedness For the avoidance of doubt, to the extent that any Indebtedness is repaid, redeemed, repurchased, defeased or otherwise acquired, retired or discharged, in each case, in accordance with the terms of the documentation governing such Indebtedness, such Indebtedness shall be deemed to be paid off and not to be outstanding for any purpose hereunder to the extent of the amount of such repayment, redemption, repurchase, defeasance, retirement or discharge.

  • Amount of Credit Any reference herein to the amount of credit outstanding means, at any particular time: (a) in the case of a Canadian Prime Rate Loan or CDOR Loan, the Dollar Equivalent of the principal amount thereof; and (b) in the case of a LIBOR Loan or U.S. Base Rate Loan, the principal amount of such Loan.

  • Outstanding Debt CONTRACTOR shall have no outstanding debt with COUNTY, or shall be in the process of resolving outstanding debt to ADMINISTRATOR’s satisfaction, prior to entering into and during the term of this Contract.

  • Original Class A Percentage The Original Class A Percentage is 96.09547893%

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