PARKWAY PLAZA Sample Clauses

PARKWAY PLAZA. (a) Parkway Plaza LLC (the "PARKWAY BORROWER") shall use diligent efforts to cause all parties to the REA encumbering its Collateral Property to promptly execute an amendment thereto approving the construction and operation of the movie theater currently under construction at such Collateral Property (the "AMENDMENT"). In addition, the Parkway Borrower shall use diligent efforts to cause such Amendment to contain a provision (the "NOTICE PROVISION") whereby The May Department Store Company ("May Co.") agrees to give Parkway Borrower and Lender at least ninety days' written notice (the "MAY NOTICE") prior to the date on which Parkway Borrower shall first be obligated to pay or incur any expense with respect to the contemplated expansion of the May Co.'s store at Parkway Plaza (the "MAY EXPANSION"). Parkway Plaza LLC shall deliver to Lender a copy of the Amendment within two (2) business days after Parkway Borrower executes the Amendment. (b) Within 20 days after May Co. gives the May Notice (or, if the Amendment does not contain a Notice Provision, on the date the Amendment is executed and delivered), Parkway Borrower shall deposit with Lender an amount (the "PARKWAY RESERVE FUND") equal to 125% of the total amount which Parkway Borrower reasonably estimates it will be required to pay or incur in connection with the May Expansion, which estimate shall be subject to Lender's reasonable approval. (c) In lieu of depositing cash with Lender pursuant to Section 6.22(b), Parkway Borrower may deliver to Lender a Letter of Credit (the "MAY EXPANSION L/C") having a face amount equal to the amount required to be in the Parkway Reserve Fund. (d) If at any time the issuer of the May Expansion L/C ceases to be an Approved Bank, Parkway Borrower shall, within thirty (30) days after request by Lender, deliver to Lender a new May Expansion L/C issued by an Approved Bank (or immediately available funds in amount of such Letter of Credit), whereupon Lender shall return the original May Expansion L/C to Parkway Borrower. (e) If Parkway Borrower fails to comply with the provisions of Section 6.22(d), or if at any time the May Expansion L/C is not replaced or --------------- renewed at least thirty (30) days prior to its expiration, Lender may draw on the May Expansion L/C and the proceeds thereof shall constitute the Parkway Reserve Fund. (f) If for any reason the May Expansion L/C should expire without a replacement May Expansion L/C having been delivered to Lender, Parkway B...
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