Partial Return of Security Sample Clauses

Partial Return of Security. A. Owner has agreed that Owner shall return to Tenant the sum of (i) FORTY-TWO THOUSAND NINE HUNDRED EIGHTY-SIX and 25/100 ($42,986.25) DOLLARS of such security reasonably promptly following the first (1st) anniversary of the first date of the Second Rent Period; (ii) FORTY-TWO THOUSAND NINE HUNDRED EIGHTY-SIX and 25/100 ($42,986.25) DOLLARS of such security reasonably promptly following the second (2nd) anniversary of the first date of the Second Rent Period; and (ii) TWENTY-EIGHT THOUSAND SIX HUNDRED FIFTY-SEVEN and 50/100 ($28,657.50) DOLLARS reasonably promptly following the third (3rd) anniversary of the first day of the Second Rent Period (each such amount to be returned by Owner, referred to as a "Reduction Amount" and each such date upon which such return shall occur, referred to as a "Partial Return Date"), provided Tenant is not then in default under any of the terms, covenants or conditions of this Lease on Tenant's part to be observed and performed. Accordingly, if on the applicable Partial Return Date Tenant shall not so be in default, Tenant may replace the Letter of Credit with a Letter of Credit in a sum reduced by the applicable Reduction Amount. In the event that at any time Tenant shall be entitled to reduce such Letter of Credit as provided in the foregoing provisions of this Article the security shall be held as Cash Security then, in lieu of Tenant replacing any such Letter of Credit, Owner shall return sums to Tenant equal to the amount by which the Letter of Credit would have been reduced if it were in existence; however, in no event shall the Letter of Credit or Cash Security ever be reduced below the sum of FIFTY- SEVEN THOUSAND THREE HUNDRED FIFTEEN and 00/100 ($57,315.00) DOLLARS. The sum of ONE HUNDRED SEVENTY-ONE THOUSAND NINE HUNDRED FORTY-FIVE and 00/100 ($171,945.00) DOLLARS referred to in the previous Sections of this Article shall be deemed reduced as the provisions of this Section 35.08 shall operate to so reduce the Letter of Credit and/or Cash Security, as the case may be B. Owner has agreed that Tenant shall have the right, following the second (2nd) anniversary of the first day of the Second Rent Period, to deliver to Owner a reasonably detailed statement of the then current financial condition of Tenant, prepared in accordance with generally accepted accounting principles applied on a consistent basis, sworn to by an executive officer or principal or partner of Tenant, and certified without qualification by a firm o...
Sample 1
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Partial Return of Security. Owner has agreed that Owner shall return to Tenant the sum of FIFTY-TWO THOUSAND TWO HUNDRED THIRTY-NINE AND 00/100 ($52,239.00) DOLLARS of such security reasonably promptly following the second (2nd) anniversary of the commencement of the Second Rent Period (referred to as the “Partial Return Date”), provided Tenant is not then in default under any of the terms, covenants or conditions of this Lease on Tenant’s part to be observed and performed. Accordingly, if on the Partial Return Date Tenant shall not so be in default, Tenant may replace the Letter of Credit with a Letter of Credit in a sum reduced by FIFTY-TWO THOUSAND TWO HUNDRED THIRTY-NINE AND 00/100 ($52,239.00)
Sample 1
Partial Return of Security. The term "Partial Return Date" shall mean the 10 Year Surrender Date and each subsequent yearly anniversary thereof occurring during the Demised Term. Owner has agreed that Owner shall return to Tenant the sum of DOLLARS of such security on each Partial Return Date, provided on the applicable Partial Return Date, Tenant is not then in default under any of the terms, covenants or conditions of this Lease on Tenant's part to be observed beyond the applicable grace periods provided in this Lease (if Tenant is so in default and thereafter cures such default, Owner shall then return to Tenant the sum of money scheduled to have been returned in the immediately preceding Partial Return Date). Accordingly, if on the applicable Partial Return Date Tenant shall not so be in default, Tenant may replace the Letter of Credit with a Letter of Credit in a sum reduced by the applicable sum of DOLLARS. In the event that at any time Tenant shall be entitled to reduce such Letter of Credit as provided in the foregoing provisions of this Article, the security shall be held as Cash Security, then, in lieu of Tenant replacing any such Letter of Credit, Owner shall return sums to Tenant equal to the amount by which the Letter of Credit would have been reduced if it were in existence. The sum of DOLLARS referred to in the previous Sections of this 167 Article shall be deemed reduced as the provisions of this Section 51.08 shall operate to so reduce the Letter of Credit and/or Cash Security, as the case may be. Notwithstanding anything to the contrary contained in this Section 51.08, to the extent required by a Mortgage given in connection with construction financing or an initial permanent loan affecting the Real Property the schedule of reductions in the Letter of Credit shall be subject to the reduction schedule in such above-mentioned financing provided that such schedule shall not be more restrictive to Tenant than the following schedule: On the 15th anniversary of the later of (x) the Commencement Date or (y) the date upon which Tenant's obligation for the payment of rent commences and on each succeeding anniversary thereof the security shall be reduced by a sum equal to the aggregate of one (1) year's Fixed Rent and increases therein pursuant to Article 23.
Sample 1

Related to Partial Return of Security

  • Return of Security Provided that no Default or Event of Default has occurred and is continuing, the balance of the Security (if any) shall be returned to Lessee within ***** after full and final performance by Lessee of all of its obligations under all of the Lessee’s Documents.

  • Return of Security Deposit (a) We must return your security deposit and any accrued interest in the following circumstances: (i) you complete 1 years’ payment (in the case of residential customers) or 2 years’ payment (in the case of business customers) by the pay-by dates on our initial bills; or (ii) subject to clause 14.3 of this contract, you stop purchasing energy at the relevant premises under this contract. (b) If you do not give us any reasonable instructions, we will credit the amount of the security deposit, together with any accrued interest, to your next bill.

  • Provision of Security At least thirty (30) Calendar Days prior to the commencement of the procurement, installation, or construction of a discrete portion of a Connecting Transmission Owner’s Attachment Facilities, Developer shall provide Connecting Transmission Owner, at Developer’s option, a guarantee, a surety bond, letter of credit or other form of security that is reasonably acceptable to Connecting Transmission Owner and is consistent with the Uniform Commercial Code of the jurisdiction identified in Article 14.2.1 of this Agreement. Such security for payment shall be in an amount sufficient to cover the cost for the Developer’s share of constructing, procuring and installing the applicable portion of Connecting Transmission Owner’s Attachment Facilities, and shall be reduced on a dollar-for-dollar basis for payments made to Connecting Transmission Owner for these purposes. In addition: 11.5.1 The guarantee must be made by an entity that meets the commercially reasonable creditworthiness requirements of Connecting Transmission Owner, and contains terms and conditions that guarantee payment of any amount that may be due from Developer, up to an agreed-to maximum amount. 11.5.2 The letter of credit must be issued by a financial institution reasonably acceptable to Connecting Transmission Owner and must specify a reasonable expiration date. 11.5.3 The surety bond must be issued by an insurer reasonably acceptable to Connecting Transmission Owner and must specify a reasonable expiration date. 11.5.4 Attachment S to the NYISO OATT shall govern the Security that Developer provides for System Upgrade Facilities and System Deliverability Upgrades.

  • Confirmation of Security Borrower hereby confirms and agrees that all of the Security Instruments, as may be amended in accordance herewith, which presently secure the Indebtedness shall continue to secure, in the same manner and to the same extent provided therein, the payment and performance of the Indebtedness as described in the Credit Agreement as modified by this Amendment.

  • Creation of Security (a) Notwithstanding the foregoing, for the purpose of financing the Facility, the Company may assign to, or grant a security interest in favor of, the Lenders in its rights and interests under or pursuant to: (i) this Agreement, (ii) any agreement or document included in the Security Package, (iii) the Facility, (iv) the movable, immovable and intellectual property of the Company, and (vi) the revenues or any of the rights or assets of the Company. The Company shall not create any security over its rights and interests under this Agreement without the prior written consent of the GOB except as already provided above. (b) The Lenders shall have no obligation to the GOB under this Agreement until such time as the Lenders or their designees succeed to the Company’s interest under this Agreement, whether by exercise of their rights or remedies under the Financing Documents or otherwise, in which case the Lenders or their designees shall give written notice of such succession (a “Succession Notice”) to the GOB and assume liability for all of the Company’s obligations under this Agreement, including without limitation payment of any amounts due and owing to the GOB for payment defaults by the Company under this Agreement (other than, so long as the liability insurance required by Section 6.5 has been and is in effect), damages or penalties incurred by the Company under Section 6.2(b), arising during the period prior to the Lenders’ or such designees’ succession to the Company’s interest in and under this Agreement, provided that any liability of the Lenders or their designees shall be strictly limited to the Lenders’ interest in the Facility. Except as otherwise set forth in the immediately preceding sentence, none of the Lenders or their designees shall be liable for the performance or observance of any of the obligations or duties of the Company under this Agreement, nor shall the assignment by the Company of this Agreement to the Lenders give rise to any duties or obligations whatsoever on the part of any of the Lenders owing to the GOB. Upon notification by the Lenders or the Agent to the GOB of the occurrence and continuance of an event of default under the Financing Documents and the succession of the Lenders to the Company’s interests in and under this Agreement, the Lenders shall have the right, among others, to: (i) take possession of the Facility and, prior to the Commercial Operations Date, complete construction of the Facility and operate the same and, after the Commercial Operations Date, operate the same; and (ii) cure any continuing Company Event of Default under this Agreement as provided in Section 13.5. Notwithstanding the foregoing, upon the delivery of a Succession Notice, the Lenders shall have no obligation to cure any Company Event of Default occurring before the delivery of such Succession Notice that is not capable of being cured and no right will exist for the GOB to terminate this Agreement based upon such Company Events of Default occurring prior to the delivery of the Lenders’ Succession Notice. Without the requirement of obtaining any further consent from the GOB, upon the exercise by the Lenders or their designees of any of the remedies set forth in the Financing Documents, the Lenders may assign their rights and interests and the rights of the Company under this Agreement to a Transferee acceptable to the GOB so long as such Transferee shall assume all of the obligations of the Company under this Agreement. Upon such assignment and assumption, the Lenders shall be relieved of all obligations under this Agreement arising after such assignment and assumptions. (c) As used herein, a “Transferee” shall be a person who (i) is a company organized under the Laws of Bangladesh, (ii) either is an experienced and qualified power plant operator or who shall have agreed to engage the services of a person who is an experienced and qualified power plant operator, (iii) shall have paid all amounts, if any, then due and payable to the GOB under this Agreement, and (iv) shall have expressly assumed in writing for the benefit of the GOB the ongoing obligations of the Company under this Agreement (including the obligation of the Company to maintain and operate the Facility in accordance with the requirements of this Agreement). (d) At the request of the Company, delivered to the GOB not less than 30 (thirty) Days in advance, the GOB shall execute and deliver at the Financial Closing, all such acknowledgements to the Lenders or their designees of any security created in accordance with this Section 9 as are reasonably requested by the Company and the Lenders to give effect to the foregoing.

  • Protection of Security Each Grantor shall, at its own cost and expense, take any and all actions necessary to defend title to the Collateral against all persons and to defend the Security Interest of the Collateral Agent in the Collateral and the priority thereof against any Lien not expressly permitted pursuant to Section 6.02 of the Credit Agreement.

  • Valuation of Securities Securities shall be valued in accordance with (a) the Fund's Registration Statement, as amended or supplemented from time to time (hereinafter referred to as the "Registration Statement"); (b) the resolutions of the Board of Trustees of the Fund at the time in force and applicable, as they may from time to time be delivered to FUND ACCOUNTING, and (c) Proper Instructions from such officers of the Fund or other persons as are from time to time authorized by the Board of Trustees of the Fund to give instructions with respect to computation and determination of the net asset value. FUND ACCOUNTING may use one or more external pricing services, including broker-dealers, provided that an appropriate officer of the Fund shall have approved such use in advance.

  • Acceleration of Securities If payment of the Securities is accelerated because of an Event of Default, the Company shall promptly notify holders of Senior Indebtedness of the acceleration.

  • Repayment of Securities Securities of any series subject to repayment in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such Securities, be repaid at a price equal to the principal amount thereof, together with interest (if any) thereon accrued to the Repayment Date specified in or pursuant to the terms of such Securities. The Company covenants that, with respect to such Securities, on or before the Repayment Date it will deposit with a Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)) sufficient to pay the principal (or, if so provided by the terms of the Securities of any series, a percentage of the principal) of and (except if the Repayment Date shall be an Interest Payment Date) accrued interest (if any) on, all the Securities or portions thereof, as the case may be, to be repaid on such date.

  • Payment of Securities 42 SECTION 4.02.

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