Renewal Tenant Reserve Funds Sample Clauses

Renewal Tenant Reserve Funds. (i) On the eighteen (18) Monthly Payment Date immediately following the commencement of any Renewal Trigger Period, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “Renewal Tenant Reserve Account”) on each Monthly Payment Date an amount equal to $555,555.00 (the “Renewal Tenant Reserve Monthly Deposit”). Amounts deposited pursuant to this Section 8.9(a) are referred to herein as the “Renewal Tenant Reserve Funds”. Further, upon the occurrence of an Event of Default, Borrower shall immediately deposit into the Renewal Tenant Reserve Account an amount equal to the positive difference (as of the applicable date of determination) of: (i) $10,000,000 and (ii) the sum of all amounts that have been deposited into the Renewal Tenant Reserve Account (said deposit, the “Renewal Tenant Reserve True Up”). Notwithstanding the foregoing, in no event shall any Renewal Tenant Reserve Monthly Deposit and/or Renewal Tenant Reserve True Up be required in connection with any Renewal Trigger Period to the extent the Reserve Waiver Conditions are satisfied in connection with said Renewal Trigger Period.
Sample 1
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Related to Renewal Tenant Reserve Funds

  • Severability Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  • WHEREAS the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

  • Definitions For purposes of this Agreement:

  • Counterparts This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

  • Notices Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

  • NOW, THEREFORE the parties hereto agree as follows:

  • Governing Law This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

  • IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written.

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