Common use of Rent Deferral Clause in Contracts

Rent Deferral. The following shall be added as a new Article 34 of the Lease: 34.01 Provided the below listed conditions are satisfied, Tenant shall, at its option, have the one time right, upon at least sixty (60) days written notice to Landlord (the “Deferral Notice”), to defer payment of the Monthly Base Rent (the “Deferred Rent”) for up to three (3) individual months; provided, however, that if Tenant shall defer Monthly Base Rent for more than one (1) month, such months shall not be consecutive. Interest at the rate of eleven percent (11%) per annum shall accrue on the Deferred Rent from and after the commencement of the rent deferral period, and such interest, together with the Deferred Rent, shall be due and payable on the date which immediately precedes the first anniversary of the commencement of the rent deferral period. The repayment of the Deferred Rent, together with the interest as stated above, shall be secured by a second priority lien (subject to liens, claims or encumbrances permitted by Section 9.8 of the ABL Facility (as in effect on the date hereof) on the interests of Tenant in its assets, which are subject to a first priority liens for a loan made by Xxxxx Fargo Bank, National Association, as agent, and lenders (collectively, “Tenant’s Lenders”), pursuant to an asset based credit facility, dated as of February 7, 2012, as amended, supplemented, modified, renewed or extended from time to time) made by and between Tenant and Tenant’s Lenders (the “ABL Facility”). The Deferral Notice shall contain the following: (i) the date on which such deferral will commence and (ii) a list of the months, with a maximum of three (3) individual months, that Tenant will defer paying Monthly Base Rent. Tenant shall have the right to defer Monthly Base Rent as set forth above provided the following conditions are satisfied: (a) Tenant shall have granted to Landlord a perfected second priority security interest in the Collateral (as defined in the ABL Facility), which security interest shall not be junior to any other liens, claims or encumbrances except (1) the first priority security interest in favor of ABL Facility and (2) liens, claims or encumbrances permitted by Section 9.8 of the ABL Facility (as in effect on the date hereof); (b) The execution and delivery of a security agreement and an intercreditor agreement (and, for the avoidance of doubt, no other security or collateral documents), in each case, shall be, in form and substance, reasonably satisfactory to Landlord,; and (c) Tenant shall not have, or be subject to, any contractual restrictions or limitations which prevent its ability to repay the Deferred Rent in accordance with this Article 34.

Rent Deferral. The following shall be added as a new Article 34 (a) Subject to the provisions of this Amendment, $1,126,534.80 of the Lease: 34.01 Provided Minimum Rent due under the below listed conditions are satisfied, Tenant shall, at its option, have the one time right, upon at least sixty (60) days written notice to Landlord (the “Deferral Notice”), to defer payment of the Monthly Base Rent Lease (the “Deferred Rent”) for up to shall be deferred (the “Rent Deferral”). The Deferred Rent shall be applied in three (3) individual monthsincrements as follows: (i) $372,011.04 (which amount is fifty percent [50%]) of the Minimum Rent due for the month of May 2020) shall be applied to Tenant’s Minimum Rent due for the month of May 2020; (ii) $377,261.88 (which amount is fifty percent [50%]) of the Minimum Rent due for the month of June 2020) shall be applied to Tenant’s Minimum Rent due for the month of June 2020; providedand (iii) $377,261.88 (which amount is fifty percent [50%]) of the Minimum Rent due for the month of July 2020) shall be applied to Tenant’s Minimum Rent due for the month of July 2020. (iv) The period commencing May 1, however2020 and ending July 31, that if Tenant shall defer Monthly Base Rent for more than one 2020 is sometimes referred to herein as the “Deferral Period”. (1b) month, such months shall not be consecutive. Interest at the rate of eleven percent (11%) per annum shall accrue on the The Deferred Rent from and after the commencement of the rent deferral periodshall be repaid to Landlord, and such interest, together with the Deferred as Additional Rent, in equal monthly installments of $93,877.90 (the “Deferred Rent Repayments”), which shall be due and payable on the date which immediately precedes the first anniversary of the commencement of the rent deferral period. The repayment of the Deferred Rent, together with the interest as stated abovemonthly installments of Minimum Rent due for each month for the period starting August 1, shall be secured by a second priority lien (subject to liens2020 through July 31, claims or encumbrances permitted by Section 9.8 of the ABL Facility (as in effect on the date hereof) on the interests of Tenant in its assets, which are subject to a first priority liens for a loan made by Xxxxx Fargo Bank, National Association, as agent, and lenders (collectively, “Tenant’s Lenders”), pursuant to an asset based credit facility, dated as of February 7, 2012, as amended, supplemented, modified, renewed or extended from time to time) made by and between Tenant and Tenant’s Lenders 2021 (the “ABL FacilityRepayment Period”). The Deferral Notice shall contain the following: (i) the date on which such deferral will commence and (ii) a list of the months, with a maximum of three (3) individual months, that Tenant will defer paying Monthly Base Rent. Tenant shall have the right to defer Monthly Base Rent as set forth above provided the following conditions are satisfied: (a) Tenant shall have granted to Landlord a perfected second priority security interest in the Collateral (as defined in the ABL Facility), which security interest shall not be junior to any other liens, claims or encumbrances except (1) the first priority security interest in favor of ABL Facility and (2) liens, claims or encumbrances permitted by Section 9.8 of the ABL Facility (as in effect on the date hereof); (b) The execution and delivery of a security agreement and an intercreditor agreement (and, for the avoidance of doubt, no other security or collateral documents), in each case, shall be, in form and substance, reasonably satisfactory to Landlord,; and. (c) Tenant shall not haveThe Rent Deferral is expressly conditioned upon Tenant’s paying all Minimum Rent and Additional Rent due under the Lease (including, or be subject towithout limitation, any contractual restrictions or limitations which prevent its ability to repay the Deferred Rent Repayments), in accordance a timely fashion. In the event that Tenant does not (i) timely pay the Minimum Rent or Additional Rent due under the Lease two (2) or more times during the Deferral Period or during the Repayment Period, or (ii) there exists any other default (after any required notice and beyond the expiration of any applicable grace or cure period), in addition to any other remedies available to Landlord under the Lease or at law, the Deferred Rent shall be immediately repaid to Landlord, with interest thereon from the date that the same would have been due pursuant to the Lease (without giving effect to this Article 34Sixth Amendment) at the Interest Rate. (d) In the event the Rent Deferral is terminated as set forth in Section 2(c) above, Landlord shall be entitled to pursue all remedies available to it for non-payment of Rent (including, without limitation, the Deferred Rent) as set forth in the Lease, in this Sixth Amendment and pursuant to law.

Rent Deferral. The following (a) Notwithstanding anything to the contrary in the Lease, Tenant shall not be added as a new Article 34 required to pay Fixed Rent in respect of the Lease: 34.01 Provided 27th Floor, equal to $3,427,047.00 per annum ($285,587.25 per month), that would otherwise be due and payable by Tenant in accordance with the below listed conditions are satisfied, Tenant shall, at its option, have Lease during the one time right, upon at least sixty (60) days written notice to Landlord period (the “Deferral NoticePeriod”)) commencing on October 1, 2020, and ending on September 30, 2023 (the aggregate Rent that Tenant is not required to defer payment of pay during the Monthly Base Rent (Deferral Period is called the “Deferred Rent”) ). Except for up to three (3) individual months; provided, however, that if Tenant shall defer Monthly Base Rent for more than one (1) month, such months shall not be consecutive. Interest at the rate of eleven percent (11%) per annum shall accrue on the Deferred Rent from and after the commencement of the rent deferral period, and such interest, together with the Deferred Rent, Tenant shall be continue to pay to Landlord 100% of the Fixed Rent for the 29th, 30th and 31st floors (for the 31st Floor or portion thereof, if and when due pursuant to the Lease), and 100% of the Operating Payments, Tax Payments and all other Additional Rent due and payable on for the date which immediately precedes the first anniversary of the commencement of the rent deferral period. The repayment of the Deferred Rent, together Premises in accordance with the interest as stated above, shall be secured by a second priority lien (subject to liens, claims or encumbrances permitted by Section 9.8 of Lease during the ABL Facility (as in effect on the date hereof) on the interests of Tenant in its assets, which are subject to a first priority liens for a loan made by Xxxxx Fargo Bank, National Association, as agent, and lenders (collectively, “Tenant’s Lenders”), pursuant to an asset based credit facility, dated as of February 7, 2012, as amended, supplemented, modified, renewed or extended from time to time) made by and between Tenant and Tenant’s Lenders Deferral Period (the “ABL FacilityDeferral Period Rent”). The Deferral Notice shall contain the following: Tenant hereby (i) the date on which such acknowledges that Landlord’s deferral will commence and (ii) a list of the months, with a maximum of three (3) individual months, that Tenant will defer paying Monthly Base Rent. Tenant shall have the right to defer Monthly Base Rent as set forth above provided the following conditions are satisfied: (a) Tenant shall have granted to Landlord a perfected second priority security interest in the Collateral (as defined in the ABL Facility), which security interest shall not be junior to any other liens, claims or encumbrances except (1) the first priority security interest in favor of ABL Facility and (2) liens, claims or encumbrances permitted by Section 9.8 of the ABL Facility (as in effect on the date hereof); (b) The execution and delivery of a security agreement and an intercreditor agreement (and, for the avoidance of doubt, no other security or collateral documents), in each case, shall be, in form and substance, reasonably satisfactory to Landlord,; and (c) Tenant shall not have, or be subject to, any contractual restrictions or limitations which prevent its ability to repay the Deferred Rent in accordance with this Article 34Section 2(a) is in full satisfaction of any and all claims that Tenant might otherwise have under the Lease, at law or in equity, to any reduction, offset or abatement of Rent under the Lease with respect to the periods prior to the date of this Amendment (“Rent Abatement Claims”), (ii) fully releases Landlord from any Rent Abatement Claims and (iii) waives the right to assert any Rent Abatement Claims against Landlord. (b) Notwithstanding anything to the contrary in Section 2(a), if at any time during the Deferral Period, (i) Tenant shall be in default under the Lease beyond the expiration of any applicable notice and cure period, (ii) the Lease shall be terminated for any reason or (iii) Tenant shall fail timely to pay to Landlord any installment of Deferral Period Rent in strict accordance with the provisions of the Lease, beyond any applicable notice and cure period for the payment of Rent, then, in each such case, without limiting any other rights or remedies that may be available to Landlord on account thereof, (A) the Deferral Period shall immediately terminate as of the date of such default or termination without any further notice to Tenant, (B) Section 2(a) and Section 3 of this Amendment shall automatically be deemed to be null and void and deleted from this Amendment and (C) all Deferred Rent, whether applicable to periods before or after the termination of the Deferral Period, shall immediately become due and payable by Tenant to Landlord. (c) Nothing contained in this Section 2 shall be construed to relieve Tenant from Tenant’s obligation timely to pay all Deferral Period Rent payable by Tenant pursuant to the terms and provisions of the Lease, including, without limitation, Fixed Rent other than the Deferred Rent, all charges for electricity and other utilities and services furnished to Tenant pursuant to the terms and provisions of the Lease.