Reserve Reversal Event. Upon a Reserve Reversal Event, no further Reserves shall be required hereunder regarding the applicable Reserve Period and any Reserves and/or Letter of Credit (as defined in Section 30.06(d) below) held by Landlord or Mortgagee shall be immediately released and/or returned, as the case may be, to Tenant; provided, however, that Reserves and/or Letter of Credit shall again be required as provided herein in connection with any subsequent Reserve Period.
Appears in 4 contracts
Samples: Master Lease (Spirit MTA REIT), Master Lease Agreement (Spirit MTA REIT), Master Lease Agreement (Spirit Realty Capital, Inc.)
Reserve Reversal Event. Upon a Reserve Reversal Event, no further Reserves shall be required hereunder regarding the applicable Reserve Period and any Reserves and/or Letter of Credit (as defined in Section 30.06(d) below) held by Landlord or Mortgagee shall be immediately released and/or returned, as the case may be, to Tenant; provided, however, that Reserves and/or Letter of Credit shall again be required as provided herein in connection with any subsequent Reserve Period.
Appears in 3 contracts
Samples: Master Lease (Spirit Finance Corp), Lease Agreement (Spirit Finance Corp), Master Lease (Spirit Finance Corp)
Reserve Reversal Event. Upon a Reserve Reversal Event, no further Reserves shall be required hereunder regarding the applicable Reserve Period and any Reserves and/or Letter of Credit (as defined in Section 30.06(d) belowhereinafter defined) held by Landlord or Mortgagee shall be immediately released and/or returned, as the case may be, to Tenant; provided, however, that Reserves and/or Letter of Credit shall again be required as provided herein in connection with any subsequent Reserve Period.
Appears in 1 contract
