Waiver; Trigger Event Sample Clauses
The "Waiver; Trigger Event" clause defines the circumstances under which a party may relinquish certain rights or claims, typically in response to a specific event or condition known as a trigger event. In practice, this clause outlines what constitutes a trigger event—such as a breach, default, or other predefined occurrence—and specifies the process by which a waiver may be granted, including any required notices or formalities. Its core function is to provide clarity and predictability regarding when and how rights can be waived, thereby reducing disputes and ensuring both parties understand the consequences of particular events.
Waiver; Trigger Event. Notwithstanding the foregoing, so long as no Trigger Period is then in effect, Borrower shall not be required to make deposits of the Monthly Tax Reserve Deposit. At such time, if any, as Agent reasonably determines that a Trigger Period is then in effect, Agent shall deliver to Borrower written notice of such determination, and Borrower shall and shall cause Operating Company to thereafter commence making deposits of the Monthly Tax Reserve Deposit, to the extent not otherwise transferred from the Deposit Account pursuant to Section 6.5.6 hereof and the Cash Management Agreement, so long as such Trigger Period remains in effect. Furthermore, upon the occurrence of any Trigger Event, Borrower shall and shall cause Operating Company to deposit into the Tax Funds within ten (10) Business Days after receipt of notice from Agent an amount reasonably determined by Agent to be equal to all amounts which would have been on deposit as Tax Funds as of the commencement of the Trigger Period assuming that Borrower shall have made all deposits required to be made pursuant to Section 6.1.1 since the Closing Date had the waiver of deposits provided for above in this Section 6.1.3 not been in effect, giving due consideration to all amounts that would have been payable by a disbursement from such Tax Funds since the Closing Date.