Economic Hurdle definition
Examples of Economic Hurdle in a sentence
If the Advisory Agreement is terminated pursuant to a Termination Without Cause prior to the date on which the Economic Hurdle has been met, any outstanding Restricted Class B Units shall be forfeited immediately.
If the Business Management Agreement is terminated pursuant to a Termination Without Cause or a Termination For Managerial Cause prior to the date on which the Economic Hurdle has been met, any outstanding Restricted Class M Units shall be forfeited immediately.
In the event that any audit, conducted at any time subsequent to either the First Reduction or the Second Reduction, or any other financial securities filing, reveals that Tenant’s gross annual revenue has decreased below the aforementioned Economic Hurdle, the Security Deposit shall immediately be restored to the original amount set forth in Section 1.1 hereof and shall remain at such amount for the remainder of the Lease Term.
Provided that Tenant has satisfied the conditions precedent for such reduction, Landlord shall, within thirty (30) days following written confirmation that Tenant has achieved the Economic Hurdle, return to Tenant the requisite amount of Security Deposit (to the extent that the same is held by Landlord as a cash security deposit).
If the Advisory Agreement is terminated pursuant to a Termination 74 Without Cause prior to the date on which the Economic Hurdle has been met, any outstanding Restricted Class B Units shall be forfeited immediately.
Notwithstanding the foregoing., provided that Tenant is not then in default, and has not previously been in default, beyond the applicable notice and cure period, under the terms of this Lease, then, provided that Tenant can satisfy the Economic Hurdle (as hereinafter defined) with respect to each reduction requested, Tenant shall have the right to request that the Security Deposit be reduced, first to $560,000.00 (the “First Reduction”) and subsequently to $200,000.00 (the “Second Reduction”).