Construction of Improvements; Commencement of Basic Rent. Construction Advances from the Lenders and Holders to the Lessor at the request of the Construction Agent pursuant to Section 5 hereof will be made with respect to particular Improvements to be constructed and with respect to ongoing Work regarding the Equipment and construction of particular Improvements, in each case, pursuant to the terms and conditions of this Agreement and the Agency Agreement. The Construction Agent will act as a construction agent on behalf of the Lessor respecting the Work regarding the Equipment, the construction of such Improvements and the expenditures of the Construction Advances related to the foregoing. The Construction Agent shall promptly notify the Lessor upon Completion of the Improvements and the Lessee shall commence to pay Basic Rent as of the Rent Commencement Date.
Appears in 2 contracts
Sources: Participation Agreement (Sabre Holdings Corp), Participation Agreement (Sabre Holdings Corp)