Ongoing Lease Obligation/Offset Sample Clauses

Ongoing Lease Obligation/Offset. (a) In addition hereto, and not as an exclusive remedy, any sums, claims or demands which give rise to indemnification may be satisfied by Purchaser by way of setoff of rental obligations referred to in Section 5.9 as limited by and more particularly described in the Ground Lease therein referenced and incorporated herein by reference, provided, however, that the Shareholder may after the running of the statute of limitations has expired for the representations set forth in Section 5.8 and 8.8 as limited by Section 8.13(iii) without their being a claim of breach of Section 5.8 or 8.8, elect to place the sum of $500,000.00 in an escrow account as described in Section (b) below in lieu of the right to offset granted herein. If the Shareholder shall so elect, the Purchaser’s right of offset against the Ground Lease referred to in Section 5.9 shall be terminated. (b) The escrow account described in (a) above shall be held by the Purchaser in an interest-bearing demand account with a United States Bank insured by the FDIC with capital excess of $100,000,000.00. The Purchaser shall be the only signature required to withdraw funds from said escrow account, but only for any event which gives the Purchaser the right of offset as set forth in this Section 9.2. Interest on said account shall be payable at least quarterly to the Shareholder. Any remaining balance in said escrow account at the termination of the Lease shall be paid over to the Shareholder.
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Related to Ongoing Lease Obligation/Offset

  • Operating Lease Obligations On the Effective Date, none of the Loan Parties has any Operating Lease Obligations other than the Operating Lease Obligations set forth on Schedule 6.01(q).

  • Capital Lease Obligations With respect to any Person, the obligations of such Person to pay rent or other amounts under any Capitalized Lease.

  • Capitalized Lease Obligations Sale and Leaseback Transactions, export credit facilities with a maturity of at least one year and Purchase Money Indebtedness of, including Guarantees of any of the foregoing by, the Issuer and/or any Restricted Subsidiary, in an aggregate principal amount at any one time outstanding not to exceed U.S.$1 billion;

  • Lease Obligations Manager shall perform all duties of the landlord under all Leases insofar as such duties relate to operation, maintenance, and day-to-day management. Manager shall also provide or cause to be provided, at Owner’s expense, all services normally provided to tenants of like premises, including where applicable and without limitation, gas, electricity or other utilities required to be furnished to tenants under Leases, normal repairs and maintenance, and cleaning, and janitorial service. Manager shall arrange for and supervise the performance of all installations and improvements in space leased to any tenant that are either expressly required under the terms of the lease of such space or that are customarily provided to tenants.

  • Synthetic Lease Any lease of goods or other property, whether real or personal, which is treated as an operating lease under GAAP and as a loan or financing for U.S. income tax purposes.