Payments of Rent; and Payments and Prepayments of Funded Amounts Sample Clauses
This clause defines the obligations and procedures for making rent payments as well as payments and prepayments of amounts that have been funded under the agreement. It typically outlines when and how rent must be paid, the acceptable methods of payment, and the process for making early payments or prepaying funded amounts, such as principal or interest. By specifying these details, the clause ensures both parties understand their financial responsibilities and helps prevent disputes over payment timing or methods.
Payments of Rent; and Payments and Prepayments of Funded Amounts. (a) Notwithstanding any provisions in the Lease to the contrary, the Lessor hereby directs the Lessee to pay to the Administrative Agent the Rent from time to time payable under the Lease (other than Supplemental Rent that is payable to Persons other than Lessor, which the Lessor hereby directs the Lessee to make directly to the applicable Person entitled thereto).
(b) In the event that the Lessee pays or causes to be paid the Lease Balance and all other amounts owing by Lessee to the Administrative Agent, if any, and/or the Participants under the Operative Documents (including, but without duplication, accrued and unpaid Rent) to the Lessor in connection with the Lessee’s purchase of the Leased Property in accordance with Section 15.1, 16.2(e) or 18.1 of the Lease or Article XIX of the Lease, the Lessor will prepay the entire outstanding principal amount of the Loans and the Lessor Amount. Each Participant hereby acknowledges that its Loans or Lessor Amount, as the case may be, may be so prepaid without any prepayment premium or charge (other than Break Costs, if any).
Payments of Rent; and Payments and Prepayments of Funded Amounts. (a) Notwithstanding any provisions in the Lease to the contrary, the Lessor hereby directs the Lessee to pay to the Administrative Agent the Rent from time to time payable under the Lease (other than Supplemental Rent that is payable to Persons other than Lessor, which the Lessor hereby directs the Lessee to make directly to the applicable Person entitled thereto). To assist the Lessee in paying Basic Rent, the Administrative Agent will provide the Lessee at least six (6) Business Days prior to the Payment Date with an invoice of the Basic Rent due for such period.
(b) In the event that the Lessee pays or causes to be paid the Lease Balance and all other amounts owing by Lessee to the Administrative Agent, if any, and/or the Participants under the Operative Documents (including, but without duplication, accrued and unpaid Rent) to the Lessor in connection with the Lessee’s purchase of the Leased Property in accordance with Section 15.1, 16.2(e) or 18.1 of the Lease or Article XIX of the Lease, the Lessor will prepay the entire Rent Assignment Contribution Balance and the Lessor Balance. Each Participant hereby acknowledges that its Rent Assignment Contribution or Lessor Amount, as the case may be, may be so prepaid without any prepayment premium or charge (other than Break Costs, if any).
(c) Lessor and Administrative Agent do hereby notify Lessee that all Rent and other amounts payable to the Participants under the Operative Documents due or to become due have been assigned to Administrative Agent (other than Excepted Payments) and that all amounts due or to become due to the Participants under the Operative Documents shall be paid to Administrative Agent for distribution and application in accordance with the Operative Documents.
(d) Administrative Agent shall, as soon as practicable, notify Lessee, Lessor and the Rent Assignees of each determination of the Term SOFR Rate or the Alternate Base Rate. Any change in the Yield Rate on a Rent Assignment Contribution or Lessor Amount resulting from a change in the Alternate Base Rate shall become effective as of the opening of business on the day on which such change becomes effective. Administrative Agent shall, monthly during the Term, notify Lessee, Lessor and the Rent Assignees of the effective date and the amount of each such change in the Yield Rate; provided, however, that the failure to give any such notice shall not affect Lessor’s obligation hereunder or the obligations of Lessee or any Guarantor und...
Payments of Rent; and Payments and Prepayments of Funded Amounts. (a) Lessor hereby directs Lessee to pay to the Administrative Agent, pursuant to the terms of the Lease, the Rent from time to time payable. Notwithstanding anything to the contrary herein or in any other Operative Document, except as provided for in the proviso at the end of this sentence and excluding amounts payable by other Persons which Lessee is required to pay over to Lessor, Administrative Agent or any Participant, (i) Yield, Fees and Contingent Rent due and fees payable prior to the Base Term Commencement Date and (ii) any other Supplemental Rent payable prior to the Base Term Commencement Date shall be payable solely from Advances pursuant to the terms and conditions of Section 3.1 to the extent of the Available Commitments; provided, however, that all payments or other amounts (i) required to be made by Lessee prior to the Base Term Commencement Date pursuant to Article XIII or (ii) payable by Construction Agent pursuant to Section 3.4 or Article V of the Construction Agency Agreement, shall be the direct recourse obligations of Lessee and shall not be payable with Advances.
(b) In the event that the Lessee pays the Lease Balance to the Lessor in connection with the Lessee’s purchase of the Leased Property in accordance with Section 15.1, 16.2(e), 18.1, or Article XIX of the Lease, Lessor will prepay the entire outstanding principal amount of the Participant Interest Contribution Amount and the Lessor Amount. Each Participant hereby acknowledges that its Participant Interest Contribution Amount or Lessor Amount, as the case may be, may be so prepaid without any prepayment premium or charge (other than Break Costs, if any).