Common use of Upon the Commencement Date Clause in Contracts

Upon the Commencement Date. Landlord shall make available to Tenant the sum of Five Million Dollars ($5,000,000) (the “TI Allowance”) from which Tenant shall be entitled to withdraw funds to pay the cost of Alterations to the Improvements that Tenant elects to make to the Premises, including, without limitation, furnishings, fixtures, equipment, cabling and wiring (the “Tenant Improvements”). The TI Allowance, funded by Landlord on the Commencement Date, shall be deposited into a separate interest-bearing account established by Tenant and, subject to the provisions of this Section 10(c), available for withdrawal by Tenant to fund Alterations to the Premises upon request and Tenant Improvements costs are incurred. For so long as, and provided, Tenant maintains a debt rating on its unsecured long-term debt (“Tenant’s Credit Rating”) of not less than either “BBB (outlook stable)” from Standard & Poor’s Ratings Services, Inc. or “Baa2” from ▇▇▇▇▇’▇ Investors Service, Inc. (the “Minimum Debt Rating”), Tenant shall be entitled to withdraw funds from the TI Allowance account with at least ten (10) days prior written notice to Landlord to pay for Tenant Improvements. If, at any time, Tenant’s Credit Rating is below the Minimum Debt Rating, as a condition to Tenant’s right to withdraw funds from the TI Allowance account, in addition to and concurrently with the required advance written notice to Landlord, Tenant shall also provide to Landlord copies of paid invoices for any Alterations to be paid for from such withdrawal from the TI Allowance account and preliminary or final lien releases and waivers in form that conforms with the requirements of the construction lien laws of the State of California and duly executed by the contractors and subcontracts to whom payment is intended to be funded from such withdrawal. Provided such notice and additional materials and documents are provided, if and as required, Landlord shall allow Tenant to withdraw the requested funds from the TI Allowance account.