Examples of Affiliated Tenants in a sentence
More intensive residential and mixed use development is directed to key locations such as the Housing Initiative Area or Transit-Oriented Development Corridors which have existing or planned transit facilities.
An Event of Default by Tenant or Landlord, or any Affiliated Lessors or Affiliated Tenants, under any of the Other Leases or the Agreement To Lease, shall constitute an Event of Default under this Lease.
Upon the earlier of (i) the Capital Raise Deadline, and (ii) the date upon which the Initial Capital Contribution Amount has been contributed to/invested in PARC Investors and the Remaining Capital Contribution Amount has been committed to PARC Investors, Tenant and Affiliated Tenants shall increase the Aggregate Lease Security Deposit by $5,000,000.00.
Xxxx Xxxxxxx & Associates and their Affiliated Companies will be assigned all the reserved underground parking spaces (except for any spaces that have been previously reserved for NON Xxxx Xxxxxxx & Associates and Affiliated Tenants).
In the event that the Trailing 3 Year Lease Coverage Test is not satisfied, Tenant and Affiliated Tenants shall, within thirty (30) days following receipt or written notice from Landlord or any Affiliated Landlord, increase the Aggregate Lease Security Deposit by the amount of $3,000,000, in which event the Aggregate Lease Security Deposit shall not exceed $28,000,000.
On the Effective Date, Tenant and Affiliated Tenants shall establish a segregated account in the aggregate amount of FIVE MILLION AND NO/100 DOLLARS ($5,000,000.00) in their names (the “Restricted Operating Expense Account”), in a bank designated by Tenant and Affiliated Tenants and approved by Landlord.
Tenant agrees that the aggregate Net Worth of Tenant and Affiliated Tenants shall be required to equal or exceed (i) $15,000,000, as of the Effective Date and through Fiscal Year 2008, and (ii) $20,000,000, commencing the first day of Fiscal Year 2009 and throughout the remainder of the Term (in either case, the “Minimum Net Worth Requirement”).
Tenant and Affiliated Tenants shall not use the funds in the Restricted Operating Expense Account for any purpose other than the payment of Rent and/or Operating Expenses with respect to the Leased Property and the Business under this Lease and the Affiliated Leases unless and until clauses (A), (B) and (C) of Section 20.7 above have been satisfied by the Capital Raise Deadline.
In the event that the requirements of clauses (a) and (b) of Section 20.7 above have been satisfied by the Capital Raise Deadline, Tenant and Affiliated Tenants may apply any and all funds then remaining in the Restricted Operating Expense Account to their obligation under Section 20.7 above to increase the Aggregate Lease Security Deposit by $5,000,000.
In such case, the Restricted Operating Expense Account shall no longer be restricted to the payment of Rent and/or Operating Expenses, and Tenant and Affiliated Tenants shall have the right to use any and all funds in the Restricted Operating Expense Account for whatever purpose or purposes they deem appropriate, in their sole discretion.