JIB Properties definition
Examples of JIB Properties in a sentence
The Manager, the Master Issuer, the Franchisor or JIB Properties, as applicable, shall deposit and withdraw available amounts from the respective Management Accounts in accordance with this Section 5.11(a).
For the avoidance of doubt, JIB Properties shall not be required to, and the Trustee may not, record or cause to be recorded any Mortgage until the occurrence of a Mortgage Recordation Event that has not been waived by the Control Party (at the direction of the Controlling Class Representative).
In addition, amounts payable by JIB Properties in respect of JIB Properties Company Restaurant IP License Fees, at a rate equal to five percent (5%) of the Gross Sales of each Securitized Company Restaurant, shall be withdrawn from the applicable Securitized Company Restaurant Account and paid to the applicable Concentration Account weekly.
JIB Properties will endeavor to make Company Synthetic Lease Payments on the same timing as other Securitized Lease payments received, and at a minimum, all Company Synthetic Lease Payments accrued during any Four-Week Fiscal Period shall be transferred to the applicable Concentration Account no later than the Business Day prior to the Weekly Allocation Date of the first Weekly Collection Period of the immediately succeeding Four-Week Fiscal Period.
For each Securitized Company Restaurant located on real property owned by JIB Properties, an amount that is equal to 9.5% of gross sales of such Securitized Company Restaurant (for each restaurant, a “Company Synthetic Lease Payment”) shall be transferred from the Securitized Company Restaurant Account for such Securitized Company Restaurant to the applicable Concentration Account.
Upon the request of JIB Properties, and at the direction of the Manager, the Trustee shall execute and deliver a release of mortgage to be held in escrow pending a closing of a sale of any Securitized Owned Real Property; provided that if such closing shall not occur, such release of mortgage shall be returned by the escrow agent directly to the Trustee.
After the Cut-Off Date, theThe Manager (on behalf of JIB Properties) willshall deposit (or cause to be deposited) the following amounts into the Securitized Company Restaurant Accounts (A) all Securitized Company Restaurant Collections within two (2) Business Days following JIB Properties’ receipt thereof; and (B) all proceeds from credit card and debit card processors or armored carrier providers for Securitized Company Restaurant Collections at Securitized Company Restaurants.
After the Cut-Off Date, the Manager (on behalf of JIB Properties) will deposit (or cause to be deposited) the following amounts into the Securitized Company Restaurant Accounts (A) all Securitized Company Restaurant Collections within two (2) Business Days following JIB Properties’ receipt thereof; and (B) all proceeds from credit card and debit card processors or armored carrier providers for Securitized Company Restaurant Collections at Securitized Company Restaurants.