Proceeds Trustee definition

Proceeds Trustee means the Lender or, if the Property shall not at the time in question be encumbered by a Mortgage, a federally insured bank or other financial institution, selected by Lessor and reasonably satisfactory to Lessee.

Proceeds Trustee means a federally insured bank or trust company designated by Landlord, subject to the prior written approval of Tenant, such approval not to be unreasonably withheld, delayed, or conditioned; provided, however, if a Mortgage encumbers the Premises, the Mortgagee hereunder may, at its option, be appointed Proceeds Trustee for so long as such Mortgage remains outstanding.

Proceeds Trustee means a federally insured bank or trust company designated by Landlord, subject to the prior approval of Tenant, such approval not to be unreasonably withheld, delayed or conditioned; provided, however, if a Mortgage encumbers the Premises or Underlying Premises, the Mortgagee thereunder may, at its option, be appointed Proceeds Trustee for so long as such Mortgage remains outstanding and such Mortgagee does not control Landlord and is not controlled by or under common control with Landlord.

Examples of Proceeds Trustee in a sentence

• All Compensation shall be applied pursuant to this Section 6.01, and all such Compensation (less the expense of collecting such Compensation) is herein called the “Net Proceeds.” Except as specifically set for herein, all Net Proceeds shall be paid to the Proceeds Trustee (as defined herein) and applied pursuant to this Section 6.01.

• In the event Lessee loses the contest and is forced to incur costs to comply with the Environmental Law, the Proceeds Trustee shall dispense the amount retained by it pursuant to this paragraph from time to time, in accordance with the provisions of Section 12.4 below, with any balance remaining thereafter to be disbursed to Lessee provided no Lease Event of Default then exists and is continuing.

• To the extent the Net Proceeds from any Casualty are $100,000 or greater, such amount shall be paid to the Proceeds Trustee and prior to any such rebuilding, replacement or repair, Lessee shall determine the maximum cost thereof (the “Restoration Cost”), which amount shall be reasonably acceptable to Lessor.

• The Lessee shall be entitled to receive payment from the Net Proceeds or the Excess Funds, as the case may be, from time to time as such work of rebuilding, replacement or repair progresses, but only after presentation of certificates of the Independent Engineer, delivered by the Lessee to the Proceeds Trustee (with a copy to the Lessor) from time to time as such work of rebuilding, replacement or repair progresses.

• At such time as there no longer exists a requirement under this Lease for the Proceeds Trustee to hold such amounts, such amounts, together with any income thereon, shall be disbursed to Lessee.

More Definitions of Proceeds Trustee

Proceeds Trustee means Agent, if Agent elects to perform such functions or, if Agent elects not to perform such functions, such title company or other independent bank or trust company as may be designated by the Lessor with the approval of Agent.

Proceeds Trustee has the meaning set forth in paragraph 12(a) of the Lease.

Proceeds Trustee means the Collateral Agent or such other independent bank or trust company as may be designated by the Lessor.

Proceeds Trustee has the meaning set forth in Section 7.18(a).

Proceeds Trustee means the Servicer or, if a Property affected by a Casualty or a Condemnation shall not at the time in question be encumbered by a Mortgage, a federally insured bank or other financial institution, selected by Lessor and reasonably satisfactory to Lessee.

Proceeds Trustee means SSBTC or such title company or other independent bank or trust company as may be designated by the Lessor.

Proceeds Trustee means, whenever any funds are to be paid to or deposited with a Proceeds Trustee pursuant to Articles 4, .'.?,, Z, Ji, 10, 11 or 12, (x) the Leasehold Mortgagee, if and to the extent required by any Leasehold Mortgage, or (y) in the absence of any Leasehold Mortgage which requires the Leasehold Mortgagee hold such funds, an independent corporate trustee or institution selected by Xxxxxx (and whose identity is reasonably satisfactory to Lessee) which is capable of performing and agrees to perform the obligations imposed upon it