Spa LC definition
Examples of Spa LC in a sentence
In connection with such reduction, Issuers shall deliver (i) a replacement Spa LC for the reduced amount and (ii) a calculation of the potential termination fee, together with an Officer’s Certificate certifying that such calculation has been determined in accordance with Section 2.7 of the Spa Management Agreement.
Issuers shall have the right to reduce the amount of the Spa LC from time to time by an amount equal to the reduction (other than a reduction by payment) in the amount of the termination fee payable by Hotel Issuer pursuant to Section 2.7 of the Spa Management Agreement, provided that the amount of the Spa LC shall not be less than the amount of such potential termination fee at any time.
In addition, at such time that the leasing commission is due under the New Med Spa Lease, the Escrow Agent shall disburse a portion of the Med Spa LC Escrow to the Buyer and/or to the applicable broker who procured the new lease in accordance with the separate agreement entered into with that broker, not to exceed $5,600.00.
If a New Med Spa Lease has not been executed at Closing, Seller shall deposit with the Escrow Agent the sum of $40,000.00 (the “Med Spa TI Escrow”) for tenant improvement allowance for the Med Spa Space, plus (iii) $5,600.00 (the “Med Spa LC Escrow”) for leasing commissions for the Med Spa Space.