Lease Obligations; Payment to Vendors and Consignors Sample Clauses

Lease Obligations; Payment to Vendors and Consignors. Nationwide shall grant, transfer and assign to Truckcenter all of Nationwide’s right, title and interest in and to the leases for the locations described on SCHEDULE A to EXHIBIT B, attached hereto (the “Leases”), and Truckcenter shall assume and perform all of the terms, covenants and conditions of the Leases in accordance with the Assignment and Assumption of Leases, attached hereto as EXHIBIT B. Notwithstanding the date of this letter agreement or the date of any assignment under this Section 4a, the parties acknowledge and agree that the lease assignments and assumptions thereof shall be effective as of September 1, 2006 instead of October 1, 2006 but only if Nationwide timely pays all of Schlossmann’s wages and benefits and expense reimbursements as a Nationwide employee through September 30, 2006 and Nationwide also pays all of Schlossmann’s and Truckcenter’s, as applicable, employee expenses, including vacation and benefits, through September 30, 2006, provided that any expense reimbursement required of the Company under this paragraph shall be limited to those reimbursements which are consistent with the past reimbursement practices of the Company Schlossmann represents that any expenses for which he may seek reimbursement for himself (but not other employees) under this paragraph shall be limited to an aggregate amount of $3,000. The Schlossmann Parties will assume any relocation or similar expenses, if any, demanded by Xxx Xxxxxxxx. The parties hereby acknowledge that the leases for Nationwide’s facilities located in Riverdale and Atlanta, Georgia are not on SCHEDULE A to EXHIBIT B and are not included in the definition of “Leases.” In consideration for Truckcenter’s assuming Nationwide’s obligations under the Leases, Nationwide shall pay Truckcenter $310,500 (the “Lease Assumption Fee”) in nine monthly installments of $26,166.67, payable in cash or immediately available funds on the 15th day of each calendar month after the date of this letter agreement, with the first payment being due on October 15, 2006; provided Nationwide shall not be in default under this Section 4(a) with respect to any monthly installment if such installment is received by Schlossmann or Truckcenter as applicable by the fifth calendar day after the date it is due. Nationwide has the right to prepay the Lease Assumption Fee at any time. In addition, Nationwide shall timely pay consignors and vendors in connection with the facilities that are subject to the Leases; pursuan...
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Related to Lease Obligations; Payment to Vendors and Consignors

  • Accounts and Payments in Respect of General Intangibles (a) In addition to, and not in substitution for, any similar requirement in the Credit Agreement, if required by the Administrative Agent at any time during the continuance of an Event of Default, any payment of accounts or payment in respect of general intangibles, when collected by any Grantor, shall be promptly (and, in any event, within 2 Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Administrative Agent, in a Security Cash Collateral Account, subject to withdrawal by the Administrative Agent as provided in Section 6.4. Until so turned over, such payment shall be held by such Grantor in trust for the Administrative Agent, segregated from other funds of such Grantor. Each such deposit of proceeds of accounts and payments in respect of general intangibles shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit.

  • Operating Lease Obligations On the Effective Date, none of the Loan Parties has any Operating Lease Obligations other than the Operating Lease Obligations set forth on Schedule 6.01(q).

  • Conditions to the Obligations of Each Party The respective obligations of each party to consummate the Merger are subject to the satisfaction or (to the extent permitted by Law) waiver by the Company and Parent at or prior to the Effective Time of the following conditions:

  • Use of Proceeds and Letters of Credit The Letters of Credit and the proceeds of the Loans will be used only for general working capital purposes, which may include refinancing existing Indebtedness. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations U and X.

  • Use of Proceeds; Letters of Credit The Borrower will not permit the proceeds of any Advance or Letters of Credit to be used for any purpose other than those permitted by Section 5.09. The Borrower will not engage in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U). Neither the Borrower nor any Person acting on behalf of the Borrower has taken or shall take, nor permit any of the Borrower’s Subsidiaries to take any action which might cause any of the Loan Documents to violate Regulation T, U or X or any other regulation of the Board of Governors of the Federal Reserve System or to violate Section 7 of the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereinafter be in effect, including without limitation, the use of the proceeds of any Advance or Letters of Credit to purchase or carry any margin stock in violation of Regulation T, U or X.

  • Litigation and Contingent Obligations There is no litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the knowledge of any of their officers, threatened against or affecting the Borrower or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect or which seeks to prevent, enjoin or delay the making of any Loans. Other than any liability incident to any litigation, arbitration or proceeding which could not reasonably be expected to have a Material Adverse Effect, the Borrower has no material contingent obligations not provided for or disclosed in the financial statements referred to in Section 5.4.

  • Conditions to Obligations of Each Party The respective obligations of each Party to perform this Agreement and consummate the Merger and the other transactions contemplated hereby are subject to the satisfaction of the following conditions, unless waived by both Parties pursuant to Section 11.6:

  • Conditions to the Obligations of Sellers The obligation of Sellers to consummate the transactions contemplated by this Agreement is subject to the satisfaction of the following conditions, any one or more of which may be waived in writing by Sellers:

  • Obligations of the Concessionaire 5.1.1 Subject to and on the terms and conditions of this Agreement, the Concessionaire shall, at its own cost and expense, procure finance for and undertake the design, engineering, procurement, construction, operation and maintenance of the Project and observe, fulfil, comply with and perform all its obligations set out in this Agreement or arising hereunder.

  • Conditions to the Obligations of Seller The obligation of Seller to consummate the transactions contemplated by this Agreement is subject to the satisfaction of the following conditions, any one or more of which may be waived in writing by Seller:

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