Delinquent Amounts as defined in Section 6(j) below, shall be handled in the manner provided in Section 6(j) below). All scheduled payments of fixed, minimum or base rents received by Seller or Purchaser for the month of Closing shall be prorated based upon the number of days in that month occurring before the Closing. If, as of the Closing, any scheduled payment of fixed, minimum or base rents has not been paid by a tenant for the month of Closing (such amount being referred to as the “Current Unpaid Rent” for such tenant), than any subsequent payments made by such tenant after Closing shall first be applied to (but only to the extent of) the Current Unpaid Rent for such tenant. If after the Closing, Seller receives any payment from a tenant with Current Unpaid Rent, Seller shall be entitled to retain from any such payment the amount of the Current Unpaid Rent for such tenant (with the balance of any such payment being treated as a “Delinquent Amount” and disposed of pursuant to the provisions of Section 6(j) below, or if Purchaser receives any such payment from a tenant with Current Unpaid Rent, Purchaser shall promptly remit to Seller from any such payment the amount of the Current Unpaid Rent for such tenant (with the balance of any such payment being treated as a “Delinquent Amount” and disposed of pursuant to the provisions of Section 6(j) below.
Delinquent Amounts shall have the meaning given such term in Section 9.1(b).
Delinquent Amounts shall have the meaning set forth in Section 8.1(c).
Examples of Delinquent Amounts in a sentence
With respect to Delinquent Amounts owed by tenants who are no longer tenants of the Property as of the Closing Date, Seller shall retain all rights relating thereto.
Such facility fees shall be computed (on the basis of the actual number of days elapsed in a year composed of 365 or 366 days, as the case may be) on each day.
Purchaser may not waive any Delinquent Amounts nor modify a Lease so as to reduce amounts or charges owed under Leases which Seller is entitled to receive without first obtaining Seller’s written consent.
Seller shall have and reserves the right to pursue any right or remedy against the Subtenants for Delinquent Amounts; provided, however, that with respect to any of the Approved Subleases to be assigned to Purchaser as set forth herein, Seller shall have no right to file an eviction action against such Subtenants after the Closing.
Seller shall have and reserves the right to pursue any remedy against any tenant owing Delinquent Amounts, provided that Seller shall in no event institute any proceeding to evict or dispossess a tenant from the Real Property.
More Definitions of Delinquent Amounts
Delinquent Amounts. Purchaser shall receive (but shall have no obligation to collect) Delinquent Amounts and all amounts received by Purchaser from each party owing such Delinquent Amounts shall be paid to Seller following the Closing Date on a monthly basis on or before the tenth (10th) day of the calendar month following the month of receipt. Notwithstanding the foregoing or any direction from tenants to the contrary, rental and other payments received by Purchaser from tenants on or after the Closing Date shall be first applied toward the payment of rent and other charges for the then-current period and any delinquencies owed to Purchaser, and any excess monies, if any, received shall be applied toward the payment of Delinquent Amounts in accordance herewith. Purchaser may not waive any Delinquent Amounts nor modify a Lease so as to reduce amounts or charges owed under Leases which Seller is entitled to receive without first obtaining Seller’s written consent. From and after the Closing Date, Seller shall have the right to pursue reasonable collection remedies against any tenant owing Delinquent Amounts, provided that (i) Seller shall notify Purchaser of its intent to institute any collection remedy or proceeding not less than fifteen (15) days prior to the institution thereof, and (ii) Seller shall in no event institute any proceeding to terminate any Lease or to evict or dispossess a tenant from the Property. Purchaser may, by written notice to Seller within ten (10) days of receipt of Seller’s notice of intent to institute collection remedies or proceedings, restrict Seller from collecting such Delinquent Amounts, but only if Purchaser first pays Seller such Delinquent Amounts in exchange for Seller’s assignment to Purchaser of all of Seller’s rights and causes of action with respect thereto. With respect to Delinquent Amounts owed by tenants who are no longer tenants of the Property as of the Closing Date, Seller shall retain all rights relating thereto.
Delinquent Amounts shall have the meaning set forth in Section 2.2(b).
Delinquent Amounts as defined in Section 1.2 of the Capacity Agreement is hereby amended to mean any amounts billed by IFN to customers for the use of ETC’s telecommunications facilities or capacity, which amounts have not been paid to IFN for at least ninety (90) days after IFN’s actual Invoice Date, or for which IFN’s customer has commenced legal proceedings for protection from creditors under the laws relating to bankruptcy or insolvency.
Delinquent Amounts. As defined in Section 7.7.
Delinquent Amounts means any amounts billed by IFN to customers for the -------------------- use of capacity and services on the ETC system, which amounts have not been paid to IFN for at least 180 days after the Customer Due Date (normally 30 days after the Invoice Date).
Delinquent Amounts. As defined in subsection 6.4.3.1. of this Agreement.
Delinquent Amounts means, for any month, the amount of Gross Receipts receivable from Customers which are not collected by the fourteenth (14th) day of the immediately following month.