Monthly Deferral Amount definition
Examples of Monthly Deferral Amount in a sentence
The amount of each such Deferred Rent Letter of Credit shall be equal to the amount of $130,071.44 (i.e., two (2) monthly Deferred Rent Loan Payments), based upon the assumption that the Monthly Deferral Amount will be deferred each month during the Monthly Base Rent Deferral Period and the Deferred Rent Loan will be repaid in twenty-four (24) equal monthly installments as provided for above.
Provided no Deferred Rent Default has occurred and is continuing, during the Deferral Period, Tenant may, at its option, in any given month elect to defer payment without interest (if paid as and when required under this Section 2 after which interest and late charges may accrue in accordance with Sections 3.2 and 3.3 of the Lease) of a portion of Minimum Rent then due and owing in an amount up to the Monthly Deferral Amount.
Such deferral of Monthly Base Rent shall be deemed to be a loan from Landlord to Tenant (the “Deferred Rent Loan”), with each Monthly Deferral Amount being deemed an advance under the Deferred Rent Loan made as of the first day of the month in which such Monthly Deferral Amount would otherwise be due and payable by Tenant as Monthly Base Rent owing hereunder.