Reduced Deposit definition

Reduced Deposit means a security deposit in the amount of twenty (20%) percent of the Deposit, with a minimum of One Thousand ($1,000) Dollars to secure the performance of the Maintenance;
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Examples of Reduced Deposit in a sentence

  • If the foregoing condition is met then Tenant shall deliver to Landlord cash in the amount of the Reduced Deposit or a new Letter of Credit in the amount of the Reduced Deposit and upon receipt thereof Landlord shall return the Letter of Credit to Tenant or shall cancel the Letter of Credit pursuant to the issuing bank’s cancellation procedures.

  • In no event shall the Security Deposit or the Letter of Credit be reduced below the amount of the Reduced Deposit.

  • Notwithstanding the foregoing, if between the date of this Lease and each Reduction Date (herein so called) set forth below no Event of Default shall have occurred hereunder, Tenant shall be entitled to replace the Letter of Credit with a new Letter of Credit in the Reduced Deposit Amount (herein so called).

  • Subject to the terms set forth in this Paragraph 6, Tenant shall have the right to replace the Letter of Credit as of each Reduction Date (as hereinafter defined) with a new Letter of Credit in the Reduced Deposit Amount (as hereinafter defined).

  • Each new Letter of Credit in the Reduced Deposit Amount shall be subject to all of the terms and conditions set forth in Paragraph 6.a above, except that the amount shall be the Reduced Deposit Amount.

  • If on January 1, 2003, Tenant establishes that it has been profitable in the previous four quarters (or in the previous year), the Security Deposit may be further decreased to an amount equal to three (3) months Base Rent at the time of the decrease (the "Reduced Deposit").

Related to Reduced Deposit

  • Required Spread Account Amount means, for the March 2012 Payment Date and the April 2012 Payment Date, zero, and for any Payment Date thereafter, the product of (i) the Spread Account Percentage in effect on such date and (ii) during (x) the Revolving Period, the Collateral Amount, and (y) during the Controlled Accumulation Period or the Early Amortization Period, the Collateral Amount as of the last day of the Revolving Period; provided that, prior to the occurrence of an Event of Default and acceleration of the Series 2012-1 Notes, the Required Spread Account Amount will never exceed the Class C Note Principal Balance (after taking into account any payments to be made on such Payment Date).

  • Spread Account Initial Deposit means, with respect to the Closing Date, an amount equal to ___% of the aggregate principal balance of the Receivables as of the Cutoff Date (which is equal to $____________).

  • Principal Remittance Amount With respect to any Distribution Date, the sum of the Group I Principal Remittance Amount and the Group II Principal Remittance Amount.

  • Required Daily Deposit Target Finance Charge Amount means, for any day in a Due Period, an amount equal to the Class A Tranche Interest Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any day on which the Class A Tranche Interest Allocation cannot be determined because the LIBOR Determination Date for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge Amount shall be the Class A Tranche Interest Allocation determined based on a pro forma calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on the first day of such calendar month, multiplied by 1.25.

  • Bid Deposit means a financial guarantee to ensure the successful bidder will enter into an agreement.