Rent Reserve means, with respect to any leased store, warehouse distribution center, regional distribution center or depot where any Inventory subject to Liens arising by operation of law is located, a reserve equal to two months’ rent at such store, warehouse distribution center, regional distribution center or depot.
Rent Reserve means, a reserve established by the Administrative Agent in respect of rent payments made by the Borrower or any Wholly-Owned Subsidiary Guarantor for each location at which Inventory of the Borrower and/or its Subsidiaries is located that is not subject to a Landlord Personal Property Collateral Access Agreement (as reported to the Administrative Agent by the Borrower from time to time as requested by the Administrative Agent), as adjusted from time to time by the Administrative Agent in its Permitted Discretion.
Rent Reserve means, with respect to any plant, warehouse distribution center or other operating facility where any Inventory subject to landlords’ Liens or other Liens arising by operation of law is located and a Collateral Access Agreement has not been duly executed and delivered by the lessor or bailee at such location, a reserve equal to three (3) month’s rent at such plant, warehouse distribution center, or other operating facility, and such other reserve amounts that may be determined by the Administrative Agent in its reasonable discretion.
Examples of Rent Reserve in a sentence
Amounts so deposited shall hereinafter be referred to as the “Free Rent Reserve Fund”.
At Borrower’s election, in its sole discretion, Borrower may deposit into an Eligible Account held by Lender or Servicer (the “Free Rent Reserve Account”) an amount equal to all or any portion of any free or gap rent in connection with satisfying a CPC Bankruptcy Trigger Event Cure or a CPC Goes Dark Trigger Event Cure.
Provided no Event of Default is then continuing, Lender shall disburse to Borrower the amounts on deposit in the Free Rent Reserve Account in connection with satisfying a CPC Bankruptcy Trigger Event Cure or a CPC Goes Dark Trigger Event Cure, on each Payment Date for each month of free or gap rent deposited based on the corresponding month to which such free or gap rent applies.
More Definitions of Rent Reserve
Rent Reserve means, with respect to any store, warehouse distribution center, regional distribution center or depot where any Eligible Equipment subject to Liens arising by operation of law is located (other than any Eligible Equipment with respect to which Agent has determined that such Liens have been waived or subordinated to Agent’s reasonable satisfaction pursuant to a landlord waiver, bailee letter or comparable agreement), a rent reserve not in excess of three (3) months’ rent (or for such longer time period that is determined by Agent in its Permitted Discretion as reasonably necessary to protect and/or realize upon the Collateral located at any) at such store, warehouse distribution center, regional distribution center or depot.
Rent Reserve means a reserve equal to three (3) months of rental obligations for each parcel of real property leased by a Borrower or Eligible Subsidiary at which Eligible Inventory is located and, with respect to any store, warehouse distribution center, regional distribution center or depot where any Inventory subject to Liens arising by operation of law is located, a reserve equal to three (3) months’ rent at such store, warehouse distribution center, regional distribution center or depot, in each case with respect to which the applicable landlord, warehouseman or bailee has not provided a Collateral Access Agreement.
Rent Reserve on any date, with respect to any retail store, distribution center, warehouse, or other location where any Eligible Inventory subject to a Lien arising by operation of contract and/or law is located and with respect to which no Landlord Waiver is in effect, a reserve equal to three months' rent at such retail store, distribution center, warehouse, or other location.
Rent Reserve means, a reserve established by the Administrative Agent in an amount up to the latest 60 days rent payments made by any Loan Party for each location at which Inventory, Equipment or Transportation Equipment of such Loan Party is located that is not subject to a Collateral Access Agreement, as such amount may be adjusted from time to time by the Administrative Agent in its Reasonable Credit Judgment.
Rent Reserve means, with respect to any leased real property other than (a) leased premises at which the book value of Inventory at such location is less than or equal to $100,000 or (b) leased premises in regard to which the landlord thereof shall have executed and delivered to the Administrative Agent a Collateral Access Agreement, an amount equal to two (2) months rental expense for such leased real property (or such other amount as the Administrative Agent may deem appropriate in its Permitted Discretion based on the circumstances).
Rent Reserve means, with respect to any warehouse, distribution center or other location not owned by a Collateral Party where Inventory on-hand having a book value of at least $100,000 is located and with respect to which no Collateral Access Agreement is in effect, a reserve equal to (a) three months’ rent in the case of leased facilities and (b) three months of fees in the case of third-party warehouses and outside processors.
Rent Reserve with respect to any store, warehouse distribution center, regional distribution center or depot where any Inventory subject to Liens arising by operation of law is located, a reserve equal to three months’ rent at such store, warehouse distribution center, regional distribution center or depot.