rent reserved definition
rent reserved in relation to a lease, means the rent paid or payable during the term of the lease and any amount paid or payable for the right to use the land under the lease;
rent reserved means the amount of future rent under the lease, calculated from the earlier of the date of filing of the bankruptcy petition or the date on which the lessor “repossessed” or the lessee “surrendered” the leased property (such earlier date being referred to as the “Rent Cap Date”). Once the Rent Cap Date is determined, the rent-reserved component of the cap formula is computed by calculating the greater of: (i) the rent under the lease for one year from the Rent Cap Date; or (ii) 15 percent of the rent under the remaining term of the lease from the Rent Cap Date, but not to exceed three years.