Security Deposit Reduction Conditions definition

Security Deposit Reduction Conditions are: (i) Tenant has not defaulted in its obligations under the Lease more than once during any twelve (12) month period during the Term, and such default shall have been cured within the applicable cure period; (ii) Tenant has not been late in the payment of Minimum Rent or Additional Rent more than twice during any twelve (12) month period; (iii) the Named Tenant (as hereinafter defined) is “Tenant” under the Lease; and (iv) Tenant’s net worth exceeds ten (10) times the annual Minimum Rent then payable under the Lease. Each year, from and after January 1, 2020, provided that Tenant has received the Security Deposit reduction described in this Section 13(b), Tenant shall submit to Landlord, within fifteen (15) days after Landlord’s written request therefor, which request shall be accompanied by a signed Confidentiality Agreement in the form attached hereto as Exhibit B, Tenant’s most recent annual and quarterly audited financial statements (or if audited financial statements are not available, Tenant’s most recent annual and quarterly internal financial statements that are certified by a certified public accountant). If, at any time, the Security Deposit Reduction Conditions are not satisfied, Tenant shall be required, upon ten (10) business dayswritten notice from Landlord, to restore the Security Deposit to $6,805,080.00. Notwithstanding the foregoing, at any time during the Term (prior to or after January 1, 2020), regardless of whether Tenant receives the Security Deposit reduction described in this Section 16(b), in connection with the sale or refinance of the Building or Landlord’s interest therein, Tenant shall, no more than once per calendar year, within fifteen (15) days of Landlord’s written request (which shall be accompanied by a Confidentiality Agreement in the form attached hereto as Exhibit B), deliver to Landlord Tenant’s most recent annual and quarterly audited financial statements (or if audited financial statements are not available, Tenant’s most recent annual and quarterly internal financial statements that are certified by a certified public accountant), which financial statements may be delivered by Landlord to any third party lender or prospective purchaser from whom Landlord delivers a Confidentiality Agreement in substantially the form attached hereto as Exhibit B (or such other form of Confidentiality Agreement that is reasonably acceptable to Tenant).
Security Deposit Reduction Conditions means that (i) no Event of Default on the part of Tenant then exists and (ii) no Event of Default has existed during the immediately preceding twelve (12) month period remains uncured and (iii) no notice of default from Landlord to Tenant is currently outstanding.
Security Deposit Reduction Conditions means achievement by Tenant of an “NAIC II,” as designated by the National Association of Insurance Commissioners or equivalent from Standard & Poor’s, Fitch, Xxxxx’x or any replacement national statistical rating agency of similar acceptance and reputation by the investment community.

Examples of Security Deposit Reduction Conditions in a sentence

  • For the sake of clarity, the Rent Deferral pursuant to Section 2(a) hereof shall not constitute a breach of the Security Deposit Reduction Conditions.

  • Landlord and Tenant agree that, notwithstanding the terms of Section 6(b) of the Fifth Amendment, Tenant’s Security Deposit will not be reduced from $8,846,604.00 to $6,634,953.00 on July 26, 2020, but rather, such reduction will be postponed until the later of the date that: (i) all of the Deferred Rent Repayments have been made by Tenant to Landlord; and (ii) all of the Security Deposit Reduction Conditions have been satisfied.

  • Therefore, information is not collected to characterize children and does not help to identify and understand their problems.

Related to Security Deposit Reduction Conditions

  • Security Deposit means the deposit to be held by the owner as security for the due performance of the contractual obligations.

  • Security Deposit Account has the meaning given in Section 5.1.

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.

  • Performance Bank Guarantee/ Security Deposit means interest free amount to be deposited by the Contractor with NMRC as per terms and conditions of Contract Agreement as a security against the performance of the Contract agreement

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Security Deposits shall have the meaning set forth in Section 5.1.17(e) hereof.

  • Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.

  • Reserve Account Property shall have the meaning specified in Section 4.7(a) of the Sale and Servicing Agreement.

  • Required Repair Account shall have the meaning set forth in Section 7.1.1 hereof.

  • Subordination Reduction Amount With respect to any Distribution Date, an amount equal to the lesser of (a) the Excess Subordinated Amount and (b) the Net Monthly Excess Cash Flow.

  • Subordination Increase Amount As to any Distribution Date, the lesser of (i) the Subordination Deficiency and (ii) the Excess Interest.

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Initial Reserve Account Deposit Amount means an amount equal to $29,411,740.05.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Initial Reserve Account Deposit means $3,000,000.

  • Interest Free Security Deposit/ Performance Security means interest free amount to be deposited by the Licensee with DMRC as per terms and conditions of License Agreement as a security against the performance of the License Agreement.

  • Reserve Account Required Amount means, with respect to any Payment Date, an amount equal to 0.25% of the Adjusted Pool Balance as of the Cutoff Date; provided, however, that in no event shall the Reserve Account Required Amount on any Payment Date be more than the aggregate Outstanding Amount of the Notes on such Payment Date (after giving effect to the allocation of principal payments on such Payment Date).

  • Construction Account means the account by that name established in the FGR Subordinated Indebtedness Fund pursuant to the Second Resolution.

  • Reserve Account Withdrawal Amount means, with respect to any Distribution Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts specified in clauses (i) through (xvii) of Section 5.7(a) (taking into account application of Available Funds to the priority of payments specified in Section 5.7(a) and ignoring any provision hereof which otherwise limits the amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution Date prior to application of amounts on deposit therein pursuant to Section 5.8.

  • Reserve Account Deposit Cash or Eligible Investments having a value of at least $3,807,950.53.

  • Reserve Account Requirement means on any Payment Date, an amount equal to $[●]; provided, however, that on any Payment Date (after taking into account all distributions from the 201[●]-[●] SUBI Collection Account on such date) on which the Note Balance is zero, the “Reserve Account Requirement” shall be an amount equal to $0. 26 (NALT 20[●]-[●] Agreement of Definitions)

  • Reserve Account Deposit Amount means, with respect to any Distribution Date, the lesser of (x) the excess of (i) the Specified Reserve Balance over (ii) the amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Distribution Date and (y) the amount remaining in the Collection Account after taking into account the distributions therefrom described in clauses (i) through (xviii) of Section 5.7(a).

  • Term deposit means a deposit received by the bank for a fixed period withdrawable only after the expiry of the fixed period and includes deposits such as Recurring / Double Benefit Deposits / Short Deposits / Fixed Deposits /Monthly Income Certificate / Quarterly Income Certificate etc.

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Aggregate Overcollateralization Release Amount With respect to any Distribution Date, the lesser of (x) the aggregate of the Principal Remittance Amounts for each Mortgage Pool for such Distribution Date and (y) the amount, if any, by which (i) the Overcollateralization Amount for such date, calculated for this purpose on the basis of the assumption that 100% of the aggregate of the Principal Remittance Amounts for such Distribution Date is applied on such date in reduction of the aggregate Certificate Principal Amount of the Certificates, exceeds (ii) the Targeted Overcollateralization Amount for such Distribution Date.