Tenant Deposit means all refundable deposits (whether cash or non-cash and whether designated as security or otherwise) paid or deposited by a Tenant to Seller, as landlord, or any other person on Sellers behalf pursuant to a Lease (together with any interest which has accrued thereon as required by the terms of such Lease, but only to the extent such interest has accrued for the account of the respective Tenant or as required by law).
Examples of Tenant Deposit in a sentence
Landlord shall disburse the Tenant Improvement Allowance and the Tenant Deposit in proportion to the respective amounts thereof then remaining to be disbursed.
Upon completion of the Tenant Improvements and acceptance of the same by Tenant, and upon the receipt by Landlord of final unconditional lien releases from all contractors, subcontractors and materialmen, any amounts remaining of the Tenant Deposit shall be returned to Tenant by Landlord.
The Tenant Deposit shall not earn interest during the time it is on deposit with Landlord.
No Tenant Deposit Account is held by any Person other than the Borrower, any other Loan Party or any other Subsidiary.
Landlord shall also withhold the last ten percent (10%) of the Tenant Improvement Allowance and the Tenant Deposit until the lien-free expiration of the time for the filing of any mechanics' liens claimed or which might be filed on account of any work ordered by Tenant as relates to the completion of the Tenant Improvements.