Landlord Lien Reserve definition

Landlord Lien Reserve means an amount equal to (a) up to three months’ rent with respect to each leased location where Eligible Inventory is located, other than leased locations with respect to which the Administrative Agent shall have received a Collateral Access Agreement or (b) zero with respect to such leased location where Eligible Inventory is located and where the Administrative Agent has determined in its sole discretion not to require Collateral Access Agreement or establishment of reserve.

Landlord Lien Reserve means any reserve established by the Collateral Agent pursuant to clause (8) of the definition of “Eligible Inventory.”

Landlord Lien Reserve means, without limitation of Section 2.1(b), with respect to any Leased Store Location for which a Collateral Access Agreement is not available, a reserve for rent for two months for full rental obligations in any Landlord Lien State as may be established by Agent, in its Permitted Discretion.

Examples of Landlord Lien Reserve in a sentence

• The amount of any Reserve established shall be without duplication of any other reserve (including any Inventory Reserve, any Landlord Lien Reserve or the Customer Liability Reserve) established by the Agent for the same purpose or which is otherwise ineligible by virtue of another provision hereof.

• A "Landlord Lien Reserve" may apply under the circumstances described in the FNBB Facility.

• The amount of any Reserve established shall have a reasonable relationship to the event, condition, or other circumstance, or fact that is the basis for such reserve and shall be without duplication of any other reserve (including any Inventory Reserve, any Landlord Lien Reserve or the Customer Liability Reserve) established by the Agent for the same purpose or which is otherwise ineligible by virtue of another provision hereof.

• It is understood by the parties hereto that, with respect to the Hong Kong Warehouse, the Landlord Lien Reserve shall be an amount equal to at least four (4) months rent for such facility, as such amount may be adjusted from time to time by the Facility Agent in accordance herewith.

• Subject to the terms of this Agreement, DFS agrees, for so long as no Default exists, to provide to Borrower, and Borrower agrees to accept, financing (each advance being a "Revolving Credit Loan") on the Initial Advance, Eligible New Inventory and Eligible Used Inventory in the maximum aggregate unpaid principal amount at any time equal to the lesser of (i) the Borrowing Base and (ii) Forty Million Dollars ($40,000,000.00) less the Landlord Lien Reserve ("Total Revolving Credit Limit").

More Definitions of Landlord Lien Reserve

Landlord Lien Reserve means an amount equal to up to three months’ rent for all of the Loan Parties’ leased locations or the amount that may be payable for three months to any third party warehouse, trailer storage or other self-storage facility or bailee where Eligible Inventory is located in each Landlord Lien State for retail stores, trailer storage or self-storage facilities and in any state for distribution centers or warehouses (any such leased location, a “Specified Location), in each case, other than any such Specified Locations with respect to which the Administrative Agent shall have received a Collateral Access Agreement in form reasonably satisfactory to the Administrative Agent.

Landlord Lien Reserve means two (2) month’s base rent for each of the Loan Parties’ facilities at which inventory is stored and located in the States of Washington, Pennsylvania, Virginia and such other state(s), province(s), and other jurisdiction(s) in which a landlord’s claim for rent may have priority over the Lien of the Collateral Agent in any of the Collateral. The Landlord Lien Reserve shall be calculated quarterly.

Landlord Lien Reserve means, without duplication of any other reserves or items that are otherwise addressed or excluded through eligibility criteria, an amount, in the Administrative Agent’s Permitted Discretion, not to exceed

Landlord Lien Reserve means an amount equal to up to three month’s rent for all of the Loan Parties’ leased locations or the amount that may be payable for up to three months to any third party warehouse or other storage facilities where Eligible Inventory or Eligible M&E is located (any such location, a “Specified Location”), in each case, other than any such Specified Location with respect to which the Administrative Agent shall have received a Collateral Access Agreement in form reasonably satisfactory to the Administrative Agent (it being understood that upon receipt of any such Collateral Access Agreement with respect to any such Specified Location, any Landlord Lien Reserve shall be released).

Landlord Lien Reserve shall have the meaning assigned to such term in Section 2.16(a)(i).

Landlord Lien Reserve means, without duplication of any other reserves or items that are otherwise addressed or excluded through eligibility criteria, an amount, in Agent’s Permitted Discretion, not to exceed (a) up to three months’ rent with respect to each leased location where Eligible Inventory is located, other than leased locations with respect to which the Administrative Agent has received a Collateral Access Agreement or (b) zero with respect to such leased location where Eligible Inventory is located and where the Administrative Agent has determined in its sole discretion not to require Collateral Access Agreement or establishment of reserve; provided that no Landlord Lien Reserves may be established prior to the date that is 90 days after the Closing Date.

Landlord Lien Reserve means such reserves as may be established from time to time by the Administrative Agent in its Permitted Discretion with respect to leased locations or bailees of the Credit Parties where Eligible Fleet Inventory or Eligible Parts Inventory is located to the extent the Administrative Agent has not received a Landlord Lien Waiver and Access Agreement from the lessor or bailee at any such location; provided that such reserves for any location shall not exceed two (2) months’ rent at such location.