Examples of Lease Deposits in a sentence
On or before the Closing Date, Lender shall establish on behalf of Borrower and maintain with the Collection Account Bank a separate account for Master Lease Deposits (the “Master Lease Deposit Account”), which shall be an Eligible Account and shall have the same title as the Collection Account, for the benefit of Lender until the Loan is paid in full.
Borrower shall enforce its rights under the Master Homesite Lease Documentation in a commercially reasonably manner, including its right to collect and retain additional Master Lease Deposits from time to time as provided in the Master Lease, which Borrower shall promptly deposit into the Master Lease Deposit Account.
On the Closing Date Borrower shall deposit the amount of the Master Lease Deposits in the Master Lease Deposit Account.
Any disbursement of Master Lease Deposits shall in each case be subject to Lender’s prior approval and direction, provided that Lender shall authorize, upon Borrower’s request made not more frequently than on a monthly basis, disbursements reflecting any reduction in Master Lease Deposits to which the tenant under the applicable Master Homesite Lease Documentation is entitled.
Additional Lease Deposits funded pursuant to this Section 5.3(c) shall be held by Landlord until the end of the Term.