Lease Payment Reserves definition

Lease Payment Reserves means, a reserve against the Borrowing Base in an amount determined by the Administrative Agent in its reasonable discretion for rent payable by Borrowers with respect to each lease of real property where Eligible Rental Equipment, Eligible Wholesale Disposables and Eligible Equipment Disposables are located and with respect to which the applicable Borrower has failed to obtain an access agreement, in form and substance reasonably satisfactory to the Administrative Agent; provided that (a) such reserves shall be limited to leases of real property where Eligible Rental Equipment, Eligible Wholesale Disposables and Eligible Equipment Disposables are located in the States of Iowa, Louisiana, Pennsylvania, Virginia and Washington and the District of Columbia and any other jurisdiction that, after the Closing Date, enacts legislation providing landlords with a Lien (i) that is senior in priority to that of the Collateral Agent, and (ii) which Lien will not lose its senior priority with respect to that of the Collateral Agent upon a one time turnover of the Eligible Rental Equipment, Eligible Wholesale Disposables and Eligible Equipment Disposables, (b) such reserves shall be limited to: (i) twelve (12) months rent payable by Borrowers with respect to locations in Iowa and Pennsylvania, (ii) six (6) months rent payable by Borrowers with respect to locations in Louisiana and Virginia, (iii) three (3) months rent payable by Borrowers with respect to locations in the District of Columbia, (iv) two (2) months rent payable by Borrowers with respect to locations in the State of Washington, and (v) the applicable number of months rent for which the landlord has priority over the Lien of the Collateral Agent pursuant to legislation in the applicable jurisdiction, and (c) the amount of any reserves imposed with respect to any location shall not exceed the fair market value of the Eligible Rental Equipment, Eligible Wholesale Disposables and Eligible Equipment Disposables located at such location.
Sample 1Sample 2
Lease Payment Reserves means, a reserve against the Borrowing Base in an amount determined by the Administrative Agent in its reasonable discretion for rent payable by Borrowers with respect to each lease of real property where Eligible Rental Equipment, Eligible Wholesale Disposables and Eligible Equipment Disposables are located and with respect to which the applicable Borrower has failed to obtain an access agreement, in form and substance reasonably satisfactory to the Administrative Agent; provided that (a) such reserves shall be limited to leases of real property where Eligible Rental Equipment, Eligible Wholesale Disposables and Eligible Equipment Disposables are located in the States of Iowa, Louisiana, Pennsylvania, Virginia and Washington and the District of Columbia and any other jurisdiction that, after the Closing Date, enacts legislation providing landlords with a Lien (i) that is senior in priority to that of the Collateral Agent, and (ii) which Lien will not lose its senior priority with respect to that of the Collateral Agent upon a one time turnover of the Eligible Rental Equipment, Eligible Wholesale Disposables and Eligible Equipment Disposables, (b) such reserves shall be limited to:
Sample 1

Examples of Lease Payment Reserves in a sentence

  • If any Eligible Wholesale Deliverables or Eligible Equipment Disposables are located at any leased location of Borrowers, the Administrative Agent shall have the right, in its commercially reasonable judgment, to establish Lease Payment Reserves against such Eligible Wholesale Deliverables and/or Eligible Equipment Disposables effective upon five (5) days prior written notice delivered by the Administrative Agent to the Borrowers.

  • Borrowing Availability may be reduced by Reserves and Lease Payment Reserves imposed by Agent in accordance with the provisions of Sections 2.15 and 2.16, as applicable.

  • If any Eligible Wholesale Deliverables or Eligible Equipment Disposables are located at any leased location of a Borrowing Base Party, the Administrative Agent shall have the right, in its commercially reasonable judgment, to establish Lease Payment Reserves against such Eligible Wholesale Deliverables and/or Eligible Equipment Disposables effective upon five (5) days prior written notice delivered by the Administrative Agent to the Borrower.

  • Borrowing Availability may be reduced by Reserves and Lease Payment Reserves imposed by Agent in accordance with the provisions of Sections2.15 and 2.16, as applicable.

Related to Lease Payment Reserves

  • Lease Payment means any form of payment, including a land lease, by a public entity to the private entity for the use of a qualifying project.

  • Lease Payments means the rental payments described in Exhibit A hereto.

  • Lease Payment Date means, with respect to any Interest Payment Date, the 5th Business Day immediately preceding such Interest Payment Date.

  • Sublease Payment means any payment required to be made by the District pursuant to Section 7 of the Sublease.

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

  • Rent Reserve means, with respect to any store, warehouse distribution center, regional distribution center or depot where any Inventory subject to Liens arising by operation of law is located, a reserve equal to two (2) months’ rent at such store, warehouse distribution center, regional distribution center or depot.

  • Monthly Debt Service Payment Amount means, for each Monthly Payment Date, an amount equal to the amount of interest which is then due on all the Components of the Loan in the aggregate for the Interest Period during which such Monthly Payment Date occurs.

  • Replacement Reserve As defined in Section 9.5.1.

  • Monthly Excess Interest Amount With respect to each Distribution Date, the amount, if any, by which the Group 1 Interest Remittance Amount and Group 2 Interest Remittance Amount for such Distribution Date exceed the aggregate amount distributed on such Distribution Date pursuant to paragraphs (a) through (c) under Section 4.02(d) hereof, plus interest on the Overcollateralization Amount accrued during the Interest Accrual Period related to that Distribution Date.

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

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

  • Credit allowance date means with respect to any qualified equity investment:

  • Loan Loss Reserves means funds held by the Seller to cover potential losses in connection with the mortgage loans owned in the Seller’s portfolio, including without limitation any amounts required to be maintained and held as a loan loss reserve in accordance with GAAP and any other regulatory requirement applicable to the Seller.

  • Servicer Prepayment Charge Payment Amount The amounts payable by the Servicer in respect of any waived Prepayment Charges pursuant to Section 2.05 or Section 3.01.

  • Advance Reimbursement Amount has the meaning stated in Section 4.4(b) of the Servicing Supplement.

  • Reserve Draw Amount shall have the meaning specified in subsection 4.12(c).

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

  • Advance Rent means moneys paid to the landlord to be applied to future rent payment periods, but does not include rent paid in advance for a current rent payment period.

  • Monthly Excess Interest As to any Distribution Date, the sum of (A) the Interest Remittance Amount remaining after the application of payments pursuant to clauses A. through D. of Section 4.02(b)(i) plus (B) the Principal Payment Amount remaining after the application of payments pursuant to clauses A. through E. of Section 4.02(b)(ii) or (iii).

  • 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.

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

  • Specified Reserve Fund Balance means, on the Closing Date $3,846,153.85, and with respect to any Payment Date 0.25% of the initial aggregate principal balance of the Receivables as of the Cutoff Date.

  • Advance Reimbursement Amounts As defined in Section 3.29 hereof.

  • Reserve Fund Required Amount means, (i) for any Payment Date on which the Note Balance is greater than $0, $4,792,570.75 (i.e., 0.25% of the Cutoff Date Adjusted Pool Balance) or (ii) if the Notes have been paid in full, $0.

  • Replenishment Amount has the meaning assigned to such term in Section 2.06(b).

  • Incremental property taxes means the taxes as provided in Iowa Code sections 403.19 and 260E.4. “Industry” means a business engaged in interstate or intrastate commerce for the purpose of manufacturing, processing, or assembling products, conducting research and development, or providing services in interstate commerce, but excludes retail, health, or professional services. An industry is a business engaged in activities described as eligible in the Act rather than the generic definition encompassing all businesses in the state doing the same activities. An industry is considered to be a single, corporate entity or operating subdivision. An industry which closes or substantially reduces its operation in one area of the state of Iowa and relocates substantially the same operation in another area of the state is not eligible for a project. This definition does not prohibit a business from expanding its operations in another area of the state provided that existing operations of a similar nature are not