Preferred Rent definition

Preferred Rent means the rent payable by the Company to the Issuer, described in Section 5.3(c) of this Lease.
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Examples of Preferred Rent in a sentence

  • Any amounts collected as Preferred Rent shall be paid to the Issuer.

  • The Retainage Deposit referenced in this Section 1(ii) shall be placed in escrow with the Retainage Agreement pursuant to an escrow agreement in the form attached hereto as Exhibit B (the "Retainage Agreement"), which requires that the Retainage Deposit shall be deposited by the Retainage Agent as provided in the Retainage Agreement.

  • The Trustee would bid on the Project in an amount equal to the unpaid Preferred Rent, without discount and subject to the Preferred Rent Cap, plus the amount of the Senior Debt.

  • The Preferred Rent is based on a principal value of $10 million in the aggregate, as and if escalated pursuant to Schedule 5.3(c), without interest, representing a discounted purchase price for the Land, payable in installments as provided in Schedule 5.3(c).

  • The Company shall have, and is hereby granted, at any time and without notice, the option to terminate this Lease by (i) causing the Bond to be paid or defeased in accordance with the provisions of the Bond Resolution, (ii) paying any amounts due the Issuer or the Holder for Additional Rent and the Preferred Rent, and (iii) giving the Issuer notice in writing of such termination which shall forthwith become effective.

  • The Issuer and Company acknowledge and agree that in the event of a foreclosure of any Leasehold Mortgage, the purchaser at such foreclosure shall become the “Company” hereunder and shall assume all of the Company’s obligations hereunder, including, without limitation, the provisions related to the Company’s indemnification of the Issuer and the payment of the Preferred Rent.

  • If the Senior Lender does not prepay the unpaid Preferred Rent to the Issuer, as provided in paragraph 1, above, then a foreclosure “reserve price” would apply (i.e., a third party would have to bid at least the total of the Preferred Rent, without discount and subject to the Preferred Rent Cap, and the Senior Debt in order to be the successful foreclosure bidder).

  • The Company may not obtain legal title to the Land, and the Issuer shall have no obligation to convey title to the Land to the Company or any other party, until and unless all unpaid installments of Preferred Rent have been paid in full.

  • The Company may also prepay the Preferred Rent as herein provided.

  • Without limitation, the Preferred Rent shall, inasmuch as it represents payment of the purchase price for the Land, be subject to acceleration for default (uncured, if cure is permitted) by the Company as provided above.