Rent Balance definition
Examples of Rent Balance in a sentence
If and to the extent that excess Receipts available to be released by Lender from the Cash Management System to Landlord (such funds, the “Excess Funds”) and released to Landlord, Landlord shall (A) calculate the balance of the Rent (the “Rent Balance”), if any, owed by Tenant for such month after taking into account the Monthly Deposit Credit, (B) deduct the Rent Balance from the Excess Funds and (C) disburse the remaining Excess Funds, if any, to or as directed by Tenant from time to time.
Landlord and Tenant have agreed that the Current Rent Balance shall be paid in accordance with the terms of Paragraph 4(1) below (which Paragraph amends Section 6.A of the Lease).
Variable Rent shall be applied to reduce the Rent Balance (as hereinafter defined) in inverse order of maturity.
All payments and advances made by Lessor on behalf of Lessee shall be added to Lessee’s Rent Balance and shall be reimbursed by Lessee, including but not limited to, all Impositions owed directly by Lessor for which Lessee has responsibility for reimbursement hereunder and all amounts advanced by Lessor to pay Impositions (other than Excluded Impositions) otherwise owed by Lessee.
Landlord may apply any payment received from Lessee or Guarantor to then outstanding unpaid Rent Balance in whatever order and priority Landlord may elect.
The Lessor and Lessee agree that in no event shall the Net Rental Value exceed the Rent Balance.
However, if LESSEE pays the Rent Balance to LESSOR, and if during the remainder of the term then in effect.
To the extent the applicable Hourly Rent Balance is insufficient to pay such Maintenance Invoice in full, the deficiency shall be the responsibility of Lessee and paid by Lessee to the applicable maintenance performer, and Lessee shall not be entitled to payment with respect to an inapplicable or insufficient Hourly Rent Balance, nor to a credit against Hourly Rent payments then payable or to be made in the future or to be made against any other Item or Part.
If Tenant elects to defer any portion of Minimum Rent then due and owing to Landlord pursuant to this Section 2(a), then Tenant shall deliver to Landlord concurrently with the payment of a portion of the Base Rent a written notice stating (i) the amount of Base Rent being deferred; and (ii) the Deferred Base Rent Balance prior to such deferral and after giving effect to such deferral.
During the Second Period, each payment of Basic Rent shall also include interest on the Rent Balance (prior to payment on such date) from and including May 31, 1996 but excluding the date of payment, at a rate of interest per annum equal to the prime rate of ▇▇▇▇▇▇ Guaranty Company of New York as of 11:00 a.m. New York time on May 31, 1996, plus one-percent.