Rent Deficiency definition

Rent Deficiency shall have the meaning set forth in Section 6.6.2.
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Rent Deficiency means, with respect to an Earnout Space, the amount, if any, by which the annual amount to be paid by a tenant in an Earnout Space as a contribution to CAM, Taxes and insurance (i.e. “triple net” charges only) is less than that tenant’s proportionate share of such items (after adjustment for contributions made by major tenants and the effect of any “opening and operating” clause) based on a fraction, the numerator of which is the square footage leased by the tenant and the denominator of which is the square footage leased by all tenants of the Property; provided, however, the parties agree that any such CAM, Taxes and insurance charge shall be appropriately accounted for based on other similar tenants within the same zone of similar size and use.
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Rent Deficiency shall have the meaning set forth in Section 6.6.2 hereof. "Rents" shall mean all rents, moneys payable as damages or in lieu of rent, revenues, deposits (including, without limitation, security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower or its agents or employees from any and all sources arising from or attributable to the Property. "Replacement Lease" shall have the meaning set forth in Section 6.6.2 hereof. "Required Repairs" shall have the meaning set forth in Section 4.1.19 hereof. DMEAST #17478116 v7 14
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Examples of Rent Deficiency in a sentence

  • Any such Rent Deficiency which remains unpaid from and after such 60-day period shall bear interest at the Default Rate hereunder from the date due until paid.

  • Payment by Seller of the Rent Deficiency amount shall be the later of 30 days after receipt of the request from Buyer or January 4, 2010.

  • If Buyer desires to seek any such reimbursement, Buyer agrees to provide Seller a statement from Buyer that a Rent Deficiency for such period exists together with such reasonable documentation verifying the existence of a Rent Deficiency.


More Definitions of Rent Deficiency

Rent Deficiency shall have the meaning set forth in Section 4.4 hereof. “Rent Loss Proceeds” shall have the meaning set forth in Section 9.1 hereof. “Rent Roll” shall have the meaning set forth in Section 5.17 hereof. “Rents and Profits” shall have the meaning set forth in the Security Instrument. “Reporting Failure” shall have the meaning set forth in Section 7.12 hereof. “Required Financial Item” shall have the meaning set forth in Section 7.12 hereof. “Required PIP Reserve Funds Amount” shall have the meaning set forth in Section 4.5(a) hereof. “Reserve Funds” shall mean the Debt Service Reserve Funds, Tax and Insurance Reserve Funds, the FF&E Reserve Funds, the PIP Reserve Funds and any other escrow funds established pursuant to the express terms of this Agreement or the other Loan Documents. “Reserve Percentage” shall mean the rates (expressed as a decimal) of reserve requirements applicable to Agent, if any, on the date two (2) Business Days prior to the beginning
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Rent Deficiency. Sum will represent Purchaser's opinion of the amount owing to it under the terms of this Paragraph 12.3 and the Final Closing Rent Schedule shall specifically instruct the Escrow Agent to disburse an amount equal to the Rent Deficiency Sum to Purchaser. Seller shall have ten (10) days following receipt of the Final Closing Rent Schedule to give Purchaser and Escrow Agent written notice of any objection to the Final Closing Rent Schedule. If Seller delivers a timely notice of objection then Seller and Purchaser shall work together in good faith to agree upon the Final Closing Rent Schedule (including, but not limited to, the Rent Deficiency Sum) , at which time Seller and Purchaser shall xxxxx x xxxnt letter of instruction to Escrow Agent setting forth the terms of the escrow disbursement. If Seller does not reply to the Final Closing Rent Schedule within ten (10) days then the Rent Deficiency Sum shall be distributed to Purchaser and the remaining Holdback Escrow Funds shall be distrubuted in accordance with the terms of the Escrow Agreement. Paragraph 12.3 of this Agreement shall survive the Closing and the delivery and recording of the Deed.
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Related to Rent Deficiency

  • Significant deficiency means a shortcoming in the system that materially affects the ability of officials of the Department of Defense to rely upon information produced by the system that is needed for management purposes.

  • Spread Account Deficiency means the excess, if any, of the Required Spread Account Amount over the Available Spread Account Amount.

  • Operating Deficit means, for the applicable period, insufficient funds to pay operating costs when Cash Expenses exceed Cash Receipts, as determined by the Accountant and approved by the Special Limited Partner.

  • Net Proceeds Deficiency shall have the meaning set forth in Section 6.4(b)(vi) hereof.

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.

  • Landlord Default shall have the meaning given such term in Article 14.

  • Performing Note Deficiency means any time that less than 65% of the then aggregate outstanding principal amount of all Equipment Notes are Performing Equipment Notes.

  • Gas Supply Deficiency means any occurrence relating to Seller's gas supply which causes Seller to deliver less than the total requirements of its system, including failures of suppliers to deliver gas for any reason, requirement of gas for system storage, conservation of gas for future delivery, or any other occurrence which is not enumerated herein which affects Seller's gas supply.

  • Mental deficiency means mental deficiency as defined by appropriate clinical authorities to such extent that a person so afflicted is incapable of managing himself and his affairs, but shall not include mental illness as defined herein.

  • Deficiency means a defect, flaw, anomaly, failure, omission, interruption of service, or other problem of any nature whatsoever with respect to a Deliverable, including, without limitation, any failure of a Deliverable to conform to or meet an applicable specification. Deficiency also includes the lack of something essential or necessary for completeness or proper functioning of a Deliverable.

  • Erroneous Payment Deficiency Assignment has the meaning assigned to it in Section 14.14(d).

  • Company Event of Default bears the meaning ascribed thereto in Section 13.1; “Company Notice of Default” bears the meaning ascribed thereto in Section 13.2;

  • Bond Event of Default means the occurrence of any of the following (or such event or condition which with notice or lapse of time or both would constitute any of the following):

  • Mortgage Loan Event of Default means an “Event of Default” as defined in the Mortgage Loan Agreement.

  • O & M Default means any default on the part of the Power Producer for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.

  • Class B Deficiency Amount is defined in Section 4.1(b).

  • Daily Deficiency Rate means the rate employed to assess certain deficiency charges under Tariff, Attachment DD, section 7, Tariff, Attachment DD, section 8, Tariff, Attachment DD, section 9, or Tariff, Attachment DD, section 13.

  • Servicing Default The meaning assigned in Section 6.01 of the Servicing Agreement.

  • Owner Event of Default has the meaning specified in Section 16.2.

  • Class C Deficiency Amount is defined in Section 4.1(c).

  • Borrowing Base Deficiency means, as of any date of determination, the positive amount, if any, by which (i) the aggregate Loans Outstanding exceeds (ii) the Borrowing Base.

  • Loan Event of Default An “Event of Default” as defined in the Loan Agreement.

  • Accumulated Funding Deficiency has the meaning ascribed to that term in Section 302 of ERISA.