Examples of Rent Reserve in a sentence
The escrow agreement (the “Escrow Agreement”) pursuant to which the Rent Reserve will be deposited and administered (subject to the proposed Initial Order) is appended as Exhibit “E” to the McCullagh Affidavit.
The amount of the Rent Reserve is equal to the sum of the forecast rent obligations of the Applicants for the one-month period following the commencement of the CCAA Proceedings, excluding rent obligations for the 30-day notice period applicable to leases the Applicants intend to disclaim promptly after obtaining the proposed Initial Order and payments for leases expiring at the end of this month which the Applicants do not intend to renew.
In the event any Individual Opco or franchisee fails to pay its monthly rent following the commencement of the CCAA Proceedings (e.g. post-filing period rent), YGC, on behalf of the applicable Applicant, will have the ability to direct the Monitor to pay the applicable lease payment from the Rent Reserve on behalf of SAR Real Estate or the applicable Individual Leaseco, subject to the terms of the Escrow Agreement.
However, according to the taxpayers, Partnership never established the Contingent Rent Reserve Accounts because there were never any excess rents.
The originally approved Congestion Reduction Proposal included a proposal to create optional individual Congestion Rent Reserve Funds for each TO in order to smooth out TSC/NTAC charges.