Examples of Rent Reserve Deposit in a sentence
Lessor may, from time to time, without prejudice to any other remedy apply or appropriate funds from the Rent Reserve Deposit to make good any arrearage of Rent, to satisfy any other covenant or obligation of Lessee hereunder, to compensate Lessor for any other loss or damage which Lessor may suffer by reason of any default by Lessee; provided that the Rent Reserve Deposit shall not be considered a limit on the measure of Lessor's damages in case of an Event of Default by Lessee.
Should Lessee fail or refuse to provide Lessor with such evidence of renewal, Lessor shall have the right to exercise a call upon the full amount of the letter of credit and convert the Rent Reserve Deposit to a cash deposit to be held by Lessor.
At such time as Lessee has discharged its obligations under all of the provisions of this Lease to be performed by Lessee, including surrender of the Leased Property in accordance with the provisions hereof, the Rent Reserve Deposit, shall be returned by Lessor to Lessee.
If an Event of Default shall have occurred, Lessor may, at -------- its election, then or at any time thereafter, apply or appropriate, as the case may be, the Rent Reserve Deposit, or the then remaining balance thereof, as its remedy for any damages sustained by Lessor caused by a continuing Event of Default.
On or prior to the Commencement Date, Lessee will -------------------- deposit, as security for the performance of Lessee's covenants and obligations under this Lease, the sum of three times the monthly amount of Minimum Rent computed in accordance with Section 2.1(a) above (the "Rent Reserve Deposit") in the form of either (i) cash or (ii) an unconditional, irrevocable letter of credit drawn upon a national bank acceptable to Lessor.
Provided no Event of Default is continuing, Lender shall disburse from the Prepaid Rent Reserve Account to the Deposit Account on each Monthly Payment Date, the amount reflecting the portion of the Prepaid Rent Reserve Deposit applicable to (and prepaid on account of) such month.
In the event Lender determines that the maximum amount of Prepaid Rents at any time in the preceding twelve month period exceeds an amount equal to two (2) times the Initial Prepaid Rent Reserve Deposit (subject to adjustment as provided below, the "Prepaid Rent Threshold"), by an amount equal to or greater than 20% of the Prepaid Rent Threshold, then a "Prepaid Rent Condition" shall exist.
If an Event of Default shall have occurred, Lessor -------- may, at its election, then or at any time thereafter, apply or appropriate, as the case may be, the Rent Reserve Deposit, or the then remaining balance thereof, as its remedy for any damages sustained by Lessor caused by a continuing Event of Default.
We look forward to keeping you informed of our progress throughout 2009 and thank all of our employees and shareholders for their continued effort and support.
On or prior to the Commencement Date, Lessee will deposit, as security for the performance of Lessee's covenants and obligations under this Lease, the sum of three times the monthly amount of Minimum Rent computed in accordance with Section 2.1 (a) above (together with any undistributed accrued interest, the "Rent Reserve Deposit") in an interest bearing account in Birmingham, Alabama to be maintained by and in the name of Lessor.