Rent Reserves means such reserves as may be established from time to time by the Agent in its Reasonable Credit Judgment with respect to leased locations or bailees of the Obligors where Eligible Rental Equipment or Eligible Merchandise and Consumables Inventory is located to the extent the Agent has not received a Collateral Access Agreement from the lessor or bailee at any such location, provided that such reserves for any location shall not exceed two (2) months’ rent at such location.
Rent Reserves means, as to any leased location where Collateral is stored in any Waiver State with respect to which the Collateral Agent has not received a satisfactory Collateral Access Agreement, such amount as the Administrative Agent may determine in its Permitted Discretion.
Rent Reserves on any date of determination, the sum of (a) all past due rent and other past due charges owing by any Loan Party to any landlord or other Person who possesses any Collateral or has the right to assert a Lien on such Collateral (other than any Loan Party or any Restricted Subsidiary); plus (b) a reserve in an amount not to exceed rent and other charges that Agent determines, in its Permitted Discretion (but in any event, not more than three months’ rent), would reasonably be expected to be payable to any such Person for the time period used to determine and realize the Net Orderly Liquidation Value of Collateral being held by such Person, in each case, as adjusted from time to time by Agent in its Permitted Discretion; provided, that no Rent Reserve shall be established with respect to any location (i) leased by a Loan Party as of the Closing Date, prior to the date that is 120 days after the Closing Date, (ii) that becomes leased by a Loan Party after the Closing Date in connection with a Permitted Acquisition or similar Investment, prior to the date that is 120 days after the date on which such Permitted Acquisition or similar Investment is consummated, or (iii) where the lessor has delivered to Agent a Collateral Access Agreement. Notwithstanding anything herein to the contrary, if Agent would be entitled to establish a Rent Reserve but for the operation of clause (i) of the proviso in the preceding sentence, the amount of such Rent Reserve may be established by Agent on the 120th day after the Closing Date and the amount of such Rent Reserve shall be the amount that could have been established at the Closing Date but for the operation of clause (i).
Examples of Rent Reserves in a sentence
At the time of each Rent or other payment, LESSEE will advise LESSOR in writing of the amount of the payment being made by LESSEE and the allocation of such payment to the Security Deposit, Rent, Reserves, Default Interest and other charges.
Lessee and Assignee hereby agree that on and after the Effective Time all Rent, Reserves, Security Deposits and other payments due from Lessee to Lessor under the Lease will be made by wire transfer to the bank account of Assignee described in Annex 2 hereto or to such other account in the United States or Ireland (unless otherwise agreed by Lessee), notified to Lessee pursuant to Section 16 (Notices) below.
When it is stated in this Lease that an installment of the Security Deposit, the monthly Rent, Reserves or any other payment is due or must be paid or made by LESSEE by a specific date, then such payment actually must be received by LESSOR’s Bank on or before such specific date, even if, in order for such payment to be received by LESSOR’s Bank by such specific date, LESSEE must initiate the wire transfer prior to such specific date.
It shall not move any Inventory to any leased location, other than any leased location that is listed in the relevant Schedules to the Perfection Certificate, unless with respect to any such location, a bailee letter or Landlord Access Agreement have been obtained or Rent Reserves established (unless not otherwise required under Section 2.20(b)(ii) of the ABL Credit Agreement); provided that in no event shall any Inventory be moved to any location outside of the United States or Canada.
At the time of each Rent or other payment, LESSEE will advise LESSOR in writing of the payment being made by LESSEE and the allocation of such payment to the Security Deposit, Rent, Reserves, Default Interest and other charges.
More Definitions of Rent Reserves
Rent Reserves means such reserves as may be established from time to time by the Agent in its Reasonable Credit Judgment with respect to leased locations or bailees of the Secured Obligors where Eligible Rental Equipment, Eligible Service Vehicles or Eligible Spare Parts and Merchandise is located to the extent the Agent has not received a Collateral Access Agreement from the lessor or bailee at any such location; provided that such reserves (i) for any location shall not exceed two months’ rent at such location and (ii) will not be established during a period of 90 days following the Closing Date (or such later date as shall be agreed to by the Agent in its sole discretion).
Rent Reserves with respect to any store, warehouse distribution center, regional distribution center, or depot where any Inventory subject to Liens arising by operation of law is located or with respect to which a Collateral Access Agreement has not been delivered, a reserve determined by the ABL Administrative Agent in its Permitted Discretion, not to exceed two (2) month’s rent at such store, warehouse distribution center, regional distribution center, or depot.
Rent Reserves as defined in clause (c) of the definition of Eligible Inventory.
Rent Reserves means, as to any leased location where Collateral is stored in any Waiver State with respect to which the Collateral Agent has not received a satisfactory Collateral Access Agreement, such amount as the Administrative Agent may determine in its Permitted Discretion. “Report” means reports prepared in good faith by an Agent or another Person showing the results of appraisals, field examinations or audits pertaining to the Borrowers’ assets from information furnished by or on behalf of the Borrowers, after an Agent has exercised its rights of inspection pursuant to this Agreement, which Reports may be distributed to the Lenders by the applicable Agent. “Required Lenders” means, at any time, Lenders holding at least sixty percent (60%) of the aggregate outstanding Commitments at such time or, if the Lenders have no Commitments outstanding, then Lenders holding at least sixty percent (60%) of the Aggregate Exposure of the Lenders at such time; provided that (i) to the extent that any Lender is a Defaulting Lender, such Defaulting Lender and all of its Commitments and Aggregate Exposure shall be excluded for purposes of determining Required Lenders and (ii) if there are two (2) or more Lenders then party to this Agreement, then “Required Lenders” must include at least two (2) such Lenders (with Lenders who are Affiliates of one another being considered as one Lender for purposes of this clause (ii)). “Reserves” means (i) any and all reserves which the Administrative Agent deems necessary, in its Permitted Discretion, to from time to time establish against the gross amounts of Eligible Accounts and Eligible Completed Drilling Rigs (including, without limitation, reserves for consignee’s, warehousemen’s and bailee’s charges at locations for which no Collateral Access Agreement is in effect, to the extent property at such locations is included in the Borrowing Base; reserves for dilution of Accounts; reserves for contingent liabilities of any Borrower; reserves for uninsured losses of any Borrower and reserves for taxes, fees, assessments, and other governmental charges), (ii) Rent Reserves, and (iii) any and all reserves for Swap Obligations of a Loan Party and outstanding credit card balances constituting Banking Services Obligations of a Loan Party which any Lender to whom Swap Obligations or such Banking Services Obligations, as applicable, are owing directs the Administrative Agent to establish, or which the Administrative Agent deems necessary in its Permitt...
Rent Reserves means, with respect to any plant, warehouse distribution center or other operating facility where any Inventory subject to landlords’ Liens or other Liens arising by operation of law is located, a reserve equal to three (3) months’ rent at such plant, warehouse distribution center, or other operating facility, and such other reserve amounts that may be determined by the Primary Agents and the Primary Co-Collateral Agents in their reasonable discretion.
Rent Reserves means, as to each location at which Borrower has Inventory, Equipment or books and records located and as to which a collateral access agreement, in form or substance reasonably satisfactory to the Co-Collateral Agents, have not been received by the Co-Collateral Agents, a reserve in an amount equal to the greater of (a) the number of months rent for which the landlord will have, under applicable law, a Lien in the Inventory and/or Equipment of Borrower to secure the payment of rent or other amounts under the lease relative to such location, or (b) two months rent under the lease relative to such location.
Rent Reserves means any reserve which the Agent may elect to impose from time to time to assure the payment by the Borrower of rent due or to become due with respect to real property leased by Borrower which property is not subject to a landlord waiver agreement acceptable to Agent including, without limitation, a waiver of statutory or other landlord liens and providing for a right of access, in each case, acceptable to the Agent; for each such premises, the amount of such reserve shall be initially established by Agent no earlier than one month following the Closing Date and shall equal one month's rent, but the foregoing arrangement shall not prevent the Agent from establishing other procedures in the exercise of its discretion after such initial one month period.