Deposits of Capital Expenditure Funds. Borrower shall deposit with or on behalf of Lender on each Monthly Payment Date, an amount equal to one-twelfth of the product of (i) $750 multiplied by (ii) the number of Properties to which the Loan is applicable, in order to accumulate sufficient funds, for annual Capital Expenditures, which amounts shall be transferred into an Account (the “Capital Expenditure Account”). Amounts deposited from time to time into the Capital Expenditure Account pursuant to this Section 6.4.1 are referred to herein as the “Capital Expenditure Funds”.
Deposits of Capital Expenditure Funds. Borrower shall deposit with or on behalf of Lender on each Payment Date, an amount equal to one-twelfth (1/12th) of the product of (a) $450 multiplied by (b) the number of Properties to which the Loan is applicable, in order to accumulate sufficient funds, for annual Capital Expenditures, which amounts shall be transferred into a Subaccount established at the Cash Management Account Bank to hold such funds (the “Capital Expenditure Subaccount”). Amounts deposited from time to time into the Capital Expenditure Subaccount pursuant to this Section 6.3.1 are referred to herein as the “Capital Expenditure Funds”.
Deposits of Capital Expenditure Funds. Borrowers shall deposit with or on behalf of Lender on each Monthly Payment Date, the amount of $1,136.67, for annual Capital Expenditures, which amounts shall be transferred into an Account (the “Capital Expenditure Account”). Amounts deposited from time to time into the Capital Expenditure Account pursuant to this Section 6.5.1 are referred to herein as the “Capital Expenditure Funds”. Lender may reassess its estimate of the amount necessary for Capital Expenditures from time to time and may require Borrowers to increase the monthly deposits required pursuant to this Section 6.5.1 upon thirty (30) days notice to Borrowers if Lender determines in its reasonable discretion that an increase is necessary to maintain proper operation of the Properties.
Deposits of Capital Expenditure Funds. Pursuant to the Cash Management Agreement, upon (a) the occurrence of a Trigger Event and during the continuance of a Trigger Period or (b) the occurrence of an Event of Default and during the continuance thereof, Borrower shall deposit with Agent on each Monthly Payment Date an amount equal to the lesser of (a) one-twelfth of the product of $0.03 and the number of cubic feet of space at the Property (it being agreed that, as of the date hereof there is 32,841,000 cubic feet of space at the Property comprised of the number of cubic feet at each Individual Property set forth on Schedule VI) and (b) the amount necessary to bring the amount of Capital Expenditure Funds in the Capital Expenditure Account to the Capital Expenditure Maximum Amount, which amounts shall be for Capital Expenditures. Amounts deposited pursuant to this Section 6.4.1, together with interest earned thereon, are referred to herein as the “Capital Expenditure Funds”.
Deposits of Capital Expenditure Funds. Borrower shall deposit to the Capital Expenditure Account established under the Cash Management Agreement on each Monthly Payment Date, an amount equal to Fourteen Thousand Four Hundred Eighty-Seven and 69/100 Dollars ($14,487.69) for annual Capital Expenditures payable to Persons unaffiliated with Borrower approved by Lender, which approval shall not be unreasonably withheld or delayed. Amounts deposited pursuant to this Section 6.4.1 are referred to herein as the “Capital Expenditure Funds.” Lender may reassess its estimate of the amount necessary for capital expenditures from time to time and, and may require Borrower to increase the monthly deposits required pursuant to this Section 6.4.1 upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain proper operation of the Property.
Deposits of Capital Expenditure Funds. During the continuance of a Trigger Period, Borrower shall, subject to Sections 6.11.2 and 6.5.3 hereof, deposit with Lender on each Monthly Payment Date, the amount of $12,523.00, for annual Capital Expenditures, which amounts shall be transferred into an Account established to hold such funds (the “Capital Expenditure Account”). Amounts deposited from time to time into the Capital Expenditure Account pursuant to this Section 6.5.1 are referred to herein as the “Capital Expenditure Funds”.
Deposits of Capital Expenditure Funds. On the date hereof, Borrower shall deposit with Lender an amount equal to $108,000.00 for deposit into an account of Lender (such account, the “Capital Expenditure Account” and any amounts deposited pursuant to this Section 7.3.1 are referred to herein as the “Capital Expenditure Funds”) for annual Capital Expenditures approved by Lender, which approval shall not be unreasonably withheld or delayed. Thereafter, if at any time from time to time, the available balance of Capital Expenditure Funds on deposit in the Capital Expenditure Account is less than $70,000.00, then Borrower shall deposit with Lender on each Payment Date thereafter an amount equal to $3,018.66 (the “Monthly Capital Expenditure Deposit”), until such time as the balance of available Capital Expenditure Funds on deposit in the Capital Expenditure Account equals $108,000.00. Lender may reassess its estimate of the amount necessary for Capital Expenditures from time to time and may require Borrower to increase the monthly deposits required pursuant to this Section 7.3.1 upon thirty (30) days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary for proper maintenance and operation of the Property.
Deposits of Capital Expenditure Funds. On the Closing Date, Borrower shall deposit with Lender the amount of Two Thousand Five Hundred Fourteen and 16/100 Dollars ($2,514.16) and there shall be deposited to the appropriate Accounts on each Monthly Payment Date, an amount equal to Two Thousand Five Hundred Fourteen and 16/100 Dollars ($2,514.16) for annual Capital Expenditures approved by Lender, which approval shall not be unreasonably withheld or delayed; provided, however, Borrower shall have no obligation to make deposits under this Section 6.4.1 during any month in which the amount then on deposit in the appropriate Account is greater than or equal to $250,000. Amounts deposited pursuant to this Section 6.4.1 are referred to herein as the “Capital Expenditure Funds.” Lender may reassess its estimate of the amount necessary for capital expenditures from time to time and, and may require Borrower to increase the monthly deposits required pursuant to this Section 6.4.1 upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain proper operation of the Property.
Deposits of Capital Expenditure Funds. (a). On each Monthly Payment Date, Borrower shall deposit with Lender an amount equal to Twenty-Nine Thousand Three Hundred Thirty-Three and 33/100 Dollars ($29,333.33) (the “Monthly Capital Expenditure Deposit”) for annual Capital Expenditures set forth in the Approved Annual Budget or otherwise approved by Lender, which approval shall not be unreasonably withheld or delayed. Amounts deposited pursuant to this Section 6.4.1 are referred to herein as the “Capital Expenditure Funds” and the account in which such amounts are held by Lender shall hereinafter be referred to as the “Capital Expenditure Account.” Lender may reassess its estimate of the amount necessary for Capital Expenditures from time to time and may require Borrower to increase the monthly deposits required pursuant to this Section 6.4.1 upon thirty (30) days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary for proper maintenance and operation of the Property. Notwithstanding any provisions of Section 6.4.1(a) hereof to the contrary, provided and on condition that each of the Capital Expenditure Reserve Waiver Conditions Precedent are satisfied and remain satisfied at all times, Borrower shall not be required to make the initial deposit to the Capital Expenditure Account on account of Capital Expenditures or make the Monthly Capital Expenditure Deposit on account of Capital Expenditures as provided herein. If at any time any or all of the Capital Expenditure Reserve Waiver Conditions Precedent are no longer met, Borrower shall immediately begin and shall continue to fund the Capital Expenditure Account on account of Capital Expenditures as provided herein.
Deposits of Capital Expenditure Funds. On each Monthly Payment Date, Borrower shall deposit with Lender an amount equal to Four Thousand Seven Hundred Eighty-Four and 00/100 Dollars ($4,784.00) (the “Monthly Capital Expenditure Deposit”) for annual Capital Expenditures set forth in the Approved Annual Budget or otherwise approved by Lender, which approval shall not be unreasonably withheld or delayed. Amounts deposited pursuant to this Section 6.4.1 are referred to herein as the “Capital Expenditure Funds” and the account in which such amounts are held by Lender shall hereinafter be referred to as the “Capital Expenditure Account.” Lender may reassess its estimate of the amount necessary for Capital Expenditures from time to time and may require Borrower to increase the monthly deposits required pursuant to this Section 6.4.1 upon thirty (30) days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary for proper maintenance and operation of the Property. Notwithstanding any provisions of Section 6.4.1(a) hereof to the contrary, provided and on condition that each of the Capital Expenditure Reserve Waiver Conditions Precedent are satisfied and remain satisfied at all times, Borrower shall not be required to make the initial deposit to the Capital Expenditure Account on account of Capital Expenditures or make the Monthly Capital Expenditure Deposit on account of Capital Expenditures as provided herein. If at any time any or all of the Capital Expenditure Reserve Waiver Conditions Precedent are no longer met, Borrower shall immediately begin and shall continue to fund the Capital Expenditure Account on account of Capital Expenditures as provided herein.
