Deposits of Ground Rent Funds. If (and for so long as) a Trigger Event shall have occurred and shall not have been cured by a Trigger Event Cure, Borrower shall deposit with Lender (or Servicer, as directed by Lender), at least ten (10) Business Days prior to each Payment Date during such period, an amount equal to the Ground Rent that will be payable under the Ground Lease for the month in which such Payment Date occurs. Amounts deposited by Borrower as described in this Section 7.4.1 shall hereinafter be referred to as the “Ground Rent Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “Ground Rent Reserve Account”. Such deposit may be increased by Lender in the amount Lender deems is necessary in its reasonable discretion based on any increases in the Ground Rent.
Deposits of Ground Rent Funds. Borrower shall deposit with or on behalf of Lender, on or before each Monthly Payment Date, an amount equal to the Ground Rents that will be payable under the Ground Leases for the month in which such Monthly Payment Date occurs, which amounts shall be transferred into an Account (the “Ground Rent Account”). Such deposit may be increased from time to time by Lender in such amount as Lender shall deem to be necessary in its reasonable discretion to reflect any increases in the Ground Rent. Amounts deposited from time to time into the Ground Rent Account pursuant to this Section 6.7.1 are referred to herein as the “Ground Rent Funds”.
Deposits of Ground Rent Funds. On each Debt Service Payment Date Borrower shall deposit with Cash Management Bank an amount equal to one-twelfth of the Ground Rent that Lender reasonably estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Ground Rent at least ten (10) days prior to its due date (such amounts so deposited shall hereinafter be referred to as the “Ground Rent Funds”). Borrower acknowledges that the Ground Rent is paid in two annual installments, one on July 1 and one on January 1, based upon the Rent attributable to the Marriott Marquis. The amount of the deposits of Ground Rent Funds shall be calculated by Lender based upon the greater of the actual Rent for the prior calendar year or the projected Rent for the subject year as set forth in the Annual Budget. If at any time Lender reasonably determines that the Ground Rent Funds will not be sufficient to pay the Ground Rent, Lender shall notify Borrower of such determination and the monthly deposits for Ground Rent shall be increased by the amount that Lender estimates is sufficient to make up the deficiency at least ten (10) days prior to the respective due dates for the Ground Rent; provided that if Borrower receives notice of any deficiency after the date that is ten (10) days prior to the date that Ground Rent is due, Borrower will deposit such amount within three (3) Business Day after its receipt of such notice.
Deposits of Ground Rent Funds. (a) During the continuance of a Trigger Period or an Event of Default Borrower shall deposit with or on behalf of Lender, on or before each Monthly Payment Date, an amount equal to the Ground Rents that will be payable under the Ground Leases for the month in which such Monthly Payment Date occurs, which amounts shall be transferred into an Account (the “Ground Rent Account”). Such deposit may be increased from time to time by Lender in such amount as Lender shall deem to be necessary in its reasonable discretion to reflect any increases in the Ground Rent. Amounts deposited from time to time into the Ground Rent Account pursuant to this Section 6.7.1 are referred to herein as the “Ground Rent Funds”.
(b) Notwithstanding the foregoing, provided that Borrower and Operating Lessee are maintaining the applicable Individual Property in accordance with the requirements of the Management Agreement (as determined by the applicable Manager) and the Loan Documents (as reasonably determined by Lender), to the extent Ground Rent for the applicable Individual Property is reserved for in a Manager-Held Reserve for Ground Rent for such period pursuant to and in accordance with the Management Agreement (and provided that Lender shall have a security interest in such Manager-Held Reserve), then the amount of the monthly deposit into the Ground Rent Account shall be reduced on a dollar-for-dollar basis by such amount so reserved.
Deposits of Ground Rent Funds. If any Substitute Property shall consist of a Ground Lease, Borrower shall deposit with Lender, at least ten (10) Business Days prior to each Monthly Payment Date, an amount (the “Monthly Ground Rent Deposit”) equal to the Ground Rent that will be payable under such Ground Lease(s) for the month in which such Monthly Payment Date occurs (such amounts so deposited shall hereinafter be referred to as the “Ground Rent Funds”). Such deposit may be increased by Lender in the amount Lender deems is necessary in its reasonable discretion based on any increases in the Ground Rent.
Deposits of Ground Rent Funds. Borrowers shall deposit with Agent, on each Monthly Payment Date commencing with October 10, 2016, an amount equal to one-twelfth of the annual Ground Rent, which amounts shall be transferred into an Account (the “Ground Rent Account”). Such deposit may be increased from time to time by Agent in such amount as Agent shall deem to be necessary in its reasonable discretion to reflect any increases in the Ground Rent. Amounts deposited from time to time into the Ground Rent Account pursuant to this Section 6.5.1 are referred to herein as the “Ground Rent Funds”.
Deposits of Ground Rent Funds. Borrower shall deposit or cause to be deposited with or on behalf of Lender on each Monthly Payment Date, an amount equal to the Ground Rent that will be payable under the Ground Lease for the month immediately following the month in which such Monthly Payment Date occurs, which amounts shall be transferred by or at the direction of Lender into an Account established to hold such funds (the “Ground Rent Account”). Amounts deposited from time to time into the Ground Rent Account pursuant to this Section 6.7.1 are referred to herein as the “Ground Rent Funds”. Such deposit may be increased from time to time by Lender in such amount as Lender shall deem to be necessary in its reasonable discretion to reflect any increases in the Ground Rent.
Deposits of Ground Rent Funds. Borrower shall deposit or cause to be deposited with or on behalf of Lender (a) on the Closing Date, the amount of One Hundred Sixteen Thousand Sixteen and No/100 Dollars ($116,016.00) and (b) on each Monthly Payment Date, an amount equal to the Ground Rent that will be payable under the Ground Lease for the month immediately following the month in which such Monthly Payment Date occurs, which amounts shall be transferred by or at the direction of Lender into an Account established to hold such funds (the “Ground Rent Account”). Amounts deposited from time to time into the Ground Rent Account pursuant to this Section 6.7.1 are referred to herein as the “Ground Rent Funds”. Such deposit may be increased from time to time by Lender in such amount as Lender shall deem to be necessary in its reasonable discretion to reflect any increases in the Ground Rent.
Deposits of Ground Rent Funds. Borrower shall deposit with or on behalf of Lender, on each Monthly Payment Date, an amount equal to the Ground Rent that will be payable under the Ground Lease for the month (a “Monthly Ground Rent”) in which such Monthly Payment Date occurs, which amounts shall be transferred into an Account established at the financial institution which established the Cash Management Account (for the Portsmouth Property) to hold such funds (the “Ground Rent Account”). Such deposit may be increased from time to time by Lender in such amount as Lender shall deem to be necessary in its reasonable discretion to reflect any increases in the Ground Rent. Amounts deposited from time to time into the Ground Rent Account pursuant to this Section 7.4.1 are referred to herein as the “Ground Rent Funds”. Notwithstanding anything to the contrary contained herein, so long as Borrower maintains an amount equal to a Monthly Ground Rent in the Ground Rent Account and no notice of default from the Ground Lessor has been delivered to Lender, Borrower shall not pay on each Payment Date such Monthly Ground Rent to be deposited into the Ground Rent Account.
Deposits of Ground Rent Funds. On the Closing Date, Borrower shall deposit with Lender an amount equal to One Hundred Seventy-Seven Thousand Four Hundred Thirty-Five and 50/100 Dollars ($177,435.50) and, on each Monthly Payment Date, Borrower shall deposit with Lender an amount (the “Monthly Ground Rent Deposit”) equal to the Ground Rent that will be payable under the Ground Lease for the month immediately following the month in which such Monthly Payment Date occurs. Amounts so deposited shall hereinafter be referred to as the “Ground Rent Funds” and the account in which such amounts are held by Lender shall hereinafter be referred to as the “Ground Rent Account.” If at any time Lender reasonably determines that the Ground Rent Funds will not be sufficient to pay the Ground Rents, Lender shall notify Borrower of such determination and the monthly deposits for Ground Rents shall be increased by the amount that Lender estimates is sufficient to make up the deficiency; provided that if Borrower receives notice of any such deficiency after the date that is ten (10) days prior to the date that the next installment of Ground Rent is due, Borrower will deposit such amount within one (1) Business Day after its receipt of such notice.
