Deposits to Rollover Reserve Fund. On the Closing Date, Borrower shall deposit in the Rollover Reserve Fund $2,125,000. Borrower shall pay to Lender on each Payment Date for deposit into the Rollover Reserve Fund $125,000 until the amount on deposit in the Rollover Reserve Fund equals $9,500,000.00 (the Rollover Reserve Fund Cap) for the initial time. After the funds on deposit in the Rollover Reserve Fund equal the Rollover Reserve Fund Cap for the initial time, Borrower shall pay to Lender on each Payment Date for deposit into the Rollover Reserve Fund an amount, if any, equal to the lesser of (A) $125,000 and (B) the amount, if any, needed to cause the amount on deposit in the Rollover Reserve Fund to equal the Rollover Reserve Fund Cap. Any funds transferred from the Vacant B Space Rollover Reserve Fund to the Rollover Reserve Fund pursuant to Section 16.5.1 shall count as funds on deposit in the Rollover Reserve Fund for purposes of the determination of the payment obligation described in the immediately preceding two sentences. In the event the Borrower leases any rollover space at an Individual Property after the expiration of the related tenant lease (which rollover space is not subject to the BofA Lease) pursuant to a lease for five (5) years or more on terms acceptable to and approved by Lender, then the Lender shall distribute to the Borrower from the funds on deposit in the Rollover Reserve Fund an amount equal to (i) the product of $6.75 multiplied by the rentable square footage covered by the new lease minus (ii) any tenant improvement costs and leasing commissions incurred by Borrower in connection with leasing such space; provided, that notwithstanding such release of funds from the Rollover Reserve Fund, the amount of funds required to be deposited therein on each Payment Date as described above shall not be affected. In the event the Borrower leases any rollover space at an Individual Property after the expiration of the related tenant lease (which rollover space is not subject to the BofA Lease) pursuant to a lease which is for a term at least coterminous with the Loan (or later) to a Tenant that is rated at least “BBB” (or the equivalent) by S&P, Fitch and Xxxxx’x and is otherwise on terms acceptable to and approved by Lender, then the Rollover Reserve Fund Cap shall be reduced by an amount equal to the product of (x) the then current Rollover Reserve Fund Cap (i.e. initially $9,500,000.00, subject to any reductions pursuant to this sentence) multiplied by (y) a fraction...
Deposits to Rollover Reserve Fund. Borrower shall pay to Lender on each Payment Date the sum of $23,750.00 (the "Rollover Reserve Monthly Deposit"), which amounts shall be deposited with and held by Lender for tenant improvement and leasing commission obligations incurred following the date hereof (collectively, "Leasing Expenses"); provided, however, Borrower shall not be required to make pay the Rollover Reserve Monthly Deposit to Lender during such times as the balance in the Rollover Reserve Account exceeds $855,000.00. In addition, Borrower shall pay to Lender for deposit in the Rollover Reserve Account all Lease Termination Payments; provided, however, no Lease Termination Payments contributed to the Rollover Reserve Account shall be counted towards any balance in the Rollover Reserve Account which serves to limit future contributions to the Rollover Reserve Account from the Rollover Reserve Deposit. Amounts so deposited shall hereinafter be referred to as the "Rollover Reserve Fund" and the account to which such amounts are held shall hereinafter be referred to as the "Rollover Reserve Account".
Deposits to Rollover Reserve Fund. Borrower shall pay to Lender (a) on the Closing Date an initial deposit of $17,700.00 and (b) on each Payment Date thereafter $17,700.00 (the “Rollover Reserve Monthly Deposit”), which amounts shall be deposited with and held by Lender for tenant improvement and leasing commission obligations incurred following the date hereof. Amounts so deposited shall hereinafter be referred to as the “Rollover Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Rollover Reserve Account”.
Deposits to Rollover Reserve Fund. Borrower shall pay to Lender on the Closing Date the sum of Eight Million Six Hundred Sixty Seven Thousand Fifty Eight and No/100 Dollars ($8,667,058.00) and on each Payment Date thereafter the sum of Three Hundred Sixty One Thousand One Hundred Twenty Seven and 42/100 Dollars ($361,127.42) (the “Monthly Rollover Reserve Fund Deposit”), which amounts shall be deposited with and held by Lender for tenant improvement and leasing commission obligations incurred following the date hereof. Amounts so deposited shall hereinafter be referred to as the “Rollover Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Rollover Reserve Account”. Notwithstanding the aforementioned, the aggregate amount of the Rollover Reserve Fund shall not exceed Eight Million Six Hundred Sixty Seven Thousand Fifty Eight and No/100 Dollars ($8,667,058.00) in the aggregate on any Payment Date (after giving effect to the payment of the Monthly Rollover Reserve Fund Deposit) and accordingly, a Monthly Rollover Reserve Deposit shall be decreased to the extent necessary.
Deposits to Rollover Reserve Fund. Commencing on the Payment Date on May 1, 2015, and on each Payment Date thereafter, Borrower shall pay to Lender $8,916.67 (the “Rollover Reserve Monthly Deposit”), which amounts shall be deposited with and held by Lender for tenant improvement and leasing commission obligations incurred following such date. Amounts so deposited shall hereinafter be referred to as the “Rollover Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Rollover Reserve Account”. Notwithstanding the aforementioned, the aggregate amount of the Rollover Reserve Fund shall not exceed $321,000.00 in the aggregate (the “Rollover Reserve Cap”) on any Payment Date (after giving effect to the payment of the Rollover Reserve Monthly Deposit) and accordingly, to the extent a Rollover Reserve Monthly Deposit would result in the aggregate amount of Rollover Reserve Funds in the Rollover Reserve Account to exceed the Rollover Reserve Cap, such Rollover Reserve Monthly Deposit shall be decreased by an amount equal to such excess.
Deposits to Rollover Reserve Fund. Borrower shall pay to Lender on each Payment Date during the existence of the Lockbox Account, and on each Payment Date thereafter, the sum of $17,339.17, which amounts shall be deposited with and held by Lender for tenant improvement and leasing commission obligations incurred following the date hereof. Amounts so deposited shall hereinafter be referred to as the "Rollover Reserve Fund" and the account to which such amounts are held shall hereinafter be referred to as the "Rollover Reserve Account". In the event Lender is obligated to release the Lockbox Account as set forth in Section 2.6.1, then in that event Borrower shall not have the obligation to make further payments to the Roller Reserve Fund for the period of time that the Lockbox Account is not effective, provided however any amounts theretofore deposited in the Rollover Reserve Account shall be disbursed by Lender as set forth in Section 7.4.2.
Deposits to Rollover Reserve Fund. (a) Borrower shall pay to Lender (a) on the Funding Date an initial deposit in the amount of $23,931,389.11 and (b) on each Payment Date thereafter an amount equal to $2.00 per square foot for the Properties in the aggregate (the “Rollover Reserve Monthly Deposit”), which amounts shall be deposited with and held by Lender for tenant improvement and leasing commission obligations incurred following the date hereof. Amounts so deposited shall hereinafter be referred to as the “Rollover Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Rollover Reserve Account.”
(b) In addition to the required deposits set forth in paragraph (a) above, the following items shall be deposited into the Rollover Reserve Account and held as Rollover Reserve Funds and shall be disbursed and released as set forth in Section 7.4.2
Deposits to Rollover Reserve Fund. Borrower shall pay to Lender on each Payment Date the sum of $237,320.00 (the “Rollover Reserve Deposit”), which amounts, together with all Lease Termination Payments shall be deposited with Lender and held by Lender for tenant improvement and leasing commission obligations incurred following the Closing Date. Amounts so deposited shall hereinafter be referred to as the “Rollover Reserve Fund”. In the event an Individual Property is released from the Lien of its related Security Instrument in accordance with Section 2.5 hereof, the Rollover Reserve Deposit shall be reduced by the monthly deposit allocated for such Individual Property as set forth on Schedule 7.4.1 hereof Notwithstanding the foregoing, Borrower shall not be required to make the Rollover Reserve Deposit for so long as (i) the amount of the Unadvanced Mezzanine A Loan Funds that are available for the payment of tenant improvement and leasing commissions pursuant to the terms of the Mezzanine A Loan Agreement (the “Available Rollover Advances”) is equal to or greater than $2,400,000.00, (ii) the Available Rollover Advances are available to Mezzanine A Borrower on an unrestricted basis other than any restrictions limiting the use of the Available Rollover Advances to the payment of tenant improvements and leasing commissions and (iii) no Mezzanine A Event of Default shall have occurred and be continuing.
Deposits to Rollover Reserve Fund. Unless, by the date that is nine months before the scheduled termination of any Lease, including but not limited to any WaMu Lease, but not including any sublease (such Lease a "Terminating Lease"), Borrower has delivered to Lender a copy of the tenant’s irrevocable election to renew the Terminating Lease, Borrower shall pay to Lender a sum equal to fifteen dollars ($15.00) multiplied by the number of rentable square feet of space under the Terminating Lease (the "Terminating Lease Deposit"), which shall be paid in nine equal monthly installments, commencing nine months before the scheduled termination date of the Terminating Lease. Notwithstanding the foregoing, by written notice to Lender given not less than nine months before the scheduled termination of a Terminating Lease, Borrower may instead elect to pay the Terminating Lease Deposit attributable to the Terminating Lease in a single payment, payable not later than the scheduled termination of the Terminating Lease. The Terminating Lease Deposit shall be deposited with and held by Lender for tenant improvement and leasing commission obligations incurred thereafter. In addition, Borrower shall pay to Lender for deposit with Lender all funds received by Borrower in connection with any cancellation, termination or surrender of any Lease, including, but not limited to, any surrender or cancellation fees, buy-out fees, or reimbursements for tenant improvements and leasing commissions. All such amounts so deposited shall hereinafter be referred to as the "Rollover Reserve Fund" and the account to which such amounts are held shall hereinafter be referred to as the "Rollover Reserve Account".
Deposits to Rollover Reserve Fund. Concurrently with its execution hereof, Borrower shall pay to Lender the sum of $500,000.00 which amount shall be deposited with and held by Lender for tenant improvement and leasing commission obligations incurred following the date hereof. In addition, Borrower shall pay to Lender for deposit with Lender all funds received by Borrower in connection with any cancellation, termination or surrender of any Lease, including, but not limited to, any surrender or cancellation fees, buy-out fees, or reimbursements for tenant improvements and leasing commissions. All such amounts so deposited shall hereinafter be referred to as the “Rollover Reserve Fund”. If the amount of cash in the Rollover Reserve Fund drops below $500,000.00 (the “Rollover Fund Cap”), then Borrower shall commence and continue, on each Payment Date, making monthly deposits to the Rollover Reserve Fund in the amount of $25,000.00 until the balance of the Rollover Reserve Fund equals or exceeds the Rollover Fund Cap.
