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. 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. From and after Completion of the Improvements, Borrower shall pay to Lender on each Payment Date the sum of $15,645.33 (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". Notwithstanding the foregoing, Borrower shall not be required to deposit any portion of the Rollover Reserve Monthly Deposit which would cause the amount then on deposit in the Rollover Reserve, as determined by Lender, to exceed $938,720.00 (the “Rollover Reserve Cap”). When the Rollover Reserve Funds on deposit in the Rollover Reserve Account equals or exceeds the Rollover Reserve Cap, Borrower may cease making Rollover Reserve 132 Monthly Deposits to the Rollover Reserve Fund. If at any time thereafter the amount of the Rollover Reserve funds on deposit in the Rollover Reserve Account is less than the Rollover Reserve Cap, then Borrower shall recommence and continue making Rollover Reserve Monthly Deposits to the Rollover Reserve Funds, until the amount of Rollover Reserve Funds on deposit in the Rollover Reserve Account equal or exceed the Rollover Reserve Cap.
Deposits to Rollover Reserve Fund. On each Payment Date during the continuance of a Cash Sweep Period, Borrower shall deposit with Lender (subject to Section 2.6.3 hereof) an amount equal to (a) $1.50 multiplied by the total number of rentable square feet of the Improvements located at the Property at the time of such Cash Sweep Period, (b) divided by twelve (12) (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 in connection with Leases entered into in accordance with the terms hereof (the “TILC Obligations”). In the event of a Partial Release, the Rollover Reserve Monthly Deposit shall be reduced by an amount equal to (i) $1.50 multiplied by the total number of rentable square feet of the Improvements located at the Individual Property that is the subject of such Partial Release, (ii) divided by twelve. 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.” Upon the occurrence and during the continuance of a Cash Sweep Period, Borrower shall also pay to Lender, for deposit into the Rollover Reserve Account, all fees and other like payments (but not amounts that would be considered Rents) made to Borrower in connection with or relating to the rejection, buy-out, termination, surrender or cancellation of any Lease.
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 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. (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.”
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. 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 $1,600,000.00, (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. (a) On the Closing Date, Borrower shall deposit with Lender the sum of $3,300,000 (the "INITIAL ROLLOVER DEPOSIT"). Additionally, commencing with the first Payment Date in 2006, Borrower shall pay to Lender on each Payment Date the amount of (a) $55,233.58 for each Payment Date occurring during the calendar year 2006, (b) $27,616.75 for each Payment Date occurring during the calendar year 2007, (c) $39,624.08 for each Payment Date occurring during the calendar year 2008, (d) $19,211.67 for each Payment Date occurring during the calendar year 2009, (e) $25,215.33 for each Payment Date occurring during the calendar year 2010, and (f) $7,204.42 for each Payment Date occurring during the calendar year 2011, which amounts shall be deposited with and held by Lender for tenant improvement and leasing commission obligations incurred following the date hereof. The Initial Rollover Deposit and such other 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".
