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.
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Deposits to Rollover Reserve Fund. On Borrower shall pay to Lender on each Payment Date during the continuance of a Cash Sweep PeriodPeriod (except where such Cash Sweep Period is caused solely by a Non-Renewal Trigger Event), 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) 8,763.38 (the “Rollover Reserve Monthly Deposit”) and (c) on the date of Borrower’s receipt thereof, any termination fee or other consideration payable to Borrower in connection with any Tenant’s election to exercise any early termination option contained in its respective Lease of space at the Property or in connection with any other termination, amendment or modification of any Lease, reduction of Rents, shortening of the term or surrender of space thereunder (“Termination 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 twelvehereof. 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 ”. Notwithstanding the occurrence foregoing, provided Borrower has satisfied the FedEx Renewal Criteria or the FedEx Replacement Lease Criteria (in each case, pursuant to a Lease or Leases expiring no earlier than three (3) years after the Maturity Date) and during the continuance of a no Cash Sweep PeriodPeriod exists, Borrower Lender shall also pay to Lender, for disburse all amounts on deposit into in the Rollover Reserve Account, all fees Account to the Lockbox Account and other like payments (but not amounts that would which shall be considered Rents) made disbursed to Borrower in connection with or relating and suspend Borrower’s obligation to the rejection, buymake Rollover Reserve Monthly Deposits. 76 0107842.0726822 4821-out, termination, surrender or cancellation of any Lease.7262-8396v10
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Deposits to Rollover Reserve Fund. On Borrower shall pay to Lender (a) on the Closing Date an initial deposit of $250,000.00 and (b) 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) thereafter $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) 16,959.00 (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 in connection with Leases entered into in accordance with the terms hereof (the “TILC Obligations”)hereof. In the event of Amounts so deposited, and, if applicable, any amount resulting from a Partial Release, draw on the Rollover Reserve Monthly Deposit shall be reduced by an amount equal to (i) $1.50 multiplied by the total number Letter of rentable square feet of the Improvements located at the Individual Property that is the subject of such Partial ReleaseCredit, (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 LeaseLease (excluding, however, any such Fee related to the Xxxxxx Xxxxxxx Premises). Notwithstanding the aforementioned, the aggregate amount of the Rollover Reserve Fund and the amount of the Rollover Reserve Letter of Credit remaining available for draws shall not exceed $525,000.00 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 and the amount of the Rollover Reserve Letter of Credit remaining available for draws exceeding the Rollover Reserve Cap, such Rollover Reserve Monthly Deposit shall be decreased by an amount equal to such excess or if applicable, eliminated. Any interest earned on the amounts on deposit in the Rollover Reserve Account shall be added to and become a part of the Rollover Reserve Fund.
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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 0.25 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 0.25 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.. 116
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Deposits to Rollover Reserve Fund. On each Payment Date Upon the occurrence and during the continuance of a Cash Sweep Period, Borrower shall deposit with Lender pay to Lender, on each Payment Date thereafter, one-twelfth (subject to Section 2.6.3 hereof1/12) an amount equal to (a) of the product of $1.50 multiplied by the total number of aggregate rentable square feet comprising all of the Improvements located at Properties (other than the Property at Viceroy Property) then subject to the time lien of such Cash Sweep Period, (b) divided by twelve (12) (the “Rollover Reserve Monthly Deposit”)Security Instruments, which amounts shall be deposited with and held by Lender for tenant improvement and leasing commission obligations incurred following the date hereof hereof. In addition, during a Cash Sweep Period, Borrower shall deliver to Lender for deposit into the Rollover Reserve Fund all funds received by Borrower in connection with Leases entered into 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; provided, however, that, so long as no Event of Default has occurred and is continuing, such cancellation, termination or surrender or other similar funds shall be remitted to Borrower 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 demised premises under such Partial Releasecancelled, terminated or surrendered Lease has been re-let, (ii) divided the replacement tenant is in occupancy of the demised premises and paying full, unabated rent, (iii) all tenant improvements and leasing commissions have been paid with respect to the applicable demised premises and (iv) Borrower delivers to Lender a tenant estoppel certificate signed by twelvethe replacement tenant in form and substance acceptable to Lender. Amounts 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”.” 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.
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Samples: Loan Agreement (New York REIT, Inc.)
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.. 108
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