Deposits to Rollover Reserve Funds. (a) On the Closing Date, Borrowers shall deposit with Lender the amount of $4,000,000.00 to pay for Approved Leasing Expenses incurred by Borrowers after the date hereof. On each Payment Date Borrowers shall pay to Lender the sum of $171,000.00, which amounts shall be deposited with and held by Lender for Approved Leasing Expenses incurred following the date hereof. Notwithstanding the foregoing, during any period in which the total deposits of Rollover Reserve Funds equal or exceed $4,000,000.00, Borrowers shall not be required to make any further deposits to the Rollover Reserve Funds. In the event the balance of the Rollover Escrow Fund shall thereafter be reduced to less than $4,000,000.00, Borrowers shall again deposit with Lender, commencing on the next Monthly Payment Date, the monthly amount set forth above until the total amount of the Rollover Reserve Funds on deposit with Lender shall equal $4,000,000.00. In addition, notwithstanding any limitations on the amount to be deposited in the Rollover Reserve Funds, Borrowers shall pay to Lender for deposit with Lender those additional funds described in Section 7.4.1(b) hereof. All such amounts so deposited shall hereinafter be referred to as the “Rollover Reserve Funds” and the account in which such amounts are held shall hereinafter be referred to as the “Rollover Reserve Account”.
Appears in 3 contracts
Samples: Pledge and Security Agreement (MPG Office Trust, Inc.), Pledge and Security Agreement (MPG Office Trust, Inc.), Loan Agreement (Maguire Properties Inc)
Deposits to Rollover Reserve Funds. (a) On the Closing Date, Borrowers shall deposit Date Borrower has deposited with Lender funds in the amount of Two Hundred Twenty-Five Thousand and No/100 Dollars ($4,000,000.00 225,000.00) and, subject to pay for Approved Leasing Expenses incurred by Borrowers after the date Section 2.7.3 hereof. On , on each Payment Date Borrowers thereafter on which the amount of Rollover Reserve Funds (defined below) on deposit in the Rollover Reserve Account (defined below) is less than the Rollover Reserve Cap, Borrower shall pay to Lender the sum of $171,000.00Rollover Reserve Monthly Deposit, if any, which amounts shall be deposited with and held by Lender for Approved Leasing Expenses in accordance with Section 7.8 hereof and disbursed to Borrower in accordance with Section 7.4.2 in respect of tenant improvement and leasing commission obligations to be incurred following the date hereofClosing Date. Notwithstanding the foregoing, during any period in which the total deposits of Rollover Reserve Funds equal or exceed $4,000,000.00, Borrowers shall not be required to make any further deposits to the Rollover Reserve Funds. In the event the balance of the Rollover Escrow Fund shall thereafter be reduced to less than $4,000,000.00, Borrowers shall again deposit with Lender, commencing on the next Monthly Payment Date, the monthly amount set forth above until the total amount of the Rollover Reserve Funds on deposit with Lender shall equal $4,000,000.00. In addition, notwithstanding any limitations on the amount to be deposited in the Rollover Reserve Funds, Borrowers shall pay to Lender for deposit with Lender those additional funds described in Section 7.4.1(b) hereof. All such amounts Amounts so deposited shall hereinafter be referred to as the “Rollover Reserve Funds” and the account in which such amounts are held shall hereinafter be referred to as the “Rollover Reserve Account”. In addition to and not as a substitute for any required Rollover Reserve Monthly Deposit, in accordance with the Cash Management Agreement Borrower shall deposit with Lender as Rollover Reserve Funds all lease termination payments and similar payments required under any Lease to be made by the related Tenant in connection with the termination or non-renewal of such Lease (each, a “Termination Payment”), provided that the amount on deposit in the Rollover Reserve Account is then less than the Rollover Reserve Cap, and provided, further, that Borrower shall be obligated to deposit as Rollover Reserve Funds only such portion of a Termination Payment as is sufficient to increase the funds on deposit in the Rollover Reserve Account to the Rollover Reserve Cap.
Appears in 2 contracts
Samples: Loan Agreement (Brixmor Property Group Inc.), Senior Mezzanine Loan Agreement (Brixmor Property Group Inc.)
Deposits to Rollover Reserve Funds. (a) On the Mortgage Loan Closing Date, Borrowers shall, or shall cause Mortgage Borrowers to, deposit with Mortgage Lender the amount of $4,000,000.00 to pay for Approved Leasing Expenses incurred by Mortgage Borrowers after the date hereof. On each Payment Date Borrowers shall, or shall cause Mortgage Borrowers to, pay to Lender the sum of $171,000.00, which amounts shall be deposited with and held by Lender for Approved Leasing Expenses incurred following the date hereof. hereof Notwithstanding the foregoing, during any period in which the total deposits of Rollover Reserve Funds equal or exceed $4,000,000.00, Borrowers and Mortgage Borrowers shall not be required to make any further deposits to the Rollover Reserve Funds. In the event the balance of the Rollover Escrow Fund shall thereafter be reduced to less than $4,000,000.00, Borrowers shall, or shall cause Mortgage Borrowers to, again deposit with Lender, commencing on the next Monthly Payment Date, the monthly amount set forth above until the total amount of the Rollover Reserve Funds on deposit with Lender shall equal $4,000,000.00. In addition, notwithstanding any limitations on the amount to be deposited in the Rollover Reserve Funds, Borrowers shall cause Mortgage Borrowers to pay to Lender for deposit with Lender those additional funds described in Section 7.4.1(b) hereof. hereof All such amounts so deposited shall hereinafter be referred to as the “Rollover Reserve Funds” and the account in which such amounts are held shall hereinafter be referred to as the “Rollover Reserve Account”.
Appears in 2 contracts
Samples: Pledge and Security Agreement (MPG Office Trust, Inc.), Pledge and Security Agreement (MPG Office Trust, Inc.)
Deposits to Rollover Reserve Funds. (a) On the Closing Date, Borrowers shall deposit with Lender the amount of $4,000,000.00 to pay for Approved Leasing Expenses incurred by Borrowers after the date hereof. On each Payment Date Borrowers Borrower shall pay to Lender on each Payment Date the sum of $171,000.0025,948.00 (the “Rollover Reserve Monthly Deposit”), which amounts shall be deposited with and held by Lender for Approved Leasing Expenses tenant improvement and leasing commission obligations incurred following the date hereof. Notwithstanding the foregoing, during any period in which if the total deposits of Rollover Reserve Funds shall at any time equal or exceed $4,000,000.00934,122.00, Borrowers shall not be required exclusive of the any Lease Termination Fees (the “Rollover Reserve Cap”), then Borrower’s obligation to make any further deposits to the Rollover Reserve Funds. In the event the balance of the Rollover Escrow Fund Monthly Deposit shall thereafter be reduced to less than $4,000,000.00, Borrowers shall again deposit with Lender, commencing on the next Monthly Payment Date, the monthly amount set forth above suspended until the total amount of such time as the Rollover Reserve Funds on are less than the Rollover Reserve Cap. Additionally, Borrower shall deposit with Lender shall equal $4,000,000.00any Lease Termination Fees. In addition, notwithstanding any limitations on the amount to be deposited in the Rollover Reserve Funds, Borrowers shall pay to Lender for deposit with Lender those additional funds described in Section 7.4.1(b) hereof. All such amounts Amounts so deposited shall hereinafter be referred to as the “Rollover Reserve Funds” and the account in which such amounts are held shall hereinafter be referred to as the Borrower’s “Rollover Rolllover Reserve Account”. Notwithstanding the foregoing, Borrower’s obligation to make monthly deposits to the Rollover Reserve Account shall be suspended provided that no Event of Default occurs.
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