Ground Rent Funds Sample Clauses

Ground Rent Funds. In addition to the initial deposits with respect to Ground Rent made by Borrower to Lender on the Closing Date to be held in Eligible Accounts by Lender or Servicer and hereinafter respectively referred to as the “Ground Rent Account”, on each Monthly Payment Date (to the extent not deposited pursuant to Section 9.3(a) hereof), Borrower shall deposit (or cause to be deposited) in such account (i) with respect to each Individual Property other than a Waived Ground Lease Deposit Property, one-twelfth of an amount which would be sufficient to pay the Ground Rent payable, or reasonably estimated by Lender, in its reasonable discretion, to be payable during the ensuing twelve (12) months with respect to each Individual Property other than a Waived Ground Lease Deposit Property, under each related Ground Lease in order to pay installments of Ground Rent at least thirty (30) days prior to the due date for such Ground Rent and (ii) upon the occurrence and following a Borrower Ground Lease Period, one-twelfth of an amount which would be sufficient to pay the Ground Rent payable, or estimated by Lender, in its reasonable discretion, to be payable with respect to each Waived Ground Lease Deposit Property that is subject to a Borrower Ground Lease Period during the ensuing twelve (12) months under each Ground Lease related to a Waived Ground Lease Deposit Property that is subject to a Borrower Ground Lease Period in order to pay installments of Ground Rent at least thirty (30) days prior to the due date for such Ground Rent (the “Monthly Ground Rent Deposit”), which deposits shall be held in the Ground Rent Account (amounts held in the Ground Rent Account are hereinafter referred to as the “Ground Rent Funds”). Additionally, if, at any time, Lender determines, in its reasonable discretion, that amounts on deposit in or scheduled to be deposited in the Ground Rent Account will be insufficient to pay all Ground Rent due under the Ground Lease at least ten (10) Business Days prior to the due date for such Ground Rent, Borrower shall make a True Up Payment with respect to such insufficiency into the Ground Rent Account. Borrower agrees to promptly notify Lender of any changes to the amounts, schedules and instructions for payment of any Ground Rent of which it has or obtains knowledge and authorizes Lender or its agent to obtain the bills for Ground Rent directly from the landlord under such applicable Ground Lease. Provided there are sufficient amounts in the Ground Rent...
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Ground Rent Funds. (a) Upon the occurrence and during the continuance of a Lockbox Event and until the occurrence of the applicable Lockbox Termination Event, if any, Borrower shall deposit with Agent, on each Payment Date, an amount (the “Monthly Ground Rent Deposit”) equal to the Ground Rent that will be payable under the Ground Lease for the succeeding month (such amounts so deposited shall hereinafter be referred to as the “Ground Rent Funds”).
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Ground Rent Funds 
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Related to Ground Rent Funds

  • Reserve Funds Section 7.1.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Lease Deposit Upon the execution hereof, Lessor shall loan Lessee an amount equal to twenty-five percent (25%) of the first full year's Base Rent (the "Lease Deposit"). The Lease Deposit shall be held by Lessor as security for the performance by Lessee of Lessee's covenants and obligations under the Lease. The Lease Deposit shall not be considered an advance payment of rental or a measure of Lessor's damages in case of default by Lessee. Lessor may, from time to time, without prejudice to any other remedy, use the proceeds thereof to make good any arrearages of Rent, to satisfy any other covenant or obligation of Lessee hereunder or to compensate Lessor for any other loss or damage which Lessor may suffer by reason of any default by Lessee. Following any such use of the Lease Deposit by the Lessor, Lessee shall deliver to Lessor on demand an amount sufficient to restore the aggregate amount held by Lessor, not including any interest earned on the Lease Deposit, to the amount of the original Lease Deposit. If Lessee is not in default at the termination of the Lease, and has complied with all of the provisions of this Lease to be performed by Lessee, including surrender of the Leased Property in accordance with the provisions hereof and has repaid the loan of the Lease Deposit, the Lease Deposit, not including any interest earned on such Lease Deposit, shall be returned by Lessor to Lessee, subject to any draws which have previously been made by Lessor against the Lease Deposit and not replenished by the Lessee. Lessee will not assign or encumber Lessee's interest in the Lease Deposit, and neither Lessor nor Lessor's successors or assigns will be bound by any such attempted assignment or encumbrance of the Lease Deposit. Any interest earned on the Lease Deposit will be for the sole benefit of the Lessor and shall not in any way reduce any amounts owed by Lessee under the terms hereof.

  • Operating Accounts (a) Maintain all of Borrower’s and its Subsidiaries’ Collateral Accounts in accounts which are subject to a Control Agreement in favor of Collateral Agent.

  • Tax Funds 49 Section 9.2. Insurance Premium Funds..........................................50 Section 9.3. Ordinary Capital Expenditures Funds..............................51

  • Settlement Funds The Servicer shall be named as a payee on all insurance loss drafts and upon receipt thereof, the funds shall be credited to the Borrower's Insurance Proceeds balance and deposited into (a) where such funds will be applied to the repair and restoration of the related Mortgaged Property and where required by applicable state law, one or more separate escrow accounts, so that the balance on deposit in such accounts is fully insured at all times by the FDIC through either the BIF or SAIF or (b) where such funds will not be applied to the repair and restoration of the related Mortgaged Property, the respective Custodial P&I Account.

  • Additional Escrow Amounts On the date of any Purchase Withdrawal, the Pass Through Trustee may re-deposit with the Depositary some or all of the amounts so withdrawn in accordance with Section 2.4 of the Deposit Agreement.

  • Deposits to the Collection Account and Special Payments Account (a) The Subordination Agent shall, upon receipt thereof, deposit in the Collection Account all Scheduled Payments received by it (other than any Scheduled Payment which by the express terms hereof is to be deposited to a Cash Collateral Account).

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property.

  • Trust Funds In the event that any party hereto should receive any funds that are to be paid to another party pursuant to the terms of this Agreement, then the receiving party shall hold such funds in trust for the benefit of the party entitled to receive such funds and shall promptly pay such funds to the party entitled to receive such funds in accordance with this Agreement.

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