Ground Rent Reserve Funds Sample Clauses

Ground Rent Reserve Funds. (a) On the Closing Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the "Ground Rent Account") an amount equal to $83,518.33 (the "Upfront Ground Rent Reserve Deposit") and Borrower shall deposit into the Ground Rent Account, on each Monthly Payment Date, an amount (the "Monthly Ground Rent Deposit") equal to $24,203.67 (such amounts so deposited shall hereinafter be referred to as the "Ground Rent Reserve Funds"). Such deposit may be increased by Lender in the amount Lender deems is necessary in its reasonable discretion based on any increases in the Ground Rent to ensure there are sufficient funds on deposit in the Ground Rent Account for the timely payment of all installments of Ground Rent under each Ground Lease; provided, however, the Ground Rent Reserve Funds exclude the Ground Rent payable by Borrower under the “Office” Ground Lease.
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Ground Rent Reserve Funds. (a) Borrower shall deposit with Lender, at least ten (10) Business Days prior to each Monthly Payment Date during the continuance of a Cash Trap Event Period an amount (the “Monthly Ground Rent Deposit”) equal to the Ground Rent that will be payable under the Ground Leases for the month in which such Monthly Payment Date occurs (such amounts so deposited shall hereinafter be referred to as the “Ground Rent Reserve Funds”); provided, that, (i) Borrower shall not be required to deposit such amounts if and to the extent a Tenant is required to pay such amounts directly to the related Ground Lessor pursuant to its Lease at an Individual Property and delivers evidence to Lender that such payments are actually made on each rent due date under the related Ground Lease, and (ii) to the extent the Cash Trap Event Period relates solely to a Lease Sweep Period, the Monthly Ground Rent Deposit shall only relate to Ground Rent due at the Individual Property affected by the Material Tenant Lease that triggered the Lease Sweep Period. Such deposit may be increased by Lender in the amount Lender deems is necessary in its reasonable discretion based on any increases in the Ground Rent.
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Ground Rent Reserve Funds. Borrower shall establish on the date hereof an Eligible Account with Lender or Lender’s agent sufficient to discharge Borrower’s obligations for the payment of Rent under each Ground Lease (the “Ground Rent Reserve Account”) into which Borrower shall deposit on the date hereof $0.00, which amount, when added to the required monthly deposits set forth in the next sentence, is sufficient to make the payments of Ground Rent as required under each Ground Lease (collectively, the “Ground Rent Reserve Funds”). Borrower shall deposit into the Ground Rent Reserve Account on each Payment Date (the “Ground Rent Monthly Deposit”) one-twelfth of the annual Ground Rent that Lender estimates will be payable during the next ensuing twelve (12) months. Lender will apply the Ground Rent Reserve Funds to payments of Ground Rent required to be made by Borrower pursuant to each Ground Lease. In making any disbursement from the Ground Rent Reserve Account, Lender may do so according to any bxxx, statement or estimate procured from the ground lessor under each Ground Lease, without inquiry into the accuracy of such bxxx, statement or estimate or into the validity of any rent, additional rent or other charge thereof. If the amount of the Ground Rent Reserve Funds shall exceed the amounts due for Rent under the Ground Leases, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Ground Rent Reserve Account. In allocating any such excess, Lender may deal with the person shown on Lender’s records as being the owner of the leasehold title to the applicable Property. Any amount remaining in the Ground Rent Reserve Account after the Debt has been paid in full shall be returned to Borrower or the person shown on Lender’s records as being the owner of the leasehold title to the applicable Property and no other party shall have any right or claim thereto. If at any time Lender reasonably determines that the Ground Rent Reserve Funds are not or will not be sufficient to pay Ground Rent by the due date, Lender shall notify Borrower of such determination and Borrower shall pay to Lender any amount necessary to make up the deficiency within ten (10) days after notice from Lender to Borrower requesting payment thereof. Notwithstanding any of the foregoing to the contrary, in lieu of funding the Ground Rent Reserve Account in accordance with the terms set forth above, Borrower may from time to time provide a Letter o...
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Ground Rent Reserve Funds 
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Related to Ground Rent Reserve Funds

  • Replacement Reserve Fund Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the "REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area. Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property. Any amount held in the Replacement Reserve Account and allocated for the Property shall be retained by Lender in an interest bearing account, or, at the option of Lender, in an Eligible Account at an Eligible Institution; PROVIDED, HOWEVER, that, any interest earned on said account shall accrue in said account for the benefit of Borrower, but shall remain in and constitute part of the Replacement Reserve Fund, and shall be disbursed in accordance with the terms hereof. Notwithstanding anything to the contrary in this Section 7.3, Borrower shall not be required to make Replacement Reserve Monthly Deposits, provided that: (i) no Event of Default shall have occurred; and (ii) Borrower makes all necessary Replacements and otherwise maintains the Property to Lender's satisfaction. Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements or otherwise maintain the Property to Lender's satisfaction, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.

  • Reserve Funds Section 7.1.

  • 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.

  • Interest Reserve Account The Certificate Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2018) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2018), the Certificate Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

  • Debt Service Reserve Account The Debt Service Reserve Account shall have been funded (or credited with funds), to the extent required, in an amount equal to the Debt Service Reserve Required Amount in accordance with the Depositary Agreement.

  • Balance in the Replacement Reserve Account The insufficiency of any balance in the Replacement Reserve Account shall not relieve Borrower from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents.

  • Disbursements from Replacement Reserve Account (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any).

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

  • Carryover Reserve Fund (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Certificates, the Carryover Reserve Fund and shall deposit $1,000 therein. The Carryover Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement.

  • Initial Reserve Account Deposit On the Closing Date, the Depositor will deposit or cause to be deposited the Specified Reserve Balance into the Reserve Account from the net proceeds of the sale of the Notes.

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