Common use of Leasing Commission Reserves Account Clause in Contracts

Leasing Commission Reserves Account. In connection with the disbursement of any Property Loan in respect of a Non-Stabilized Property, the Borrowers shall deposit with the Paying Agent (or such amounts shall be remitted from the proceeds of such Property Loan with respect to such Non-Stabilized Property pursuant to Section 2.02(c)), an amount equal to fifty (50%) of the monthly Underwritten Gross Income for such Non-Stabilized Property (the “Leasing Commission Reserves”) for transfer to the Leasing Commission Reserves Account. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the direction of the Majority Lenders shall, instruct the Paying Agent in writing to remit all or any portion of the Leasing Commission Reserves from the Leasing Commission Reserves Account and apply such funds either to (i) the leasing of the Properties or (ii) the Allocated Loan Amount in respect of each Financed Property, pro rata to each Lender, in such proportion as between items (i) and (ii) above as the Administrative Agent may determine in its sole discretion. The right to instruct the Paying Agent to remit and apply the Leasing Commission Reserves in accordance with the foregoing shall be in addition to all other rights and remedies provided to the Administrative Agent, the Collateral Agent or any Lenders under this Agreement and the other Loan Documents.

Leasing Commission Reserves Account. In connection with the disbursement of any Property Loan in respect of a Non-Stabilized Property, the Borrowers shall deposit with the Paying Agent (or such amounts shall be remitted from the proceeds of such Property Loan with respect to such Non-Stabilized Property pursuant to Section 2.02(c)), an amount equal to fifty (50%) of the monthly Underwritten Gross Income for such Non-Stabilized Property (the “Leasing Commission Reserves”) for transfer to the Leasing Commission Reserves Account. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the direction of the Majority Lenders or pursuant to a Thirty-Three Percent Lender Instruction shall, instruct the Paying Agent in writing to remit all or any portion of the Leasing Commission Reserves from the Leasing Commission Reserves Account and apply such funds either to (i) the leasing of the Properties or (ii) the Allocated Loan Amount in respect of each Financed Property, pro rata to each Lender, in such proportion as between items (i) and (ii) above as the Administrative Agent may determine in its sole discretion. The right to instruct the Paying Agent to remit and apply the Leasing Commission Reserves in accordance with the foregoing shall be in addition to all other rights and remedies provided to the Administrative Agent, the Collateral Agent or any Lenders under this Agreement and the other Loan Documents.