NYC-DYCD Lease Funds Sample Clauses

NYC-DYCD Lease Funds. (a) On the Closing Date Borrower shall deposit into an Eligible Account held by Cash Management Bank (the “NYC-DYCD Lease Account”) the sum of $20,000,000.00, which amount shall be released to Borrower in accordance with the terms and provisions of Section 8.7(b) and (c). Amounts deposited pursuant to this Section 8.7 are referred to herein as the “NYC-DYCD Lease Funds”. (b) Provided an Event of Default shall not have occurred and be continuing, upon not less than five (5) Business Days written request from Borrower, if the Approved NYC-DYCD Lease is entered into, Lender shall cause the disbursement to Borrower of the NYC-DYCD Lease Funds (less an amount equal to the aggregate cost of tenant improvements, leasing commissions and free rent under the NYC-DYCD Lease in excess of the Unfunded Obligations Funds reserved for such purposes (which shall equal the amount of the “HRA - DYCD” line item listed on Schedule III) which shall be transferred to the Unfunded Obligations Account), after satisfaction of the following conditions: (i) the execution of the Approved NYC-DYCD Lease and (ii) delivery to Lender of an estoppel certificate executed by NYC-DYCD Tenant certifying to Lender that the Approved NYC-DYCD Lease is in full force and effect and certifying as to the documents which constitute the Lease. (c) If the Approved NYC-DYCD Lease has not been entered into, Lender shall cause the disbursement to Borrower of the NYC-DYCD Lease Funds in connection with the entering into of one or more Replacement Leases demising in the aggregate of not less than 10,000 square feet for any disbursement of NYC-DYCD Lease Funds. Provided an Event of Default shall not have occurred and be continuing, upon not less than five (5) Business Days written request from Borrower, Lender shall cause the disbursement to Borrower of the NYC-DYCD Lease Funds in amount equal to the NYC-DYCD Lease Funds Partial Disbursement Amount, after satisfaction of the following conditions: (i) the execution of one or more Replacement Leases demising in the aggregate not less than 10,000 square feet, (ii) delivery to Lender of an estoppel certificate executed by each Tenant under each such Replacement Lease certifying to Lender that the applicable Replacement Lease is in full force and effect, the applicable Tenant is in full occupancy of the space demised under the applicable Replacement Lease and as to the documents which constitute the applicable Replacement Lease, and (iii) the Debt Yield is equal t...