Rollover Reserve Fund. Each Borrower shall pay to Lender on --------------------- each Payment Date the Monthly Rollover Deposit for such Borrower's Collateral Property (in addition to other payments required hereunder) (such payments with respect to the entire Collateral Pool, less disbursements thereof pursuant hereto, being called the "ROLLOVER RESERVE FUND"). Lender will apply such payments to payment of Approved Leasing Expenses pursuant to the terms hereof. Each Borrower shall also deposit into the Rollover Reserve Fund all payments ("Lease Termination Payments") received from tenants in connection with the termination or cancellation of any Lease more than one year prior to its expiration date, including fees, penalties and commissions (provided that, upon the releasing of all or any portion of the space demised under such cancelled or terminated space, Lender shall, upon the applicable Borrower's request and provided no Event of Default then exists, release to such Borrower the portion, if any, of the Lease Termination Payment which exceeds the actual Leasing Expenses incurred or to be incurred in connection with such releasing). If the amount of the Rollover Reserve Fund shall exceed the amounts due for Approved Leasing Expenses pursuant to the terms hereof, Lender shall, in its discretion, return any excess to the applicable Borrower(s), credit such excess against future payments to the Rollover Reserve Fund or allocate such excess to other Subaccounts. If Lender determines in its reasonable judgment that the amount of the Rollover Reserve Fund will be insufficient to pay the amounts due or to become due for Approved Leasing Expenses (after taking into accounts any Lease Termination Payments theretofore deposited into the Rollover Reserve), Lender may adjust the monthly amounts required to be deposited into the Rollover Reserve Fund upon 30 days' notice to the applicable Borrower(s). Alternatively, Lender may in its discretion determine that the amount of the Rollover Reserve Fund will exceed the amounts due or to become due for Approved Leasing Expenses, in which case Lender may reduce the monthly amounts to be deposited therein.
Rollover Reserve Fund. (a) Pledgor shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 7.4 of the Mortgage Loan Agreement.
(b) In the event (i) Mortgage Lender waives the requirements of Mortgage Borrower to maintain the Rollover Reserve Fund pursuant to the terms of Section 7.4 of the Mortgage Loan Agreement or (ii) the Mortgage Loan has been repaid in full, Lender shall have the right to require Borrower to establish and maintain an escrow that would operate in the same manner as the Rollover Reserve Fund in Section 7.4 of the Mortgage Loan Agreement.
Rollover Reserve Fund. (a) Pledgor shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 7.4 of the Mortgage Loan Agreement.
(b) In the event (i) Mortgage Lender waives the requirements of Mortgage Borrower to maintain the Rollover Reserve Fund pursuant to the terms of Section 7.4 of the Mortgage Loan Agreement, Mezzanine A Lender waives the requirements of section 7.4 of the Mezzanine A Loan Agreement, Mezzanine B Lender waives the requirements of section 7.4 of the Mezzanine B Loan Agreement and Mezzanine C Lender waives the requirements of section 7.4 of the Mezzanine C Loan Agreement or (ii) the Mortgage Loan, the Mezzanine A Loan, the Mezzanine B Loan and the Mezzanine C Loan have been repaid in full, Lender shall have the right to require Borrower to establish and maintain an escrow that would operate in the same manner as the Rollover Reserve Fund in Section 7.4 of the Mortgage Loan Agreement.
Rollover Reserve Fund. 21 3.5.1 Rollover Reserve Fund.............................................................21 3.5.2 Payment of Leasing Expenses.......................................................22 3.6 Payment of Approved Operating Expenses.........................................................22 3.7
Rollover Reserve Fund. The amounts held under this Section 7.5 are defined as the "Rollover Reserve Fund". Concurrently with the execution and delivery of this Agreement, Borrower shall pay the amount of Three Hundred Fourteen Thousand Eight Hundred Dollars ($314,800) into the Rollover Reserve Fund, which payment represents all termination fees received by Borrower in connection with the Omnia Lease (the "Omnia Payment"). Borrower shall pay to Lender on each Payment Date the amount of $26234 (the monthly amounts to be paid are referred to as "Rollover Reserve Fund Payments"), and all Rollover Reserve Fund Payments are to be paid into the Rollover Reserve Fund. Lender will apply the Rollover Reserve Fund to payment of Approved Leasing Expenses pursuant to the terms hereof; PROVIDED, HOWEVER, if the Loan shall have been accelerated or if there is an Event of Default which is continuing, then Lender may credit such Rollover Reserve Fund against the Debt in such priority and proportions as Lender in its sole and absolute discretion shall deem proper. If the amount of the Rollover Reserve Fund shall exceed the amounts due for Approved Leasing Expenses pursuant to the terms hereof, Lender shall, in its discretion, return any excess to Borrower; PROVIDED, HOWEVER, if the Loan shall have been accelerated or if there is an Event of Default which is continuing, then Lender may credit such excess against the Debt in such priority and proportions as Lender in its sole and absolute discretion shall deem proper.
Rollover Reserve Fund. (a) Borrower shall pay to Lender on each Payment Date commencing January 1, 2000, and continuing through December 31, 2000, the sum of $35,817.00 (each such payment a "Rollover Payment" and such Rollover Payments cumulatively, the "Rollover Reserve Fund"), to be applied in accordance with the terms of this Section 7.5; provided, however, that
(i) if the unsecured debt rating of Prime Group Realty Trust, Inc. is BBB- or better as determined by Standard & Poor's Ratings Services as of January 1, 2000, then Borrower may, in lieu of making Rollover Payments, deliver to Lender on or before January 1, 2000 the Prime Group Guaranty (as defined below);
(ii) Borrower shall not be required to make any Rollover Payments if, as determined by Lender as of January 1, 2000, the Leases that expire during a single calendar year at no time represent more than fifteen percent (15%) of the gross leasable area of the Property; and
(iii) Borrower shall not be required to make any Rollover Payments if Borrower delivers to Lender, on or before January 1, 2000, an irrevocable letter of credit in the amount of $429,799.00 in a form and issued by a bank reasonably acceptable to Lender, and Lender shall have the right to draw upon and apply the proceeds from such letter of credit at the times and in the manner provided in this Section 7.5 for application of funds deposited in the Rollover Reserve Fund.
Rollover Reserve Fund. (a) Pledgor shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 7.4 of the Mortgage Loan Agreement.
(b) In the event (i) Mortgage Lender waives the requirements of Mortgage Borrower to maintain the Rollover Reserve Fund pursuant to the terms of Section 7.4 of the Mortgage Loan Agreement, Mezzanine A Lender waives the requirements of section 7.4 of the Mezzanine A Loan Agreement and Mezzanine B Lender waives the requirements of section 7.4 of the Mezzanine B Loan Agreement or (ii) the Mortgage Loan, the Mezzanine A Loan and the Mezzanine B Loan have been repaid in full, Lender shall have the right to require Borrower to establish and maintain an escrow that would operate in the same manner as the Rollover Reserve Fund in Section 7.4 of the Mortgage Loan Agreement.
Rollover Reserve Fund. If at any time during the Term, Borrower receives a payment from a Tenant in connection with the termination or compromise of a Lease, Borrower shall deposit such amount into the Deposit Account to be forwarded to a fund to be held by Lender and applied as provided herein (the "the Rollover Reserve Fund").
Rollover Reserve Fund. (a) Borrower shall pay to Lender on each Payment Date commencing January 1, 2001, and continuing through December 31, 2002, the sum of $26,835.00 (each such payment a "Rollover Payment," the schedule of such Rollover Payments [as may be amended pursuant to the terms of Section 7.5.1(a)(i), below], the "Rollover Payment Schedule," and such Rollover Payments cumulatively, the "Rollover Reserve Fund"), to be applied in accordance with the terms of this Section 7.5; provided, however, that
(i) if, in accordance with the terms of that certain Lease dated July 1, 1992 (as may have been amended on or prior to the date hereof, the "Tribune Lease"), by and between American National Bank and Trust Company of Chicago, as Trustee under Trust Agreement dated December 1, 1985, and known as Trust No. 66245, and Tribune Regional Programming, Inc. / Chicago Tribune Company (collectively, "Tenant"), Tenant extends the term of the Tribune Lease such that the expiration date of the Tribune Lease is no earlier than March 31, 2008, then Borrower may, in lieu of the immediately preceding Rollover Payment Schedule, pay to Lender the sum of $7,657.00 on each Payment Date commencing January 1, 2001, and continuing through December 31, 2007;
(ii) if the unsecured debt rating of Prime Group Realty Trust, Inc. is BBB- or better as determined by Standard & Poor's Ratings Services as of January 1, 2001, then Borrower may, in lieu of making Rollover Payments, deliver to Lender on or before January 1, 2001 the Prime Group Guaranty (as defined below);
(iii) Borrower shall not be required to make any Rollover Payments if, as determined by Lender as of January 1, 2001, the Leases that expire during a single calendar year at no time represent more than twenty percent (20%) of the gross leasable area of the Property; and
(iv) Borrower shall not be required to make any Rollover Payments if Borrower delivers to Lender, on or before January 1, 2001, an irrevocable letter of credit in the amount of $643,160.00 in a form and issued by a bank reasonably acceptable to Lender, and Lender shall have the right to draw upon and apply the proceeds from such letter of credit at the times and in the manner provided in this Section 7.5 for application of funds deposited in the Rollover Reserve Fund.
Rollover Reserve Fund. (a) Pledgor shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 7.4 of the Mortgage Loan Agreement.
(b) In the event (i) Mortgage Lender waives the requirements of Mortgage Borrower to maintain the Rollover Reserve Fund pursuant to the terms of Section 7.4 of the Mortgage Loan Agreement and Mezzanine A Lender waives the requirements of section 7.4 of the Mezzanine A Loan Agreement or (ii) the Mortgage Loan and Mezzanine A Loan have been repaid in full, Lender shall have the right to require Borrower to establish and maintain an escrow that would operate in the same manner as the Rollover Reserve Fund in Section 7.4 of the Mortgage Loan Agreement.
