TI/LC Reserve Account Sample Clauses

TI/LC Reserve Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of reserving amounts in respect of Tenant Improvements and Leasing Commissions (the "TI/LC Reserve Account").
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TI/LC Reserve Account. (a) Lender will establish and maintain an Eligible Account (which may be a subaccount of the Cash Management Account) for the purpose of reserving amounts in respect of Tenant Improvements, Leasing Commissions, unpaid or free rent associated with any new or existing Leases with respect to the Commercial Property (the "TI/LC Reserve Account").
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TI/LC Reserve Account. (a) Lender will maintain an Eligible Account (which may be a book-entry subaccount) for the purpose of reserving amounts in respect of Tenant Improvements and Leasing Commissions (the “TI/LC Reserve Account”). (b) On the Closing Date, Borrower shall remit to Lender, for deposit into the TI/LC Reserve Account, an amount equal to the TI/LC Reserve Initial Deposit. (c) On each Payment Date, if and to the extent the amount contained therein (excluding amounts deposited therein in respect of Termination Proceeds, but including the TI/LC Reserve Initial Deposit) is less than the TI/LC Threshold Amount, Borrower shall remit to Lender, for deposit into the TI/LC Reserve Account, an amount equal to the Monthly TI/LC Amount. (d) Provided no Event of Default is continuing, Lender shall disburse funds from the TI/LC Reserve Account to Borrower up to one time per calendar month to reimburse Borrower for Leasing Commissions and Tenant Improvement costs incurred by Borrower in connection with a new Lease (or Lease extension, amendment or modification) entered into in accordance herewith, in each case within 10 Business Days following receipt from Borrower of a Disbursement Request with respect thereto. (e) Whenever a Lease is terminated in whole or in part, whether by buy-out, cancellation, default, rejection or otherwise, or the Tenant thereunder defaults, and in any such case Borrower receives or is permitted to retain any payment, fee, damages, forfeited security deposit, or proceeds of any bond or letter credit given as security (collectively, “Termination Proceeds”), Borrower shall promptly remit such Termination Proceeds to Lender for deposit into the TI/LC Reserve Account. Provided no Event of Default is continuing, (i) Lender shall disburse such Termination Proceeds or portion thereof to Borrower at the written request of Borrower in respect of Leasing Commissions and Tenant Improvement costs incurred by 52 [AM_ACTIVE 400655008_12]
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TI/LC Reserve Account. At Closing, Borrower shall establish the TI/LC Reserve Account and shall deposit initially Seven Hundred Thousand and No/100ths Dollars ($700,000.00) into the TI/LC Reserve Account, which initial deposit may be funded, at Borrower’s election, with proceeds of the Loan. Thereafter, concurrently with each monthly payment due and payable under the Note, commencing on August 1, 2015, Borrower shall deposit an amount equal to $36,901.00 monthly. In addition, on or before June 25, 2019, Borrower shall deposit an additional Five Hundred Thousand and No/100ths Dollars ($500,000.00) into the TI/LC Reserve Account, or in lieu of such deposit, Borrower may provide to Bank a letter of credit in such amount on terms reasonably acceptable to Bank. Furthermore, upon receipt of any lease termination fee under any Lease, such fee shall be promptly deposited into the TI/LC Reserve Account. The funds held in the TI/LC Reserve Account shall be disbursed by Bank to Borrower for the purpose of the payment of Tenant Improvements and Leasing Commissions relating to the Property subject to Bank’s reasonable approval of the applicable Lease. Such funds may be disbursed on a monthly basis pursuant to the provisions of Section 2.8. Notwithstanding the foregoing, if at any time after June 25, 2020, the balance of the TI/LC Reserve Account exceeds Five Hundred Thousand and No/100ths Dollars ($500,000.00), the excess amount shall be disbursed to Borrower and the monthly deposit into the TI/LC Reserve Account shall be suspended. Thereafter, at any time the balance of the TI/LC Reserve Account falls below Five Hundred Thousand and No/100ths Dollars ($500,000.00), the monthly deposit as set forth above will be reinstated. Notwithstanding anything to the contrary herein, at any time and from time to time, Borrower may provide to Bank a letter of credit on terms, and from a financial institution, reasonably acceptable to Bank in the amount of, and in lieu of, all or any portion of the amount then required to be deposited in the TI/LC Reserve Account and upon Borrower’s delivery of such letter of credit, Bank shall cause an equivalent amount of cash held in the TI/LC Reserve Account to be promptly disbursed to Borrower.
Sample 1
TI/LC Reserve Account. Borrower shall be required to deposit into a reserve account, at closing and on a monthly basis, an amount reasonably acceptable to the Agent to be used for tenant improvements and leasing commissions (the “TI/LC Reserve Account’). The Credit Parties shall execute all such documents and take all such action as the Agent may reasonably require to effectuate the cash management system.
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TI/LC Reserve Account. [intentionally omitted]
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TI/LC Reserve Account. (a) On or prior to the first Payment Date after the first occurrence of a Low DSCR Period, the Obligors shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of reserving amounts in respect of Tenant Improvements and Leasing Commissions during Low DSCR Periods (the "TI/LC Reserve Account").
Sample 1
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TI/LC Reserve Account. (a) TI/LC Reserve Generally. Amounts in the TI/LC Reserve Account are to be used for the purpose of funding the costs of tenant Improvements and Leasing Commissions that are paid by Borrower during the term of the Loan.
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TI/LC Reserve Account 
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Related to TI/LC Reserve Account

  • 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.

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • 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;

  • 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.

  • Reserve Account Property (i) The Reserve Account and all proceeds thereof (other than the Investment Earnings thereon) including all cash, investments, investment property and other amounts held from time to time in the Reserve Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities, Financial Assets or otherwise) and (ii) the Reserve Account Deposit and all proceeds thereof (other than the Investment Earnings thereon).

  • Targeted Deposits to the Accumulation Reserve Account The deposit targeted to be made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount.

  • 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 Account Withdrawal If the Series 2003-5 Letter of Credit Amount will be less than the Principal Deficit Amount on any Distribution Date, then, prior to 12:00 noon (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing to withdraw from the Series 2003-5 Reserve Account, an amount equal to the lesser of (x) the Series 2003-5 Available Reserve Account Amount and (y) the amount by which the Principal Deficit Amount exceeds the amounts to be deposited in the Series 2003-5 Distribution Account in accordance with clauses (i) and (ii) of this Section 2.5(d) and deposit it in the Series 2003-5 Distribution Account on such Distribution Date.

  • 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).

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