Replacements and Replacement Reserve. Borrower shall cause Mortgage Borrower to comply with all the terms and conditions set forth in Section 7.3 of the Mortgage Loan Agreement. In the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (1) (i) Mortgage Borrower is required to maintain the Replacement Reserve Fund pursuant to the terms of Section 7.3 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, (ii) Mortgage Borrower is no longer required pursuant to the terms of the Mortgage Loan Agreement to maintain the Replacement Reserve Fund or (iii) the Mortgage Loan has been repaid in full, and (2) (i) Mezzanine A Borrower is required to maintain the Replacement Reserve Fund pursuant to the terms of Section 7.3 of the Mezzanine A Loan Agreement, but Mezzanine A Administrative Agent waives such requirement, (ii) Mezzanine A Borrower is no longer required pursuant to the terms of the Mezzanine A Loan Agreement to maintain the Replacement Reserve Fund (other than as expressly contemplated under the terms of the Mezzanine A Loan Agreement) or (iii) the Mezzanine A Loan has been repaid in full, then (A) Administrative Agent shall have the right to require Borrower to establish and maintain a reserve account that would operate in the same manner as the Replacement Reserve Fund pursuant to Section 7.3 of the Mortgage Loan Agreement, and (B) the provisions of Section 7.3 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference.
Replacements and Replacement Reserve. Intentionally Deleted.
Replacements and Replacement Reserve. (a) Borrower shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 7.3 of the Mortgage Loan Agreement.
(b) In the event (i) Mortgage Lender waives the requirement of Mortgage Borrower to maintain any Replacement Reserve Fund (or to make deposits therein) pursuant to the terms of Section 7.3 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 way as the applicable Replacement Reserve Fund described in Section 7.3 of the Mortgage Loan Agreement.
Replacements and Replacement Reserve. For so long as the Property is not subject to the MGM/Mandalay Lease, the following provisions shall apply:
Replacements and Replacement Reserve. Borrower shall cause Mortgage Borrower to comply with all the terms and conditions set forth in Section 7.3 of the Mortgage Loan Agreement. In the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents, (i) Mortgage Borrower is required to maintain the Replacement Reserve Fund pursuant to the terms of Section 7.3 of the Mortgage Loan Agreement, but Mortgage Lender waives such requirement, (ii) Mortgage Borrower is no longer required pursuant to the terms of the Mortgage Loan Agreement to maintain the Replacement Reserve Fund or (iii) the Mortgage Loan has been repaid in full, (A) Administrative Agent shall have the right to require Borrower to establish and maintain a reserve account that would operate in the same manner as the Replacement Reserve Fund pursuant to Section 7.3 of the Mortgage Loan Agreement, and (B) the provisions of Section 7.3 of the Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference.
Replacements and Replacement Reserve. 7.3.1 REPLACEMENT RESERVE FUND. [ON THE CLOSING DATE, BORROWER SHALL DEPOSIT $________________ INTO THE REPLACEMENT RESERVE ACCOUNT.] Borrower shall pay to Lender on each Payment Date $______________ [$0.15 PER SQUARE FOOT OF IMPROVEMENTS PER ANNUM] (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") for replacements and repairs required to be made to the Properties during the calendar year (collectively, the "REPLACEMENTS"). 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 Properties. Any amount held in the Replacement Reserve Account and allocated for an Individual Property shall be retained by Lender and credited toward the future Replacement Reserve Monthly Deposits required by Lender hereunder in the event such Individual Property is released from the Lien of its related Security Instrument in accordance with Section 2.5 hereof.
Replacements and Replacement Reserve. (a) Commencing on the First Payment Date and on each Payment Date thereafter, Borrower shall pay to Lender one twelfth of the amount (the "Replacement Reserve Monthly Deposit") equal to two (2) percent (2%) of the Gross Income for the Properties projected by Lender for the current calendar year, to be applied to maintain and replace the furniture, fixtures and equipment used in connection with the operation of each Property, including those items as set forth in the Approved Capital Budget (as defined in the Security Instruments) for each Property (collectively, the "Replacements"), and amounts so deposited shall hereinafter be referred to as the "Replacement Reserve Fund". Lender will maintain the Replacement Reserve Fund in a segregated account (the "Replacement Reserve Account") and the Replacement Reserve Fund shall be invested and reinvested by Lender, at Borrower's direction, in one or more Eligible Investments, subject to the following restrictions: (A) such Eligible Investments and the proceeds thereof shall be deemed a part of the Replacement Reserve Fund; (B) each such Eligible Investments shall be made in the name of Lender (in its capacity as such) or in the name of a nominee of Lender under its complete and exclusive dominion and control or, if applicable law provides for perfection of pledges of an instrument not evidenced by a certificate or other instrument through registration of such pledge on books maintained by or on behalf of the issuer of such investment, such pledge may be so registered; (C) Lender shall have the sole control over such investment, the income thereon and the proceeds thereof; (D) other than investments described in clause (B) above, any certificate or other instrument evidencing such investment shall be delivered directly to Lender or its agent; (E) the proceeds of each investment shall be remitted by the purchaser thereof directly to Lender and (F) Lender shall not be liable for any loss sustained on the investment of any funds constituting a part of the Replacement Reserve Fund.
(b) Borrower hereby grants a first priority security interest to Lender, as security for payment of all sums due under the Loan and the performance of all other terms, conditions and provisions to be paid and performed, of all Borrower's right, title and interest in and to the Replacement Reserve Fund and the Replacement Reserve Account and shall execute and deliver to Lender such UCC-1 Financing Statements and other documents or instruments...
Replacements and Replacement Reserve. Borrower shall pay to Lender on each Payment Date the Replacement Reserve Monthly Deposit for replacements and repairs required to be made to the Property during the calendar year (collectively, the “Replacements”), provided, however, during the period that the State Street Lease is in existence, disbursements from the Replacement Reserve Fund shall only be used for Replacements which are the obligation of the Borrower under the State Street Lease. 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 “
Replacements and Replacement Reserve. (a) Commencing on the first Payment Date (as defined in the Note) and on each Payment Date thereafter, Borrower shall pay to Lender an amount (the "Replacement Reserve Monthly Deposit") equal to $20,137.00, to be applied to maintain and replace certain items used in connection with the operation of each Property, which items are more particularly described on Schedule B attached hereto and made a part hereof (collectively, the "Replacements"), and amounts so deposited shall hereinafter be referred to as the "Replacement Reserve Fund". Lender will maintain the Replacement Reserve Fund in an interest bearing segregated account (the "Replacement Reserve Account") with all interest accrued to be held for the benefit of Borrower.
Replacements and Replacement Reserve. (a) Borrower shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 7.3 of the Mortgage Loan Agreement.
(b) In the event (i) Mortgage Lender waives the requirements of Mortgage Borrower to maintain the Replacement Reserve Fund pursuant to the terms of Section 7.3 of the Mortgage Loan Agreement, or (ii) the Mortgage Loan has been repaid in full and a similar reserve fund is not required under a new mortgage loan, if any, Lender shall have the right to require Borrower to establish and maintain a reserve fund that would operate in the same way as the Replacement Reserve Fund in Section 7.3 of the Mortgage Loan Agreement.
