Capital Expense Reserves. Borrower shall pay to Lender on each Payment Date an amount sufficient to pay anticipated Approved Capital Expenses. Lender will transfer such amounts into a Subaccount (the “Capital Reserve Subaccount”). Additionally, upon thirty (30) days’ prior notice to Borrower, Lender may reassess the amount of the monthly payment required under this Section 3.4 from time to time in its reasonable discretion (based upon its then current underwriting standards). Provided that no Default or Event of Default has occurred and is continuing, Lender shall disburse funds held in the Capital Reserve Subaccount to Borrower, within fifteen (15) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000 provided that (i) such disbursement is for an Approved Capital Expense; (ii) Lender shall have (if it desires) verified (by an inspection conducted at Borrower’s expense) performance of the work associated with such Approved Capital Expense; and (iii) the request for disbursement is accompanied by (A) an Officer’s Certificate certifying (1) that such funds will be used to pay or reimburse Borrower for Approved Capital Expenses and a description thereof, (2) that all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full, (3) that the same has not been the subject of a previous disbursement, and (4) that all previous disbursements have been used to pay the previously identified Approved Capital Expenses, (B) lien waivers or other evidence of payment satisfactory to Lender, (C) at Lender’s option, a title search for the Property indicating that the Property is free from all Liens, claims and other encumbrances not previously approved by Lender and (D) such other evidence as Lender shall reasonably request that the Approved Capital Expenses at the Property to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. The foregoing obligations to fund and maintain the Capital Reserve Subaccount shall be conditionally waived for so long as no Event of Default shall have occurred hereunder. Upon the failure of the foregoing condition, Lender may demand full compliance with the provisions of this Section 3.4 for the remaining term of the Loan.
Capital Expense Reserves. (a) Borrowers shall pay to Lender on each Payment Date occurring during the continuance of a Cash Management Period, an amount initially equal to one-twelfth (1/12) of the product obtained by multiplying $0.25 by the aggregate number of rentable square feet of space in the Properties (initially $50,393.96 per month). Lender will transfer such amounts into a Subaccount (the “Capital Reserve Subaccount”). Additionally, upon thirty (30) days’ prior notice to Borrowers, Lender may reassess the amount of the monthly payment required under this Section 3.4 from time to time in its reasonable discretion (based upon its then current underwriting standards); provided, however that Lender shall only increase the amount of such monthly contributions if Lender reasonably determines that such increase is necessary to address unanticipated material changes after the date hereof in the anticipated Capital Expenses for a Property (or Properties) (in which event such reassessment shall be limited to address only such issues).
Capital Expense Reserves. The monthly payment into the Capital Reserve Subaccount shall be increased to $9,500.00 per month which shall be due and payable on each Payment Date (as such term is defined in the Loan Agreement) in accordance with Section 3.4 of the Loan Agreement.
Capital Expense Reserves. (a) On each Payment Date through and including December 1, 2006, Borrower shall pay to Lender on each such Payment Date an amount equal to $54,827. Thereafter on each Payment Date, Borrower shall pay to Lender an amount initially equal to one-twelfth (1/12th) of four percent (4%) of the annual gross operating income of the Property (based on the prior year). Lender will transfer such amounts into a Subaccount (the “CapEx/FF&
Capital Expense Reserves. 22 3.5 ROLLOVER RESERVES/PREPAID RENT RESERVE..........................22 3.5.1 GENERAL ROLLOVER RESERVE...............................22 3.5.2 XXXXXXXXX-XXXXXXX RESERVE..............................23 3.5.3 XXXXXXX PREPAID RENT RESERVE...........................24 3.6
Capital Expense Reserves. Borrower shall pay to Lender on each Payment Date an amount initially equal to one-twelfth of the product obtained by multiplying $0.20 by the aggregate number of rentable square feet of space in the Property. Lender will transfer such amounts into a Subaccount (the "CAPITAL RESERVE SUBACCOUNT"). Provided that no Event of Default has occurred and is continuing, Lender shall disburse funds held in the Capital Reserve Subaccount to Borrower, within 15 days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000 provided that (1) such disbursement is for an Approved Capital
Capital Expense Reserves. Borrower shall pay to Lender on each Payment Date an amount sufficient to pay anticipated Approved Capital Expenses. Lender will transfer such amounts into a Subaccount (the “Capital Reserve Subaccount”). Additionally, upon thirty (30) days’ prior notice to Borrower, Lender may reassess the amount of the monthly payment required under this Section 3.4 from time to time in its reasonable discretion (based upon its then current underwriting standards). Provided that no Default or Event of Default has occurred and is continuing, Lender shall disburse funds held in the Capital Reserve Subaccount to Borrower, within fifteen (15) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in increments of at least $5,000 provided that (i) such disbursement is for an Approved Capital Expense; (ii) Lender shall have (if it desires) verified (by an inspection conducted at Borrower’s expense) performance of the work associated with such Approved Capital Expense; and (iii) the request for disbursement is accompanied by (A) an Officer’s Certificate certifying (1) that such
Capital Expense Reserves. 30 3.6 Rollover/Leasing Reserves ................................................................................... 31 3.7
Capital Expense Reserves. (a) Borrower shall pay to Lender $732.00 on each Payment Date for payments to or reimbursement of Borrower for Approved Capital Expenses in accordance with this Section 3.5, and Lender will transfer such amounts into a Subaccount (the “Cap/Ex Reserve Subaccount”). Additionally, upon thirty (30) days’ prior notice to Borrower, Lender may reassess the amount of the monthly payment required under this Section 3.5 from time to time in its reasonable discretion (based upon its then current underwriting standards). (b) Provided that no Default or Event of Default is continuing, Lender shall disburse funds held in the Cap/Ex Reserve Subaccount to Borrower, within fifteen (15) days 30 71215191
Capital Expense Reserves
