Free Rent. (a) Borrower shall establish on the date hereof an Eligible Account with Lender or Lender’s agent to fund the free rent of ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ into which Borrower shall deposit on the date hereof $388,872.97 (the “Free Rent Account”). (b) Provided no default exists under the Orrick Lease and no Event of Default exists under the Loan, Lender shall disburse into the Cash Management Account from funds on deposit in the Free Rent Account the amount of $97,218.24 on each Scheduled Payment Date beginning on the Scheduled Payment Date occurring in March 2007 through and including the Scheduled Payment Date occurring in June 2007.
Appears in 2 contracts
Sources: Loan Agreement (MPG Office Trust, Inc.), Loan Agreement (Maguire Properties Inc)