Prepaid Rent Reserve Sample Clauses

Prepaid Rent Reserve. (a) Prior to the execution of this Agreement, Borrower has established with Existing Lender a reserve in the amount of $187,306 (the “Prepaid Rent Reserve”) by depositing with Existing Lender an amount equal to two-thirds (2/3rds) of the amount of rent paid quarterly in advance (i.e., paid prior to the period to which such rent applies) for the Ground Leases listed on Schedule 5.1(ee)(iii) (the “Quarterly Ground Leases”). Existing Lender shall hold the Prepaid Rent Reserve throughout the term of the Loan, as Lender for the benefit of the holder of the A Note and holder of the B Note. Borrower shall provide to Existing Lender a quarterly certificate as to the amount of the rent paid under the Quarterly Ground Leases more than thirty (30) days in advance, together with any other rents similarly paid (i.e., paid prior to the period to which such rent applies) more than thirty (30) days in advance under any other Leases (collectively, the “Prepaid Rents”). The amount of the Prepaid Rent Reserve shall be adjusted quarterly by Lender to reflect any increase or decrease in the amount of Prepaid Rents collected by Borrower such that the amount of the Prepaid Rent Reserve shall always equal the amount of Prepaid Rents. Borrower agrees that if at any time the Prepaid Rent Reserve is less than the Prepaid Rents, Borrower shall deposit with Existing Lender for the benefit of the holder of the A Note and the holder of the B Note such additional funds necessary to properly fund the Prepaid Rent Reserve. So long as no Default or Event of Default has occurred and is continuing, Existing Lender shall disburse to Borrower any excess funds above and beyond the amount required to be in the Prepaid Rent Reserve from time to time. Existing Lender shall not be required to make more than one (1) payment per ninety (90) day period.
Sample 1
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Prepaid Rent Reserve. Borrower shall establish on the date hereof an Eligible Account with Lender or Lender’s agent to be held as additional collateral for the Loan (the “Prepaid Rent Reserve Account”) into which Borrower shall deposit on the date hereof the amount of $41,853.25 which amount equals the amount of rent that has been prepaid in excess of the Prepaid Rent Collection Threshold. Amounts so deposited shall hereinafter be referred to as the “Prepaid Rent Reserve Funds.” Provided no Event of Default has occurred and is continuing, commencing on the date that is six (6) months from the date hereof, upon written request from Borrower, Lender shall release to Borrower from the Prepaid Rent Reserve Funds, an amount equal to $1,785.33 per written request; provided that, in connection with each such request for release, Borrower shall have delivered to Lender a then-current estoppel certificate executed by Borrower, attesting to the following regarding the lease with that certain Tenant known as Dynamic Systems: (i) that the Dynamic Systems lease is in full force and effect with no defaults thereunder on the part of any party, (ii) that none of the Rents have been paid more than one month in advance, except as security or except as otherwise specified therein, and (iii) that Dynamic Systems has claimed no defense or offset against the full and timely performance of its obligations under its lease with Borrower. Notwithstanding the foregoing, Lender shall not be required to release any portion of the Prepaid Rent Reserve Funds (i) more frequently than once in any six (6) month period, and (ii) on any date after the date that is five (5) years from the date hereof.
Sample 1
Prepaid Rent Reserve. Contemporaneously with the execution hereof, Xxxxxxxxx has established with Mortgagee a reserve in the amount of $59,153.15 (the “Prepaid Rent Reserve”), by depositing such amount with Mortgagee and with respect thereto, hereby grants Mortgagee a security interest therein. The Prepaid Rent Reserve relates to rent prepaid by Midwest Office Interiors, Inc. through November 30, 2007. So long as no default hereunder or under the other Loan Documents has occurred and is continuing, Mortgagee shall, to the extent funds are available for such purpose in the Prepaid Reserve, credit on behalf of Mortgagor the sum of $11,830.63 to be applied to the Monthly Payment Amount (as defined on the Note) commencing on July 5, 2007 and continuing on the 5th day of each month thereafter until the funds in the Prepaid Rent Reserve have been fully disbursed.
Sample 1
Prepaid Rent Reserve. Upon the commencement of the first Trigger Period (if any) hereunder, Borrower shall deposit with Lender all Rents that have been paid more than one (1) month in advance (“Prepaid Rent”). Thereafter, within three (3) business days of receipt of any additional Prepaid Rent, Borrower shall deposit such additional Prepaid Rent with Lender. All amounts deposited with Lender pursuant to this Section 7.5, collectively are referred to herein as the “Prepaid Rent Funds” and the account in which such funds are held is referred to as the “Prepaid Rent Reserve Account”. The initial deposit and each future deposit of Prepaid Rent Funds shall be accompanied by (i) a current copy of the Prepaid Rent Schedule that lists the Tenant(s) and calendar month(s) to which such deposit applies and (ii) an Officer’s Certificate stating that such Prepaid Rent Schedule is true, correct, accurate and complete in all respects. Provided no Event of Default exists, Prepaid Rent Funds shall be deposited by Lender into the Cash Management Account in accordance with the Prepaid Rent Schedule.
Sample 1
Prepaid Rent Reserve. On the Closing Date, Borrowers shall deposit with Lender (or such agent of Lender as Lender may designate in writing to Borrowers from time to time) an amount equal to $450,000.00 for deposit into the Prepaid Rent Reserve Sub-Account ("Initial Prepaid Rent Reserve Deposit"). In the event Lender determines that the maximum amount of Prepaid Rents at any time in the preceding twelve month period exceeds an amount equal to two (2) times the Initial Prepaid Rent Reserve Deposit (subject to adjustment as provided below, the "Prepaid Rent Threshold"), by an amount equal to or greater than 20% of the Prepaid Rent Threshold, then a "Prepaid Rent Condition" shall exist. Upon the occurrence of a Prepaid Rent Condition, Lender shall provide a written notice of such occurrence to Borrower, in which event on each Payment Date after such occurrence, so long as no Cash Trap Condition exists, Net Available Cash (as defined below) shall be applied to additionally fund the Prepaid
Sample 1

Related to Prepaid Rent Reserve

  • Initial Reserve Account Deposit On the Closing Date, the Depositor will deposit or cause to be deposited the Specified Reserve Balance into the Reserve Account from the net proceeds of the sale of the Notes.

  • Replacement Reserve (a) As additional security for the Debt, Mortgagor shall establish and maintain at all times while this Mortgage continues in effect a capital improvement reserve (the “Replacement Reserve”) with Mortgagee for payment of costs and expenses incurred by Mortgagor in connection with the performance of work which would normally be treated as a capital improvement under generally accepted accounting principles (collectively, the “Replacements”). Commencing on the first Payment Date under the Note and continuing on each Payment Date thereafter, Mortgagor shall pay to Mortgagee, in addition to the monthly payment due under the Note and until the Debt is fully paid and performed, a deposit to the Replacement Reserve in an amount equal to $1,163 per month. So long as no Default or Event of Default has occurred and is continuing, Mortgagee shall, to the extent funds are available for such purpose in the Replacement Reserve, disburse to Mortgagor the amount paid or incurred by Mortgagor in performing Replacements within ten (10) days following: (a) the receipt by Mortgagee of a written request from Mortgagor for disbursement from the Replacement Reserve and a certification by Mortgagor in a form approved in writing by Mortgagee that the applicable item of Replacement has been completed; (b) the delivery to Mortgagee of invoices, receipts or other evidence satisfactory to Mortgagee, verifying the cost of performing the Replacements; (c) for disbursement requests in excess of $25,000, the delivery to Mortgagee of affidavits, lien waivers or other evidence reasonably satisfactory to Mortgagee showing that all parties who might or could claim statutory or common law liens and are furnishing or have furnished material or labor to the Mortgaged Property have been paid all amounts due for labor and materials furnished to the Mortgaged Property; (d) for disbursement requests in excess of $25,000, delivery to Mortgagee of a certification from an inspecting architect or other third party acceptable to Mortgagee describing the completed Replacements and verifying the completion of the Replacements and the value of the completed Replacements; and (e) for disbursement requests in excess of $50,000, delivery to Mortgagee of a new certificate of occupancy for the portion of the Improvements covered by such Replacements, if said new certificate of occupancy is required by law, or a certification by Mortgagor that no new certificate of occupancy is required. Mortgagee shall not be required to make advances from the Replacement Reserve more frequently than once in any sixty (60) day period. In making any payment from the Replacement Reserve, Mortgagee shall be entitled to rely on such request from Mortgagor without any inquiry into the accuracy, validity or contestability of any such amount. Mortgagee may, at Mortgagor’s expense, make or cause to be made during the term of this Mortgage an annual inspection of the Mortgaged Property to determine the need, as determined by Mortgagee in its reasonable judgment, for further Replacements of the Mortgaged Property; such inspection to be no more frequent than once in any calendar year unless a Default or an Event of Default shall have occurred and is continuing. In the event that such inspection reveals that further Replacements of the Mortgaged Property are required, Mortgagee shall provide Mortgagor with a written description of the required Replacements and Mortgagor shall complete such Replacements to the reasonable satisfaction of Mortgagee within one hundred twenty (120) days after the receipt of such description from Mortgagee, or such later date as may be approved by Mortgagee in its sole discretion.

  • 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).

  • 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.

  • Interest Reserve No later than thirty (30) days after Closing, Borrower shall deposit the amount of $500,000.00 (the “Interest Reserve”) into an account established by Administrative Agent in Borrower’s name but exclusively controlled by Administrative Agent. Provided that no Event of Default shall have occurred and be continuing and the Property is not generating positive NOI, Administrative Agent shall make disbursements from the Interest Reserve for payment when due of any accrued and unpaid interest on the Loan that cannot be paid with NOI. Borrower acknowledges and agrees that the payment of such accrued and unpaid interest by the method described herein is for its convenience and benefit. In the event that the Interest Reserve will be exhausted prior to the Property achieving a Debt Service Coverage Ratio of 1.20 to 1.00, within ten (10) days of Administrative Agent’s request Borrower shall deposit into the Interest Reserve an amount sufficient to bring the balance of the Interest Reserve to $500,000.00. If at any time there are no funds remaining in the Interest Reserve, Administrative Agent shall have no obligation for funding of accrued and unpaid interest, whereupon Borrower shall be and remain responsible for the continuation of all such payments from its own funds. Once the Property achieves a Debt Service Coverage Ratio of 1.20 to 1.00 for at least ninety (90) consecutive days as determined by Administrative Agent, all payments of interest on the Loan shall be paid from NOI and any funds remaining in the Interest Reserve shall be disbursed to Borrower; provided, however, that in the event the Debt Service Coverage Ratio ever falls below 1.20 to 1.00 as determined by Administrate Agent, then Administrative Agent shall reinstate the usage of the Interest Reserve and Borrower’s obligation to fund and replenish the Interest Reserve as provided in this Section 2.15.

  • 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.

  • Balance in the Replacement Reserve Account The insufficiency of any balance in the Replacement Reserve Account shall not relieve Borrower from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents.

  • Advance Rent The first full month’s rent shall be paid by Tenant to Landlord upon the execution of this Lease as advance rent, provided, however, that such amount shall be held by Landlord as an additional “Security Deposit” pursuant to this Lease until it is applied by Landlord to the first Minimum Monthly Rent due hereunder.

  • 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.

  • Initial Deposit On the Closing Date, the Depositor will deposit, or cause to be deposited, the Required Reserve Amount in the Reserve Account according to Section 4.1 of the Exchange Note Sale Agreement.

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