Rollover Reserve Sample Clauses
A Rollover Reserve clause establishes a dedicated fund or account where certain amounts are set aside to cover future obligations or potential liabilities that may arise during the rollover or renewal of a financial arrangement, such as a loan or lease. Typically, this reserve is funded by periodic payments or deductions from the borrower's account, ensuring that sufficient resources are available when the agreement is extended or renewed. The core practical function of this clause is to mitigate risk for the lender or lessor by ensuring that funds are available to address anticipated costs or shortfalls, thereby promoting financial stability and predictability in ongoing contractual relationships.
Rollover Reserve. 3.5.1 For so long as an Event of Default is continuing, on the first Payment after the occurrence of such Event of Default, and on each Payment Date during the continuation of an Event of Default, Borrower shall pay to Lender for transfer into a Subaccount (the “Rollover Reserve Subaccount”) the sum of $16,800, subject to Section 3.12 below. All such funds may be used to pay Approved Leasing Expenses as set forth below. Lender shall refund to Borrower all amounts remaining on deposit in the Rollover Reserve Subaccount when such Event of Default has been cured and no other Event of Default has occurred and is continuing.
3.5.2 At any time that funds are on deposit in the Rollover Reserve Subaccount, Lender may, at Lender’s sole option, disburse funds held in the Rollover 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 (i) such disbursement is for an Approved Leasing Expense; (ii) Lender shall have (if it desires) verified (by an inspection conducted at Borrower’s expense) performance of any construction work associated with such Approved Leasing Expense; and (iii) the request for disbursement is accompanied by (A) an Officer’s Certificate certifying (1) that such funds will be used only to pay (or reimburse Borrower for) Approved Leasing Expenses and a description thereof, (2) that all outstanding trade payables that are due and payable for the applicable Approved Leasing Expense (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 only to pay (or reimburse Borrower for) the previously identified Approved Leasing Expenses, and (B) reasonably detailed supporting documentation as to the amount, necessity and purpose therefor.
3.5.3 Borrower shall also pay to Lender for transfer into the Rollover Reserve Subaccount all Lease Termination Payments received by Borrower. Provided no Default or Event of Default is continuing, upon Lender’s receipt of satisfactory evidence that all Approved Leasing Expenses incurred in connection with re-tenanting the space that was the subject of the termination (and any other expenses in connection with the re-tenanting of the applicable space) have been paid in full (which ev...
Rollover Reserve. (a) Borrower shall cause Mortgage Borrower to comply with all of the terms and conditions set forth in Section 7.4 of the Mortgage Loan Agreement.
(b) In the event (i) Mortgage Lender waives the requirements of Mortgage Borrower to maintain the Rollover Reserve Fund pursuant to the terms of Section 7.4 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 Rollover Reserve Fund in Section 7.4 of the Mortgage Loan Agreement.
Rollover Reserve. 3.5.1 On each Payment Date occurring during the continuance of a Lease Sweep Period, at Lender’s option, all Available Cash shall be paid to Lender for transfer into a Subaccount to be used for the purposes described below (the “Rollover Reserve Subaccount”). Borrower shall also pay to Lender for transfer into the Rollover Reserve Subaccount any Lease Termination Payments received at any time from any Major Tenant. Notwithstanding the foregoing, at any time that the Lease Sweep Period is in effect or is required to be in effect, Borrower may elect (which election shall be made in writing to Lender) to terminate the Lease Sweep Period and, in lieu of depositing Available Cash into the Rollover Reserve Subaccount as required above, Borrower shall deposit from a source or sources other than the Property funds equivalent to the amount that would have been required to be deposited into the Rollover Reserve Subaccount from Available Cash.
3.5.2 If any Major Tenant vacates its leased premises or announces publicly or to Borrower or Manager its intention to vacate its leased premises, commencing on the next occurring Payment Date and on each Payment Date thereafter for so long as a Lease Sweep Event shall not have occurred and a Cash Management Period does not exist, Borrower shall pay to Lender for deposit into the Rollover Reserve Account all monthly Net Operating Income of
Rollover Reserve. Pursuant to the terms of the Cash Management Agreement, Borrower shall establish a reserve account (the “Rollover Reserve”) for the purpose of Approved Leasing Expenses (as defined in the Cash Management Agreement) or a guaranty thereof as provided in the Cash Management Agreement. The terms and conditions for requests for disbursements from the Rollover Reserve are set forth in the Cash Management Agreement.
Rollover Reserve. 7.4.1 Intentionally omitted prior to execution.
7.4.2 Intentionally omitted prior to execution.
Rollover Reserve. (a) On the date hereof, Borrower shall deposit with Lender $14,238,933.81. Such amounts will be transferred by Lender to a Subaccount (the “Rollover Reserve Subaccount”).
Rollover Reserve. (a) Borrower shall deliver or cause to be delivered to Lender, as and when paid by any tenant, any payment or other cash consideration payable by such tenant in connection with the termination or surrender of such tenant’s Lease, which payment or other cash consideration is either (i) in excess of $50,000 or (ii) payable in connection with any Lease demising more than 2,500 rentable square feet of space at any Property (such amounts so delivered shall hereinafter be called the “Rollover Reserve Funds”), provided, however, in the event that the tenant fails to pay such termination payment as and when required by the terms of the applicable Lease, Borrower shall use commercially reasonable efforts to collect such payment from the applicable tenant. The account in which the Rollover Reserve Funds are held shall hereinafter be referred to as the “Rollover Reserve Account.” The Rollover Reserve Funds shall be disbursed from the Rollover Reserve Account in connection with the payment of (A) tenant improvements and leasing commissions incurred by Borrower from time to time in connection with the leasing or re-leasing of the Properties and/or (B) Capital Expenditures or as otherwise agreed by Borrower and Lender. Any Rollover Reserve Funds remaining in the Rollover Reserve Account after the Debt has been paid in full shall be returned to Borrower. The Branch Agreement Reserve Funds shall not be held in the Rollover Reserve Account, but rather shall be held in the Branch Agreement Reserve Account pursuant to Section 7.7 hereof, and the Branch Agreement Reserve Funds shall not be subject to this Section 7.5, but rather shall be subject to Section 7.7 hereof.
Rollover Reserve. Special Rollover Reserve 3.7 Intentionally Omitted
Rollover Reserve