Recurring Replacement Reserve Monthly Installment means the amount per month set forth on Exhibit B attached hereto and made a part hereof (the “Initial Recurring Installments”) until the end of the first (1st) Loan Year and an amount per month in each subsequent Loan Year or portion thereof occurring prior to the Maturity Date equal to four percent (4%) of the total revenues of the Property during the prior Loan Year (or portion thereof) divided by twelve (12).
Recurring Replacement Reserve Monthly Installment means the amount per month set forth on Exhibit B attached hereto and made a part hereof (the “Initial Recurring Installments”) until the end of 2007 and an amount per month in each subsequent year or portion thereof occurring prior to the Maturity Date equal to four percent (4%) (or such lesser amount as is required to be reserved for replacements pursuant to the Management Agreement (but in no event less than three (3%) percent of the total revenues of the Property) of the total revenues of the Property for the prior calendar year divided by twelve (12). Notwithstanding the foregoing, if Borrower has delivered evidence reasonably satisfactory to Lender on or before the Payment Date occurring in March of each year that Borrower has deposited with Manager on account of the prior year pursuant to the Management Agreement a sum equal to the Recurring Replacement Reserve Monthly Installment described in the first sentence of this definition multiplied by twelve (12) (the “Minimum Replacement Expenditure”) to be used for Recurring Replacement Expenditures or that Borrower and/or Manager on behalf of Borrower has incurred and paid a sum which when added to the amounts on deposit with Manager are equal to or greater than the Minimum Replacement Expenditure during the prior calendar year, the Recurring Replacement Reserve Monthly Installment shall be zero and, if the sum of the amounts on deposit with manager to be used for Recurring Replacement Expenditures pursuant to the Management Agreement together with the sums that Borrower and/or Manager on behalf of Borrower has incurred and paid for Recurring Replacement Expenditures are less than the Minimum Replacement Expenditure, the Recurring Replacement Reserve Monthly Installment shall be the lesser of the amount described in the first sentence of this definition and the amount by which the amount described in the first sentence of this definition exceeds one-twelfth of the difference between the Minimum Replacement Expenditure and the sum of the amounts actually on deposit with manager to be used for Recurring Replacement Expenditures pursuant to the Management Agreement together with the sums that Borrower and/or Manager on behalf of Borrower has incurred and paid for Recurring Replacement Expenditures but in no event more than the sums on deposit in the Central Account on such Payment Date less sums allocated pursuant to clause (i) — (iv) of Section 5.05(a) hereof (the “Required RRE Shortfall”).
Examples of Recurring Replacement Reserve Monthly Installment in a sentence
Signature /s/ Xxxxxx Xxxxxxx (seal) EXHIBIT A Legal Description of Premises EXHIBIT B SUMMARY OF RESERVES Monthly Installment Reserve Items Initial Deposit Amount Amount Basic Carrying Costs • Taxes $0 $48,500 • Insurance Premiums $0 $TBD • Ground Rents $0 $TBD Initial Engineering Deposits Not Applicable • Immediate Repairs $0 • Environmental Remediation $0 Recurring Replacement Reserve Monthly Installment Not Applicable $70,983.36 EXHIBIT C EXHIBIT D Required Engineering Work None.
More Definitions of Recurring Replacement Reserve Monthly Installment
Recurring Replacement Reserve Monthly Installment means the amount per month set forth on EXHIBIT B attached hereto and made a part hereof. Notwithstanding the foregoing, provided that no Trigger Event has occurred and is continuing and that a sum equal to not less than the Initial Recurring Replacement Reserve Deposit is on deposit in the Recurring Replacement Reserve Sub-Account, the Recurring Replacement Reserve Monthly Installment shall be $0.
Recurring Replacement Reserve Monthly Installment means an amount equal to the product of 1/12 of the gross leasable area of the Premises multiplied by the RR Multiplier set forth on Exhibit B attached hereto and made a part hereof (the "Initial Recurring Installments") until the end of the first (1st) Loan Year and an amount per month in each subsequent Loan Year or portion thereof occurring prior to the Maturity Date equal to 1/12 of the product of (a) the gross leasable area of the Premises as of December 1 of each year and (b) the RR Multiplier and (c) a fraction, the numerator of which is the CPI for the month of December of the calendar year immediately preceding the year with respect to which the determination is being made and the denominator of which is the CPI for the month of December, 1996, but in no event shall the Recurring Replacement Reserve Monthly Installment as calculated above be decreased in any year.
Recurring Replacement Reserve Monthly Installment means an amount equal to the product of 1/12 of the gross leasable area of the Premises multiplied by the RR Multiplier set forth on Exhibit B attached hereto and made a part hereof (the "Initial Recurring Installments") until the end of the first (1st) Loan Year and an amount per month in each subsequent Loan Year or portion thereof occurring prior to the Maturity Date equal to 1/12
Recurring Replacement Reserve Monthly Installment means an amount per month equal to (a) such amount as is required to be deposited into a replacement reserve or FF&E reserve or similar reserve pursuant to the Management Agreement which existed as of the Closing Date or any Approved Replacement Management Agreement but, following the commencement of the third (3rd) Loan Year, in no event less than three percent (3%) of the total revenues of the Property for the month commencing on the Payment Date in the month which is two (2) months prior to the Payment Date upon which the Recurring Replacement Reserve Monthly Installment is being calculated (e.g., the Recurring Replacement Reserve Monthly Installment for the month of April, shall be calculated based on the total revenues of the Property for February); provided, however, if Lender has not received financial statements for the month upon which the calculation is to be based, the Recurring Replacement Reserve Monthly Installment shall be based upon the most recent month for which such financial statement was received as adjusted by Lender in its reasonable discretion. Notwithstanding the foregoing, if Borrower is depositing a sum with Manager on a monthly basis pursuant to the Management Agreement to be used for the payment of the Recurring Replacement Expenditures, Lender has a perfected first priority security interest in the account in which such sums are deposited and Borrower delivers to Lender proof the Recurring Replacement Expenditures are paid not less than ten (10) Business Days prior to the date upon which they are due and payable, the Recurring Replacement Reserve Monthly Installment shall be $0.
Recurring Replacement Reserve Monthly Installment means the lesser of (i) the amount per month set forth on Exhibit B attached hereto and made a part hereof and (ii) the amount which would make the funds on deposit in the Recurring Replacement Reserve Sub-Account equal to $2,000,000.00.
Recurring Replacement Reserve Monthly Installment means at any time during which an Event of Default exists, the amount per month set forth on Exhibit B attached hereto and made a part hereof. FOR AVOIDANCE OF DOUBT, IF NO EVENT OF DEFAULT EXISTS, THE RECURRING REPLACEMENT RESERVE MONTHLY INSTALLMENT SHALL BE $0.
Recurring Replacement Reserve Monthly Installment means the amount per month set forth on Exhibit B attached hereto and made a part hereof (the “Initial Recurring Installments”) until the end of the first (1st) Loan Year and an amount per month in each subsequent Loan Year or portion thereof occurring prior to the Maturity Date equal to the Replacement Reserve Percentage multiplied by the total revenues of the Property for the prior Loan Year divided by twelve (12). Notwithstanding the foregoing, if Grantor is depositing a sum with Manager on a monthly basis pursuant to the Management Agreement to be used for the payment of the Recurring Replacement Expenditures, Lender has a perfected first priority security interest in the account in which such sums are deposited and Grantor delivers to Lender proof the Recurring Replacement Expenditures are paid not less than ten (10) Business Days prior to the date upon which they are due and payable, the Recurring Replacement Reserve Monthly Installment shall be $0.