Repositioning Costs definition
Examples of Repositioning Costs in a sentence
The Repositioning Costs Reserve Account shall be an Eligible Account, shall have a separate and unique identification number and shall have the same title as the Mezzanine Loan Account.
All interest paid or other earnings on the Permitted Investments of funds deposited into the Mezzanine Loan Account and the Repositioning Costs Reserve Account made hereunder shall be deposited into the Mezzanine Loan Account and the Repositioning Costs Reserve Account, as applicable.
Borrower shall include all earnings on the Mezzanine Loan Account and the Repositioning Costs Reserve Account as income of Borrower for federal and applicable state tax purposes.
With respect to funds to be withdrawn from the Repositioning Costs Reserve Account by Borrower within five (5) Business Days after the date that an Advance is deposited into the Repositioning Costs Reserve Account, the requirements of clauses (A) through (C) may be set forth in the request for Advance itself.
Lender shall have no liability for any loss in investments of funds in the Mezzanine Loan Account or the Repositioning Costs Reserve Account that are invested in Permitted Investments.
On each Advance Date, upon the satisfaction of the applicable conditions set forth in Article III, the Lender shall wire transfer in immediately available funds to the Repositioning Costs Reserve Account the portion of such Advance which is to be applied to pay Capital Improvement Costs, Leasing Commissions and TI Costs, less the related Origination Fee.
Upon Borrower’s withdrawal of any funds from the Repositioning Costs Reserve Account, Borrower shall contribute the same to Senior Mezzanine Borrower, shall cause Senior Mezzanine Borrower to contribute such funds to First Mortgage Borrower and shall cause First Mortgage Borrower to use such funds in accordance with the Loan Documents, the Senior Mezzanine Loan Documents and the First Mortgage Loan Documents.
Upon Borrower’s withdrawal of any funds from the Repositioning Costs Reserve Account, Borrower shall contribute the same to First Mortgage Borrower and shall cause First Mortgage Borrower to use such funds in accordance with the Loan Documents and the First Mortgage Loan Documents.
If at any time during the initial ten (10) year Term the Parking Facility is sold by the Licensor the Licensor will hold the Licensee harmless and will pay the Licensee an amount sufficient to reposition the structures and machinery installed on the licensed space ("the Repositioning Costs") plus an amount sufficient to cover lost profits during the period required to reposition the installation (the "Business Interruption Amount").