Tenant Contributions means any amount paid or payable to the Company by any tenant under a Lease Document or any other occupier of a Property, by way of:(a)contribution to:(i)insurance premia;(ii)the cost of an insurance valuation;(iii)a service charge in respect of the Company's costs under any repairing or similar obligation or in providing services to a tenant of, or with respect to, a Property;(iv)a sinking fund; or(v)rent or other sums payable under any Headlease; or(b)value added tax or similar taxes.
Borrower must ensure that all Tenant Contributions, unless held in a trust account in the name of the Managing Agent, are paid into the General Account.
At its request, Seller shall have the right to collect such Tenant Contributions and Taxes, as the case may be, in the event that payment is not remitted by Buyer as hereinabove provided within thirty (30) days after submission to such tenant of its billing.
At the time of the final calculation and collection from Tenants of any other payments due from such Tenants under the terms of their respective Leases (collectively, "Tenant Contributions"), whether in the nature of a reconciliation payment or full payment, in arrears, there shall be a re-proration between Purchaser and Seller as to the Tenant Contributions not later than ninety (90) days after the Closing Date (the "Outside Re-proration Date").
As and when the tenants remit payment of their respective obligations for Tenant Contributions and Taxes pursuant to the billings so forwarded by Buyer, Buyer shall promptly remit to Seller its share (for the portion thereof attributable to the period prior to Closing and not previously collected by Seller), if any, of said payments.
Neither Buyer nor Seller will receive credit at Closing for any payments of rental obligations or Tenant Contributions due but not paid as of the Proration Date.