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...
View SourceView Similar (23)
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.
View Source
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
View Source
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.
View Source
Rollover Reserve. 7.4.1 Intentionally omitted prior to execution. 7.4.2 Intentionally omitted prior to execution.
View Source
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”).
View Source
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.
View Source
Rollover Reserve. Special Rollover Reserve 3.7 Intentionally Omitted
View Source
Rollover Reserve 
View SourceView Similar (73)

Related to Rollover Reserve

  • 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). (b) Lender shall, upon written request from Borrower and satisfaction of the requirements set forth in this Section 7.3.2, disburse to Borrower amounts from the Replacement Reserve Account necessary to pay for the actual approved costs of Replacements or to reimburse Borrower therefor, upon completion of such Replacements (or, upon partial completion in the case of Replacements made pursuant to Section 7.3.2(f)) as determined by Lender. In no event shall Lender be obligated to disburse funds from the Replacement Reserve Account if a Default or an Event of Default exists. (c) Each request for disbursement from the Replacement Reserve Account shall be in a form specified or approved by Lender and shall specify (i) the specific Replacements for which the disbursement is requested, (ii) the quantity and price of each item purchased, if the Replacement includes the purchase or replacement of specific items, (iii) the price of all materials (grouped by type or category) used in any Replacement other than the purchase or replacement of specific items, and (iv) the cost of all contracted labor or other services applicable to each Replacement for which such request for disbursement is made. With each request Borrower shall certify that all Replacements have been made in accordance with all applicable Legal Requirements of any Governmental Authority having jurisdiction over the Property to which the Replacements are being provided and, unless Lender has agreed to issue joint checks as described below, each request shall include evidence of payment of all such amounts. Each request for disbursement shall include copies of invoices for all items or materials purchased and all contracted labor or services provided. Except as provided in Section 7.3.2(e), each request for disbursement from the Replacement Reserve Account shall be made only after completion of the Replacement for which disbursement is requested. Borrower shall provide Lender evidence of completion satisfactory to Lender in its reasonable judgment. (d) Borrower shall pay all invoices in connection with the Replacements with respect to which a disbursement is requested prior to submitting such request for disbursement from the Replacement Reserve Account or, at the request of Borrower, Lender will issue joint checks, payable to Borrower and the contractor, supplier, materialman, mechanic, subcontractor or other party to whom payment is due in connection with a Replacement. In the case of payments made by joint check, Lender may require a waiver of lien from each Person receiving payment prior to Lender's disbursement from the Replacement Reserve Account. In addition, as a condition to any disbursement, Lender may require Borrower to obtain lien waivers from each contractor, supplier, materialman, mechanic or subcontractor who receives payment in an amount equal to or greater than $100,000 for completion of its work or delivery of its materials. Any lien waiver delivered hereunder shall conform to the requirements of applicable law and shall cover all work performed and materials supplied (including equipment and fixtures) for the Property by that contractor, supplier, subcontractor, mechanic or materialman through the date covered by the current reimbursement request (or, in the event that payment to such contractor, supplier, subcontractor, mechanic or materialmen is to be made by a joint check, the release of lien shall be effective through the date covered by the previous release of funds request). (e) If (i) the cost of a Replacement exceeds $100,000, (ii) the contractor performing such Replacement requires periodic payments pursuant to terms of a written contract, and (iii) Lender has approved in writing in advance such periodic payments, a request for reimbursement from the Replacement Reserve Account may be made after completion of a portion of the work under such contract, provided (A) such contract requires payment upon completion of such portion of the work, (B) the materials for which the request is made are on site at the Property and are properly secured or have been installed in the Property, (C) all other conditions in this Agreement for disbursement have been satisfied, (D) funds remaining in the Replacement Reserve Account are, in Lender's judgment, sufficient to complete such Replacement and other Replacements when required, and (E) if required by Lender, each contractor or subcontractor receiving payments under such contract shall provide a waiver of lien with respect to amounts which have been paid to that contractor or subcontractor. (f) Borrower shall not make a request for disbursement from the Replacement Reserve Account more frequently than once in any calendar month and (except in connection with the final disbursement) the total cost of all Replacements in any request shall not be less than $5,000.00.