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200507874 area, including, without limitation, certain properties which contain more than 100,000 square feet of gross leasable area. "Architect" shall have the meaning set forth in Section 3.04(b)(i) hereof. "Assignment" shall mean the Assignment of Leases and Rents and Security Deposits of even date herewith relating to the Property given by Borrower to Lender, as the same may be modified, amended or supplemented from time to time. "Bank" shall mean the bank, trust company, savings and loan association or savings bank designated by Lender, in its sole and absolute discretion, in which the Central Account shall be located. "Bankruptcy Code" shall mean I 1 U.S.C. § 101 et seq., as amended from time to time. "Basic Carrying Costs" shall mean the sum of the following costs associated with the Property: (a) Impositions and (b) insurance premiums. "Basic Carrying Costs Monthly Installment" shall mean Lender's estimate of one - twelfth (1 /12th) of the annual amount for Basic Carrying Costs. "Basic Carrying Costs Monthly Installment" shall also include, if required by Lender, a sum of money which, together with such monthly installments, will be sufficient to make the payment of each such Basic Carrying Cost at least thirty (30) days prior to the date initially due. Should such Basic Carrying Costs not be ascertainable at the time any monthly deposit is required to be made, the Basic Carrying Costs Monthly Installment shall be determined by Lender in its reasonable discretion on the basis of the aggregate Basic Carrying Costs for the prior Fiscal Year or month or the prior payment period for such cost. As soon as the Basic Carrying Costs are fixed for the then current Fiscal Year, month or period, the next ensuing Basic Carrying Costs Monthly Installment shall be adjusted to reflect any deficiency or surplus in prior monthly payments. If at any time during the term of the Loan Lender determines that there will be insufficient funds in the Basic Carrying Costs Sub - Account to make payments when they become due and payable, Lender shall have the right to adjust the Basic Carrying Costs Monthly Installment such that there will be sufficient funds to make such payments. Notwithstanding the foregoing, provided that no Trigger Event has occurred and is continuing, that a sum equal to not less than the Initial Basic Carrying Costs Deposit is on deposit in the Basic Carrying Costs Sub- Account and Borrower has delivered to Lender evidence of payment of all Basic Carrying Costs within fifteen (15) days of the date such sums were due and payable, the Basic Carrying Costs Monthly Installment shall be $0. "Basic Carrying Costs Sub - Account" shall mean the Sub - Account of the Central Account established pursuant to Section 5.02 hereof and maintained pursuant to Section 5.06 hereof. "Borrower" shall mean Borrower named herein and any successor to the obligations of Borrower. "Borrower Account" shall mean an Eligible Account maintained in the name of Borrower. "Business Day" shall mean any day other than (a) a Saturday or Sunday, or (b) a day on which banking and savings and loan institutions in the State of New York are authorized or obligated by law or executive order to be closed, or at any time during which the Loan is an asset of a Securitization, the cities, states and/or commonwealths used in the comparable definition of "Business Day" in the Securitization documents. "Capital Expenditures" shall mean for any period, the amount expended for items capitalized under GAAP including expenditures for building improvements or major repairs, leasing commissions and tenant improvements. "Cash Expenses" shall mean for any period, the operating expenses for the Property as set forth in an Approved Annual Budget to the extent that such expenses are actually incurred by Borrower minus payments into the Basic Carrying Costs Sub - Account, the Debt Service Payment Sub - Account and the Recurring Replacement Reserve Sub - Account. 2