Capex Reserve Account Sample Clauses

Capex Reserve Account. Each Obligor shall ensure that:
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Capex Reserve Account. (a) On or before the Delivery Date, the Lessee shall pay into the Capex Reserve Account an amount of not less than $1,500,000 (the "Capex Reserve Amount").
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Capex Reserve Account. On and after the Economic Completion Date, the Borrower will accumulate a capex reserve in the Capex Reserve Account in accordance with the Cash Flow Waterfall, which capex reserve shall not exceed the Capex Reserve Amount. The Borrower shall direct the transfer of funds deposited in or credited to the Capex Reserve Account by delivering a Transfer Certificate to the Administrative Agent in accordance with Section 14.12, together with evidence showing that such funds to be transferred and remaining in the Capex Reserve Account are sufficient in aggregate, on a cost to complete basis, to meet the First Xxxxx Pad Expansion Costs.
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Capex Reserve Account. The Borrower shall create and maintain with the Administrative Agent a capital expenditure reserve up to Fifty Million Dollars ($50,000,000) in the CAPEX Reserve Account, pledged to the Administrative Agent as additional collateral under the Capex Reserve Deed of Charge. The Borrower is entitled to withdraw amounts from the Capex Reserve Account only to pay amounts due in respect of the Committed Capex. Any withdrawal made from the Capex Reserve Account is subject to the Borrower giving the Administrative Agent at least three (3) Business Days written notice thereof, specifying the amount to be withdrawn and details of the accounts to which such amount should be remitted and attaching a copy of the relevant invoice to be paid. The CAPEX Reserve Account shall be funded through Excess Cash Flow and the proceeds of New Equity issued. Funds standing to the credit of the CAPEX Reserve Account after payment of the Committed CAPEX shall be applied as set forth in this Section 5.01(y). The Borrower shall not, nor shall it permit any Vessel Owning Subsidiary or other Loan Party to, make any Investments (as defined in Section 5.02(l) of the Credit Agreement), other than the Committed CAPEX. At any time that the balance of the CAPEX Reserve Account exceeds Fifty Million Dollars ($50,000,000), any such excess and all remaining proceeds of any New Equity and Excess Cash Flow shall be applied first, to prepayment of all Deferred Option Principal second, to increase cash and Cash Equivalents to the level set forth in Section 5.04(e) as Minimum Liquidity after January 1, 2011, and third, to reduce the Term Loan Repayment Amounts inverse order of maturity. Nordea Senior Secured Credit Facility Amendment No. 1
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Capex Reserve Account. The following new Section 16.6 is added at the end of Article XVI of the Loan Agreement:
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Capex Reserve Account. (a) Borrower has deposited with Lender funds in the amount of $21,400,291.41 (the “Original CAPEX Reserve Deposit Amount”) to be deposited into an account maintained by Lender (the “CAPEX Reserve Account”), which funds shall be held by Lender as additional collateral to secure the payment of the Indebtedness and (provided no Event of Default shall have occurred and is then continuing) disbursed by Lender to pay costs and expenses incurred in the construction of the Renovation Project (the “Renovation Costs”) pursuant to the budget for the Renovation Project approved by Lender (as the same may be revised pursuant to this Section 16.6, the “Approved Project Budget”) and in accordance with this Section 16.6. Lender and Borrower acknowledge that the plans and specifications for the Renovation Project have not been completed and not all bids for the Renovation Project have been delivered to Borrower as of the date of the Approved Project Budget and Borrower agrees that it shall complete all such plans and specifications by no later than September 6, 2011, and obtain all such bids by no later than October 10, 2011. Upon completion of the plans and specifications for the Renovation Project, Borrower shall submit the same to Lender for approval, which approval shall not be unreasonably withheld, conditioned or delayed. Upon Lender’s approval of such plans and specifications and Borrower’s receipt of all bids for construction of the Renovation Project, to the extent necessary, Borrower shall submit to Lender for approval by Lender, in its reasonable discretion, a revised project budget for the Renovation Project showing all changes to the Approved Project Budget resulting from the bids received, and, upon Lender’s approval thereof, such revised project budget shall be deemed to be the Approved Project Budget. Upon Lender’s approval of such revised project budget, the amount required to be deposited into the CAPEX Reserve Account under this Section 16.6 shall be adjusted to be an amount equal to one hundred ten percent (110%) of the total amount of the Approved Project Budget (the “Adjusted CAPEX Reserve Deposit Amount”) and Borrower shall deposit with Lender additional funds in an amount equal to the difference between the Original CAPEX Reserve Deposit Amount and the Adjusted CAPEX Reserve Deposit Amount. If the Adjusted CAPEX Reserve Deposit Amount is less than the Original CAPEX Reserve Deposit Amount, then Lender shall disburse to Borrower funds from the CAPEX ...
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Capex Reserve Account. Section 9.1(e)(i) shall be revised to add the following after the last sentence thereof: “Notwithstanding anything contained herein to the contrary, to the extent there is a Deferred CapEx Amount (but without limiting in any way Tenant’s obligation to expend the Required CapEx during the CapEx Testing Period ending December 31, 2023), Tenant shall not be obligated to deposit such Deferred CapEx Amount into the CapEx Reserve pursuant to this Section 9.1(e)(i) unless and until such Deferred CapEx Amount is not expended as provided in Section 9.1(e)(vi) hereof, in which case, any deficiency in spending the Deferred CapEx Amount as required by Section 9(e)(vi) hereof shall be required to be deposited into the CapEx Reserve, with any amounts not spent being subject to the CapEx Grace Period.”
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Related to Capex Reserve Account

  • Interest Reserve Account The Certificate Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2018) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2018), the Certificate Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • Debt Service Reserve Account The Debt Service Reserve Account shall have been funded (or credited with funds), to the extent required, in an amount equal to the Debt Service Reserve Required Amount in accordance with the Depositary Agreement.

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • 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).

  • Reserve Account Property (i) The Reserve Account and all proceeds thereof (other than the Investment Earnings thereon) including all cash, investments, investment property and other amounts held from time to time in the Reserve Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities, Financial Assets or otherwise) and (ii) the Reserve Account Deposit and all proceeds thereof (other than the Investment Earnings thereon).

  • Replacement Reserve Fund Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the "REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area. Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property. Any amount held in the Replacement Reserve Account and allocated for the Property shall be retained by Lender in an interest bearing account, or, at the option of Lender, in an Eligible Account at an Eligible Institution; PROVIDED, HOWEVER, that, any interest earned on said account shall accrue in said account for the benefit of Borrower, but shall remain in and constitute part of the Replacement Reserve Fund, and shall be disbursed in accordance with the terms hereof. Notwithstanding anything to the contrary in this Section 7.3, Borrower shall not be required to make Replacement Reserve Monthly Deposits, provided that: (i) no Event of Default shall have occurred; and (ii) Borrower makes all necessary Replacements and otherwise maintains the Property to Lender's satisfaction. Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements or otherwise maintain the Property to Lender's satisfaction, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.

  • Initial Reserve Account Deposit On the Closing Date, the Depositor will deposit or cause to be deposited the Specified Reserve Balance into the Reserve Account from the net proceeds of the sale of the Notes.

  • Net WAC Rate Carryover Reserve Account No later than the Closing Date, the Trust Administrator shall establish and maintain with itself a separate, segregated trust account titled, “Xxxxx Fargo Bank, N.A. as Trust Administrator, in trust for the registered holders of MASTR Asset Backed Securities Trust 2006-WMC1, Mortgage Pass-Through Certificates, Series 2006-WMC1—Net WAC Rate Carryover Reserve Account.” All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Class A Certificates and/or the Mezzanine Certificates in the manner set forth in Section 4.01. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Class A Certificates and/or the Mezzanine Certificates, the Trust Administrator has been directed by the Class CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(e)(v), rather than distributing such amounts to the Class CE Certificateholders. On each such Distribution Date, the Trust Administrator shall hold all such amounts for the benefit of the Holders of the Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). It is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be disregarded as an entity separate from the Holder of the Class CE Certificates unless and until the date when either (a) there is more than one Class CE Certificateholder or (b) any Class of Certificates in addition to the Class CE Certificates is recharacterized as an equity interest in the Net WAC Rate Carryover Reserve Account for federal income tax purposes, in which case it is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Supplemental Interest Trust be treated as a grantor trust. All amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III to the Holder of the Class CE Interest and by REMIC IV to the Holder of the Class CE Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h). Upon the termination of the Trust, or the payment in full of the Class A and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust and distributed to the Seller or its designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust but not part of any REMIC and any payments to the Holders of the Class A and the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trust Administrator, and the Trust Administrator hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested.

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