Completion Reserve Account. On the Closing Date, the Borrowers deposited with the Paying Agent funds in the amount of Three Million Dollars ($3,000,000.00) (the “Completion Reserve”), which amount was transferred to the Completion Reserve Account. During the continuance of an Event of Default, the Administrative Agent may, and at the direction of the Majority Lenders or pursuant to a Thirty-Three Percent Lender Instruction shall, instruct the Paying Agent to withdraw all or any portion of the Completion Reserve from the Completion Reserve Account and apply such funds either to (i) the costs of renovations at the Non-Stabilized Properties or (ii) the Allocated Loan Amount in respect of each Financed Property, pro rata to each Lender, in such proportion as between items (i) and (ii) above as the Administrative Agent may determine in its sole discretion; provided that prior to providing the Paying Agent such written instruction, the Administrative Agent shall have notified the Lenders of the content thereof and the Majority Lenders shall not have objected to such instruction within five (5) Business Days after receipt thereof or such shorter period in which the Majority Lenders consent thereto. The right to withdraw and apply the Completion Reserve in accordance with the foregoing shall be in addition to all other rights and remedies provided to the Administrative Agent and the Lenders under this Agreement and the other Loan Documents.
Completion Reserve Account. On the Closing Date, the Borrowers deposited with the Paying Agent funds in the amount of $900,000 on the Closing Date (the “Completion Reserve”), which amount was transferred to the Completion Reserve Account. During the continuance of an Event of Default, the Administrative Agent may, and at the direction of the Majority Lenders shall, instruct the Paying Agent to withdraw all or any portion of the Completion Reserve from the Completion Reserve Account and apply such funds either to (i) the costs of renovations at the Non-Stabilized Properties and Carry-Over Properties or (ii) the Allocated Loan Amount in respect of each Financed Property, pro rata to each Lender, in such proportion as between items (i) and (ii) above as the Administrative Agent may determine in its sole discretion; provided that prior to providing the Paying Agent such written instruction, the Administrative Agent shall have notified the Lenders of the content thereof and the Majority Lenders shall not have objected to such instruction within five (5) Business Days after receipt thereof or such shorter period in which the Majority Lenders consent thereto. The right to withdraw and apply the Completion Reserve in accordance with the foregoing shall be in addition to all other rights and remedies provided to the Administrative Agent and the Lenders under this Agreement and the other Loan Documents.
Completion Reserve Account. On the date when the Aggregate Loan Principal Balance is less than fifty percent (50%) of the Aggregate Commitment as of the Closing Date, the Borrowers shall deposit with the Paying Agent for transfer to the Completion Reserve Account an amount equal to 0.75% of the Aggregate Loan Principal Balance as of such date (the “Completion Reserve”). Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may instruct the Paying Agent to withdraw all or any portion of the Completion Reserve from the Completion Reserve Account and apply such funds either to (i) the costs of renovations of the Carry-Over Properties or (ii) the Allocated Loan Amount in respect of each Financed Property, pro rata to each Lender, in such proportion as between items (i) and (ii) above as the Administrative Agent may determine in its sole discretion. The right to withdraw and apply the Completion Reserve in accordance with the foregoing shall be in addition to all other rights and remedies provided to the Administrative Agent and the Lenders under this Agreement and the other Loan Documents.
Completion Reserve Account. (i) As contemplated by Section 2.1, on or prior to the Term-Conversion Date, Depositary shall establish in the name of the Collateral Agent at Depositary an account entitled “New York 2008 Portfolio Wind Generation Projects – Completion Reserve Account” (“Completion Reserve Account”). On the Term-Conversion Date, the Completion Reserve Borrowing shall be deposited into the Completion Reserve Account.
(ii) Funds in the Completion Reserve Account shall, from time to time, be applied toward Project Costs or Permitted Completion Costs, pursuant to an Executed Withdrawal/Transfer Certificate by disbursement to the Person or Persons entitled thereto.
(iii) Upon Final Completion and provided no Event of Default has occurred and is continuing, all amounts remaining in the Completion Reserve Account shall be deposited as directed by the Borrower.
Completion Reserve Account. On the Closing Date, the Borrowers deposited with the Paying Agent funds in the amount of $3,000,000 (the “Completion Reserve”), which amount was transferred to the Completion Reserve Account. During the continuance of an Event of Default, the Administrative Agent may, and at the direction of the Majority Lenders shall, instruct the Paying Agent to withdraw all or any portion of the Completion Reserve from the Completion Reserve Account and apply such funds either to (i) the costs of renovations at the Non-Stabilized Properties or (ii) the Allocated Loan Amount in respect of each Financed Property, pro rata to each Lender, in such proportion as between items (i) and (ii) above as the Administrative Agent may determine in its sole discretion; provided that prior to providing the Paying Agent such written instruction, the Administrative Agent shall have notified the Lenders of the content thereof and the Majority Lenders shall not have objected to such instruction within five (5) Business Days after receipt thereof or such shorter period in which the Majority Lenders consent thereto. The right to withdraw and apply the Completion Reserve in accordance with the foregoing shall be in addition to all other rights and remedies provided to the Administrative Agent and the Lenders under this Agreement and the other Loan Documents.
Completion Reserve Account. On or prior to the Closing Date, the Borrower shall establish at Account Bank, account number #2000061913642, which shall be known as the Completion Reserve Account, and Account Bank shall have entered into a control agreement in the form of Exhibit Z hereto which grants the Administrative Agent, for the benefit of the Secured Parties, a first priority perfected security interest in the Completion Reserve Account and all funds and proceeds therein. The Borrower shall take such further actions and execute such further documents in connection therewith as the Administrative Agent may request in order to perfect or maintain the perfection or first priority of the Liens of the Secured Parties in the Completion Reserve Account. For purposes of the terms of this Agreement, the Completion Reserve Account shall not be a Company Account. On the Closing Date there shall be deposited in the Completion Reserve Account from the proceeds of the Loan an amount equal to $3,000,000 (the “Completion Guaranty Amount”). The Borrower shall have no right to draw or otherwise obtain release of any funds on deposit in the Completion Reserve Account. The Completion Guaranty Amount shall be held as additional collateral for the Loan and shall be used only as set forth in this Agreement and the Credit Agreement.
Completion Reserve Account. If any funds remain in the Completion Reserve Account and (a) (i) the Riviera Black Hawk is Operating and has been Operating for at least the preceding one-hundred-eighty (180) days uninterrupted and (ii) no filings of any notice of mechanic's lien or notice of extension of time for filing of mechanic's lien have been made against the Property during or prior to such 180-day period which have not otherwise been released of record, (b) there is no ongoing construction in connection with the Riviera Black Hawk (other than maintenance and repairs in the ordinary course of business), and (c) there exists no Default or Event of Default, then the Company shall have the right to request that the Disbursement Agent disburse to the Company all remaining funds in the Completion Reserve Account. Upon receipt by the Disbursement Agent of (i) a written certification from the Company that (A) (1) the Riviera Black Hawk is Operating and has been Operating for at least the preceding one-hundred-eighty (180) days uninterrupted and (2) no filings of any notice of mechanic's lien or notice of extension of time for filing of mechanic's lien have been made against the Property during or prior to such 180-day period which have not otherwise been released of record, (B) there is no ongoing construction in connection with the Riviera Black Hawk (other than maintenance and repairs in the ordinary course of business), and (C) the Disbursement Agent has not received written notice by any party hereto that a Default or Event of Default exists, and (ii) a written certification from the Independent Construction Consultant concurring with the certifications set forth in subsections (i)(A)(1) and (B) hereof, then the Disbursement Agent shall disburse all remaining funds in the Completion Reserve Account, as directed by the Company (the "Final CRA Disbursement"); provided, however, that no sums shall be distributed to the Company pursuant to this Section until the Disbursement Agent shall have received a certificate from the Independent Construction Consultant certifying that it has received unconditional lien waivers from all contractors, subcontractors, materialmen or suppliers relating to construction of the Riviera Black Hawk; provided, further, that all funds disbursed to the Company pursuant to this Section shall be used by the Company as required pursuant to the Indenture and this Agreement, including without limitation Section 7.5.3 hereof.
Completion Reserve Account. The Borrower shall have established the Completion Reserve Account with a balance of not less than $137,000,000 (after giving effect to the Term Loans funded on the Closing Date and deposited into such account). The Lenders shall have received a construction funding certificate and analysis from the chief financial officer of the Borrower which shall be substantially in the form of Exhibit S attached hereto (the “Construction Funding Certificate”) and which shall state that the sum of the undrawn amounts available under the Facilities, plus the existing balance in the Completion Reserve Account plus Excess Cash exceeds the aggregate costs to complete the Lake Xxxxxxx Project and the Belterra Tower Project (excluding all related interest expense during construction).
Completion Reserve Account. The Completion Reserve Account established by the Borrower in connection with the Existing Credit Facility shall have a minimum balance of $115,000,000. The Lenders shall have received a construction funding certificate and analysis from the chief financial officer of the Borrower which shall be substantially in the form of Exhibit S attached hereto (the “Construction Funding Certificate”) and which shall state that the sum of the undrawn amounts available under the Facilities, plus the existing balance in the Completion Reserve Account plus Excess Cash exceeds the aggregate costs to complete the Lake Xxxxxxx Project (excluding all related interest expense during construction).
Completion Reserve Account. (i) As contemplated by Section 2.1, on or prior to the Term-Conversion Date, Depositary shall establish in the name of the Administrative Agent at Depositary an account entitled “New York 2006 Portfolio Wind Generation Projects – Completion Reserve Account” (“Completion Reserve Account”). On the Term-Conversion Date, the Completion Reserve Borrowing shall be deposited into the Completion Reserve Account.
(ii) Funds in the Completion Reserve Account shall, from time to time, be applied toward Permitted Completion Costs, pursuant to an Executed Withdrawal/Transfer Certificate by disbursement to the Person or Persons entitled thereto.
(iii) Upon Final Completion and provided no Event of Default has occurred and is continuing, all amounts remaining in the Completion Reserve Account (A) up to the NEP Guarantee Draw Amount shall be deposited into an account designated in writing by the Borrower for the benefit of NEP and (B) in excess of the NEP Guarantee Draw Amount shall be deposited into the Operating Account for application in accordance with Section 5.2.
