Completion Reserve Account Sample Clauses

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.
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Completion Reserve Account. On the Closing Date, the Borrowers deposited with the Paying Agent funds in the amount of $625,000 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.
Sample 1
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.
Sample 1
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.
Sample 1
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.
Sample 1
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).
Sample 1
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.
Sample 1
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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).
Sample 1
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.
Sample 1

Related to Completion 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.

  • 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 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.

  • 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.

  • 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 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.

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property.

  • 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 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).

  • Reserve Account Withdrawal If the Series 2003-5 Letter of Credit Amount will be less than the Principal Deficit Amount on any Distribution Date, then, prior to 12:00 noon (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing to withdraw from the Series 2003-5 Reserve Account, an amount equal to the lesser of (x) the Series 2003-5 Available Reserve Account Amount and (y) the amount by which the Principal Deficit Amount exceeds the amounts to be deposited in the Series 2003-5 Distribution Account in accordance with clauses (i) and (ii) of this Section 2.5(d) and deposit it in the Series 2003-5 Distribution Account on such Distribution Date.

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