Common use of Curtailment Reserve Escrow Account Clause in Contracts

Curtailment Reserve Escrow Account. Funds deposited into the Curtailment Reserve Escrow Account shall be held by Lender in the Curtailment Reserve Escrow Account as additional security for the Loan until the Loan has been paid in full. Provided that no Event of Default has occurred and is continuing, and no O&M Operative Period has existed for three (3) consecutive calendar months, Lender shall, upon written request from Borrower, release all sums contained in the Curtailment Reserve Escrow Account and the Operation and Maintenance Expense Escrow Account to Borrower. Should an Event of Default occur, the sums on deposit in the Curtailment Reserve Sub-Account and the Curtailment Reserve Escrow Account may be applied by Lender to the payment of the Debt or other charges affecting all or any portion of the Cross-collateralized Properties, as Lender, in its sole discretion, may determine; provided, however, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Lender as herein provided.

Curtailment Reserve Escrow Account. Funds deposited into the Curtailment Reserve Escrow Account during an O&M Operative Period shall be held by Lender in the Curtailment Reserve Escrow Account as additional security for the Loan until the Loan has been paid in full. Provided Notwithstanding anything herein to the contrary, provided that no Event of Default has occurred and is continuing, and no O&M Operative Period has existed for three (3) consecutive calendar monthsoccurred and is continuing, Lender shall, upon written request from Borrower, release disburse all sums contained in the Curtailment Reserve Escrow Account and the Operation and Maintenance Expense Escrow Account to Borrower. Should an Event of Default occur, the sums on deposit in the Curtailment Reserve Sub-Account and the Curtailment Reserve Escrow Account may be applied by Lender to the payment of the Debt or other charges affecting all or any portion of the Cross-collateralized PropertiesProperty, as Lender, in its sole discretion, may determine; provided, however, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Lender as herein provided. Lender shall calculate the Debt Service Coverage as of the end of each fiscal quarter. Such calculation shall be completed within ten (10) Business Days of Lender’s receipt of the quarterly financial statements required under Section 2.09(b) with respect to such fiscal quarter.

Curtailment Reserve Escrow Account. Funds deposited into the Curtailment Reserve Escrow Account during an O&M Operative Period shall be held by Lender in the Curtailment Reserve Escrow Account as additional security for the Loan until the Loan has been paid in full. Provided Notwithstanding anything herein to the contrary, provided that no Event of Default has occurred and is continuing, and no O&M Operative Period has existed for three (3) consecutive calendar monthsoccurred and is continuing, Lender shall, upon written request from BorrowerMortgagor, release disburse all sums contained in the Curtailment Reserve Escrow Account and the Operation and Maintenance Expense Escrow Account to BorrowerMortgagor. Should an Event of Default occur, the sums on deposit in the Curtailment Reserve Sub-Account and the Curtailment Reserve Escrow Account may be applied by Lender to the payment of the Debt or other charges affecting all or any portion of the Cross-collateralized PropertiesProperty, as Lender, in its sole discretion, may determine; provided, however, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Lender as herein provided. Lender shall calculate the Debt Service Coverage as of the end of each fiscal quarter. Such calculation shall be completed within ten (10) Business Days of Lender’s receipt of the quarterly financial statements required under Section 2.09(b) with respect to such fiscal quarter.

Curtailment Reserve Escrow Account. Funds deposited into the Curtailment Reserve Escrow Account shall be held by Lender in the Curtailment Reserve Escrow Account as additional security for the Loan until the Loan has been paid in full. Provided Lender may, in its sole and absolute discretion, after giving notice to Borrower, apply any funds on deposit in the Curtailment Reserve Escrow Account towards the Debt. All sums in the Curtailment Reserve Escrow Account which are applied to the payment of the Loan shall be applied only on a Payment Date. Additionally, provided that no Event of Default has occurred and is continuing, and no O&M Operative Period has existed for three two (32) consecutive calendar monthsquarters, Lender shall, upon written request from Borrower, release all sums contained in the Curtailment Reserve Escrow Account and the Operation and Maintenance Expense Escrow Account to Borrower. Should an Event of Default occuroccur and be continuing, the sums on deposit in the Curtailment Reserve Sub-Account and the Curtailment Reserve Escrow Account may be applied by Lender to the payment of the Debt or other charges affecting all or any portion of the Cross-collateralized PropertiesProperty, as Lender, in its sole discretion, may determine; provided, however, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Lender as herein provided.

Curtailment Reserve Escrow Account. Funds deposited into the Curtailment Reserve Escrow Account shall be held by Lender in the Curtailment Reserve Escrow Account as additional security for the Loan until the Loan has been paid in full. Provided that no Event of Default has occurred and is continuing, and no O&M Operative Period has existed for three (3) consecutive calendar months, Lender shall, upon written request from Borrower, release all sums contained in the Curtailment Reserve Escrow Account and the Operation and Maintenance Expense Escrow Account to Borrower. Should an Event of Default occur, the sums on deposit in the Curtailment Reserve Sub-Account and the Curtailment Reserve Escrow Account may be applied by Lender to the payment of the Debt or other charges affecting all or any portion of the Cross-collateralized PropertiesProperty, as Lender, in its sole discretion, may determine; provided, however, that no such application shall be deemed to have been made by operation of law or otherwise until actually made by Lender as herein provided.