Debt Service and Operating Deficits Reserve Sample Clauses

Debt Service and Operating Deficits Reserve. The Hotel Project Budget contains a line item designated as “Debt Service and Operating Deficits Reserve,” which represents the allocation of Loan proceeds for the payment of (A) accrued Debt Service on the Loan as and when due under the Note, (B) Carry Costs until the Operating Sufficiency Date, and (C) Rate Management Obligations (if applicable) when due from Borrower under a Rate Management Agreement (such allocation being the “Debt Service and Operating Deficits Reserve”). Lender may, in Xxxxxx’s discretion, make an Advance from the Debt Service and Operating Deficits Reserve by journal entry to pay Debt Service, Carry Costs and other financing costs relating to the Loan or for any payment of Rate Management Obligations, regardless of whether Borrower has included interest, financing costs, and Rate Management Obligations in an Advance Request, and any such Advance shall have equal footing with any other Advance made by Lender hereunder. Prior to Completion of the Hotel Project, Borrower may request advances from the Debt Service and Operating Deficits Reserve for the payment of Debt Service, Carry Costs and other financing costs relating to the Loan or for any payment of Rate Management Obligations on a monthly basis (which may include automatic drafting pursuant to an acceptable auto-draft agreement), provided that each monthly advance from the Debt Service and Operating Deficits Reserve shall not exceed Xxxxxxxx’s obligations to pay Debt Service and Carry Costs actually due and payable and payments actually due on any Rate Management Obligations. Interest will accrue on any Advance disbursed from the Debt Service and Operating Deficits Reserve in the same manner that interest accrues on any Advance made for any other purpose. If at any time the Debt Service and Operating Deficits Reserve is reduced to an amount that is less than Lender’s total estimated amount of (i) Debt Service that will accrue on the Loan, (ii) Carry Costs expected to be incurred, and (iii) total Rate Management Obligations that will accrue under any Rate Management Agreement until and through the Operating Sufficiency Date, then Borrower shall, within ten (10) days after written notice from Lender, deposit cash in the Debt Service and Operating Deficits Reserve Account in an amount not less than Lender’s written estimate of such deficiency.
Sample 1
AutoNDA by SimpleDocs

Related to Debt Service and Operating Deficits Reserve

  • Waiver of Inventory, Accounting and Appraisal Requirement The Trustee shall be relieved of, and each Certificateholder hereby waives, any requirement of any jurisdiction in which the Trust, or any part thereof, may be located that the Trustee file any inventory, accounting or appraisal of the Trust with any court, agency or body at any time or in any manner whatsoever.

  • Debt Service Reserve Reserved.

  • Compliance with Certain Requirements of Regulations; Deficit Capital Accounts In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X may be: (i) distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement; or (b) withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.

  • Property Cash Flow Allocation (a) During any Cash Management Period, all Rents deposited into the Deposit Account during the immediately preceding Interest Period shall be applied on each Payment Date as follows in the following order of priority:

  • Variances From Operating Budget Furnish Agent, concurrently with the delivery of the financial statements referred to in Section 9.7 and each monthly report, a written report summarizing all material variances from budgets submitted by Borrowers pursuant to Section 9.12 and a discussion and analysis by management with respect to such variances.

  • RECONCILIATION OF RESERVE ACCOUNT Beginning Reserve Account Balance Reserve Account Deposits Made Reserve Account Draw Amount Ending Reserve Account Balance Change in Reserve Account Balance Specified Reserve Balance

  • Maintenance of Effective Leverage Ratio For so long as the Fund fails to provide the information required under Sections 6.1(o) and 6.1(p), Xxxxx Fargo shall calculate, for purposes of Section 2.5(b)(ii)(A)(y) of the Statement, the Effective Leverage Ratio using the most recently received information required to be delivered pursuant to Sections 6.1(o) and 6.1(p) and the market values of securities determined by the third-party pricing service which provided the market values to the Fund on the most recent date that information was properly provided by the Fund pursuant to the requirements of Section 6.1(o) and 6.1(p). The Effective Leverage Ratio as calculated by Xxxxx Fargo in such instances shall be binding on the Fund. If required, the Fund shall restore the Effective Leverage Ratio as provided in the Statement. For purposes of calculating the Effective Leverage Ratio, any Overconcentration Amount shall be subtracted from the sum determined pursuant to sub-section (ii) of the definition of Effective Leverage Ratio, set out in Section 2.4(d) of the Statement. In connection with calculating the Effective Leverage Ratio, the Fund’s total assets and accrued liabilities shall reflect the positive or negative net obligations of the Fund under each Derivative Contract determined in accordance with the Fund’s valuation policies.

  • Operating Expense Limit The Fund’s maximum operating expense limits (each an “Operating Expense Limit”) in any year shall be that percentage of the average daily net assets of the Fund as set forth on Schedule A attached hereto and incorporated by this reference.

  • Interim Operating Covenants Seller covenants to Purchaser that Seller will:

  • Duration of Operating Expense Limit The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!