Deposits of Seasonality Cash Reserve Funds Sample Clauses

Deposits of Seasonality Cash Reserve Funds. Borrower shall deposit with Lender (a) on the Closing Date, cash in the amount of $8,173,059.84, (b) from time to time, at Borrower’s election, any funds on deposit in the Gaming Operating Reserve which are in excess of 110% of applicable Gaming Law minimum requirements, and (c) at Borrower’s election, on each Payment Date, an amount selected by Borrower that would increase the balance in the Seasonality Cash Reserve Account (as hereinafter defined) to an amount no greater than $10,000,000, for the purpose of establishing a reserve fund to (i) fund shortfalls in funds available in the Cash Management Account to make any of the payments required to be made under Section 2.6.4(a), other than payments to the Permitted Tax Distribution Account under Section 2.6.4(a)(x) or deposits into the Major Capital Improvements Reserve Account pursuant to Section 2.6.4(a)(xi) or (ii) make payments of (A) amounts eligible for disbursement from the Tax and Insurance Escrow Account under Section 7.2, (B) FF&E Expenditures (but only if reasonably approved by Lender) or Approved Capital Expenditures (including for IT System Work) under Section 7.3 (including to reimburse Borrower or Manager for costs previously paid (including prior to the date of this Agreement), using capital contributions or any other funds available to Borrower or Manager, as applicable), (C) Major Capital Expenditures, Approved Capital Expenditures (including to reimburse Borrower or Manager for costs previously paid (including prior to the date of this Agreement), using capital contributions or any other funds available to Borrower or Manager, as applicable) and Critical Capital Expenditures under Section 7.7, in each case to the extent funds available in the applicable Reserve Account are insufficient to make such payment. Amounts so deposited shall hereinafter be referred to as the “Seasonality Cash Reserve Funds” and the account in which sums are held shall hereinafter be referred to as the “Seasonality Cash Reserve Account.” The applications of funds from the Seasonality Cash Reserve Funds listed in the foregoing clauses (i) and (ii) of this Section 7.6.1 shall hereinafter be referred to as the “Eligible Seasonality Cash Reserve Applications.” Seasonality Cash Reserve Funds shall be disbursed and applied by Lender from time to time in accordance with Section 7.6.2.
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Related to Deposits of Seasonality Cash Reserve Funds

  • Reserve Funds Section 7.1.

  • Deposits to Special Accounts Except as otherwise provided in the Lock-Box Agreement, the Seller will not deposit or otherwise credit, or cause or permit to be so deposited or credited, to any Lock-Box Account cash or cash proceeds other than Collections in respect of the Collateral.

  • 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;

  • Excess Reserve Fund Account; Distribution Account (a) The Securities Administrator shall establish and maintain the Excess Reserve Fund Account, on behalf of the Class X Certificateholders, to receive that portion of the distributions on the Class X Interest up to an amount equal to any Basis Risk Payments and to pay to the LIBOR Certificateholders any Basis Risk Carry Forward Amounts (prior to using any Net Swap Receipts). For the avoidance of doubt, any Basis Risk Carry Forward Amounts shall be paid to the LIBOR Certificates first from the Excess Reserve Fund Account and then from the Supplemental Interest Trust. On each Distribution Date on which there exists a Basis Risk Carry Forward Amount on any Class of LIBOR Certificates, the Securities Administrator shall (1) withdraw from the Distribution Account and deposit in the Excess Reserve Fund Account, as set forth in Section 4.02(a)(iii)(L), the lesser of the Class X Distributable Amount (to the extent remaining after the distributions specified in Sections 4.02(a)(iii)(A)-(K) and without regard to the reduction in clause (iii) of the definition thereof for any Basis Risk Carry Forward Amounts or any Defaulted Swap Termination Payment) and the aggregate Basis Risk Carry Forward Amount and (2) withdraw from the Excess Reserve Fund Account amounts necessary to pay to such Class or Classes of LIBOR Certificates the applicable Basis Risk Carry Forward Amounts. Such payments, along with payments from the Supplemental Interest Trust, shall be allocated to those Classes based upon the amount of Basis Risk Carry Forward Amount owed to each such Class and shall be paid in the priority set forth in Section 4.02(a)(iii)(M). In the event that the Class Certificate Balance of any Class of Certificates is reduced because of Applied Realized Loss Amounts, the applicable Certificateholders will not be entitled to receive Basis Risk Carry Forward Amounts on the written down amounts on such Distribution Date or any future Distribution Dates (except to the extent such Class Certificate Balance is increased as a result of any Subsequent Recoveries), even if funds are otherwise available for distribution. The Securities Administrator shall account for the Excess Reserve Fund Account as an asset of a grantor trust under subpart E, Part I of subchapter J of the Code and not as an asset of any Trust REMIC created pursuant to this Agreement. The beneficial owners of the Excess Reserve Fund Account are the Class X Certificateholders. Any Basis Risk Carry Forward Amounts distributed by the Securities Administrator to the LIBOR Certificateholders from the Excess Reserve Fund Account shall be accounted for by the Securities Administrator, for federal income tax purposes, as amounts paid first to the Holders of the Class X Certificates (in respect of the Class X Interest) and then to the respective Class or Classes of LIBOR Certificates. In addition, the Securities Administrator shall account for the rights of Holders of each Class of LIBOR Certificates to receive payments of Basis Risk Carry Forward Amounts from the Excess Reserve Fund Account (along with payments of Basis Risk Carry Forward Amounts and without duplication, Upper-Tier Carry Forward Amounts from the Supplemental Interest Trust) as rights in a separate limited recourse interest rate cap contract written by the Class X Certificateholders in favor of Holders of each such Class. Notwithstanding any provision contained in this Agreement, the Securities Administrator shall not be required to make any payments from the Excess Reserve Fund Account except as expressly set forth in this Section 3.27(a).

  • Operating Accounts (a) Maintain all of Borrower’s and its Subsidiaries’ Collateral Accounts in accounts which are subject to a Control Agreement in favor of Collateral Agent.

  • 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

  • Deposits to the Collection Account and Special Payments Account (a) The Subordination Agent shall, upon receipt thereof, deposit in the Collection Account all Scheduled Payments received by it (other than any Scheduled Payment which by the express terms hereof is to be deposited to a Cash Collateral 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 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.

  • 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).

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