DEPOSITS TO ROOM SPLIT RESERVE Clause Samples

DEPOSITS TO ROOM SPLIT RESERVE. Borrower shall establish on the Closing Date an Eligible Account with Lender or Lender’s agent to fund into which Borrower shall deposit $1,156,621 which amount shall be deposited with and held by Lender for costs incurred in connection with the planned room split work (the “Room Split Work”) in accordance with the Room Split Budget (the “Room Split Reserve Account”). Amounts so deposited shall hereinafter be referred to as the “Room Split Reserve Fund”. Alternatively, Borrower may, in its sole discretion, elect to provide a Letter of Credit in accordance with the terms of Section 9.9 hereof with respect to all or any portion of the Room Split Reserve Funds.