Deposits to Seasonality Reserve Funds Sample Clauses

Deposits to Seasonality Reserve Funds. Borrower shall pay (or shall cause to be paid) to Lender (i) on the Closing Date an initial deposit of $234,000.00, and (ii) on the Payment Dates occurring each May through October (inclusive) of each year (the “Seasonality Reserve Payment Period”) during the term of the Loan, commencing on the Payment Date in May 2017, the Seasonality Reserve Monthly Deposit. Amounts so deposited shall hereinafter be referred to as the “Seasonality Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “Seasonality Reserve Account”. For the avoidance of doubt, Seasonality Reserve Funds shall constitute Master Tenant funds and any deposit made by Master Tenant into the Seasonality Reserve Fund shall be paid (x) from funds that do not constitute rent under the Master Lease and (y) after Master Tenant has paid to Borrower all rent then due under the Master Lease; provided, further, that Master Tenant has transferred, assigned and granted to Borrower a first-priority security interest in all of Master Tenant’s right, title and interest in and to, among other things, its interest in the Seasonality Reserve Funds, which right, title and interest in turn has been collaterally assigned by Borrower in favor of Lender pursuant to, inter alia, the Security Instrument. Notwithstanding anything herein to the contrary, in the event the deposit by (or on behalf of) Borrower to the Seasonality Reserve Fund in any given month during the Seasonality Reserve Payment Period is less than the Seasonality Reserve Monthly Deposit due to an insufficiency in Net Cash Flow (each such shortfall, the “Seasonality Reserve Monthly Deposit Shortfall”, and each such month a “Seasonality Reserve Monthly Deposit Shortfall Month”), Borrower may increase (or may cause to be increased) the deposit to the Seasonality Reserve Fund in the month immediately following the Seasonality Reserve Monthly Deposit Shortfall Month by the amount of the Seasonality Reserve Monthly Deposit Shortfall for the prior month such that the aggregate amount deposited to the Seasonality Reserve Account shall equal the aggregate amount of the Seasonality Reserve Monthly Deposit required for such months. In the event that on the Payment Date in October of each calendar year the amount of the Seasonality Reserve Funds is less than the applicable Seasonality Reserve Annual Cap, Borrower shall immediately deposit (or shall cause to be immediately deposited) with Lender the amount of the differ...
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Related to Deposits to Seasonality Reserve Funds

  • 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 Funds Section 7.1.

  • 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;

  • Deposits to Lock-Box Accounts 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 of Pool Receivables.

  • Establishment of and Deposits to Escrow Account The Company shall segregate and hold all funds collected and received pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts, titled, "National City Mortgage Corp., in trust for the Purchaser of Conventional Residential Fixed Rate Mortgage Loans, Group No. 2001-1 and various Mortgagors". The Escrow Accounts shall be established with a Qualified Depository, in a manner which shall provide maximum available insurance thereunder. Funds deposited in the Escrow Account may be drawn on by the Company in accordance with Section 4.07. The creation of any Escrow Account shall be evidenced by a certification in the form of Exhibit E-1 hereto, in the case of an account established with the Company, or by a letter agreement in the form of Exhibit E-2 hereto, in the case of an account held by a depository other than the Company. A copy of such certification shall be furnished to the Purchaser and, upon request, to any subsequent Purchaser. The Company shall deposit in the Escrow Account or Accounts on a daily basis, and retain therein:

  • 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.

  • Establishment of Custodial Accounts; Deposits in Custodial Accounts The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts. The creation of any Custodial Account shall be evidenced by a Custodial Account Letter Agreement in the form of Exhibit 7. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date:

  • Establishment of Custodial Account; Deposits in Custodial Account The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts (collectively, the “Custodial Account”), titled “PrimeLending, in trust for Redwood Residential Acquisition Corporation as Purchaser of Mortgage Loans and various Mortgagors.” Such Custodial Account shall be an Eligible Account established with a commercial bank, a savings bank or a savings and loan association (which may be a depository affiliate of the Seller) which meets the guidelines set forth by the FHFA, Fxxxxx Mxx or Fxxxxxx Mac as an eligible depository institution for custodial accounts. The Custodial Account shall not be transferred to any other depository institution without the Purchaser’s approval, which shall not unreasonably be withheld. In any case, the Custodial Account shall be insured by the FDIC in a manner which shall provide maximum available insurance thereunder and which may be drawn on by the Seller. The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received or made by it subsequent to the related Cut-off Date (other than in respect of principal and interest on the Mortgage Loans due on or before the related Cut-off 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.

  • Targeted Deposits to the Accumulation Reserve Account The deposit targeted to be made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount.

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