Establishment of Capital Improvements Account Sample Clauses

Establishment of Capital Improvements Account. Trustee has established a separate account at First Chicago, meeting the requirements of an Eligible Account, which account shall be known as the "CAPITAL IMPROVEMENTS ACCOUNT", account number 204685-000. Upon execution of this Trust Agreement, Lessee shall deposit with Trustee an amount equal to $225,000 (the "INITIAL CAPITAL IMPROVEMENTS AMOUNT"). $125,000 of the Initial Capital Improvements Amount shall be used to satisfy, within 180 days of the Closing Date, those capital improvements set forth in the Property Condition Reports prepared by Environmental Management Group, Inc. (the "INITIAL CAPITAL IMPROVEMENTS"), which Property Condition Reports have been delivered to and approved by Lender in connection with the Closing, which capital improvements the Lessee hereby agrees to complete, in a good and workmanlike manner free of any liens or claims. $100,000 of the Initial Capital Improvements Amount (the "WEST ORANGE AMOUNT") shall be held until all conditions to the issuance of an "unconditional certificate of occupancy" for the Assisted Living Facility located in West Orange, New Jersey (the "WEST ORANGE FACILITY") have been satisfied. Lessee's failure to secure an "unconditional certificate of occupancy" for the West Orange Facility on or before September 15, 1999 shall constitute an Event of Default. Provided that Lessee shall obtain and deliver such "unconditional certificate of occupancy" with respect to the West Orange Facility in form and substance acceptable to Lender on or before September 15, 1999, Controlling Party shall direct Trustee to promptly release the West Orange Amount to the Lessee. In addition to the Initial Capital Improvements Amount, from time to time as required by the Flow of Funds Agreement, the Lessee shall deliver additional monies to Trustee, which additional amounts Trustee shall deposit in the Capital Improvements Account, and which sums, together with the Initial Capital Improvements Amount shall be designated as "CAPITAL IMPROVEMENTS FUNDS."
Sample 1
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Related to Establishment of Capital Improvements Account

  • Establishment of Reserve Account Pledgor and Secured Party hereby authorize and direct Securities Intermediary to establish and maintain in its corporate trust department, a segregated trust account that is an Eligible Deposit Account and that is a “securities account” as that term is defined in Section 8-501(a) of the UCC in the name of Secured Party and under the sole dominion and control of Secured Party, designated as “Toyota Auto Receivables 20[__]-[_] Owner Trust Reserve Account.” Securities Intermediary hereby undertakes to treat Secured Party as the person entitled to exercise the rights that comprise any Financial Asset credited to the Reserve Account. Secured Party and Pledgor agree that this account shall be the Reserve Account.

  • Maintenance of Capital Accounts The Company shall maintain a Capital Account for each Member on the books of the Company in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such provisions, the following provisions:

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Establishment of Collateral Account The Securities Intermediary hereby confirms that:

  • Establishment and Determination of Capital Accounts A “Capital Account” shall be established and maintained for the Member on the books of the Company, and shall be maintained and adjusted appropriately in accordance with the regulations under Section 704(b) of the Code. The Member shall not be required to make any capital contributions to the Company, and shall not be required to lend any funds to the Company. The Member shall not be paid interest on any capital contribution to the Company or on any part of its Capital Account.

  • Permitted Withdrawals from the Collection Account The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes:

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

  • Withdrawals of Capital No Partner may withdraw capital related to such Partner’s GP-Related Partner Interests from the Partnership except (i) for distributions of cash or other property pursuant to Section 5.8, (ii) as otherwise expressly provided in this Agreement or (iii) as determined by the General Partner.

  • Permitted Withdrawals From the Loan Combination Custodial Account (a) The Master Servicer may make withdrawals from the Loan Combination Custodial Account for each Serviced Loan Combination only as described below (the order set forth below not constituting an order of priority for such withdrawals), subject to the application of Penalty Charges and Modification Fees in accordance with the related Co-Lender Agreement and Section 3.14 of this Agreement:

  • Permitted Withdrawals From the Protected Account (a) The Master Servicer may from time to time make withdrawals from the Protected Account for the following purposes:

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