Establishment of Reserve. At the time of initial disbursement of the TCAP Loan proceeds, , the Mortgagor shall establish an Operating Assurance Reserve (the “OAR”) equal to four months’ estimated Development operating expenses, payments required under the Mortgage Loan payments, deposits to reserves and other anticipated Development expenses (estimated to be $***), to cover operating shortfalls incurred at the Development. The OAR must be either (i) fully funded with cash, or (ii) funded with a combination of cash and an irrevocable, unconditional letter of credit acceptable to the Authority, in an amount that may not exceed 50% of the OAR requirement. To the extent that any portion of the OAR is used to fund operating shortfalls prior to the Final Closing of the Mortgage Loan, at Final Closing of the TCAP Loan, the Mortgagor must restore the OAR to its original balance.
Establishment of Reserve. We may withhold funds by temporarily suspending or delaying payouts of proceeds to you and/or designate an amount of funds that you must maintain in your Bank Account or in a separate reserve account of Helcim's ("Reserve") to secure the performance of your obligations under any agreement between you and Helcim. We may require a Reserve for any reason related to your use of the Services. The Reserve will be in an amount as reasonably determined by us to cover potential losses to Xxxxxx. The Reserve may be raised, reduced or removed at any time by Xxxxxx, in its sole discretion, based on your payment history, a credit review, the amount of any arbitration award or court judgment against you in Helcim's favor, or otherwise as Helcim or Acquirer may determine or require. If you do not have sufficient funds in your Reserve, we may fund the Reserve from any funding source associated with the Services, including any funds (a) deposited by you, (b) due to you, or (c) available in your Bank Account, or other payment instruction registered with us. You authorize us to make any withdrawals on debits from the Reserve or your Bank Account, without prior notice to you, to collect amounts that you owe us.
Establishment of Reserve. The General Partner shall have the right and obligation to establish reasonable reserves based on generally accepted accounting principles for maintenance, improvements, acquisitions, capital expenditures and other contingencies, such reserves to be funded with such portion of the operating revenues of the Partnership for any fiscal year as the General Partner, in the General Partner’s sole discretion, may deem necessary or appropriate for that purpose.
Establishment of Reserve. At or prior to the Authority's initial disbursement of Mortgage Loan proceeds, the Mortgagor shall establish an Operating Assurance Reserve (the “OAR”) in the amount of $*** which is estimated, together with the accumulation of interest, to fully fund an amount equal to four months’ Development operating expenses, payments required under the Mortgage Loan, deposits to reserves and other anticipated Development expenses, as of the date the HAP Contract expires (the "OAR Amount"). Such funds will be available at that time to assist the transition to market rents. The Authority may, in its discretion, at any time, review the amount on deposit, the rate of interest being earned on that amount, and the annual budget for the Development, to determine whether, at the time of the expiration of the HAP Contract, the amount then on deposit will equal the OAR Amount. If the current amount on deposit is insufficient, the Authority may require the Mortgagor to increase the amount on deposit so that, in the Authority's estimate, the amount on deposit at the time of the expiration of the HAP Contract will equal the OAR Amount.
Establishment of Reserve. To the extent the Borrower (as credit support provider), pursuant to the terms of any BOA Derivative Instrument, is required to provide collateral or other credit support for the General Partner’s or the USRP REIT’s obligations under such BOA Derivative Instrument, the Agent shall, subject to the terms and conditions set forth in this Section 2.3 and the consent of the applicable Derivative Counterparty, reserve an amount of Availability which when combined with all then existing Availability reserves is equal to or less than SEVEN MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($7,500,000.00) (the “Reserve Limit”) in satisfaction of such requirement. The term “Derivative Exposure Reserve” shall mean, with respect to any given BOA Derivative Instrument, the reserve established pursuant to this Section 2.3 in connection with such BOA Derivative Instrument. Notwithstanding anything to the contrary contained in this Credit Agreement, Availability reserved pursuant to this Section 2.3 shall be deemed an outstanding principal advance hereunder for purposes of the covenant calculations required hereunder (including, without limitation, the covenant calculations required pursuant to Sections 7.11 and 8.1 hereof).
Establishment of Reserve. The Members shall have the right and obligation to establish reasonable reserves based on generally accepted accounting principles for acquisitions, capital expenditures and other contingencies, such reserves to be funded with such portion of the revenues of the Company for any fiscal year as the Members may deem necessary or appropriate for that purpose.
Establishment of Reserve. At any time after the occurrence of an Event of Default (as defined in Section 12 hereof), KBK may, at its election, withhold and accumulate all or any portion of any Account Payment to maintain a reserve ("Reserve") or reduce the Availability Pool, in an amount that KBK, in its sole and absolute discretion, deems necessary to collect any Obligations which may become due by Seller to KBK. Funds may also be remitted to KBK as a Reserve pursuant to Section 2.6 hereof.
Establishment of Reserve. Tenant shall establish a reserve (“Reserve”) in an interest bearing reserve account (the “Reserve Account”) in a bank designated by Tenant and approved by Landlord. All interest earned on the Reserve shall be added to and remain a part of the Reserve. Such account shall be established in Landlord’s name and control for the benefit of Tenant and shall not include or contemplate “overdraft protection” and Tenant shall not request or attempt to draw or draft any funds which are not actually on deposit in such account. Both Tenant and Landlord shall be signatories on the Reserve Account, provided only one signature shall be required to withdraw funds and Landlord agrees that so long as Tenant is not in Default
Establishment of Reserve. The Bor- rower shall establish and maintain a replacement reserve to aid in funding extraordinary maintenance, and repair and replacement of capital items.
Establishment of Reserve. (a) If a Credit Rating Condition occurs (as defined in Section 7.1 of the Agreement), then Bank may establish a reserve (the “Reserve”) as set forth in this Schedule.
(b) If a Credit Rating Condition occurs, within [●] after a written request by Bank, Macy’s, Inc. shall fund an irrevocable standby letter of credit in a form reasonably acceptable to Bank that is from a financial institution (other than Bank or any of its Affiliates) with a “Bank Rating” of at least A- by Standard & Poor’s Ratings and at least A3 by Xxxxx’x Investors Service, or from Macy’s, Inc.’s consortium of banks (the “Consortium”) (a “Letter of Credit”), in an amount equal to [●] of [●]for the Reserve Measurement Period (the “LC Reserve Amount”). As of the Sixth Amendment Effective Date, the Consortium members [●] are [●]. Consortium members are subject to change. From time to time, upon Bank’s request, Macy’s Companies will provide to Bank the list of Consortium members.
(c) The Reserve shall be available to reimburse Bank for losses arising out of amounts owing from the Macy’s Companies to Bank with respect to [●] (collectively, “Credit Risk Exposures”) to the extent such amounts have not been paid by the Macy’s Companies and have not been recouped, set-off or otherwise deducted from amounts owed by Bank to the Macy’s Companies in accordance with this Agreement. Prior to drawing on the Reserve, Bank shall provide Macy’s Companies written notice of non-payment for information purposes only and shall be entitled to draw on the Reserve [●]any outstanding amounts that remain unpaid.
