Excess Cash Flow Reserve Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the deposit of amounts required to be deposited therein in accordance with Section 3.2(b)(v) (the “Excess Cash Flow Reserve Account”).
(b) Provided that no Event of Default is then continuing, Lender shall release to the Cash Management Account all amounts then contained in the Excess Cash Flow Reserve Account on the first Payment Date after Borrower delivers to Lender evidence reasonably satisfactory to Lender establishing that no Trigger Period is then continuing. Such a release shall not preclude the subsequent commencement of a Trigger Period and the deposit of amounts into the Excess Cash Flow Reserve Account as set forth in Section 3.2(b)(v).
Excess Cash Flow Reserve Account. During any Cash Management Period, all Excess Cash Flow shall be collected by Administrative Agent for the ratable benefit of the Lenders and all such amounts shall be held by Administrative Agent as additional security for the Loan (the account in which such amounts are held, the “Excess Cash Flow Reserve Account”) and shall be applied in accordance with Section 5.1.6 hereof. Upon the occurrence of a Cash Management Termination Event with respect to any Cash Management Period, any amounts remaining in the Excess Cash Flow Reserve Account shall be released to Borrower. If an Event of Default has occurred and remains outstanding, then Administrative Agent shall apply such funds as determined by Administrative Agent. Any Excess Cash Flow remaining on deposit in the Excess Cash Flow Reserve Account upon the satisfaction in full of the Debt (exclusive of any indemnification or other obligations which are expressly stated in any of the Loan Documents to survive the satisfaction of the Note(s) in full, shall be disbursed to Mezzanine Administrative Agent for application in accordance with the Mezzanine Loan Documents, or if the Mezzanine Loan shall no longer be outstanding, to Borrower. Notwithstanding anything to the contrary contained herein, Borrower shall not be entitled to receive any disbursements of amounts on deposit in the Excess Cash Flow Reserve Account as long as any portions of the TI/LC Allocation, the Hotel Unit Work Allocation and/or the Interest/OpEx Allocation remain to be advanced by Lenders hereunder.
Excess Cash Flow Reserve Account. (a) Lender will maintain an Eligible Account (which may be a book-entry subaccount) for the deposit of amounts required to be deposited therein in accordance with Section 3.2(b) (the “Excess Cash Flow Reserve Account”).
(b) Provided that no Event of Default is then continuing, Lender shall release to the Cash Management Account (x) with respect to the cessation of a Full Trigger Period (provided that a Partial Trigger Period is then continuing), fifty percent (50%) of all amounts then contained in the Excess Cash Flow Reserve Account and (y) with respect to the cessation of a Partial Trigger Period (provided that no Full Trigger Period is continuing), one hundred percent (100%) of all amounts then contained in the Excess Cash Flow Reserve Account, in each case, within five (5) Business Days after Borrower delivers to Lender evidence reasonably satisfactory to Lender establishing that no such applicable Trigger Period is then continuing. Such a release shall not preclude the subsequent commencement of a Trigger Period and the deposit of amounts into the Excess Cash Flow Reserve Account as set forth in Section 3.2(b).
(c) Any funds remaining on deposit in the Excess Cash Flow Reserve Account after the Indebtedness has been paid in full shall be paid to or upon the direction of Borrower pursuant to the Irrevocable Redirection Letter.
Excess Cash Flow Reserve Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the deposit of amounts required to be deposited therein in accordance with Section 3.2(b)(vii) as a result of the commencement of a "Trigger Period" for any events other than a Belks Trigger Event (the "Excess Cash Flow Reserve Account").
(b) Provided that no Event of Default is then continuing, Lender shall release to the Cash Management Account all amounts then contained in the Excess Cash Flow Reserve Account on the first Payment Date after Borrower delivers to Lender evidence reasonably satisfactory to Lender establishing that no Trigger Period is then continuing. Such a release shall not preclude the subsequent commencement of a Trigger Period and the deposit of amounts into the Excess Cash Flow Reserve Account as set forth in Section 3.2(b)(vii).
Excess Cash Flow Reserve Account. (a) On or prior to the Closing Date, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the deposit of amounts required to be deposited therein in accordance with Section 3.2(b)(vi) (the “Excess Cash Flow Reserve Account”).
(b) If a Trigger Period shall be continuing such that amounts are on deposit in the Excess Cash Flow Reserve Account, upon the request of Borrower at any time that no Event of Default is continuing (but not more often than twice per calendar month), Lender shall cause disbursements to Borrower from the Excess Cash Flow Reserve Account to pay, or reimburse Borrower for Tenant Improvements, Leasing Commissions and/or Capital Expenditures, in each case, subject to Lender’s approval thereof and (x) in the case of Tenant Improvements and Leasing Commissions, satisfaction of the conditions set forth in Section 3.5(c)(i), (ii) and (iii) with respect to such Tenant Improvements and/or Leasing Commissions and (y) in the case of Capital Expenditures, satisfaction of the conditions set forth in Section 3.6(c)(i), (ii) and (iii) with respect to such Capital Expenditures.
(c) Provided that no Event of Default is then continuing, Lender shall release to the Cash Management Account all amounts then contained in the Excess Cash Flow Reserve Account on the first Payment Date after Borrower delivers to Lender evidence reasonably satisfactory to Lender establishing that no Trigger Period is then continuing. Such a release shall not preclude the subsequent commencement of a Trigger Period and the deposit of amounts into the Excess Cash Flow Reserve Account as set forth in Section 3.2(b)(vi).
Excess Cash Flow Reserve Account. 16.9.1 During the continuance of a Cash Sweep Period, all Excess Cash Flow distributed to Lender pursuant to the Cash Management Agreement shall be deposited and held by Lender in the Excess Cash Flow Reserve Account. Amounts so deposited shall herein be referred to as Borrower’s “Excess Cash Flow Reserve Amount”, and unless expended or applied in accordance herewith, shall constitute additional security for the Indebtedness. Upon the earlier of (a) the occurrence of a Cash Sweep Event Cure and (b) the payment in full of the Indebtedness in accordance with the terms and provisions of the Loan Documents, the Excess Cash Flow Reserve Amount shall be promptly paid by Lender to Borrower and/or Maryland Owner, free and clear of the Lien of the Security Instrument or any other Loan Documents, and shall then be distributable by Borrower and/or Maryland Owner.
Excess Cash Flow Reserve Account. (a) Borrower shall cause Mortgage Borrower to comply with all the terms and conditions set forth in Section 7.5 of the Closing Date Mortgage Loan Agreement.
(b) In the event that, prior to the payment and performance in full of all obligations of Borrower under the Loan Documents (i) Mortgage Borrower is required to maintain the Excess Cash Flow Reserve Account pursuant to the terms of Section 7.5 of the Closing Date Mortgage Loan Agreement, but Mortgage Lender waives such requirement, or (ii) the Mortgage Loan has been repaid in full, (A) Lender shall have the right to require Borrower to establish and maintain an reserve account that would operate in the same manner as the Excess Cash Flow Reserve Account pursuant to Section 7.5 of the Closing Date Mortgage Loan Agreement, and (B) the provisions of Section 7.5 of the Closing Date Mortgage Loan Agreement and all related definitions shall be incorporated herein by reference.
Excess Cash Flow Reserve Account. (a) Deposits to the Excess Cash Flow Reserve Account. Beginning on the third (3rd) Payment Due Date and at three (3) month intervals thereafter (each such date, a "PERFORMANCE TEST DATE") the Property will be required to achieve a Debt Service Coverage Constant Ratio of 1.00 to 1.00 (the "PERFORMANCE CRITERIA"), as determined by Lender with respect to the twelve (12) month period immediately preceding the applicable Performance Test Date. In the event the Property fails to meet the Performance Criteria on the applicable Performance Test Date, Lender shall provide to Borrower written notice of such failure and beginning on such Performance Test Date, in addition to the interest payments required pursuant to Section 2.03 hereof, on each Payment Due Date following such notice, Borrower shall pay to Lender for deposit in the Excess Cash Flow Reserve Account all Excess Cash Flow from the Property, or all Excess Cash Flow shall be deposited into the Excess Cash Flow Reserve Account in accordance with the provisions of Section 6.02(e) of the Lockbox Agreement, as applicable, until the Property meets the Performance Criteria on any following Performance Test Date. Together with each payment required under this Section 4.09(a), Borrower shall provide to Lender evidence reasonably satisfactory to Lender of the calculation of Excess Cash Flow due on such Payment Due Date, together with any necessary supporting information.
Excess Cash Flow Reserve Account. (a) Lender will maintain an Eligible Account (which may be a book-entry subaccount) for the deposit of amounts required to be deposited therein in accordance with Section 3.2(a) (the “Excess Cash Flow Reserve Account”).
(b) Provided that no Event of Default is then continuing, Lender shall release to the Cash Management Account all amounts then contained in the Excess Cash Flow Reserve Account on the first Payment Date after Borrower delivers to Lender evidence reasonably satisfactory to Lender establishing that no Trigger Period is then continuing to the extent that such amounts, together with the amounts then contained in the TI/LC Reserve Account, exceed the aggregate amount of then outstanding Leasing Commissions and Tenant Improvement costs. Such a release shall not preclude the subsequent commencement of a Trigger Period and the deposit of amounts into the Excess Cash Flow Reserve Account as set forth in Section 3.2(a). 54 [AM_ACTIVE 400655008_12]
Excess Cash Flow Reserve Account
