Handback Reserve Account Sample Clauses

Handback Reserve Account. Prior to the Handback Period, the Section Developer shall create and fund a handback reserve account in which MDOT and MDTA will have a first priority security interest. The handback reserve account may be funded in cash or by posting a letter of credit meeting the requirements of the Section P3 Agreement. The amount to be deposited into the handback reserve account (or the amount of the letter of credit that must be posted) will be initially determined and subsequently adjusted based on the results of the annual inspections conducted during the last five years of the Term. If the Section Developer fails to fund the handback reserve account in the required amount, then MDOT may elect to redirect Toll Revenues to the handback reserve account in the amount of any shortfall. The Section Developer may only withdraw funds upon approval by MDOT and MDTA and only to pay for renewal work that was taken into account in the calculation of the required balance of the handback reserve account. At the end of the Term, MDOT or MDTA may withdraw funds from the handback reserve account or draw upon the letter of credit in the amount required to undertake any renewal work. The balance will be paid to the Section Developer. Part E –
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Handback Reserve Account. (a) The Handback Reserve Account shall established on or prior to the date required under the Project Agreement. The Handback Reserve Account shall be funded in an amount not to exceed the Handback Reserve Required Balance in accordance with clause “Eleventh” of Section 5.03(b) and the requirements of the Project Agreement. The Handback Reserve Account shall not constitute a Project Account and shall not be subject to the Security Interest of the Collateral Agent for the benefit of the Secured Parties.
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Handback Reserve Account. (a) Establishment and Security
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Handback Reserve Account. (a) In accordance with Section 5.18(c) of the Collateral Agency Agreement and the requirements of Section 4.4 of Schedule 12 to the Project Agreement, we request that $[ ] be withdrawn from the Handback Reserve Account and transferred as set forth in greater detail in Part J of the attached Schedule I.
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Handback Reserve Account. 9 Transfers to the Construction Account permitted only prior to the Substantial Completion Date.
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Handback Reserve Account 
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Related to Handback Reserve Account

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • 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.

  • Escrow Account 31.1.1 The Concessionaire shall, prior to the Appointed Date, open and establish an Escrow Account with a Bank (the “Escrow Bank”) in accordance with this Agreement read with the Escrow Agreement.

  • Special Account 1. For the purposes of this Schedule:

  • 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.

  • Reserve Funds Section 7.1.

  • Custodial Account Funds in any custodial accounts established by the Servicer and maintained in respect of the REMIC may be invested and, if invested, shall be invested in Eligible Investments selected by the Servicer which shall mature not later than the Business Day immediately preceding the next Remittance Date, and any such Eligible Investment shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the REMIC or its nominee. All income and gain realized from any such investment shall be, as long as the Servicer is servicing the Mortgage Loans held by the REMIC, for the benefit of the Servicer as additional compensation and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments shall be deposited in the relevant account by the Servicer out of its own funds immediately as realized. The foregoing requirements for deposit in such account are exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments of interest on funds in such account and, as long as the Servicer is servicing the Mortgage Loans held by the REMIC, payments in the nature of prepayment fees, late payment charges, assumption fees or any similar fees customarily associated with the servicing mortgage loans paid by any mortgagor need not be deposited by the Servicer in such account and may be retained by the Servicer as additional servicing compensation. If the Servicer deposits in such account any amount not required to be deposited therein, it may at any time withdraw such amount, any provision herein to the contrary notwithstanding.

  • Force Account The Change Order cost is accomplished by Force Account in the event the Contractor and Design Professional cannot agree on the cost of the Change Order or the cost cannot be reasonably determined prior to beginning the Work.

  • Settlement Account 4.1 The Scheduling Coordinator shall maintain at all times an account with a bank capable of Fed-Wire transfer to which credits or debits shall be made in accordance with the billing and Settlement provisions of Section 11 of the CAISO Tariff. Such account shall be the account as notified by the Scheduling Coordinator to the CAISO from time to time by giving at least 20 days written notice before the new account becomes operational, together with all information necessary for the CAISO's processing of a change in that account.

  • Escrow Accounts Subject to the terms of the related Deferred Servicing Agreement, Seller shall be entitled to withdraw funds from any Escrow Account related to a Deferred Servicing Agreement only for the purposes permitted in the applicable Servicing Agreement.

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