LEASE RESERVE FUND Sample Clauses

LEASE RESERVE FUND. As security for the timely and faithful performance by Tenant of each and every one of Tenant's obligations under this Lease, Tenant shall, on the Commencement Date and thereafter as provided in Section 3.1 of the Security Agreement, create and maintain the Lease Reserve Fund referred to in Section 3.1 of the Security Agreement in an amount equal to six months Initial Base Rent (the "Lease Reserve Fund"). Notwithstanding any contrary provision of this Section 29.3(c), Tenant shall maintain the Lease Reserve Fund in a reduced amount equal to the amount of the Initial Base Rent for three months, if, for each of the four consecutive full calendar quarters most recently completed (during the Term), (i) (x) Tenant's Cash Flow is at least 1.75 times (y) Total Rent, (ii) Guarantors' Cash Flow is at least 2.5 times Fixed Charges, and (iii) Guarantors have maintained a tangible net worth of at least $5,000,000, all as reflected in financial statements prepared in accordance with generally accepted accounting principals as set forth in an Officer's Certificate delivered not later than sixty (60) days after the end of such most recent quarter. Such Officer's Certificate shall be accompanied by an appropriate cash flow statement and a compilation report thereon, without material qualification, of Tenant's independent public accountants. If Tenant delivers financial information to Landlord pursuant to Section 24.2 hereof which indicates that Tenant has failed to maintain the financial conditions therein and herein for the most recent period of two consecutive calendar quarters, Tenant shall within ten (10) business days reinstate the Lease Reserve Fund to the full amount of six months Initial Base Rent, and Tenant's failure so to do shall be deemed an immediate Event of Default
Sample 1
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LEASE RESERVE FUND. As security for the timely and faithful performance by Tenant of each and every one of Tenant's obligations under this Lease, Tenant shall, on the Commencement Date and thereafter as provided in Section 3.1 of the Security Agreement, create and maintain the Lease Reserve Fund referred to in Section 3.1 of the Security Agreement in an amount equal to six months Initial Base Rent (the "Lease Reserve Fund"). Notwithstanding any contrary provision of this Section 29.3(c), Tenant shall maintain the Lease Reserve Fund in a reduced amount equal to the amount of the Initial Base Rent for three months, if, for each of the four consecutive full calendar quarters most recently completed (during the Term), (i) (x) Tenant's Cash Flow is at least 1.75 times (y) Total Rent, (ii) Guarantors' Cash Flow is at least 2.5 times Fixed Charges, and (iii) Guarantors have maintained a tangible net worth of at least $5,000,000, all as reflected in financial statements prepared in accordance with generally accepted accounting principals as set forth in an Officer's Certificate delivered not later than sixty (60) days after the end of such most recent quarter. Such Officer's Certificate shall be accompanied by an appropriate cash flow statement and a compilation report thereon, without material qualification, of Tenant's independent public accountants. If
Sample 1
LEASE RESERVE FUND. There is hereby established a Lease Reserve Fund into which the Trustee shall deposit such amounts as are required to be deposited therein pursuant to Section 509 of the Loan Agreement. Moneys in the Lease Reserve Fund shall be applied (to the extent necessary) upon the written direction of the Borrower to pay Rent (as defined in the Lease) and other amounts due under the Lease. Moneys remaining in the Lease Reserve Fund after the expiration of the Lease shall be returned to the Borrower pursuant to the Loan Agreement.
Sample 1

Related to LEASE RESERVE FUND

  • 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.

  • Debt Service Reserve Account The Debt Service Reserve Account shall have been funded (or credited with funds), to the extent required, in an amount equal to the Debt Service Reserve Required Amount in accordance with the Depositary Agreement.

  • Reserve Funds Section 7.1.

  • Interest Reserve Account The Certificate Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2018) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2018), the Certificate Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

  • Replacement Reserve Fund Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the "REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area. Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property. Any amount held in the Replacement Reserve Account and allocated for the Property shall be retained by Lender in an interest bearing account, or, at the option of Lender, in an Eligible Account at an Eligible Institution; PROVIDED, HOWEVER, that, any interest earned on said account shall accrue in said account for the benefit of Borrower, but shall remain in and constitute part of the Replacement Reserve Fund, and shall be disbursed in accordance with the terms hereof. Notwithstanding anything to the contrary in this Section 7.3, Borrower shall not be required to make Replacement Reserve Monthly Deposits, provided that: (i) no Event of Default shall have occurred; and (ii) Borrower makes all necessary Replacements and otherwise maintains the Property to Lender's satisfaction. Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements or otherwise maintain the Property to Lender's satisfaction, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.

  • 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.

  • Carryover Reserve Fund (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Certificates, the Carryover Reserve Fund and shall deposit $1,000 therein. The Carryover Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement.

  • Basis Risk Reserve Fund (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Certificates, the Basis Risk Reserve Fund. The Basis Risk Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement.

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • 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;

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