Material Increases to Assessments Sample Clauses

Material Increases to Assessments. Borrower (i) will use its best efforts to cause each Timeshare Association to (A) discharge its obligations under the Timeshare Program Governing Documents and (B) maintain a reasonable reserve for capital improvements to the Timeshare Project affiliated with such Timeshare Association. Borrower will pay the maintenance fees and assessments on its unsold Timeshare Interests related to the Timeshare Projects when due.
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Material Increases to Assessments. If Borrower has Knowledge or has reason to believe that an event (other than general changes in the economy) has occurred or could occur which could give rise to a material increase in assessments to cover the then current costs of operating the Time-Share Project and to establish and maintain a reasonable reserve for capital improvements to the Time-Share Project, it will notify Lender of the occurrence of such event.
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Material Increases to Assessments. A written notification to Lender if Borrower has knowledge that an event (other than general changes in the economy) has occurred which would give rise to a material increase in assessments to cover the then current costs of operation of a Timeshare Project and to establish and maintain a reasonable reserve for capital improvements to such Timeshare Project.
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Material Increases to Assessments. Borrower (i) will (A) discharge its obligations under the Time-Share Program Governing Documents and (B) maintain a reasonable reserve for capital improvements to the Time-Share Project to the extent and as required under the Operating Agreements and Time-Share Program Consumer Documents; and (ii) will pay not less often than once every twelve (12) months, the difference between (A) the cumulative total amount of the maintenance and operating expenses incurred in the operation and maintenance of the Time-Share Project, together with a reasonable reserve for capital improvements to the extent and as required under the Operating Agreements and Time-Share Program Consumer Documents; and the amount of any installment of real property taxes currently due and payable with respect to the Time-Share Project and related amenities, through the end of the calendar month preceding the month in which such payment is made and (B) the cumulative total amount of assessments payable to the Borrower, by owners (other than Borrower) of Time-Share Interests therein through the end of the calendar month preceding the month in which such payment is made.
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Material Increases to Assessments. Borrower (i) will use reasonable good faith efforts to cause the Time-Share Association to (A) discharge its obligations under the Time-Share Program Governing Documents and (B) maintain a reasonable reserve for capital improvements to the Time-Share Project; and (ii) so long as Borrower controls the Time-Share Association, will cause each such Time-Share Association to maintain a budget requiring the payment of dues and assessments which are designed, on an annual basis, to make available sufficient funds to adequately provide for the maintenance and operating expenses incurred by the Time-Share Association, together with a reasonable reserve for capital improvements and the amount of any installment of real property taxes currently due and payable with respect to the Time-Share Project and related amenities, and in the event that, as a result of unexpected contingencies, the amount budgeted in any given year fails to adequately provide for the foregoing, Borrower shall cause such Time-Share Association to take reasonable steps, either in the form of a special assessment or through an increase in the annual assessment for upcoming years, in order to make-up for any budgetary shortfalls.
Sample 1
Material Increases to Assessments. Borrower (i) will use its commercially reasonable efforts to cause each Time-Share Association to (A) discharge its obligations under the applicable Time-Share Program Governing Documents and (B) maintain a reasonable reserve for capital improvements to the applicable Time-Share Project; and (ii) so long as Borrower controls the Time-Share Association, will pay to such association as and when required of Borrower under the Time Share Program Governing Documents, the difference between (A) the cumulative total amount of the maintenance and operating expenses incurred by the Time-Share Association, together with a reasonable reserve for capital improvements and the amount of any installment of real property taxes currently due and payable with respect to the Time-Share Project and related amenities, and (B) the cumulative total amount of assessments payable to the Time-Share Association by owners (other than Borrower) of Time-Share Interests therein.
Sample 1
Material Increases to Assessments. Borrower (i) will use its best efforts to cause the Time-Share Association to (A) discharge its obligations under the Time-Share Program Governing Documents and (B) maintain a reasonable reserve for capital improvements to the Time-Share Project and (ii) so long as Borrower controls the Time-Share Association will pay to such association not less often than once every twelve (12) months, the difference between (A) the cumulative total amount of the maintenance and operating expenses incurred by the Time-Share Association, together with a reasonable reserve for capital improvements and the amount of any installment of real property taxes currently due and payable with respect to the Time-Share Project and related amenities, through the end of the calendar month preceding the month in which such payment is made and (B) the cumulative total amount of assessments payable to the Time-Share Association by owners (other than Borrower) of Time-Share Interests therein through the end of the calendar month preceding the month in which such payment is made.
Sample 1
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Material Increases to Assessments. Borrower (i) will use its best efforts to cause the Time-Share Associations to (A) discharge their respective obligations under the Time-Share Program Governing Documents and (B) maintain a reasonable reserve for capital improvements to the Component Sites for which they have been formed; and (ii) so long as Borrower controls a Time-Share Association, will pay to such association not less often than once every twelve (12) months, the difference between (A) the cumulative total amount of the maintenance and operating expenses incurred by such Time-Share Association, together with a reasonable reserve for capital improvements and the amount of any installment of real property taxes currently due and payable with respect to the Real Property and related amenities, through the end of the calendar month preceding the month in which such payment is made and (B) the cumulative total amount of assessments payable to such Time-Share Association by owners (other than Borrower) of Time-Share Interests who are members of such Time-Share Association through the end of the calendar month preceding the month in which such payment is made.
Sample 1
Material Increases to Assessments. Borrower (i) will (A) cause to be discharged all of its Affiliates' obligations under the Time-Share Program Governing Documents and (B) cause to be maintained a reasonable reserve for capital improvements to the each Time-Share Project to the extent and as required under the Operating Agreements and Time-Share Program Consumer Documents; and (ii) will cause to be paid not less often than once every twelve (12) months, the difference between (A) the cumulative total amount of the maintenance and operating expenses incurred in the operation and maintenance of each Time-Share Project, together with a reasonable reserve for capital improvements to the extent and as required under the Operating Agreements and Time-Share Program Consumer Documents; and the amount of any installment of real property taxes currently due and payable with respect to each Time-Share Project and related amenities, through the end of the calendar month preceding the month in which such payment is made and (B) the cumulative total amount of assessments payable to that Affiliate of Borrower who owns the applicable Time-Share Project, by owners (other than such Affiliate) of Time-Share Interests therein through the end of the calendar month preceding the month in which such payment is made.
Sample 1

Related to Material Increases to Assessments

  • Environmental Assessments Foreclose on or take a deed or title to any commercial real estate without first conducting a Phase I environmental assessment of the property or foreclose on any commercial real estate if such environmental assessment indicates the presence of a Hazardous Substance in amounts which, if such foreclosure were to occur, would be material.

  • Additional Compliance If any Proposed Key Holder Transfer is not consummated within forty-five (45) days after receipt of the Proposed Transfer Notice by the Company, the Key Holders proposing the Proposed Key Holder Transfer may not sell any Transfer Stock unless they first comply in full with each provision of this Section 2. The exercise or election not to exercise any right by any Investor hereunder shall not adversely affect its right to participate in any other sales of Transfer Stock subject to this Section 2.2.

  • Environmental Reports Lender shall have received an environmental report in respect of the Property, in each case reasonably satisfactory to Lender.

  • Annual Assessments of Compliance By March 15 of each year, commencing in March 2008, the Master Servicer, the Trust Administrator, the Modification Oversight Agent and each Servicer, each at its own expense, shall furnish or otherwise make available, and each such party shall cause any Servicing Function Participant engaged by it to furnish or otherwise make available, each at its own expense, to the Trust Administrator, the Trustee and the Depositor, a report on an assessment of compliance with the Relevant Servicing Criteria (an “Assessment of Compliance”) that contains (A) a statement by such party of its responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such party used the Relevant Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such party’s assessment of compliance with the Relevant Servicing Criteria as of and for the fiscal year covered by the Form 10-K required to be filed pursuant to Section 13.03, including, if there has been any material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered public accounting firm has issued an Accountant’s Attestation on such party’s Assessment of Compliance with the Relevant Servicing Criteria as of and for such period. No later than the end of each fiscal year for the Trust for which a 10-K is required to be filed, each Servicer and the Master Servicer shall each forward to the Trust Administrator the name of each Servicing Function Participant engaged by it and what Relevant Servicing Criteria will be addressed in the Assessment of Compliance prepared by such Servicing Function Participant (provided, however, that the Master Servicer need not provide such information to the Trust Administrator so long as the Master Servicer and the Trust Administrator are the same person). When the Master Servicer, the Modification Oversight Agent and each Servicer (or any Servicing Function Participant engaged by them) submit their Assessments of Compliance to the Trust Administrator, such parties will also at such time include the Assessments of Compliance (and Accountant’s Attestation), pursuant to Section 13.08, of each Servicing Function Participant engaged by it. Promptly after receipt of each Assessment of Compliance, (i) the Depositor shall review each such report and, if applicable, consult with the Master Servicer, the Trust Administrator, a Servicer, a Custodian and any Servicing Function Participant engaged by such parties as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria by each such party, and (ii) the Trust Administrator shall confirm that the Assessments of Compliance, taken individually, address the Relevant Servicing Criteria for each party as set forth on Exhibit Q and on any similar exhibit set forth in each Designated Servicing Agreement in respect of each Designated Servicer and notify the Depositor of any exceptions. None of such parties will be required to deliver any such assessments until March 30 in any given year so long as it has received written confirmation from the Depositor that a Form 10-K is not required to be filed in respect of the Trust for the preceding calendar year. The Master Servicer shall include all Assessments of Compliance received by it from the Servicers with its own Assessment of Compliance to be submitted to the Trust Administrator pursuant to this Section. In the event the Master Servicer, the Trust Administrator or any Servicing Function Participant engaged by any such party is terminated, assigns its rights and obligations under or resigns pursuant to, the terms of this Agreement, or any other applicable agreement, as the case may be, such party shall provide an Assessment of Compliance pursuant to this Section 13.07, or to such other applicable agreement, notwithstanding any termination, assignment or resignation. The Master Servicer shall enforce any obligation of the Designated Servicers and the Custodians, to the extent set forth in the related Designated Servicing Agreement or Custodial Agreement, as applicable, to deliver to the Master Servicer an Assessment of Compliance within the time frame set forth in, and in such form and substance as may be required pursuant to, the related Designated Servicing Agreement or Custodial Agreement, as applicable. The Master Servicer shall include such Assessment of Compliance with its own Assessment of Compliance to be submitted to the Trust Administrator and the Trustee pursuant to this Section. Notwithstanding anything to the contrary in this Section, Xxxxx Fargo, in its capacity as a Servicer shall deliver its Assessment of Compliance to the Master Servicer (only so long as Xxxxx Fargo is the Master Servicer) who in turn will forward such items to the appropriate parties.

  • Governmental Reports Borrower will furnish to the Agent, upon the reasonable request of the Agent, copies of the reports of examinations or inspections of Borrower and its consolidated subsidiaries by all Governmental Authorities, and if Borrower fails to furnish such copies to the Agent, Borrower authorizes all such Government Authorities to furnish to the Agent copies of their reports of examinations or inspections of Borrower and its consolidated subsidiaries.

  • Environmental Assessment In connection with its surrender of the Premises, Tenant shall submit to Landlord, at least fifteen (15) days prior to the expiration date of this Lease (or in the event of an earlier termination of this Lease, as soon as reasonably possible following such termination), an environmental Assessment of the Premises by a competent and experienced environmental engineer or engineering firm reasonably satisfactory to Landlord (pursuant to a contract approved by Landlord and providing that Landlord can rely on the Environmental Assessment). If such Environmental Assessment reveals that remediation or Clean-up is required under any Environmental Laws that Tenant is responsible for under this Lease, Tenant shall submit a remediation plan prepared by a recognized environmental consultant and shall be responsible for all costs of remediation and Clean-up, as more particularly provided in Section 5.3, above.

  • Environmental Site Assessments Upon request by Landlord during the Term of this Lease, prior to the exercise of any renewal Term and/or prior to vacating the Premises, Tenant will obtain and submit to Landlord an environmental site assessment from an environmental consulting company reasonably acceptable to Landlord.

  • Environmental Audits From time to time, as requested by Lender, at the sole expense of Borrower, Borrower shall provide Lender, or its designee, complete access to all of Borrower's facilities for the purpose of conducting an environmental audit of such facilities as Lender or its designees may deem necessary. Borrower agrees to cooperate with Lender with respect to any environmental audit conducted by Lender or its designee pursuant to this Section 5.10.

  • Governmental Compliance The Tenant Improvements shall comply in all respects with the following: (i) the Code and other state, federal, city or quasi-governmental laws, codes, ordinances and regulations, as each may apply according to the rulings of the controlling public official, agent or other person; (ii) applicable standards of the American Insurance Association (formerly, the National Board of Fire Underwriters) and the National Electrical Code; and (iii) building material manufacturer’s specifications.

  • Environmental Compliance The Borrower and its Subsidiaries conduct in the ordinary course of business a review of the effect of existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof the Borrower has reasonably concluded that such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

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