O&M Reserve Account Sample Clauses

O&M Reserve Account. The Borrower and the Security Agent have established with the Securities Intermediary an account entitled the “Stetson O&M Reserve Account” (account number 0000000) (the “O&M Reserve Account”). Unless an Event of Default exists and is continuing, Administrative Agent, as beneficiary under the O&M Reserve LC, shall make a draw under the O&M Reserve LC to the extent necessary in the event that the amounts on deposit in the Revenue Account are at any applicable time insufficient for the purpose set forth in Section 6(b)(1). All proceeds of Drawing Payments in respect of the O&M Reserve LC shall be deposited in the O&M Reserve Account. Funds on deposit in the O&M Reserve Account shall be used as and to the extent necessary in the event that the amounts on deposit in the Revenue Account are at any time insufficient for the purpose set forth in Section 6(b)(1). In the event that upon the repayment of any O&M Reserve LC Loan and reinstatement of the Stated Amount of the O&M Reserve LC, the effect of which is that the aggregate sum of such reinstated Stated Amount and amount of funds on deposit in the Debt Service Reserve Account exceeds the O&M Reserve Requirement, then such excess amount shall be transferred to the Revenue Account to be applied pursuant to Section 6(b). Funds on deposit in the O&M Reserve Account may be transferred at Borrower’s request to be applied as an Optional Prepayment in connection with an AIMCO Prepayment.
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O&M Reserve Account. (a) The O&M Reserve Account shall be funded in an amount not to exceed the O&M Reserve Required Balance in accordance with the terms of [Section 16(m)(iii) of the TIFIA Loan Agreement and clause “Tenth” of Section 5.03(b). Any amounts on deposit in the O&M Reserve Account in excess of the O&M Reserve Required Balance shall, subject to Section 5.11(d) and Section 5.22(d), be transferred to the Revenue Account to be applied, on the next succeeding Monthly Transfer Date, pursuant to Section 5.03(b).
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O&M Reserve Account. (a) In accordance with Section 5.11(c) of the Collateral Agency Agreement, we request that $[ ] be withdrawn from the O&M Reserve Account and transferred as set forth in greater detail in Part C of the attached Schedule I for the payment of Operations and Maintenance Expenses.8
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O&M Reserve Account. (a) The Borrower and the Collateral Agent have established with the Securities Intermediary an account entitled the “O&M Reserve Account” (account number 359681681664) (the “O&M Reserve Account”). No later than the Closing Date, the Borrower shall deposit or cause to be deposited into the O&M Reserve Account (through the delivery to the Collateral Agent of the OMR Letter of Credit, from the Revenue Account 57 FINANCING AGREEMENT (XXXXX XX & V) pursuant to Section 7.3(b) or otherwise) an amount equal to the O&M Reserve Requirement calculated as of the Closing Date. On each Scheduled Payment Date thereafter, the Collateral Agent or the Administrative Agent shall instruct the Securities Intermediary (i) if the funds on deposit in the O&M Reserve Account are less than the O&M Reserve Requirement for the next six (6) month period commencing on such Scheduled Payment Date, to transfer from the Revenue Account to the O&M Reserve Account, from the funds remaining in the Revenue Account after application of funds in accordance with Section 7.3(b), an amount which, together with the funds on deposit in the O&M Reserve Account, equals the O&M Reserve Requirement then in effect with respect to such Scheduled Payment Date, and (ii) if the funds on deposit in the O&M Reserve Account are greater than the O&M Reserve Requirement for such period, to transfer such excess from the O&M Reserve Account to the Revenue Account for application in accordance with Section 7.3(b).
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O&M Reserve Account. (a) Deposits to O&M Reserve Account. Any amounts transferred from the Operating Account pursuant to Section 4.02(b)(vii)(B) shall be deposited by Depository Bank into the O&M Reserve Account pursuant to an Executed Withdrawal/Transfer Certificate delivered by Borrower.
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O&M Reserve Account 
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Related to O&M 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.

  • Disbursements from Replacement Reserve Account (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any).

  • 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.

  • 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;

  • 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.

  • Debt Service Reserve Account Borrower shall fund and maintain a debt service reserve in the Debt Service Reserve Account, in an amount equal to twelve (12) monthly payments of principal and interest on the Term Loan as determined from time to time by the Lender (the “Debt Service Reserve Amount”). Beginning with the first fiscal year end after the Effective Date, and at each fiscal year end thereafter, until such time as the balance in the Debt Service Reserve Account is equal to or greater than the Debt Service Reserve Amount, one hundred percent (100%) of Excess Cash Flow shall be deposited in the Debt Service Reserve Account by Borrower within 120 days of each fiscal year end. The balance held in the Debt Service Reserve Account shall earn interest at the rate determined by the Lender from time to time. If at any time after the Debt Service Reserve Amount has been fully funded by the Borrower the balance in the Debt Service Reserve Account is less than sixty-seven percent (67.0%) of the applicable Debt Service Reserve Amount, the Borrower shall, within sixty (60) days after receipt of notice from the Lender as provided herein, deposit in the Debt Service Reserve Account an amount sufficient to restore the balance in the Debt Service Reserve Account to an amount not less than the Debt Service Reserve Amount; provided, however, Borrower shall not be required to make a deposit in the Debt Service Reserve Account to the extent that such a deposit would exceed one hundred percent (100%) of Excess Cash Flow, calculated based upon unaudited monthly financial statements required by Section 5.01(c)(ii) of this Agreement for the month ending immediately prior to receipt of notice from the Lender. In the event that Borrower is not required to fully restore the balance in the Debt Service Reserve Account pursuant to the foregoing sentence, Borrower shall at the earliest possible date thereafter, to the extent of Excess Cash Flow determined on unaudited monthly financial statements required by Section 5.01(c)(ii) of this Agreement or audited financial statements required by Section 5.01(c)(i) of this Agreement, as applicable, deposit in the Debt Service Reserve Account such additional amounts as will restore the balance in the Debt Service Reserve Account to an amount not less than the Debt Service Reserve Amount. As and when any of the Loan Obligations are past due, after any applicable grace periods have expired, under any Loan Document, Lender, in its sole discretion, may withdraw from the Debt Service Reserve Account the amount of the then past due Loan Obligations and apply such amounts to the payment of the past due Loan Obligations. Notwithstanding the foregoing sentence, if an Event of Default has occurred and is continuing under the Loan Documents, the Lender may, after any applicable grace periods have expired, withdraw amounts in the Debt Service Reserve Account, in its sole discretion, and apply such amounts to the payment of the Loan Obligations in such order and manner as Lender shall determine in its sole discretion. Withdrawals by the Lender of any amounts from the Debt Service Reserve Account to pay any Loan Obligations as provided in this Section 2.14 may be made without the requirement of any consent by or notice to the Borrower, provided that Lender shall provide to Borrower notice that such withdrawal was made within a reasonable time thereafter. Borrower recognizes and acknowledges that its obligation to pay the Loan Obligations are absolute and unconditional and it is not dependent upon sufficient deposits in the Debt Service Reserve Account being available to make payment on any Loan Obligations, and nothing herein shall be construed to negate or modify the Borrower’s absolute and unconditional obligation to pay the Loan Obligations in accordance with the terms and conditions of this Agreement and the Loan Documents. Borrower shall execute and deliver to the Lender any and all deposit account control agreements the Lender may reasonably request in accordance with the terms and conditions of the Loan Documents, and take all actions and deliver all documents the Lender may reasonably request or require to perfect the Lender’s security interest in the Debt Service Reserve Account, in accordance with the terms and conditions of the Loan Documents.

  • Reserve Account Property (i) The Reserve Account and all proceeds thereof (other than the Investment Earnings thereon) including all cash, investments, investment property and other amounts held from time to time in the Reserve Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities, Financial Assets or otherwise) and (ii) the Reserve Account Deposit and all proceeds thereof (other than the Investment Earnings thereon).

  • 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 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.

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