PIP Reserve Funds Sample Clauses

PIP Reserve Funds. (a) Borrower shall deposit into an Eligible Account held by Lender or Lender’s agent (the “PIP Reserve Account”) (i) on the Closing Date, $0 for the applicable Individual Properties specified on Schedule 9.9 for the remaining 2018 budgeted costs of the Scheduled PIPs and (ii) unless Guarantor has provided a PIP Guaranty, on (y) the date that any PIP other than the Scheduled PIP, including, without limitation, any PIP relating to a Replacement Management Agreement and/or Replacement Franchise Agreement (the “New PIP”) is imposed by a Franchisor or Manager, the PIP Required Deposit for such New PIP and (z) on the first Business Day of each calendar year thereafter, an amount equal to the PIP Required Deposit (any such deposits to the PIP Reserve Account described in clauses (i) and (ii) above shall hereinafter be referred to, collectively, as the “PIP Reserve Deposits”. Amounts held in the PIP Reserve Account are herein referred to as the “PIP Reserve Funds”. In lieu of making any of the PIP Reserve Deposits in cash, Borrower shall be entitled to, at its option, deposit with Lender a Letter of Credit in the amount of such applicable PIP Reserve Deposit. The aggregate amount of PIP Reserve Funds and the notional amount of any such Letter of Credit delivered for any PIP Reserve Deposits shall not exceed the remaining cost of any PIP as reasonably determined by Lender, and any such excess shall be promptly released to Borrower or, in the case of a Letter of Credit, the amount thereof shall be reduced.
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PIP Reserve Funds. (a) Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “PIP Reserve Account”) (i) on the Closing Date, the sum of . $2,206,099.00 on account of the Scheduled PIP, and (ii) on the date that any New PIP is imposed by the Franchisor pursuant to the Franchise Agreement, an amount equal to one hundred twenty-five percent (125%) of the sum required to pay for such New PIP. Amounts held in the PIP Reserve Account are herein referred to as the “PIP Reserve Funds”.
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PIP Reserve Funds. Borrower shall deposit with Lender the amount of any required PIP (the “PIP Reserve Account”). Amounts deposited pursuant to this Section 8.7 are referred to herein as the “PIP Funds”. PIP Funds shall be disbursed in accordance with the procedures for disbursing FF&E Funds set forth in Section 8.8. below.
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PIP Reserve Funds. (i) Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “PIP Reserve Account”) (1) on the Closing Date, the sum of $383,676 on account of the Scheduled PIP and (2) the applicable PIP Deposit (less any amounts Lender confirms will be transferred from the Excess Cash Flow Account to the PIP Reserve Account in accordance with the applicable terms and conditions hereof) (A) in the case of any existing or renewal Franchise Agreement, prior to the effective date that any PIP (other than the Scheduled PIP) is imposed thereunder and (B) in the case of any new Franchise Agreement, on or prior to the date such new Franchise Agreement is executed and delivered. Additionally, if, at any time, Lender determines that amounts on deposit in the PIP Reserve Account will be insufficient to pay the then estimated costs for any PIP Work (as estimated by Lender in its reasonable discretion after taking into account any portion thereof with respect to which Lender has received satisfactory evidence that same has previously been performed and paid for by Borrower in accordance with the terms hereof and the related Franchise Agreement), Borrower shall make a True Up Payment with respect to such insufficiency into the PIP Reserve Account. Notwithstanding anything to the contrary contained herein, unless otherwise agreed to by Lender in writing, no disbursement of PIP Reserve Funds shall be made hereunder until such True Up Payment is made. As used herein, “
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PIP Reserve Funds. (g) Borrower shall deposit into an Eligible Account held by Lender or Lender’s agent (the “PIP Reserve Account”) on the Closing Date, the sum of $6,359,709.00 for the completion of the budgeted PIP Work for 2015 under the Scheduled PIPs. Thereafter, on the first Payment Date of each calendar year or on the first Payment Date following the imposition by Franchisor or Manager, as applicable, of any PIP relating to a Replacement Management Agreement (or Extended Replacement Management Agreement) and/or Replacement Franchise Agreement (or Extended Replacement Franchise Agreement) (the “New PIP”) or Franchisor’s or Manager’s, as applicable, agreement to change any then-existing PIP (including any Scheduled PIP), as applicable, if the then outstanding Aggregate PIP Work Costs (inclusive of costs and expenses related to any Scheduled PIP and New PIP) is equal to or greater than $20,000,000.00 (the “PIP Threshold”), Borrower shall deposit with Lender an amount equal to the unreserved portion of the PIP Required Deposit for such calendar year. Notwithstanding anything contained herein to the contrary, in the event that Guarantor fails to satisfy the Minimum Net Worth Requirement, Borrower shall (i) deposit or cause to be deposited into the PIP Reserve Account an amount equal to one hundred percent (100%) of the then-outstanding unreserved Aggregate PIP Work Costs (inclusive of costs and expenses related to any Scheduled PIP and New PIP) or (ii) cause a Replacement Guarantor to deliver to Lender a substitute PIP Guaranty in the form of the PIP Guaranty delivered to Lender on the Closing Date. If at any time, the then-outstanding Aggregate PIP Work Costs equal or exceed ten percent (10%) of the then-outstanding principal balance of the Loan, upon request of Lender, Borrower shall deliver, at Borrower’s sole cost and expense, a New Non-Consolidation Opinion. If the Borrower is unable to deliver a New Non-Consolidation Opinion in accordance with the immediately preceding sentence, Borrower shall deposit into the PIP Reserve Account an amount equal to the amount by which the then-outstanding Aggregate PIP Work Costs equal or exceed ten percent (10%) of the then-outstanding principal balance of the Loan. Amounts held in the PIP Reserve Account are herein referred to as the “PIP Reserve Funds”.
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PIP Reserve Funds. 62 Section 4.6 [Intentionally Omitted] ............................................................................ 64 Section 4.7 Tax and Insurance Reserve Funds ........................................................... 64 Section 4.8 The Accounts Generally .......................................................................... 66 ARTICLE 5.
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PIP Reserve Funds. (a)Borrower shall deposit into an Eligible Account held by Lender or Servicer (the “PIP Reserve Account”) the applicable PIP Deposit (A) in the case of any existing or renewal Franchise Agreement, prior to the effective date that any PIP is imposed thereunder and (B) in the case of any new Franchise Agreement, on or prior to the date such new Franchise Agreement is executed and delivered. Additionally, if, at any time, Lender determines that amounts on deposit in the PIP Reserve Account will be insufficient to pay the then estimated costs for any PIP Work (as estimated by Lender in its reasonable discretion after taking into account any portion thereof with respect to which Xxxxxx has received satisfactory evidence that same has previously been performed and paid for by Borrower in accordance with the terms hereof and the related Franchise Agreement), Borrower shall make a True Up Payment with respect to such insufficiency into the PIP Reserve Account. As used herein, “
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PIP Reserve Funds. [See Attached]
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Related to PIP Reserve Funds

  • Reserve Funds Section 7.1.

  • 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.

  • 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.

  • 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 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;

  • 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 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.

  • 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).

  • 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.

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