Release of O&M Reserve Funds Sample Clauses

Release of O&M Reserve Funds. Until the Cutover Date, funds in the O&M Reserve Accounts will be disbursed with the consent, or at the request, of the Required Lenders (as defined in the First Lien Credit Agreement), (such consent or request to be in the Required Lenders’(as defined in the First Lien Credit Agreement), sole and absolute discretion); provided, that in no event shall the O&M Reserve Funds be disbursed until the Additional Fuel Cell Collateral has been utilized by Borrower to complete the first restacking of the fuel cells at the Facility (and Borrower shall provide First Lien Agent with such evidence as First Lien Agent shall deem acceptable in its sole discretion that the Additional Fuel Cell Collateral has been utilized to complete the such first restacking); provided, further, that in no event shall First Lien Agent release more than $2,000,000 in O&M Reserve Funds per fuel cell module replacement; provided, further, that in no event shall First Lien Agent release any O&M Reserve Funds unless DAI has inspected the fuel cell modules at the Facility and provided First Lien Agent with a written certification that a restacking of all fuel cells contained in each of such fuel cell modules has occurred. All disbursements of O&M Reserve Funds shall be made from the Liberty O&M Reserve Account and the FT O&M Reserve Account on a pro rata basis. On the first Business Day after the Cutover Date, any amounts in the O&M Reserve Accounts shall be disbursed by the Administrative Agent in accordance with Section 6.20(b).
Sample 1
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Release of O&M Reserve Funds. Funds in the O&M Reserve Accounts will be disbursed (i) as long as EWB holds an equity interest in Tax Equity Holdco, as set forth in the Interparty Agreement and (ii) at all other times (A) as needed by the Project Company to pay for fuel cell or module restacking or replacement, including, without limitation, to pay outstanding principal on the Obligations on the Maturity Date; provided, that in no event shall Administrative Agent release any O&M Reserve Funds in connection with a fuel cell or module restacking or replacement unless (1) DAI has inspected the fuel cell modules at the Facility and provided Administrative Agent with a written certification that a restacking or replacement of all fuel cells contained in each of such fuel cell modules has occurred and (2) the Required Lenders have reviewed and approved all invoices and draw requests and/or requisitions in connection with such replacement or restacking, (B) to pay outstanding principal on the Obligations on the Maturity Date, and (C) in all other cases, with the consent or at the request of the Required Lenders (such consent or request to be in the Required Xxxxxx’s sole and absolute discretion). All disbursements of O&M Reserve Funds shall be made from the Liberty O&M Reserve Account and the Amalgamated O&M Reserve Account on a pro rata basis.
Sample 1
Release of O&M Reserve Funds. Funds in the O&M Reserve Accounts will be disbursed (i) as long as EWB holds an equity interest in Tax Equity Holdco, as set forth in the Interparty Agreement and (ii) at all other times (A) as needed by the Project Company to pay for fuel cell or module restacking or replacement including, without limitation, to pay outstanding principal on the Obligations on the Maturity Date; provided, that in no event shall Senior Administrative Agent (or, following full satisfaction of the Senior Debt Obligations, Administrative Agent) release any O&M Reserve Funds in connection with a fuel cell or module restacking or replacement unless (1) DAI has inspected the fuel cell modules at the Facility and provided Senior Administrative Agent (or, following full satisfaction of the Senior Debt Obligations, Administrative Agent) with a written certification that a restacking or replacement of all fuel cells contained in each of such fuel cell modules has occurred and (2) the Required Lenders have reviewed and approved all invoices and draw requests and/or requisitions in connection with such replacement or restacking, (B) to pay outstanding principal on the Obligations on the Maturity Date, and (C) in all other cases with the consent or at the request of the Required Lenders (such consent or request to be in the Required Lender’s sole and absolute discretion). All disbursements of O&M Reserve Funds prior to the satisfaction of the Senior Debt Obligations shall be made from the Liberty O&M Reserve Account and the Amalgamated O&M Reserve Account on a pro rata basis and, after the satisfaction of the Senior Debt Obligations, from the CGB O&M Reserve Account.
Sample 1
Release of O&M Reserve Funds. Funds in the O&M Reserve Accounts will be disbursed with the consent, or at the request, of the Required Lenders (such consent or request to be in the Required Lenders’ sole and absolute discretion); provided, that in no event shall the O&M Reserve Funds be disbursed until the Additional Fuel Cell Collateral has been utilized by Borrower to complete the first restacking of the fuel cells at the Facility (and Borrower shall provide Administrative Agent with such evidence as Administrative Agent shall deem acceptable in its sole discretion that the Additional Fuel Cell Collateral has been utilized to complete the such first restacking); provided, further, that in no event shall Administrative Agent release more than $2,000,000 in O&M Reserve Funds per fuel cell module replacement; provided, further, that in no event shall Administrative Agent release any O&M Reserve Funds unless DAI has inspected the fuel cell modules at the Facility and provided Administrative Agent with a written certification that a restacking of all fuel cells contained in each of such fuel cell modules has occurred. All disbursements of O&M Reserve Funds shall be made from the Liberty O&M Reserve Account and the FT O&M Reserve Account on a pro rata basis.
Sample 1

Related to Release of O&M Reserve Funds

  • 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 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.

  • Initial Reserve Account Deposit On the Closing Date, the Depositor will deposit or cause to be deposited the Specified Reserve Balance into the Reserve Account from the net proceeds of the sale of the Notes.

  • 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;

  • Withdrawals From Escrow Account Withdrawals from the Escrow Account shall be made by the Seller only (a) to effect timely payments of ground rents, taxes, assessments, premiums for Primary Mortgage Insurance Policies, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage, (b) to reimburse the Seller for any Servicing Advance made by Seller pursuant to Subsection 11.08 hereof with respect to a related Mortgage Loan, (c) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan, (d) for transfer to the Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (e) for application to restore or repair of the Mortgaged Property, (f) to pay to the Mortgagor, to the extent required by law, any interest paid on the funds deposited in the Escrow Account, (g) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (h) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (i) to withdraw suspense payments that are deposited into the Escrow Account, (j) to withdraw any amounts inadvertently deposited in the Escrow Account or (k) to clear and terminate the Escrow Account upon the termination of 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 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.

  • Targeted Deposits to the Accumulation Reserve Account The deposit targeted to be made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount.

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