Release of Rollover Reserve Funds Sample Clauses

Release of Rollover Reserve Funds. Provided no Event of Default exists, Lender shall make disbursements from the Rollover Reserve Account (i) in an amount equal to any deposits for free rent or rental abatements upon the expiration of such free rental periods or rental abatement periods (i.e: August 31, 2014 with respect to the expansion premises for the Ally Lease pursuant to the First Amendment thereof) and (ii) for tenant improvement and leasing commission obligations incurred by Borrower. All such expenses shall be approved by Lender in its reasonable discretion. Lender shall make disbursements as requested by Borrower on a monthly basis in increments of no less than $5,000.00 upon delivery by Borrower of Lender’s standard form of draw request accompanied, if applicable, by copies of paid invoices for the amounts requested and, if required by Lender for requests in excess of $10,000.00 for a single item, lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. Lender may require an inspection of the Property at Borrower’s expense prior to making a monthly disbursement in order to verify completion of improvements in excess of $10,000.00 for which reimbursement is sought. In the event of an Ally Credit Rating Event Cure by which the credit rating of the tenant under the Ally Lease is increased to a rating of BB by S&P or Ba3 by Xxxxx’x or higher, the funds reserved in the Rollover Reserve Account during the Ally Credit Rating Trigger Event or the Letter of Credit Borrower delivered to Lender shall be returned to Borrower, provided that there is not an Ally Lease Trigger Event. In the event there is an Ally Lease Trigger Event or an Ally Bankruptcy Trigger Event, the monies collected in the Rollover Reserve Account shall be held until the space under the Ally Lease has been relet and all tenant improvements and leasing commissions related to the replacement lease(s) have been paid in full. Any amount remaining in the Rollover Reserve Account after the Debt has been paid in full shall be returned to Borrower.
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Release of Rollover Reserve Funds. Lender shall make disbursements from the Rollover Reserve Fund to pay Rollover Costs or to reimburse Borrower for Rollover Costs paid or to be paid by Borrower. Lender shall make disbursements as requested by Borrower on a monthly basis in increments of no less than $10,000.00 within ten (10) Business days following receipt by Lender of request for disbursement accompanied by copies of the invoices for the Rollover Costs for which payment is requested. If Borrower requests that the disbursement from the Rollover Reserve Fund be made directly to Borrower to reimburse Borrower for Rollover Costs paid by Borrower, the request for disbursement shall be accompanied by evidence reasonably satisfactory to Lender of payment of such costs by Borrower. In addition, if required by Lender, Borrower shall deliver to Lender copies of lien waivers and releases from all parties furnishing materials and/or services in connection with the requested payment. In connection with any disbursement in excess of $250,000 from the Rollover Reserve Fund (excluding disbursements for leasing commissions) Lender may require an inspection of the Property at Borrower's reasonable expense prior to making a disbursement from the Rollover Reserve Fund in order to verify completion of improvements constituting the Rollover Costs for which reimbursement is sought. All earnings or interest on the Rollover Reserve Fund shall be credited to the Rollover Reserve Fund. Any funds remaining on deposit in the Rollover Reserve Fund upon repayment of all Rollover Costs shall be released to Borrower.
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Release of Rollover Reserve Funds. Upon evidence reasonably acceptable to Lender that Borrower has entered into lease extensions for terms of not less than five (5) years with both J.X.
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Release of Rollover Reserve Funds. Subject to the requirements of this Section 7.6.2, the Borrowers may request withdrawals from the Rollover Reserve Account to pay for Approved Leasing Expenses. The Borrowers shall submit to the Agent a request therefor, together with all conditions precedent to such disbursement and such additional information as the Agent may reasonably request in connection with the Borrowers’ request, at least ten (10) Business Days prior to the date on which the Borrowers request the Agent to make a disbursement from the Rollover Reserve Account. The Agent shall not be required to make more than one (1) disbursement from the Rollover Reserve Account during any calendar month. In addition, the Agent shall not be required to make disbursements from the Rollover Reserve Account unless such requested disbursement is in an amount of Twenty-Five Thousand Dollars ($25,000.00) or more (or, if the total amount in the Rollover Reserve Account is less than Twenty-Five Thousand Dollars ($25,000.00), an amount equal to the remaining balance in the account) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.6. The Agent shall make a disbursement from the Rollover Reserve Account in the amount requested by the Borrowers so long as each and all of the following conditions are satisfied as of the date of the request and as of the date on which such disbursement is to be made:
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Release of Rollover Reserve Funds. For any funds deposited in the Rollover Reserve Subaccount as a Rollover Reserve Monthly Deposit, Lender shall release the following amounts to Borrower within five (5) Business Days of the applicable occurrence: (i) if Freeport’s credit ratings shall be not less than the Reduced Cap Credit Ratings, any amounts in excess of the Reduced Rating Sweep Cap (for so long as Freeport’s credit ratings are not less than the Reduced Cap Credit Ratings), (ii) after the occurrence of an Uncapped Rating Sweep, Freeport’s credit ratings shall be the Rating Cap Credit Ratings, any amounts in excess of the Rating Sweep Cap (for so long as Freeport’s credit ratings are not less than the Rating Cap Credit Ratings), or (iii) upon the occurrence of a Rating Sweep Cure, the Applicable Rating Sweep Cap. Notwithstanding any of the foregoing to the contrary, if any funds have been deposited into the Rollover Reserve Subaccount pursuant to Section 7.4.1(b) hereof, then the aggregate amount of any such deposits that have not been previously withdrawn pursuant to Section 7.4.2 shall remain in the Rollover Reserve Subaccount (or, if the aggregate amount of any such deposits that have not been previously withdrawn pursuant to Section 7.4.2 is greater than the amount of funds held in the Rollover Reserve Subaccount at such time, then such funds shall not be returned to Borrower). So long as no Event of Default is then continuing, Borrower may request in writing that Lender apply Rollover Reserve Funds for Replacements so long as there are insufficient funds in the Replacement Reserve Subaccount and Lender may, or may direct Servicer to, release such funds for Replacements in Lender’s sole discretion.
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Related to Release of Rollover Reserve Funds

  • 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.

  • Investment of Amounts in Special Payments Account Any amounts on deposit in the Special Payments Account prior to the distribution thereof pursuant to Section 2.4(b) or (c) shall be invested in accordance with Section 2.2(b). Investment Earnings on such investments shall be distributed in accordance with Section 2.4(b) or (c), as the case may be.

  • Release of Required Repair Funds Lender shall disburse to Borrower the Required Repair Funds from the Required Repair Account from time to time upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a written request for payment to Lender at least fifteen (15) days prior to the date on which Borrower requests such payment be made and specifies the Required Repairs to be paid, (ii) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured, (iii) Lender shall have received a certificate from Borrower (A) stating that all Required Repairs at the Property to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to commence and/or complete the Required Repairs, (B) identifying each Person that supplied materials or labor in connection with the Required Repairs performed at the Property to be funded by the requested disbursement under a contract in excess of $50,000, and (C) stating that each Person who has supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien waivers or other evidence of payment satisfactory to Lender, (iv) at Lender’s option, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances not previously approved by Lender, and (v) Lender shall have received such other evidence as Lender shall reasonably request that the Required Repairs at the Property to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to make disbursements from the Required Repair Account with respect to the Property more than once each calendar month and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2.

  • Release of Funds On the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest on the Notes will become due and payable and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay the Notes on the Redemption Date. On redemption, the Indenture Trustee will release the Collateral from the Lien of this Indenture and release to the Issuer or any other Person entitled to funds then in the Bank Accounts under this Indenture according to Section 8.4(c).

  • Release of Amounts So long as no Event of Default under the Credit Agreement shall have occurred and be continuing, the Administrative Agent will pay and release to the Borrower or at its order or, at the request of the Borrower, to the Administrative Agent to be applied to the Obligations of the Borrower under the Loan Documents such amount, if any, as is then on deposit in the L/C Cash Collateral Account.

  • 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).

  • Permitted Withdrawals from the Certificate Account and Distribution Account (a) The Master Servicer may from time to time make withdrawals from the applicable subaccount of the Certificate Account for the following purposes:

  • Permitted Withdrawals From Escrow Account Withdrawals from the Escrow Account or Accounts may be made by the Servicer only:

  • Certificate Account and Special Payments Account (a) The Trustee shall establish and maintain on behalf of the Certificateholders a Certificate Account as one or more non-interest-bearing accounts. The Trustee shall hold the Certificate Account in trust for the benefit of the Certificateholders, and shall make or permit withdrawals therefrom only as provided in this Agreement. On each day when a Scheduled Payment is made to the Trustee under the Intercreditor Agreement, the Trustee upon receipt thereof shall immediately deposit the aggregate amount of such Scheduled Payment in the Certificate Account.

  • Distributions from Certificate Account and Special Payments Account (a) On each Regular Distribution Date with respect to a series of Certificates or as soon thereafter as the Trustee has confirmed receipt of the payment of all or any part of the Scheduled Payments due on the Equipment Notes held (subject to the Intercreditor Agreement) in the related Trust on such date, the Trustee shall distribute out of the applicable Certificate Account the entire amount deposited therein pursuant to Section 4.01(a). There shall be so distributed to each Certificateholder of record of such series on the Record Date with respect to such Regular Distribution Date (other than as provided in Section 11.01 concerning the final distribution) by check mailed to such Certificateholder, at the address appearing in the Register, such Certificateholder’s pro rata share (based on the Fractional Undivided Interest in the Trust held by such Certificateholder) of the total amount in the applicable Certificate Account, except that, with respect to Certificates registered on the Record Date in the name of a Clearing Agency (or its nominee), such distribution shall be made by wire transfer in immediately available funds to the account designated by such Clearing Agency (or such nominee).

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