Rent Reserve Account Sample Clauses

Rent Reserve Account. Each Indenture Trustee confirms receipt on the Closing Date of an executed, original Rent Reserve Account Payment Undertaking Agreement in counterparts in respect of the Lease Financing for which it is Indenture Trustee. Each Indenture Trustee, upon obtaining Actual Knowledge of, or receipt of written notice from an Owner Trust or AEE of, the occurrence of a Payment Event or a Replacement Event with respect to any Rent Reserve Account Payment Undertaking Agreement of which it is a beneficiary, shall (i) in the case of a Payment Event, make a demand thereunder in an amount equal to (x) in the case of a Payment Event caused by shortfall in the payment of Basic Rent (other than Deferrable Payments but only so long as Lessor Notes which are payable from such Basic Rent shall remain outstanding), the amount calculated in clause (b) of this Section, (y) in the case of a Payment Event caused by a failure to maintain or deliver adequate collateral under such Payment Undertaking Agreement, the greater of the Market Termination Amount and the aggregate Accreted Value, and (z) in the case of any other Payment Event, the aggregate Accreted Value available for each such Indenture Trustee as set forth in the schedules to such Payment Undertaking Agreement and (ii) in the case of a Replacement Event, make a demand thereunder for the full amount available to it thereunder, (iii) retain such amount in a segregated non-interest bearing account, and (iv) apply such amount either to the payment of Basic Rent (other than Deferrable Payments but only so long as Lessor Notes which are payable from such Basic Rent remain outstanding) on the immediately succeeding Rent Payment Date in accordance with Section 3.1 of the Indenture to which such Indenture Trustee is a party or, if the Indenture Trustee has received an Officer's Certificate of a Responsible Officer of AEE to such effect, to the purchase of a replacement Payment Undertaking Agreement in accordance with such Officer's Certificate. When determining (I) if any amounts are required to be deposited (or the amount so required to be deposited) in the Rent Reserve Account from time to time or (II) whether the Rent Reserve Account has deposited therein the Rent Reserve Account Required Balance, AEE shall aggregate amounts on deposit in the Rent Reserve Account with the amount available to be withdrawn under each Rent Reserve Account Payment Undertaking Agreement. In respect of any Rent Payment Date when there are insufficient m...
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Rent Reserve Account. Section 4.5 is hereby amended by adding to the final sentence of such section after the phrase "(less any Accretion Amount)" and before the phrase "as reasonably determined by the Administrative Agent and certified to the Security Agent," the following phase, "PLUS the lesser of (1) the Energy Sales Reserve Amount as of such Basic Rent Payment Date and (2) the excess of the amount then on deposit in the Rent Reserve Account over the amount then required to be on deposit in the Rent Reserve Account under clauses (a) through (o) of the definition of the term "Required Rent Reserve Balance."
Sample 1
Rent Reserve Account. (a) Section 7(c)(ii) is hereby amended by adding to the second sentence thereof after the phrase "[i]f, on any Basic Rent Payment Date, as the result of the actual realization of income or gain on the amounts on deposit in the Rent Reserve Account," the phrase "or a reduction in the Energy Sales Reserve Amount."
Sample 1
Rent Reserve Account. If, on any Basic Rent Payment Date, the cash available in the Revenue Account, the Distribution Reserve Account and the Partnership Security Account is insufficient to make the payment obligations set forth in clauses second and third of Section 4.3 on such Basic Rent Payment Date, the Security Agent shall immediately notify GE Capital and GE Capital, at its option, may direct the Security Agent (by delivering a certificate in substantially the form of Exhibit C) to transfer to the Owner Trustee (or to GE Capital, if GE Capital is the sole beneficiary of the trust established pursuant to t he Trust Agreement or if the deficiency is in the payment obligations set forth in clause third of Section 4.3) the amount (to the extent cash is available in the Rent Reserve Account) equal to the amount of any deficiency in the payment obligations set forth in clauses second and third of Section 4.3 on such Basic Rent Payment Date.
Sample 1
Rent Reserve Account. If, on any Basic Rent Payment Date, the cash available in the Revenue Account, the Distribution Reserve Account and the Partnership Security Account is insufficient to make the payment obligations set forth in clauses second and third of Section 4.3 on such Basic Rent Payment Date, the Security Agent shall immediately notify the Administrative Agent and the Owner Participant of such fact, and (a) the Administrative Agent, at its option, may direct the Security Agent (by delivering a certificate in substantially the form of Exhibit C) to transfer to the Indenture Trustee the amount (to the extent cash is available in the Rent Reserve Account (other than amounts on deposit in the Equity Rent Reserve Sub-Account)) equal to the amount of any deficiency in the payment obligations set forth in clause second of Section 4.3 on such Basic Rent Payment Date and (b) the Owner Participant, at its option, may direct the Security Agent (by delivery of a certificate in substantially the form of Exhibit C) to transfer to the Owner Trustee (or to the Owner Participant, if the Owner Participant is the sole beneficiary of the trust established pursuant to the Trust Agreement) the amount (to the extent cash is available in the Equity Rent Reserve Sub-Account) equal to the amount of any deficiency in the payment obligations set forth in clause third of Section 4.3 on such Basic Rent Payment Date). On each Basic Rent Payment Date, after giving effect to all other transactions hereunder on such date, the Security Agent shall transfer from amounts on deposit in the Rent Reserve Account to the Equity Rent Reserve Sub-Account an amount equal to the excess of (x) the amount on deposit in the Rent Reserve Account (not counting amounts on deposit in the Equity Rent Reserve Sub- Account) over (y) an amount equal to the sum of the payments of principal and interest expected to be due on the Loan Certificates on the next two succeeding Payment Dates (less any Accretion Amount), as reasonably determined by the Administrative Agent and certified to the Security Agent.
Sample 1
Rent Reserve Account. (i) On the Lease Closing Date, the Lessee shall deposit in the Rent Reserve Account an amount equal to the Initial Rent Reserve Deposit. On each Basic Rent Payment Date, unless and until the Required Rent Reserve Balance shall be on deposit in the Rent Reserve Account, the Lessee shall deposit into the Rent Reserve Account an amount equal to 50% of Distributable Cash Flow for the Quarterly Measurement Period ended one month prior to such Basic Rent Payment Date. Deposits made into the Rent Reserve Account pursuant to Section 7(c)(iii) shall not be credited toward the Lessee's obligations to make deposits in such Account pursuant to this Section 7(c)(i).
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Rent Reserve Account 
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Related to Rent Reserve Account

  • 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.

  • 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 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.

  • 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).

  • 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.

  • 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 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.

  • Balance in the Replacement Reserve Account The insufficiency of any balance in the Replacement Reserve Account shall not relieve Borrower from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents.

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