Reserve Deposits. (a) Concurrently with the execution of this Security Instrument, Borrower shall deposit with Lender the Deferred Maintenance Deposit. The Deferred Maintenance Deposit shall be applied as provided in Section 4.1 of this Exhibit B.
Reserve Deposits. Borrower shall pay to Lender $7,602.33 (the “Monthly Capital Reserve Deposit Amount”) on each Payment Date (such deposits, the “Monthly Capital Reserve Deposits”). Lender will transfer such amounts into a Subaccount (the “Capital Reserve Subaccount”). Additionally, upon thirty (30) days’ prior notice to Borrower, Lender may reassess the amount of the monthly payment required under this Section 3.4 from time to time in its reasonable discretion (based upon its then current underwriting standards). Provided that no Event of Default has occurred and is continuing, Lender shall disburse funds held in the Capital Reserve Subaccount to Borrower, within fifteen (15) days after the delivery by Borrower to Lender of a request therefor (but not more often than once per month), in minimum amounts of at least $5,000 provided that (i) such disbursement is for an Approved Capital Expense; (ii) Lender shall have (if it desires) verified (by an inspection conducted at Borrower’s expense (with respect to any disbursement in excess of $50,000)) performance of the work associated with such Approved Capital Expense; and (iii) the request for disbursement is accompanied by (A) an Officer’s Certificate certifying (1) that such funds will be used to pay or reimburse Borrower for Approved Capital Expenses and a description thereof, (2) that all outstanding trade payables (other than those not yet due and payable or those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full, (3) that the same has not been the subject of a previous disbursement, and (4) that all previous disbursements have been used to pay the previously identified Approved Capital Expenses, and (B) lien waivers or other evidence of payment satisfactory to Lender, (C) with respect to any disbursement that exceeds $50,000, 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 (D) such other evidence as Lender shall reasonably request that the Approved Capital Expenses 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. Any such disbursement of more than $10,000 to pay (rather than reimburse) Approved Capital Expenses may, at Lender’s option, be made by joint check payable to Borrower and the payee on such Approved Capital Expenses.
Reserve Deposits. The Stadium Authority will fund a capital reserve maintained by the Stadium Authority (the “Stadium Capital Expenditure Reserve”) with the following amounts:
Reserve Deposits. If and to the extent required under the provisions of Section 3.3.2 below, Borrower shall, from and after the date (and if) Borrower is required to do so under the provisions of Section 3.3.2 below, pay to Lender on each Payment Date the Monthly Tax and Insurance Deposit (as determined by Lender pursuant to the provisions of Section 3.3.2 below). Such amounts will be transferred by Lender to a Subaccount (the “Tax and Insurance Subaccount”). Provided that no monetary Event of Default or material non-monetary Event of Default has occurred and is continuing, Lender will (a) apply funds in the Tax and Insurance Subaccount to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.2 hereof and Section 7.1 hereof, provided that Borrower has promptly supplied Lender with notices of all Taxes and Insurance Premiums due and paid any deficiency between the amounts held in the Tax and Insurance Subaccount and the amounts due with respect to such Taxes and Insurance Premiums, or (b) reimburse Borrower for such amounts upon presentation of evidence of payment; subject, however, to Borrower’s right to contest Taxes in accordance with Section 5.2 hereof. In making any payment relating to Taxes and Insurance Premiums, Lender may do so according to any xxxx, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such xxxx, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. 22
Reserve Deposits. The deposit by New Borrower of the Immediate Capital Needs and the Rollover Reserve Deposits shall not relieve New Borrower from any of its obligations under the Loan Agreement or any of the other Loan Documents to make any deposit into any of the other Subaccounts (as such term is defined in the Loan Agreement) as required under the Loan Agreement, including, but not limited to, the monthly payments required to be deposited into the Tax and Insurance Subaccount under Section 3.3 of the Loan Agreement, Capital Reserve Subaccount under Section 3.4 of the Loan Agreement or the Rollover Reserve Subaccount under Section 3.5 of the Loan Agreement. (k) Deleted Reserves. Sections 3.11, 3.12 and 3.13 of the Loan Agreement and any and all references to such Sections or to any defined terms therein, in the Loan Agreement or in any of the other Loan Documents are hereby deleted in their entirety (l) Flood Zone. The last sentence of Section 4.14 of the Loan Agreement is hereby deleted. (m)
Reserve Deposits. Developer’s annual Residual Receipts payments to the Agency shall include fifty-seven percent (57%) of the Residual Receipts received from operation of the Project until the Maturity Date or repayment in full of the Agency Loan in connection with a Transfer of the Site, as permitted herein. The remaining forty-three percent (43%) of the Residual Receipts received from the operation of the Project shall either be used by Developer to pay fees or charges of the Project not specifically deducted from Annual Project Revenues above or shall be retained by Developer and used to pay for other projects or services provided by Developer within the City. In the event any calculation of Annual Project Revenue less subsections (i) and (ii) above results in a negative number, then Residual Receipts shall be zero ($0) for that year. In addition, none of the fees, costs, expenses, or items described above in calculation of Residual Receipts shall include any duplicate entry/item, or double accounting for a cost item.
Reserve Deposits. Borrower shall pay to Lender on each Payment Date an amount equal to the sum of (i) one-twelfth (1/12th) of the Taxes that Lender estimates will be payable during the next twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes at least thirty (30) days prior to their respective delinquency dates (i.e., the last date upon which such Taxes may be paid without penalty or loss of available discount) and (ii) one-twelfth (1/12th) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies (such monthly required deposit amount, as adjusted by Lender from time to time in the event of increases or decreases in annual estimated Taxes and Insurance Premiums, the “Monthly Tax and Insurance Deposit”). Such amounts will be transferred by Lender to a Subaccount (the “Tax and Insurance Subaccount”). If Lender determines that the amount in the Tax and Insurance Subaccounts, together with the monthly deposits to be made by Borrower pursuant to (i) and (ii) above, will not be sufficient to pay the items set forth in (i) and (ii), then Borrower shall promptly pay to Lender, upon demand, an amount which Lender shall estimate as sufficient to make up the deficiency. Notwithstanding the foregoing, if insurance coverage required pursuant to Section 7.1 hereof is provided through a blanket insurance Policy, Borrower shall not be obligated to make monthly escrow payments on account of the applicable Insurance Premiums so long as Borrower maintains the insurance coverage required by Section 7.1 in full force and effect and Borrower maintains on deposit in the Tax and Insurance Subaccount, in addition to the amounts escrowed for Taxes, an amount equal to one-quarter of the annual Insurance Premium estimated by Lender to be payable for a replacement Policy providing the coverage required by Section 7.1 hereof with respect to the Property. Provided that no monetary Event of Default or material non-monetary Event of Default has occurred and is continuing, Lender will (a) apply funds in the Tax and Insurance Subaccount to payments of Taxes and (unless the Property is insured under a blanket insurance policy) Insurance Premiums required to be made by Borrower pursuant to Section 5.2 hereof and Section 7.1 hereof,...
Reserve Deposits. The deposit by New Borrower of the Immediate Capital Needs and the Rollover Reserve Deposits shall not relieve New Borrower from any of its obligations under the Loan Agreement or any of the other Loan Documents to make any deposit into any of the other Subaccounts (as such term is defined in the Loan Agreement) as required under the Loan Agreement, including, but not limited to, the monthly payments required to be deposited into the Tax and Insurance Subaccount under Section 3.3 of the Loan Agreement, Capital Reserve Subaccount under Section 3.4 of the Loan Agreement or the Rollover Reserve Subaccount under Section 3.5 of the Loan Agreement.
Reserve Deposits. Borrower shall make monthly payments in an amount estimated by Lender to pay installments of real property Taxes and insurance premiums for insurance pursuant to the terms and conditions of Section 1 of Schedule 5.
Reserve Deposits. Party A shall pledge to Party B a designated account with reserve deposits therein at any time not less than [specify percentage] of the outstanding Accounts Receivable that have been sold and transferred to Party B as a security interest for the outstanding Accounts Receivable. Such pledged reserve deposits shall be subject to the Pledge Agreement relating to Reserve Deposits between the parties.
