Reserve Deposits Sample Clauses
The Reserve Deposits clause establishes the requirement for a party, typically a tenant or borrower, to maintain a specified amount of funds in a reserve account. These funds are often held by a landlord, lender, or escrow agent and are used to cover future obligations such as property taxes, insurance premiums, or maintenance costs. By mandating regular deposits into this reserve, the clause ensures that sufficient funds are available when these expenses arise, thereby reducing the risk of default or non-payment and providing financial security for the party responsible for managing the property or loan.
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 of this Exhibit “B.”
(b) On the date hereof and on each date that a regularly scheduled payment of principal or interest is due under the Note, Borrower shall be required to make a Monthly Replacement Account Deposit which shall be deposited into an account (the “Replacement Account”) for the payment of Replacements.
(c) [Intentionally deleted.]
(d) Lender shall maintain a record of all deposits into and withdrawals from the Replacement Account. Lender or a designated representative of Lender shall have the sole right to make withdrawals from the Replacement Account.
(e) No interest shall be paid on the Deferred Maintenance Deposit. Provided Borrower pays the account fees set forth below, the Replacement Account shall be an interest bearing account. Lender shall have no responsibility or liability for the amount of interest earned on the Replacement Account. A11 interest earned on funds in the Replacement Account shall be added to and become part of the Replacement Account, and shall be for the benefit of Borrower, subject to Lender’s rights pursuant to the terms of this Security Instrument. In order for the Replacement Account to bear interest, Borrower shall be required to pay a one-time set-up fee on the date hereof of Three Hundred Fifty and 00/100 Dollars ($350.00) and an additional fee of Six Hundred and 00/100 Dollars ($600.00) on January 2 of each calendar year after the date hereof.
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.
(b) On each date that a regularly scheduled payment of principal or interest is due under the Note, Borrower shall be required to make a Monthly Deposit. Notwithstanding anything contained herein to the contrary, no Monthly Deposit shall be required unless an Event of Default shall have occurred.
(c) Lender shall deposit each Monthly Deposit, as received, in an escrow account (the “Reserve”). Out of each Monthly Deposit, the Monthly Replacement Account Deposit shall be allocated to an account (the “Replacement Account”) for the payment of Replacements and the Monthly Leasing Account Deposit shall be allocated to an account (the “Leasing Account”) for the payment of Tenant Improvements and Leasing Commissions (as defined below) in conjunction with Leases (as hereinafter defined).
(d) Lender shall maintain a record of all deposits into and withdrawals from the Reserve and their allocation to the Replacement Account and the Leasing Account. Lender or a designated representative of Lender shall have the sole right to make withdrawals from such account.
Reserve Deposits. The Stadium Authority will fund a capital reserve maintained by the Stadium Authority (the “Stadium Capital Expenditure Reserve”) with the following amounts:
(a) An annual deposit to the Stadium Capital Expenditure Reserve in the amount of One Million Five Hundred Thousand Dollars ($1,500,000), escalating three percent (3%) per year, beginning in the second year of operation of the Stadium, and continuing each year thereafter for the term of the Stadium Lease, plus any additional amounts agreed by 49ers Stadium Company;
(b) In any year in which Stadium Authority has Excess Revenues, the Stadium Authority will make a payment to the Stadium Capital Expenditure Reserve in an amount up to One Million Dollars ($1,000,000) in accordance with the priorities for payment set forth in clause (b) of Article 15 below; and
(c) Each year that a Second Team plays its home games in the Stadium, other than in connection with temporary Second Team Occupancy, the Stadium Authority will fund the applicable Second Team Capital Reserve Deposit as an additional Stadium Operating Expense. The amount of the “Second Team Capital Reserve Deposit” for any year shall equal One Million Dollars ($1,000,000) in the year the Second Team plays its first home game in the Stadium, and will escalate at a rate of three percent (3%) per year thereafter.
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 ▇▇▇▇, 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 ▇▇▇▇, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof.
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. (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.
(b) Commencing on the first date that a regularly scheduled payment of principal or interest is due under the Note, and continuing on the first day of each consecutive month thereafter, Borrower shall be required to make a Monthly Deposit.
(c) Lender shall deposit each Monthly Deposit, as received, in an escrow account (the "Reserve").
(d) Lender shall maintain a record of all deposits into and withdrawals from the Reserve.
(e) No interest shall be paid on the Deferred Maintenance Deposit. Provided Borrower pays the account fees set forth below, the Reserve shall be held in an interest bearing account. Lender shall have no responsibility or liability for the amount of interest earned on the Reserve. All interest earned on funds in the Reserve shall be added to and become part of the Reserve subject to Lender's rights pursuant to the terms of this Security Instrument. In order for the Reserve to bear interest, Borrower shall be required to pay the following fees: a one-time set-up fee on the date hereof of $50 and an additional fee of $100 on January 2 of each calendar year after the date hereof.
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 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. 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. 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.