Reserve Funds, Generally. (a) Notwithstanding anything to the contrary contained in this Article 6, disbursements of Reserve Funds to Borrower shall only occur on the Reserve Release Date after receipt by Lender of a Reserve Release Request from Borrower not less than five (5) Business Days prior to such date; provided, that if the amount of Reserve Funds to be released to Borrower on any Reserve Release Date is less than the Minimum Disbursement Amount, then such Reserve Funds shall continue to be maintained in the Subaccounts until the next Reserve Release Date on which an amount equal to or greater than the Minimum Disbursement Amount is available for disbursement or until the payment in full of the Obligations.
Appears in 9 contracts
Samples: Loan Agreement (Colony Starwood Homes), Loan Agreement (Colony Starwood Homes), Loan Agreement (Colony Starwood Homes)
Reserve Funds, Generally. (a) Notwithstanding anything to the contrary contained in this Article 6VI, disbursements of Reserve Funds to Borrower shall only occur on the Reserve Release Date after receipt by Lender of a Reserve Release Request from Borrower not less than five (5) Business Days prior to such date; provided, that if the amount of Reserve Funds to be released to Borrower on any Reserve Release Date is less than the Minimum Disbursement Amount, then such Reserve Funds shall continue to be maintained in the Subaccounts until the next Reserve Release Date on which an amount equal to or greater than the Minimum Disbursement Amount is available for disbursement or until the payment in full of the Obligations.
Appears in 7 contracts
Samples: Loan Agreement (AG Mortgage Investment Trust, Inc.), Loan Agreement (Starwood Waypoint Homes), Loan Agreement (Altisource Residential Corp)
Reserve Funds, Generally. (a) Notwithstanding anything to the contrary contained in this Article 6VI, disbursements of Reserve Funds to Borrower shall only occur on the Reserve Release Date after receipt by Lender Administrative Agent of a Reserve Release Request from Borrower not less than five (5) Business Days prior to such date; provided, that if the amount of Reserve Funds to be released to Borrower on any Reserve Release Date is less than the Minimum Disbursement Amount, then such Reserve Funds shall continue to be maintained in the Subaccounts until the next Reserve Release Date on which an amount equal to or greater than the Minimum Disbursement Amount is available for disbursement or until the payment in full of the Obligations.
Appears in 1 contract
