Completion Reserve Account definition

Completion Reserve Account means account no. 00000000 established and maintained by the Paying Agent pursuant to Section 2.17 in the name of the Borrower Representative and entitled “Xxxxx Fargo Bank, N.A., as Paying Agent, in trust for the Borrowers – Completion Reserve Account # 00000000” or such other account established at the Paying Agent (or any successor) as may be designated in writing from time to time by the Administrative Agent.
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Completion Reserve Account means the account described in Section 4.3(a)(xiv) (Accounts) of the Common Security and Account Agreement.
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Completion Reserve Account has the meaning given in Section 5.3(g) of the Depositary Agreement.
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Examples of Completion Reserve Account in a sentence

  • On the Closing Date, the Borrowers deposited with the Paying Agent funds in the amount of Three Million Dollars ($3,000,000.00) (the “Completion Reserve”), which amount was transferred to the Completion Reserve Account.

  • Warrants related to the Completion Reserve Account that are issued by the Borrower or any Affiliate thereof to any Lender or the Administrative Agent shall be fully exercisable within the time period described in Section 1.3.4(c) of the Disbursement Agreement.

  • On the Term-Conversion Date, the Completion Reserve Borrowing shall be deposited into the Completion Reserve Account.

  • Any disbursement from the Completion Reserve Account shall not constitute a waiver of the Administrative Agent's right to require compliance with this covenant with respect to any such defect or departure from the Approved Plans and Specifications or any other requirement of this Agreement.

  • The Borrower hereby grants a security interest to the Administrative Agent in the Completion Reserve Account to secure the Obligations.


More Definitions of Completion Reserve Account

Completion Reserve Account means the account to be maintained by the Disbursement Agent and pledged to the Trustee pursuant to the terms of the Cash Collateral and Disbursement Agreement, into which approximately $7.3 million of the proceeds of the Offering shall be deposited.
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Completion Reserve Account means the account described in Section 4.3(a)(xiv) (Accounts) of the CSAA.
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Completion Reserve Account shall have the meaning assigned to such term under subsection 2(c).
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Completion Reserve Account has the meaning set forth in the Disbursement Agreement.
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Completion Reserve Account means the segregated account of Texas Resort Owner for completion of the Project pursuant to the Senior Loan Agreement.
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Completion Reserve Account is defined in Section 2.21.
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Completion Reserve Account has the meaning assigned to such term in the Construction Period Depositary Agreement.
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