Examples of Eligibility Reserves in a sentence
Notwithstanding anything herein to the contrary, the Underwritten Net Cash Flow of any Property that is a Disqualified Property shall be zero for all purposes of this Agreement unless Borrower makes a deposit of Eligibility Funds into the Eligibility Reserves Subaccount in an amount equal to 100% of the Allocated Loan Amount for such Property.
If the Administrative Agent notifies the Borrower Representative that the Borrowers shall no longer be permitted to maintain Eligibility Reserves in respect of any Disqualified Property in accordance with Section 6.12, the Borrowers shall, by no later than the close of business on the second (2nd) Business Day following the date of such notice, prepay the Obligations in the applicable Release Amount in respect of such Property.
The Borrowers shall provide the Calculation Agent with written notice of any such Eligibility Reserves and, within the applicable time periods specified in Section 2.05(b)(vi) or (vii), as applicable, that the Borrowers would otherwise be required to make a prepayment, shall deposit such Eligibility Reserves with the Paying Agent for transfer to the Eligibility Reserves Account.
If the Administrative Agent notifies the Borrower Representative that the Borrowers shall no longer be permitted to maintain Eligibility Reserves in respect of any Disqualified Non-Conforming Property in accordance with Section 6.12, the Borrowers shall, by no later than the close of business on the second (2nd) Business Day following the date of such notice, prepay the Obligations in the applicable Release Amount in respect of such Property.
Notwithstanding the foregoing, if the Administrative Agent notifies the Borrowers that the applicable Borrower is required to sell or transfer a Disqualified Property or a Non-Conforming Property, as applicable, pursuant to Section 10.22, the Borrowers shall not be permitted to maintain Eligibility Reserves in respect of such Property and shall be required to prepay the Obligations in the applicable Release Amount in respect of such Property within two (2) Business Days from such notice.