Environmental Reserve Account definition

Environmental Reserve Account has the meaning set forth in Section 7 hereof.
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Environmental Reserve Account shall have the meaning ascribed to it in the Loan Agreement.
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Environmental Reserve Account means the cash collateral account of Resources holding funds to be used by Resources for the Credit Parties' projected Capital Expenditures for environmental projects, with all cash, checks and other similar items of payment in such account securing payment of the Loans and all Obligations related thereto, and in which Resources shall have granted Liens with the priority required by the Loan Documents to the Administrative Agent, on behalf of itself and Revolver Secured Parties or Term Agent, on behalf of itself and Term Secured Parties, pursuant to the Security Agreement.
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Examples of Environmental Reserve Account in a sentence

  • On the date hereof, Borrower shall deposit $0 into the Deferred Maintenance and Environmental Reserve Account, which amounts shall be used for payment of costs incurred by Borrower in connection with any deferred maintenance or Remediation required pursuant to this Agreement.

  • On the date hereof, Borrower shall deposit $55,469.00 into the Deferred Maintenance and Environmental Reserve Account, which amounts shall be used for payment of costs incurred by Borrower in connection with any deferred maintenance or Remediation required pursuant to Section 5.6.

  • Notwithstanding same, Suzann claims that section 7.8 of the Trust Agreement precludes the Trust from pursuing recovery of the funds from the Bankruptcy Trustee.

  • On the date hereof, Borrower shall deposit $40,250 into the Deferred Maintenance and Environmental Reserve Account, which amounts shall be used for payment of costs incurred by Borrower in connection with any deferred maintenance or Remediation required pursuant to Section 5.6.

  • On the Closing Date, Lender shall deposit out of the Loan proceeds $520,000 in the Environmental Reserve Account and $62,208 in the Replacement Reserve Account.

  • Within five (5) Business Days after receipt of an Officer's Certificate stating that certain environmental remediation work set forth on Schedule 8 has been substantially completed, provided that no Event of Default shall have occurred and be continuing, Beneficiary will instruct Agent to disburse funds from the Environmental Reserve Account to reimburse Grantor for the environmental remediation.

  • If such sampling results confirm that there is no Vapor Intrusion Condition, then so long as no Event of Default is then continuing, Lender shall promptly disburse all amounts on deposit in the Environmental Reserve Account to Borrower.

  • On the date hereof, Borrower shall deposit $40,250 into the Deferred Maintenance and Environmental Reserve Account, which amounts shall be used for payment of costs incurred by Borrower in connection with any deferred maintenance or Remediation required pursuant to S ection 5.6.

  • The sum of $106,250.00 shall be deposited at closing into the Environmental Reserve Account.

  • The Borrowers shall cause any Capital Expenditures for environmental projects to be paid for from the funds held in the Environmental Reserve Account before any other sources.


More Definitions of Environmental Reserve Account

Environmental Reserve Account shall have the meaning set forth in Section 9.10 hereof.
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Environmental Reserve Account has the meaning set forth in the Loan Agreement.
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Environmental Reserve Account has the meaning ascribed to such term in SCHEDULE 5.11 of this Loan Agreement.
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Environmental Reserve Account. As defined in Section 10.08.
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Related to Environmental Reserve Account

  • Capital Reserve Fund means the reserve fund created and established by the Authority in

  • Reserve Account Property shall have the meaning specified in Section 4.7(a) of the Sale and Servicing Agreement.

  • Initial Reserve Account Deposit means $3,250,000.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Initial Reserve Account Deposit Amount means an amount equal to $1,030,941.16.

  • Principal Reserve Fund The separate Eligible Account created and initially maintained by the Trustee pursuant to Section 3.08 in the name of the Trustee for the benefit of the Certificateholders and designated "The Bank of New York in trust for registered Holders of CWABS, Inc., Asset-Backed Certificates, Series 2005-3". Funds in the Principal Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.

  • Reserve Accounts means the Tax and Insurance Reserve Account, the Leasing Reserve Account or any other escrow account established by the Loan Documents.

  • Environmental Compliance Reserve means any reserve which the Agent establishes in its reasonable discretion after prior written notice to the Borrower from time to time for amounts that are reasonably likely to be expended by the Borrower in order for the Borrower and its operations and property (a) to comply with any notice from a Governmental Authority asserting material non-compliance with Environmental Laws, or (b) to correct any such material non-compliance identified in a report delivered to the Agent and the Lenders pursuant to Section 7.7.

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • Required Reserve Account Amount means, with respect to any Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or (2) any other percentage (which may be 0%) of the Class A Invested Amount designated by the Transferors, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferors shall have received the prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee.

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.

  • Reserve Account Required Amount means, with respect to any Payment Date, the lesser of (i) the excess of (A) the Specified Reserve Balance, over (B) the amount on deposit in the Reserve Account on such Payment Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Payment Date, and (ii) the amount remaining in the Indenture Collections Account after taking into account the distributions therefrom described in clauses (i) through (xiv) of Section 8.3(a) of the Indenture.

  • Available Reserve Account Amount means, with respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (before giving effect to any deposit to be made to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

  • Reserve Account Requirement means, with respect to the Closing Date and any Distribution Date, an amount equal to the lesser of: (A) 2.0% of the sum of (x) the initial Class A Note Balance, (y) the initial Class B Note Balance and (z) the initial Class C Note Balance; and (B) the sum of (x) the Class A Note Balance on such Distribution Date, (y) the Class B Note Balance on such Distribution Date and (z) the Class C Note Balance on such Distribution Date, after giving effect to the payment of principal on such Distribution Date.

  • Reserve Account Deposit Cash or Eligible Investments having a value of at least $2,635,875.59.

  • Interest Reserve Account means that Interest Reserve Account maintained by the Master Servicer pursuant to Section 5.1(a), which account shall be an Eligible Account.

  • Collateral Proceeds Account a non-interest bearing cash collateral account established and maintained by the relevant Grantor at an office of the Collateral Account Bank in the name, and in the sole dominion and control of, the Collateral Agent for the benefit of the Secured Parties.

  • Required Reserve Fund Deposit With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Aggregate Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date; provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of Offered Certificates, the Class B1 Certificates and the Class B2 Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.