Excess Cash Reserve Funds shall have the meaning set forth in Section 9.7 hereof.
Excess Cash Reserve Funds and the account to which such amounts are held shall hereinafter be referred to as the “Excess Cash Reserve Account”).
Excess Cash Reserve Funds. Excess Cash Reserve Funds shall be held by Lender as additional security for the Loan; provided, however, during the continuance of an Event of Default, Lender shall have the right, but not the obligation, in its sole discretion to apply Excess Cash Reserve Funds to the Debt in such order and in such manner as Lender shall elect. Provided no Event of Default has occurred and is continuing, all sums on deposit in the Excess Cash Reserve Account shall be disbursed to Borrower upon the earlier to occur of (i) payment in full of the Debt, the Senior Mezzanine Loan and the Junior Mezzanine Loan, (ii) the release of the Lien of the Mortgages (and all related obligations) in accordance with the terms of this Agreement and the collateral for the Senior Mezzanine Loan and Junior Mezzanine Loan in accordance with the terms of the Senior Mezzanine Loan Agreement and Junior Mezzanine Loan Agreement, respectively, or (iii) the discontinuation of a Cash Sweep Period.
Examples of Excess Cash Reserve Funds in a sentence
In the event a Cash Sweep Period occurs twice during the term of the Loan, Borrower shall not be entitled to any disbursement of Excess Cash Reserve Funds during the remaining term of the Loan, the Cash Sweep Period shall continue, and Borrower shall continue to be obligated to pay Excess Cash to Lender on each Payment Date until the Debt is paid in full.
Excess Cash Reserve Funds shall be held by Lender as additional security for the Loan; provided, however, during the continuance of an Event of Default, Lender shall have the right, but not the obligation, in its sole discretion to apply Excess Cash Reserve Funds to the Debt in such order and in such manner as Lender shall elect.
The Reserve Funds (other than the Tax and Insurance Escrow Funds and the Excess Cash Reserve Funds) shall be held in an Eligible Account and credited with interest at a rate selected by Lender, which interest rate may not be the highest interest rate then available, provided that selection of the rate shall be consistent with the general standards at the time being utilized by Lender or any Servicer, in establishing similar accounts for loans of comparable type.
Amounts so deposited shall hereinafter be referred to as the "Excess Cash Reserve Funds".
The Excess Cash Reserve Funds shall be disbursed to Borrower’s Account upon the earlier to occur of (a) payment in full of the Debt or (b) the discontinuation of a Cash Management Period, if any.
More Definitions of Excess Cash Reserve Funds
Excess Cash Reserve Funds. Provided no Event of Default has occurred and is continuing, all sums on deposit in the Excess Cash Reserve Account shall be disbursed to Borrower’s Account upon the earlier to occur of (a) payment in full of the Debt or (b) the discontinuation of a Cash Sweep Period.
Excess Cash Reserve Funds. Excess Cash Reserve Funds shall be held by Lender as additional security for the Loan; provided, however, during the continuance of an Event of Default, Lender shall have the right, but not the obligation, in its sole discretion to apply Excess Cash Reserve Funds to the Debt in such order and in such manner as Lender shall elect. Provided no Event of Default has occurred and is continuing, all sums on deposit in the Excess Cash Reserve Account shall be disbursed to Borrower upon the earlier to occur of (i) payment in full of the Debt and the Senior Mezzanine Loan, (ii) the release of the Lien of the Mortgages (and all related obligations) in accordance with the terms of this Agreement and the collateral for the Senior Mezzanine Loan in accordance with the terms of the Senior Mezzanine Loan Agreement or (iii) the discontinuation of a Cash Sweep Period.
Excess Cash Reserve Funds shall have the meaning set forth in the Mortgage Loan Agreement.
Excess Cash Reserve Funds and shall be collateral for the Loan. Sums from the Excess Cash Reserve Account shall be disbursed to Borrower upon the earlier to occur of (a) payment in full of the Debt or (b) the cure of all Events of Default to the satisfaction of Lender.
Excess Cash Reserve Funds. Funds held in the Excess Cash Reserve Account shall be held by Lender as additional collateral to secure the payment of the Indebtedness and, except as set forth in paragraph (b) of this Section 16.7, Borrower shall have no right to receive disbursements of or otherwise make use of any such Excess Cash Reserve Funds. In addition to the disbursements described in paragraph (b) of this Section 16.7, Lender may, but shall have no obligation to, disburse funds from the Excess Cash Reserve Account from time to time, in Lender’s sole discretion, to (i) prepay the Principal Amount of the Loan or (ii) pay any costs and expenses related to the Property or the Loan, all as may be determined in Lender’s sole discretion. If Borrower exercises the Fifth Extension Option, then upon Borrower’s written request and provided that no Event of Default shall have occurred and is then continuing, Lender shall disburse and otherwise apply the Excess Cash Reserve Funds in accordance with Section 5(c) of the Note.
Excess Cash Reserve Funds. Excess Cash Reserve Funds shall be held by Lender as additional security for the Loan; provided, however, during the continuance of an Event of Default, Lender shall have the right, but not the obligation, in its sole discretion to apply Excess Cash Reserve Funds to the Debt in such order and in such manner as Lender shall elect. Provided no Event of Default has occurred and is continuing, all sums on deposit in the Excess Cash Reserve Account shall be disbursed to Borrower upon the earlier to occur of (i) payment in full of the Debt or (ii) the discontinuation of a Cash Sweep Period; provided, however, notwithstanding the foregoing clause (ii), in the event that a Cash Sweep Period would still be continuing but for the deemed expiration of (A) a State Farm Cash Sweep Period due to the occurrence of a State Farm Cash Trap Cap Cure or (B) a Restoration Hardware Cash Sweep Period due to the occurrence of a Restoration Hardware Cash Trap Cap Cure, the Excess Cash Reserve Funds shall not be disbursed to Borrower and shall continue to be held by Lender as additional security for the Loan until time that the State Farm Cure Conditions or the Restoration -106- Hardware Cure Conditions, as applicable, are satisfied, and upon which, all sums on deposit in the Excess Cash Reserve Account shall be disbursed to Borrower provided that no Event of Default is continuing.
Excess Cash Reserve Funds. Provided no Event of Default has occurred and is continuing, sums from the Excess Cash Reserve Account shall be disbursed to Borrower upon the earlier to occur of (a) payment in full of the Debt or (b) the date upon which the Debt Service Coverage Ratio shall be greater than 1.10 to 1.00 for a period of two consecutive fiscal quarters and no Event of Default has occurred and is continuing; provided, however, if the Debt Service Coverage Ratio is great than 1.15 for one fiscal quarter and no Event of Default has occurred and is continuing, such sums shall be disbursed to Borrower under this clause (b) on the date on which the Debt Service Coverage Ratio shall be greater than 1.15 for a period of one fiscal quarter. In the event a Excess Cash Flow Sweep Period occurs three (3) times during the term of the Loan or, if Borrower exercises its first Extension Option in accordance with Section 2.3 hereof, four (4) times during the term of the Loan, Borrower shall not be entitled to any disbursement of the amounts in the Excess Cash Reserve Account during the remaining term of the Loan, the Excess Cash Flow Sweep Period shall continue, and Borrower shall continue to be obligated to pay Excess Cash to Lender on each Payment Date until the Debt is paid in full.