Facility Reserve definition

Facility Reserve means an amount equal to: (a) the lesser of (i) $99,000,000, provided, that, on the First Facility Reserve Reduction Date, such amount shall be reduced to the then aggregate outstanding principal amount of Tranche A Loans and (ii) the aggregate outstanding principal amount of Tranche A Loans (as such term is defined in the Synthetic Lease Facility Agreements) minus (b) the lesser of: (i) $10,000,000 and (ii) zero, unless Synthetic Lease Facility Agent has received an appraisal pursuant to Section 4.4 of the Amended and Restated Intercreditor and Lien Subordination Agreement, dated the date hereof, by and among Borrowers, Guarantors, Wachovia Development Corporation, Wachovia Bank, National Association, as Agent, under the Synthetic Lease Facility Agreements, and Agent, then, an amount equal to (A) fifty(50%) percent of the net forced liquidation value of the Properties (as such term is defined in the Synthetic Lease Facility Agreements), set forth in the most recent appraisal received by Synthetic Lease Facility Agent minus (B) the aggregate principal amount of Loans and Lessor Advances (as such terms are defined in the Synthetic Lease Facility Agreements) owing to any Lenders or Lessor, as the case may be (as such term is defined in the Synthetic Lease Facility Agreements) other than Tranche A Lenders (as such term is defined in the Synthetic Lease Facility Agreements); provided, that on the Second Facility Reserve Date the Facility Reserve shall be permanently reduced to zero (-0-)."

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Facility Reserve means an amount equal to: (a) the lesser of (i) $73,923,850.70, and (ii) the aggregate outstanding principal amount of Tranche A Loans (as such term is defined in the Synthetic Lease Facility Agreements) minus (b) the lesser of: (i) $10,000,000 and (ii) zero, unless the Synthetic Lease Facility Agent has received an appraisal pursuant to Section 4.4 of the Synthetic Lease Facility Intercreditor Agreement, then, an amount equal to (A) fifty (50%) percent of the net forced liquidation value of the Properties (as such term is defined in the Synthetic Lease Facility Agreements), set forth in the most recent appraisal received by Synthetic Lease Facility Agent minus (B) the aggregate principal amount of Loans and Lessor Advances (as such terms are defined in the Synthetic Lease Facility Agreements) owing to any Lenders or Lessor, as the case may be (as such term is defined in the Synthetic Lease Facility Agreements) other than Tranche A Lenders (as such term is defined in the Synthetic Lease Facility Agreements); provided, that upon the Second Facility Reserve Reduction Date the Facility Reserve shall be permanently reduced to zero (-0-).

Facility Reserve has the meaning set forth in Section 5.15.

Examples of Facility Reserve in a sentence

The proceeds of Non-Extension Advances and Downgrade Advances to the extent of the Available Amount will be held in the Liquidity Facility Reserve Account as cash collateral to be used for the same purposes and under the same circumstances, and subject to the same conditions, as cash payments of Facility Advances under the Initial Liquidity Facility would be used.
If a Replacement Liquidity Facility is provided at any time after the making of a Downgrade Advance or a Non-Extension Advance under the Initial Liquidity Facility, the funds with respect to such Initial Liquidity Facility on deposit in the Liquidity Facility Reserve Account (with any accrued interest on such funds computed in accordance with Section 3.07) will be returned to the Initial Liquidity Facility Provider being replaced.
The amount of the Non-Extension Advance shall be equal to the Available Amount at the time of delivery, and shall be used to fund the Liquidity Facility Reserve Account in accordance with Sections 3.14(d) and 3.14(f) of the Indenture.
Proceeds of a Final Drawing shall be deposited into the Liquidity Facility Reserve Account to the extent of the Available Amount, in accordance with clause (f) above.
Upon a request by the Initial Liquidity Facility Provider, the Administrative Agent shall provide the Initial Liquidity Facility Provider with the amount of Investment Earnings held in the Liquidity Facility Reserve Account as of the Calculation Date.
Amounts on deposit in the Liquidity Facility Reserve Account shall be available to the Administrative Agent to make payments under this Agreement only to the extent and for the purposes expressly contemplated in Section 3.14(f) of the Indenture.
Developer agrees to pay City’s Facility Reserve Charges (“FRC”) as set or modified by the City Council from time to time.
All amounts on deposit in the Liquidity Facility Reserve Account, including any amount deposited in accordance with clause (iv) of Section 3.09(a), shall be invested and reinvested in accordance with Section 3.02.
All amounts drawn under the Initial Liquidity Facility by the Administrative Agent pursuant to Section 3.14(c), 3.14(d) or 3.14(i) hereof shall be deposited by the Administrative Agent into the Liquidity Facility Reserve Account.
Upon a request by the Liquidity Facility Provider, the Administrative Agent shall provide the Liquidity Facility Provider with the amount of Investment Earnings held in the Liquidity Facility Reserve Account as of the applicable date of determination.

More Definitions of Facility Reserve

Facility Reserve means, as of any date, the principal balance due to Bank under the $3,500,000 master Revolving Note dated December 26, 2000, and the undrawn amount of all related letters of credit.

Facility Reserve means an amount equal to $100,000,000, as such amount may be increased or decreased, in the good faith determination by Lender.

Facility Reserve means an amount equal to: (a) the lesser of (i) $99,000,000 or (ii) the aggregate outstanding principal amount of Tranche A Loans (as such term is defined in the Synthetic Lease Facility Agreements) minus (b) the lesser of: (i) $10,000,000 or (ii) zero, unless Synthetic Lease Facility Agent has received an appraisal pursuant to Section 4.4 of the Amended and Restated Intercreditor and Lien Subordination Agreement, dated the date hereof, by and among Borrowers, Guarantors, Wachovia Development Corporation, Wachovia Bank, National Association, as Agent, under the Synthetic Lease Facility Agreements, and Agent, then, an amount equal to (A) fifty (50%) percent of the net forced liquidation value of the Properties (as such term is defined in the Synthetic Lease Facility Agreements), set forth in the most recent appraisal received by Synthetic Lease Facility Agent minus (B) the aggregate principal amount of Loans and Lessor Advances (as such terms are defined in the Synthetic Lease Facility Agreements) owing to any Lenders or Lessor, as the case may be (as such term is defined in the Synthetic Lease Facility Agreements) other than Tranche A Lenders (as such term is defined in the Synthetic Lease Facility Agreements).