Fee Reserve Account definition
Examples of Fee Reserve Account in a sentence
Any amounts remaining in the Deferred Management Fee Reserve Account after the Debt has been paid in full, shall be returned (x) in the event the Mezzanine Loan is outstanding, to Mezzanine Lender to be applied in accordance with the Mezzanine Loan Agreement, or (y) in the event that the Mezzanine Loan is paid in full, to Borrower.
Any Deferred Management Fee Reserve Funds remaining in the Deferred Management Fee Reserve Account shall be disbursed to Borrower for payment to Manager of the Deferred Management Leasing Fees, Deferred Construction and Tenant Coordination Fees and Deferred Disposition Fees, as applicable, upon the expiration of such Trigger Period (and provided no other Trigger Period shall then exist) in accordance with the applicable terms and conditions hereof.
Excess Interest Distribution Account; and Legal Fee Reserve Account 204 Section 3.05A Whole Loan Custodial Account 209 Section 3.06 Permitted Withdrawals From the Collection Account 212 Section 3.06A.
Subject to the terms of the Assignment of Management Agreement, in no event shall Administrative Agent be obligated to disburse funds from the Franchise Fee Reserve Account if an Event of Default exists.
On or prior to the date of the initial Pledge hereunder, an amount equal to the product of (a) 0.10% and (b) the Facility Limit as of such Pledge Date will be deposited into the Fee Reserve Account.
If on any Payment Date (including after a Take-Out as described below) the Net Investment is equal to or exceeds $100,000,000, and each of the above-referenced fees has been paid-in-full as of such Payment Date, all funds on deposit in the Fee Reserve Account will be released at such time to the Pledgors.
Funds on deposit in the Fee Reserve Account shall be available on any Pledge Date or the date of any Take-out to make any payments of the Program Fee, the Facility Fee or the Administrative Fee that have become due and payable to the extent that Available Funds are insufficient therefor.
Funds on deposit in the Fee Reserve Account shall be invested by the Agent in Eligible Investments that will mature so that such funds will be available prior to each Payment Date.
There shall be established on the day of the initial Pledge hereunder and maintained with the Agent, a segregated account (the "Fee Reserve Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Agent, on behalf of the Company and the Bank Investors.
If on any Payment Date, Available Funds are not sufficient to pay the fees described in the immediately preceding sentence, payment of such fees shall be made from the amounts on deposit in the Fee Reserve Account.