Holdback Reserve Funds definition

Holdback Reserve Funds shall have the meaning set forth in Section 7.5 hereof.
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Holdback Reserve Funds. The Holdback Reserve Funds are to be held as additional collateral for the Mortgage Loan for the first 18 months of the term or until the Amortizing Debt Service Coverage (as defined in the related loan agreement) equals or exceeds 1.15x based on net cash flow from commercial Tenants with executed Leases (including the Affiliate Lease but not including any other Leases entered into with an Affiliate) that are occupied, open for business and pay rent and from multifamily Tenants with executed Leases. The Affiliate Lease is that certain lease by and between the Borrower, as lessor, and an Affiliate of Borrower Principal, as lessee, for approximately 4,600 square feet. The Borrower is entitled to not more than four partial disbursements of the Holdback Reserve Funds in increments of $500,000 during the 18-month period upon the satisfaction of the terms of the related loan agreement, including, but not limited to, (1) the Mortgaged Property achieving a required debt service coverage ratio of 1.15x, (2) the Borrower providing evidence that tenants (none of which shall be an Affiliate other than the tenant under the Affiliate Lease) used in the calculation of such debt service coverage ratio are in possession of their demised premises and paying rent and (3) in connection with the final disbursement, the Borrower providing a copy of the Required Certificate of Completion (as defined in the related loan agreement). In the event that conditions for disbursement of the Holdback Reserve Funds are not met by the Scheduled Payment Date occurring in February, 2009, the mortgagee may either (x) apply the remaining Holdback Reserve Funds to pay down the Mortgage Loan such that the Mortgaged Property meets a debt service coverage ratio of 1.15x (in which case any prepayment premium required pursuant to the Note is immediately due and payable) or (y) hold the Holdback Reserve Funds as additional collateral for the Loan. -------------------------------------------------------------------------------- Crescent Crown Distributing Upon the tenant known as Crescent Crown (3406066) Distributing, L.L.C. vacating the Mortgaged Property, giving notice of a bankruptcy or terminating or failing to renew its lease, cash flows from the Mortgaged Property will be swept (after otherwise going through the cash management waterfall set forth in the related loan agreement) into a reserve account (the "Rollover Reserve Account"). The Rollover Reserve Account will be held as additional securi...
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Holdback Reserve Funds in Section 1.1 of the Loan Agreement are hereby deleted in their entirety and all references to such definitions in the Loan Agreement and the Loan Documents shall be deleted in their entirety.
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Examples of Holdback Reserve Funds in a sentence

  • Upon Lender’s consent to the purchase of the Fee Estate of the Burlington Property pursuant to Section 2.7 hereof, in the event that Borrower provides evidence satisfactory to Lender in its reasonable discretion that (i) the sale of the Burlington Property has occurred and (ii) Borrower has fulfilled the requirements of Section 2.7 hereof, Lender shall release such Holdback Reserve Funds to Borrower.

  • Upon an Event of Default, Lender shall have the right, as determined by Lender in its sole discretion, to apply all or a portion of the Holdback Reserve Funds to the payment of the Debt, in such order as Lender shall determine in its sole discretion.

  • If, following satisfaction of the conditions, the mortgagee disburses less than all of the Holdback Reserve Funds or if the conditions are not satisfied on or before two years after the Closing Date, the mortgagee must apply the Holdback Reserve Funds to the Debt as the mortgagee elects.

  • Prior to the Holdback Triggering Date (defined below), lender is required to release such Holdback Reserve Funds to the Mortgage Borrower as follows: (A) $5,905,000 upon delivery of evidence that a Holdback Release Event has occurred and (B) $195,000 upon delivery of evidence that both DCAS Tenant and Garage Tenant have commenced paying rent under their prospective leases.

  • The Tenant Allowance Funds shall be disbursed out of the Holdback Reserve Funds by Lender to Borrower with respect to each Tenant in accordance with Schedule II attached to the Closing Certificate upon Borrower's satisfaction of the Leasing Costs Conditions.

  • In the event that conditions for disbursement of the Holdback Reserve Funds are not met by the Scheduled Payment Date occurring in February, 2009, the mortgagee may either (x) apply the remaining Holdback Reserve Funds to pay down the Mortgage Loan such that the Mortgaged Property meets a debt service coverage ratio of 1.15x (in which case any prepayment premium required pursuant to the Note is immediately due and payable) or (y) hold the Holdback Reserve Funds as additional collateral for the Loan.

  • If on the Holdback Triggering Date, a Holdback 4055 10th Avenue (3404906) Release Event has not occurrxx, xxxxxx has the right to apply all or a portion of the Holdback Reserve Funds to the Mortgage Loan.

  • If, at the expiration of the Holdback Release Period, the Holdback Reserve Funds remain on deposit with Lender (the “Remaining Holdback Reserve Funds”), then the Holdback Reserve Funds shall be released to Borrower and Borrower shall on the Partial Defeasance Release Date cause a Partial Defeasance as set forth in Section 2.5.2 hereof.

  • Notwithstanding the foregoing, the Holdback Reserve Funds will be released to the Borrower in their entirety upon the mortgagee's receipt of certain information regarding the tenant known as Breckinridge Group, Inc.

  • The Holdback Reserve Funds are to be held as additional collateral for the Mortgage Loan for the first 18 months of the term or until the Amortizing Debt Service Coverage (as defined in the related loan agreement) equals or exceeds 1.15x based on net cash flow from commercial Tenants with executed Leases (including the Affiliate Lease but not including any other Leases entered into with an Affiliate) that are occupied, open for business and pay rent and from multifamily Tenants with executed Leases.


More Definitions of Holdback Reserve Funds

Holdback Reserve Funds. Section 5.14(b)
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Related to Holdback Reserve Funds

  • Reserve Funds means, collectively, the Tax and Insurance Reserve Fund, the Replacement Reserve Fund, the Required Repair Fund, the Rollover Reserve Fund, the Ground Lease Reserve Fund, the Excess Cash Flow Reserve Fund and any other escrow fund established by the Loan Documents.

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

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

  • 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 [*];

  • Required Reserve Fund Amount 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 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 (ii) 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 LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

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

  • Indemnity Escrow Account means the escrow account established by the Escrow Agent pursuant to the terms of the Escrow Agreement for purposes of holding the Indemnity Escrow Amount.

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

  • 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.

  • Interest Reserve Account As defined in Section 3.4(d).

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

  • Escrow Account The Eligible Account or Accounts established and maintained pursuant to Section 3.09(b).

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Trustee pursuant to Sections 3.07(b) and 3.07(c) in the name of the Trustee for the benefit of the Regular Certificateholders and designated "Deutsche Bank, National Trust Company in trust for registered Holders of Morgan Stanley ABS Capital I Inc. Trust 2006-HE5, Mortgage Pass-Through Xxxxxfxxxxxx, Series 2006-HE5." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.

  • Excess Liquidation Proceeds Reserve Account The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(c) of this Agreement in trust for the Certificateholders, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2019-C7, Commercial Mortgage Pass-Through Certificates, Series 2019-C7, Excess Liquidation Proceeds Reserve Account.” Any such account shall be an Eligible Account.

  • Reserve Fund Initial Deposit means the initial deposit of cash in the amount of $3,846,153.85 made by or on behalf of the Seller into the Reserve Fund on the Closing 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.

  • 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 Accounts means the Tax Account, the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Leasing Reserve Account, the Excess Cash Flow Account, the Operating Expense Account, the Ground Rent Account and any other escrow account established by this Agreement or the other Loan Documents (but specifically excluding the Cash Management Account, the Restricted Account and the Debt Service Account).

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

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

  • Specified Reserve Account Balance means, for any Payment Date, an amount equal to 1.00% of the Pool Balance as of the Cut-Off Date; provided, however, on any Payment Date after the Notes are no longer Outstanding following payment in full of the principal and interest on the Notes, the “Specified Reserve Account Balance” shall be $0.

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

  • Debt Service Reserve Fund means the fund by that name established pursuant to the Second Resolution.

  • Debt Service Reserve Account shall have the meaning given to it in the Depository Agreement.

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

  • Escrow Fund means the escrow fund established pursuant to the Escrow Agreement.