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.

  • Notwithstanding anything herein to the contrary, in lieu of depositing the Occupancy Reserve Funds and/or the Holdback Reserve Funds as a condition to the Second Advance, but no later than April 30, 2007, Borrower may, at Borrower's option, provide a guaranty from Ramco-▇▇▇▇▇▇▇▇▇▇ Properties, L.P., a Delaware limited partnership ("Guarantor"), in the form attached hereto as Exhibit D (the "Reserve Guaranty").

  • 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.

  • Following the date which is nine (9) months from the Closing Date, (the “Holdback Triggering Date”), in the event a Holdback Release Event has not occurred, Lender shall have the right, as determined in its reasonable 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.

  • 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.

  • If the Holdback Reserve Funds are not disbursed to the related Borrower within 18 months of the Closing Date, the mortgagee may apply the Holdback Reserve Funds to the Mortgage Loan.

  • 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.

  • As a condition to the Second Advance (as defined in the Note), but no later than April 30, 2007, Borrower shall deposit with Lender (i) $3,445,959 ("Rent Funds") and (ii) $4,251,371 ("Tenant Allowance Funds"; Rent Funds and Tenant Allowance Funds, collectively referred to herein as "Holdback Reserve Funds").


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 the Tax and Insurance Escrow Fund, the Replacement Reserve Fund, the Required Repair Fund (if any), or 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.