Operating Reserve Funds definition

Operating Reserve Funds shall have the meaning set forth in Section 7.7.1 hereof.
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Operating Reserve Funds means those funds which are deemed by Tampa Bay Water as necessary to meet any cash flow and revenue collection shortfalls due to inaccuracies in the Annual Reports or Annual Estimates or due to the requirements of the Financing Documents. The amount of Operating Reserve Funds shall be established by Tampa Bay Water policy; provided such amount shall not exceed an amount equal to two times the monthly average Variable Costs as provided in Tampa Bay Water's preliminary budget.
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Examples of Operating Reserve Funds in a sentence

  • Upon the occurrence of an Event of Default, Lender, at its option, may withdraw all the Operating Reserve Funds and if Lender does so, shall apply the Operating Reserve Funds toward payment of the Total Debt in such order, proportion and priority as Lender may determine in its sole discretion.

  • Lender’s right to withdraw and apply the Operating Reserve Funds shall be in addition to all other rights and remedies provided to Lender under the Loan Documents.

  • Provide no Event of Default or monetary Default exists, in the event that the amounts on deposit in the Cash Management Account are not sufficient to make the payments required under Section 3.4(a) through (g), of the Cash Management Agreement on each Payment Date, Lender shall apply the Operating Reserve Funds to payments of the such items.

  • Any interest on the Cash Collateral Reserve Funds, the Punch List and Deferred Maintenance Reserve Funds, the Operating Reserve Funds, the Interest Reserve Funds and the Tax and Insurance Escrow Funds shall not be added to or become a part thereof and shall be the sole property of and shall be paid to Lender.

  • Any interest on the Rollover Reserve Funds, the Ground Rent Reserve Funds, the Cash Collateral Reserve Funds, the Punch List and Deferred Maintenance Reserve Funds, the Operating Reserve Funds, the Interest Reserve Funds, the Storage Facility Master Lease Reserve Fund and the Tax and Insurance Escrow Funds shall not be added to or become a part thereof and shall be the sole property of and shall be paid to Lender.

  • The Borrower acknowledges the creation of the Replacement Reserve Fund, the Operating Reserve Funds and the Tax and Insurance Fund pursuant to the Indenture.

  • Such deficiency shall be cured by substantially equal monthly deposits by the Operator over (a) a twelve (12) month period if such deficiency results from a withdrawal or (b) over a four month period if such deficiency results from calculation of the value of investments on deposit in the Operating Reserve Funds.

  • Lender shall not be required to disburse any Operating Reserve Funds more frequently than once each calendar month, in minimum amounts of $5,000.00, and with regard to transfers to the Interest Reserve Account, no more than once during the term of the Loan.

  • The Borrower acknowledges the creation of the Replacement Reserve Fund, the Operating Reserve Funds and the Tax and Insurance Fund pursuant to the Pledge Agreement.

  • Borrower shall be relieved of its obligation to make deposits of Operating Reserve Funds under Section 7.5.1 above, provided that (a) Mortgage Borrower is required to and does make monthly deposits to an operating reserve account under the Mortgage Loan, and (b) Lender receives evidence acceptable to it of the making of such deposits.