Renovation Reserves Account definition

Renovation Reserves Account means account no. 00000000 established and maintained by the Paying Agent pursuant to Section 2.17 in the name of the Borrower Representative and entitled “Xxxxx Fargo Bank, N.A., as Paying Agent, in trust for the Borrowers – Renovation Reserves Account # 00000000” or such other account established at the Paying Agent (or any successor) as may be designated in writing from time to time by the Administrative Agent.

Renovation Reserves Account means the account identified as the “Renovation Reserves Account” in the Securities Account Control Agreement established and maintained by the Securities Intermediary pursuant to Section 2.18 or such other account established pursuant to Section 2.18 in replacement thereof by the Securities Intermediary and designated in writing from time to time by the Administrative Agent and the Borrower Representative. The Renovation Reserves Account shall be an Eligible Account.

Examples of Renovation Reserves Account in a sentence

In connection with each Borrowing of Renovation Loans, the Administrative Agent shall instruct the Paying Agent in writing to remit to the Borrower Representative the Funded Renovation Reserves with respect to each Pending Renovation Advance Property from the Renovation Reserves Account upon satisfaction by the Loan Parties of each of the conditions precedent to such Borrowing set forth in Section 3.03 and subject to Section 6.13(e).
At the time of disbursement of the Property Loan with respect to any Financed Property, an amount equal to the Funded Renovation Reserves Percentage of the Renovation Reserves (the “Funded Renovation Reserves”) with respect to such Financed Property shall be deposited by Borrowers with the Paying Agent (or remitted from the proceeds of a related Property Loan on such Property pursuant to Section 2.02(c)) for transfer to the Renovation Reserves Account.
If, after giving effect to such an adjustment the Funded Renovation Reserves in respect of any Conformed Property represent less than the Funded Renovation Reserves Percentage of the adjusted Renovation Reserves, no later than the tenth (10th) Business Day following delivery of such updated Proposed Scheduled Renovation Work, an amount equal to such deficiency shall be deposited by Borrowers with the Paying Agent for transfer to the Renovation Reserves Account.
If, after giving effect to such an adjustment, the Funded Renovation Reserves in respect of any Conformed Property represent more than the Funded Renovation Reserves Percentage of the Renovation Reserves for such Property, the Paying Agent shall disburse such excess from the Renovation Reserves Account to the Borrower Representative (as directed in writing by the Administrative Agent pursuant to Section 6.13(c).
At the time of disbursement of any Loan with respect to any Non-Stabilized Property, an amount equal to the Renovation Reserves with respect to such Non-Stabilized Property shall be deposited by Borrowers with the Paying Agent (or remitted from the proceeds of a related Loan on such Property pursuant to Section 2.02(c)) for transfer to the Renovation Reserves Account.
The Administrative Agent shall, from time to time upon satisfaction by the Loan Parties of each of the Converted Property Reserve Release Conditions (or at the time provided in Section 6.11(g)), instruct the Paying Agent in writing, as applicable, to remit to the Borrower Representative the Renovation Reserves with respect to any Converted Properties, to the extent any Renovation Reserves have been funded in cash and are held in the Renovation Reserves Account, from the Renovation Reserves Account.

Related to Renovation Reserves Account

FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.
Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.
Expense Reserve Account The trust account established pursuant to Section 10.3(d).
Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.
Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.
Construction Account means the account by that name established in the FGR Subordinated Indebtedness Fund pursuant to the Second Resolution.
Targeted Accumulation Reserve Subaccount Deposit means, with respect to any Distribution Date during the Accumulation Reserve Funding Period, an amount equal to (i) [0.5]% of the Outstanding Dollar Principal Amount of the Class C( - ) Notes as of the close of business on the last day of the related Due Period or (ii) any other amount designated by the Calculation Agent on behalf of the Issuer.]
Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.
Replacement Reserve As defined in Section 9.5.1.
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 [*];
Interest Reserve Account As defined in Section 3.4(d).
Reserve Account Required Amount means, with respect to any Payment Date, an amount equal to 0.25% of the Adjusted Pool Balance as of the Cutoff Date; provided, however, that in no event shall the Reserve Account Required Amount on any Payment Date be more than the aggregate Outstanding Amount of the Notes on such Payment Date (after giving effect to the allocation of principal payments on such Payment Date).
Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.
Required Repair Account shall have the meaning set forth in Section 7.1.1 hereof.
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).
Project Account means the account referred to in Section 3.04 (a) of this Agreement;
Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).
Debt Service Reserve Account shall have the meaning given to it in the Depository Agreement.
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.
FF&E Reserve means, for any Person or any Hotel Property at any time, a reserve equal to four percent (4%) of gross revenues from any Hotel Property owned by such Person or from such Hotel Property, as applicable, for the Rolling Period of the Parent most recently ended for which financial statements have been, or are required to be, delivered to the Banks hereunder.
Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.
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 Deposit Cash or Eligible Investments having a value of at least $2,653,198.45.
Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.
Reserve Account Property shall have the meaning specified in Section 4.7(a) of the Sale and Servicing Agreement.
Reserve Account Deposit Amount means, with respect to any Distribution Date, the lesser of (x) the excess of (i) the Specified Reserve Balance over (ii) the amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Distribution Date and (y) the amount remaining in the Collection Account after taking into account the distributions therefrom described in clauses (i) through (xviii) of Section 5.7(a).