Repair Reserve Account definition

Repair Reserve Account has the meaning provided in Section 2.13.
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Repair Reserve Account. As defined in the Cash Collateral Agreement. ----------------------
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Repair Reserve Account is defined in Section 4.4 of this Agreement.
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Examples of Repair Reserve Account in a sentence

  • The Maintenance and Repair Reserve Account may be established and maintained as a bookkeeping account or as a separate bank account at the election of the Town, unless otherwise directed by the Bondholder.

  • Notwithstanding the foregoing, for the initial funding of the Maintenance and Repair Reserve Account, or the replenishments of the account as required above, the Town may, at its election make monthly deposits to the account in the amount of $1,097.50 each until the Maintenance Reserve Requirement is reached, in lieu of funding the Maintenance Reserve Requirement all at once.

  • At the time of closing the Bonds, the Town shall deposit the sum of $13,170.00 in the Maintenance and Repair Reserve Account which shall be used by the Town solely for the repair, maintenance, and replacement of short-term capital assets of the Town’s water system as needed.

  • Upon the occurrence of an Event of Default, Lender, at its option, may withdraw all Required Repair Reserve Funds from the Required Repair Reserve Account and apply such funds either to (i) the costs of completion of the Required Repairs or (ii) the Debt, in such order, proportion and priority as Lender may determine in its sole discretion.

  • Such statements shall set forth the financial condition and the results of operations for Borrower and the Properties (on a combined basis) for such Fiscal Year, and shall include, but not be limited to, amounts representing annual Net Cash Flow, Net Operating Income, Gross Income from Operations, Capital Expenditures (for the avoidance of doubt, not including any contributions to the Replacement Reserve Account or the Required Repair Reserve Account) and Operating Expenses.

  • If at any time the Clean Line Entities fail to utilize such funds in the Capital Repair Reserve Account to make Capital Repairs when required, then subject to prior notice to Holdings and a grace period of thirty (30) days, DOE may, at its option (but with no obligation to) draw (i) on the Performance Support or (ii) if agreed to by the Project Financing Parties, from the Capital Repairs Reserve Account, and, in each case, apply the proceeds thereof to the making of any such Capital Repairs.

  • Within ten (10) days after such notice from Lender, Borrower shall deliver the deficiency amount to Lender, and Lender shall deposit in the Immediate Repair Reserve Account and hold and administer same in accordance with this Loan Agreement.

  • Lender shall make disbursements from the Immediate Repair Reserve Account upon Borrower’s performance, to Lender’s satisfaction, of all conditions to disbursement set forth in Article 5 of this Loan Agreement.

  • In no event shall Lender be obligated to disburse funds from the Structural Repair Reserve Account if a Monetary Default or an Event of Default exists.

  • Borrower shall not make a request for disbursement from the Structural Repair Reserve Account more frequently than once in any calendar month and the total amount of any request shall not be less than $10,000 (except in the case of the final request for disbursement).


More Definitions of Repair Reserve Account

Repair Reserve Account means the Blocked Account established by Borrowers with the Depository Bank into which the amounts set forth on Schedule 2.14 will be deposited and released in accordance with the terms of Section 2.14.
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Repair Reserve Account means the account maintained by the Borrower in accordance with Clause 22.1(a)(i) (Designation of Control Accounts) and includes its interest in any replacement account or sub division or sub account of that account.
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Related to Repair Reserve Account

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

  • Interest Reserve Account The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.23 of this Agreement, 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, Interest Reserve Account” and which shall be an Eligible Account.

  • Debt Service Reserve Account as defined in the Depositary Agreement.

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

  • 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.