Examples of Required Repairs Subaccount in a sentence
Provided no Default or Event of Default shall have occurred and is continuing, upon Borrowers' completion of all Required Repairs in accordance with this Section 3.2, Lender shall release any funds remaining in the Required Repairs Subaccount, if any, to Borrowers.
Upon Tenant’s completion of all Required Repairs in accordance with this Section, Landlord shall release or cause Mortgagee to release any funds remaining in the Required Repairs Subaccount, if any, to Tenant.
Borrower shall apply all funds deposited in the Required Repairs Subaccount (defined below) towards the performance the items of the repairs and environmental remedial work at the Property described on Schedule 1 hereto (the “Required Repairs”) within twelve (12) months of the date hereof.
Landlord shall allow a reduction in the Letter of Credit or Letters of Credit relating to the Reserve Subaccount for Maintenance Expenses or Required Repairs upon satisfaction of the conditions precedent for disbursement set forth in Section 30.03 or Section 9.05, as applicable, which reduction shall be in an amount equal to the amount that would have been disbursed to Tenant had the Reserve Account for Maintenance Expenses or the Required Repairs Subaccount, contained cash.
Upon Borrower’s completion of all Required Repairs in accordance with this Section 3.2, Lender shall transfer any funds remaining in the Required Repairs Subaccount, if any, to the Capital Reserve Subaccount to be disbursed and applied in accordance with Section 3.4(a) hereof.