Reserve Funds definition

Reserve Funds. With respect to any Mortgage Loan, any amounts delivered by the related Mortgagor to be held in escrow by or on behalf of the mortgagee representing reserves for environmental remediation, repairs, capital improvements, tenant improvements and/or leasing commissions with respect to the related Mortgaged Property.
Reserve Funds as defined in the Mortgage Loan Agreement.

Examples of Reserve Funds in a sentence

  • Exhibit GG-2 Serviced Loans With Holdback Amounts, Escrow Accounts, Reserve Funds or Letters of Credit, in Each Case, Held as Performance or “Earn-Out” Holdbacks, Escrows or Reserves that Exceed in the Aggregate, 10%, But is Less Than 20%, of the Initial Principal Balance of the related Serviced Loan for Purposes of Clause (k) of the “Special Servicer Decision” definition.

  • Borrower shall use the proceeds of the Loan (a) to make deposits of the Reserve Funds, (b) to pay costs and expenses related to the closing of the Loan, including fees payable to Lenders and Collateral Agent, (c) to release any Lien encumbering the Collateral, (d) to pay any delinquent Property Taxes, HOA Fees and Other Charges, (e) to purchase the Properties, and (f) if any proceeds remain thereafter, for such lawful purpose as Borrower shall determine.

  • If at any time Lender reasonably determines that the Condominium Charges Reserve Funds are not or will not be sufficient to make payments due under the Condominium Documents in a timely manner, Lender shall notify Borrower of any such determination and Borrower shall pay to Lender any amount required by Lender to make up the deficiency within ten (10) days after notice from Lender to Borrower requesting payment thereof.

  • Notwithstanding anything to the contrary contained herein, unless otherwise consented to in writing by Xxxxxx, Borrower shall only be permitted to request (and Lender shall only be required to disburse) Reserve Funds on account of the liabilities, costs, work and other matters (as applicable) for which said sums were originally reserved hereunder, in each case, as reasonably determined by Xxxxxx.

  • Borrower shall use proceeds of the Loan to (i) pay and discharge (or cause the assignment to Lender of) the Prior Loan, (ii) to make initial deposits of the Reserve Funds, (iii) pay costs and expenses incurred in connection with the closing of the Loan, and (iv) to the extent any proceeds remain after satisfying clauses (i) through (iii) above, for such lawful purpose as Borrower shall designate, provided such purpose does not violate the terms of any Loan Documents.


More Definitions of Reserve Funds

Reserve Funds means the Tax and Insurance Reserve Funds, the Leasing Reserve Funds or any other escrow funds established by the Loan Documents.
Reserve Funds means an amount set aside by the body corporate to meet the unexpected costs that may arise in future, including future cost of maintenance;
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.
Reserve Funds means, collectively, the Tax and Insurance Escrow Fund, the FF&E Reserve Fund, any funds in any of the Reserve Accounts and in any other escrow fund or account established pursuant to the Loan Documents.
Reserve Funds means, with respect to any Mortgage Loan, any amounts delivered by the related Mortgagor to be held by or on behalf of the mortgagee representing reserves for repairs, capital improvements and/or environmental remediation in respect of the related Mortgaged Property or debt service on such Mortgage Loan.
Reserve Funds means, collectively, the Tax and Insurance Escrow Funds, the Operating Expense Reserve Funds, the Excess Cash Flow and any other escrow or reserve fund established pursuant to the Loan Documents.