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.