Unfunded Obligations Account definition

Unfunded Obligations Account shall have the meaning set forth in Section 8.8 hereof.
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Unfunded Obligations Account has the meaning set forth in Section 3.8(a).
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Unfunded Obligations Account. For the avoidance of doubt, if the amount specified in this Section 7.5.1 is $0.00, then no reserves or guaranty in respect of Unfunded Obligations shall be required and the Unfunded Obligations Account shall not be maintained except as set forth in the immediately following sentence. In addition, whenever a Lease is terminated, whether by buy-out, cancellation, default, rejection or otherwise, and Borrower receives any payment, fee, damages or penalty in respect of such termination in excess of $2,000,000 in the aggregate (a “Termination Fee”), Borrower shall promptly cause such Termination Fee to be deposited into the Unfunded Obligations Account. Provided no Event of Default is continuing, (i) Lender shall direct the Cash Management Bank to disburse such Termination Fee or portion thereof to Borrower at the written request of Borrower in respect of (x) documented leasing commissions and tenant improvement costs incurred by Borrower in connection with a replacement Lease entered into in accordance with the terms of this Agreement in respect of the space covered by such terminated Lease or (y) if Borrower or its Affiliate elects to operate the applicable Property in lieu of re-leasing such Property to a third party Tenant, any work performed by Borrower in connection with transition of the operation of such Property from the prior Tenant to Borrower or its Affiliate; and (ii) unless a Cash Sweep Period is continuing, the remainder of such Termination Fee or portion thereof, if any, shall be remitted to the Cash Management Account (x) in the case of clause (i)(x) of this Section 7.5.1, after the space covered by such terminated Lease has been relet, the replacement Tenant is in occupancy and has commenced paying rent under the replacement Lease and all leasing commissions and tenant improvement costs relating to such space have been paid or (y) in the case of clause (i)(y) of this Section 7.5.1, after commencement of operations by Borrower or the applicable Affiliate at such Property.
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Examples of Unfunded Obligations Account in a sentence

  • Upon such delivery to Lender of a Letter of Credit in the amount equal to the amount of NYC-DYCD Lease Funds or the Unfunded Obligations Funds, as applicable, held by Cash Management Bank in cash on the date of delivery of such Letter of Credit and provided that no Event of Default has occurred and is continuing, Lender shall promptly cause the Cash Management Bank to disburse any funds held by the Cash Management Bank in cash in the NYC-DYCD Lease Account or the Unfunded Obligations Account to Borrower.

  • In addition, Borrower shall deposit into the Unfunded Obligations Account any outstanding tenant improvement allowances and/or leasing commissions that Lender in good faith believes is due in connection with any Lease at the Properties as of the Closing Date and identified in any tenant estoppel received after the Closing Date (to the extent the same is not already on deposit in the Unfunded Obligations Account) within three (3) Business Days of Borrower’s receipt of such tenant estoppel.

  • Section 3.1. Cash Management Account 36 Section 3.2. Distributions from Cash Management Account 37 Section 3.3. Loss Proceeds Account 38 Section 3.4. Basic Carrying Costs Escrow Account 38 Section 3.5. FF&E Reserve Account 40 Section 3.6. Deferred Maintenance and Environmental Escrow Account 41 Section 3.7. Unfunded Obligations Account 42 Section 3.8. Hyatt PIP Reserve Account 43 Section 3.9. Hyatt Capital Plan Reserve Account 44 Section 3.10.

  • Amounts deposited into the Unfunded Obligations Account pursuant to Section 8.7 or this Section 8.8 are referred to herein as the “Unfunded Obligations Funds”.

  • Provided no Event of Default is continuing, Lender shall disburse funds to Borrower from the Unfunded Obligations Account up to one time per calendar month to reimburse Borrower for reasonable costs and expenses incurred in the performance of Unfunded Obligations, in each case within 10 Business Days following receipt from Borrower of a Disbursement Request with respect thereto.

  • The following Sections of the Original Loan Agreement shall each be deleted as of the Modification Closing Date: Section 3.5 (Cash Reserve Account), Section 3.7 (Deferred Maintenance and Environmental Reserve Account), Section 3.8 (Required Capital Expenditure Reserve Account), Section 3.10 (Debt Service Reserve Account), Section 3.11 (Unfunded Obligations Account) and Section 3.16 (Nashville Reserve Account).

  • In the event that Guarantor shall fail to maintain such net worth, the same shall constitute an Event of Default under the Loan Agreement unless within 10 days of notice by Lender to Guarantor of such failure, Borrower shall deposit into the Unfunded Obligations Account the amount of $500,000 or deliver to Lender a Qualified Letter of Credit in such amount.

  • The portion of the amount contained in the Unfunded Obligations Account that relates to the Xxxxxx Xxxxxxxx lease is referred to herein as the “Xxxxxx Reserve”.

  • Section 3.1. Cash Management Account 38 Section 3.2. Distributions from Cash Management Account 40 Section 3.3. Loss Proceeds Account 40 Section 3.4. Tax and Insurance Escrow Account 41 Section 3.5. FF&E Reserve Account 42 Section 3.6. Deferred Maintenance and Environmental Escrow Account 43 Section 3.7. Unfunded Obligations Account 44 Section 3.8. Performance Reserve Account 45 Section 3.9. Excess Cash Flow Reserve Account 45 Section 3.10.

  • Upon the payment or performance in full of all Unfunded Obligations or receipt by Lender of satisfactory evidence that such Unfunded Obligations no longer exist, provided no Event of Default or Trigger Period is then continuing, any amounts then remaining in the Unfunded Obligations Account shall promptly be remitted to Borrower and the Unfunded Obligations Account will no longer be maintained.


More Definitions of Unfunded Obligations Account

Unfunded Obligations Account has the meaning set forth in Section 3.8(a). “Unfunded Obligations Amount” means $74,248,039.54. “Use” means, with respect to any Hazardous Substance, the generation, manufacture, processing, distribution, handling, possession, use, discharge, placement, treatment, disposal, disposition, removal, abatement, recycling or storage of such Hazardous Substance or transportation of such Hazardous Substance. “U.S. Person” means a United States person within the meaning of Section 7701(a)(30) of the Code. “U.S. Tax” means any present or future tax, assessment or other charge or levy imposed by or on behalf of the United States of America or any taxing authority thereof. “Waste” means any material abuse or destructive use (whether by action or inaction) of any Property. “Yield Maintenance Premium” means, with respect to any payment of principal on a Note or Note Component following an acceleration of the Loan, the product of: (A) a fraction whose numerator is the amount so paid and whose denominator is the outstanding principal balance of the Note or Note Component before giving effect to such payment, times (B) the amount by which (1) the sum of the respective present values, computed as of the date of prepayment, of the remaining scheduled payments of principal and interest with respect to the Note or Note Component through and including the first 31
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Unfunded Obligations Account has the meaning set forth in Section 3.8(a). “Unfunded Obligations Amount” means $3,330,907.25. “Use” means, with respect to any Hazardous Substance, the generation, manufacture, processing, distribution, handling, possession, use, discharge, placement, treatment, 36 [AM_ACTIVE 400655008_12]
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Related to Unfunded Obligations Account

  • Unfunded Exposure Account A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Unfunded Exposure Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.

  • Unfunded Advances/Participations means (a) with respect to the Administrative Agent, the aggregate amount, if any (i) made available to the Borrowers on the assumption that each Lender has made its portion of the applicable Borrowing available to the Administrative Agent as contemplated by Section 2.02(d) of the Credit Agreement and (ii) with respect to which a corresponding amount shall not in fact have been returned to the Administrative Agent by the Borrowers or made available to the Administrative Agent by any such Lender, (b) with respect to any Swingline Lender, the aggregate amount, if any, of participations in respect of any outstanding Swingline Loan that shall not have been funded by the Revolving Credit Lenders in accordance with Section 2.22(e) of the Credit Agreement and (c) with respect to any Issuing Bank, the aggregate amount, if any, of participations in respect of any outstanding L/C Disbursement that shall not have been funded by the Revolving Credit Lenders in accordance with Sections 2.23(d) and 2.02(f) of the Credit Agreement.

  • Unfunded Pension Liability means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

  • LC Collateral Account has the meaning assigned to such term in Section 2.06(j).

  • L/C Obligations means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

  • Collateral Account is any Deposit Account, Securities Account, or Commodity Account.