Unfunded Obligations Reserve Funds definition

Unfunded Obligations Reserve Funds shall have the meaning set forth in Section 8.8 hereof.
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Unfunded Obligations Reserve Funds and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “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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Unfunded Obligations Reserve Funds and the account in which such amounts are held shall hereinafter be referred to as the “Unfunded Obligations Reserve Account.” The Unfunded Obligations Reserve Funds shall be held by Administrative Agent in escrow in accordance with Section 8.7 hereof and disbursed to Borrower in accordance with Section 8.10(b). 144
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Examples of Unfunded Obligations Reserve Funds in a sentence

  • Provided no Event of Default then exists, Lender shall, following receipt of written request from Xxxxxxxx, disburse to Borrower the remaining Unfunded Obligations Reserve Funds (if any) relating to each Individual Property from the Unfunded Obligations Account upon completion of all Unfunded Obligations with respect to such Individual Property.

  • Upon the occurrence and during the continuance of such an Event of Default, Lender, at its option, may withdraw the Unfunded Obligations Reserve Funds (if any) from the Unfunded Obligations Account and Lender may apply such funds either to the performance or satisfaction of the Unfunded Obligations or toward payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion.

  • Xxxxxx’s right to withdraw and apply Unfunded Obligations Reserve Funds (if any) shall be in addition to all other rights and remedies provided to Lender under this Agreement and the other Loan Documents.


More Definitions of Unfunded Obligations Reserve Funds

Unfunded Obligations Reserve Funds has the meaning set forth in Section 3.6(b).
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Related to Unfunded Obligations Reserve Funds

  • Debt Service Reserve Account shall have the meaning assigned to such term in the Depositary Agreement.

  • Reserve Funds means, collectively, the Tax and Insurance Reserve Fund, the Replacement Reserve Fund, the Required Repair Fund, the Rollover Reserve Fund, the Ground Lease Reserve Fund, the Excess Cash Flow Reserve Fund and any other escrow fund established by the Loan Documents.

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • 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.

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