Deposits to Unfunded Obligations Account Sample Clauses

Deposits to Unfunded Obligations Account. Borrower hereby acknowledges that as of the Closing Date, (i) certain Tenants have outstanding free rent credits and operating expenses reimbursement credits pursuant to their Leases in the aggregate amount of $17,698,033.00 as described on Schedule VIII attached hereto (the “Outstanding Lease Credits”) and (ii) Borrower has outstanding tenant improvement allowances and leasing commission and related obligations in the aggregate amount of $11,989,801.00 as described on Schedule VIII attached hereto (the “Outstanding TI/LC Obligations” and, collectively with the Outstanding Lease Credits, the “Unfunded Obligations”). On the Closing Date, Borrower shall deposit into an Eligible Account held by Administrative Agent or Servicer (the “Unfunded Obligations Account”) an amount equal to $29,687,834.00, which amount shall be deposited with and held by Administrative Agent or Servicer to be applied in accordance with Section 8.9(b) below. Amounts deposited pursuant to this Section 8.9(a) are referred to herein as the “Unfunded Obligations Funds”. Notwithstanding the foregoing, (1) in the event, and for so long as, that the Unfunded Obligations Reserve Waiver Requirements are satisfied, Borrower shall not be required to make any of the deposits described in this Section 8.9(a) into the Unfunded Obligations Account as and when required hereunder and (2) to the extent that Administrative Agent or Servicer is holding any Unfunded Obligations Funds and provided no Event of Default exists, Administrative Agent or Servicer shall disburse such Unfunded Obligations Funds to Borrower in the event that the Unfunded Obligations Reserve Waiver Requirements are satisfied. For the purposes hereof “Unfunded Obligations Reserve Waiver Requirements” shall mean an occurrence of either of (a) Borrower delivering to Administrative Agent a Letter of Credit in an amount not less than the Remaining Unfunded Obligations; or (b) Borrower delivering to Administrative Agent the Unfunded Obligations Guaranty from Guarantor guaranteeing payment of an amount equal to the Remaining Unfunded Obligations. Administrative Agent hereby acknowledges and agrees that in connection with the closing of the Loan Borrower has delivered the Unfunded Obligations Guaranty to Administrative Agent and, therefore, the Unfunded Obligations Reserve Waiver Requirements are satisfied as of the Closing Date.
Sample 1
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Deposits to Unfunded Obligations Account. Borrower hereby acknowledges that as of the Closing Date, (i) certain Tenants have outstanding free rent credits and operating expenses reimbursement credits pursuant to their Leases in the aggregate amount of $20,849,470.43 as described on Schedule VIII attached hereto (the “Outstanding Lease Credits”) and (ii) Borrower has outstanding tenant improvement allowances and leasing commission and related obligations in the aggregate amount of $29,428,180.51 as described on Schedule VIII attached hereto (the “Outstanding TI/LC Obligations” and, collectively with the Outstanding Lease Credits, the “Unfunded Obligations”). On the Closing Date, Borrower shall
Sample 1
Deposits to Unfunded Obligations Account. Borrower shall pay to Lender on the Closing Date a deposit in the amount of $0.00, which is the amount reasonably estimated by Lender in its sole discretion to be due for the Unfunded Obligations. Amounts so deposited shall hereinafter be referred to as the “Unfunded Obligation Reserve Funds” and the account in which such amounts are held shall hereinafter be referred to as the “Unfunded Obligations Reserve Account”.
Sample 1

Related to Deposits to Unfunded Obligations Account

  • Deposits to the Collection Account and Special Payments Account (a) The Subordination Agent shall, upon receipt thereof, deposit in the Collection Account all Scheduled Payments received by it (other than any Scheduled Payment which by the express terms hereof is to be deposited to a Cash Collateral Account).

  • Deposits to Collection Account The Servicer shall use its best efforts to deposit or cause to be deposited (without duplication), within two (2) Business Days after receipt thereof, into the Collection Account and retain therein in trust for the benefit of the Grantor Trust Holder:

  • Deposits to the Collection Account On behalf of the Trust Fund, the Master Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Master Servicer's receipt thereof, and shall thereafter deposit in the Collection Account, in no event more than two Business Days after the deposit of such funds into the clearing account, as and when received or as otherwise required hereunder, and retain therein, the following payments and collections received or made by it subsequent to the Cut-off Date with respect to the Mortgage Loans, or payments (other than Principal Prepayments) received by it on or prior to the Cut-off Date but allocable to a Due Period subsequent thereto:

  • Funding Account The Administrative Agent shall have received a notice setting forth the deposit account of the Borrower (the “Funding Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement.

  • Disbursement Account A trust account for the benefit of Owner, opened by Manager with an FDIC insured bank to pay for “Operating Expenses” as defined in Section 4.01(b).

  • Settlement Account Money debited to the Capital Account in respect of the cost of purchases made on the Client's behalf and money received and receivable upon settlement of each sale made on the Client's behalf will be credited to this account and held there until the relevant settlement date.

  • Administrative Accounts In connection with the services provided hereunder, the Custodian is hereby directed to open cash accounts on its books and records from time to time for the purposes of receiving subscriptions and/or processing redemptions on behalf of the Fund and/or for the purposes of aggregating, netting and/or clearing transactions (including, without limitation foreign exchange, repurchase agreements, capital stock activity, expense payment) or other administrative purposes, each on behalf of the Fund (each an “Account”). Each such Account shall be subject to the terms and conditions of this Agreement and the Fund shall be liable for the satisfaction of its obligations in connection with each Account.

  • Retirement Accounts With respect to certain retirement plans or accounts (such as individual retirement accounts (“IRAs”), SIMPLE IRAs, SEP IRAs, Xxxx IRAs, Education IRAs, and 403(b) Plans (such accounts, “Retirement Accounts”), the Transfer Agent, at the request and expense of the Fund, provide or arrange for the provision of various services to such plans and/or accounts, which services may include custodial agent services such as account set-up maintenance, and disbursements as well as such other services as the parties hereto shall mutually agree upon.

  • Disbursements of Monies from Payment Account (a) Notwithstanding any other provision in this Agreement, but subject to the other subsections of this Section 9.01, on each Payment Date, the Collateral Agent shall disburse amounts transferred from the Collection Account to the Payment Account pursuant to Section 8.02 in accordance with the Payment Date Report and the following priorities (the “Priority of Payments”):

  • Certificate Account and Special Payments Account (a) The Trustee shall establish and maintain on behalf of the Certificateholders a Certificate Account as one or more non-interest-bearing accounts. The Trustee shall hold the Certificate Account in trust for the benefit of the Certificateholders, and shall make or permit withdrawals therefrom only as provided in this Agreement. On each day when a Scheduled Payment is made to the Trustee under the Intercreditor Agreement, the Trustee upon receipt thereof shall immediately deposit the aggregate amount of such Scheduled Payment in the Certificate Account.

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