Disbursements from the Seasonal Reserve Account Sample Clauses

Disbursements from the Seasonal Reserve Account. In the event that, on any Payment Due Date upon which a Marriott Management Period no longer exists, the balance on deposit in the Lockbox Account (after application of the same in accordance with the Lockbox Account Agreement) is insufficient to pay debt service on the Loan and Operating Expenses (to the extent not paid directly by the Property Manager) and to make required deposits into the other Reserves, then so long as no Default or Event of Default exists at the time of any requested distribution of funds from the Seasonal Reserve Account, Lender shall, at Borrower’s request, disburse from the Seasonal Reserve Account into the Lockbox Account an amount equal to such deficiency for application as set forth in the Lockbox Account Agreement, provided each of the following terms and conditions shall have been satisfied: (i) all Seasonal Reserve Funds released by Lender into the Lockbox Account shall be used to pay or reimburse Borrower for payment of debt service on the Loan, to make required deposits into the Reserves and to pay Operating Expenses (to the extent not paid directly by the Property Manager) (in the order set forth in the Lockbox Account Agreement); (ii) all requests by Borrower for a disbursement of Seasonal Reserve Funds shall be in writing and shall not be made more frequently than once per month; (iii) such disbursement shall not exceed debt service, Reserve deposits and Operating Expenses, as applicable, (incurred pursuant to the Approved Budget) payable in the applicable month; (iv) unless otherwise approved by Lender, funds shall be disbursed from the Seasonal Reserve Account only during Seasonal Reserve Disbursement Months; and (v) Borrower shall provide such evidence as Lender may reasonably request regarding the use of such funds. If an Event of Default exists, Lender may apply the Seasonal Reserve Funds, together with any interest accrued thereon, to reduce the amounts owed by Borrower under the Loan in such order and priority as Lender may determine.
Sample 1
AutoNDA by SimpleDocs

Related to Disbursements from the Seasonal Reserve Account

  • Disbursements from Replacement Reserve Account (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any).

  • Disbursements from the Escrow Account a. At such time as Escrow Agent has collected and deposited instruments of payment in the total amount of the Advance and has received such Common Stock via D.W.A.C from the Company which are to be issued to the Investor pursuant to the Standby Equity Distribution Agreement, the Escrow Agent shall notify the Company and the Investor. The Escrow Agent will continue to hold such funds until the Investor and Company execute and deliver a Joint Written Direction directing the Escrow Agent to disburse the Escrow Funds pursuant to Joint Written Direction at which time the Escrow Agent shall wire the Escrow Funds to the Company. In disbursing such funds, Escrow Agent is authorized to rely upon such Joint Written Direction from Company and may accept any signatory from the Company listed on the signature page to this Agreement and any signature from the Investor that Escrow Agent already has on file. Simultaneous with delivery of the executed Joint Written Direction to the Escrow Agent the Investor and Company shall execute and deliver a Common Stock Joint Written Direction to the Escrow Agent directing the Escrow Agent to release via D.W.A.C to the Investor the shares of the Company's Common Stock. In releasing such shares of Common Stock the Escrow Agent is authorized to rely upon such Common Stock Joint Written Direction from Company and may accept any signatory from the Company listed on the signature page to this Agreement and any signature from the Escrow Agent has on file. In the event the Escrow Agent does not receive the amount of the Advance from the Investor or the shares of Common Stock to be purchased by the Investor from the Company, the Escrow Agent shall notify the Company and the Investor.

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

  • Permitted Withdrawals from the Servicer Custodial Account and Certificate Account (a) The Servicer may from time to time make withdrawals from the Servicer Custodial Account, for the following purposes:

  • Withdrawals from the Collection Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.01:

  • Permitted Withdrawals from the Collection Accounts and Certificate Account (a) Each Servicer may from time to time make withdrawals from the related Collection Account for the following purposes:

  • Withdrawals From the Custodial Account The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • 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).

  • Disbursement from the Bank Account 4.1 Subject to 4.3 below, if by the close of regular banking hours on the Termination Date the Escrow Agent determines that the amount in the Fund is less than the Minimum Dollar Amount or the Minimum Securities Amount, as indicated by the Subscription Information submitted to the Escrow Agent, then in either such case, the Escrow Agent shall promptly refund to each prospective purchaser the amount of payment received from such purchaser which is then held in the Fund or which thereafter clears the banking system, without interest thereon or deduction therefrom, by drawing checks on the Bank Account for the amounts of such payments and transmitting them to the purchasers. In such event, the Escrow Agent shall promptly notify the Issuer of its distribution of the Fund.

Time is Money Join Law Insider Premium to draft better contracts faster.