Payment Reserve Sample Clauses

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Payment Reserve. The Payment Reserve shall be disbursed as follows: (i) To the extent Borrowers fail to make any required payment of principal or interest on any Term Loan (excluding any mandatory prepayment required under Section 3.2(b) and associated Make-Whole Amount) within fifteen (15) days after written notice from Agent, or any other amounts due hereunder, Agent may withdraw such amounts from the Payment Reserve and apply such funds to such outstanding Obligations owed to Agent or any Lender hereunder; and (ii) if an Operator has failed to make any payment due under an Operator Obligation Document, and if all payments then required to be made from the Payment Reserve under (i) above have been made, then, at the option of Borrowers, (x) Agent shall at Borrower’s request withdraw from the Payment Reserve and, at Borrower’s direction, pay to Borrower or the applicable Retail Property Owner the amount required to satisfy the rent obligations then due under the Operator Obligation Document, or (y) if the payment reserve is insufficient, Borrower shall pay Retail Property Owner from its own funds the amount required to satisfy any rent obligation; and (iii) any funds remaining in the Payment Reserve once the Obligations have been irrevocably repaid in full shall be automatically and promptly returned to Borrower.
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Payment Reserve. Contemporaneously with the execution hereof, Borrower has established with Lender a temporary reserve in the amount equal to one (1) regular monthly installment of principal, interest and all required reserves, deposits or impounds under the Loan Documents (the “Payment Reserve”). Borrower understands and agrees that, notwithstanding the establishment of the Payment Reserve as herein required, all of the proceeds of the Note have been, and shall be considered, fully disbursed and shall bear interest and be payable on the terms provided therein. So long as no Default has occurred hereunder, Lender shall on the first Payment Date under the Note, advance from the Payment Reserve to itself the amount due and payable by Borrower under the Note on such Payment Date and shall also advance from the Payment Reserve into the Impound Account the amount of any deposit for Taxes and Other Charges and Insurance Premiums and into each other Reserve the amount of any deposit required to be paid for such purpose by Borrower on such Payment Date pursuant to the terms hereof. Borrower shall not be obligated to make any further deposits into the Payment Reserve after the disbursement of the funds held therein as aforesaid, and the Payment Reserve shall terminate upon such disbursement. No interest on funds contained in the Payment Reserve shall be paid by Lender to Borrower. Nothing contained herein, including, without limitation, the existence of the Payment Reserve, shall release Borrower of any obligation to make payments under the Note, this Mortgage or the other Loan Documents strictly in accordance with the terms hereof or thereof and, in this regard, without limiting the generality of the foregoing, should the amounts contained in the Payment Reserve not be sufficient to pay in full the amount due under the Note and the Impound Account and other Reserve deposits referenced above in this subparagraph on such Payment Date, Borrower shall be responsible for paying such deficiency on the due date of any such payments.
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Payment Reserve. Contemporaneously with the execution hereof, Borrower has established with Lender a reserve in the aggregate amount of (i) the Monthly Debt Service Payment Amount due on the First Payment Date and (ii) amounts payable to Reserve Accounts on the First Payment Date (the “Payment Reserve”). Borrower understands and agrees that, notwithstanding the establishment of the Payment Reserve, all of the proceeds of the Loan have been, and shall be considered, fully disbursed and shall bear interest and be payable on the terms provided therein. For so long as no Event of Default has occurred hereunder or under any of the other Loan Documents, Lender shall on the First Payment Date advance from the Payment Reserve to itself the amount of the Monthly Debt Service Payment Amount and amounts payable to Reserve Accounts under the Loan Documents on the First Payment Date. Amounts deposited in the Payment Reserve shall be referred to herein as Borrower’s “Payment Reserve Funds” and the account in which such amounts are held shall be referred to as Borrower’s “
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Payment Reserve. Contemporaneously with the execution hereof, Mortgagor has established with Mortgagee a reserve in the amount equal to one (1) regular monthly installment of principal and interest under the Note (the "Payment Reserve"). Mortgagor understands and agrees that, notwithstanding the establishment of the Payment Reserve as herein required, all of the proceeds of the Note have been, and shall be considered, fully disbursed and shall bear interest and be payable on the terms provided therein. No interest on funds contained in the Payment Reserve shall be paid by Mortgagee to Mortgagor. For so long as no Default has occurred hereunder, Mortgagee shall on the first Payment Date (as defined in the Note) under the Note, advance from the Payment Reserve to itself the amount due and payable by Mortgagor under the Note on such Payment Date. Nothing contained herein, including, without limitation, the existence of the Payment Reserve, shall release Mortgagor of any obligation to make payments under the Note, this Mortgage or the other Loan Documents strictly in accordance with the terms hereof or thereof.
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Payment Reserve. Within fifteen (15) days following receipt by Borrower from Lender of the Reserve Notice relating to any Conversion Date, Borrower will deposit or cause to be deposited with Escrow Agent the amount, if any, required so that the aggregate amount held in the Escrow Account equals the Reserve Amount calculated by Lender in the exercise of its reasonable judgment for such Conversion Date as set forth in such Reserve Notice. To the extent that the amount on deposit in the Escrow Account on any Conversion Date exceeds the Reserve Amount calculated for such Conversion Date, so long as no Event of Default has occurred and is continuing, Borrower may require Escrow Agent to remit the amount of such excess to Borrower. Upon the occurrence and during the continuation of any Event of Default, Lender may require Escrow Agent to remit any amounts held in the Escrow Account for application to the payment of any Obligation of Borrower to Lender then due and payable under this Agreement.
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Payment Reserve. Borrower shall place $1,000,000.00 into a Payment Reserve Account with Lender, and will be held by Lender as a payment reserve to be drawn upon by Lender in the event that Borrower fails to timely make any payment required under the Loan. In the event that any funds are withdrawn from the Reserve Account pursuant to this Agreement and/or the Reserve Agreement, Borrower must replenish the full amount so withdrawn within ninety (90) days thereafter, plus interest at the Note rate. The Reserve Account will remain in place for the life of the Loan, unless otherwise approved by both Lender and RBS.
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Payment Reserve. (a) Contemporaneously with the execution hereof, Mortgagor has established with Mortgagee a reserve in the amount of $18,579.51 (the "Payment Reserve"). Mortgagor understands and agrees that, notwithstanding the establishment of the Payment Reserve as herein required, all of the proceeds of the Note have been, and shall be considered, fully disbursed and shall bear interest and be payable on the terms provided therein. No interest on funds contained in the Payment Reserve shall be paid by Mortgagee to Mortgagor. (b) For so long as no default has occurred hereunder or under any of the other Loan Documents beyond any applicable grace or cure period, Mortgagee shall on each monthly payment due date under the Note to and including May 1, 2006, advance from the Payment Reserve to itself the amount of the monthly installment due and payable by Mortgagor under the Note on such monthly payment due date and shall also advance from the Payment Reserve into the Impound Account the amount of any deposit for taxes and insurance
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Payment Reserve. The failure by the Borrowers to satisfy the Replenishment Requirements at least once every twelve (12) calendar months.
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Related to Payment Reserve

  • Replacement Reserve Fund Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the "REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area. Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property. Any amount held in the Replacement Reserve Account and allocated for the Property shall be retained by Lender in an interest bearing account, or, at the option of Lender, in an Eligible Account at an Eligible Institution; PROVIDED, HOWEVER, that, any interest earned on said account shall accrue in said account for the benefit of Borrower, but shall remain in and constitute part of the Replacement Reserve Fund, and shall be disbursed in accordance with the terms hereof. Notwithstanding anything to the contrary in this Section 7.3, Borrower shall not be required to make Replacement Reserve Monthly Deposits, provided that: (i) no Event of Default shall have occurred; and (ii) Borrower makes all necessary Replacements and otherwise maintains the Property to Lender's satisfaction. Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements or otherwise maintain the Property to Lender's satisfaction, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.

  • Interest Reserve Account The Certificate Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2018) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2018), the Certificate Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

  • Interest Reserve 8.3.1 On the date hereof, Borrower shall deposit with Lender the sum set forth on Exhibit K hereto as the Interest Reserve to be held in an account maintained at a bank designated by Lender and pledged to Lender as additional collateral for the Loan (the "Interest Reserve Account"). The Interest Reserve Account shall be an interest-bearing account and all interest earned thereon shall become part of the Interest Reserve Account for the benefit of Borrower. 8.3.2 Provided that no Event of Default shall then exist and be continuing, if, on any Payment Date, the amount then on deposit in the Monthly Debt Service Subaccount (as defined in the Cash Management Agreement), minus the amount, if any, due under Section 8.7.3 hereof, shall be less than the amount of interest then due under the Note, Lender shall disburse the amount of such deficiency from the Interest Reserve Account to pay such interest. Any such amounts so disbursed shall be deemed paid by Borrower and Borrower shall not be deemed to have failed to pay such interest for the purposes of Section 6.1.1 by reason thereof. 8.3.3 If an Event of Default has occurred and is continuing hereunder, Lender may apply all amounts on deposit in the Interest Reserve Account to the Indebtedness in such order, priority and proportions as Lender in its discretion shall deem proper. 8.3.4 Nothing contained in this paragraph shall limit the obligation of Borrower to pay interest or other amounts due under the Note or any other Loan Document. The Interest Reserve Account shall not constitute a trust fund and may not be commingled with other monies held by Lender. Upon assignment of the Note and Mortgage by Lender in their entirety, Lender's security interest in, and all other right, title and interest of Lender in and to, the funds in the Interest Reserve Account shall be transferred and assigned to the assignee and Lender shall have no further obligation with respect thereto.

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • Balance in the Replacement Reserve Account The insufficiency of any balance in the Replacement Reserve Account shall not relieve Borrower from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents.