Release of Cash Trap Funds Sample Clauses

Release of Cash Trap Funds. (a) During a Cash Management Sweep Period, provided no Event of Default is then continuing, Lender shall apply any available Cash Trap Funds to (i) pay any shortfalls in Debt Service, (ii) to make any required monthly deposit into the Tax Funds to the extent required by Section 6.2 hereof and to the extent amounts on deposit in the Cash Management Account are insufficient to do so, and (iii) to make any required monthly deposit into the Insurance Funds to the extent required by Section 6.3 hereof and to the extent amounts on deposit in the Cash Management Account are insufficient to do so. Provided no Event of Default has occurred and is continuing, Lender shall disburse the Cash Trap Funds to Borrower upon its written request for (w) Tenant Improvements costs, Tenant Improvement Allowances and Leasing Commissions in accordance with Section 6.6.2, (x) for Capital Expenditures for such month set forth on the Approved Annual Budget in accordance with Section 6.7.2(d) below, (y) for management fees in an amount not to exceed 3.0% of Operating Income for the Collective Properties, and (z) to the extent required by applicable law for any direct or indirect owner of Borrower, REIT distributions in the minimum amount necessary to preserve such direct or indirect owner of Borrower’s REIT status but in no event in excess of $100,000.00 per annum.
Sample 1
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Release of Cash Trap Funds. Within ten (10) days after Administrative Agent’s receipt of a written request from Borrower, and provided that on the date such request is received by Administrative Agent and on the date such disbursement is to be made no monetary Default or material non-monetary Default which is reasonably likely to have a Material Adverse Effect or Event of Default shall exist and be continuing, Administrative Agent shall disburse to Borrower, Cash Trap Funds upon such terms and conditions as shall be reasonably determined by Administrative Agent based upon the conditions for disbursement of Future Advances (TI/LC) and Future Advances (Capital Expenditures); provided, however, Borrower shall not declare or pay any dividends or otherwise declare or make any distribution to Borrower’s members from such Cash Trap Funds for so long as a Cash Trap Period exists. If a Cash Trap Period is no longer in effect, all funds on deposit as Cash Trap Funds shall be promptly disbursed to Borrower. Any Cash Trap Funds remaining after the Debt has been paid in full shall be returned to Borrower.
Sample 1
Release of Cash Trap Funds. Notwithstanding the foregoing or anything herein to the contrary, during the continuance of a Cash Sweep Event Period, provided no Event of Default has occurred and is continuing, Agent shall disburse Cash Trap Funds to Borrower upon written request from Borrower for (i) Approved Operating Expenses and Debt Service, (ii) Leasing Costs (provided that, the conditions set forth in Section 6.5.2, as applicable, are satisfied), and/or (iii) Capital Expenditures approved by Agent (provided that, the conditions set forth in Section 6.4.2 are satisfied). At such time as a Cash Sweep Event Period shall no longer be in effect, all funds on deposit as Cash Trap Funds less any outstanding Leasing Costs (provided that such Leasing Costs are not covered by any Leasing Costs Future Advance made or to be made) shall be promptly disbursed to Borrower. Any Cash Trap Funds remaining after the Debt has been paid in full shall be promptly paid to Borrower.
Sample 1
Release of Cash Trap Funds. Provided a Cash Trap Period shall no longer be in effect, all funds on deposit as Cash Trap Funds shall be promptly disbursed to Borrower. Any Cash Trap Funds remaining after the Debt has been paid in full shall be returned to Borrower.
Sample 1
Release of Cash Trap Funds. Notwithstanding the foregoing or anything herein to the contrary, during the continuance of a Cash Sweep Event Period, provided no Event of Default has occurred and is continuing, Agent shall disburse Cash Trap Funds to Borrower upon written request from Borrower for (i) Approved Operating Expenses, (ii) Debt Service and Mezzanine Debt Service, (iii) Leasing Costs (provided that, the conditions set forth in Section 6.5.2, as applicable, are satisfied), and/or (iv) Capital Expenditures approved by Agent (provided that, the conditions set forth in Section 6.4.2 are satisfied). At such time as a Cash Sweep Event Period shall no longer be in effect, all funds on deposit as Cash Trap Funds less any outstanding Leasing Costs (provided that such Leasing Costs are not covered by any Leasing Costs Future Advance made or to be made) shall be promptly disbursed to Borrower. Any Cash Trap Funds remaining after the Debt has been paid in full shall be promptly paid to Borrower.
Sample 1

Related to Release of Cash Trap Funds

  • Release of Tax Funds Provided no Event of Default is continuing, Lender shall apply Tax Funds in the Tax Account to reimburse Borrower for payments of Property Taxes made by Borrower after delivery by Borrower to Lender of evidence of such payment reasonably acceptable to Lender. If the amount of the Tax Funds shall exceed the amounts due for Property Taxes, Lender shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax Funds. Any Tax Funds remaining in the Tax Account after the Obligations have been paid in full shall be returned to Borrower. Provided no Default or Event of Default exists, the Tax Funds reserved for any Property will be released upon a permitted sale and release of such Property in accordance with the terms hereof.

  • Disbursements from Escrow Funds to Pay Escrow Agent The Escrow Agent is authorized to and may disburse from time to time, to itself or to any Indemnified Party from the Escrow Funds (but only to the extent of Issuer’s rights thereto), the amount of any compensation and reimbursement of out-of-pocket expenses due and payable hereunder (including any amount to which Escrow Agent or any Indemnified Party is entitled to seek indemnification pursuant to Section 9 hereof). Escrow Agent shall notify Issuer of any disbursement from the Escrow Funds to itself or to any Indemnified Party in respect of any compensation or reimbursement hereunder and shall furnish to Issuer copies of all related invoices and other statements.

  • Initial Reserve Account Deposit On the Closing Date, the Depositor will deposit or cause to be deposited the Specified Reserve Balance into the Reserve Account from the net proceeds of the sale of the Notes.

  • Disbursements from Escrow Funds to Pay NCPS NCPS is authorized to and may disburse from time to time, to itself or to any Indemnified Party from the Escrow Funds (but only to the extent of Issuer’s rights thereto), the amount of any compensation and reimbursement of out-of-pocket expenses due and payable hereunder (including any amount to which NCPS or any Indemnified Party is entitled to seek indemnification pursuant to Section 9 hereof). NCPS shall notify Issuer of any disbursement from the Escrow Funds to itself or to any Indemnified Party in respect of any compensation or reimbursement hereunder and shall furnish to Issuer copies of all related invoices and other statements. Such disbursements will not occur before the minimum contingency is met in compliance with SEC Rule 15c2-4.

  • Tax Funds 49 Section 9.2. Insurance Premium Funds..........................................50 Section 9.3. Ordinary Capital Expenditures Funds..............................51

  • Investment of Cash In connection with this Agreement, Customer may issue standing Instructions to invest Cash in one or more sweep investment vehicles. Such investment vehicles may be offered by a BNY Mellon Affiliate or by a client of BNY Mellon, and BNY Mellon may receive compensation therefrom. By making investment vehicles available, BNY Mellon and its Affiliates will not be deemed to have recommended, endorsed or guaranteed any such investment vehicle in any way or otherwise to have acted as a fiduciary or agent for, or on behalf of, Customer, its investment manager or any Account. BNY Mellon will have no liability for any loss incurred on any such investments. Customer understands that Cash may be uninvested if it is received or reconciled to an Account after the applicable deadline to be swept into Customer’s selected investment vehicle.

  • 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).

  • Investment of Cash Collateral Pursuant to the SLA, the Client shall have the right to invest Cash Collateral received in respect of any loan, subject to an obligation, upon the termination of the loan, to return to the Approved Borrower the amount of cash initially pledged (as adjusted for any interim marks-to-market).

  • Reserve Account Property (i) The Reserve Account and all proceeds thereof (other than the Investment Earnings thereon) including all cash, investments, investment property and other amounts held from time to time in the Reserve Account (whether in the form of deposit accounts, Physical Property, book-entry securities, Uncertificated Securities, Financial Assets or otherwise) and (ii) the Reserve Account Deposit and all proceeds thereof (other than the Investment Earnings thereon).

  • 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.

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