Reserves — General Clause Samples

Reserves — General. (a) As additional security for the payment and performance by Mortgagor of all duties, responsibilities and obligations under the Note, this Mortgage and the other Loan Documents, Mortgagor hereby unconditionally and irrevocably assigns and pledges to Mortgagee, and hereby grants to Mortgagee a security interest in, (i) the Impound Account, the Payment Reserve, the Rent Abatement Reserve, the Replacement Reserve, the Rollover Reserve, the Cash Sweep Reserve, the Repair and Remediation Reserve and any other reserve or escrow account established pursuant to the terms hereof or of any other Loan Document (collectively, the “Reserves”), (ii) all insurance on said accounts, (iii) all accounts, contract rights and general intangibles or other rights and interests pertaining thereto, (iv) all replacements, substitutions or proceeds thereof, (v) all instruments and documents now or hereafter evidencing the Reserves or such accounts, (vi) all powers, options, rights, privileges and immunities pertaining to the Reserves (including the right to make withdrawals therefrom) and (vii) all replacements, substitutions and all proceeds of the foregoing. Mortgagor hereby authorizes and consents to each account into which the Reserves have been deposited being held in Mortgagee’s name or the name of any entity servicing the loan evidenced by the Note for Mortgagee and hereby acknowledges and agrees that Mortgagee, or at Mortgagee’s election, such servicing agent, shall have exclusive control over each account. Notice of the assignment and security interest granted to Mortgagee herein may be delivered by Mortgagee at any time to the financial institutions wherein the Reserves have been established, and Mortgagee, or such servicing entity, shall have possession of all passbooks or other evidences of such accounts. Mortgagor hereby assumes all risk of loss with respect to amounts on deposit in the Reserves other than any such loss resulting solely from the willful misconduct of Mortgagee as finally determined by a court of competent jurisdiction. Mortgagor hereby knowingly, voluntarily and intentionally stipulates, acknowledges and agrees that the advancement of the funds from the Reserves as set forth herein is at Mortgagor’s direction and is not the exercise by Mortgagee of any right of set-off or other remedy upon a Default or an Event of Default. Mortgagor hereby waives all right to withdraw funds from the Reserves except as provided for in this Mortgage. If an Event of Def...

Reserves — General. The Company shall maintain such reserves as are Approved by the Members or Approved by the Management Committee.

Reserves — General. Subject to the reserve requirements set forth herein, the Operating Member shall cause all available cash held by each Subsidiary Company to be distributed to the Company. The Company shall maintain such Approved reserves at each Subsidiary Company or at the Company level as the Operating Member deems appropriate in light of customary industry standards and potential opportunities and obligations of the Company to meet the anticipated cash needs and obligations of the Properties and the Company, including, without limitation, any reasonably anticipated contingent liabilities of the Company. If the Members are unable to agree on required reserves for a particular Property, the Company (or Subsidiary Company) shall maintain reserves equal to four percent (4%) of the annual gross revenue generated by the particular Property. There shall be no distributions to the Members (other than in the event of dissolution and liquidation of the Company) during any period that the Company does not have reserves meeting Approved (or minimum) levels, until such reserves have been funded or replenished to those levels, as the case may be.

Reserves — General. (a) Grantor consents to each Reserve account being in Beneficiary's or its servicing entity's name and agrees that Beneficiary or at Beneficiary's election, such servicing agent, shall have exclusive control over each account. Grantor assumes all risk of loss with respect to amounts on deposit in the Reserves other than loss resulting solely from the willful misconduct of Beneficiary as finally determined by a court of competent

Reserves — General. The Company shall maintain such reserves as are appropriate to meet the anticipated cash needs of the Properties and the Company. There shall be no minimum reserve requirement.