Unfunded Obligations Account Sample Clauses

Unfunded Obligations Account. (a) On or prior to the Closing Date, if the Unfunded Obligations Amount is greater than zero, Borrower shall establish and thereafter maintain with the Cash Management Bank an account for the purpose of reserving for Unfunded Obligations required to be funded by Borrower (the “Unfunded Obligations Account”).
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Unfunded Obligations Account. (a) If the Unfunded Obligations Amount is greater than zero, Lender shall establish and maintain an Eligible Account (which may be a subaccount of the Cash Management Account) for the purpose of reserving for Unfunded Obligations required to be funded by Borrower (the “Unfunded Obligations Account”).
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Unfunded Obligations Account. (a) If the Unfunded Obligations Amount is greater than zero, Lender shall maintain an Eligible Account (which may be a book-entry subaccount) for the purpose of reserving for Unfunded Obligations required to be funded by Borrower (the “Unfunded Obligations Account”). (b) On the Closing Date, Borrower shall remit to Lender, for deposit into the Unfunded Obligations Account, an amount equal to the Unfunded Obligations Amount. (c) Borrower shall perform its obligations in respect of the Unfunded Obligations when and as due under the respective Leases or other applicable agreements. Except with respect to Unfunded Obligations consisting of free rent, within 10 Business Days following Borrower’s delivery of a written request to Lender (but not more often than once per calendar month) and satisfaction of the conditions set forth in this Section 3.8(c), provided that no Event of Default is then continuing, Lender shall cause disbursements to Borrower from the Unfunded Obligations Account to reimburse Borrower for reasonable costs and expenses incurred in the performance of Unfunded Obligations, provided that (i) Borrower shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested are due and payable; (ii) Borrower shall deliver to Lender an Officer’s Certificate confirming that all such costs have been previously paid by Borrower or will be paid from the proceeds of the requested disbursement and that all conditions precedent to such disbursement required by the Loan Documents have been satisfied; and (iii) Lender may condition the making of a requested disbursement on (1) reasonable evidence establishing that Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate and (2) with respect to disbursements for any single Unfunded Obligation costing in excess of the $500,000 in the aggregate (whether disbursed in a lump sum or multiple installments), (x) reasonably satisfactory site inspections and (y) receipt of lien releases and waivers from any contractors, subcontractors and others with respect to such amounts. 51
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Unfunded Obligations Account. (a) Borrower shall establish on the date hereof an Eligible Account with Lender or Lender’s agent (“Unfunded Obligations Reserve Account”) into which Borrower shall deposit (i) on the Closing Date a deposit in the amount of $2,003,531, which is the amount reasonably estimated by Lender in its sole discretion to be due for the Unfunded Obligations under the existing Leases or other agreements set forth on Schedule 9.5 hereof (each individually, an “Existing Lease” and collectively, the “Existing Leases”) and (ii) on the date of any Substitution, the amounts reasonably estimated by Lender in its sole discretion to be due for the Unfunded Obligations pursuant to Section 2.10 hereof . Amounts so deposited, together with any amounts deposited pursuant to Section 2.10 hereof shall hereinafter be referred to as the “
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Unfunded Obligations Account. Borrowers shall have the right to obtain disbursements from time to time with respect to Unfunded Obligations on the following terms and conditions:
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Unfunded Obligations Account. (a) Borrower shall establish on the date hereof an Eligible Account with Lender or Lender’s agent (“Unfunded Obligations Reserve Account”) into which Borrower shall deposit (i) on the Closing Date, a deposit in the amount of $1,900,229.00, which is the amount reasonably estimated by Lender in its sole discretion to be due for the Unfunded Obligations under any Lease or other agreement to which Borrower is subject for the twelve (12) month period following the Closing Date as set forth on Schedule 9.5 hereof, (ii) on each succeeding Payment Date, a deposit in such additional amount as is reasonably estimated by Lender in its sole discretion, if any, to be due for the Unfunded Obligations under any Lease or other agreement for the twelve (12) month period succeeding such Payment Date, but without duplication of any amounts already reserved with Lender pursuant to clause (i) of this Section 9.5(a), and (iii) on the date of any Substitution, the amounts reasonably estimated by Lender in its sole discretion to be due for the Unfunded Obligations pursuant to Section 2.10. Amounts so deposited, together with any amounts deposited pursuant to Section 2.10 hereof shall hereinafter be referred to as the “
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Unfunded Obligations Account. (a) On the Closing Date, Borrower has deposited with Lender the sum of Fourteen Million Nine Hundred Twenty-Six Thousand Four Hundred Eighty-Seven and 50/100 Dollars ($14,926,487.50) for the purpose of reserving an amount in respect of Unfunded Obligations more particularly desirable on Schedule VI hereto required to be funded by Borrower with respect to the payment or performance of tenant improvements under that certain Lease dated as of September 16, 1994 with Fried, Frank, Harris, Sxxxxxx and Jxxxxxxx (the “Fxxxx Xxxxx Lease”) and that certain Lease dated as of August 22, 2005 with Bxxxxxxx Holdings Inc. (the “Bxxxxxxx Lease”). Amounts so deposited shall hereinafter be referred to as Borrower’s “Unfunded Obligations Funds” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Unfunded Obligations Account”. Upon Borrower’s satisfactory performance and completion of the Unfunded Obligations, provided no Event of Default has occurred and is continuing, the balance of the Unfunded Obligations Funds, together with interest thereon, shall be returned to Borrower.
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Unfunded Obligations Account. Issuers shall have the right to obtain disbursements from time to time with respect to Unfunded Obligations on the following terms and conditions:
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Unfunded Obligations Account 
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Related to Unfunded Obligations Account

  • Unfunded Obligations The grant of the Performance Share Units and any provision for distribution in settlement of Employee’s Account hereunder shall be by means of bookkeeping entries on the books of the Company and shall not create in Employee any right to, or claim against any, specific assets of the Company, nor result in the creation of any trust or escrow account for Employee. With respect to Employee’s entitlement to any distribution hereunder, Employee shall be a general creditor of the Company.

  • Unfunded Obligation The obligations under this Agreement shall be unfunded. Benefits payable under this Agreement shall be paid from the general assets of the Company. The Company shall have no obligation to establish any fund or to set aside any assets to provide benefits under this Agreement.

  • Unfunded Exposure Account (i) Amounts may be deposited into the Unfunded Exposure Account from time to time in accordance with Section 4.05 or from funds otherwise available to the Company and not prohibited by the terms of this Agreement. Amounts shall also be deposited into the Unfunded Exposure Account as set forth in Section 2.03(e).

  • ERISA Obligations All Employee Plans of the Borrower meet the minimum funding standards of Section 302 of ERISA and 412 of the Internal Revenue Code where applicable, and each such Employee Plan that is intended to be qualified within the meaning of Section 401 of the Internal Revenue Code of 1986 is qualified. No withdrawal liability has been incurred under any such Employee Plans and no “Reportable Event” or “Prohibited Transaction” (as such terms are defined in ERISA), has occurred with respect to any such Employee Plans, unless approved by the appropriate governmental agencies. The Borrower has promptly paid and discharged all obligations and liabilities arising under the Employee Retirement Income Security Act of 1974 (“ERISA”) of a character which if unpaid or unperformed might result in the imposition of a Lien against any of its properties or assets.

  • Unfunded Pension Liability the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

  • LC Collateral Account (i) The Administrative Agent is hereby authorized to establish and maintain at the Notice Office, in the name of the Administrative Agent and pursuant to a dominion and control agreement, a restricted deposit account designated “The Lead Borrower LC Collateral Account.” Each Credit Party shall deposit into the LC Collateral Account from time to time the Cash Collateral required to be deposited under Section 2.13(j) hereof.

  • Unfunded Rights The right of the Participant to receive Common Stock pursuant to this Agreement is an unfunded and unsecured obligation of the Company. The Participant shall have no rights under this Agreement other than those of an unsecured general creditor of the Company.

  • Facility LC Collateral Account The Borrower agrees that it will, upon the request of the Agent or the Required Lenders and until the final expiration date of any Facility LC and thereafter as long as any amount is payable to the LC Issuer or the Lenders in respect of any Facility LC, maintain a special collateral account pursuant to arrangements satisfactory to the Agent in its Permitted Discretion (the “Facility LC Collateral Account”) at the Agent’s office at the address specified pursuant to Article XIII, in the name of the Borrower but under the sole dominion and control of the Agent, for the benefit of the Lenders and in which the Borrower shall have no interest other than as set forth in Section 8.1. Nothing in this Section 2.1.2(j) shall either obligate the Agent to require the Borrower to deposit any funds in the Facility LC Collateral Account or limit the right of the Agent to release any funds held in the Facility LC Collateral Account in each case other than as required by Section 8.1. The Borrower hereby pledges, assigns and grants to the Agent, on behalf of and for the ratable benefit of the Lenders and the LC Issuer, a security interest in all of the Borrower’s right, title and interest in and to all funds which may from time to time be on deposit in the Facility LC Collateral Account to secure the prompt and complete payment and performance of the Secured Obligations. The Agent will invest any funds on deposit from time to time in the Facility LC Collateral Account in certificates of deposit of Chase having a maturity not exceeding thirty days.

  • Cash Collateral Account Notwithstanding anything to the contrary contained herein, no notice given or declaration made by the Administrative Agent pursuant to this Article VI shall affect (i) the obligation of any LC Issuing Bank to make any payment under any Letter of Credit in accordance with the terms of such Letter of Credit or (ii) the obligations of each Lender in respect of each such Letter of Credit; provided, however, that if an Event of Default has occurred and is continuing, the Administrative Agent shall at the request, or may with the consent, of the Majority Lenders, upon notice to the Borrower, require the Borrower to deposit with the Administrative Agent an amount in the cash collateral account (the “Cash Collateral Account”) described below equal to the LC Outstandings on such date. Such Cash Collateral Account shall at all times be free and clear of all rights or claims of third parties. The Cash Collateral Account shall be maintained with the Administrative Agent in the name of, and under the sole dominion and control of, the Administrative Agent, and amounts deposited in the Cash Collateral Account shall bear interest at a rate equal to the rate generally offered by Citibank for deposits equal to the amount deposited by the Borrower in the Cash Collateral Account, for a term to be determined by the Administrative Agent, in its sole discretion. The Borrower hereby grants to the Administrative Agent for the benefit of the LC Issuing Banks and the Lenders a Lien in and hereby assigns to the Administrative Agent for the benefit of LC Issuing Banks and the Lenders all of its right, title and interest in, the Cash Collateral Account and all funds from time to time on deposit therein to secure its reimbursement obligations in respect of Letters of Credit. If any drawings then outstanding or thereafter made are not reimbursed in full immediately upon demand or, in the case of subsequent drawings, upon being made, then, in any such event, the Administrative Agent may apply the amounts then on deposit in the Cash Collateral Account, toward the payment in full of any of the LC Outstandings as and when such obligations shall become due and payable. Upon payment in full, after the termination of the Letters of Credit, of all such obligations, the Administrative Agent will repay and reassign to the Borrower any cash then in the Cash Collateral Account and the Lien of the Administrative Agent on the Cash Collateral Account and the funds therein shall automatically terminate.

  • 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).

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