Warranty Reserve Account Sample Clauses

Warranty Reserve Account. (a) On or prior to the Conversion Date, an amount greater than or equal to the Warranty Reserve Required Amount, whichever is greater, shall be deposited into the Warranty Reserve Account from sources other than the Loans or the Required Equity Contribution (which sources may be as contemplated in Sections 8.12(a) and 8.12(c) (Sponsor Support Account), and in the Completion Guaranty); provided, that notwithstanding the foregoing, in lieu of cash, the Guarantor may cause to be delivered to the Accounts Bank one or more Warranty Reserve Letters of Credit, the Stated Amounts of which shall be credited to the Warranty Reserve Account. If at any time after the Conversion Date, funds are transferred or withdrawn from the Warranty Reserve Account or Warranty Reserve Letters of Credit are drawn down, such that the amounts on deposit in and standing to the credit of the Warranty Reserve Account fall below the Warranty Reserve Required Amount, as required pursuant to the Completion Guaranty, the Guarantor shall, within thirty (30) days of such transfer or withdrawal, cause additional amounts to be deposited into the Warranty Reserve Account from sources other than the Loans or the Required Equity Contribution (or one or more Warranty Reserve Letters of Credit), so as to replenish the amounts on deposit in and standing to the credit of the Warranty Reserve Account to the Warranty Reserve Required Amount.”
Sample 1
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Warranty Reserve Account. A securities account entitled the “Solyndra Fab 2 LLC—Warranty Reserve Account Subject to the Security Interest of U.S. Bank National Association as the Collateral Agent” (the “Warranty Reserve Account”) is established and will be maintained at the Collateral Agent’s Office.
Sample 1
Warranty Reserve Account. Proposed Transfer/Withdrawal Instructions delivered by the Borrower pursuant to Section 6.4.1 with respect to a Monthly Transfer/Withdrawal Date shall instruct the Collateral Agent to disburse, transfer and/or withdraw funds from the Warranty Reserve Account to the Output Purchaser in the amount of Warranty Reserve Payments then due pursuant to the terms of the Project Sales Agreement.
Sample 1
Warranty Reserve Account. The Company shall withhold the amount identified in the Original Budget as the “Warranty Reserve” from the gross sales proceeds from the sale of each Unit and deposit such withheld amounts into an account established in the name of the Company by the Managing Member (the “Warranty Reserve Account”). Provided no Replacement Event has occurred, the funds held in the Warranty Reserve Account shall be used to reimburse Developer for its out-of-pocket costs in performing any required Warranty Work. In the event that IHP designates a Replacement Manager pursuant to the terms of this Agreement, only the portion of the funds deposited in the Warranty Reserve Account from the sale of Units completed by Developer shall be used to reimburse Developer for its Warranty Work. For purposes of this Agreement, “Warranty Work” means Project Costs incurred in connection with customer service or warranty expenses remedying any patent or latent defects in the design, development, construction and completion of the Project, including defects for which the Company may be strictly liable under applicable law. Prior to the disbursement of the Warranty Reserve Account pursuant to this Section 3.01(d), Developer shall not use monies in the Warranty Reserve Account to pay the deductible or self-insured retention on any policy of insurance without the prior written consent of IHP; provided, however, that IHP may in its sole and absolute discretion, require Developer to do so. Prior to the close of escrow for the last Unit in the Project, Developer shall pay for such required Warranty Work solely from the balance, from time to time, in the Warranty Reserve Account and, if necessary, from its own funds. Upon the close of escrow for the last Unit in the Project, the Company shall transfer to Developer the remaining balance held in the Warranty Reserve Account (or Developer’s share of such remaining balance, in the event IHP previously designated a Replacement Manager), if any, and Developer shall assume any and all liability for Warranty Work for all Units on which Developer performed any work, and Developer shall indemnify the Company and IHP as to any and all liabilities and claims arising out of or pertaining to the performance of, or failure to perform, any Warranty Work.
Sample 1

Related to Warranty Reserve Account

  • 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.

  • 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;

  • 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).

  • 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.

  • 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.

  • Debt Service Reserve Account The Debt Service Reserve Account shall have been funded (or credited with funds), to the extent required, in an amount equal to the Debt Service Reserve Required Amount in accordance with the Depositary Agreement.

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property.

  • 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.

  • 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).

  • Excess Reserve Fund Account; Distribution Account (a) The Securities Administrator shall establish and maintain the Excess Reserve Fund Account, on behalf of the Class X Certificateholders, to receive that portion of the distributions on the Class X Interest up to an amount equal to any Basis Risk Payments and to pay to the LIBOR Certificateholders any Basis Risk Carry Forward Amounts (prior to using any Net Swap Receipts). For the avoidance of doubt, any Basis Risk Carry Forward Amounts shall be paid to the LIBOR Certificates first from the Excess Reserve Fund Account and then from the Supplemental Interest Trust. On each Distribution Date on which there exists a Basis Risk Carry Forward Amount on any Class of LIBOR Certificates, the Securities Administrator shall (1) withdraw from the Distribution Account and deposit in the Excess Reserve Fund Account, as set forth in Section 4.02(a)(iii)(L), the lesser of the Class X Distributable Amount (to the extent remaining after the distributions specified in Sections 4.02(a)(iii)(A)-(K) and without regard to the reduction in clause (iii) of the definition thereof for any Basis Risk Carry Forward Amounts or any Defaulted Swap Termination Payment) and the aggregate Basis Risk Carry Forward Amount and (2) withdraw from the Excess Reserve Fund Account amounts necessary to pay to such Class or Classes of LIBOR Certificates the applicable Basis Risk Carry Forward Amounts. Such payments, along with payments from the Supplemental Interest Trust, shall be allocated to those Classes based upon the amount of Basis Risk Carry Forward Amount owed to each such Class and shall be paid in the priority set forth in Section 4.02(a)(iii)(M). In the event that the Class Certificate Balance of any Class of Certificates is reduced because of Applied Realized Loss Amounts, the applicable Certificateholders will not be entitled to receive Basis Risk Carry Forward Amounts on the written down amounts on such Distribution Date or any future Distribution Dates (except to the extent such Class Certificate Balance is increased as a result of any Subsequent Recoveries), even if funds are otherwise available for distribution. The Securities Administrator shall account for the Excess Reserve Fund Account as an asset of a grantor trust under subpart E, Part I of subchapter J of the Code and not as an asset of any Trust REMIC created pursuant to this Agreement. The beneficial owners of the Excess Reserve Fund Account are the Class X Certificateholders. Any Basis Risk Carry Forward Amounts distributed by the Securities Administrator to the LIBOR Certificateholders from the Excess Reserve Fund Account shall be accounted for by the Securities Administrator, for federal income tax purposes, as amounts paid first to the Holders of the Class X Certificates (in respect of the Class X Interest) and then to the respective Class or Classes of LIBOR Certificates. In addition, the Securities Administrator shall account for the rights of Holders of each Class of LIBOR Certificates to receive payments of Basis Risk Carry Forward Amounts from the Excess Reserve Fund Account (along with payments of Basis Risk Carry Forward Amounts and without duplication, Upper-Tier Carry Forward Amounts from the Supplemental Interest Trust) as rights in a separate limited recourse interest rate cap contract written by the Class X Certificateholders in favor of Holders of each such Class. Notwithstanding any provision contained in this Agreement, the Securities Administrator shall not be required to make any payments from the Excess Reserve Fund Account except as expressly set forth in this Section 3.27(a).

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