Completion Reserve definition

Completion Reserve has the meaning specified in Section 6.01(a).

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Completion Reserve means the portion of the Borrowing Base and unused Commitment that has been reserved for (x) Completion of uncompleted Product or acquisition of Product (including without limitation, the payment of the entire acquisition price or minimum advance for any item of Product acquired from a third party) and (y) any committed prints and advertising expenditure which is a condition precedent to payments of items for which receivables have been included in the Borrowing Base.

Completion Reserve shall have the meaning set forth in Section 6.4.

Examples of Completion Reserve in a sentence

The right to withdraw and apply the Completion Reserve in accordance with the foregoing shall be in addition to all other rights and remedies provided to the Administrative Agent and the Lenders under this Agreement and the other Loan Documents.
On the Closing Date, the Borrowers deposited with the Paying Agent funds in the amount of Three Million Dollars ($3,000,000.00) (the “Completion Reserve”), which amount was transferred to the Completion Reserve Account.
WPPI agrees to diligently and in good faith pursue completion of the Uncompleted Punch List Items and Final Completion of the Hotel as soon as reasonably possible and upon Final Completion, WPPI shall be entitled to receive all of the funds remaining in the Completion Reserve.
On the Term-Conversion Date, the Completion Reserve Borrowing shall be deposited into the Completion Reserve Account.
Lender will release the Acuity Mix Conversion Completion Reserve upon review and approval by Lender of evidence provided by Borrower demonstrating (a) 75% of the Estimated Cost of Completion has been expended and the Acuity Mix Conversion is on schedule and budget according to the inspecting architect/engineer report or applicable AIA form, and (b) the Mortgaged Property’s re-stabilization and attainment of a DCR equal to or greater than ______.
Warrants related to the Completion Reserve Account that are issued by the Borrower or any Affiliate thereof to any Lender or the Administrative Agent shall be fully exercisable within the time period described in Section 1.3.4(c) of the Disbursement Agreement.
The Completion Reserve shall be funded by WPPI in accordance with the terms and conditions of an escrow agreement to be entered into and mutually agreed among WPPI, CWI and Escrow Agent.
Lender will release the Acuity Mix Conversion Completion Reserve upon review and approval by Lender of evidence provided by Borrower demonstrating (a) 90% of the Estimated Cost of Completion has been expended and the Acuity Mix Conversion is on schedule and budget according to the inspecting architect/engineer report or applicable AIA form, and (b) the Mortgaged Property’s re-stabilization and attainment of a DCR equal to or greater than ______.
Any disbursement from the Completion Reserve Account shall not constitute a waiver of the Administrative Agent's right to require compliance with this covenant with respect to any such defect or departure from the Approved Plans and Specifications or any other requirement of this Agreement.
The Borrower hereby grants a security interest to the Administrative Agent in the Completion Reserve Account to secure the Obligations.

More Definitions of Completion Reserve

Completion Reserve has the meaning ascribed thereto in Section 12.2(d). Concession has the meaning ascribed thereto in Section 3.1(b). Concession Fee has the meaning ascribed thereto in Section 13.1.

Completion Reserve means for each Designated Picture the amount required to be expended by the Credit Parties for Completion of that Designated Picture, including without limitation, an appropriate interest reserve for the period through Completion. The Completion Reserve shall be calculated by subtracting the aggregate amounts theretofore paid towards such purposes from the sum of the Strike Price for such Designated Picture, plus the amount of any enhancements committed to by a Credit Party for such Designated Picture, plus, to the extent not already included in one of the foregoing items, an appropriate interest reserve for the period through Completion of such Designated Picture. Upon Completion of such Designated Picture and payment of all items that should be reflected on the final negative cost statement for such Designated Picture, the Completion Reserve shall be zero.