Immediate Repair Account definition

Immediate Repair Account shall have the meaning set forth in Section 8.1 hereof.

Immediate Repair Account shall have the meaning set forth in Section 7.1 hereof. “Immediate Repair Funds” shall have the meaning set forth in Section 7.1 hereof. “Immediate Repairs” shall have the meaning set forth in Section 7.1 hereof. “Improvements” shall have the meaning set forth in the granting clause of the Security Instrument. “Indebtedness” shall mean, for any Person, without duplication: (i) all indebtedness of such Person for borrowed money, for amounts drawn under a letter of credit, or for the deferred purchase price of property for which such Person or its assets is liable, (ii) all unfunded amounts under a loan agreement, letter of credit, or other credit facility for which such Person would be liable if such amounts were advanced thereunder, (iii) all amounts required to be paid by such Person as a guaranteed payment to partners or a preferred or special dividend, including any mandatory redemption of shares or interests, (iv) all indebtedness guaranteed by such Person, directly or indirectly, (v) all obligations under leases that constitute capital leases for which such Person is liable, and (vi) all obligations of such Person under interest rate swaps, caps, floors, collars and other interest hedge agreements, in each case whether such Person is liable contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which obligations such Person otherwise assures a creditor against loss. “Indemnified Parties” shall mean (i) Lender, (ii) any successor owner or holder of the Loan or participations in the Loan, (iii) any Servicer or prior Servicer of the Loan, (iv) any Investor or any prior Investor in any Securities, (v) any trustees, custodians or other fiduciaries who hold or who have held a full or partial interest in the Loan for the benefit of any Investor or other third party, (vi) any receiver or other fiduciary appointed in a foreclosure or other Creditors Rights Laws proceeding, (vii) any officers, directors, shareholders, partners, members, employees, agents, servants, representatives, contractors, subcontractors, Affiliates or subsidiaries of any and all of the foregoing, and (viii) the heirs, legal representatives, successors and assigns of any and all of the foregoing (including, without limitation, any successors by merger, consolidation or acquisition of all or a substantial portion of the Indemnified Parties’

Immediate Repair Account shall have the meaning set forth in the Senior Loan Agreement.

Examples of Immediate Repair Account in a sentence

• Provided that no Event of Default has occurred and is continuing and/or no Trigger Period then exists, any excess funds on deposit in the Immediate Repair Account after the completion of all required Immediate Repairs shall be deposited in the Cash Management Account and applied in accordance with Section 9.3 hereof.

• In the event that a Borrower Immediate Repair Period shall occur, Borrower shall, within five (5) Business Days of such occurrence, deposit into the Immediate Repair Account an amount equal to the amount of the outstanding immediate repairs as reasonably determined by Lender with respect to the Waived Immediate Repair Property that relates to such Borrower Immediate Repair Period.

• Upon the completion of all Immediate Repairs in accordance with this Section 8.1, Lender shall release any remaining Immediate Repairs Funds, if any, in the Immediate Repair Account to Borrower.

• On the Closing Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the "Immediate Repair Account") an amount equal to $269,788.00, such amount representing 115% of the estimated costs of the Immediate Repairs.

• The incidence of internal control weaknesses, unsatisfactory and deteriorating service delivery have the undesired effect of not only weakening the company’s ability to effectively collect revenue but also encourages collusion, fraud, embezzlements, loss ofcash (revenue), assets conversion, genuine and deliberate mistakes, corruption, lack of transparency and accountability for revenue collection and other assets.

• On the Closing Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the " Immediate Repair Account ") an amount equal to $201,250, such amount representing 115% of the estimated costs of the Immediate Repairs.

• On the Closing Date, Borrower shall deposit into an Eligible Account held by Lender or Servicer (the "Immediate Repair Account") an amount equal to$269,788.00, such amount representing 115% of the estimated costs of the Immediate Repairs.

• Upon such delivery to Lender of a Letter of Credit in the amount equal to the amount of Immediate Repairs Funds held by Cash Management Bank in cash on the date of delivery of such Letter of Credit and provided that no Event of Default has occurred and is continuing, Lender shall promptly cause the Cash Management Bank to disburse any funds held by the Cash Management Bank in cash in the Immediate Repair Account to Borrower.