Operating Expense Reserve Account definition

Operating Expense Reserve Account shall have the meaning set forth in Section 5.3(a) hereof.
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Operating Expense Reserve Account shall have the meaning set forth in Section 9.8 hereof.
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Operating Expense Reserve Account shall have the meaning set forth in Section 9.10 hereof.
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Examples of Operating Expense Reserve Account in a sentence

  • Amounts on deposit in the CIGNA Property Operating Expense Reserve Account are referred to as the “CIGNA Property Operating Expense Reserve Funds”.

  • Amounts deposited in the Operating Expense Reserve Account pursuant to this Section 5.3 are referred to herein as the “Operating Expense Reserve Fund”.

  • Lender shall disburse funds on deposit in the Operating Expense Reserve Account in accordance with the provisions of Section 7.9 hereof.

  • Without limiting the foregoing, Borrower may request funds from the CIGNA Property Operating Expense Reserve Account for CIGNA Property FF&E Replacements, but only if all of the conditions set forth in this Section 9.9 and Section 9.6 are fully satisfied, and only if sufficient amounts are not on deposit in the CIGNA Property FF&E Replacement Reserve or the CIGNA Property Capital Replacements Reserve for the payment of the costs of such CIGNA Property FF&E Replacements.

  • Notwithstanding the foregoing, Lender shall cause all amounts held in the Operating Expense Reserve Account, including interest, to be released to Borrower within ten (10) Business Days of the termination of the Trigger Period.

  • Amounts so deposited shall hereinafter be referred to as the “Operating Expense Reserve Funds.” Provided no Event of Default has occurred and is continuing, sums from the Operating Expense Reserve Account shall be disbursed by Lender to Borrower following written request for the payment of such Operating Expenses in accordance with the Approved Annual Budget.

  • In addition, if at any point in time the balance in the Interest and Operating Expense Reserve Account is less than the Interest and Operating Expense Reserve Replenishment Trigger, Borrower shall, on the immediately following Monthly Payment Date, deposit the Interest and Operating Expense Reserve Additional Deposit into the Interest and Operating Expense Reserve Account.

  • Provided no Event of Default has occurred and is continuing, sums from the Operating Expense Reserve Account shall be disbursed by Lender to Borrower following receipt and approval of Borrower’s written request for the payment of such Operating Expenses.

  • Additionally, Borrowers may deliver to Lender a Letter of Credit in accordance with the provisions of this Section in lieu of deposits previously made to the Collateral Accounts (other than the Debt Service, Operating Expense Reserve Account or Excess Cash Reserve Account).

  • Additionally, Borrowers may deliver to Lender a Letter of Credit in accordance with the provisions of this Section in lieu of deposits previously made to the Collateral Accounts (other than the Debt Service or Operating Expense Reserve Account).


More Definitions of Operating Expense Reserve Account

Operating Expense Reserve Account means the Reserve Account into which the Operating Expense Reserve Funds are deposited.
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Operating Expense Reserve Account is defined in Section 9.9 hereof.
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Operating Expense Reserve Account means the segregated trust account established for the benefit of the Holders and the Class A Note Insurer and established in accordance with Section 12.04, which account shall constitute part of the Collateral.
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Operating Expense Reserve Account shall have the meaning set forth in the Indenture.
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Related to Operating Expense Reserve Account

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Debt Service Reserve Fund means the fund by that name established pursuant to the Second Resolution.

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Interest Reserve Account As defined in Section 3.4(d).

  • Required Reserve Account Amount means, with respect to any Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or (2) any other percentage (which may be 0%) of the Class A Invested Amount designated by the Transferors, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferors shall have received the prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee.

  • Specified Reserve Account Balance means, for any Payment Date, an amount equal to 2.00% of the Pool Balance as of the Cut-Off Date; provided, however, on any Payment Date after the Notes are no longer Outstanding following payment in full of the principal and interest on the Notes, the “Specified Reserve Account Balance” shall be $0.

  • Available Reserve Account Amount means, for any Transfer Date, the lesser of (a) the amount on deposit in the Reserve Account (after taking into account any interest and earnings retained in the Reserve Account pursuant to Section 4.10(b) on such date, but before giving effect to any deposit made or to be made pursuant to subsection 4.4(a)(ix) to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Debt Service Reserve Fund Requirement means, with respect to the 2021 Series A Bonds and as of each determination date, an amount equal to maximum annual debt service on the 2021 Series A Bonds Outstanding from time to time and, with respect to any other Series of Bonds, the amount set forth in the Related Series Indenture.

  • Initial Reserve Account Deposit Amount means an amount equal to $12,240,151.27.

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Reserve Accounts means the Tax Account, the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Leasing Reserve Account, the Excess Cash Flow Account, the Operating Expense Account, the Ground Rent Account and any other escrow account established by this Agreement or the other Loan Documents (but specifically excluding the Cash Management Account, the Restricted Account and the Debt Service Account).