Payment Reserves definition
Examples of Payment Reserves in a sentence
The balance is determined as the full amount of the forward transaction less any Payment Reserves already paid.
The inadequacy of any Working Capital Reserves or Payment Reserves shall in no event relieve the Company Group of any liability under this Agreement or otherwise.
Borrowing Availability may be reduced by Reserves and Lease Payment Reserves imposed by Agent in accordance with the provisions of Sections 2.15 and 2.16, as applicable.
Further, to the extent not paid by Lender from the Payment Reserves, Borrower agrees to furnish Lender, within one hundred twenty (120) days after the end of each calendar year, evidence of the payment of all property taxes owing in respect of each Property for such calendar year.
All Payment Reserves, payments, deposits or escrows required to be made or established by Borrower under this Agreement, the Note and the other Loan Documents on or before the Closing Date shall have been paid.
It is possible that we may request additional Payment Reserves at any time prior to Maturity Date.
Borrower shall not be entitled to interest on any part of the Payment Reserves.
To the extent Lender withdraws any funds from the Payment Reserves as a result of Borrower’s Default, Borrower shall replenish the Payment Reserves within ninety (90) days of Lender’s written demand.
Borrower hereby assumes all risk of loss with respect to amounts on deposit in the Payment Reserves.
Borrower shall execute and deliver such account control agreements as may be required by Lender to perfect Lender’s lien on and security interest in the Payment Reserves.