Refund Reserve definition
Examples of Refund Reserve in a sentence
Notwithstanding anything contained herein or elsewhere to the contrary, the Operating Partnership and the Banks hereby agree that the Rate Refund Reserve shall not secure the obligations of the Operating Partnership (or any other Person) pursuant hereto or under the Notes or any Security Document to which the Operating Partnership is a party.
Provided that no default or Event of Default has occurred under the Loan Documents, the Entrance Fee Refund Reserve will be reduced to $0 when Heritage Hills' entrance fee refund liability has been reduced to $200,000 or less and Borrowers have provided evidence of same.
In lieu of depositing all or any portion of the funds in the DSCR Reserve Account with Lender pursuant to Section 16.5 and/or the Grand Wailea Refund Reserve Amount amounts due pursuant to Section 16.8, Borrower shall have the right to deliver a Letter of Credit in the amount of all or any portion of the Grand Wailea Refund 139 Reserve Account amounts required to be on deposit with Lender from time to time under Sections 16.5 or Section 16.8 (as applicable), but not deposited in the form of cash.
Additionally, during any Low DSCR Period, Borrower agrees to deposit within one (1) Business Day of receipt thereof into the Grand Wailea Refund Reserve Account any membership deposits received during such Low DSCR Period at the Grand Wailea Property (collectively, LOW DSCR GW MEMBERSHIP DEPOSITS).
From the percentage of Gross Sales a reserve will be set aside in a "Refund Reserve Account" from all sales closed within the confines of this agreement during its Term.
Provided that no Default or Event of Default has occurred, the Entrance Fee Refund Reserve will be reduced to $100,000 when Heritage Hills' entrance fee refund liability has been reduced to $500,000 or less and Borrowers have provided evidence of same.
Borrower shall promptly send Lender copies of all checks evidencing refunds paid out of the Grand Wailea Refund Reserve Account.
Upon such application, Agent shall contemporaneously establish the Tax Refund Reserve.