Remediation Account definition
Examples of Remediation Account in a sentence
Following the completion of all Environmental Remediation as reasonably determined by Lender, so long as no Event of Default has occurred and is continuing, Lender shall cause any Environmental Remediation Funds remaining in the Environmental Remediation Account to be deposited into the Cash Management Account to be applied in accordance with Section 9.3 hereof.
From time to time, Lender (or its Servicer) shall instruct Cash Management Bank to disburse funds on deposit in the Required Remediation Account for the purposes set forth in and in accordance with Section 7.2 of this Agreement.
Upon the occurrence and during the continuance of such an Event of Default, Lender, at its option, may withdraw all Required Remediation Funds from the Required Remediation Account and Lender may apply such funds either to completion of the Required Remediation or toward payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion.
Amounts so deposited shall hereinafter be referred to as Borrower’s “Required Remediation Funds” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Required Remediation Account.” For the avoidance of doubt, if the amount specified in this Section 7.2.1 is $0.00, then no reserves or guaranty in respect of Required Remediation shall be required and the Required Remediation Account shall not be maintained.
On the Closing Date, $0.00 shall be deposited into the Required Remediation Account.
San Mateo County Harbor District $385,289 Metropolitan Transportation Commission $298,000 (Priority Conservation Area Grant Program) The anticipated source of Conservancy funds is the Violation Remediation Account, in particular, funds paid pursuant to a settlement from a coastal development permit violation in Princeton-by-the-Sea, San Mateo County (Case name: ▇▇▇▇▇▇▇▇▇/▇▇▇▇▇▇▇▇▇; Violation Number: V-1-99-005).
Lender acknowledges that, prior to the date hereof, (a) other than covenants with respect to the Gateway Nursing Center, the Pilot Point Countryside Manor and the Amarillo Country Club Manor, Borrower timely performed and satisfied all covenants made in Schedule VIII, and (b) no amount in the Required Environmental Remediation Account have been expended by Lender.
Lender shall not be required to make disbursements from the Required Remediation Account with respect to the Properties more than once each calendar month and such disbursement shall be made only upon satisfaction in all material respects of each condition contained in this Section 16.11.
All the settlement monies shall be deposited in the Violation Remediation Account of the California Coastal Conservancy Fund (see PRC§ 30823), The settlement monies shall be submitted to the Commission's San Francisco office, at the address provided in Section 9, above, to the attention of ▇▇▇ ▇▇▇▇▇▇▇▇▇, payable to the account designated under the Coastal Act, and shall include a reference to the ▇▇▇▇▇▇▇ Consent Agreement including the Order name and number.
The settlement monies shall be deposited in the Violation Remediation Account of the California Coastal Conservancy Fund (see Public Resources Code Section 30823) or into such other public account as authorized by applicable California law at the time of the payment and as designated by the Executive Director.