Reserve Disbursement Conditions definition

Reserve Disbursement Conditions means (i) Borrower shall have submitted a request for payment to Lender at least ten (10) days prior to the date on which Borrower has requested such payment be made, which request specifies the Approved FF&E Expenses, Additional PIP Work or Initial PIP Work, as applicable, to be paid, (ii) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall exist and remain uncured, and (iii) Lender shall have received (a) an Officer’s Certificate from Borrower (1) in the case of a requested disbursement of FF&E Reserve Funds or Initial PIP Reserve Funds, stating that the items to be funded by the requested disbursement are Approved FF&E Expenses, Additional PIP Work or Initial PIP Work, as applicable, and a description thereof, (2) stating that all Approved FF&E Expenses, Additional PIP Work or Initial PIP Work, as applicable, to be funded by the requested disbursement have been (x) completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements or (y) in the case of a disbursement in respect of a deposit requested under Section 6.5.2(g) or Section 6.7.2(e), is a deposit due in respect of Approved FF&E Expenses, Additional PIP Work or Initial PIP Work, as applicable, (3) identifying each Person that supplied materials or labor in connection with the Approved FF&E Expenses, Additional PIP Work or Initial PIP Work, as applicable, to be funded by the requested disbursement, (4) stating that each such Person has been paid in full or will be paid in full upon such disbursement, (5) stating that the FF&E Work, Additional PIP Work and/or Initial PIP Work, as applicable, to be funded have not been the subject of a previous disbursement of FF&E Reserve Funds or Initial PIP Reserve Funds, (6) stating that all previous disbursements of FF&E Reserve Funds or Initial PIP Reserve Funds, as applicable, have been used to pay the previously identified FF&E Work, Additional PIP Work or Initial PIP Work, as applicable, and (7) stating that all outstanding trade payables (other than those to be paid from the requested disbursement or those constituting Permitted Indebtedness) have been paid in full, (b) a copy of any license, permit or other approval by any Governmental Authority required in connection with the FF&E Work, Additional PIP Work and Initial PIP Work, as applicable, and not previously delivered to Lender, (c) lien waivers (which may be conditioned upon payment of the requested di...
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Reserve Disbursement Conditions has the meaning specified in Section 9.01(b) .
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Reserve Disbursement Conditions is defined in Section 8.8.
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Examples of Reserve Disbursement Conditions in a sentence

  • Provided there exists no Event of Default, upon satisfaction of the Peach Street Reserve Disbursement Conditions, the Peach Street Special Reserve Funds shall be deposited in the Cash Management Account and applied in accordance with Section 9.3 hereof.

  • Lender shall make disbursements from the Replacement Reserve Funds for the cost of the Replacements incurred by Borrower upon satisfaction by Borrower of each of the Reserve Disbursement Conditions with respect to each such disbursement.

  • Lender shall, or shall direct Servicer to, disburse the Rollover Funds to Borrower out of the Rollover Account provided (a) such disbursement is for an Approved Leasing Expense, (b) if the requested disbursement is for the payment or reimbursement of Approved Leasing Expenses associated with a Major Lease, Lender shall have reviewed and approved such Major Lease, and (c) Borrower shall have satisfied each of the Reserve Disbursement Conditions with respect to each such disbursement.

  • In the event that the Five Year Section 8 Extension is not granted, then the General Partner shall receive fifteen percent (15%) of the balance of the Operating Deficit Reserve upon each one-year renewal of said HUD Section 8 contracts, provided that the Reserve Disbursement Conditions are met prior to each disbursement of said funds.

  • However, one must realise that the ascribed value is arbitraryS0.

  • The activity also seeks to strengthen commercial ties for future sales of a proposed rural cheese factory school which is being supported by the departmental livestock committee.

  • Lender shall, or shall direct Servicer to, disburse the Capital Expenditure Funds to Borrower out of the Capital Expenditure Account provided (i) such disbursement is for an Approved Capital Expenditure and (ii) Borrower shall have satisfied each of the Reserve Disbursement Conditions with respect to each such disbursement.

Related to Reserve Disbursement Conditions

  • Payment Conditions means, at the time of determination with respect to a proposed payment to fund a Specified Transaction, that:

  • Extension Conditions Defined in Section 3.06(a).

  • Final Disbursement Date means the last date on which Lender may make a Disbursement set forth in Section 10 of the Loan Authorization Agreement (including as amended by an Extension) or, if such date is not a Business Day, the next succeeding Business Day; provided, however, to the extent that Lender has not received cash collateral in the amount of the Letter of Credit Obligations or an equivalent full indemnity from Borrower or Guarantor, as applicable, with respect to Letter of Credit Obligations outstanding on the Final Disbursement Date, the Final Disbursement Date with respect to an advance to fund a drawing under such Letter of Credit shall be no later than thirty (30) days after any such drawing which may be no later than the expiry date of the Letter of Credit related thereto.

  • L/C Disbursements a payment or disbursement made by the Issuing Lender pursuant to a Letter of Credit.

  • Funding Conditions With respect to any proposed Funding Date, the following conditions:

  • Designated Disbursement Account means the account of the Borrower maintained with the Administrative Agent or its Affiliate and designated in writing to the Administrative Agent as the Borrower’s Designated Disbursement Account (or such other account as the Borrower and the Administrative Agent may otherwise agree).

  • Step Down Conditions As of any Distribution Date on which any decrease in any Senior Prepayment Percentage may apply, (i) the outstanding Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure), averaged over the preceding six month period, as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to all of the Mortgage Loans do not exceed: · for any Distribution Date on or after the seventh anniversary until the eighth anniversary of the first Distribution Date, 30% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the eighth anniversary until the ninth anniversary of the first Distribution Date, 35% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the ninth anniversary until the tenth anniversary of the first Distribution Date, 40% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the tenth anniversary until the eleventh anniversary of the first Distribution Date, 45% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, and · for any Distribution Date on or after the eleventh anniversary of the first Distribution Date, 50% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date.

  • Reserve Draw Amount shall have the meaning specified in subsection 4.12(c).

  • Payment Condition at any time of determination with respect to any Specified Transaction, that the following conditions are all satisfied: (x) (1) 30-Day Specified Excess Availability (divided by Availability as of such time of determination and expressed as a percentage) and (2) the Specified Availability on the date of such Specified Transaction (divided by Availability as of such time of determination and expressed as a percentage), in each case exceed the applicable Availability Percentage (as defined below), (y) unless the Fixed Charge Condition (as defined below) is satisfied (to the extent applicable), the Parent Borrower shall be in Pro Forma Compliance with a minimum Consolidated Fixed Charge Coverage Ratio of at least 1.00:1.00 and (z) if reasonably requested by the Administrative Agent, the Borrower Representative shall have delivered to the Administrative Agent (i) a copy of calculations required by preceding clause (y) in reasonable detail and (ii) a calculation of Specified Unrestricted Cash. As used herein, the following terms shall have the following meanings: (i) “Availability Percentage” shall mean (a) in respect of any Restricted Payment pursuant to Subsection 8.3(k), 12.5%; (b) in respect of (A) any investment or acquisition permitted pursuant to clause (u) of the definition of “Permitted Investments” or (B) clause (c)(i) of the definition of “Permitted Acquisitions,” 10.0%; (c) in respect of any payment, repurchase or redemption pursuant to Subsection 8.6(a), 12.5%; (d) in respect of any merger, consolidation, amalgamation or asset sale pursuant to Subsection 8.2(a) or 8.2(b), 10.0%; and (e) in respect of any Asset Sale that would otherwise have to comply with Subsection 8.5, 10.0%; and (ii) “Fixed Charge Condition” shall mean 30-Day Specified Excess Availability (divided by Availability as of such time of determination and expressed as a percentage) exceeds: (a) in respect of any Restricted Payment pursuant to Subsection 8.3(k), 17.5%; (b) in respect of any acquisition permitted pursuant to clause (c)(i) of the definition of “Permitted Acquisitions”, 15.0%; (c) in respect of any investment permitted pursuant to clause (u) of the definition of “Permitted Investments”, 15.0%; (d) in respect of any payment, repurchase or redemption pursuant to Subsection 8.6(a), 15.0%; and (e) in respect of (A) any merger, consolidation, amalgamation or asset sale pursuant to Subsection 8.2(a) or 8.2(b) or (B) any Asset Sale that would otherwise have to comply with Subsection 8.5, 15.0%.

  • L/C Disbursement means a payment or disbursement made by an Issuing Bank pursuant to a Letter of Credit.

  • Disbursement is defined in Section 2.6.2.

  • Termination Conditions means, collectively, (a) the payment in full in cash of the Obligations (other than (i) contingent indemnification obligations not then due and (ii) Obligations under Secured Hedge Agreements and Secured Cash Management Agreements) and (b) the termination of the Commitments and the termination or expiration of all Letters of Credit under this Agreement (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized on terms reasonably acceptable to the applicable Issuing Bank, backstopped by a letter of credit reasonably satisfactory to the applicable Issuing Bank or deemed reissued under another agreement reasonably acceptable to the applicable Issuing Bank).

  • LC Conditions has the meaning given to such term in Section 2.9.

  • Disbursement Rate means an annual rate of interest, as of the date of determination, equal to the greater of (a) eight percent (8%) and (b) the per annum rate for ten (10) year U.S. Treasury Obligations as published in The Wall Street Journal plus three hundred (300) basis points; provided, however, that in no event shall the Disbursement Rate exceed eleven and one-half percent (11.5%).

  • Availability Payment means the payment to Owner described in Section 8.1 for Condition 1 and 8.2 for Condition 2.

  • Advance Reimbursement Amount has the meaning stated in Section 4.4(b) of the Servicing Supplement.

  • Controlled Disbursement Account means any accounts of the Borrowers maintained with the Administrative Agent as a zero balance, cash management account pursuant to and under any agreement between a Borrower and the Administrative Agent, as modified and amended from time to time, and through which all disbursements of a Borrower, any other Loan Party and any designated Subsidiary of a Borrower are made and settled on a daily basis with no uninvested balance remaining overnight.

  • Management Advances means loans or advances made to, or Guarantees with respect to loans or advances made to, directors, officers, employees or consultants of any Parent, the Company or any Restricted Subsidiary:

  • Loan Disbursement Handbook means ADB’s Loan Disbursement Handbook (2012, as amended from time to time);

  • Disbursement Date is defined in Section 2.6.2.

  • Extension Minimum Condition means a condition to consummating any Extension that a minimum amount (to be determined and specified in the relevant Extension Request, in the Borrower’s sole discretion) of any or all applicable Classes be submitted for Extension.

  • Advance Reimbursement Amounts As defined in Section 3.29 hereof.

  • Liquidity Condition means and will exist during the period from (1) the date on which Excess Availability has been less than the greater of (a) $30.0 million and (b) 10.0% of the Line Cap then in effect, in either case, for five consecutive Business Days, to (2) the date on which Excess Availability has been at least equal to the greater of (a) $30.0 million and (b) 10.0% of the Line Cap then in effect, in either case, for 20 consecutive calendar days.

  • Restricted Payment Conditions is defined in Section 10.9.

  • Agent Advance shall have the meaning provided in Section 2.01(e).

  • Minimum Disbursement Amount means Twenty-Five Thousand and No/100 Dollars ($25,000).