Reserve Release Date definition
Reserve Release Date means any Business Day as requested by Borrower pursuant to a Reserve Release Request; provided that there shall be no more than one Reserve Release Date in any calendar month.
Reserve Release Date has the meaning set forth in Section 1.4(a)(iv).
Reserve Release Date means the later of (a) three (3) years after Rental Achievement or (b) the achievement of both (i) a 93% Occupancy Rate for twelve consecutive months and (ii) twelve consecutive months during each of which months (x) the Net Operating Income (as defined in Rental Achievement above) for such month divided by (y) all debt service and other payments required to be made on all Mortgages during such month (regardless of any forbearance thereon) equaled or exceeded 115%.
Examples of Reserve Release Date in a sentence
From and after the Second Funding Date, the Cash Reserve shall remain held in the Borrower Funding Account and shall not be released or distributed from the Borrower Funding Account for any purpose; provided, that, upon the occurrence of the Cash Reserve Release Date, the Administrative Agent shall instruct the Depositary Bank to release the Cash Reserve from the Borrower Funding Account and transfer such funds to a Business Unit Account specified by the Borrower.
Thereafter, the Indenture Trustee shall continue to review the related Updated Exception List and prepare and certify a new Updated Exception List on or prior to the immediately succeeding Reserve Release Date.
Notwithstanding anything to the contrary contained in this Article 7, disbursements of Capital Expenditures Funds to Borrower shall only occur on the Reserve Release Date after receipt by Lenders and Servicer of a Reserve Release Request from Borrower not less than five (5) Business Days prior to such date.
With respect to any Reserve Release Date and any Receivable, the "Reserve Release Amount" will be an amount equal to the Principal Balance of such Receivable as of the Cut-off Date as set forth on Exhibit E to this Agreement and the pro rata portion (based on the Principal Balance of the Receivables included on such list) of investment interest earned on the portion of the Reserve Account relating to such Receivable.
Notwithstanding anything to the contrary contained in this Article 6, disbursements of Reserve Funds to Borrower shall only occur on the Reserve Release Date after receipt by Lender of a Reserve Release Request from Borrower not less than five (5) Business Days prior to such date.
More Definitions of Reserve Release Date
Reserve Release Date has the meaning set forth in Section 2.4(c). “Reserved Matter” has the meaning set forth in Section 2.4(c). “Retention Holdback” has the meaning set forth in Section 2.4(b). “Retention Holdback Amount” has the meaning set forth in Section 2.4(b). “Review Period” has the meaning set forth in Section 2.6(c)(i). “SEC” means the United States Securities and Exchange Commission. “Second Release Date” has the meaning set forth in Section 2.4(b). “Securities Act” means the Securities Act of 1933. “Seed Stock” has the meaning set forth in the Recitals. “Seller Group” has the meaning set forth in Section 10.13. “Seller Indemnified Taxes” means, without duplication (i) any Taxes of the Company or any of its Subsidiaries relating or attributable to any Pre-Closing Tax Period (including such Taxes that are not yet due and payable; and including any Taxes the payment of which has been deferred (including any payroll taxes with respect to any Pre-Closing Tax Period deferred under the CARES Act or any Taxes deferred under Section 965(h) of the Code) as of the Closing Date), determined with respect to any Straddle Period, in accordance with Section 5.14(b); (ii) any Taxes of any Person (other than the Company or any of its Subsidiaries) for which the Company or any of its Subsidiaries is liable as a result of (x) having been a member of an affiliated, consolidated, combined, unitary or similar group prior to the Closing and (y) being a transferee or successor, or as a result of a transaction or Contract entered into prior to the Closing (other than commercial Contracts not primarily related to Taxes (such as financing or employment Contracts with Tax gross-up obligations or leases with Tax escalation provisions)); and (iii) any Transfer Taxes for which the Company Securityholders are responsible pursuant to Section 5.14(d); provided that, notwithstanding anything to the contrary herein, Seller Indemnified Taxes shall (A) not include (1) Taxes reflected Net Working Capital or Indebtedness, (2) any Taxes attributable to actions of the DK Parties, their Affiliates, the Initial Surviving Company, or the Subsequent Surviving Company on the Closing Date after the occurrence of the Initial Effective Time that occur outside the Ordinary Course, other than as explicitly contemplated by this Agreement, (3) any Taxes resulting from any breach by Parent of Section 5.14(j), (4) any Transfer Taxes that Parent is responsible for pursuant to Section 5.14(d), (5) any Excluded Payroll Taxe...
Reserve Release Date means the date on which a certificate shall be delivered to the Trustee by the District to the effect that the 12-month average of Pledged Revenue over any consecutive 24-month period within the 48 months immediately preceding such certificate were at least equal to 100% of the sum of the maximum annual debt service requirement on the Bonds and all Additional Obligations outstanding.]
Reserve Release Date means any Business Day as requested by Borrower pursuant to a Reserve Release Request; provided
Reserve Release Date means any Business Day as requested by Borrower pursuant to a Reserve Release Request; provided that (i) there shall be no more than one (1) Reserve Release Date in any calendar month and (ii) a Reserve Release Date shall be not less than ten (10) Business Days after delivery of the related Reserve Release Request. “Reserve Release Request” means any written request by Borrower for a release of Reserve Funds made in accordance with Article 6 and reasonably acceptable to Lender. “Responsible Officer” means, as to any Person, the chairman of the board, president, chief operating officer, chief financial officer, treasurer, corporate secretary or board director of such Person or its applicable managing member or general partner, or such other similar officer of such Person or its applicable managing member or general partner reasonably acceptable to ▇▇▇▇▇▇; provided, that in the event any such officer is unavailable at any time he or she is required to take any action hereunder, Responsible Officer means any Person authorized to act on such officer’s behalf as demonstrated by a certified resolution. “Restoration” means the repair and restoration of a Property after a Casualty as nearly as possible to the condition such Property was in immediately prior to such Casualty, with such material alterations as may be approved by Lender, such approval not to be unreasonably withheld, delayed or conditioned. “Restricted Junior Payment” means, with respect to any Person, (i) any dividend or other distribution of any nature (cash, securities, assets, Indebtedness or otherwise) and any payment, by virtue of redemption, retirement or otherwise, on any class of Equity Interests or subordinate Indebtedness issued by such Person, whether such Equity Interests are now or may hereafter be authorized or outstanding and any distribution in respect of any of the foregoing, whether directly or indirectly, (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Equity Interests or subordinate Indebtedness of such Person now or hereafter outstanding, or (iii) any payment of management or similar fees by such Person (other than payment of management fees under any Management Agreement to the extent expressly permitted by this Agreement). “Restricted Pledge Party” means, collectively, Borrower, Borrower TRS, Equity Owner and any other direct equity holder in Borrower, Borrower TRS or Equity Owner up to, but ...
Reserve Release Date means, if paragraph 13(e) of Part I of Schedule 2 (Conditions Precedent) has been satisfied by the end of the Availability Period applicable to the Term Loan Facility, the First Utilisation or otherwise, the First Disbursement.
Reserve Release Date means the date on which a certificate shall be delivered to the Trustee by an Authorized Representative to the effect that [_____________]].
Reserve Release Date means the date that any Reserve Release is consummated pursuant to Section 5.18(l).