Reserve Release Request definition

Reserve Release Request means any written request by Borrower for a release of Reserves Funds made in accordance with Article 6.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Reserve Release Request means any written request by Borrower for a release of Reserve Funds made in accordance with Article VI.

Reserve Release Request means any written request by the Borrower Representative for a release of Reserves held in a Reserve Account made in accordance with Article VI.

Examples of Reserve Release Request in a sentence

• 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.

• Additionally, if Borrower does not submit a Reserve Release Request for payment of Insurance Premiums for required insurance policies, neither the Lender nor its Servicer shall be financially responsible for (a) any insurance policy cancellation due to nonpayment, (b) lapse in insurance policy coverage due to late payment and (c) uninsured damage to the Property resulting from the cancellation or lapse of the Borrower’s insurance policy, except as provided in the Servicing Agreement.

• 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 Request

Reserve Release Request means any written request by Borrower for a release of Reserve Funds made in accordance with Article VI. “Responsible Officer” means, as to any Person, the chief executive officer or president or, with respect to financial matters, the chief financial officer

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 not including, the first direct equity holder that has substantial assets other than the Properties and the other Collateral for the Loan (which, as of the Closing Date, is Sponsor, and which, for the avoidance of doubt, is not a Restricted Pledge Party). “RREM” means Radian Real Estate Management LLC. “S&P” means S&P Global Ratings, a Stand...