Term Reserve definition
Examples of Term Reserve in a sentence
Lessee will not exercise the purchase option under this Section 22 unless either (a) the full amount required to fund the Post Lease Term Reserve Account is (upon consummation of such purchase and distribution of all amounts required to be distributed by the Collateral Agent under the Collateral Agency Agreement) and will be then available to the Collateral Agent to fund such account or (b) an indemnity pursuant to Section 3.13 of the Collateral Agency Agreement has been provided.
The Administrative Agent shall endeavor to consult with the Borrower prior to the establishment or change of any such Reserves, provided that the failure of the Administrative Agent to so consult with the Borrower shall not limit, delay or impair any of the rights of the Administrative Agent or any Co-Borrowing Base Agent hereunder (or with respect to the Term Reserve, the rights of the Term Agent), or postpone the date of the effectiveness of any such Reserves (or changes thereto).
The Reserve shall be held by Purchaser for a period of either: (i) days after the Closing Date (the "Limited Reserve Period") or (ii) until all Contracts set forth in Exhibit 1 are paid in full (the "Term Reserve Period").
The timing, methodology and scope of such End of Term Reserve (which scope may include the potential for reserves for customer audits), and the liquidation of such End of Term Reserve, shall be negotiated in good faith in connection with the Definitive Agreements, taking into account the business practices and reporting and cash management requirements of DWA and Fox.
Upon receipt by Agent of a Borrowing Base Certificate or a Term Reserve Correction Notice, as applicable, the Credit Parties agree and acknowledge that Agent shall implement any adjustments to the Term Loan Reserve as set forth in such Borrowing Base Certificate or such Term Loan Reserve Correction Notice, as the case may be.
Lessee will not exercise ------------------------------- the purchase option under this Section 22 unless either (a) the full amount required to fund the Post Lease Term Reserve Account is (upon consummation of such purchase and distribution of all amounts required to be distributed by the Collateral Agent under the Intercreditor Agreement) and will be then available to the Collateral Agent to fund such account, or (b) an indemnity pursuant to Section 3.13 of the Intercreditor Agreement has been provided.
The Term Reserve shall be automatically adjusted upon delivery of each Borrowing Base Certificate or otherwise only with the prior written consent of the Term Agent and the Term Borrowers.
Once established, except as otherwise permitted in the Term Credit Agreement, the Term Reserve shall not be eliminated or reduced by the ABL Agent without the prior written consent of the Term Agent.