Escrows and Reserves Sample Clauses

Escrows and Reserves. If Senior Lender is collecting payments from Borrower to be escrowed for the payment of real estate taxes, assessments, insurance premiums, and like charges or to set up a special purpose reserve fund, THDA shall not, separately, require payments from Borrower to be escrowed for such purposes, provided the escrow or reserve being administered by Senior Lender is reasonably acceptable to THDA and is being funded in an amount approved by THDA. Senior Lender and Borrower acknowledge and agree that, except as provided in this Section 145, THDA’s prior written consent, which shall not be unreasonably withheld, is required before funds may be disbursed from any operating reserve and/or replacement reserve or any such other, similar reserve, however, Borrower may shall obtain the consent of THDA to any such disbursement before requesting disbursements from the Senior Lender. So long as there is no default under the Loan Documents, Senior Lender may disburse funds for real estate taxes and insurance premiums for the Property as and when the same become due without THDA’s consent. If Senior Lender stops collecting some or any escrow payments from Borrower before the THDA Loan has been paid in full, THDA shall have the immediate right to require the establishment of any such escrow or reserve. If the Senior Loan is paid in full before the THDA Loan is paid in full and if the Senior Lender is holding any escrow or reserve amounts at such time, it shall promptly transfer the balance of any such escrow or reserve to THDA or its designee. [ADD THIS SENTENCE IF HUD INSURANCE IS INVOLVED: Upon default under the Senior Loan documents and to the extent permitted by the Senior Loan Documents, the Senior Lender may apply the balances of the escrow and reserve accounts to reduce the balance of the Senior Loan.]
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Escrows and Reserves. If Senior Lender is collecting payments from Borrower to be escrowed for the payment of real estate taxes, assessments, insurance premiums, and like charges, the Authority shall not enforce any similar provisions of the Authority Loan Documents, provided the escrow or reserve being administered by Senior Lender is being funded with an equal or greater amount than the amount required under the Authority Loan Documents and is otherwise sufficient to accomplish the same objectives as the escrow or reserve set forth in the Authority Loan Documents. However, if Senior Lender is separately collecting and administering a reserve that is an operating assurance reserve, operating deficit reserve or a replacement reserve (as those reserves are described in the Authority Loan Documents), Senior Lender acknowledges and agrees that the Authority's prior written consent is required before funds may be disbursed from any such reserve. If Senior Lender stops collecting such amounts from Borrower before the Authority Loan has been paid in full, the Authority shall have the immediate right to enforce the provisions of the Authority Loan Documents relating to any such escrow or reserve. If the Senior Loan is paid in full before the Authority Loan is paid in full and if the Senior Lender is holding any escrow or reserve amounts at such time, it shall promptly transfer the balance of any such escrow or reserve to the Authority or its designee.
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Escrows and Reserves. If Private Lender is collecting payments from Borrower to be escrowed for the payment of real estate taxes, assessments, insurance premiums, and like charges or to set up a special purpose reserve fund, THDA shall not, separately, require payments from Borrower to be escrowed for such purposes, provided the escrow or reserve being administered by Private Lender is acceptable to THDA and is being funded in an amount approved by THDA. Private Xxxxxx acknowledges and agrees that THDA’s prior written consent, which shall not be unreasonably withheld, is required before funds may be disbursed from any operating reserve and/or replacement reserve or any such other, similar reserve. If Private Lender stops collecting some or any escrow payments from Borrower before the THDA Loan has been paid in full, THDA shall have the immediate right to require the establishment of any such escrow or reserve. If the Private Loan is paid in full before the THDA Loan is paid in full and if the Private Lender is holding any escrow or reserve amounts at such time, it shall promptly transfer the balance of any such escrow or reserve to THDA or its designee.
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Escrows and Reserves. If [Senior/Private] Lender is collecting payments from Borrower to be escrowed for the payment of real estate taxes, assessments, insurance premiums, and like charges or to set up a special purpose reserve fund, THDA shall not, separately, require payments from Borrower to be escrowed for such purposes, provided the escrow or reserve being administered by [Senior/Private] Lender is reasonably acceptable to THDA and is being funded in an amount approved by THDA. [Senior/Private] Lender and Borrower acknowledges and agrees that THDA’s prior written consent, which shall not be unreasonably withheld, is required before funds may be disbursed from any operating reserve and/or replacement reserve or any such other, similar reserve. If [Senior/Private] Lender stops collecting some or any escrow payments from Borrower before the THDA Loan has been paid in full, THDA shall have the immediate right to require the establishment of any such escrow or reserve. If the [Senior/Private] Loan is paid in full before the THDA Loan is paid in full and if the [Senior/Private] Lender is holding any escrow or reserve amounts at such time, it shall promptly transfer the balance of any such escrow or reserve to THDA or its designee.
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Escrows and Reserves. If any reserve or escrow account required to funded by Tenant pursuant to this Lease or pursuant to any requirement of Primary Lender or pursuant to any Primary Mortgage or other Facility Mortgage or other loan or security document executed by Tenant or any Subtenant pursuant to the requirements of any lender to Landlord, such reserve or escrow account shall be used only for the purposes stated in this Lease or for the purposes for which such escrow or reserve was created. So long as an Event of Default under this Lease has not occurred and is not continuing, if any funds in any such reserve or escrow account are applied by Primary Lender or any other Mortgagee to indebtedness of Landlord or for any other purpose than the tax, insurance, repairs and capital expenditures for the Facility Properties, expansion of the Facilities, repair and restoration of a damaged or partially taken Facility, and other property-related expenditures for which such reserves or escrows were created, or any such funds are converted by Landlord or its creditors, then Tenant shall have the right to offset against Rent the amount so applied to Landlord indebtedness or other purposes or so converted. If an Event of Default has occurred and is then continuing under this Lease, then Landlord may apply any such funds to the Obligations in such manner as Landlord may be entitled to do under this Lease.
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Escrows and Reserves. Lender acknowledges that as of the date hereof, it holds a tax escrow account with a balance of $129,316.08, an insurance escrow account with a balance of $0.00 and a replacement reserve account with a balance of $43,509.27.
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Escrows and Reserves. The Mortgage Loan Schedule contains a list of all balances in all escrow accounts held by any Purchased Entity for Taxes, governmental assessments, insurance premiums, water, sewer and municipal charges, deposits, security deposits, replacement reserves, tenant improvement costs or holdbacks, or other escrowed funds relating to the Mortgage Loans owned by the Purchased Entities (collectively, the "Mortgage Loan Holdbacks"). All escrow payments relating to each such Mortgage Loan that, as of the Closing Date, have been collected by a Purchased Entity, have been collected and paid in accordance with the Loan Documents and applicable Law. Any Purchased Entity's failure to collect, as of the Closing Date, any escrow payments required to be collected by the applicable Loan Documents will have no material adverse effect on such Purchased Entity's ability to collect such escrow payments after the Closing. The balance of each account constituting escrow payments collected by the Purchased Entities relating to each such Mortgage Loan as of the Closing Date is listed on the Mortgage Loan Schedule. Except for the escrow payments listed in the Mortgage Loan Schedule (including Mortgage Loan Holdbacks), no Purchased Entity holds any funds or property of or owes any amounts or property to any Obligor and no Purchased Entity has effected or received the benefit of any setoff against any Obligor on account of any such Mortgage Loans.
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Escrows and Reserves. At Closing, the Contributors shall receive credit for the amount of all escrows and reserves deposited or held in connection with the First Mortgage, provided, however, that no credit shall be made for any escrow or reserve which is inconsistent with the General Partner's representations under Section 4.2(j) hereof.
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Related to Escrows and Reserves

  • Operating Accounts (a) Maintain its primary operating and other deposit accounts and securities accounts with Bank and Bank’s Affiliates.

  • Reserves Creation of funds for replacement, renovation and/or other periodic expenses.

  • Management Accounts The Management Accounts:

  • Books and Records; Financial Statements Borrower will keep and maintain or will cause to be kept and maintained on a fiscal year basis in accordance with GAAP consistently applied proper and accurate books, records and accounts reflecting all of the financial affairs of Borrower, and all items of income and expense in connection with the operation of the Properties or in connection with any services, equipment or furnishings provided in connection with the operation of the Properties, whether such income or expense be realized by Borrower or any other Person in connection with the Properties excepting lessees unrelated to and unaffiliated with Borrower who have leased from Borrower portions of any Properties for the purpose of occupying the same. Lender and its respective employees and agents shall have the right upon reasonable notice from time to time at all times during normal business hours to examine such books, records and accounts at the offices of Borrower or other Person maintaining such books, records and accounts and to make copies or extracts thereof as Lender, or its employees or agents shall desire. Lender shall also have the right upon reasonable notice and during normal business hours to conduct an audit of the books and records of Borrower, which audit may be performed by an independent certified public accountant selected and retained by Lender. If such audit is conducted by Lender subsequent to the occurrence of a default under any of the Loan Documents or if the results of such audit discloses a material discrepancy from the information previously provided by Borrower irrespective of whether or not such audit was conducted subsequent to the occurrence of a default under the Loan Documents, then the cost of such audit shall be borne by Borrower, shall be paid by the Borrower within ten (10) days after demand by Lender and shall constitute part of the Debt. The obligation of Borrower to pay the aforementioned audit costs pursuant to this paragraph shall be secured by the Mortgages and the

  • Tax Reserves The Company has established on its books and records adequate reserves for all Taxes and for any liability for deferred income taxes in accordance with Adjusted GAAP.

  • Books and Records; Accounting The Member or, if additional member(s) are admitted, the member(s) shall keep or cause to be kept at the address of the Company (or at such other place as the member(s) shall determine in their discretion) true and full books and records regarding the status of the business and financial condition of the Company.

  • Financial Books and Records All books of account shall, at all times, be maintained in the principal office of the Company or at such other location as specified by the Member.

  • Insurance Reserves Lender may require Grantor to maintain with Lender reserves for payment of insurance premiums, which reserves shall be created by monthly payments from Grantor of a sum estimated by Lender to be sufficient to produce, at least fifteen (15) days before the premium due date, amounts at least equal to the insurance premiums to be paid. If fifteen (15) days before payment is due, the reserve funds are insufficient, Grantor shall upon demand pay any deficiency to Lender. The reserve funds shall be held by Lender as a general deposit and shall constitute a non-interest-bearing account which Lender may satisfy by payment of the insurance premiums required to be paid by Grantor as they become due. Lender does not hold the reserve funds in trust for Grantor, and Lender is not the agent of Grantor for payment of the insurance premiums required to be paid by Grantor. The responsibility for the payment of premiums shall remain Grantor's sole responsibility.

  • Books and Records of Account The Company shall maintain adequate books and records of account that shall be maintained on the accrual method of accounting. All of the books of account of the Company shall at all times be maintained at the principal office of the Company, or at such other place or places as may be designated by the Member or an officer of the Company.

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