Initial Reserves Sample Clauses

Initial Reserves. CHANGES TO RESERVES.
Sample 1Sample 2
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Initial Reserves. Upon execution of this agreement, or at time of execution of a new lease, Owner shall remit to Broker the sum of $ 0 to be deposited in the Operating and/or Reserve Accounts as an initial deposit representing the estimated disbursements to be made in the first month following the commencement of this Agreement. Owner agrees to maintain the reserve stated above at all times in the Operating and/or Reserve Account(s) to enable Broker to pay the obligations of Owner under this Agreement as they become due. Owner and Broker shall review the amount of the reserve from time to time and shall agree in writing on a new reserve. These reserve funds will be used to pay an expense related to the leasing and management of the property. If the balance of the reserve becomes less than the amount stated, Broker may deduct the applicable amount from the monthly income to bring the balance to the amount requested. The standard reserve is 300.00 per home.
Sample 1
Initial Reserves. (a) The following are the only Reserves in effect at the execution of this Agreement: (i) Gift Certificates and Customer Credits (an Availability Reserve): 50% of the outstanding amount thereof from time to time. (ii) Dilution (a Receivable Reserve): 12% of outstanding Acceptable Accounts from time to time. (iii) Shrinkage (an Inventory Reserve): 2.5% of the Borrower's then Acceptable Inventory from time to time. (iv) Return to Vendors (an Inventory Reserve): The amount thereof outstanding from time to time on the Borrower's books and records maintained in the ordinary course. (v) Net Realizable Value/Markdowns (an Inventory Reserve): The amount thereof outstanding from time to time on the Borrower's books and records maintained in the ordinary course. (vi) Sales Taxes (an Inventory Reserve): The amount thereof outstanding from time to time on the Borrower's books and records maintained in the ordinary course. (vii) Damage (an Inventory Reserve): The amount thereof outstanding from time to time on the Borrower's books and records maintained in the ordinary course. (viii) Real Estate (an Availability Reserve): The sum of $968,804.00, which Reserve shall be terminated upon the Agent's receipt of Subordination, Attornment and Non-Disturbance Agreements (in form reasonably satisfactory to the Agent) from the tenants at the Borrower's Chapel Hill Center property. (ix) Rent (an Availability Reserve): The sum of $2,295,200.00, which Reserve shall be adjusted upon the Agent's receipt of Landlord's Waivers (in addition to those delivered upon the execution hereof) and shall be terminated upon the Agent's receipt of waivers or subordinations (each in form reasonably satisfactory to the Agent) executed by (a) each of the owners of the Borrower's leased warehouses, (b) seventy-five percent (75%) of the Borrower's landlords, and (c) without duplication, the landlords for any of the Borrower's stores located in a jurisdiction in which the landlord could obtain an Encumbrance on any of the Borrower's assets having priority over the lien granted to the Agent.
Sample 1
Initial Reserves. CHANGES TO RESERVES. (a) At the execution of this Agreement, the only Reserves are as reflected on the initial Borrowing Base Certificate. (b) Reserves that may be revised, by the Agent in good faith in its reasonable business judgment: (ii) To reflect events, conditions, contingencies or risks that, as determined by the Agent in good faith in its reasonable business judgment, do or may affect any of: (B) The Collateral or any other property which secures the Liabilities. (C) The assets, business or prospects of any Borrower. (D) The Collateral Interests and other rights of the Agent in, or to realize upon, the Collateral (including the enforceability, perfection and priority thereof). (i) To reflect the Agent's good faith belief in its reasonable business judgment that any collateral report or financial information furnished by or on behalf of a Borrower to the Agent is or may have been incomplete, inaccurate or misleading in any material respect. (ii) To reflect any state of facts which constitutes an Event of Default. (a) A change to a then existing Reserve may be made only with not less than seven (7) Business Days prior notice to the Lead Borrower, during which period the Agent shall afford the Borrower an opportunity to demonstrate that such Reserve is not necessary (unless the Agent determines that the Collateral would be materially and adversely affected by such delay or an Event of Default exists, in which case such Reserve may be immediately imposed), except that a change to a then existing Reserve, which change reflects changed circumstances of which the Lead Borrower has knowledge (such as a change in the aggregate of taxes then outstanding), may be made without such notice.
Sample 1
Initial Reserves 
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Related to Initial Reserves

  • Additional Reserve Costs (a) If and so long as any Lender is required after the date hereof to make special deposits with the Bank of England, to maintain reserve asset ratios or to pay fees, in each case in respect of such Lender’s Eurocurrency Loans in any Designated Foreign Currency, such Lender may require the relevant Borrower to pay, contemporaneously with each payment of interest on each of such Loans, additional interest on such Loan at a rate per annum equal to the Mandatory Costs Rate calculated in accordance with the formula and in the manner set forth in Exhibit C hereto.

  • Additional Reserve Requirements The Company shall pay (or cause the applicable Designated Borrower to pay) to each Lender, (i) as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurocurrency Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any other central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Eurocurrency Rate Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which in each case shall be due and payable on each date on which interest is payable on such Loan, provided the Company shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional interest or costs from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest or costs shall be due and payable 10 days from receipt of such notice.

  • Mineral Reserves and Resources The estimated proven and probable mineral reserves disclosed in the Company SEC Documents as of December 31, 2015 have been prepared and disclosed in all material respects in accordance with all Applicable Laws. There has been no material reduction (other than as a result of operations in the ordinary course of business) in the aggregate amount of estimated mineral reserves and estimated mineral resources of the Company and its Subsidiaries, taken as a whole, from the amounts disclosed in such Company SEC Documents.

  • 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.

  • Federal Reserve Notwithstanding any other provision of this Agreement to the contrary, any Financial Institution may at any time pledge or grant a security interest in all or any portion of its rights (including, without limitation, its portion of the Asset Portfolio and any rights to payment of Capital and Financial Institution Yield) under this Agreement to secure obligations of such Financial Institution to a Federal Reserve Bank, without notice to or consent of Seller or Agent; provided that no such pledge or grant of a security interest shall release a Financial Institution from any of its obligations hereunder, or substitute any such pledgee or grantee for such Financial Institution as a party hereto.

  • Additional Resources The WLSC may establish workgroups that include other department representatives and/or subject matter experts. These subcommittees will conform with rules established by the WLSC.

  • Federal Reserve Regulations (a) None of Holdings, the Borrower or any of the Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying Margin Stock.

  • Approved Budget (a) Subject to subsection (b) and subsection (c) below, none of the Credit Parties shall pay any obligations or expenses (including, without limitation, bonus payments or other compensation to senior management personnel, but excluding legal fees and expenses) except to the extent expressly contemplated and permitted in the Current Period of the Approved Budget applicable at the time of such payment. On or before the Wednesday prior to the first Monday of each Fiscal Month of the Borrower, commencing with the Wednesday prior to the first Monday of October 2010, the Borrower shall deliver an updated budget (for the period of 13 weeks commencing with the first day of such Fiscal Month) (each, a “Proposed Budget”) to Agent. Each such Proposed Budget shall be accompanied by a variance report setting forth actual cash receipts and disbursements from the Petition Date through the last day of the preceding month and all variances, on an aggregate basis and, with respect to Specified Budget Line Items, on a line-item basis, for such period from the amounts set forth for the corresponding period in the preceding Approved Budgets (including explanations for each such material variance), certified by the Chief Restructuring Officer as being prepared in good faith and fairly presenting in all material respects the information set forth therein. Each Proposed Budget provided to Agent shall be of no force and effect unless and until it is approved in writing by the Requisite Lenders, and until such approval is given the prior Approved Budget shall remain in effect and no Credit Party may pay any obligations or expenses (excluding legal fees and expenses) other than as permitted (subject to subsection (b) below) in the Current Period of such prior Approved Budget. The Requisite Lenders shall approve or reject each Proposed Budget within four Business Days after delivery by the Borrower to Agent as set forth above, provided that any failure to approve a Proposed Budget shall constitute a rejection of such Proposed Budget. Any such Proposed Budget, upon the written approval of the Requisite Lenders shall become, as of the date of such approval and for the period of time covered thereby, the Approved Budget, and shall prospectively replace any prior Approved Budget.

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