Security Interest in Reserves; Other Matters Pertaining to Reserves Sample Clauses

This clause establishes the lender's security interest in any reserve accounts or funds set aside by the borrower under the agreement. It typically details how these reserves are created, maintained, and controlled, and may specify the lender's rights to access or apply the funds in the event of default or other specified circumstances. By doing so, the clause ensures that the lender has a secured claim over these funds, thereby reducing credit risk and providing a clear mechanism for the management and use of reserve monies.
Security Interest in Reserves; Other Matters Pertaining to Reserves. (A) The Borrowers hereby pledge, assign and grant to Lender a security interest in and to all of the Borrowers' right, title and interest in and to the Account Collateral, including the Reserves, as security for payment and performance of all of the Obligations hereunder and under the Note and the other Loan Documents. The Reserves constitute Account Collateral and are subject to the security interest in favor of Lender created herein and all provisions of this Loan Agreement and the other Loan Documents pertaining to Account Collateral. (B) In addition to the rights and remedies provided in Article VII and elsewhere herein, upon the occurrence and during the continuance of any Event of Default, Lender shall have all rights and remedies pertaining to the Reserves as are provided for in any of the Loan Documents or under any applicable law. Without limiting the foregoing, upon and at all times after the occurrence and during the continuance of an Event of Default, Lender in its sole and absolute discretion, may use the Reserves (or any portion thereof) for any purpose, including but not limited to any combination of the following: (i) payment of any of the Obligations including the Prepayment Consideration (if any) applicable upon such payment in such order as Lender may determine in its sole discretion; provided, however, that such application of funds shall not cure or be deemed to cure any Default; (ii) reimbursement of Lender for any actual losses or expenses (including, without limitation, reasonable legal fees) suffered or incurred as a result of such Event of Default; (iii) payment for the work or obligation for which such Reserves were reserved or were required to be reserved; and (iv) application of the Reserves in connection with the exercise of any and all rights and remedies available to Lender at law or in equity or under this Loan Agreement or pursuant to any of the other Loan Documents. Nothing contained in this Loan Agreement shall obligate Lender to apply all or any portion of the funds contained in the Reserves during the continuance of an Event of Default to payment of the Loan or in any specific order of priority.
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Security Interest in Reserves; Other Matters Pertaining to Reserves. Funds Deposited with Lender/Special Jekyll Island Reserves ........... 72 Section 6.3 FF&E Reserve ......................................................... 73 Section 6.4 Capital Improvement Reserve; Required Capital Improvements ........... 74 Section 6.5 Hazardous Materials Remediation Reserve .............................. 75 Section 6.6 Conditions to Disbursements from Hazardous Materials Remediation Reserve, Capital Improvement Reserve and the Jekyll Island Special Reserves; Performance of Work ........................................ 75 Section 6.7 Cash Trap Reserve .................................................... 77 Section 6.8 Substitute Cash Management Agreement ................................. 77 ARTICLE VII LOCK BOX; CASH MANAGEMENT ...................................................... 78 Section 7.1 Establishment of Deposit Account and Lock Box Account ................ 78 Section 7.2 Application of Funds in Lock Box Account ............................. 80 Section 7.3 Application of Funds After Event of Default .......................... 80 Section 7.4 Mortgage Loan Lock Box ............................................... 80
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Security Interest in Reserves; Other Matters Pertaining to Reserves. Section 6.2 Funds Deposited with Lender.............................................. 75 Section 6.3 Impositions and Insurance Reserve........................................ 76 Section 6.4 FF&E Reserve............................................................. 76 Section 6.5 Capital Improvement Reserve; Required Capital Improvements............... 77 Section 6.6 Hazardous Materials Remediation Reserve.................................. 77 Section 6.7 Conditions to Disbursements from Hazardous Materials Remediation Reserve and Capital Improvement Reserve; Performance of Work................... 77 Section 6.8 Cash Trap Reserve........................................................ 82
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Security Interest in Reserves; Other Matters Pertaining to Reserves. The following amendments are hereby made to Section 4.01 of the Indenture:
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Security Interest in Reserves; Other Matters Pertaining to Reserves. (a) The Obligors hereby grant to the Indenture Trustee on behalf of the Secured Parties a security interest in and to all of the Obligors’ right, title and interest in and to the Account Collateral, including the Reserves, as security for payment and performance of all of the Obligations hereunder and under the other Transaction Documents, in accordance with the terms of Section 14.01.
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Security Interest in Reserves; Other Matters Pertaining to Reserves. 53 Section 6.2 Funds Deposited with Lender..............................................................
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Security Interest in Reserves; Other Matters Pertaining to Reserves. (a) The Obligors hereby grant to the Indenture Trustee a security interest in and to all of the Obligors’ right, title and interest in and to the Account Collateral, including the Reserves, as security for payment and performance of all of the Obligations hereunder and under the other Transaction Documents. The Reserves constitute Account Collateral and are subject to the security interest in favor of the Indenture Trustee created herein and all provisions of this Indenture and the other Transaction Documents pertaining to Account Collateral. Income realized from the investment of funds in any Site Acquisition Account shall be paid to, or at the direction of, the Issuer on each Payment Date. All Permitted Investments will mature no later than one Business Day prior to each Payment Date or otherwise when such funds are required to be distributed pursuant to Section 5.01. (b) In addition to the rights and remedies provided in Article III and elsewhere herein, upon the occurrence and during the continuance of any Event of Default, the Servicer (acting on behalf of the Indenture Trustee) shall have all rights and remedies pertaining to the Reserves as are provided for in any of the Transaction Documents or under any applicable law.
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Security Interest in Reserves; Other Matters Pertaining to Reserves. (A) Each Borrower hereby pledges, assigns and grants to Lender a security interest in and to all of such Borrower's right, title and interest in and to the Reserves, as security for payment and performance of all of the Obligations hereunder and under the Note and the other
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Security Interest in Reserves; Other Matters Pertaining to Reserves. 6366 Section 4.02. Return of Reserves; Funding at Closings. 6366 Section 4.03. Yield Maintenance Reserve Accounts 6367 Section 4.04. Cash Trap Reserve 6467 Section 4.05. Liquidity Reserve Account; Liquidity Reserve Letters of Credit 6568 ARTICLE V PRIORITY OF PAYMENTS; PAYMENTS TO NOTEHOLDERS 6770 Section 5.01. Priority of Payments 6770 Section 5.02. No Gross Up 7275 ARTICLE VI REPRESENTATIONS AND WARRANTIES 7276 Section 6.01. Organization, Powers, Capitalization, Good Standing, Business. 7276 Section 6.02. Authorization of Borrowing, Authority, etc. 7376 Section 6.03. Financial Statements 7377 Section 6.04. Indebtedness and Contingent Obligations 7377 Section 6.05. Fiber Network Assets. 7477 Section 6.06. Customer Agreements; Other Agreements. 7478 Section 6.07. Litigation; Adverse Facts 7578 Section 6.08. Payment of Taxes 7578 Section 6.09. Performance of Agreements 7579 Section 6.10. Investment Company Act 7579 Section 6.11. Employee Benefit Plans 7579 Section 6.12. Solvency 7579 Section 6.13. Use of Proceeds and Margin Security 7679 Section 6.14. Insurance 7679 Section 6.15. Investments; Ownership of the Obligors 7679 Section 6.16. Environmental Compliance 7680 ARTICLE VII COVENANTS 7680 Section 7.01. Payment of Principal and Interest 7680 Section 7.02. Financial Statements and Other Reports. 7780 Section 7.03. Existence; Qualification 8083 Section 7.04. Payment of Impositions and Claims. 8084 Section 7.05. Maintenance of Insurance 8185 Section 7.06. Operation and Maintenance of the Fiber Networks. 8386 Section 7.07. Inspection; Investigation 8588 Section 7.08. Compliance with Laws and Obligations 8589 Section 7.09. Further Assurances 8589 Section 7.10. Performance of Agreements 8690 Section 7.11. Provision of Material Agreements 8690 Section 7.12. Management Agreement. 8690 Section 7.13. Maintenance of Office or Agency by Issuer. 8791 Section 7.15. Estoppel Certificates. 8891 Section 7.16. Indebtedness 8892 Section 7.17. No Liens 8992 Section 7.18. Contingent Obligations 8993 Section 7.19. Restriction on Fundamental Changes 8993 Section 7.20. Bankruptcy, Receivers, Similar Matters 8993 Section 7.21. ERISA. 8993 Section 7.22. Money for Payments to be Held in Trust. 9094 Section 7.23. Fiber Network Underlying Rights Agreements. 9194 Section 7.24. Rule 144A Information 9296 Section 7.25. [Reserved] 9296 Section 7.26. Maintenance of Books and Records 9296 Section 7.27. Continuation of Ratings 9296
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Related to Security Interest in Reserves; Other Matters Pertaining to Reserves

  • Financing Statements and Other Filings; Maintenance of Perfected Security Interest Each Pledgor represents and warrants that the only filings, registrations and recordings necessary and appropriate to create, preserve, protect, publish notice of and perfect the security interest granted by each Pledgor to the Collateral Agent (for the benefit of the Secured Parties) pursuant to this Agreement in respect of the Pledged Collateral are listed in Schedule 7 annexed to the Perfection Certificate. Each Pledgor represents and warrants that all such filings, registrations and recordings have been delivered to the Collateral Agent in completed and, to the extent necessary or appropriate, duly executed form for filing in each governmental, municipal or other office specified in Schedule 7 annexed to the Perfection Certificate and shall be filed, registered and recorded immediately after the date thereof. Each Pledgor agrees that at the sole cost and expense of the Pledgors, (i) such Pledgor will maintain the security interest created by this Agreement in the Pledged Collateral as a perfected first priority security interest and shall defend such security interest against the claims and demands of all Persons, (ii) such Pledgor shall furnish to the Collateral Agent from time to time statements and schedules further identifying and describing the Pledged Collateral and such other reports in connection with the Pledged Collateral as the Collateral Agent may deem reasonably necessary, all in reasonable detail and (iii) at any time and from time to time, upon the written request of the Collateral Agent, such Pledgor shall promptly and duly execute and deliver, and file and have recorded, such further instruments and documents and take such further action as the Collateral Agent may deem reasonably necessary for the purpose of obtaining or preserving the full benefits of this Agreement and the rights and powers herein granted, including the filing of any financing statements, continuation statements and other documents (including the Agreement) under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction with respect to the security interest created hereby and the execution and delivery of Control Agreements, all in form reasonably satisfactory to the Collateral Agent and in such offices (including, without limitation, the United States Patent and Trademark Office) wherever required by law to perfect, continue and maintain a valid, enforceable, first priority security interest in the Pledged Collateral as provided herein and to preserve the other rights and interests granted to the Collateral Agent hereunder, as against third parties, with respect to the Pledged Collateral. Each Pledgor hereby authorizes the Collateral Agent to file any such financing or continuation statement or other document without the signature of such Pledgor where permitted by law, including, without limitation, the filing of a financing statement describing the Pledged Collateral as “all assets in which the Pledgor now owns or hereafter acquires rights.”

  • Payment of Other Taxes by Loan Parties The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes.

  • Impairment of Security Interests Take or omit to take any action, which might or would have the result of materially impairing the security interests in favor of the Administrative Agent with respect to the Collateral or grant to any Person (other than the Administrative Agent for the benefit of itself and the Lenders pursuant to the Security Documents) any interest whatsoever in the Collateral, except for Liens permitted under Section 11.2 and asset sales permitted under Section 11.5.

  • Subordination of Other Obligations Any Indebtedness of Borrower or any Guarantor now or hereafter held by any Guarantor (the “Obligee Guarantor”) is hereby subordinated in right of payment to the Guaranteed Obligations, and any such Indebtedness collected or received by the Obligee Guarantor after an Event of Default has occurred and is continuing shall be held in trust for Administrative Agent on behalf of Beneficiaries and shall forthwith be paid over to Administrative Agent for the benefit of Beneficiaries to be credited and applied against the Guaranteed Obligations but without affecting, impairing or limiting in any manner the liability of the Obligee Guarantor under any other provision hereof.

  • Payment of Other Taxes by Borrower The Borrower shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Initial Lender, the Required Lenders or the Administrative Agent timely reimburse it for the payment of, any Other Taxes.