Deposit of Interest Reserve Funds Sample Clauses

Deposit of Interest Reserve Funds. Simultaneously with the Initial Advance, Borrower shall deposit the sum of $5,970,398.00 with Lender (the “Initial Interest Reserve Deposit”), which shall be funded from the Initial Advance of the Project Loan. In addition, pursuant to Section 5.1.28(d), Borrower may be obligated to deposit an Additional Interest Reserve Deposit and in the event that Lender determines in its sole discretion that the Interest Reserve Funds on deposit in the Interest Reserve Account are insufficient, Borrower shall deposit with Lender an amount equal to the deficiency in the Interest Reserve Funds as determined by Lender (each an “Interest Reserve Deposit”, each such amount so deposited shall hereinafter be referred to as the “Interest Reserve Fund”). The account in which the Interest Reserve Fund are held shall hereinafter be referred to as Borrower’s “Interest Reserve Account”. In lieu of making the Interest Reserve Deposits with Lender, Borrower shall have the right to deliver to Lender an irrevocable Letter of Credit acceptable to Lender in the amount of the Interest Reserve Deposit. 125
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Deposit of Interest Reserve Funds. On the Closing Date, Borrower shall deposit with Agent or Servicer on behalf of Agent an amount equal to $1,000,000 in respect of potential Debt Service shortfalls. Until the WeWork Condition is satisfied, following Agent’s release of amounts from the Interest Reserve Funds, Borrower shall within ten (10) Business Days after each such release deposit with Agent an amount sufficient to restore to the balance of such funds on deposit to $1,000,000 (an “Interest Reserve True-Up Deposit”). Amounts deposited pursuant to this Section 6.8.1 are referred to herein as the “Interest Reserve Funds”. The Interest Reserve Funds shall be held in an Interest Bearing Account.
Sample 1
Deposit of Interest Reserve Funds. (a) On the Closing Date, Borrower and/or Security Guarantor shall deposit with Agent the amount of $10,317,424.66 (such amount, the “Interest Reserve Cap”) for payment of Debt Service. Amounts deposited pursuant to this Section 6.10.1 are referred to herein as the “Interest Reserve Funds.”
Sample 1
Deposit of Interest Reserve Funds. Borrowers shall deposit with Lender (a) on the Closing Date, $8,607,000.00 of the Loan proceeds advanced to Borrowers, representing the amount necessary in order to pay the sums that Lender reasonably estimates will be payable for Debt Service from the Closing Date through the Initial Maturity Date, and (b) if Borrowers exercise their option to extend the Maturity Date hereunder, on the Initial Maturity Date or the First Extended Maturity Date, as applicable, the amount necessary in order to pay the Debt Service that Lender estimates will be payable during the First Extension Period or the Second Extension Period, as applicable (such amounts so deposited shall hereinafter be referred to as the “Interest Reserve Funds”). If at any time Lender reasonably determines that the Interest Reserve Funds will not be sufficient to pay the Debt Service anticipated to become due on all Monthly Payment Dates during the relevant period of the Loan, Lender shall notify Borrowers of such determination and the amount necessary to make up the deficiency and Borrowers will deposit with Lender the amount of such deficiency within five (5) Business Days (but in no event less than three (3) Business Days prior to the date Debt Service is next due) after its receipt of such notice. Notwithstanding anything to the contrary set forth herein, to the extent the Interest Reserve Funds shall at any time be insufficient to pay for Debt Service as set forth above, Lender shall have the right upon notice to Borrowers to require Borrowers to cause Mortgage Borrowers to request a Mortgage Loan Advance to increase the amount on deposit in the Interest Reserve Fund.
Sample 1
Deposit of Interest Reserve Funds. On the Closing Date, Company shall transfer to the Collateral Agent for deposit in an account (the “Interest Reserve Account”) an amount equal to the interest accruing on the Loans during the first six (6) months following the Closing Date, calculated as described in the next sentence (the “Interest Reserve Deposit”). The amount of the Interest Reserve Deposit shall be calculated assuming the Loans bear interest at the sum of the Applicable Margin plus (i) if the Loan made on the Closing Date is a Eurodollar Rate Loan, for a six-month Interest Period at the six-month Adjusted Eurodollar Rate, determined as of 11:00 a.m. (London, England time) on the second Business Day preceding the Closing Date, and (ii) if the Loan made on the Closing Date is a Base Rate Loan, for two successive three-month Interest Periods at the Base Rate in effect on the Closing Date, in each case irrespective of the actual Interest Periods for the Loan chosen by Company on the Closing Date. Amounts on deposit in the Interest Reserve Account, including all amounts earned from the reinvestment thereof (collectively, the “Interest Reserve Funds”), will be held by the Collateral Agent as part of the Collateral, until applied pursuant to this Section 2.4 or the Collateral Documents.
Sample 1
Deposit of Interest Reserve Funds. On the date hereof, Borrower shall deposit with Lender the amount of $1,000,000.00 for the purpose of establishing a reserve fund to pay interest that will be due and payable by Borrower to Lender under this Note during the initial term of the Loan, with the understanding, however, that such amount may not in fact be sufficient to pay all interest due under this Note during the initial term of the Loan. The foregoing amounts deposited with Lender shall be transferred into an account established to hold such funds (the “Interest Reserve Account”). Amounts deposited from time to time in the Interest Reserve Account pursuant hereto are referred to herein as the “Interest Reserve Funds” and shall be disbursed to fund the monthly interest payments from time to time in accordance with (ii) below. Borrower shall promptly upon demand of Lender make additional deposits to the Interest Reserve Account as Lender may from time to time require in order to ensure the availability of sufficient funds in the Interest Reserve Account to pay the monthly interest payments coming due hereunder.
Sample 1
Deposit of Interest Reserve Funds. On the Closing Date, Borrower shall deposit with Lender the amount of $811,030.27 for the purpose of establishing a reserve fund to pay Debt Service that will be due and payable by Borrower under this Agreement and the Note during the initial term of the Loan. The foregoing amounts shall be deposited on the date hereof and on each Payment Date in an account established to hold such funds pursuant to the Mezzanine Cash Management Agreement (the “Interest Reserve Account”). Amounts deposited from time to time in the Interest Reserve Account pursuant to this Section 7.2.1 are referred to herein as the “Interest Reserve Funds” and shall be disbursed to fund the Monthly Interest Payments from time to time in accordance with Section 7.2.2 hereof.
Sample 1
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Related to Deposit of Interest Reserve Funds

  • Interest Reserve Account The Certificate Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2018) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2018), the Certificate Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

  • Interest Reserve No later than thirty (30) days after Closing, Borrower shall deposit the amount of $500,000.00 (the “Interest Reserve”) into an account established by Administrative Agent in Borrower’s name but exclusively controlled by Administrative Agent. Provided that no Event of Default shall have occurred and be continuing and the Property is not generating positive NOI, Administrative Agent shall make disbursements from the Interest Reserve for payment when due of any accrued and unpaid interest on the Loan that cannot be paid with NOI. Borrower acknowledges and agrees that the payment of such accrued and unpaid interest by the method described herein is for its convenience and benefit. In the event that the Interest Reserve will be exhausted prior to the Property achieving a Debt Service Coverage Ratio of 1.20 to 1.00, within ten (10) days of Administrative Agent’s request Borrower shall deposit into the Interest Reserve an amount sufficient to bring the balance of the Interest Reserve to $500,000.00. If at any time there are no funds remaining in the Interest Reserve, Administrative Agent shall have no obligation for funding of accrued and unpaid interest, whereupon Borrower shall be and remain responsible for the continuation of all such payments from its own funds. Once the Property achieves a Debt Service Coverage Ratio of 1.20 to 1.00 for at least ninety (90) consecutive days as determined by Administrative Agent, all payments of interest on the Loan shall be paid from NOI and any funds remaining in the Interest Reserve shall be disbursed to Borrower; provided, however, that in the event the Debt Service Coverage Ratio ever falls below 1.20 to 1.00 as determined by Administrate Agent, then Administrative Agent shall reinstate the usage of the Interest Reserve and Borrower’s obligation to fund and replenish the Interest Reserve as provided in this Section 2.15.

  • Reserve Funds Section 7.1.

  • Disbursements from Replacement Reserve Account (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any).

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property.

  • Basis Risk Reserve Fund (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Certificates, the Basis Risk Reserve Fund. The Basis Risk Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement.

  • Replacement Reserve Fund Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the "REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area. Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property. Any amount held in the Replacement Reserve Account and allocated for the Property shall be retained by Lender in an interest bearing account, or, at the option of Lender, in an Eligible Account at an Eligible Institution; PROVIDED, HOWEVER, that, any interest earned on said account shall accrue in said account for the benefit of Borrower, but shall remain in and constitute part of the Replacement Reserve Fund, and shall be disbursed in accordance with the terms hereof. Notwithstanding anything to the contrary in this Section 7.3, Borrower shall not be required to make Replacement Reserve Monthly Deposits, provided that: (i) no Event of Default shall have occurred; and (ii) Borrower makes all necessary Replacements and otherwise maintains the Property to Lender's satisfaction. Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements or otherwise maintain the Property to Lender's satisfaction, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • Debt Service Reserve Account The Debt Service Reserve Account shall have been funded (or credited with funds), to the extent required, in an amount equal to the Debt Service Reserve Required Amount in accordance with the Depositary Agreement.

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