Common use of Deposit of Interest Reserve Funds Clause in Contracts

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

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.

Deposit of Interest Reserve Funds. Simultaneously with the Initial AdvanceAdvance of the Project Loan, 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.

Deposit of Interest Reserve Funds. Simultaneously with the Initial AdvanceAdvance of the Project Loan, 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.