Interest Reserve. 8.3.1 On the date hereof, Borrower shall deposit with Lender the sum set forth on Exhibit K hereto as the Interest Reserve to be held in an account maintained at a bank designated by Lender and pledged to Lender as additional collateral for the Loan (the "Interest Reserve Account"). The Interest Reserve Account shall be an interest-bearing account and all interest earned thereon shall become part of the Interest Reserve Account for the benefit of Borrower.
8.3.2 Provided that no Event of Default shall then exist and be continuing, if, on any Payment Date, the amount then on deposit in the Monthly Debt Service Subaccount (as defined in the Cash Management Agreement), minus the amount, if any, due under Section 8.7.3 hereof, shall be less than the amount of interest then due under the Note, Lender shall disburse the amount of such deficiency from the Interest Reserve Account to pay such interest. Any such amounts so disbursed shall be deemed paid by Borrower and Borrower shall not be deemed to have failed to pay such interest for the purposes of Section 6.1.1 by reason thereof.
8.3.3 If an Event of Default has occurred and is continuing hereunder, Lender may apply all amounts on deposit in the Interest Reserve Account to the Indebtedness in such order, priority and proportions as Lender in its discretion shall deem proper.
8.3.4 Nothing contained in this paragraph shall limit the obligation of Borrower to pay interest or other amounts due under the Note or any other Loan Document. The Interest Reserve Account shall not constitute a trust fund and may not be commingled with other monies held by Lender. Upon assignment of the Note and Mortgage by Lender in their entirety, Lender's security interest in, and all other right, title and interest of Lender in and to, the funds in the Interest Reserve Account shall be transferred and assigned to the assignee and Lender shall have no further obligation with respect thereto.
Interest Reserve. Borrower will deposit into the Interest Reserve Account on or before the Effective Date, $2,000,000.00.
Interest Reserve. Except as provided in Section 2.7 Permitted Costs hereof, after the earlier of the issuance of certificate of occupancy for a Facility or the expiration of the Construction Phase, no further advances shall be made from the Interest Reserve in such Total Development Budget.
Interest Reserve. 29 Section 6.5. Owner's Contingency........................................... 29 Section 6.6. Cost Overruns and Savings; Change Order Reserve............... 29
Interest Reserve. The Administrative Agent shall have received evidence that the Interest Reserve has been funded as required by Section 7.1.12.
Interest Reserve. (a) The Borrower shall have established the Interest Reserve Account on or prior to the Closing Date.
(b) On the Closing Date, the Borrower shall immediately deposit, or cause to be deposited with proceeds of the Loans, $1,600,160 (the “Interest Reserve Amount”) in the Interest Reserve Account.
(c) The Borrower (i) shall not have any rights or powers with respect to any monies or proceeds in the Interest Reserve Account except to have the funds on deposit therein applied in accordance with clause (iv) of this Section 6.16(c), (ii) acknowledges and agrees that the Administrative Agent shall be the only Person that is permitted to direct disbursements from the Interest Reserve Account, (iii) agrees not to issue any instructions or requests for disbursements, withdrawals or transfers from the Interest Reserve Account and (iv) agrees that the Administrative Agent may instruct and/or direct Bank of America, N.A. to withdraw or transfer funds in the Interest Reserve Account at any time following the Borrower’s failure to timely pay interest in accordance with the terms of this Agreement.
Interest Reserve. At the Initial Closing, the Borrowers shall deposit funds in an amount equal to the Interest Reserve as of such Initial Closing, with the Escrow Agent, to be held by the Escrow Agent and disbursed pursuant to the Escrow Agreement. The Borrowers agree to promptly deposit additional funds upon the sale of any additional Notes or the disbursement of any portion of the Escrow Reserve to the Noteholders to ensure that at all times such Escrow Reserve represents two quarters’ interest under the then outstanding Notes.
Interest Reserve. The Parent shall not direct or permit the disbursement of any portion of the Interest Reserve without the prior written consent of the Noteholder Representative.
Interest Reserve. The Budget includes an interest reserve in an amount designated in the Budget. If applicable, subject to the terms of this Agreement, such interest reserve will be advanced by Lender, following an appropriate requisition from Borrower, to pay interest on the Loan as it becomes due. Interest will be payable by Borrower to Lender on that portion of the interest reserve actually disbursed by Lender. The interest reserve will not be included in the computation of the undisbursed portion of the Loan for purposes of determining whether the undisbursed portion of the Loan will be sufficient to complete the construction of the Improvements.
Interest Reserve. The term "Interest Reserve" shall have the meaning set forth in Section 2.17 below.
