Interest Reserve Sample Clauses
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Interest Reserve. (i) Notwithstanding anything to the contrary in this Agreement:
(a) during the period commencing on the first Disbursement Date and ending on the second (2nd) anniversary thereof (the “Interest Reserve Period”), eight hundred twenty thousand Dollars ($820,000) of the IDB Invest Loan Commitment (the “Interest Reserve Amount”) shall not be available for Disbursement to the Borrower but instead shall be used to pay interest amounts owing on the IDB Invest Loan in accordance with this Section 2.2.4;
(b) during the Interest Reserve Period and at least ten (10) Business Days prior to each Interest Payment Date, the Borrower shall request a non-cash Disbursement in accordance with Section 2.2.1 (Disbursement Procedure) of two hundred five thousand Dollars ($205,000) from the Interest Reserve Amount (each an “Interest Reserve Disbursement”), instructing IDB Invest to allocate such funds to pay the amount of interest payable in respect of the IDB Invest Loan on such Interest Payment Date. Interest Reserve Disbursements shall be subject to the following: (i) each such Interest Reserve Disbursement shall be added to the then-outstanding amount of principal of the IDB Invest Loan only to the extent of the amount of interest due on the IDB Invest Loan on the relevant Interest Payment Date; (ii) if two hundred five thousand Dollars ($205,000) is in excess of the amount of interest due on the IDB Invest Loan on the relevant Interest Payment Date, then such excess amount shall be disregarded for purpose of calculating the principal amount of the IDB Invest Loan outstanding and shall be subject to Section 2.2(ii) below; and (iii) if two hundred five thousand Dollars ($205,000) is less than the amount of interest due on the IDB Invest Loan on the relevant Interest Payment Date, then such shortfall shall remain due and payable to the extent set forth in Section 2.2(ii) below, but, notwithstanding anything to the contrary in this Agreement, such shortfall amount shall not incur interest (or default interest) during the period beginning on such Interest Payment Date and ending on the date on which payment thereof is due under Section 2.2(ii) below; and
(c) notwithstanding anything to the contrary in this Section 2.2.4(i), during the Interest Reserve Period, if the Borrower has failed to make a Disbursement Request as described above, IDB Invest may, at its sole discretion but with notice to the Borrower, make an Interest Reserve Disbursement of all or a portion of the funds in...
Interest Reserve. Borrower will deposit into the Interest Reserve Account on or before the Effective Date, $2,000,000.00.
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. (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. Atlantic shall, on the date hereof, withhold from the proceeds of the Loans available for distribution the amount of Six Million, Eight Hundred Thirty-Five Thousand, Seven Hundred Thirty-Six Dollars ($6,835,736) (the "Interest Reserve"). Provided no Default exists hereunder, the Interest Reserve shall be disbursed for the payment of interest on the Loans as such interest becomes due and payable. Upon the occurrence of a Default hereunder, Atlantic shall have no obligation to make further disbursements from the Interest Reserve, and no Borrower shall be entitled to any such disbursements, until such Default is cured. Should interest payable on the Loans exceed the amount of the Interest Reserve, the Borrowers shall promptly pay such amounts. Upon the occurrence of an Event of Default, Atlantic may apply any undisbursed portion of the foregoing reserve against any of the obligations secured by the Security Documents as it sees fit or, at Atlantic's discretion, to the completion of and incomplete Improvements.
Interest Reserve. 29 Section 6.5. Owner's Contingency.............................................. 29 Section 6.6. Cost Overruns and Savings; Change Order Reserve.................. 30 ARTICLE 7.
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. Each Unit Loan Budget includes an interest reserve out of which the Lender shall automatically pay the monthly interest cost of each Loan when and as such interest payments are due under the Note up to the maximum amount specified in the applicable Unit Loan Budget.
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.