Interest Reserve Fund Sample Clauses

Interest Reserve Fund. (a) Borrowers shall cause Mortgage Borrowers to comply with all of the terms and conditions set forth in Section 7.4 of the Mortgage Loan Agreement.
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Interest Reserve Fund. Borrower uses, or permits the use of, funds from the Interest Reserve Fund for any purpose other than the purpose for which such funds were disbursed in accordance herewith.
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Interest Reserve Fund. 96 SECTION 4.13 The Interest Rate Cap Agreement...................................................97 ARTICLE V THE CERTIFICATES
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Interest 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 Class A-1, Class A-2, Class M-1, Class M-2 and Class B Certificates, the Xxxxxxxx Xxxxrve Fund. The Interest 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.
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Interest Reserve Fund. If a Trigger Event has occurred and is continuing, Borrower shall pay to Lender, or cause the Lockbox Bank to make the appropriate deposit as provided in Article III hereof, on or prior to each Payment Date the amount remaining in the Lockbox Account, if any, after all deposits to Subaccounts other than the Interest Reserve Account have been made as provided in Article III hereof (said amount, as so deposited, hereinafter called the “Interest Reserve Fund”). Provided no Event of Default exists, Lender will apply the Interest Reserve Fund to any payments of Debt Service required to be made by Borrower pursuant to Section 2.2 hereof, in the event that the then existing Debt Service Fund was insufficient to pay the Monthly Debt Service Payment Amount. The insufficiency of any balance in the Interest Reserve Account shall not relieve Borrower from its obligation to fulfill all covenants in the Loan Documents with respect to Debt Service. Any amount remaining in the Interest Reserve Fund upon either (i) expiration of the Trigger Event or (ii) full payment of the Debt shall be returned to Borrower. Upon the occurrence of an Event of Default, Lender may use the Interest Reserve Fund (or any portion thereof) for any purpose, including but not limited to payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion. Lender’s right to withdraw and apply the Interest Reserve Fund shall be in addition to all other rights and remedies provided to Lender under this Agreement and the other Loan Documents. Nothing in this Agreement shall obligate Lender to apply all or any portion of the Interest Reserve Fund on account of an Event of Default to payment of the Debt or in any specific order or priority.
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Interest Reserve Fund. The Indenture Trustee shall establish and maintain an Interest Reserve Fund titled “U.S. Bank National Association, as Indenture Trustee, for the benefit of the Group 2 Notes and the Certificate Paying Agent on behalf of the Class 2A-R Certificates pursuant to the Indenture, dated as of the Closing Date, between Xxxxx Whole Loan Home Equity Trust 2005-C and U.S. Bank National Association.” The Interest Reserve Fund shall be an Eligible Account. On each Payment Date, the Interest Reserve Payment Amount will be withdrawn by the Indenture Trustee from amounts on deposit in the Interest Reserve Fund and distributed by the Indenture Trustee as a part of the Group 2 Interest Remittance Amount in accordance with Section 3.05 of the Indenture. Funds in the Interest Reserve Fund may be invested in Permitted Investments by the Indenture Trustee at the direction of the Purchaser maturing on or prior to the next succeeding Payment Date. The Indenture Trustee shall account for the Interest Reserve Fund as an outside reserve fund within the meaning of Treasury regulation 1.860G 2(h) and not an asset of any REMIC created pursuant to this Loan Purchase Agreement. The Indenture Trustee shall treat amounts paid by the Interest Reserve Fund as payments made from outside the REMIC’s for all Federal tax purposes. Any net investment earnings on such amounts shall be payable to the Purchaser. The holder of the Class SB Notes will be the owner of the Interest Reserve Fund for federal tax purposes. The Purchaser shall direct the Indenture Trustee in writing as to the investment of amounts therein. In the absence of such written direction, all funds in the Interest Reserve Fund such funds will remain uninvested. The Indenture Trustee shall have no liability for losses on investments in Permitted Investments made pursuant to this Section 9 (other than as obligor on any such investments). Upon termination of the Trust Fund or on the Payment Date on which the aggregate Class Principal Balance of the Class 1A Notes, Class 2M Notes and Class 2B-1 Notes equals zero, any amounts on deposit in the Interest Reserve Fund in excess of the Interest Reserve Payment Amount for such Payment Date shall be distributed to the Purchaser. In addition, amounts on deposit in the Interest Reserve Fund can be withdrawn and paid at any time to the Purchaser if each Rating Agency confirms that the then-current rating on the Group 2 Notes will not be withdrawn or downgraded as a result thereof.
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Interest Reserve Fund. Borrower has deposited $175,000 with Administrative Agent on the Agreement Execution Date which shall not be available to Borrower and may be used to pay interest on the Loan at the election of the Administrative Agent at any time that an Event of Default has occurred and is continuing. The amount so deposited shall hereinafter be referred to as the “Interest Reserve Fund”. Administrative Agent shall not be obligated to make disbursements from the Interest Reserve Fund to pay interest as it becomes due hereunder prior to an Event of Default and all such interest payments shall be made by Borrower from Borrower’s own funds.
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Interest Reserve Fund 
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Related to Interest Reserve Fund

  • 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 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.

  • 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.

  • 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.

  • Carryover 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 Carryover Reserve Fund and shall deposit $1,000 therein. The Carryover 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.

  • Reserve Funds Section 7.1.

  • 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.

  • 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.

  • Balance in the Replacement Reserve Account The insufficiency of any balance in the Replacement Reserve Account shall not relieve Borrower from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents.

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