Payments from Interest Reserve Sample Clauses

Payments from Interest Reserve. The Borrower shall use reasonable efforts, so long as funds are available in the interest reserve established with respect to the Parent Senior Notes, to cause the Parent to use such funds to pay all scheduled interest payments as and when due in respect of the Parent Senior Notes; provided that failure by the Parent to apply funds as stated hereunder shall constitute an Event of Default by the Borrower under clause (e) of Article VII hereof.
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Payments from Interest Reserve. To the extent that there is insufficient Net Operating Income to pay interest when due on the Notes and there are sufficient funds in the Interest Reserve line item to pay such amounts, Lender shall make Advances of Loan proceeds from the Interest Reserve available once each month to pay interest.
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Payments from Interest Reserve. Subject to the satisfaction of the conditions set forth in this Section and Article V hereof, the performance of the covenants set forth in this Borrower Loan Agreement, provided no Event of Default has occurred, and so long as there remain sufficient funds in the Interest Reserve, on the first (1st) day of each month a portion of the principal of the Borrower Loan shall be disbursed in an amount that will be sufficient to pay the remaining accrued interest then due and payable on the Borrower Notes, and Borrower hereby expressly requests, authorizes and directs Funding Lender to make such Disbursements to pay Borrower's interest costs in connection with the Borrower Loan.
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Payments from Interest Reserve. To the extent that there is insufficient Net Operating Income to pay interest when due on the Note and there are sufficient funds in the Interest Reserve line item to pay such amounts, subject to the satisfaction of the conditions set forth in Sections 3.1, 3.2, 3.3 and 3.5 of this Agreement, Lender shall make Advances of Loan proceeds from the Interest Reserve available once each month to pay interest. No Advances of Loan proceeds from the Interest Reserve shall be made to the extent Lender determines Net Operating Income is available to make interest payments on the Loan.‌
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Payments from Interest Reserve. Subject to the satisfaction of the conditions set forth in this Section 3.6 and Section 5 hereof, the performance of the covenants set forth in this Agreement, provided no Event of Default has occurred, and so long as there remain sufficient funds in the Interest Reserve, Agent will Advance on the first (1st) day of each month a portion of the principal of the Loan, in an amount that will be sufficient to pay the remaining accrued interest then due and payable on the Note, and Borrower hereby expressly requests, authorizes and directs Agent to make such Advances to pay Borrower’s interest costs in connection with the Loan. Notwithstanding anything to the contrary contained herein, in the event (i) an non-monetary Event of Default exists, and (ii) there are sufficient funds in on deposit in the Interest Reserve to pay the remaining accrued interest then due and payable on the Note, and Agent elects not to advance such funds, then Agent shall not declare a monetary Event of Default for Borrower’s failure to timely pay the accrued interest then due and payable on the Note.
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Related to Payments from Interest Reserve

  • Interest Reserve Borrower acknowledges and agrees that the amount of Nine Hundred Forty-One Thousand Eight Hundred Thirteen and No/100 Dollars ($941,813.00), as specified in the Approved Budget, represents reserves for interest on the Loan (the "Interest Reserve"). So long as no Event of Default exists and no event exists which with the giving of notice or the passage of time or both would reasonably be expected to constitute an Event of Default, interest due and payable under the Note may be paid from the Interest Reserve. Borrower shall notify Lender in writing as to the amount to be disbursed from the Interest Reserve, subject to verification by Lender. Borrower hereby authorizes and directs Lender, and Lender shall have the right to, disburse and charge the Interest Reserve for interest due under the Loan on the seventeenth (17th) day of each month as interest payments become due and payable pursuant to the terms of the Loan Documents. Such disbursements shall be made by a bookkeeping entry on Lender's records and shall be reflected as additional Advances under the Loan, in amounts equal to the accrued interest due and payable on the seventeenth (17th) day of each month. Such bookkeeping entry shall be deemed to be as if Borrower had delivered a check to Lender for the amount in question. Unless otherwise directed by Lender in its sole discretion, the Interest Reserve shall be available only for disbursements of the periodic payments of accrued interest due to Lender on the Loan pursuant to the terms of this Agreement and the other Loan Documents. Any funds disbursed in the manner provided in this Section 2.17 shall have been deemed paid to and received by Borrower.

  • 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.

  • Payments from Available Funds Only All payments to be made by the Borrower under this Agreement shall be made only from the amounts that constitute Scheduled Payments, Special Payments and other payments under the Operative Agreements, including payment under Section 4.02 of the Participation Agreements and payments under Section 2.14 of the Indentures, and only to the extent that the Borrower shall have sufficient income or proceeds therefrom to enable the Borrower to make payments in accordance with the terms hereof after giving effect to the priority of payments provisions set forth in the Intercreditor Agreement. The Liquidity Provider agrees that it will look solely to such amounts to the extent available for distribution to it as provided in the Intercreditor Agreement and this Agreement and that the Borrower, in its individual capacity, is not personally liable to it for any amounts payable or liability under this Agreement except as expressly provided in this Agreement, the Intercreditor Agreement or any Participation Agreement. Amounts on deposit in the Class A Cash Collateral Account shall be available to the Borrower to make payments under this Agreement only to the extent and for the purposes expressly contemplated in Section 3.05(f) of the Intercreditor Agreement.

  • Payments from Paying Agent Account The Escrow Agent hereby irrevocably instructs the Paying Agent, and the Paying Agent agrees to act, as follows:

  • Distributions from Certificate Account and Special Payments Account (a) On each Regular Distribution Date with respect to a series of Certificates or as soon thereafter as the Trustee has confirmed receipt of the payment of all or any part of the Scheduled Payments due on the Equipment Notes held (subject to the Intercreditor Agreement) in the related Trust on such date, the Trustee shall distribute out of the applicable Certificate Account the entire amount deposited therein pursuant to Section 4.01(a). There shall be so distributed to each Certificateholder of record of such series on the Record Date with respect to such Regular Distribution Date (other than as provided in Section 11.01 concerning the final distribution) by check mailed to such Certificateholder, at the address appearing in the Register, such Certificateholder’s pro rata share (based on the Fractional Undivided Interest in the Trust held by such Certificateholder) of the total amount in the applicable Certificate Account, except that, with respect to Certificates registered on the Record Date in the name of a Clearing Agency (or its nominee), such distribution shall be made by wire transfer in immediately available funds to the account designated by such Clearing Agency (or such nominee).

  • Targeted Deposits to the Accumulation Reserve Account The deposit targeted to be made to the Accumulation Reserve Subaccount for the Class A(2018-6) Notes for any Due Period during the Accumulation Reserve Funding Period will be an amount equal to the Targeted Accumulation Reserve Subaccount Deposit minus any amount on deposit in the Accumulation Reserve Subaccount for the Class A(2018-6) Notes.

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