Release of Interest Reserve Funds Sample Clauses

Release of Interest Reserve Funds. Provided no Event of Default or monetary Default exists and no amounts remain available for Advance under the Interest Reserve Line Item of the Project Loan Budget, on each Payment Date, Lender shall apply the Interest Reserve Funds to payments of the Monthly Debt Service Payment due on such date.
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Release of Interest Reserve Funds. Notwithstanding Borrower’s obligation to replenish the Interest Reserve Fund pursuant to Section 7.4.2, Borrower’s obligation to replenish the Interest Reserve Fund shall terminate, and, subject to Section 2.7.1(c), any amounts deposited into the Interest Reserve Account under this Section 7.4 that then remain on deposit in the Interest Reserve Account (and any Letter of Credit held by Lender in lieu of amounts required to be deposited into the Interest Reserve Account under this Section 7.4) shall be released to Borrower (and may be distributed by Borrower to any or all of Borrower’s equity holders) within five (5) Business Days after the date on which Borrower shall have given notice to Lender that the Debt Service Coverage Ratio (calculated on a trailing twelve month basis, using the Applicable Interest Rate and the actual principal balance of the Loan then outstanding, and subject to confirmation by Lender) has equaled or exceeded 1.15:1.00.
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Release of Interest Reserve Funds. So long as no Event of Default is then continuing, upon written notice by Borrower not less than two (2) Business Days prior to the applicable Monthly Payment Date, Agent shall pay to Lenders and Mezzanine Agent, respectively, the amount requested by Borrower in such notice from the Interest Reserve Funds and (i) with respect to the payment to Lenders, apply such amount to the monthly interest payment then due on the applicable Monthly Payment Date and (ii) with respect to the payment to Mezzanine Agent, shall be in an amount equal to and in no event greater than the Mezzanine Debt Service payable to Mezzanine Lenders on such Monthly Payment Date; provided, however, that Agent shall have no obligation to release Interest Reserve Funds to the extent that Borrower fails to deposit any Interest Reserve True-Up Deposit. Notwithstanding the foregoing or anything herein to the contrary, upon delivery to Agent and Mezzanine Agent of an estoppel certificate reasonably acceptable to Agent and Mezzanine Agent executed and delivered by WeWork Tenant certifying that (1) WeWork has accepted possession of the WeWork Premises, (2) the WeWork Tenant Lease is in full force and effect, (3) neither WeWork Tenant nor Borrower is in default under the WeWork Tenant Lease, and no event has occurred which with the passage of time or the giving of notice or both would give rise to a default under the WeWork Tenant Lease, and (4) WeWork Tenant is paying full, unabated rent (without offsets, defenses or credits) under the WeWork Tenant Lease (the “WeWork Condition”), Agent shall disburse any amounts remaining in the Interest Reserve Funds to Borrower.
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Release of Interest Reserve Funds. So long as no Event of Default shall have occurred and be continuing, subject to Section 7.2.3 below, if on any Payment Date, commencing on December 9, 2005 and continuing thereafter through and including the Maturity Date, the funds available in the Mezzanine Cash Management Account to pay the Monthly Interest Payment due on such Payment Date pursuant to Sections 2.6.4(a)(ii) or 2.6.4(b)(iii) hereof are not sufficient to pay the full amount of the Monthly Interest Payment then due, Lender shall, without the necessity of notifying Borrower, disburse a portion of the Interest Reserve Funds on such Payment Date in an amount equal to such deficiency, and the same shall be applied to payment of the Monthly Interest Payment then due pursuant to the terms of this Agreement. Borrower agrees and acknowledges that neither the insufficiency of the amount of, nor the unavailability of, the Interest Reserve Funds is intended to, and shall therefore not, constitute a limitation on the obligation of Borrower to pay the Monthly Interest Payments under this Agreement. Borrower shall promptly upon the demand of Lender make additional deposits to the Interest Reserve Account as Lender may from time to time require in order to ensure the availability of sufficient funds in the Interest Reserve Account to pay the Monthly Interest Payments coming due under the Loan. Upon full payment of the Debt in accordance with the Loan Documents, the balance of the Interest Reserve Funds then in Lender’s possession, if any, shall be paid over to Borrower and no other party shall have any right or claim thereto.
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Release of Interest Reserve Funds. (a) Agent shall disburse Interest Reserve Funds only for payment of Debt Service.
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Release of Interest Reserve Funds. To the extent sufficient Interest Reserve Funds are available in the Account, Administrative Agent shall debit the Account, monthly on each Payment Date.
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Release of Interest Reserve Funds. So long as no Event of Default shall have occurred and be continuing hereunder, Lender shall, without the necessity of notifying Borrowers, disburse a portion of the Interest Reserve Funds on each Monthly Payment Date occurring after the Closing Date through and including the Maturity Date, in an amount equal to the interest due and payable under this Agreement, and the same shall be applied pursuant to the terms of this Agreement. Notwithstanding the foregoing, Borrowers expressly acknowledges and agrees that in the event that on any Monthly Payment Date or earlier date to which payment of interest is accelerated, (i) an Event of Default has occurred and is continuing hereunder, or (ii) the amount of the interest due on such Monthly Payment Date exceeds the Interest Reserve Funds then on deposit, Borrowers shall remain liable for the payment of all interest as and when due. Any Interest Reserve Funds remaining on deposit with Lender after the Obligations have been paid in full and all obligations of Lender to make Advances hereunder have been terminated shall be returned to Borrowers.
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Release of Interest Reserve Funds. Notwithstanding Borrower’s obligation to deposit the Interest Reserve Fund with Lender pursuant to Section 7.4.1, any amounts in the Interest Reserve Account (and any Letter of Credit held by Lender in lieu thereof) shall be transferred to the General Reserve Account and held and applied in accordance with the terms of Section 7.9 on the date (the “Interest Release Trigger Date”) at such time that the Property has achieved a Debt Service Coverage Ratio (assuming for this determination that the full Loan Amount has been advanced hereunder, as the same may be reduced by any actual permitted prepayment or reduction of any unadvanced portion of the Future Funding pursuant to Section 2.1.5(c) or (d)) of at least 1.2:1.0 for two consecutive calendar quarters.
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Release of Interest Reserve Funds. So long as no Event of Default shall have occurred and be continuing, if on any Payment Date Lender has not received payment of the interest then due and payable to Lender pursuant to this Note, (such shortfall, the “Monthly Shortfall”), Lender shall, without the necessity of notice to Borrower, apply the Interest Reserve Funds then on deposit to the payment of the interest then due and payable with respect to the Loan (but in no event to exceed the Monthly Shortfall), and the Interest Reserve Funds shall be reduced by an equal amount. Bxxxxxxx agrees and acknowledges that neither the insufficiency of the amount of, nor the unavailability of, the Interest Reserve Funds is intended to, and shall therefore not, constitute a limitation on the obligation of Borrower to pay monthly interest payments with respect to the Loan. Upon full payment of the Loan in accordance with the Loan Documents, the balance of the Interest Reserve Funds then in Lender’s possession, if any, shall be paid over to Borrower.
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Related to Release of Interest Reserve Funds

  • 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.

  • 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.

  • Reserve Funds Section 7.1.

  • Disbursements from Replacement Reserve Account (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any).

  • 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.

  • 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.

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • 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.

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