Termination of Rate Cap Agreement Reserve Fund. Upon purchase by Borrower of a Replacement Cap Agreement with an expiration date on or after the Maturity Date, Borrower will no longer be required to make Rate Cap Reserve Deposits. Any funds remaining in the Rate Cap Agreement Reserve Fund will be returned to Borrower upon the earlier to occur of (i) purchase of a Replacement Cap Agreement with a termination date not earlier than the Maturity Date, provided no Event of Default has occurred and is continuing, or (ii) payment in full of the Indebtedness.
Appears in 24 contracts
Samples: Loan Agreement, Multifamily Loan and Security Agreement (Resource Apartment REIT III, Inc.), Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.)
Termination of Rate Cap Agreement Reserve Fund. Upon purchase by Borrower of a Replacement Cap Agreement with an expiration date on or after the Maturity Date, Borrower will no longer be required to make Rate Cap Reserve Deposits. Any funds remaining in the Rate Cap Agreement Reserve Fund will be returned to Borrower upon the earlier to occur of (i) purchase of a Replacement Cap Agreement with a termination date not earlier than that the Maturity Date, provided no Event of Default has occurred and is continuing, or (ii) payment in full of the Indebtedness.
Appears in 6 contracts
Samples: Multifamily Loan and Security Agreement (Bluerock Residential Growth REIT, Inc.), Multifamily Loan and Security Agreement (Bluerock Residential Growth REIT, Inc.), Multifamily Loan and Security Agreement (Bluerock Residential Growth REIT, Inc.)
Termination of Rate Cap Agreement Reserve Fund. Upon purchase by Borrower of a Replacement Cap Agreement with an expiration date on or after the Maturity Date, Borrower will no longer be required to make Rate Cap Reserve Deposits. Any funds remaining in the Rate Cap Agreement Reserve Fund will be returned to Borrower upon the earlier to occur of (i) purchase of a Replacement Cap Agreement with a termination date not earlier than that the Maturity Date, provided no Event of Default has occurred and is continuing, or (ii) payment in full of the Indebtedness.
Appears in 3 contracts
Samples: Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Apartment REIT, Inc.)
Termination of Rate Cap Agreement Reserve Fund. Upon purchase by Borrower of a Replacement Cap Agreement with an expiration date on or after the Maturity Date, Borrower will no longer be required to make Rate Cap Reserve Deposits. Any funds remaining in the Rate Cap Agreement Reserve Fund will be returned to Borrower upon the earlier to occur of (i) purchase of a Replacement Cap Agreement with a termination date not earlier than that the Maturity Date, provided no Event of Default has occurred and is continuing, or (ii) payment in full of the Indebtedness.. Rider to Multifamily Loan and Security Agreement Rate Cap Agreement and Rate Cap Agreement Reserve Fund Page 2 C. Section 5.22 is deleted and replaced with the following:
Appears in 2 contracts
Samples: Multifamily Loan and Security Agreement, Multifamily Loan and Security Agreement (CNL Growth Properties, Inc.)
Termination of Rate Cap Agreement Reserve Fund. Upon purchase by Borrower of the initial Cap Agreement or a Replacement Cap Agreement with an expiration date on or after the Maturity Date, Borrower will no longer be required to make Rate Cap Reserve Deposits. Any funds remaining in the Rate Cap Agreement Reserve Fund will be returned to Borrower upon the earlier to occur of (i) purchase of an initial Cap Agreement or a Replacement Cap Agreement with a termination date not earlier than the Maturity Date, provided no Event of Default has occurred and is continuing, or (ii) payment in full of the Indebtedness.
Appears in 1 contract
Termination of Rate Cap Agreement Reserve Fund. Upon purchase by or on behalf of Borrower of a Replacement Cap Agreement with an expiration date on or after the Maturity Date, Borrower will no longer be required to make Rate Cap Reserve Deposits. Any funds remaining in the Rate Cap Agreement Reserve Fund will be returned to Borrower upon the earlier to occur of (i) purchase of a Replacement Cap Agreement with a termination date not earlier than that the Maturity Date, provided no Event of Default has occurred and is continuing, or (ii) payment in full of the Indebtedness.
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (New Senior Investment Group Inc.)
Termination of Rate Cap Agreement Reserve Fund. Upon purchase by Borrower of a Replacement Cap Agreement with an expiration date on or after the Maturity Date, Borrower will no longer be required to make Rate Cap Reserve Deposits. Any funds remaining in the Rate Cap Agreement Reserve Fund will be returned to Borrower upon the earlier to occur of (i) purchase of a Replacement Cap Agreement with a termination date not earlier than the Maturity Date, provided no Event of Default has occurred and is continuing, or (ii) payment in full of the Indebtedness.. C. Section 5.22 is deleted and replaced with the following:
Appears in 1 contract
Samples: Multifamily Loan and Security Agreement (Resource Apartment REIT III, Inc.)
