Termination of Rate Cap Agreement Reserve Fund. The provisions of Section 4.07(a) will cease to be effective upon the purchase of a Replacement Rider to Multifamily Loan and Security Agreement (CME and Portfolio) Rate Cap Agreement Reserve Fund Cap Agreement with an expiration date on or after the Maturity Date. In the event there are funds remaining in the Rate Cap Agreement Reserve Fund upon the earlier to occur of (i) purchase of the last Replacement Cap Agreement, or (ii) payment in full of the Indebtedness, any remaining amounts in the Rate Cap Agreement Reserve Fund will be returned to Borrower.
Appears in 2 contracts
Samples: Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.)
Termination of Rate Cap Agreement Reserve Fund. The provisions of Section 4.07(a) will cease to be effective upon the purchase of a Replacement Rider to Multifamily Loan and Security Agreement (CME and Portfolio) Rate Cap Agreement Reserve Fund Cap Agreement with an expiration date on or after the Maturity Date. In the event there are funds remaining in the Rate Cap Agreement Reserve Fund upon the earlier to occur of (i) purchase of the last Replacement Cap Agreement, or (ii) payment in full of the Indebtedness, any remaining amounts in the Rate Cap Agreement Reserve Fund will be returned to Borrower.
Appears in 2 contracts
Samples: Multifamily Loan and Security Agreement (NorthStar Healthcare Income, Inc.), Multifamily Loan and Security Agreement (Steadfast Income REIT, Inc.)
