Holdback for Interest Reserve definition

Holdback for Interest Reserve is defined in the Note.
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Holdback for Interest Reserve means a portion of the Loan proceeds in the amount of Two Million Nine Hundred Fifty Thousand Dollars ($2,950,000).
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Holdback for Interest Reserve means a portion of the Loan proceeds in the amount of One Million Eight Hundred Fifty Thousand Dollars ($1,850,000).
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Examples of Holdback for Interest Reserve in a sentence

  • Notwithstanding the foregoing, Lender shall have no obligation to make any Subsequent Advance unless and until all of the conditions set forth on Exhibit A with respect to disbursements from the Holdback for Interest Reserve are satisfied.

  • In the event that all of the Advance Conditions for any Subsequent Advance have not been satisfied in full on or before the Advance Termination Date, Lender’s obligation to make, and Borrower’s right to receive, such Subsequent Advance and any future Subsequent Advances from the Holdback for Interest Reserve shall terminate and be of no further force or effect.

  • Borrower fails to satisfy any material condition for the receipt of the disbursement of the Holdback for Interest Reserve, or to resolve the situation to Lender’s satisfaction, for a period in excess of ninety (90) days after written notice from Lender.

  • Borrower fails to bring the Holdback for Interest Reserve “in balance” as required by the terms of Exhibit A to the Note within twenty-one (21) days after written notice from Lender.

  • In the event that all of the Advance Conditions for any Subsequent Advance have not been satisfied in full on or before the applicable Advance Termination Date, Lender’s obligation to make, and Borrower’s right to receive, such Subsequent Advance and any future Subsequent Advances from the Holdback for Interest Reserve shall terminate and be of no further force or effect.

Related to Holdback for Interest Reserve

  • Interest Reserve means, for any Calculation Period, the product (expressed as a percentage) of (i) 1.5 times (ii) the Alternate Base Rate as of the immediately preceding Cut-Off Date times (iii) a fraction the numerator of which is the highest Days Sales Outstanding for the most recent 12 Calculation Periods and the denominator of which is 360.

  • Interest Reserve Account As defined in Section 3.4(d).

  • Interest Reserve Amount has the meaning set forth in Section 5.1(d).

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • Interest Reserve Loan Each Actual/360 Mortgage Loan.

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Indemnity Escrow Account means the escrow account established by the Escrow Agent pursuant to the terms of the Escrow Agreement for purposes of holding the Indemnity Escrow Amount.

  • Holdback Shares has the meaning set forth in Section 2.5(b)(v).

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Trustee pursuant to Sections 3.07(b) and 3.07(c) in the name of the Trustee for the benefit of the Regular Certificateholders and designated "Deutsche Bank, National Trust Company in trust for registered Holders of Morgan Stanley ABS Capital I Inc. Trust 2006-HE5, Mortgage Pass-Through Xxxxxfxxxxxx, Series 2006-HE5." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.

  • Escrow Amount has the meaning set forth in Section 2.1(c).

  • Available Reserve Account Amount means, with respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (before giving effect to any deposit to be made to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Reserve Fund Initial Deposit means the initial deposit of cash in the amount of $3,846,153.85 made by or on behalf of the Seller into the Reserve Fund on the Closing Date.

  • Escrow Fund means the escrow fund established pursuant to the Escrow Agreement.

  • Qualified escrow fund means an escrow arrangement with a federally or state-chartered financial institution having no affiliation with any tobacco product manufacturer and having assets of at least one billion dollars where such arrangement requires that such financial institution hold the escrowed funds’ principal for the benefit of releasing parties and prohibits the tobacco product manufacturer placing the funds into escrow from using, accessing, or directing the use of the funds’ principal except as consistent with section 453C.2, subsection 2, paragraph “b”.

  • Holdback Amount has the meaning set forth in Section 2.06(a).

  • Reserve Funds means, collectively, the Tax and Insurance Reserve Fund, the Replacement Reserve Fund, the Required Repair Fund, the Rollover Reserve Fund, the Ground Lease Reserve Fund, the Excess Cash Flow Reserve Fund and any other escrow fund established by the Loan Documents.

  • Indemnity Escrow Amount means $3,000,000.

  • Escrow Account The Eligible Account or Accounts established and maintained pursuant to Section 3.09(b).

  • Allocated Loan Amount means, for an Individual Property, the amount set forth on Schedule II attached hereto.

  • Transfer Deposit Amount has the meaning given to it in Section 2.02(b).

  • Adjustment Escrow Account means the escrow account established pursuant to the Escrow Agreement in respect of the Adjustment Escrow Amount.