Interest Deposit definition

Interest Deposit and “Required Interest Deposit” shall have the meaning as set forth in Section 7 of Article 14.

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Interest Deposit means the Initial Interest Deposit or an Additional Interest Deposit, as applicable.

Interest Deposit. Upon each funding of the Loan, the LLC will retain an amount equal to one quarterly payment of interest on such loaned amount (the “Deposit”), to be applied by the LLC (a) to the final quarterly interest payment on the Loan, (b) to the interest payable upon prepayment of the Loan by the Company, or (c) upon an Event of Default, as a payment on any accrued and unpaid interest or as a reduction in principal. Upon full or partial conversion of any Loan principal into common stock, the amount of the Deposit associated with the converted principal shall automatically be applied (i) as payment on any accrued and unpaid interest outstanding on the converted Loan, and (ii) thereafter, any remaining unapplied amount of the Deposit shall be paid by the LLC to the Company.

Examples of Interest Deposit in a sentence

For the avoidance of doubt, no Initial Interest Deposit Amount will be due and owing if (i) the initial Distribution Date does not occur in February or March, or (ii) if the initial Distribution Date occurs in February during a leap year.
On the Closing Date the Depositor shall remit the Capitalized Interest Deposit to the Trustee for deposit in the Capitalized Interest Account.
On the Closing Date, the Depositor shall remit the Capitalized Interest Deposit to the Trustee for deposit in the Capitalized Interest Account.
Until the effective date of any termination, the Administrator shall be required to deposit into the Collection Account the Incentive Interest Deposit with respect to such Incentive Financed Student Loan as provided below.
On the Closing Date the Depositor shall remit the Capitalized Interest Deposit to the Trust Administrator for deposit in the Capitalized Interest Account.
In addition, on the Closing Date, the Seller shall cause to be delivered to the Master Servicer the aggregate Initial Interest Deposit Amount with respect to those Mortgage Loans that accrue interest on an Actual/360 Basis, to be deposited by the Master Servicer into the Collection Account on behalf of the Seller and for the benefit of the Trust Fund.
On the Closing Date, CHL shall remit the Capitalized Interest Deposit to the Trustee for deposit in the Capitalized Interest Account.
On the Closing Date, Countrywide shall remit the Capitalized Interest Deposit to the Trustee for deposit in the Capitalized Interest Account.
In addition, on the Closing Date, the Mortgage Loan Seller shall cause to be delivered to the Depositor, for deposit into the Interest Reserve Account with respect to each Actual/360 Loan, an Interest Deposit Amount equal to two (2) days of interest on the Cut-off Date Balance of such Mortgage Loan at the related Net Mortgage Rate.
In connection with the transfer and assignment set forth in this Section 2.01, the Depositor shall make a cash deposit to the Certificate Account in an amount equal to the Interest Deposit Amount.

More Definitions of Interest Deposit

Interest Deposit means an amount equal to one and one-half (1.5) times the Annual Expected Interest Charge minus the sum of (i) Pro Forma Net Operating Income plus (ii) any funds remaining in the budget attached to the Loan Agreement as Exhibit C which are allocated for interest expense, if any.