Interest Reserve Advance definition

Interest Reserve Advance means an advance under this Note in the amount of an Accrued Interest Payment pursuant to Section 4(b) of this Note.
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Interest Reserve Advance means an advance of Interest Reserve by Lender hereunder applied against Accrued Interest Payments on this Note, subject to the terms and conditions of Sections 4(b) and 4(c).
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Interest Reserve Advance means, with respect to any Remit tance Date, the amount, if any (which shall not be less than zero), equal to (i) the product of (x) the daily weighted average amount on deposit in the Prefunding Account during the preceding Settlement Period, (y) the Targeted Interest Rate for such Settlement Period (on a per annum basis) and (z) a fraction the numerator of which is the number of days in such Settlement Period and the denominator of which is 360 minus (ii) the amount earned during the preceding Settlement Period on amounts on deposit in the Prefunding Account.
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Examples of Interest Reserve Advance in a sentence

  • Notwithstanding the foregoing sentence and subject to the other provisions hereof, on each date that an Accrued Interest Payment becomes due and payable hereunder, Lender shall make an Interest Reserve Advance hereunder in the amount of such Accrued Interest Payment, which shall be applied to the Accrued Interest Payment then due and payable, until the Interest Reserve has been fully exhausted.

  • Lender shall have no obligation to make any Construction Interest Reserve Advance if such Advance, when combined with all previous Construction Interest Reserve Advances, would exceed the Construction Interest Reserve Amount.

  • Except for the last Advance of the Loan or an Interest Reserve Advance, each of which may be in a lesser amount, One Hundred Thousand Dollars ($100,000).

  • Lender shall have no obligation to make any Lease-Up Interest Reserve Advance if such Advance, when combined with all previous Lease-Up Interest Reserve Advances, would exceed the Lease-Up Interest Reserve Amount.

  • Subject to the other provisions of this Note, each time Lender funds an Interest Reserve Advance hereunder, (i) Borrower’s requirement to make the Accrued Interest Payment for such month shall be satisfied, (ii) the amount of remaining Interest Reserve shall be reduced by the amount of such Interest Reserve Advance, and (ii) such Interest Reserve Advance funded by Lender hereunder shall automatically become principal outstanding under this Note upon such funding.

  • Subject to the provisions of paragraph 4.3, the amount of each Interest Reserve Advance shall be in the amount of interest then accrued and unpaid on the Loan.

  • For each Work-Related Advance, other than an Interest Reserve Advance, Lender's obligation to make such Advance shall be subject to the terms and conditions set forth in Exhibit A.

  • Subject to the provisions of paragraph 4.8, the amount of each Interest Reserve Advance shall be in the amount of interest then accrued and unpaid on the portion of the Loan for which payment of interest is allocated within the applicable Construction Budget.

  • Subject to the other provisions of this Note, each time Lender funds an Interest Reserve Advance hereunder, (i) Borrower’s requirement to make the Accrued Interest Payment for such month shall be satisfied, (ii) the amount of remaining Interest Reserve shall be reduced by the amount of such Interest Reserve Advance, and (iii) such Interest Reserve Advance funded by Lender hereunder shall automatically become principal outstanding under this Note upon such funding.

  • Development Loan Advances shall be made no more frequently than once per calendar month; provided, however, that two such Advances may be made in a calendar month, so long as one such Advance is an Interest Reserve Advance.


More Definitions of Interest Reserve Advance

Interest Reserve Advance a Development Loan Advance (or portion thereof) made to pay accrued and unpaid interest on the Development Loan.
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Interest Reserve Advance means an advance under this Note in the amount of an Accrued Interest Payment pursuant to Section 4(b) of this Note. (o) “Lien” shall mean any lien, security interest, charge, tax lien, pledge, encumbrance, conditional sales or other title retention arrangement or any other interest in property designed to secure the repayment of indebtedness or the satisfaction of any other obligation, whether arising by agreement or under any statute or law, or otherwise. (p) “Loan” shall mean the loan made to Borrower pursuant to this Note. (q) “Loan Administration Fee” shall mean a fee charged by Lender in consideration of administrative costs and expenses incurred by ▇▇▇▇▇▇ in connection with each Commitment Advance hereunder. (r) “Loan Documents” shall mean, collectively, this Note, the Pledge Agreement, the Security Agreement, the Guaranty, the error and omissions letter and all other documents, certificates, instruments, and agreements executed, entered into or delivered by Borrower, Millennium, the General Partner, or any of their respective affiliates in connection with the Loan, as each such document may be amended from time to time. (s) “Loan Expenses” shall mean all fees and expenses incurred by Lender in connection with the loan made pursuant to this Note and the preparation of this Note and the other Loan Documents, including, without limitation, attorneys fees, accountants fees, closing costs, due diligence costs and expenses, recording fees, courier and delivery fees, document preparation fees, wire transfer and bank fees, title company fees, and all other fees and costs incurred by Lender. (t) “Millennium” means Millennium NTX Properties, L.L.C., a Texas limited liability company. (u) “Maturity Date” means December 31, 2010. (v) “Partnership Agreement” means the Agreement of Limited Partnership of Centurion Acquisitions, L.P., as it may be amended from time to time. (w) “Pledge Agreement” shall mean that certain Pledge Agreement executed by the Pledgors in favor of ▇▇▇▇▇▇ dated as of the Effective Date, pursuant to which the Pledgors pledge their respective interests in the Pledged Securities to Lender, as such agreement may be amended from time to time. (x) “Pledged Securities” shall have the meaning given to such term in the Pledge Agreement. (y) “Pledgors” mean, collectively, Borrower and Millennium. (z) “Properties” shall mean, collectively, all real properties now owned or hereinafter acquired by those corporations, partnerships and limited liability...
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Interest Reserve Advance means an advance under this Note in the amount of an Accrued Interest Payment pursuant to Section 4(c) of this Note.
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Interest Reserve Advance if the Loan includes an Interest Reserve Component, an advance by Lender of the proceeds of the Interest Reserve Component.
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Interest Reserve Advance an Loan Advance (or portion thereof) made to pay accrued and unpaid interest on any portion of the Loan.
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Related to Interest Reserve Advance

  • Interest Reserve Loan Each Actual/360 Mortgage Loan.

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

  • Interest Reserve Amount With respect to each Mortgage Loan that is an Interest Reserve Loan (or the related successor REO Mortgage Loan), for any Distribution Date that occurs during February of any year or during January of any year that is not a leap year, an amount equal to one day’s interest accrued at the related Net Mortgage Rate on the related Stated Principal Balance as of the end of the Collection Period related to such Distribution Date, but prior to giving effect to the application of any amounts due on the Due Date occurring in such Collection Period, to the extent that a Monthly Payment is Received by the Trust with respect to such Interest Reserve Loan for the related Due Date in the same month as such Distribution Date on or before the related Master Servicer Remittance Date or a P&I Advance is made under this Agreement with respect to such Interest Reserve Loan by such Distribution Date. For purposes of calculating Interest Reserve Amounts, the Net Mortgage Rate for each Interest Reserve Loan shall be the Net Mortgage Rate in effect (including as a result of any step-up provision) under the original terms of such Interest Reserve Loan in effect as of the Closing Date, without regard to any modifications, extensions, waivers or amendments of such Interest Reserve Loan subsequent to the Closing Date (whether entered into by the applicable Master Servicer, the applicable Special Servicer, the Non-Trust Master Servicer or the Non-Trust Special Servicer or in connection with any bankruptcy, insolvency or other similar proceeding involving the related Borrower).

  • 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.

  • Agent Advance shall have the meaning provided in Section 2.01(e).