Examples of Interest Reserve Advance in a sentence
Upon each Interest Reserve Advance, irrespective of whether the Advance Conditions were met, (i) the amount of remaining Interest Reserve (if any) 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.
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.
The contractor shall provide a commercial ------------------ manual to support operation and maintenance of the ISMT/IST.
Notwithstanding the foregoing sentence, on each date that an Accrued Interest Payment becomes due and payable hereunder, provided that the Advance Conditions are then satisfied and that a sufficient amount of Interest Reserve is available for the funding of an Interest Reserve Advance, 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.
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.
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.
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.
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).
Advances shall be made no more frequently than twice per calendar month; provided, however, that three such Advances may be made in a -------- ------- calendar month, so long as one such Advance is an Interest Reserve Advance.
In the event that the Interest Reserve Advance is insufficient to cover an interest payment on the Interest Payment Date, the Borrower shall deposit upon demand within five (5) calendar days the amount of any deficiency by immediately available funds with the Lender.