Interest Reserve Funds definition

Interest Reserve Funds shall have the meaning set forth in Section 6.8.1.

Interest Reserve Funds. The Interest Reserve Funds shall be held in an Interest Bearing Account. 100

Interest Reserve Funds shall have the meaning set forth in Section 7.1.1(a) hereof. “Investor” shall have the meaning set forth in Section 5.1.10(g) hereof. 1 NTD: To include HOA concept if applicable. 2 NTD: 12 months after Closing Date.

Examples of Interest Reserve Funds in a sentence

• In addition, if the Required Ratios at Completion cannot be achieved even if the Earn Out Advances are reduced to $0.00, Lender shall have the right, but not the obligation, to apply any deposits held by Lender pursuant to the Rate Lock Agreement and any Interest Reserve Funds to the payment of the Building Loan and the Project Loan in such order and priority as Lender shall determine in its sole discretion.

• Borrower and Lender acknowledge and agree that Lender may automatically make a Project Loan Advance or apply Interest Reserve Funds on deposit in the Interest Reserve Account on each Payment Date occurring during the Construction Term, in either instance, in accordance with this Section 2.3.1, without the need for Borrower to submit a Draw Request or otherwise request such an Advance or application.

• Borrower and Lender acknowledge and agree that Lender may automatically make an Advance or apply Interest Reserve Funds on deposit in the Interest Reserve Account on each Payment Date occurring during the Construction Term, in either instance, in accordance with this Section 2.3.1, without the need for Borrower to submit a Draw Request or otherwise request such an Advance or application.

• Upon the occurrence of an Event of Default, Lender, at its option, may withdraw all the Interest Reserve Funds and if Lender does so, shall apply the Interest Reserve Funds either to the payment of interest due on the Loan or toward payment of the Total Debt in such order, proportion and priority as Lender may determine in its sole discretion.

• Upon satisfaction of all of the conditions to the Final Advance set forth in Section 2.12.1, and subject to the provisions of Section 2.12.2, Lender shall return to Borrower, the remaining deposits, if any, held by Lender under the Rate Lock Agreement and not applied by Lender in accordance with the provisions of the Rate Lock Agreement and any Interest Reserve Funds held by Lender pursuant to the Building Loan Agreement.

More Definitions of Interest Reserve Funds

Interest Reserve Funds shall have the meaning ascribed to such term in Section 7.2.1 hereof. "Interest Reserve Subaccount" shall have the meaning ascribed to such term in the Cash Management Agreement. "Interest Reserve Subaccount Deficiency" shall mean, on any date of determination, the amount by which the Interest Reserve Target exceeds the amount then on deposit in the Interest Reserve Subaccount. "Land" shall have the meaning ascribed to such term in the Recitals hereof. "Law Change" shall have the meaning ascribed to such term in Section 2.9(c) hereof. "Lease" shall mean any lease now or hereafter on or affecting the Premises, or any part thereof, whether written or oral, and all licenses and other agreements for the use and/or

Interest Reserve Funds is defined in Section 2.14.

Interest Reserve Funds as defined in the Interest Reserve Escrow and Security Agreement by and among Bank and Borrowers dated January 27, 2021 ("Escrow Agreement"), is hereby amended to include the Additional Deposit, and the parties acknowledge and agree that both the security interest previously granted by Borrowers to Bank in and to the Interest Reserve Funds and Bank’s right of offset as described in the Loan Agreement apply to the Additional Deposit. Notwithstanding any provision of any of the Loan Documents to the contrary, including any provision of the Escrow Agreement:

Interest Reserve Funds has the meaning given to it in the Proceeds Pledge and Escrow Agreement.

Interest Reserve Funds shall have the meaning set forth in Section 8.8 hereof. “Interest Reserve Minimum Balance” shall have the meaning set forth in Section 8.8 ​ hereof. hereof. ​

Interest Reserve Funds as defined in Section 2.4(a).

Interest Reserve Funds means a portion of the Loan Amount equal to the sum of Three Hundred Thousand and 00/100 Dollars ($300,000.00), which shall be made available to Borrower only for the payment of Interest pursuant to Section 3.2 hereof.