Examples of Interest Reserve Loan in a sentence
On each Master Servicer Remittance Date occurring in (i) January of each calendar year that is not a leap year and (ii) February of each calendar year, the Trustee shall calculate the Withheld Amount with respect to each Interest Reserve Loan.
In addition, on the Closing Date, the Depositor shall, with respect to each Interest Reserve Loan, make a cash deposit to the Interest Reserve Account in an amount equal to the Initial Interest Reserve Deposit Amount for such Interest Reserve Loan.
The Borrower shall use the Interest Reserve Loan exclusively for payment of interests on the Loan extended in accordance with this Agreement; provided, however, in the case of a condition stated in Section 1 Part B of Article 3, the Borrower may use the Interest Reserve Loan for the purpose other than payment of the interests.
The Borrower shall apply the Loan (excluding the Interest Reserve Loan) exclusively to construction, operation, financial and other project costs in connection with the Project.
On each Distribution Date in February and, during a year that is not a leap year, in January, prior to any distributions being made in respect of the Certificates on such Distribution Date, the Trustee shall withdraw from the Collection Account and deposit in the Interest Reserve Account with respect to each Interest Reserve Loan, an amount equal to the Interest Reserve Amount, if any, in respect of such Interest Reserve Loan for such Distribution Date.