Mortgage Reserves definition

Mortgage Reserves any and all deposits, escrows and reserves required by holders of Mortgage Loans or lessors under Capital Leases.
Mortgage Reserves which shall mean all sums deposited by Seller with a Lender as additional security for the payment of taxes, insurance, repairs and replacements, tenant improvements and leasing commissions as of the Effective Date are set forth on SCHEDULE "K", and those Mortgage Reserves that exist as of the Closing in the ordinary course of Seller's business, shall be credited to Seller at Closing and Buyer shall be solely responsible for Lender's return of Mortgage Reserves to Buyer.
Mortgage Reserves means all amounts held in escrow, impound or similar accounts by the lender under any Existing Loans for taxes, insurance, capital expenditures, debt service or other reserves funded by any Acquired Company or their respective Affiliates (to the extent the same shall not have been applied by the lender thereunder).

Examples of Mortgage Reserves in a sentence

  • Upon the discharge of any Fee Mortgage, the outstanding balance of any Fee Mortgage Reserves shall be applied first to fund any Fee Mortgage Reserve Requirements under any successor Fee Mortgage, and provided no Default by Tenant has occurred and is then continuing, the balance, to the extent the same were actually paid by Tenant, and interest, if any, shall be paid over to Tenant.

  • The Mortgage Reserves shall have been fully funded through the Closing Date as required by the Mortgage Loans and the Capitalized Leases.

  • With respect thereto, Buyer agrees to pay all costs associated with the provision to Term Employees and their Qualified Beneficiaries of health insurance coverage pursuant to COBRA, except for the premiums to be charged Term Employees and their Qualified Beneficiaries for such coverage the cost of which premiums shall be borne by the respective Term Employees or their Qualified Beneficiaries.

  • Per a request from Treasurer Mark Allen, a policy and procedure for Board-Designated Funds: Operating and Emergency Reserves, Mortgage Reserves, Fixed Assets Reserves and Working Capital Usage.2. Per a request from Treasurer Mark Allen, for the Committee to look at a policy and procedure related to cell phone usage by employees and volunteers (e.g., cell phone usage while driving that could lead to possible exposure for IUCC).

  • In no instance however, shall the Initial Improvements Base Rent plus Change Order Base Rent during the applicable Renewal Term be less than the Initial Improvements Base Rent plus Change Order Base Rent paid by Tenant during the Initial Term or during the preceding Renewal Term, as applicable.

  • Notwithstanding the foregoing, in the event subpart (iii) of the aforementioned Inspection Period Contingencies relating to the disposition of the Mortgage Reserves is not satisfied prior to the expiration of the Inspection Period, Buyer or Seller may terminate this Agreement by providing written notice of termination to the other party within three (3) days subsequent to the expiration of the Inspection Period.


More Definitions of Mortgage Reserves

Mortgage Reserves means the “Reserves” as defined in the Mortgage Loan Agreement.

Related to Mortgage Reserves

  • Mortgage Rate The annual rate of interest borne by a Mortgage Note from time to time.

  • Mortgage Interest Rate For any Mortgage Loan, the per annum rate at which interest accrues on such Mortgage Loan pursuant to the terms of the related Mortgage Note.

  • Maximum Mortgage Interest Rate With respect to each Adjustable Rate Mortgage Loan, a rate that is set forth on the related Mortgage Loan Schedule and in the related Mortgage Note and is the maximum interest rate to which the Mortgage Interest Rate on such Mortgage Loan may be increased on any Adjustment Date.

  • Net Mortgage Rate With respect to any Mortgage Loan (or the related REO Property) as of any date of determination, a per annum rate of interest equal to the then applicable Mortgage Rate for such Mortgage Loan minus the Servicing Fee Rate.

  • Periodic Mortgage Rate Cap With respect to an Adjustable Rate Mortgage Loan, the periodic limit on each Mortgage Rate adjustment as set forth in the related Mortgage Note.

  • Maximum Mortgage Rate With respect to each Adjustable Rate Mortgage Loan, the percentage set forth in the related Mortgage Note as the maximum Mortgage Rate thereunder.

  • Minimum Mortgage Rate With respect to each Adjustable-Rate Mortgage Loan, the percentage set forth in the related Mortgage Note as the minimum Mortgage Rate thereunder.

  • Minimum Mortgage Interest Rate With respect to each Adjustable Rate Mortgage Loan, a rate that is set forth on the related Mortgage Loan Schedule and in the related Mortgage Note and is the minimum interest rate to which the Mortgage Interest Rate on such Mortgage Loan may be decreased on any Adjustment Date.

  • FF&E Reserve means, for any Person or any Hotel Property at any time, a reserve equal to four percent (4%) of gross revenues from any Hotel Property owned by such Person or from such Hotel Property, as applicable, for the Rolling Period of the Parent most recently ended for which financial statements have been, or are required to be, delivered to the Banks hereunder.

  • Mortgage Receivable means a promissory note secured by a Mortgage of which the Borrower or a Subsidiary is the holder and retains the rights of collection of all payments thereunder.

  • Interest Reserve Loan Each Actual/360 Mortgage Loan.

  • Maximum Net Mortgage Rate With respect to any adjustable rate Mortgage Loan and any date of determination, the Maximum Mortgage Rate minus the sum of (i) the Subservicing Fee Rate and (ii) the Servicing Fee Rate. MERS: Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto.

  • Initial Mortgage Rate As to each Mortgage Loan, the Mortgage Rate in effect prior to the Initial Adjustment Date.

  • Net Mortgage Interest Rate As to any Mortgage Loan and Distribution Date, such Mortgage Loan's Mortgage Interest Rate thereon on the first day of the month preceding the month of the related Distribution Date reduced by (i) the Servicing Fee Rate and (ii) the Trustee Fee Rate.

  • 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.

  • Loss Reserve means, on any date, an amount equal to the Loss Percentage multiplied by the Net Receivables Balance as of the close of business of the Servicer on such date.

  • Reserve Interest Rate With respect to any Interest Determination Date, the rate per annum that the Trustee determines to be either (i) the arithmetic mean (rounded upwards if necessary to the nearest whole multiple of 1/16%) of the one-month U.S. dollar lending rates which New York City banks selected by the Trustee are quoting on the relevant Interest Determination Date to the principal London offices of leading banks in the London interbank market or (ii) in the event that the Trustee can determine no such arithmetic mean, the lowest one-month U.S. dollar lending rate which New York City banks selected by the Trustee are quoting on such Interest Determination Date to leading European banks.

  • Debt Service Reserve Requirement means, as of any date of calculation, and for any Fiscal Year, the amount equal to the maximum Adjusted Aggregate Debt Service on Bonds in the current or any future Fiscal Year on all Bonds Outstanding; provided, however, that if, upon the issuance of a Series of Bonds, such amount would require moneys, in an amount in excess of the maximum amount permitted under the Code to be deposited therein from the proceeds of such Bonds, to be deposited therein, the Debt Service Reserve Requirement shall mean an amount equal to the sum of the Debt Service Reserve Requirement immediately preceding issuance of such Bonds and the maximum amount permitted under the Code to be deposited therein from the proceeds of such Bonds, as certified by an Authorized Representative of the Authority; provided, further, that, if (i) the payment of the Principal Installments of or interest on any Series of Bonds or portion thereof is secured by a Special Credit Facility, (ii) the payment of the Tender Option Price of any Option Bond of a Series is secured by a Special Credit Facility or (iii) the Authority has determined in a Supplemental Resolution authorizing the issuance of a Series of Bonds that such Series of Bonds will not be secured by the Common Account in the Debt Service Reserve Fund, the Supplemental Resolution authorizing such Series may specify the Debt Service Reserve Requirement, if any, for the Bonds of such Series: provided, further, that if, as a result of the expiration or termination of a Financial Guaranty, a deficiency shall be created in the Debt Service Reserve Fund, the Debt Service Reserve Requirement shall be calculated so as to exclude the amount of such deficiency and the Debt Service Reserve Requirement shall be increased in each of the five Fiscal Years after the date such deficiency was created by an amount equal twenty per centum (20%) of the aforesaid deficiency.For the purpose of calculating the Debt Service Reserve Requirement for any Variable Rate Bonds of a Series, the maximum Adjusted Debt Service on such Series shall be determined by reference to the Pro Forma Bond Issue for the Variable Rate Bonds of such Series set forth in the Supplemental Resolution authorizing such Series.

  • Mortgage Debt means (i) debt secured only by real property at the time of the MSPLF Loan’s origination;2 and (ii) limited recourse equipment financings (including equipment capital or finance leasing and purchase money equipment loans) secured only by the acquired equipment.

  • Debt Service Reserve Fund means the fund by that name established pursuant to the Second Resolution.

  • Mortgage Interest Rate Cap With respect to an Adjustable Rate Mortgage Loan, the limit on each Mortgage Interest Rate adjustment as set forth in the related Mortgage Note.

  • Adjusted Net Mortgage Interest Rate As to each Mortgage Loan and at any time, the per annum rate equal to the Mortgage Interest Rate less the Expense Fee Rate.

  • Mortgage Assets The Mortgage Loans to be included in the Trust Fund are as described in Annex A hereto.

  • Servicing Reserve means, the product (expressed as a percentage) of (a) 1.0%, times (b) a fraction, the numerator of which is the highest Days Sales Outstanding for the most recent 12 months and the denominator of which is 360.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Mortgage Rate Caps With respect to an Adjustable Rate Mortgage Loan, the Periodic Mortgage Rate Cap, the Maximum Mortgage Rate, and the Minimum Mortgage Rate for such Mortgage Loan.