Rate Lock Deposit definition

Rate Lock Deposit means a deposit equal to two percent (2.0%) of the principal amount of a proposed Future Term Loan.
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Rate Lock Deposit means the Initial Rate Lock Deposit and any Additional Rate Lock Deposit as hereinafter defined. Subject to the conditions set forth below, the Locked Loan Rate on the Anticipated Loan Amount shall be set at (i) LoanSpread~% the ('' Loan Spread'') plus (ii) the "Benchmark Treasury Rate". The "Benchmark Treasury Rate" shall be equal to the Benchmark Swap Rate minus the Benchmark Swap Spread. The "Benchmark Swap Spread" shall be the then prevailing bid side forward swap spread for EffTerm~ year interest rate swaps MonthsFwd~ months forward. The "Benchmark Swap Rate" shall be the then prevailing offer rate on a forward interest rate swap beginning on ExpClosDate~ and maturing on EffMaturDate~ versus 3 month LIBOR assuming semi-annual payments calculated on a 30/360 basis. The Rate Lock shall be executed upon (i) Borrower's Sponsor's deposit of the Initial Rate Lock Deposit and (ii) a request via telephone by Borrower's Sponsor to Lender requesting Lender to lock the interest rate in accordance with the terms of this Agreement. Lender shall within three business days confirm in writing to Borrower's Sponsor the Locked Loan Rate, the Benchmark Treasury Rate, the Benchmark Swap Rate and the Benchmark Swap Spread. The Locked Loan Rate shall be applicable with respect to the Anticipated Loan Amount only if the Loan is funded at any time from the date hereof through the earlier of (i) 12:00 p.m. (New York Time) ExpClosDate~ or (ii) the termination of the Commitment Letter (the "Rate Lock Period"). In addition, during the term of this Agreement, Borrower's Sponsor shall pay Lender in advance, a fee each month equal to 8 basis points multiplied by the Anticipated Loan Amount.
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Rate Lock Deposit means an amount equal to (but not to exceed) 2% of the loan amount attributable to the applicable Property (which shall not exceed 72% of the applicable Purchase Price of such Property) if actually paid by or on behalf of Buyer to a lender and not refundable by such lender. As used herein, “Intentional Default” shall mean any default by Seller under this Agreement which arises from one or more of the following: (a) Seller’s fraud, (b) Seller’s criminal conduct (i.
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Examples of Rate Lock Deposit in a sentence

  • In the event that the Lender obtains an MBS Commitment and the Lender fails to fulfill the MBS Commitment because the Future Excess Proceeds Term Loan is not made the Lender shall retain the Rate Lock Deposit as liquidated damages, as set forth in the Interest Rate Lock Agreement.

  • If the Borrower satisfies all of the conditions set forth in Section 3.01-B, Section 3.02-B and 3.04-B then, the Borrowers may submit to the Lender a complete and executed document in the form attached as Exhibit G (the Interest Rate Lock Agreement), together with the Rate Lock Deposit, before 1:00 p.m. Washington, D.C. time on any Business Day prior to April 24, 2000.

  • This Future Additional Mortgaged Property Term Loan Request is being delivered together with (i) a Collateral Addition Request and a Collateral Addition Description Package, (ii) the underwriting documentation required to be delivered by us pursuant to Section 3.03-A of the Term Loan Agreement and (iii) the Rate Lock Deposit.

  • If the Borrower satisfies all of the conditions set forth in Section 3.03-A and Section 3.04-A, then, the Borrowers may submit to the Lender a completed and executed document in the form attached as Exhibit G to this Agreement ("Interest Rate Lock Agreement"), together with the Rate Lock Deposit, before 1:00 p.m. Washington, D.C. time on any Business Day.

  • In the event that the Lender obtains an MBS Commitment and the Lender fails to fulfill the MBS Commitment because the Future Additional Mortgaged Property Term Loan is not made, the Lender shall retain the Rate Lock Deposit as liquidated damages, as set forth in the Interest Rate Lock Agreement.

  • The undertakings by Lender described below are contingent upon Lender's receipt of (i) a fully executed copy of this Agreement and (ii) a deposit equal to two percent (2.0%) of the proposed amount of the Loan (the "Rate Lock Deposit"), which Rate Lock Deposit shall be non-refundable except as set forth hereinbelow.

  • All references in this Agreement to the "Deposit" shall refer only to the Initial Deposit; provided, however, that if the "Rate Lock Deposit" is made and not returned to the Buyer pursuant to Paragraph 5(a) of this Agreement, all references in this Agreement to the "Deposit" shall mean and include both the Initial Deposit and the Rate Lock Deposit.

  • All fees relating to the Senior Financing shall be paid by the Joint Venture, except that the Rate Lock Deposit Fee and all costs and expenses incurred in connection with obtaining, maintaining, utilizing or not utilizing the forward fixed rate portion of the Senior Financing shall be borne by Sunrise.

  • In any of the events described in clauses (a), (b) or (c)of the foregoing sentence (collectively, "Borrower Default"), Lender will be entitled, as compensation for its services, to retain all funds paid and draw on any letter of credit posted for the Rate Lock Deposit and the Deposit, and Lender may also, at its option, recover from Borrower and Key Principals the sum of all of Lender's Loan Expenses in addition to being entitled to the Rate Loan Deposit and the Deposit.

  • Thereafter, Langley was required to terminate the Colony Crossing transaction because the purchase was not feasible at the increased rate of 6.90%.On November 27, 2007, Prudential again informed Langley that the Rate Lock Deposit on the Craft Farms transaction must be increased, this time by $2,596,505.64.


More Definitions of Rate Lock Deposit

Rate Lock Deposit means an amount equal to (but not to exceed) 2% of the loan amount attributable to the applicable Property (which shall not exceed 72% of the applicable Purchase Price of such Property) if actually paid by or on behalf of Buyer to a lender and not refundable by such lender. As used herein, “Intentional Default” shall mean any default by Seller under this Agreement which arises from one or more of the following: (a) Seller’s fraud, (b) Seller’s criminal conduct (i.e. conduct that constitutes a felony under applicable law), (c) intentional or grossly negligent breach by Seller of any of its obligations under this Agreement, or (d) a representation or warranty made by Seller if Seller had actual knowledge that such representation or warranty was untrue when made, provided however that changes in factual matters between the Effective Date and the Closing Date which render Seller unable to remake such representation or warranty on the Closing Date shall not constitute an Intentional Seller Default. In the event that Buyer elects specific performance hereunder but such remedy is unavailable due to an Intentional Default by Seller, then Buyer shall have the rights to terminate and recover its Transaction Costs as provided in subsection (i) of this Section 13.2, which right shall be automatically reinstated. Seller’s reimbursement obligations under this Section 13.2 shall survive any termination of this Agreement by Buyer under this Section 13.2.
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Rate Lock Deposit means the sum of $402,000 posted with Lender pursuant to the Rate Lock Letter Agreement.
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Related to Rate Lock Deposit

  • Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.

  • L/C Cash Collateral Account means an interest bearing cash collateral account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Spread Account Initial Deposit means an amount equal to 3% of the aggregate principal balance of the Receivables on the Closing Date (which is equal to $26,373,696.22).

  • Letter of Credit Cash Collateral Account means a blocked deposit account at Bank of America with respect to which Borrower hereby grants a security interest in such account to Administrative Agent for and on behalf of Lenders as security for Letter of Credit Usage and with respect to which Borrower agrees to execute and deliver from time to time such documentation as Administrative Agent may reasonably request to further assure and confirm such security interest.

  • Cash Collateral Account means a blocked account at a commercial bank specified by the Administrative Agent in the name of the Administrative Agent and under the sole dominion and control of the Administrative Agent, and otherwise established in a manner reasonably satisfactory to the Administrative Agent.

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.

  • Reserve Fund Initial Deposit means the initial deposit of cash in the amount of $3,846,153.85 made by or on behalf of the Seller into the Reserve Fund on the Closing Date.

  • Class A Cash Collateral Account means an Eligible Deposit Account in the name of the Subordination Agent maintained at an Eligible Institution, which shall be the Subordination Agent if it shall so qualify, into which all amounts drawn under the Class A Liquidity Facility pursuant to Section 3.5(c), 3.5(d), 3.5(i) or 3.5(m) shall be deposited.

  • Reserve Fund Deposit With respect to the Reserve Fund, an amount equal to $5,000, which the Depositor shall initially deposit into the Reserve Fund pursuant to Section 3.21 hereof.

  • Required Reserve Fund Deposit With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Aggregate Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date; provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of Offered Certificates, the Class B1 Certificates and the Class B2 Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.

  • Reserve Account Deposit Cash or Eligible Investments having a value of at least $2,635,875.59.

  • Initial Reserve Account Deposit means $3,250,000.

  • Facility LC Collateral Account is defined in Section 2.20.11.

  • Cash Collateral Accounts shall have the meaning given such term in Section 9(a).

  • Cash Deposit means a cash security deposit in U.S. dollars held by AT&T-21STATE.

  • Bid Deposit means a financial guarantee to ensure the successful bidder will enter into an agreement.

  • Reserve Account Property shall have the meaning specified in Section 4.7(a) of the Sale and Servicing Agreement.

  • Holding Account means an account:

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Cash Collateral Account Agreement With respect to any Mortgage Loan, the cash collateral account agreement, if any, between the originator of such Mortgage Loan and the related Mortgagor, pursuant to which the related Cash Collateral Account, if any, may have been established.

  • special deposit means a deposit held other than at call on behalf of the Crown, or any local authority within the meaning of the Local Government Act 1974;

  • Interest Reserve Account means that Interest Reserve Account maintained by the Master Servicer pursuant to Section 5.1(a), which account shall be an Eligible Account.

  • Fund Deposit means the deposit of funds transferred by the Client or the Client's Authorized person and credited to the Company Account for transfer to the Client's Account.

  • 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).

  • LC Collateral Account has the meaning assigned to such term in Section 2.06(j).