Reserve Loan definition
Examples of 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.
Seller has full power and authority to hold each Cash Reserve Loan, and has good title to the Cash Reserve Loans free and clear of all liens and encumbrances.
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.
Any Liquidity Revolving Drawing which is outstanding after the repayment of the LF Funded Liquidity Reserve Loan pursuant to clause 9.5 (Repayment of Liquidity Reserve Loan on Improved Rating) or clause 9.6 (Other Repayment of Liquidity Reserve Loan) shall be repaid to the Liquidity Facility Provider on the last day of the Liquidity Revolving Drawing Period applicable to such Liquidity Revolving Drawing.
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.
The Issuer shall not repay all or any part of any LF Revolving Drawing, Liquidity Revolving Drawing or all or any part of any Liquidity Reserve Loan except at the time and in the manner expressly provided in this Agreement but, subject to the other terms of this Agreement, shall be entitled to borrow any amount repaid.
First Resource Bank’s Responsibilities eStatement(s) are available for eligible checking, savings and Ready Reserve Loan accounts.
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.
Interest will not be paid to any employee for any salary that is deducted and held by the Board in order to provide this benefit.