Construction Loan Reserve Account definition

Construction Loan Reserve Account shall have the meaning assigned to such term in the Mortgage Loan Agreement or such comparable account as shall be established under this Agreement in accordance with Section 7.7 hereof.
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Construction Loan Reserve Account shall have the meaning set forth in Section 7.7.1 hereof.
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Examples of Construction Loan Reserve Account in a sentence

  • Subject to the satisfaction of each of the foregoing conditions, Lender shall fund the applicable Construction Loan Advance from the funds on deposit in the Construction Loan Reserve Account and otherwise in accordance with all of the terms of this Article III.

  • Not later than seven (7) days (or the next succeeding Business Day if such seventh (7th) day is not a Business Day) prior to the Requested Disbursement Date, Borrowers shall deliver to Lender, for deposit into the Construction Loan Reserve Account, funds in the amount of the requested Construction Loan Advance.

  • The funds in the Construction Loan Reserve Account shall be disbursed subject to, and in accordance with, the provisions of Article III hereof, it being understood and agreed that in any instance hereunder in which Borrowers would be entitled to a Construction Loan Advance from the Construction Loan, Borrowers may elect, at their option, to receive a disbursement from the Construction Loan Reserve Account in lieu thereof, to the extent of the funds then on deposit therein.

  • In addition, the Remaining Construction Loan Advance may be advanced into the Construction Loan Reserve Account in accordance with Section 3.1(d) hereof.

  • In furtherance of the foregoing, Lender agrees that Borrowers shall have the right to use any existing funds then on deposit in the Construction Loan Reserve Account to cover the foregoing voluntary prepayment pursuant to clause (A) above or any portion thereof.

  • Additionally, on or about November 30, 2007, The Third Mezzanine Construction Funds shall be deposited with Lender in the Construction Loan Reserve Account.

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  • In furtherance of the foregoing, Lender agrees that Borrowers shall have the right to use any existing funds then on deposit in the Construction Loan Reserve Account to cover the foregoing voluntary prepayment or any portion thereof.

  • Pursuant to Section 3.1(d) hereof, the unfunded portion of the Construction Loan as of the Second Anniversary may be advanced and deposited with Lender in an account which shall be referred to herein as the “Construction Loan Reserve Account.” Additionally, pursuant to Section 3.1(e) hereof, portions of the Construction Loan may be advanced as Quarterly Deficiency Advances from time to time, which Quarterly Deficiency Advances shall be deposited with Lender in the Construction Loan Reserve Account.

  • The funds in the Construction Loan Reserve Account shall be advanced as Construction Loan Advances subject to, and in accordance with, the provisions of Article III hereof.

Related to Construction Loan Reserve Account

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

  • Interest Reserve Account As defined in Section 3.4(d).

  • 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 [*];

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

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

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Debt Service Reserve Account shall have the meaning assigned to such term in the Depositary Agreement.

  • 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.

  • Available Reserve Account Amount means, with respect to any Transfer Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (after taking into account any interest and earnings retained in the Reserve Account pursuant to subsection 4.15(b) on such date, but before giving effect to any deposit made or to be made pursuant to subsection 4.11(i) to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

  • Reserve Accounts means the Tax and Insurance Reserve Account, the Leasing Reserve Account or any other escrow account established by the Loan Documents.

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

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

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Securities Administrator pursuant to Sections 3.07(b) and 3.07(c) in the name of the Securities Administrator for the benefit of the Regular Certificateholders and designated "Wells Fargo Bank, National Association in trust for registered Holders xx Xxrgan Stanley Capital I Inc. Trust 2006-HE2, Mortgage Pass-Through Cerxxxxxxtxx, Xxxies 2006-HE2." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.

  • Construction Loan means the loan to finance construction of the Apartment Housing, made to Owner by the Construction Lender.

  • Excess Liquidation Proceeds Reserve Account The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(c) of this Agreement in trust for the Certificateholders, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2019-C7, Commercial Mortgage Pass-Through Certificates, Series 2019-C7, Excess Liquidation Proceeds Reserve Account.” Any such account shall be an Eligible Account.

  • Required Reserve Account Amount means, with respect to any Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or (2) any other percentage (which may be 0%) of the Class A Invested Amount designated by the Transferors, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferors shall have received the prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee.

  • Reserve Account Funding Date means the Distribution Date which occurs not later than the earliest of (a) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the Controlled Accumulation Period, (b) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the November 2022 Monthly Period or any Monthly Period thereafter is less than 2%, the Distribution Date with respect to such Monthly Period, (c) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the May 2023 Monthly Period or any Monthly Period thereafter is less than 3%, the Distribution Date with respect to such Monthly Period and (d) such earlier Distribution Date as the Transferor may determine by written notice to the Trustee and the Servicer. For this purpose, the “Excess Spread Percentage” for any Monthly Period shall be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period.

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

  • Construction Account means the account by that name established in the FGR Subordinated Indebtedness Fund pursuant to the Second Resolution.

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

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

  • Reserve Account Amount means, for any Distribution Date, the amount on deposit in and available for withdrawal from the Reserve Account on such Distribution Date (after giving effect to all deposits to and withdrawals from the Reserve Account on the preceding Distribution Date, or, in the case of the initial Distribution Date, the Closing Date), including all interest and other income (net of losses and investment expenses) earned on such amount during the preceding Collection Period.

  • Interest Reserve Amount has the meaning set forth in Section 5.1(d).

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