Interest Reserve definition

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.

Interest Reserve means, as of any date of determination, an amount equal to the product of (i) 1.5, (ii) the Base Rate, (iii) the Outstanding Principal Amount and (iv) a fraction, the numerator of which is the higher of (a) 30 and (b) the Receivables Collection Turnover as of the end of the Settlement Period immediately preceding such date multiplied by 2, and the denominator of which is 360.

Interest Reserve means the amount loaned or committed to be loaned to a Borrower to Fund the Borrower's projected future payments of Regular Interest to the Fund and upon which Regular Interest shall be charged once disbursed.

Examples of Interest Reserve in a sentence

• The Issuer hereby authorizes the deposit of the amounts set forth in the Issuer Order delivered on the Closing Date into each of, as applicable, the Ramp-Up Account for use pursuant to Section 10.3(c), the Expense Reserve Account as Interest Proceeds for use pursuant to Section 10.3(d), the Interest Reserve Account for use pursuant to Section 10.3(e), and the Revolver Funding Account for use pursuant to Section 10.4.

• Such Interest Reserve Amount shall be transferred to the Collection Account as Interest Proceeds on the Determination Date relating to the first Payment Date unless the Collateral Manager, in its discretion, provides written notice to the Trustee that such Interest Reserve Amount shall not be so transferred and should instead be held in the Interest Reserve Account for application in accordance with this Section 10.3(e).

• The overdue interest in respect of advances classified as Non-Performing Assets is provided separately under “Overdue Interest Reserve- II” as per the directives issued by the RBI.

• Interest, principal payments and any fees and expenses owed Lender from time to time will be deducted by Lender automatically on the due date from Borrower’s account with Lender, as designated in writing by Borrower; provided, however, that if no Event of Default has occurred, then such interest payments may be advanced from the Interest Reserve Allocation until such reserve is depleted and then from such other account designated in writing by Borrower.

• The Issuer shall direct the Trustee to make the deposit specified in the Issuer Order delivered pursuant to Section 3.1(xi) to the Interest Reserve Account.

More Definitions of Interest Reserve

Interest Reserve has the meaning assigned in Section 4.3.

Interest Reserve means a reserve of accrued interest in the aggregate amount of U.S. Two Million Four Hundred Forty-Seven Thousand and No/100 Dollars ($2,447,000.00) that (subject to the provisions of Sections 5(b) and 5(c) of this Agreement), may be used by Lender to accrue monthly interest and to defer the Accrued Interest Payment that would otherwise then be due and payable by Borrower pursuant to Sections 5(b) and 5(c)(i) of this Agreement.

Interest Reserve. “Servicing Reserve,” “Servicing Fee Rate,” “Required Reserve” or “Required Reserve Factor Floor”, or any defined term utilized in the definitions of such terms, in each case, as required by such rating agency in connection with the issuance of such rating (as so amended or supplemented, the “Revised Documents”), and (iii) take all actions required to ensure that (A) it is in compliance with all material provisions, representation, warranties and covenants of the Revised Documents applicable to it, (B) no Unmatured Amortization Event, Amortization Event, or any event that, with the giving of notice or the lapse of time, or both, would constitute a Unmatured Amortization Event or Amortization Event exists under the Revised Documents and (C) all other requirements under the Revised Documents relating to the funding of the Loan or the ownership of any Receivable have been complied with. The Borrower shall pay in immediately available funds to the Administrative Agent, all costs and expenses in connection with this Section 10.2, including, without limitation, the initial fees payable to such rating agency or agencies in connection with providing such rating and all ongoing fees payable to the rating agency or agencies for their continued monitoring of such rating.

Interest Reserve. “Servicing Reserve,” “Servicing Fee Rate,” “Required Reserve” or “Required Reserve Factor Floor” or (H) amend or modify any defined term (or any defined term used directly or indirectly in such defined term) used in clauses (A) through (G) above in a manner that would circumvent the intention of the restrictions set forth in such clauses; or

Interest Reserve on any date of determination means an amount equal to the interest that would accrue over the next three months on an amount equal to the principal balance of the Loan outstanding on such date of determination.

Interest Reserve means a reserve against the Aggregate Revolving Loan Commitment established by the Agent on the first day of each month in an amount equal to the aggregate amount of interest in respect of the Loans accrued, or to be accrued, in respect of such month, but, in any event, not to exceed $1,300,000, as such reserve may be reduced during any such month by the amount of Revolving Loans, if any, funded specifically for the purpose of paying the interest for which such reserve was established.

Interest Reserve means, on any date of determination, 1.5 times the Alternate Base Rate multiplied by a fraction, the numerator of which is the highest Days Sales Outstanding calculated for each of the most recent 12 calendar months and the denominator of which is 360.