Interest Reserves definition

Interest Reserves means, with respect to any Indebtedness, the aggregate of all sums held by any applicable lender as reserves for future interest payments in respect of the Borrowing Group’s Share of such Indebtedness.
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Interest Reserves means all reserves that the Administrative Agent, in its reasonable credit judgment, establishes from time to time for accrued interest on the Obligations.
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Interest Reserves means, as of any date set forth on Schedule I-1, the amount set forth opposite such date on Schedule I-1; provided, that no portion of the Interest Reserve scheduled to be released on any April 1st or October 1st pursuant to Schedule I-1 shall be released prior to the payment of interest on the Subordinated Notes for the applicable interest period with respect to the Subordinated Notes ending on such date, but shall instead be released concurrently with the payment of interest on the Subordinated Notes for such applicable interest period.
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Examples of Interest Reserves in a sentence

  • Unless and until Interest Reserves are paid into an Escrow Account, no interest shall be paid by Lender on the Interest Reserve Account.

  • Notwithstanding anything herein to the contrary, Disbursements for Operating Deficits, to the extent provided in the Budget under the Line Item for "Interest Reserves" (OPERATING DEFICIT ADVANCES) shall be made not more frequently than once per calendar month and on the same date as the Disbursement for other costs is made for such month.

  • The Interest Reserves are not segregated funds as such, but rather reserves of disbursable Loan proceeds that may be Advanced only in accordance with this Agreement.

  • Subject to the provisions of Article VI and Article VII, such accrued interest shall be payable from the Interest Reserves established pursuant to the Project Budget; provided, however, that the allocation of Loan funds to the Interest Reserve shall not limit Borrower's obligation to pay such accrued interest.

  • Interest Reserve II shall be reserved until September 1, 2009, and thereafter will remain reserved unless and until the Loan is in balance under Section 3.3, and nothing in this Section alters the obligation of the Borrower to maintain the Loan in balance pursuant to Section 3.3 at all times, and the Borrower agrees that no part of the Interest Reserves shall be treated as available loan proceeds for completing the Project when calculating whether the loan is in balance.

  • No transfer of existing consolidated Tax and Interest Reserves or Advance Payments of Taxes will be made by CFI to Holdings.

  • See attachment A for a disclosure of the CFI General Ledger account balances for Tax and Interest Reserves and Advanced Payments.

  • For security reasons, there may be other limits on the frequency and dollar amount of transactions you may make using the Service.

  • Such proceeds shall constitute Interest Reserves and shall be applied and withdrawn by Lender from the Lender Account as more particularly set forth in Section 2.6 of the Credit Agreement.

  • Any unexpended Construction Contingency and Interest Reserves that are not disbursed by Final Completion shall (i) first be disbursed in order of priority (a) to reimburse the Borrower for increased Project Costs above the Project Costs itemized in the Budget and incurred by the Borrower in the construction of the Project and paid in cash by the Borrower and (b) any excess remaining shall be disbursed and paid into the Debt Service Reserve Account.

Related to Interest Reserves

  • 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 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).

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

  • Interest Reserve Loan Each Actual/360 Mortgage Loan.

  • Interest Reset Period The period beginning on the applicable Reset Date and ending on the calendar day preceding the next Reset Date.