Loan Interest Reserve definition

Loan Interest Reserve as of any date, a reserve equal to the amount, if any, by which (a) the product of (x) 2.5% (two and one-half percent), multiplied by (y) $25,000,000 less the amount of repayments of the Loans pursuant to Section 2.2(a)(i) as and when made, exceeds (b) all additional loans made by the Lenders under the Loan Interest Reserve pursuant to Section 2.1(c) of the Loan Agreement after the Effective Date.
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Examples of Loan Interest Reserve in a sentence

  • Prior to the end of each Banking Day, Day Runner shall pay, or cause to be paid, to the Administrative Agent (x) for deposit in the Term Loan Interest Reserve Account, all Cash and Cash Equivalents then held in the Lockbox and (y) for deposit in the Concentration Account, all Cash and Cash Equivalents held by Day Runner or any of its domestic Subsidiaries (other than such Cash and Cash Equivalents held in the Lockbox).

  • The Loan Parties shall not, at any time, deposit any proceeds of Revolving Credit Loans or any proceeds of Collateral into the Term Loan Interest Reserve Account.

  • Day Runner hereby agrees to take such steps as are necessary to assure that the Concentration Account and/or the Term Loan Interest Reserve Account, as the case may be, will, on each such date, have a credit balance in immediately available funds at least equal to the amount of such payment.

  • Senior Lender has remitted to First Mezzanine Lender and Second Mezzanine Lender the Junior Loan Interest Reserve Funds that were previously held by Senior Lender.

  • With respect to information relating to Reserve Account Loan Interest, Reserve Account Loan Fee, and Reserve Account Loan-Other Fees, the Servicer may rely solely upon the monthly report received from the Agent in the form of Exhibit U hereto, which the Agent is obligated to deliver pursuant to Section 2.02(c) of the Reserve Account Loan Agreement.

  • Any Event of Default arising from the failure of the Borrower to pay interest pursuant to this Agreement when due (after the expiration of any grace period for such payment) shall be deemed cured by utilization of the Loan Interest Reserve; provided, that, the making of Interest Advances shall not be deemed to cure any other Default or Event of Default that may then exist or result therefrom.

  • The sum of $____________ from the Loan has been set aside as a fund to cover interest on the Loan ("Interest Reserve").

  • After giving effect to any applicable Borrowing and any disbursements to be made by Loan Parties with the proceeds of such Borrowing within one Business Day after such Borrowing, the U.S. Loan Parties and their U.S. Subsidiaries shall not maintain unrestricted cash and Cash Equivalents on hand of greater than $5,000,000 (which, for the avoidance of doubt shall exclude any amount in the Term Loan Interest Reserve Account pursuant to Section 8.22).

  • Borrower and Lender agree that as of April 23, 2024, (i) the outstanding principal balance of the Senior Loan is $43,000,000.00, (ii) the outstanding principal balance of the Junior Loan is $4,140,910.80, (iii) the remaining balance of the Senior Loan Interest Reserve Funds is $132,135.82, (iv) the remaining balance of the Junior Loan Interest Reserve Funds is $52,879.43, and (v) the remaining balance of the Tax Reserve Funds is $22,240.00.

  • Additionally, the Borrower shall inform the Administrative Agent and the Disbursement Agent of amounts to be paid with respect to the entering into of Hedging Agreements required pursuant to Section 5.13 of the Loan Agreement, and shall have the right to request that such amounts be paid from the Building Loan Interest Reserve Account as described in Section 4.3.2 below.