Minimum Required Interest Reserve Amount definition
Minimum Required Interest Reserve Amount. As defined in Section 2(c)(i). (iiii) “Minimum Required Property Maintenance Reserve Amount”: As of the Closing Date, the Designated Per-Unit Maintenance Amount multiplied by the number of Units within the Property. (jjjj) “Minimum Required Reserve Amount”: Collectively, the Minimum Required Interest Reserve Amount, Minimum Required Tax Reserve Amount, Minimum Required Insurance Reserve Amount, Minimum Required HOA Assessment Reserve Amount and/or Minimum Required Property Maintenance Reserve Amount, as the context may so imply or require. (kkkk) “Minimum Required Tax Reserve Amount”: As defined in Section 11 57423708.16 2(c)(ii). (llll) “Monthly Debt Service Payment”: For each Payment Date, a monthly payment equal to the payment of interest which constitutes the amount payable in respect of interest pursuant to Section 2(b) for the period of interest calculation ending on the last day of the immediately preceding calendar month. (mmmm) “▇▇▇▇▇’▇”: ▇▇▇▇▇’▇ Investors Service, Inc. (nnnn) “Net Assets”: With respect to any Person, the difference between (i) such Person’s assets determined in accordance with GAAP, but excluding accumulated depreciation, and (ii) such Person’s liabilities determined in accordance with GAAP. (oooo) “Net Proceeds”: Collectively, (i) Insurance Proceeds or (ii) Awards, whichever the case may be, and in each case after deduction of the reasonable costs and expenses (including reasonable counsel fees) of Administrative Agent or Borrower, as applicable in collecting and disbursing the same. (pppp) “Net Proceeds Deficiency”: As defined in Section 7(d)(iv). (qqqq) “Non-Recourse Guaranty”: That certain Guaranty of Recourse Obligations dated of even date herewith from Guarantor in favor of ▇▇▇▇▇▇ (and any other guaranty agreement that may be executed in connection with the Loan from time to time), as same may be amended, restated, modified or replaced from time to time. (rrrr) “Note”: That certain Promissory Note dated of even date herewith from Borrower in favor of ▇▇▇▇▇▇ in the original principal amount of up to the Loan Amount, as same may be amended, restated, modified or replaced from time to time. (ssss) “Obligations”: The Indebtedness and all liabilities, obligations, covenants and duties of, Borrower, Pledgor and/or Guarantor to Lender and/or Administrative Agent arising under or otherwise with respect to any Loan Document, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become...
Examples of Minimum Required Interest Reserve Amount in a sentence
Provided that there exists no Event of Default under any of the Loan Documents, Administrative Agent shall apply the amount of the Interest Reserve in excess of the Minimum Required Interest Reserve Amount toward Borrower’s obligation to pay interest under the Note with respect to the first monthly payment of interest (or portions thereof until such excess is fully applied, with Borrower being responsible for the payment of any deficiency).