Payment Reserve definition

Payment Reserve. With respect to a Mortgage Loan, the amount, if any, of principal and interest payable thereon required, pursuant to the related Mortgage Loan Documents, to be deposited into an escrow account to cover a portion of the related Mortgagor's debt service obligations thereunder.

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Payment Reserve shall have the meaning set forth in Section 7.6 hereof.

Payment Reserve. Section 5.1(a)

Examples of Payment Reserve in a sentence

• The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Payment Reserve Account and in all proceeds thereof.

• If, at any time, the institution holding the Payment Reserve Account ceases to be a Qualified Institution, the Trustee shall within 10 Business Days establish a new Payment Reserve Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Payment Reserve Account.

• Funds on deposit in the Payment Reserve Account on any Business Day, after giving effect to any withdrawals from the Payment Reserve Account, shall be invested in Cash Equivalents that will mature so that such funds will be available for withdrawal on or prior to the following Business Day.

• The Payment Reserve Account shall be under the sole dominion and control of the Trustee for the benefit of the Securityholders.

• These payments designated by Lender are called the “Monthly Payment Reserve Account.” If the amount in the Monthly Payment Reserve Account is not enough to pay in full a payment of principal and interest or Escrow Item, I will pay those amounts directly to Lender from my own funds.

• Borrower understands and agrees that, notwithstanding the establishment of the Payment Reserve as herein required, all of the proceeds of the Note have been, and shall be considered, fully disbursed and shall bear interest and be payable on the terms provided therein.

• On each Business Day during a Monthly Period, any amount distributed to the Trustee pursuant to subsection 3.02(a)(v) of the Transfer and Administration Agreement to be deposited in the Payment Reserve Account shall be deposited in the Payment Reserve Account.

• Provided no Default or Event of Default has occurred, after the scheduled disbursement from the Payment Reserve, any amounts then remaining in the Payment Reserve shall be paid to Borrower.

• The Company has read and understood the Professional Investor Treatment Notice set forth in Schedule 6 and acknowledges and agrees to the representations, waivers and consents contained in such notice, in which the expressions “you” or “your” mean the Company, and “we” or “us” or “our” mean the Sole Global Coordinator (for themselves on behalf of the Hong Kong Underwriters).

• Borrower shall not be entitled to earn any interest with respect to funds on deposit in the Payment Reserve and the Impound Account.

More Definitions of Payment Reserve

Payment Reserve means payment of part of the full amount due to us on Maturity Date in relation to a forward transaction. Platform means the Agility Forex online dealing platform

Payment Reserve shall have the meaning set forth in Section 8.02 of this Loan Agreement.

Payment Reserve means a fund in the initial amount of Ten Million Dollars ($10,000,000) held at all times in a blocked deposit account in the name of the Agent and replenished from time to time as provided in Section 2.3(c) hereof.