Rate Lock Deposit definition

Rate Lock Deposit means a deposit equal to two percent (2.0%) of the principal amount of a proposed Future Term Loan.
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Rate Lock Deposit means the Initial Rate Lock Deposit and any Additional Rate Lock Deposit as hereinafter defined. Subject to the conditions set forth below, the Locked Loan Rate on the Anticipated Loan Amount shall be set at (i) LoanSpread~% the ('' Loan Spread'') plus (ii) the "Benchmark Treasury Rate". The "Benchmark Treasury Rate" shall be equal to the Benchmark Swap Rate minus the Benchmark Swap Spread. The "Benchmark Swap Spread" shall be the then prevailing bid side forward swap spread for EffTerm~ year interest rate swaps MonthsFwd~ months forward. The "Benchmark Swap Rate" shall be the then prevailing offer rate on a forward interest rate swap beginning on ExpClosDate~ and maturing on EffMaturDate~ versus 3 month LIBOR assuming semi-annual payments calculated on a 30/360 basis. The Rate Lock shall be executed upon (i) Borrower's Sponsor's deposit of the Initial Rate Lock Deposit and (ii) a request via telephone by Borrower's Sponsor to Lender requesting Lender to lock the interest rate in accordance with the terms of this Agreement. Lender shall within three business days confirm in writing to Borrower's Sponsor the Locked Loan Rate, the Benchmark Treasury Rate, the Benchmark Swap Rate and the Benchmark Swap Spread. The Locked Loan Rate shall be applicable with respect to the Anticipated Loan Amount only if the Loan is funded at any time from the date hereof through the earlier of (i) 12:00 p.m. (New York Time) ExpClosDate~ or (ii) the termination of the Commitment Letter (the "Rate Lock Period"). In addition, during the term of this Agreement, Borrower's Sponsor shall pay Lender in advance, a fee each month equal to 8 basis points multiplied by the Anticipated Loan Amount.
Sample 1
Rate Lock Deposit means an amount equal to (but not to exceed) 2% of the loan amount attributable to the applicable Property (which shall not exceed 72% of the applicable Purchase Price of such Property) if actually paid by or on behalf of Buyer to a lender and not refundable by such lender. As used herein, “Intentional Default” shall mean any default by Seller under this Agreement which arises from one or more of the following: (a) Seller’s fraud, (b) Seller’s criminal conduct (i.e. conduct that constitutes a felony under applicable law), (c) intentional or grossly negligent breach by Seller of any of its obligations under this Agreement, or (d) a representation or warranty made by Seller if Seller had actual knowledge that such representation or warranty was untrue when made, provided however that changes in factual matters between the Effective Date and the 41 Closing Date which render Seller unable to remake such representation or warranty on the Closing Date shall not constitute an Intentional Seller Default. In the event that Buyer elects specific performance hereunder but such remedy is unavailable due to an Intentional Default by Seller, then Buyer shall have the rights to terminate and recover its Transaction Costs as provided in subsection (i) of this Section 13.2, which right shall be automatically reinstated. Seller’s reimbursement obligations under this Section 13.2 shall survive any termination of this Agreement by Buyer under this Section 13.2.
Sample 1

Examples of Rate Lock Deposit in a sentence

  • In the event that the Lender obtains an MBS Commitment and the Lender fails to fulfill the MBS Commitment because the Future Excess Proceeds Term Loan is not made the Lender shall retain the Rate Lock Deposit as liquidated damages, as set forth in the Interest Rate Lock Agreement.

  • In the event that the Lender obtains an MBS Commitment and the Lender fails to fulfill the MBS Commitment because the Future Additional Mortgaged Property Term Loan is not made, the Lender shall retain the Rate Lock Deposit as liquidated damages, as set forth in the Interest Rate Lock Agreement.

  • If the Borrower satisfies all of the conditions set forth in Section 3.01-B, Section 3.02-B and 3.04-B then, the Borrowers may submit to the Lender a complete and executed document in the form attached as Exhibit G (the Interest Rate Lock Agreement), together with the Rate Lock Deposit, before 1:00 p.m. Washington, D.C. time on any Business Day prior to April 24, 2000.

  • If the Borrower satisfies all of the conditions set forth in Section 3.03-A and Section 3.04-A, then, the Borrowers may submit to the Lender a completed and executed document in the form attached as Exhibit G to this Agreement ("Interest Rate Lock Agreement"), together with the Rate Lock Deposit, before 1:00 p.m. Washington, D.C. time on any Business Day.

  • This Future Additional Mortgaged Property Term Loan Request is being delivered together with (i) a Collateral Addition Request and a Collateral Addition Description Package, (ii) the underwriting documentation required to be delivered by us pursuant to Section 3.03-A of the Term Loan Agreement and (iii) the Rate Lock Deposit.

  • If the Rate Lock Deposit is not returned to the Buyer in accordance with the prior sentence, all references in this Agreement to "Deposit" shall mean and include both the Initial Deposit and the Rate Lock Deposit.

  • The provisions of the Collateral Documents are effective to create in favor of the Administrative Agent for the benefit of the Secured Parties to secure the Secured Obligations a legal, valid and enforceable first priority Lien (subject to Permitted Liens) on all right, title and interest of the respective Loan Parties in the Collateral described therein.

  • The following day, August 21, 2007, Prudential informed Langley of the need to increase the Rate Lock Deposit on the Craft Farms loan by $514,802.36.

  • Prior to Rate Lock, the Borrower and/or the Key Principals shall pay to the Lender the Rate Lock Deposit described in paragraph 6.2 of this Commitment.

  • BMFLP will apply the Good Faith Deposit towards the Rate Lock Deposit described in paragraph 6B hereof.


More Definitions of Rate Lock Deposit

Rate Lock Deposit means the sum of $402,000 posted with Lender pursuant to the Rate Lock Letter Agreement.
Sample 1

Related to Rate Lock Deposit

  • Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.

  • L/C Cash Collateral Account means an interest bearing cash collateral account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

  • Spread Account Initial Deposit means an amount equal to 2.0% of the aggregate Principal Balance of the Receivables on the Cutoff Date (which is equal to $21,505,439.97).

  • Letter of Credit Cash Collateral Account means a blocked deposit account at Bank of America with respect to which Borrower hereby grants a security interest in such account to Administrative Agent for and on behalf of Lenders as security for Letter of Credit Usage and with respect to which Borrower agrees to execute and deliver from time to time such documentation as Administrative Agent may reasonably request to further assure and confirm such security interest.

  • Cash Collateral Account means a blocked account at a commercial bank specified by the Administrative Agent in the name of the Administrative Agent and under the sole dominion and control of the Administrative Agent, and otherwise established in a manner reasonably satisfactory to the Administrative Agent.

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.

  • Reserve Fund Initial Deposit means the initial deposit of cash in the amount of $3,846,153.85 made by or on behalf of the Seller into the Reserve Fund on the Closing Date.

  • Class A Cash Collateral Account means, in respect of the Class A Liquidity Facility, an Eligible Deposit Account in the name of the Subordination Agent maintained at an Eligible Institution, which shall be the Subordination Agent if it so qualifies, into which amounts shall be deposited as referred to in Section 3.05(f).

  • Reserve Fund Deposit With respect to the Reserve Fund, an amount equal to $5,000, which the Depositor shall initially deposit into the Reserve Fund pursuant to Section 3.21 hereof.

  • Required Reserve Fund Deposit With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Aggregate Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date; provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of Offered Certificates, the Class B1 Certificates and the Class B2 Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.

  • Reserve Account Deposit Cash or Eligible Investments having a value of at least $3,807,950.53.

  • Initial Reserve Account Deposit means $3,000,000.

  • Facility LC Collateral Account is defined in Section 2.19.11.

  • Cash Collateral Accounts shall have the meaning given to such term in Section 11.1 hereof.

  • Cash Deposit means a cash security deposit in U.S. dollars held by AT&T-21STATE.

  • Bid Deposit means a financial guarantee to ensure the successful bidder will enter into an agreement.

  • Reserve Account Property shall have the meaning specified in Section 4.7(a) of the Sale and Servicing Agreement.

  • Holding Account means an account:

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Cash Collateral Account Agreement With respect to any Mortgage Loan, the cash collateral account agreement, if any, between the originator of such Mortgage Loan and the related Mortgagor, pursuant to which the related Cash Collateral Account, if any, may have been established.

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

  • Fund Deposit means the deposit of funds transferred by the Client or the Client's Authorized person and credited to the Company Account for transfer to the Client's Account.

  • Interest Reserve Amount has the meaning set forth in Section 5.1(d).

  • LC Collateral Account has the meaning assigned to such term in Section 2.06(j).

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.