Interest Reserve. A portion of the proceeds of the Loan in the amount of Three Million and No/100 Dollars ($3,000,000.00) shall be retained by Lenders to fund an interest reserve (the "INTEREST RESERVE") and shall be advanced by Lenders to pay the interest due on the Loan to the extent that such interest for a calendar month exceeds Net Cash Flow from the Project for such calendar month, subject to the terms hereof. Lenders shall not be required to make any other disbursements from the Interest Reserve except as set forth above. No portion of the Interest Reserve shall bear interest hereunder unless and until such portion is advanced by Lenders. Absent a default hereunder or under any of the other Loan Documents, and subject to Agent's prior approval which may be withheld in Agent's sole discretion regardless of whether a default is then continuing under any of the Loan Documents, Lenders shall make disbursements from the Interest Reserve on the applicable due date for the payment of interest due on the Loan, in accordance with Section 1.4 hereof. Disbursements from the Interest Reserve shall be made no more than once a month, with the final disbursement to be made no later than the Maturity Date. The aggregate disbursements from the Interest Reserve shall not exceed Three Million and No/100 Dollars ($3,000,000.00). Nothing in this subsection 1.1.4 shall be deemed to relieve Borrower of its obligation to timely pay all interest as it comes due. If Borrower has not paid all interest due on the Loan on the due date pursuant to Section 1.4, and if Lenders make an advance of interest under this subsection which is greater than the required amount of such advance, then upon determination and notification thereof by Agent to Borrower, Borrower shall repay the excess advance within two (2) Business Days after Borrower's receipt of such notice (notwithstanding anything to the contrary contained in Section 1.6 hereof). Such repayment shall constitute a permitted prepayment of principal, without penalty of any sort, notwithstanding any other provision of this Amendment or the other Loan Documents to the contrary. For example: if prior to any Loan advance, on the first day of a calendar month, $100.00 of interest had accrued for the prior month (the "PRIOR MONTH") on the portion of the Loan advanced; and the Borrower paid no interest on such day; and Lenders advanced the entire $100.00 of interest due on that day (there being sufficient funds remaining in the Interest Reserve to do so...
Interest Reserve. Borrower will deposit into the Interest Reserve Account on or before the Effective Date, $2,000,000.00.
Interest Reserve. Except as provided in Section 2.7 Permitted Costs hereof, after the earlier of the issuance of certificate of occupancy for a Facility or the expiration of the Construction Phase, no further advances shall be made from the Interest Reserve in such Total Development Budget.
Interest Reserve. (i) Notwithstanding anything to the contrary in this Agreement:
Interest Reserve. The Borrower shall be required, as of the Closing Date and as of each Payment Date thereafter, to maintain on reserve in a segregated trust account at Account Bank held in the name of Borrower, for the benefit of the Lenders (with account number ending in 6-001 as of the Closing Date) (the “Interest Reserve Account”), an amount, determined as of the date of submission of the initial Borrowing Request and then as of the date of delivery of each Manager Report thereafter, equal to interest on the Facility for the succeeding three (3) months of interest, pro-forma for the then-current drawn amount as of such date of determination based on the less of (a) the amount of interest that would accrue on such pro-forma outstanding amount of Loans, assuming such Loans are Term SOFR Loans with an Interest Period of three (3) months commencing on such date of determination and (b) the amount of interest that would accrue on such pro-forma outstanding amount of Loans, assuming such Loans accrue interest at the applicable strike rate for the Interest Rate Protection Agreement as of such date of determination (the “Interest Reserve Required Amount”). Such Interest Reserve Account shall be funded in connection with each borrowing of Loans and refilled in accordance with the Priority of Payments as of each Payment Date to the extent the amount on deposit as of such date is less than the Interest Reserve Required Amount. The Borrower may deposit additional amounts into the Interest Reserve Account beyond the Interest Reserve Required Amount at its option on the Closing Date and thereafter from time to time prior to the expiration of the Delayed Draw Availability Period. On any date that the amount on deposit in the Interest Reserve Account is greater than the Interest Reserve Required Amount, such excess amount may be withdrawn from the Interest Reserve Account in the Borrower’s (or the Manager’s on its behalf) discretion and deposited into the Facility Collection Account for distribution in accordance with the Priority of Payments on the next applicable Payment Date. In the event that on any Payment Date, the amount on deposit in the Facility Collection Account available pursuant to Section 2.8(c) is insufficient for the payment of accrued interest payable on such Payment Date, the Account Bank pursuant to the Manager Uniti – Bridge Loan and Security Agreement Report shall withdraw from the Interest Reserve Account an amount equal to the lesser of (x) the amount of such ins...
Interest Reserve. 29 Section 6.5. Owner's Contingency.................................... 29 Section 6.6. Cost Overruns and Savings; Change Order Reserve........ 30 ARTICLE 7.
Interest Reserve. At the Initial Closing, the Borrowers shall deposit funds in an amount equal to the Interest Reserve as of such Initial Closing, with the Escrow Agent, to be held by the Escrow Agent and disbursed pursuant to the Escrow Agreement. The Borrowers agree to promptly deposit additional funds upon the sale of any additional Notes or the disbursement of any portion of the Escrow Reserve to the Noteholders to ensure that at all times such Escrow Reserve represents two quarters’ interest under the then outstanding Notes.
Interest Reserve. The Parent shall not direct or permit the disbursement of any portion of the Interest Reserve without the prior written consent of the Noteholder Representative.
Interest Reserve. The Budget includes an interest reserve in an amount designated in the Budget. If applicable, subject to the terms of this Agreement, such interest reserve will be advanced by Lender, following an appropriate requisition from Borrower, to pay interest on the Loan as it becomes due. Interest will be payable by Borrower to Lender on that portion of the interest reserve actually disbursed by Lender. The interest reserve will not be included in the computation of the undisbursed portion of the Loan for purposes of determining whether the undisbursed portion of the Loan will be sufficient to complete the construction of the Improvements.
Interest Reserve. The Administrative Agent shall have received evidence that the Interest Reserve has been funded as required by Section 7.1.12.
