Loss Reserve Account definition

Loss Reserve Account means an account held by a Program Trustee or by any Participating Financial Institution that is established and maintained by the Authority for the benefit of a Participating Financial Institution for the purposes set forth in Sections 8073, 8078.6, 8078.11, 8078.18, and 8078.25.

Loss Reserve Account means one or more interest‑bearing trust accounts maintained by BDC for holding and administering the loan loss reserve pursuant to this article.

Loss Reserve Account means an account held by a Program Trustee or by any Participating Financial Institution that is established and maintained by the Authority for the benefit of a Participating Financial Institution for the purposes set forth in Section 8073.

Examples of Loss Reserve Account in a sentence

• Interest or income earned on moneys credited to the Loss Reserve Account shall be deemed to be part of the Loss Reserve Account.

• The Loss Reserve Account shall be insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund, or the Securities Investor Protection Corporation, as appropriate, to the extent permitted by law.

• The Executive Director shall be authorized to withdraw from the Loss Reserve Account all interest and income that has been credited to the Loss Reserve Account.

• If the Participating Financial Institution then continues making Qualified Loans under the Program and the Loss Reserve Account is replenished, the Participating Financial Institution shall be authorized to withdraw funds from the Loss Reserve Account at a subsequent time in order to fully cover the earlier claim, provided that the amount subsequently withdrawn to cover the earlier claim cannot exceed 75 percent of the amount in the Loss Reserve Account immediately prior to such subsequent withdrawal.

• If two or more claims are filed simultaneously by one Participating Financial Institution, a statement of the priority of payment of the claim compared to the other claims in the event the Loss Reserve Account is not sufficient to pay all claims.

More Definitions of Loss Reserve Account

Loss Reserve Account means an account established and maintained by the Trustee at the Authority’s direction for the benefit of a Participating Financial Institution, Participating Finance Lender or Successor Servicer to hold the Loss Reserve Contribution for Enrolled Loans.

Loss Reserve Account means an account in the State Treasury or any financial institution that is established and maintained by the authority for the benefit of a financial institution participating in the Capital Access Loan Program established pursuant to this article for the purposes of the following:

Loss Reserve Account means an account held by a Program Trustee that is established and maintained by the Authority for the benefit of a Participating Financial Institution for the purposes set forth in Section 10056.

Loss Reserve Account means an ac- count in the State Treasury or any financial institution that is established and maintained by the Oregon Business Development De- partment for the benefit of a financial insti- tution participating in the capital access program.

Loss Reserve Account means an account held by a Program Trustee or by any

Loss Reserve Account means an account in the State Treasury or any financial institution that is

Loss Reserve Account means an account established and maintained by the Trustee at the Authority’s direction for the benefit of a Participating Financial Institution,