Establishment of Reserve Account. The Borrower or the Servicer on its behalf shall cause to be established, on or before the Closing Date, and maintained in the name of the Borrower but under the control of the Trustee on behalf of the Secured Parties with an office or branch of a Qualified Institution a segregated corporate trust account (the “Reserve Account”) for the purpose of receiving deposits with respect to and maintaining therein the Reserve Account Required Amount and, to the extent required pursuant to Section 2.8, to fund payments thereunder; provided, however, that at all times such depository institution or trust company shall be a Qualified Institution.
Appears in 3 contracts
Samples: Loan Funding and Servicing Agreement (Patriot Capital Funding, Inc.), Loan Funding and Servicing Agreement (Patriot Capital Funding, Inc.), Loan Funding and Servicing Agreement (Patriot Capital Funding, Inc.)
