Required Reserves. Borrower shall establish, fund and maintain reserve accounts for the term of this Agreement as listed below. All such accounts shall be in the name of the Borrower, earn interest, and, unless otherwise approved in writing by the Department, insured by an agency of the federal government or other comparable federal insurance program. All interest earned on a reserve account shall become a part of the account. Withdrawals from the reserve accounts shall require prior written approval of the Department. Should the Department fail to take action on a request for a withdrawal from a reserve account within thirty (30) days of documented receipt of the request, that request will be deemed approved.
Required Reserves. At any time other than during an Exception Funding Period, the sum of (i) the Net Pool Balance on such date of calculation multiplied by the greater of (a) the sum of the Loss Reserve Ratio on such date of calculation and the Dilution Reserve Ratio on such date of calculation; and (b) the Minimum Reserve Ratio on such date of calculation; (ii) the Yield Reserve on such date of calculation; and (iii) the Servicing Fee Reserve on such date of calculation (such sum, the “Standard Reserves”). At any time during an Exception Funding Period, the greater of (i) the Standard Reserves on such date of calculation and (ii) 50% of the Net Pool Balance on such date of calculation.
Required Reserves. The Required Reserves shall initially be funded upon the Second Equity Capital Contribution Closing in an aggregate total amount of $*****, must total such amount upon the close of business on December 31, 2009, and must total $***** immediately following the first Special Funded Distribution Date and the making of such first Special Funded Distribution. Thereafter, the Required Reserves shall be reduced to the extent set forth in this Schedule 8.2(b). The Required Reserves shall be comprised of the Clipper Reserve, the O&M Reserve and the SCPPA Cost Reserve each as set forth below, and subject to adjustment following the Second Equity Capital Contribution Date as provided below: The following definitions are used in the Schedule 8.2(b):
Required Reserves. ACC agrees to deliver to and maintain with Custodian certain assets, including qualified investments having at any time an aggregate value at least equal to the required certificate reserves as computed under the provisions of Section 28(a) of the Investment Company Act of 1940, as amended ("xxx 0000 Xxx"). Provided, however, that the amount of qualified investments maintained on deposit in separate accounts as required by any state, but not to exceed the amount of reserves required under Section 28(a) for the certificates held by or issued to residents of such state, shall be deducted from the amount of qualified investments required to be maintained on deposit with Custodian.
Required Reserves. The Borrowers shall, and shall cause each of their respective Subsidiaries to, deposit into the Restricted Loss Proceeds Account (as defined in the Cash Collateral Control Agreement) all proceeds of insurance attributable to any Loss Event or to any Loss resulting in proceeds in excess of $1,000,000 to be maintained and applied pursuant to the terms of the Cash Collateral Control Agreement and Article 1, Section 11 of the Mortgages. Amounts on deposit in the Restricted Loss Proceeds Account shall be withdrawn and applied pursuant to the terms of the Cash Collateral Control Agreement.
Required Reserves. 1ST ATLANTIC shall, from time to time, deliver to and maintain with CUSTODIAN (and, in 1ST ATLANTIC's sole discretion, one or more additional custodians) qualified investments having at all times an aggregate value at least equal to the amount 1ST ATLANTIC is required to maintain as reserves pursuant to Section 28(a) of the 1940 Act ("required reserves"), which amounts shall be set out in reports submitted by 1ST ATLANTIC to CUSTODIAN pursuant to Section IV.B.1. hereof. CUSTODIAN acknowledges that 1ST ATLANTIC may, pursuant to the terms of this Agreement, withdraw any of its assets held hereunder at any time by substituting qualified investments of equal or greater value, or without such substitution, to the extent the aggregate value of the qualified investments held hereunder exceeds the required reserves.