Required Reserves Clause Samples
POPULAR SAMPLE Copied 1 times
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.
a. Replacement Reserve Account. Commencing no later than the date funds are disbursed pursuant to the Loan Documents, Borrower shall establish a segregated replacement reserve account. Borrower shall make annual deposits from Operating Income to the replacement reserve account in the amount set forth in Exhibit C, unless the Department determines, in its sole discretion, that more frequent deposits are required. Borrower shall also deposit any Development funds designated for replacement reserves into this account, including those identified in Exhibit C. The amount of the minimum annual deposit may be adjusted, as determined by the Department, in its sole discretion, based on the results of reserve studies, performed by an independent third party at the Borrower’s expense as requested by the Department or as based on other reliable indicators of the need for reserve funds over time. In no event shall this reserve be used to fund limited partner exit costs.
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, be 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 Borrower shall cause the Debt Service Reserve Account to be funded in the amount of the Required DSR Balance. [***] Confidential Treatment Requested
Required Reserves. (Section III) $ %
A. Loss Reserve (incl Cash Res) Loss Reserves and Percentage Minimum Level (Min % * Investment)
B. Cash Reserve (part of LR) Minimum Level (Min % * Investment) A. [*] [*]
Required Reserves. Developer will maintain reserves as required by TCAC and the Project’s tax credit investor and lenders.
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. A) [*] Month Delinquency Ratio
B) [*]
C) Loss Reserve Ratio (Calculated Below)
D) Minimum Loss Percentage
E) Loss Percentage [greatest of B, C, or D]
Required Reserves. The Fund shall, from time to time, deliver to and maintain with Custodian (and, in the Fund’s sole discretion, one or more additional custodians) qualified investments having at all times an aggregate value at least equal to the amount the Fund 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 the Fund to Custodian pursuant to Section 12 hereof. The Fund acknowledges that Custodian is not responsible for ensuring the Fund’s compliance with required reserves. Custodian acknowledges that the Fund may, pursuant to the terms of this Agreement, withdraw any of its assets held hereunder at any time, provided that to the extent that qualified investments are withdrawn, the Fund either substitutes qualified investments of equal or greater value, or without such substitution, qualified investments are withdrawn only to the extent the aggregate value of the qualified investments held hereunder exceeds the required reserves, as calculated pursuant to Section 28 of the Act.
Required Reserves. Loss & Dilution Reserve Floor Loss & Dilution Dynamic Reserve Greater of Floor & Dynamic Less: Total Reserves 0 Exhibit F - 4 VII. Compliance Current Month Is the 3-month rolling average Default Ratio less than 6.75%? Is the 3-month rolling average Dilution Ratio less than 8.50%? Is the 3-month rolling average Delinquency less than 4.00%? Is the 3-month rolling average DSO less than 75.00? Exhibit F - 5 To: The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as Administrative Agent This Compliance Certificate is furnished pursuant to that certain Receivables Purchase Agreement, dated as of June 30, 2017 among Outfront Media Receivables LLC (the “Seller”), Outfront Media LLC, as Servicer (the “Servicer”), the Purchasers party thereto, the Group Agents party thereto and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as Administrative Agent (in such capacity, the “Administrative Agent”) (as amended, supplemented or otherwise modified from time to time, the “Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Agreement. THE UNDERSIGNED HEREBY CERTIFIES THAT: