Reserve Accounts Clause Samples

Reserve Accounts. Seller shall have provided to Purchaser the updated amounts of the Reserve Accounts as of the Initial Closing Date.

Reserve Accounts. The establishment of each Reserve Account with balances equal to any Initial Reserve Deposit thereto required by this Loan Agreement (including the Program Rider) or any of the other Loan Documents.

Reserve Accounts. The Sponsor shall establish and maintain reserve accounts as required by the Department and as further described in the Regulatory Agreement. All withdrawals shall require prior written approval from the Department, as provided in the Regulatory Agreement.

Reserve Accounts. (a) On the Closing Date, the Depositor shall deposit the Group I Reserve Account Initial Deposit, in the amount of $575,049 into the Group I Reserve Account and the Group II Reserve Account Initial Deposit, in the amount of $27,748,659, into the Group II Reserve Account. On the Closing Date, the Group I Reserve Account Initial Deposit and the Group II Reserve Account Initial Deposit will equal the related Specified Reserve Account Balance for the Group I and Group II Reserve Accounts, respectively. (i) On the Business Day prior to each Distribution Date (and prior to each Monthly Servicing Payment Date with respect to Master Servicing Fees), the Administrator shall transfer (and the Indenture Trustee and the Paying Agent each hereby authorizes each such transfer) from and to the extent of funds in the Group I Reserve Account or the Group II Reserve Account, respectively, to the Distribution Account the amounts, if any, to be distributed in accordance with this Section 5.06(b), in the priority set forth below; provided, however, that Master Servicing Fees and Administration Fees to be distributed pursuant to Sections 5.06(b)(ii) and (iii) below shall be released (and the Indenture Trustee and the Paying Agent each hereby authorizes each such release) directly to the Master Servicer and the Administrator from the related Reserve Account. (ii) In the event that the Master Servicing Fee with respect to the Group I or Group II Student Loans for any Monthly Servicing Payment Date or Distribution Date exceeds the amount distributed to the Master Servicer pursuant to Sections 5.05(b) and either Section 5.05(c)(X)(1), with respect to the Group I Student Loans, or Section 5.05(c)(Y)(1), with respect to the Group II Student Loans, on such Monthly Servicing Payment Date or Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to authorize the withdrawal from the Group I or Group II Reserve Account, as the case may be, on such Monthly Servicing Payment Date or Distribution Date an amount equal to such excess, to the extent of funds available therein, and the distribution of such amount to the Master Servicer. (iii) In the event that the fees and other amounts due to the Administrator, Indenture Trustee, Paying Agent, Note Registrar, Eligible Lender Trustee or Owner Trustee that are allocated to the Group I or Group II Notes for any Distribution Date exceed the amount distributed to the Administrator, Indenture Trustee, Paying Agent, Note ...

Reserve Accounts. All unexpended funds in project reserve accounts shall remain with the Project to be used for the benefit of the property and/or its residents. The minimum replacement reserve deposit for projects shall be $ per unit per year. The on- going funding of the replacement reserve in this amount is a requirement of this Agreement during the Compliance Period, and the Owner shall maintain these reserves in a segregated account. Funds in the replacement reserve shall only be used for capital improvements or repairs. An operating reserve shall be funded in an amount equal to three months of estimated operating expenses and debt service under stabilized occupancy. Additional funding will be required only if withdrawals result in a reduction of the operating reserve account balance to 50% or less of the originally funded amount. An equal, verified operating reserve requirement of any other debt or equity source may be used as a substitute, and the reserve may be released following achievement of a minimum annual debt service ratio of 1.15 for three consecutive years following stabilized occupancy only to pay deferred developer fee. Upon Committee approval, operating reserve amounts in excess of industry norms may be considered “reasonable costs,” for purposes of this subsection, only for homeless assistance projects under the Non- Profit Set-Aside, as described in Section 10315(b), Special Needs projects, HOPE VI projects, or project based Section 8 projects. The original Sources and Uses budget and the final cost certification shall demonstrate the initial and subsequent funding of the operating reserves.

Reserve Accounts. All unexpended funds in project reserve accounts shall remain with the project to be used for the benefit of the property and/or its residents.

Reserve Accounts. Autobooks reserves the right, at its option, to establish a reserve of funds satisfactory to Autobooks to cover anticipated fees, chargebacks, returns, any other applicable assessments and any other actual or anticipated liabilities incurred or in good faith anticipated to be incurred by Autobooks or Bank on behalf of User, if Autobooks determines such action is reasonably necessary to protect its (or Bank’s or its TPSP’s) interests or upon reasonable belief that User will not be able to satisfy its obligations under this Exhibit E. Autobooks may, at its option: (a) require User to fund the reserve account; (b) debit User’s primary Account to establish or maintain funds in the reserve account; and/or (c) deposit into the reserve account amounts otherwise payable to User under this Exhibit E. All funds held in the reserve account shall be the sole and exclusive property of Autobooks, and Autobooks shall have sole control of such funds. The funds will be maintained in an account owned by Autobooks at Bank or another depository institution designated by Autobooks in its sole discretion. Autobooks may at any time require that the amount on deposit in the reserve account be increased. User must maintain at all times a balance in the reserve account sufficient to protect Autobooks and Bank against losses resulting from transactions initiated by User. Autobooks and Bank may, without notice to User, withdraw from and apply deposits in the reserve account against any outstanding amounts User owes to Autobooks or Bank, whether under this Exhibit E or any other agreement, and Autobooks and Bank may exercise against the reserve account any rights they may with respect to any other amounts owed, including without limitation rights of set- off and recoupment. All reserve funds not withdrawn by Autobooks or Bank in accordance with this Exhibit E shall remain in such account, including after termination of this Exhibit E, until User has paid in full all amounts owing or that could ever be owed under this Exhibit E, including, without limitation, all outstanding/uncollected amounts and potential chargebacks, in Autobooks’s sole discretion. In no event shall User be entitled to a return of any sums remaining in the reserve account before two hundred seventy (270) days following the effective date of termination of this Exhibit E. Alternatively to, or in addition to, a reserve account, Autobooks reserves the rights to require User to establish an irrevocable standby letter o...

Reserve Accounts. The Servicer shall administer each Reserve Account in accordance with the related Note, Mortgage and Loan Agreement.

Reserve Accounts. Under the terms of the 7-Year Notes Indenture, so long as any of the 7-Year Notes are Outstanding, the Company will establish and maintain with a bank located in New York two U.S. dollar-denominated reserve accounts (the “Reserve Accounts”) to which the Company will transfer, on a ratable basis (by reference to the amounts of principal and interest due (including additional amounts) within twelve months of the date of determination under the 7-Year Notes, in one case, and the 10-Year Notes, in the other case), on the first Interest Payment Date following May 15th (the “First Annual Transfer Date”) and November 15th (the “Second Annual Transfer Date” and, together with the First Annual Transfer Date, the “Transfer Dates”) of any given year, any amount of Excess Cash calculated, in the case of the First Annual Transfer Date, by reference to the Company’s unaudited interim consolidated financial statements as of and for the three-month period ended March 31st of the same calendar year, and for the Second Annual Transfer Date, by reference to the Company’s unaudited interim consolidated financial statements as of and for the three-month period ended September 30th of the same calendar year, so that (A) the balance in one of the Reserve Accounts (the “7-Year Notes Reserve Account”) shall not exceed the sum of (x) 12 months of interest payments on the 7-Year Notes (assuming an interest rate of 7% for any 7-Year Notes that are 7-Year Floating Rate Notes) and Additional Amounts, if any, thereon and (y) any amount of principal of the 7-Year Notes due within 12 months of such Transfer Date, and (B) the balance in the other Reserve Account (the “10-Year Notes Reserve Account”) shall not exceed 12 months of interest payments on the 10-Year Notes and Additional Amounts, if any, thereon. Amounts required to be transferred in accordance herewith will be determined by reference to the Peso amounts using the Company’s consolidated balance sheets for the relevant dates and converting such amounts into U.S. Dollars at the prevailing exchange rate on the Buenos Aires business day immediately preceding the relevant Transfer Date. The 7-Year Notes Reserve Account shall be subject to a first-priority security interest in favor of the Trustee, as collateral agent for the Holders of 7-Year Notes. In the event that on any Transfer Date any restrictions or prohibition of access to the Argentine foreign exchange market exists, the Company agrees to transfer all amounts required to be...