Reserve Funds Sample Clauses

Reserve Funds. Section 7.1.

Reserve Funds. (a) The Master Servicer shall establish and maintain three separate Reserve Funds, held in trust for the benefit of the Holders of the Class I-A-2, Class I-A-12 and Class I-A-27 Certificates, respectively. The Master Servicer shall deposit in the applicable Reserve Fund on the date received by it, any related Yield Maintenance Agreement Payment received from the Counterparty for the related Distribution Date. Funds on deposit in each Reserve Fund shall remain uninvested. On each Distribution Date, the Master Servicer shall withdraw from each Reserve Fund any Yield Maintenance Agreement Payment received in respect of such Distribution Date and shall distribute such amounts to the Class I-A-2, Class I-A-12 or Class I-A-27 Certificates, as the case may be. (b) The Master Servicer shall account for the Reserve Funds and the Yield Maintenance Agreements and the rights with respect thereto as assets of the Trust Estate and not as assets of either REMIC created pursuant to this Agreement. The Master Servicer shall treat the portions of the Trust Estate consisting of the Reserve Funds and the Yield Maintenance Agreements and rights with respect thereto as a "grantor trust" under the Code, and the provisions hereof shall be interpreted consistently with this treatment. The Master Servicer shall furnish or cause to be furnished to the Holders of the Class I-A-2, Class I-A-12 and Class I-A-27 Certificates and shall file or cause to be filed with the Internal Revenue Service together with Form 1041 or such other form as may be applicable, their allocable shares of income and expenses with respect to the property held by the Grantor Trust, at the time or times and in the manner required by the Code. Any amounts in each of the Reserve Funds paid by the Master Servicer pursuant to this Section 4.08 to the Class I-A-2, Class I-A-12 or Class I-A-27 Certificates, as the case may be, shall be accounted for by the Master Servicer as amounts paid to the Class I-A-2, Class I-A-12 or Class I-A-27 Certificates, as applicable, from the Grantor Trust. In addition, the Master Servicer shall account for the rights of the Class I-A-2, Class I-A-12 and Class I-A-27 Certificates to receive amounts from the Reserve Funds as rights in a limited recourse interest rate cap contract written by the Counterparty in favor of the Class I-A-2, Class I-A-12 and Class I-A-27 Certificates.

Reserve Funds. (a) On or before the Closing Date, the Securities Administrator shall establish a Group I Reserve Fund on behalf of the Holders of the Group I Certificates. On the Closing Date, the Depositor shall cause an amount equal to the Group I Reserve Fund Deposit to be deposited in the Group I Reserve Fund. The Group I Reserve Fund shall be an Eligible Account. The Group I Reserve Fund shall be entitled “Group I Reserve Fund, LaSalle Bank National Association, as Securities Administrator on behalf of Citibank, N.A. as Trustee for the benefit of holders of Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLC, SACO I Trust 2006-2, Mortgage-Backed Certificates, Series 2006-2, Group I Certificates”. On each Distribution Date as to which there is a Group I Basis Risk Shortfall Carry Forward Amount payable to any Class of Class I-A, Class I-M or Class I-B Certificates, the Securities Administrator shall deposit the amounts distributable pursuant to clauses (C) and (D) of Section 6.04(a)(3) into the Group I Reserve Fund, and the Securities Administrator has been directed by the Class I-C Certificateholder to distribute any amounts then on deposit in the Group I Reserve Fund to the Holders of the Class I-A, Class I-M or Class I-B Certificates in respect of the Group I Basis Risk Shortfall Carry Forward Amounts for each such Class in the priorities set forth in clauses (C) and (D) of Section 6.04(a)(3). Any amount paid to the Holders of Class I-A, Class I-M or Class I-B Certificates from amounts distributable pursuant to clauses (C) and (D) of Section 6.04(a)(3) pursuant to the preceding sentence in respect of Group I Basis Risk Shortfall Carry Forward Amounts shall be treated as distributed to the Class I-C Certificateholder in respect of the Class I-C Certificates and paid by the Class I-C Certificateholder to the Holders of the Class I-A, Class I-M and Class I-B Certificates, as applicable. Any payments to the Holders of the Class I-A, Class I-M and Class I-B Certificates in respect of Group I Basis Risk Shortfall Carry Forward Amounts pursuant to the second preceding sentence shall not be payments with respect to a “regular interest” in a REMIC within the meaning of Section 860G(a)(1) of the Code. (b) The Group I Reserve Fund is an “outside reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h) and shall be an asset of the Trust Fund but not an asset of any REMIC. The Trustee on behalf of the Trust shall be the nominal owner of the Group I Reserve Fund. The ...

Reserve Funds. (a) Borrower shall cause Mortgage Borrower to deposit and maintain each of the Mortgage Loan Reserve Funds as required under the Mortgage Loan Documents and to perform and comply with all the terms and provisions relating thereto. If requested by Lender, Borrower will promptly provide evidence reasonably acceptable to Lender of compliance with the foregoing. (b) Notwithstanding anything to the contrary contained in this Agreement, if at any time and for any reason the Mortgage Loan Reserve Funds are no longer being maintained and/or are reduced, waived or modified in any material respect (in each case, including, without limitation, due to any waiver, amendment or refinance) (such Mortgage Loan Reserve Funds, the “Waived Reserve Funds”), Borrower shall promptly (i) notify Lender of the same and establish and maintain with Lender and for the benefit of Lender reserves in replacement and substitution thereof (the “Substitute Reserves”), which Substitute Reserves shall be subject to all of the same terms and conditions applicable under the Mortgage Loan Documents, (ii) execute any amendments to this Agreement and/or the other Loan Documents relating to the Substitute Reserves reasonably required by Lender (provided such amendments are substantially similar to the provisions set forth in the Mortgage Loan Agreement relating to the same) and shall cause Mortgage Borrower to acknowledge and agree to the same, and (iii) remit to Lender (and shall cause Mortgage Borrower to remit to Lender) any Mortgage Loan Reserve Funds remaining in the accounts in which the Waived Reserve Funds are held only if such accounts are no longer being held by Mortgage Lender. For the avoidance of doubt, Borrower shall not be required to establish or maintain any Substitute Reserve related to any Mortgage Loan Reserve Funds so long as Mortgage Lender is maintaining the account related to such Mortgage Loan Reserve Funds in accordance with the Mortgage Loan Agreement. In the event that the Mortgage Lender subsequently reinstates all or any Waived Reserve Funds, then the Lender shall cooperate to transfer such Substitute Reserves to the Mortgage Lender, and Borrower shall no longer be required to deposit funds into the accounts which held such Substitute Reserves until such time as any such Waived Reserve Funds subsequently exists. (c) In the event that Lender or Borrower receives Special Reserve Funds (as defined in the Mortgage Loan Agreement) in connection with a Special Reserve Prope...

Reserve Funds. “Reserve Funds” shall mean the Capital Reserve Fund and such additional reserve funds as the parties, by mutual consent, may agree to create.

Reserve Funds. Those reserve accounts deemed appropriate to afford a reliable source of funds for the payment obligations of the Project and, taking into account the variability of costs associated with the Project for the purpose of providing a reliable payment mechanism to address the ongoing costs associated with the Project.

Reserve Funds. The Authority will establish the following for each transit system to record the contributions that have been received but not yet earned as follows:

Reserve Funds. Section 7.1 [Intentionally Omitted] Section 7.2 [Intentionally Omitted]

Reserve Funds. When the option to bank workload credit is exercised, an amount equal to the hourly compensation earned by the full-time faculty member plus ten (10) percent shall be placed in a separate reserve account that will be used only to pay for hourly replacements when the full-time employee schedules a banked workload leave or cashes out unused credit. All interest earned on this reserve shall remain in that account to offset the increases in hourly pay rates over time.