Reserve Funds Sample Clauses

Reserve Funds. Section 7.1.

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

Reserve Funds. (a) On the Closing Date, (i) the Trustee shall establish the Reserve Funds which will be held in trust by the Trustee, as part of the Separate Interest Trust, on behalf of the Holders of the Class I-A-1, Class I-A-6 and Class I-A-8 Certificates, as applicable, and (ii) the Depositor will deposit or cause to be deposited $1,000 in each Reserve Fund. Each Reserve Fund shall be a separate Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation other moneys of the Trustee held pursuant to this Agreement. The Residual Owner will own the residual interest in each Reserve Fund. Each Reserve Fund shall be an asset of the Separate Interest Trust. (b) On each Distribution Date prior to the Class I-A-1 Cap Contract Termination Date, the Trustee will deposit any amounts received under the Class I-A-1 Cap Contract into the Class I-A-1 Reserve Fund. Amounts on deposit, if any, in the Class I-A-1 Reserve Fund shall be distributed in the following order of priority: (i) on any Distribution Date for which a Basis Risk Shortfall exists in respect of the Class I-A-1 Certificates, the Trustee shall withdraw from the Class I-A-1 Reserve Fund an amount equal to the lesser of (i) the Class I-A-1 Yield Supplement Amount for such Distribution Date and (ii) the balance in the Class I-A-1 Reserve Fund on such Distribution Date, and distribute such amount to the Holders of the Class I-A-1 Certificates; (ii) on any Distribution Date for which an Unpaid Basis Risk Shortfall exists on the Class I-A-1 Certificates, the Trustee shall withdraw from the Class I-A-1 Reserve Fund an amount equal to the lesser of (i) the amount of such Unpaid Basis Risk Shortfall for such Distribution Date and (ii) the balance in the Class I-A-1 Reserve Fund on such Distribution Date, and distribute such amount to the Holders of the Class I-A-1 Certificates; and (iii) on any Distribution Date for which a Carryover Unpaid Basis Risk Shortfall exists on the Class I-A-1 Certificates, the Trustee shall withdraw from the Class I-A-1 Reserve Fund an amount equal to the lesser of (i) the amount of such Carryover Unpaid Basis Risk Shortfall with interest thereon at the applicable Pass-Through Rate (calculated without regard to the maximum Pass-Through Rate limitation) for such Distribution Date and (ii) the balance in the Class I-A-1 Reserve Fund on such Distribution Date, and distribute such amount to the Ho...

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.

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. No later than the Closing Date, the Trustee will establish and maintain Reserve Fund I and Reserve Fund II. On the Closing Date the Senior Underwriter shall deposit with the Trustee, and the Trustee shall deposit into Reserve Fund I, cash in an amount equal to the Reserve Fund I Deposit and deposit into Reserve Fund II, cash in an amount equal to the Reserve Fund II Deposit. The Master Servicer shall direct the Trustee in writing on each Distribution Date to withdraw amounts on deposit in Reserve Fund I for deposit into the Certificate Account, and to pay to the holders of any Retail Certificates pursuant to Section 4.02(a), the amount of Prepayment Interest Shortfalls otherwise allocable to any Retail Certificates pursuant to the definition of Accrued Certificate Interest (to the extent not offset by the Master Servicer pursuant to Section 3.16(e) of this Series Supplement), to the extent of funds on deposit in Reserve Fund I (the amount of such withdrawal for any Distribution Date, the "Reserve Fund I Withdrawal"). In addition, the Master Servicer shall direct the Trustee in writing on each Distribution Date to withdraw amounts on deposit in Reserve Fund II for deposit into the Certificate Account, and to pay to the holders of any Retail Certificates pursuant to Section 4.02(a), the amount of any Relief Act Shortfalls otherwise allocable to any Retail Certificates pursuant to the definition of Accrued Certificate Interest, to the extent of funds on deposit in Reserve Fund II (the amount of such withdrawal for any Distribution Date, the "Reserve Fund II Withdrawal"). For federal income tax purposes, the Senior Underwriter shall be the owner of Reserve Fund I and Reserve Fund II and shall report all items of income, deduction, gain or loss arising therefrom. Notwithstanding anything herein to the contrary, Reserve Fund I and Reserve Fund II shall not be an asset of any REMIC. Reserve Fund I and Reserve Fund II shall be invested in Permitted Investments at the direction of the Senior Underwriter. All income and gain realized from investment of funds deposited in the Reserve Fund I shall be deposited in the Reserve Fund I for the sole use and exclusive benefit of the Reserve Fund I. Similarly, all income and gain realized from investment of funds deposited in the Reserve Fund II shall be deposited in the Reserve Fund II for the sole use and exclusive benefit of the Reserve Fund II. The amount of any loss incurred in respect of any such investments shall be d...

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. Borrower shall cause Mezzanine A to deposit and maintain each of the Mezzanine A Reserve Funds as required under the Mezzanine A 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 each of the Mortgage Loan Reserve Funds and the Mezzanine A 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 and Mezzanine A 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 and the Mezzanine A Loan Documents, as applicable, (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 and Mezzanine A Borrower to acknowledge and agree to the same, and (iii) remit to Lender (and shall cause Mortgage Borrower and Mezzanine A Borrower, as applicable, to remit to Lender) any Mortgage Loan Reserve Funds and any Mezzanine A Reserve Funds, as applicable, remaining in the accounts in which the Waived Reserve Funds are held only if such accounts are no longer being held by Mortgage Lender or Mezzanine A 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 or Mezzanine A Reserve Funds, as applicable, so long as Mortgage Lender or Mezzanine A Lender, as applicable, is maintaining the account related to such Mortgage Loan Reserve Funds or Mezzanin...