Reserve Accounts definition

Reserve Accounts. With respect to any Mortgage Loan, reserve accounts, if any, established pursuant to the Mortgage or the Loan Agreement and any Escrow Account. Any Reserve Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan and Section 3.07, which Person shall be taxed on all reinvestment income or gain thereon. To the extent not inconsistent with the related Mortgage Loan, each such Reserve Account shall be an Eligible Account.

Examples of Reserve Accounts in a sentence

  • Use of Reserve Accounts, Transfers, and Cashflow: The Asbury Park School District shall apply for the approval from the Commissioner of Education prior to performing certain budget actions, such as making transfers that cumulatively exceed ten percent of the amount originally budgeted.

  • The Commissioners tabled making a decision on that until they had time to review it.D. Parkman read the specific expenditures from the Reserve Accounts as part of the warrants that were to be voted on by the Commissioners.

  • CROC-Backed Debt Proceeds may be used by the Commissions to fund Debt Service Reserves, but not to fund any other category of Reserve Accounts.

  • The Commissions may fund Reserve Accounts with cash contributions from the CROC, which may have the effect of reducing one or more quarterly CROC Pay-Go Contribution payments.

  • The CROC-Backed Debt may be credit enhanced, supported by Reserve Accounts, issued in one or more taxable or tax-exempt series, or otherwise structured and offered so as to achieve the objectives of this Agreement.

More Definitions of Reserve Accounts

Reserve Accounts means both of the following:
Reserve Accounts. One or more accounts required to be established pursuant to the terms of the Mortgage Loan Agreement for the purposes of holding the Reserve Funds.