General Reserve Account. The Issuer hereby directs and the Indenture Trustee hereby agrees to continue to maintain an account (the “General Reserve Account”) for the benefit of the Noteholders. The General Reserve Account is an Eligible Bank Account initially established at the corporate trust department of the Indenture Trustee, bearing the following designation “BXG Timeshare Trust I, Timeshare Loan-Backed VFN Notes, Series I — General Reserve Account, U.S. Bank National Association, as Indenture Trustee for the benefit of the Noteholders”. The Indenture Trustee on behalf of the Noteholders shall possess all right, title and interest in all funds on deposit from time to time in the General Reserve Account and in all proceeds thereof. The General Reserve Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders as their interests appear in the Trust Estate. If, at any time, the General Reserve Account ceases to be an Eligible Bank Account, the Indenture Trustee shall within two Business Days establish a new General Reserve Account which shall be an Eligible Bank Account, transfer any cash and/or any investments to such new General Reserve Account and from the date such new General Reserve Account is established, it shall be the “General Reserve Account”. Amounts on deposit in the General Reserve Account shall be invested in accordance with Section 3.1 hereof. Deposits to the General Reserve Account shall be made in accordance with Section 3.4 hereof. Withdrawals and payments from the General Reserve Account shall be made in the following manner:
General Reserve Account. (a) Pursuant to Section 4.1, the Indenture Trustee shall establish and maintain a General Reserve Account or Accounts for each Series, each of which shall be an Eligible Account, for the benefit of the Noteholders of such Series. If any such account loses its status as an Eligible Account, the funds in such account shall be moved to an account that qualifies as an Eligible Account within thirty (30) days. On or prior to the Issuance Date for each Series, the Issuer shall cause an amount equal to the related General Reserve Required Amount(s) to be deposited into the related General Reserve Account(s). Thereafter, on each Payment Date and Interim Payment Date, the Indenture Trustee shall withdraw Available Funds from the Note Payment Account and deposit them into each such General Reserve Account pursuant to, and to the extent required by, Section 4.5(a) and the related Indenture Supplement.
General Reserve Account. An account established for each Series which shall be a segregated non-interest bearing trust account which is an Eligible Account, established and maintained pursuant to Section 4.6, and in the name of the Indenture Trustee in trust for the Noteholders and identified by each relevant Series.
General Reserve Account. In accordance with the terms and provisions of this Section 5 and Section 4.6 of the Base Indenture, the Indenture Trustee shall establish and maintain a General Reserve Account with respect to the Series 2013-VF1 Notes, which shall be an Eligible Account, for the benefit of the Series 2013-VF1 Noteholders.
General Reserve Account. Pursuant to the terms and conditions described herein, Company may be required to establish and fund an account (the “General Reserve Account”) at WFB, provided that there shall be no minimum balance in the General Reserve Account, and that each of Company and WFB agree that the initial balance in the General Reserve Account shall be $0. Company's obligation to fund the General Reserve Account may satisfied with an irrevocable pledge to WFB of a certificate of deposit or the delivery of an irrevocable letter of credit (with WFB listed as sole beneficiary), and in each case the instrument must be from or with a bank that is reasonably acceptable to WFB. If Company does not provide either of the listed funding options then WFB will be entitled to fund the General Reserve Account to cover such obligation by deductions or offsets to payments otherwise due to Company. Subject to Section 5.11.2, Company shall maintain such amount (or other amount agreed by both parties) in the General Reserve Account at all times during the term of this Agreement and thereafter as provided in Section 5.11.3. WFB retains the right to change the amount of the General Reserve during the term of this Agreement as described herein. WFB may request that Company fund the General Reserve upon ten (10) days written notice to Company, except that if Company terminates or significantly limits its business operations, is liquidated, dissolved, enters into receivership, makes an assignment for the benefit of creditors, is insolvent or unable to pay its debts as they mature in the ordinary course of business, or if there are any proceedings instituted by or against Company in bankruptcy or under any insolvency laws or for reorganization, receivership or dissolution, then WFB may request the amount of the required balance immediately upon written notice to Company. Any required balance of the General Reserve Account shall be reasonably related to the potential outstanding maximum liability related to the Transactions, and such maximum liability may be assessed based on the relative financial stability of Company, both as determined by WFB in its sole discretion. If WFB determines that it is necessary to change the amount required to be held in the General Reserve during the term of this Agreement, WFB will consider any supporting information related to Company's financial risk, and WFB shall provide a summary of WFB's analysis to Company upon request. In reaching its determination, factors tha...
General Reserve Account. (a) Pursuant to Section 4.1, the Indenture Trustee shall establish and maintain a General Reserve Account, which shall be an Eligible Account, for the benefit of the Noteholders. If any such account loses its status as an Eligible Account, the funds in such account shall be moved to an account that qualifies as an Eligible Account within thirty (30) days. On or prior to the Closing Date, the Issuer shall cause an amount equal to the General Reserve Required Amount to be deposited into the General Reserve Account. Thereafter, on each Payment Date and Interim Payment Date, the Indenture Trustee shall withdraw Available Funds from the Note Payment Account and deposit them into the General Reserve Account pursuant to, and to the extent required by, Section 4.5(a).
General Reserve Account. The Borrower shall not, and shall not permit any of its Subsidiaries to, deposit into the General Reserve Account (as defined in the Merchant Financial Services Agreement) an amount in excess of $25,000,000 in the aggregate during the term of this Agreement; provided, however, that it is understood and agreed that such $25,000,000 limitation shall exclude amounts that are refunded to the Borrower from the General Reserve Account.
General Reserve Account. There shall be $400,000 in the General Reserve Account on the Original Maturity Date.
General Reserve Account. Borrower shall not fund the General Reserve Account from any amounts on deposit in, or required to be deposited into, the Remittance Account or any Collection Account other than Available Income.
General Reserve Account. On or before July 1, 2006, Borrower shall establish with Lender a general reserve account (the "GENERAL RESERVE ACCOUNT") with a deposit of at least $500,000. The General Reserve Account shall be a blocked account over which Borrower shall have no control. The initial deposit in the General Reserve Account shall be such amount as Borrower may determine and shall be funded from sources other than the proceeds of the Loan. The payment and performance of the Note and all of the other Obligations hereunder and under the Loan Documents shall be secured by the General Reserve Account pursuant to the terms of an agreement (as amended from time to time, the "DEPOSIT ACCOUNT SECURITY AGREEMENT"), which shall be satisfactory in form and substance to Lender. After the occurrence of an Event of Default, Lender may (but shall not be obligated to) apply all or any portion of funds on deposit in the General Reserve Account against the unpaid Obligations in such order as Lender may determine. Funds on deposit in the General Reserve Account shall bear interest at Lender's money market account rate, provided that such account shall be subject to the terms, requirements and restrictions imposed upon Lender's passbook accounts generally.
