Cash Reserve Account. The Agent has established and will maintain in existence the Cash Reserve Account. The Cash Reserve Account shall be used to hold the Cash Reserve and for such other purposes described in the Transaction Documents.
Cash Reserve Account. (a) From time to time after the date hereof, the Borrower may enter into one or more Cash Reserve Account Agreements and open and maintain a segregated trust account (any such account, a “Cash Reserve Account”) at the Lender’s Bank, for the receipt of amounts representing any Cash Reserves funded with respect to any Pool B Contract. The Servicer shall promptly deposit into the Cash Reserve Account, all Cash Reserves related to Pledged Pool B Receivables which are in the possession of, or come into the possession of, the Servicer or the Originator. Monies received in any Cash Reserve Account shall be invested in Permitted Investments at the written direction of the Servicer or the Lender (as determined in accordance with the Cash Reserve Account Agreement) during the term of this Agreement, and any income or other gain realized from such investment shall be held in such Cash Reserve Account, subject to disbursement and withdrawal as herein provided. No such Permitted Investment shall mature later than the Business Day preceding the next following Remittance Date and shall not be sold or disposed of prior to its maturity. Monies shall be subject to withdrawal in accordance with Section 2.06(d) hereof.
(b) The Servicer shall provide to the Borrower monthly written confirmation of investments of funds held in each Cash Reserve Account, describing the Permitted Investments in which such amounts have been invested. Any funds not so invested shall be insured by the Federal Deposit Insurance Corporation.
(c) If any amounts invested as provided in Section 2.06(a) hereof shall be subject to disbursement from a Cash Reserve Account as set forth in Section 2.06(d) hereof, the Servicer shall cause such investments of such Cash Reserve Account to be sold or otherwise converted to cash to the credit of such Cash Reserve Account. The Servicer shall not be liable for any investment loss resulting from investment of money in the Cash Reserve Account in any Permitted Investment in accordance with the terms hereof (other than in its capacity as obligor under any Permitted Investment and other than to the extent such loss results from the gross negligence or willful misconduct of the Servicer).
(d) Disbursements from any Cash Reserve Account shall be made, to the extent funds therefore are available, only as follows:
(i) for deposit in the Collection Account in accordance with the direction of the Servicer prior to 2:00 p.m. New York time on the Business Day prior to any Remit...
Cash Reserve Account. To the extent that on any Business Day before the Termination Date the Trust’s Share of Collections is less than the sum of the amounts referred to in Sections 2.6(a) through (c), the Trust shall apply, by deposit to the Collection Account, any amounts on deposit in the Cash Reserve Account to make the allocations specified in Sections 2.6(a) through (c) on such Business Day. On each Remittance Date prior to the Termination Date, any Cash Reserve Excess Amount shall, if requested by the Seller, be paid to the Seller on account of Deferred Purchase Price. On the Termination Date, the balance of the Cash Reserve Account shall be deposited to the Collection Account and applied under Section 2.9.
Cash Reserve Account a) On each Transfer Date, if and to the extent necessary, the Trust shall instruct the Custodian to withdraw from amounts deposited to the Cash Reserve Account in respect of a Cash Reserve Event (but not in respect of the Pre-Accumulation Reserve Period) and deposit to the Accumulations Account an amount equal to the related Cash Reserve Draw which shall be applied on account of that portion of the Cumulative Deficiency attributable to, (i) first, paragraph (c) of the definition thereof and, (ii) second, paragraph (b) of the definition thereof.
b) On the Targeted Principal Distribution Date, the Trust shall instruct the Custodian to withdraw all amounts deposited to the Cash Reserve Account in respect of the Pre-Accumulation Reserve Period which are necessary to ensure (to the extent possible) payment in full of all amounts then owing on the Series 2023-1 Notes and deposit such amounts to the Accumulations Account.
c) On the earlier of (i) the Reporting Day on which the Invested Amount of the Series 2023-1 Ownership Interest has been reduced to zero, (ii) the Calculation Day on which a Cash Reserve Event ceases to exist, and (iii) the Series Termination Date, the Trust shall instruct the Custodian to release the balance, if any, remaining in the Cash Reserve Account (and deposited thereto in respect of a Cash Reserve Event) to the Seller in full satisfaction of any obligation to the Seller in respect of such amounts deposited therein. If at any time the Available Cash Reserve Amount exceeds the Required Cash Reserve Amount, the Trust shall instruct the Custodian to immediately release such excess to the Seller.
Cash Reserve Account. (1) On each Transfer Date, if and to the extent necessary, the Trust shall instruct the Custodian to withdraw from amounts deposited to the Cash Reserve Account in respect of a Cash Reserve Event (but not in respect of the Pre-Accumulation Reserve Period) and deposit to the Accumulations Account an amount equal to the related Cash Reserve Draw which shall be applied on account of that portion of the Cumulative Deficiency attributable to, (i) first, paragraph (c) of the definition thereof and, (ii) second, paragraph
Cash Reserve Account. The Debtor shall establish a cash -------------------- reserve depositary trust account and maintain in such account a cash reserve (the "Cash Reserve") for use in accordance with Section 5.3.
Cash Reserve Account. At all times from the Fourth Amendment Closing Date until the Cash Reserve Account Release Date, Borrower shall maintain on deposit at least $7,500,000 in immediately available funds in the Cash Reserve Account, shall at all times prior to the Cash Reserve Account Release Date maintain the Cash Reserve Account and not use the Cash Reserve Account for any purpose other than holding the funds described above, and shall at all times until the Cash Reserve Account Release Date cause the Cash Reserve Account to be subject to a deposit account control agreement among Borrower, Agent and the depositary bank at which the Cash Reserve Account is established pursuant to which the Cash Reserve Account is under the sole dominion and control of Agent. Absent the consent of Agent and Required Lenders to the contrary following the Fourth Amendment Closing Date (which may be given or withheld in their sole discretion), upon the earlier of (x) September 30, 2016 (or such later date not more than thirty (30) days thereafter as may be agreed by Agent in its sole discretion) and (y) the occurrence and continuation of an Event of Default on or after the Fourth Amendment Closing Date (or Agent or Borrower acquiring knowledge following the Fourth Amendment Closing Date of any Event of Default that was in existence on or prior to the Fourth Amendment Closing Date), Borrower authorizes Agent to direct the depository bank at which the Cash Reserve Account is established to remit all funds therein to Agent (and shall take any action that may be requested by Agent (including issuing its own direction to depository bank to remit such funds to Agent) in order to cause such funds to be remitted to Agent) for application to the Term Loans as a voluntary prepayment thereof, to be applied (i) pro rata to the then outstanding principal amount of the Term A Loans and Term B Loans, and (ii) as to the amounts applied to the Term A Loans and Term B Loans, be applied to the scheduled installments thereof in the inverse order of maturity (provided, for the avoidance of doubt, that if Agent receives the funds from the Cash Reserve Account following the occurrence of an Acceleration Event, such funds shall instead be applied in accordance with Section 2.12.2(b)). If, in connection with the award of a Department of Education Contract to a Loan Party, or otherwise, Agent and Required Lenders agree in their sole discretion following the Fourth Amendment Closing Date that all or a portion of the funds ...
Cash Reserve Account. On or prior to the date hereof, the Borrower shall establish and maintain, or cause to be established and maintained, the Cash Reserve Account. The Cash Reserve Account shall be maintained in a segregated trust account in the trust department of the Trustee or another commercial bank designated by the Trustee, and shall be under the sole dominion and control of, and in the name of, the Trustee. The Cash Reserve Requirement shall be deposited to the Cash Reserve Account from proceeds of the initial Advance and additional amounts shall be deposited to the Cash Reserve Account pursuant to Section 2.05(c)(vi) hereof. Funds on deposit in the Cash Reserve Account may be invested from time to time in Permitted Investments in accordance with Section 2.08 hereof. The Trustee shall apply funds on deposit in the Cash Reserve Account as described in Section 2.07 hereof. If amounts available in the Collection Account are insufficient to restore the Cash Reserve Account to the Cash Reserve Requirement on the immediately succeeding Settlement Date, the Borrower shall satisfy such deficiency from other sources. If the Borrower is either unable or unwilling to deposit such funds, the Facility Agent may declare a Termination Date to have occurred.
Cash Reserve Account. The amount on deposit in the Cash Reserve Account (including related Permitted Investments) is less than the lesser of (A) $51,000,000 and (B) 20% of the Loan Amount.
Cash Reserve Account. Upon the first occurrence of a Cash Reserve Trigger Event, the Lessee shall, within five (5) Business Days of such Cash Reserve Trigger Event, enter into a CRA Agreement, providing for the establishment and administration of an interest-bearing account for the benefit of the Lessor (the "Cash Reserve Account"). The Lessee agrees that following each Cash Reserve Trigger Event, it shall deposit or cause to be deposited with the CRA Bank, commencing on the first day of the fourth month commencing after the month in which such Cash Reserve Trigger Event occurs and on the first day of each six-month period thereafter which is prior to March 27, 2003 (each such date being a "Scheduled Reserve Payment Date"), an amount in immediately available funds equal to (i) the Cash Reserve Requirement Amount, minus (ii) the aggregate amount of all Surplus Earnings Reduction Amounts with respect to payments pursuant to paragraph (t) of Section 2 hereof theretofore made, to be held and administered by the CRA Bank pursuant to the CRA Agreement; provided, however, that (A) the Lessee's obligation to make any deposit pursuant to the CRA Agreement shall immediately cease upon the occurrence of a CRA Release Event (subject to such obligation being reinstated upon any subsequent occurrence of a Cash Reserve Trigger Event) and (B) upon such occurrence of a CRA Release Event, any funds previously deposited with the CRA Bank by the Lessee shall, within one (1) Business Day thereof, be released to the Lessee by the CRA Bank.
