Establishment of Reserve Fund. The Securities Intermediary hereby confirms that (i) the Reserve Fund has been established with the Securities Intermediary, (ii) the Reserve Fund is an account to which financial assets are or may be credited, (iii) the Securities Intermediary shall, subject to the terms of this Agreement and the Indenture, treat the Assignee-Secured Party as entitled to exercise the rights that comprise any financial asset credited to the Reserve Fund, (iv) all property delivered to the Securities Intermediary by or on behalf of the Assignee-Secured Party or the Initial-Secured Party for deposit to the Reserve Fund will promptly be credited to the Reserve Fund and (v) all securities or other property underlying any financial assets credited to the Reserve Fund shall be registered in the name of the Securities Intermediary, endorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any financial asset credited to the Reserve Fund be registered in the name of the Transferor, payable to the order of the Transferor or specially endorsed to the Transferor except to the extent the foregoing have been specially endorsed to the Securities Intermediary or in blank.
Establishment of Reserve Fund. The Trust Administrator shall establish the Reserve Fund and shall keep such fund separate and apart from all other funds and moneys held by the Trust Administrator. All moneys at any time on deposit in the Reserve Fund shall be held by the Trust Administrator in trust for the benefit of the Owners of the Certificates, and applied solely as provided herein.
Establishment of Reserve Fund. 38 Dividends ....... ..... ..... 38 Capitalization ....... ..... .....
Establishment of Reserve Fund. Reserve Funds 172. The Company shall create a Reserve Fund and shall, out of the balance of profit of each year as disclosed in the Profit and Loss Account and before any dividend is declared, transfer to the Reserve Fund equivalent to not less than 20 per cent of such profit or such other percentage as may be notified by any Regulatory Agency.
Establishment of Reserve Fund. The Trustee shall establish a special fund designated as the “Reserve Fund.” All moneys, equal to the Reserve Requirement, at any time on deposit in the Reserve Fund shall be held by the Trustee in trust for the benefit of the Owners of the Certificates, and applied solely as provided herein.
Establishment of Reserve Fund. The Administrator, for the benefit of the Certificateholders, shall cause to be established and maintained in the name of the Trustee, on behalf of the Trust, an account (the "Reserve Fund") which shall be identified as the "Reserve Fund for National Financial Auto Receivables Master Trust (f/k/a NAFCO Auto Receivables Master Trust)" and shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders.
Establishment of Reserve Fund. There is hereby established as a separate fund to be held by the Fiscal Agent, the Community Facilities District No. 2001-1 (Xxxxxx Canyon) 2013 Special Tax Refunding Bonds, Reserve Fund to the credit of which a deposit shall be made as required by clause (i) of Section 4.01(A), which deposit is equal to the initial Reserve Requirement, and deposits shall be made as provided in subclause second of clause (ii) of the second paragraph of Section 4.05(A), and Section 4.05(B). Moneys in the Reserve Fund shall be held by the Fiscal Agent for the benefit of the Owners of the Bonds as a reserve for the payment of principal of, and interest and any premium on, the Bonds and shall be subject to a lien in favor of the Owners of the Bonds.
Establishment of Reserve Fund. The establishment of the Reserve Fund (as defined in the hereinafter defined Tax Compliance Certificate), at the level of funding described in Section of the Tax Compliance Certificate, in the best judgment of the Underwriter, was reasonably required to market the Bonds at the prices and yields listed in Schedule A attached hereto and is reasonable and customary in marketing obligations of the same general type as the Bonds.
Establishment of Reserve Fund. On or prior to the Closing Date, the Depositor shall direct the Reserve Agent to establish, and the Reserve Agent shall establish, in its name and at its office, a segregated trust account referred to herein as the "RESERVE FUND," (which shall be an Eligible Account) and deposit into the Reserve Fund the Reserve Fund Initial Deposit as and when received from the Depositor, in immediately Available Amounts. The Reserve Fund is separate from the Issuer and any amount on deposit therein will not constitute a part of the property of the Trust. Any amounts held on deposit in the Reserve Fund and any investment earnings thereon are owned by, and will be taxable to, the Depositor for federal income tax purposes. The Reserve Fund shall be maintained by the Reserve Agent at all times separate and apart from any other account of the Depositor or the Trust. Amounts shall be withdrawn from the Reserve Fund only in accordance with the provisions of this SECTION 3 and SECTION 9.05 of the Pooling and Servicing Agreement. No passbook, certificate of deposit or other similar instrument evidencing the Reserve Fund shall be issued, and all contracts, receipts and other papers governing or evidencing the Reserve Fund or any of the Reserve Fund Deposits shall be maintained and held by the Reserve Agent for the benefit of the Certificateholders. On termination of this Agreement, as provided in SECTION 3(g), any amount remaining in the Reserve Fund shall be released to the Depositor.
Establishment of Reserve Fund. 19 Section 4.06
