Finance Reserves Sample Clauses
The Finance Reserves clause establishes a requirement for setting aside specific funds to cover anticipated financial obligations or potential liabilities under an agreement. In practice, this clause may mandate that a party maintain a reserve account or earmark a portion of available funds to ensure payment of future expenses, such as maintenance costs, taxes, or debt service. Its core function is to provide financial security and reduce the risk of default by ensuring that adequate resources are available to meet contractual commitments.
Finance Reserves. Purchaser shall receive all finance reserves, if any, and shall assume responsibility for all chargebacks of unearned finance income, vehicle service contracts and credit life insurance, other than chargebacks from default or early payoff prior to the customer making three (3) regular installment payments under the agreement.
Finance Reserves. All finance reserves owned by the Seller on the Closing Date (the "Finance Reserves"). Seller shall furnish to Buyer at Closing a complete and accurate list of the Finance Reserves.