Liquidity Reserve. The Servicer, in its discretion, may establish a liquidity reserve (the “Liquidity Reserve”) from which to fund Servicing Advances (including litigation costs and expenses (including attorneys’ fees)), P&I Advances and Interest Shortfall with respect to the Mortgage Loans. If the Servicer elects to establish a Liquidity Reserve it shall establish a Liquidity Reserve Account at a Qualified Depository. The Liquidity Reserve Account shall be held in trust for the benefit of the Owner and shall be established and maintained for the sole purpose of holding and distributing the Liquidity Reserve funds. The Servicer may fund the Liquidity Reserve with such portion of distributions on the Mortgage Loans (but such portion shall nonetheless be deemed to have been distributed to Owner) as it deems appropriate, in the exercise of its reasonable discretion, or otherwise request Owner to fund such Liquidity Reserve, in which case Owner shall fund such Liquidity Reserve as so requested. At the termination of this Agreement, all remaining funds held in the Liquidity Reserve shall be distributed to the Owner. Amounts on deposit in the Liquidity Reserve Account shall be invested in Eligible Investments, shall not be used to pay costs or expenses other than Servicing Advances (including litigation costs and expenses (including attorneys’ fees)), P&I Advances and Interest Shortfall, and shall be used to pay such amounts only in any month in which the distributions on the Mortgage Loans received during that month are insufficient to provide sufficient cash to pay all such amounts due and payable during that month. No funds from any other source (other than interest or earnings on the funds held in the Liquidity Reserve Account) shall be commingled in the Liquidity Reserve Account. Amounts on deposit in the Liquidity Reserve Account (including interest and earnings thereon) shall be used and may be withdrawn and disbursed only in accordance with the provisions of this paragraph. The Servicer shall be authorized and directed to withdraw funds from the Liquidity Reserve Account only to make disbursements in accordance with this Agreement and not for any other purpose. Notwithstanding anything in this Section 4.17(a) to the contrary, it is expressly understood that the Servicer’s failure to establish or require the Owner to establish or fund a Liquidity Reserve shall not preclude the Servicer from seeking reimbursement from the Owner for Servicing Advances (including litigation co...
Liquidity Reserve. The amount on deposit in the Liquidity Reserve Account shall not be less than the Liquidity Reserve Account Required Balance, taking into account the application of the proceeds of the Advances on the Funding Date.
Liquidity Reserve. To provide the necessary monies for exchanges or redemptions from the stable value investment option, if any, under the Plan, the Sponsor agrees that the Plan shall maintain a liquidity reserve for the Plan's stable value investment options consisting of Colchester Street Trust: Money Market Portfolio: Class I or such other Mutual Fund or commingled money market pool as agreed to by the Sponsor and the Trustee.
Liquidity Reserve. (a) If, at any time, the Borrower shall fail, as of the last day of a fiscal quarter for the four-quarter period ending on such date to maintain an Interest Coverage Ratio of at least 1.50 to 1.00 and an ACCFO Ratio of at least 2.00 to 1.00 (the “Liquidity Test”), the Borrower shall, not more than five (5) Business Days after the Compliance Date for such quarter, cause to be on deposit in one or more Liquidity Reserve Accounts with one or more of the Liquidity Reserve Banks (as selected by the Borrower) an amount not less than 200% of Consolidated Interest Incurred during such four-quarter period. Within ten (10) days following such Compliance Date and on each Compliance Date thereafter, the Borrower shall furnish to the Agent a certificate confirming compliance with this Section 6.26(a) and identifying the amounts on deposit in each Liquidity Reserve Account held by each Liquidity Reserve Bank.
(b) If the Borrower shall satisfy the Liquidity Test as of the last day of any fiscal quarter for the four-quarter period ending on such day and shall have furnished the financial statements and Compliance Certificate required to be furnished under Sections 6.1 and 6.2 with respect to such fiscal quarter evidencing the same, the Borrower may withdraw any and all funds from the Liquidity Reserve Accounts and shall not thereafter be required to maintain any Liquidity Reserve Accounts unless and until thereafter required pursuant to the provisions of Section 6.26(a). If, at any time that the Borrower is required to maintain amounts on deposit in Liquidity Reserve Accounts, the amounts on deposit in Liquidity Reserve Accounts exceed 200% of the Consolidated Interest Incurred determined as of the end of any fiscal quarter and the Borrower has furnished the financial statements and Compliance Certificate required to be furnished under Sections 6.1 and 6.2 with respect to such fiscal quarter evidencing the same, the Borrower may at any time prior to the Compliance Date for the fiscal quarter next succeeding such fiscal quarter withdraw from the Liquidity Reserve Accounts an aggregate amount equal to such excess.
(c) If at any time any Liquidity Reserve Bank ceases to be a Lender under this Agreement or is a Defaulting Lender, all funds held by such Liquidity Reserve Bank in a Liquidity Reserve Account shall be immediately transferred to another Liquidity Reserve Account held by another Liquidity Reserve Bank (as designated by the Borrower or, in the absence of such design...
Liquidity Reserve. On or prior to the Initial Advance Date, the Borrower shall have opened an account (number UBSAFL.6) in the name of the Borrower maintained with the Account Bank (the “Liquidity Reserve Account”) and deposited into such Liquidity Reserve Account an amount at least equal to the Liquidity Reserve Initial Required Amount as of such Initial Advance Date (and after giving effect to the Initial Advances to be funded on such date) less the aggregate available amount under each Liquidity Reserve Eligible Letter of Credit.
Liquidity Reserve. A new Section 6.26 is hereby added to the Credit Agreement between Sections 6.25 and 6.27 to read as follows:
Liquidity Reserve. If at any time the Issuer reasonably determines that amounts will be required to be borrowed under the Line of Credit Agreement or withdrawn from the Liquidity Account pursuant to Section 5.7(a)(i) (or drawn upon or withdrawn from any similar facility or account that supports interest payable on any Additional Timber Notes) on the next succeeding Note Payment Date, and funds to be so borrowed or on deposit in the Liquidity Account (or available from any similar facility or account that supports interest on any Additional Timber Notes) are for any reason unavailable, during the continuance of such unavailability, the Issuer shall use its best efforts (consistent with prudent business practices) to obtain funds in the amount of such shortfall from third parties, by offering logs for sale to third parties or otherwise.
Liquidity Reserve. The Manager may, in its sole discretion and to the fullest extent permitted by applicable laws and regulations, cause the Company to establish a liquidity reserve (a “Liquidity Reserve”) to maintain a specified liquidity position, for the purpose of satisfying redemption requests by Investor Members pursuant to the terms, conditions and restrictions of any respective Redemption Plan.
Liquidity Reserve. On the Closing Date, Borrower shall deposit with Lender an amount equal to Four Hundred Fifty-Four Thousand Nine Hundred Seventeen Dollars ($454,917) and Borrower shall deposit with Lender an amount equal to Two Hundred Fifteen Thousand Dollars ($215,000) on each Payment Date occurring during the months of August through and including December (said amounts, hereinafter, the “Liquidity Reserve Fund”) for the purpose of funding a liquidity reserve fund for the payment of Debt Service and any other amounts due under this Agreement and the other Loan Documents and for debt service and other amounts due under the Mezzanine Loan and the Junior Mezzanine Loan. If on any Payment Date, there is a shortfall in any of the amounts due under this Agreement and the other Loan Documents or any amounts due under the Mezzanine Loan or the Junior Mezzanine Loan, then Lender shall withdraw an amount equal to such shortfall amount from the amounts on deposit in the Liquidity Reserve Fund and deposit such amount into the Cash Management Account to be applied in accordance with the Cash Management Agreement in order to pay such shortfall amount. No Event of Default shall occur by reason of Borrower’s failure to deposit into the Liquidity Reserve Fund the amounts required under this Section 7.7, provided that the insufficiency of any balance in the Liquidity Reserve Fund shall not relieve Borrower from its obligation to pay Debt Service and any other amounts as required under this Agreement and the other Loan Documents and debt service and any other amounts as required under the Mezzanine Loan and the Junior Mezzanine Loan.
Liquidity Reserve. 20 (i) Trustee Powers......................................................21 Section 6. Recordkeeping and Administrative Services to Be Performed.........22 (a) General.............................................................22 (b) Accounts............................................................22 (c) Inspection and Audit................................................23 (d) Notice of Plan Amendment............................................23 (e) Returns, Reports and Information....................................23 (f) Plan Administration Manual..........................................24 (g) Compliance..........................................................24 (h) Updates.............................................................24 (i) Errors..............................................................25 (j) On-Site Visits......................................................25 (k) Fiduciary Status....................................................25 (l) Retention of Records................................................25 (m) Compliance with Applicable Laws.....................................26 (n) Plan Data...........................................................26
