Loan Reserve Account. The Borrower shall create a segregated Loan Reserve Account that shall be held in trust for the benefit of DEQ. The Borrower hereby grants to DEQ a security interest in and irrevocably pledges the Loan Reserve Account to pay the amounts due under this Loan Agreement. The funds in Loan Reserve Account so pledged and hereafter received by the Borrower shall immediately be subject to the lien of such pledge without physical delivery or further act, and the lien of the pledge shall be superior to all other claims and liens whatsoever, to the fullest extent permitted by ORS 287A.310. The Borrower represents and warrants that the pledge of the Loan Reserve Account hereby made by the Borrower complies with, and shall be valid and binding from the date of this Agreement pursuant to, ORS 287A.310. The Borrower shall use the funds in the Loan Reserve Account solely to pay amounts due hereunder until the principal, interest, fees, and any other amounts due hereunder have been fully paid.
Loan Reserve Account. On the date the loan is effective, we will transfer to a "Loan Reserve Account" an amount equal to the sum of (1) the loan amount, which will earn interest at the "Loan Reserve Account Rate" during the loan term and (2) 10% of the loan amount, which will earn interest at the Guaranteed Interest Rate. The Participant may not make any partial withdrawals or transfers among Variable Investment Options or to another 457(b) funding arrangement or qualified employer plan from the Loan Reserve Account until after repayment of the principal amount then due. The Participant may specify on the Loan Request Form from which Investment Option(s) the Loan Reserve Account will be funded.
Loan Reserve Account. On the Loan Effective Date, we will transfer to a "Loan Reserve Account" an amount equal to the sum of (1) the loan amount, which will earn interest at the "Loan Reserve Account Rate" during the loan term but in no event less than the minimum Guaranteed Interest Rate, as defined in the Contract; and (2) 10% of the loan amount, which will earn interest at the Guaranteed Interest Rate. The "Loan Reserve Account Rate" will equal the loan interest rate (see the Subsection below) minus 2%, or such other percentage which is determined according to our then current procedures and which is not greater than permitted under any current applicable state or federal law. Unless the Employer or the Employer's Designee specifies otherwise, the Annuitant may specify on the Loan Request Form from which Investment Option(s) the Loan Reserve Account will be funded. In the absence of direction, or if the directions cover only part of the amount required to be transferred to the Loan Reserve Account, we will transfer the required (or additional required) amounts from each Investment Option in proportion to the amount in such Investment Options. On the first day of the third month following the effective date of the loan and quarterly thereafter (or first business day thereafter, if such day is not a business day), the amount of interest earned at the Loan Reserve Account Rate annually during the prior quarter will be transferred to the portion of the Loan Reserve account that earns interest at the Guaranteed Interest Rate. Until after repayment of your loan then due, including interest due but not paid, (i) no withdrawals may be made from any part of the Cash Value, (ii) no transfers of amounts among Investment Options may be made, (iii) no transfers may be made from this Contract to another 457(b) plan or 457(b) plan funding vehicle, (iv) nor may amounts be rolled over to another eligible retirement plan. Loan Interest Rate: We will from time to time set the effective annual rate at which interest on a loan will accrue daily (the "loan interest rate"). Such rate will be not greater than any maximum rate required under any current applicable state or federal law. If requested by the Employer or the Employer's Designee, we will substitute the rate requested by the Employer or the Employer's Designee, subject to any limitations imposed by law. The rate so determined by us will be a reasonable rate based on prevailing rates available at the date of determination on loans charged ...
Loan Reserve Account. On the date the loan is effective, Equitable will transfer to a "Loan Reserve Account" an amount equal to the sum of (1) the loan amount, which will earn interest at the "Loan Reserve Account Rate" during the loan term and (2) [10%] of the loan amount, which will earn interest at the Guaranteed Interest Rate. The Participant may not make any partial withdrawals or transfers among Variable Investment Options or to another 403(b) funding arrangement or qualified employer plan from the Loan Reserve Account until after repayment of the principal amount then due. The Participant may specify on the Loan Request Form from which Investment Option(s) the Loan Reserve Account will be funded. The "Loan Reserve Account Rate" will equal the loan interest rate (see subsection D below) minus [2%], or such other percentage determined by Equitable in accordance with its then current procedures. Such rate shall not be greater than permitted under any current applicable state or federal law.
Loan Reserve Account. The Loan Reserve Account shall be established with the Authority and shall be funded with proceeds of the Loan in accordance with the provisions of Section 2.03(a)(7) hereof, or shall be funded from moneys of the Municipality. If funded from proceeds of the Loan, such funding shall be made during the construction and/or acquisition of the Project in proportionate amounts relating to each disbursement for Project Costs such that when the Project is completed, as evidenced in accordance with the provisions of Section 2.04(a), the Loan Reserve Account shall equal the Loan Reserve Requirement. If funded from moneys of the Municipality, the Loan Reserve Account shall equal the Loan Reserve Requirement prior to the initial disbursement for Project Costs. Except as hereinafter provided in this Section, all amounts paid and credited to the Loan Reserve Account shall be expended and used by the Municipality solely to prevent any default in the payment of interest on or principal of the Loan if the moneys in the debt service account are insufficient to pay the interest on or principal of said Loan as they become due. So long as the Loan Reserve Account aggregates the Loan Reserve Requirement, no payments into said Account shall be required, but if the Municipality is ever required to expend and use a part of the moneys in the Loan Reserve Account for the purpose herein authorized and such expenditure reduces the amount of the Loan Reserve Account below the Loan Reserve Requirement, the Municipality shall transfer all available System Revenues, after providing for the transfers set forth in subsections (c)(1) and (c)(2) above into the Loan Reserve Account until the Loan Reserve Account shall again aggregate the Loan Reserve Requirement. Moneys in the Loan Reserve Account may be used to prepay and/or retire all Outstanding principal and interest payments under the Loan. Moneys in the Loan Reserve Account shall be invested as a separate fund in accordance with the provisions and restrictions of the Master Indenture of the Authority authorizing the issuance of the Bonds. Investment earnings on moneys held in the Loan Reserve Account, not to exceed the Loan Reserve Account Rate, shall be credited to each succeeding Loan Repayment. Investment earnings in excess of the Loan Reserve Account Rate shall be retained by KDHE in the Revolving Loan Fund and shall not be credited to Loan Repayments; provided that if investment earnings on the Loan Reserve Account do not equal the ...
Loan Reserve Account
