PE Return Reserve Funds Sample Clauses

PE Return Reserve Funds. (a) On the date hereof, a portion of the Initial Preferred Equity shall be used by the Company to fund a reserve in the amount of $10,000,000 (the “PE Return Reserve Funds”) as provided in this Section. The PE Return Reserve Funds shall be delivered by the Company to Preferred Member on the date hereof and deposited by the Preferred Member in a segregated deposit account in the name of the Preferred Member at a financial institution selected by the Preferred Member (the “PE Return Reserve Account”). The PE Return Reserve Account will be under the sole control and dominion of the Preferred Member, and neither the Company nor the Managing Member shall have any right of withdrawal therefrom. All funds in the PE Return Reserve Account may be invested on a short-term basis in Permitted Investments as determined by the Preferred Member. Any interest or other income generated by such deposits or investments shall be considered part of the PE Return Reserve Funds. Notwithstanding the foregoing, for up to ten days following the date hereof the PE Return Reserve Funds may be held by a title company designated by Preferred Member and invested by such title company as reasonably directed by Preferred Member.
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Related to PE Return Reserve Funds

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property.

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  • Reserve Funds Section 7.1.

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  • Certificate Account; Security Distributions On or before the issuance of the Lower Tier Classes, Xxxxxx Xxx shall either (i) open with an Eligible Depository one or more trust accounts in the name of the Trustee of the Lower Tier REMIC that shall collectively be the “Certificate Account,” (ii) in lieu of maintaining any such account or accounts, maintain the Certificate Account by means of appropriate entries on its books and records designating all amounts credited thereto in respect of the Mortgage Securities and all investments of any such amounts as being held by it in its capacity as Trustee for the benefit of the Holders of the Lower Tier Classes or (iii) maintain the Certificate Account in the form of any combination of accounts or book entries described in clauses (i) and (ii) above. Any manner or manners in which the Certificate Account is maintained may at any time be changed without notice to, or the approval of, Holders of the Lower Tier Classes so long as funds held in the Lower Tier REMIC by, or for the account of, the Trustee shall at all times be identified. To the extent that the Certificate Account is maintained by the Trustee in the manner provided for in clause (ii) above, all references herein to deposits and withdrawals from the Certificate Account shall be deemed to refer to credits and debits to the related books of the Trustee. Xxxxxx Mae shall deposit in the Certificate Account all Security Distributions received by it as Trustee hereunder. All Security Distributions deposited from time to time in the Certificate Account, all investments made with such moneys, including all income or other gain from such investments, shall be held by the Trustee in the Certificate Account as part of the Lower Tier REMIC as herein provided, subject to withdrawal by Xxxxxx Xxx for the purposes set forth in Section 4.05.

  • Deposits into Escrow Account The Concessionaire shall deposit or cause to be deposited the following inflows and receipts into the Escrow Account:

  • Availability of State Funds The State of Florida’s performance and obligation to pay under this Agreement are contingent upon an annual appropriation by the Florida Legislature. In the event that the state funds upon which this Agreement is dependent are withdrawn, this Agreement will be automatically terminated and the Division shall have no further liability to the Grantee beyond those amounts already expended prior to the termination date. Such termination will not affect the responsibility of the Grantee under this Agreement as to those funds previously distributed. In the event of a state revenue shortfall, the total grant may be reduced accordingly.

  • State Interest Liabilities 8.6.1 The State shall be liable for interest on Federal funds from the date Federal funds are credited to a State account until the date those funds are paid out for program purposes.

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