Reserve Accounts. All unexpended funds in project reserve accounts shall remain with the project to be used for the benefit of the property and/or its residents.
Reserve Accounts. All unexpended funds in project reserve accounts shall remain with the Project to be used for the benefit of the property and/or its residents. The minimum replacement reserve deposit for projects shall be $ per unit per year. The on- going funding of the replacement reserve in this amount is a requirement of this Agreement during the Compliance Period, and the Owner shall maintain these reserves in a segregated account. Funds in the replacement reserve shall only be used for capital improvements or repairs. An operating reserve shall be funded in an amount equal to three months of estimated operating expenses and debt service under stabilized occupancy. Additional funding will be required only if withdrawals result in a reduction of the operating reserve account balance to 50% or less of the originally funded amount. An equal, verified operating reserve requirement of any other debt or equity source may be used as a substitute, and the reserve may be released following achievement of a minimum annual debt service ratio of 1.15 for three consecutive years following stabilized occupancy only to pay deferred developer fee. Upon Committee approval, operating reserve amounts in excess of industry norms may be considered “reasonable costs,” for purposes of this subsection, only for homeless assistance projects under the Non- Profit Set-Aside, as described in Section 10315(b), Special Needs projects, HOPE VI projects, or project based Section 8 projects. The original Sources and Uses budget and the final cost certification shall demonstrate the initial and subsequent funding of the operating reserves.
Reserve Accounts. Autobooks reserves the right, at its option, to establish a reserve of funds satisfactory to Autobooks to cover anticipated fees, chargebacks, returns, any other applicable assessments and any other actual or anticipated liabilities incurred or in good faith anticipated to be incurred by Autobooks or Bank on behalf of User, if Autobooks determines such action is reasonably necessary to protect its (or Bank’s or its TPSP’s) interests or upon reasonable belief that User will not be able to satisfy its obligations under this Exhibit E. Autobooks may, at its option: (a) require User to fund the reserve account; (b) debit User’s primary Account to establish or maintain funds in the reserve account; and/or (c) deposit into the reserve account amounts otherwise payable to User under this Exhibit E. All funds held in the reserve account shall be the sole and exclusive property of Autobooks, and Autobooks shall have sole control of such funds. The funds will be maintained in an account owned by Autobooks at Bank or another depository institution designated by Autobooks in its sole discretion. Autobooks may at any time require that the amount on deposit in the reserve account be increased. User must maintain at all times a balance in the reserve account sufficient to protect Autobooks and Bank against losses resulting from transactions initiated by User. Autobooks and Bank may, without notice to User, withdraw from and apply deposits in the reserve account against any outstanding amounts User owes to Autobooks or Bank, whether under this Exhibit E or any other agreement, and Autobooks and Bank may exercise against the reserve account any rights they may with respect to any other amounts owed, including without limitation rights of set- off and recoupment. All reserve funds not withdrawn by Autobooks or Bank in accordance with this Exhibit E shall remain in such account, including after termination of this Exhibit E, until User has paid in full all amounts owing or that could ever be owed under this Exhibit E, including, without limitation, all outstanding/uncollected amounts and potential chargebacks, in Autobooks’s sole discretion. In no event shall User be entitled to a return of any sums remaining in the reserve account before two hundred seventy (270) days following the effective date of termination of this Exhibit E. Alternatively to, or in addition to, a reserve account, Autobooks reserves the rights to require User to establish an irrevocable standby letter o...
Reserve Accounts. The Servicer shall administer each Reserve Account in accordance with the related Note, Mortgage and Loan Agreement.
Reserve Accounts. The Sponsor shall establish and maintain reserve accounts as required by the Department and as further described in the Regulatory Agreement. All withdrawals shall require prior written approval from the Department, as provided in the Regulatory Agreement.
Reserve Accounts. All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;
Reserve Accounts. (a) On the Closing Date, the Depositor shall deposit the Group I Reserve Account Initial Deposit, in the amount of $575,049 into the Group I Reserve Account and the Group II Reserve Account Initial Deposit, in the amount of $27,748,659, into the Group II Reserve Account. On the Closing Date, the Group I Reserve Account Initial Deposit and the Group II Reserve Account Initial Deposit will equal the related Specified Reserve Account Balance for the Group I and Group II Reserve Accounts, respectively.
(i) On the Business Day prior to each Distribution Date (and prior to each Monthly Servicing Payment Date with respect to Master Servicing Fees), the Administrator shall transfer (and the Indenture Trustee and the Paying Agent each hereby authorizes each such transfer) from and to the extent of funds in the Group I Reserve Account or the Group II Reserve Account, respectively, to the Distribution Account the amounts, if any, to be distributed in accordance with this Section 5.06(b), in the priority set forth below; provided, however, that Master Servicing Fees and Administration Fees to be distributed pursuant to Sections 5.06(b)(ii) and (iii) below shall be released (and the Indenture Trustee and the Paying Agent each hereby authorizes each such release) directly to the Master Servicer and the Administrator from the related Reserve Account.
(ii) In the event that the Master Servicing Fee with respect to the Group I or Group II Student Loans for any Monthly Servicing Payment Date or Distribution Date exceeds the amount distributed to the Master Servicer pursuant to Sections 5.05(b) and either Section 5.05(c)(X)(1), with respect to the Group I Student Loans, or Section 5.05(c)(Y)(1), with respect to the Group II Student Loans, on such Monthly Servicing Payment Date or Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to authorize the withdrawal from the Group I or Group II Reserve Account, as the case may be, on such Monthly Servicing Payment Date or Distribution Date an amount equal to such excess, to the extent of funds available therein, and the distribution of such amount to the Master Servicer.
(iii) In the event that the fees and other amounts due to the Administrator, Indenture Trustee, Paying Agent, Note Registrar, Eligible Lender Trustee or Owner Trustee that are allocated to the Group I or Group II Notes for any Distribution Date exceed the amount distributed to the Administrator, Indenture Trustee, Paying Agent, Note ...
Reserve Accounts. The establishment of each Reserve Account with balances equal to any Initial Reserve Deposit thereto required by this Loan Agreement (including the Program Rider) or any of the other Loan Documents.
Reserve Accounts. Seller shall have provided to Purchaser the updated amounts of the Reserve Accounts as of the Subsequent Closing Date.
Reserve Accounts. (a) Borrower hereby pledges and assigns, and grants to Lender a first-priority perfected security interest in, the Reserve Accounts and all funds therein and any and all monies now or hereafter deposited in the Reserve Accounts as additional security for payment of the Obligations. Until expended or applied in accordance herewith, the Reserve Accounts and all funds therein shall constitute additional security for the Obligations.
(b) This Agreement is, among other things, intended by the parties to be a security agreement for purposes of the UCC, in addition to the Security Agreement. Upon the occurrence and during the continuance of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in the Reserve Accounts to the payment of the Obligations in any order in its sole discretion. 313271651.15
(c) All interest on a Reserve Account shall be added to or become a part thereof. Borrower shall be responsible for payment of any Tax applicable to the interest earned on the Reserve Accounts credited or paid to any Borrower.
(d) The Reserve Accounts shall be under the sole control and dominion of Lender, and except as otherwise provided in this Agreement, Borrower shall not have any right of withdrawal therefrom.
(e) Borrower shall not, without obtaining the prior written consent of Lender, further pledge, assign or grant any security interest in the Reserve Accounts or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those naming Lender as the secured party, to be filed with respect thereto or any Permitted Encumbrances.
(f) Lender and Servicer shall not be liable for any loss sustained on the investment of any funds the Reserve Accounts. Borrower shall indemnify Lender and Servicer and hold Lender and Servicer harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Reserve Accounts or the performance of the obligations for which the Reserve Accounts were established.
(g) Any amount remaining in the Reserve Accounts after the Obligations have been paid in full in immediately available funds shall be released to Borrower or such other party that may be entitled thereto.
