Reserve Balances Sample Clauses
The Reserve Balances clause defines how funds are set aside and maintained in a designated reserve account, typically to cover future obligations or potential liabilities under an agreement. In practice, this clause specifies the required minimum balance, the conditions under which funds may be withdrawn or replenished, and the responsibilities of the parties in managing the reserve. Its core function is to ensure that sufficient funds are always available to meet anticipated expenses or claims, thereby reducing financial risk and providing assurance to the parties involved.
Reserve Balances. Borrower represents that as of the date hereof (i) the balance of the CIGNA Property Capital Replacement Reserve Account (as defined in the Mezzanine 1 Loan Agreement) is $12,452,112.64, (ii) the balance of the CIGNA Property FF&E Replacement Reserve Account (as defined in the Mezzanine 1 Loan Agreement) is $0.00, (iii) the balance of the CIGNA Property Ground Rent Reserve Account (as defined in the Mezzanine 1 Loan Agreement) is $0.00, (iv) the balance of the CIGNA Property Tax and Insurance Reserve Account (as defined in the Mezzanine 1 Loan Agreement) is $0.00, (v) the balance of the Mezzanine Debt Yield Reserve Account is $0.00, and (vi) the balance of the CIGNA Property Operating Expense Reserve Account (as defined in the Mezzanine 1 Loan Agreement) is $0.00. Borrower represents that as of December 24, 2012 the balance of the Borrower Residual Account is $5,849,499.21.
Reserve Balances. As of the Closing Date, with respect to the Asset Pools that are not to be serviced by NCOFS pursuant to the Services Agreement, NCO shall be satisfied that the Surviving Corporation will receive timely reports with respect thereto and, after repayment of all debt associated with such Asset Pool, all reserve balances and any residual payments with respect to such Asset Pools will go to the Surviving Corporation.
Reserve Balances. Borrower and Lender confirm that as of the date hereof (i) the balance of the CIGNA Property Capital Replacement Reserve Account is $12,452,112.64, (ii) the balance of the CIGNA Property FF&E Replacement Reserve Account is $0.00, (iii) the balance of the CIGNA Property Ground Rent Reserve Account is $0.00, (iv) the balance of the CIGNA Property Tax and Insurance Reserve Account is $0.00, (v) the balance of the Mezzanine Debt Yield Reserve Account is $0.00, and (vi) the balance of the CIGNA Property Operating Expense Reserve Account is $0.00. Borrower represents that as of December 24, 2012 the balance of the Borrower Residual Account is $5,849,499.21.
Reserve Balances. 39 9.18 Credit Facility........................................................................................40 9.19 Purchase of CTC Call Center............................................................................40 9.20 Listing of Portfolio Common Stock......................................................................40 9.21 Consulting Agreement...................................................................................40 9.22
Reserve Balances. During the period between the Balance Sheet Date and the Closing Date, none of Seller, LMIC, LCS or the Transferred Companies shall take, or cause to be taken, any actions to record any favorable reserve development with respect to the reserves of the Transferred Insurance Companies (other than (i) any change required by Applicable Law, GAAP or SAP, (ii) Ordinary Course of Business reserve releases attributable to development of the in-force business of the Transferred Insurance Companies and (iii) the Prior Year Reserve Release) to the extent such actions would result in the difference between the Held Reserve and the Indicated Reserve as of the Closing Date as reflected in Section 5.2 of the Seller Disclosure Letter, as calculated by Seller's actuary in the same manner and applying consistent methodologies, as being less than the difference between the Held Reserve and the Indicated Reserve as of the Balance Sheet Date less the amount of the Prior Year Reserve Release.