Reserve Fund Accounts Sample Clauses

Reserve Fund Accounts. Pursuant to the requirements and limitations of Federal and State laws, the Provider may set up and/or maintain reserve fund accounts utilizing Medicaid funds in the same proportion that Medicaid funds relate to all revenue sources with the consent of the Payor, pursuant to the requirements of the Federal and State funding and the consent of the MDHHS. Any reserve funds other than Compensated Absences, Employee Retirement, or Post Employment Health Insurance established and audited prior to the creation of MSHN, should be prior approved by the Payor and have actuarial substantiation in accordance with GASB. N. Assessments of Financial Penalties and Obligations of the Provider. Should the Provider fail to fulfill its obligations as required under this Agreement, thereby resulting in assessment(s) by MDHHS and/or the Federal government of financial penalties against Payor under the MDHHS/PIHP Contract as to Medicaid funding, the Payor shall, in turn, exact an assessment(s) of financial penalties against the Provider, as follows:
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Reserve Fund Accounts. A reserve fund account under the Law of Property Code and the Housing Act maintained in Slovenia.
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Reserve Fund Accounts. Pursuant to the requirements and limitations of Federal and State laws, the Provider may set up and/or maintain reserve fund accounts utilizing Medicaid funds in the same proportion that Medicaid funds relate to all revenue sources with the consent of the Payor, pursuant to the requirements of the Federal and State funding and the consent of the MDHHS. Any reserve funds other than Compensated Absences, Employee Retirement, or Post Employment Health Insurance established and audited prior to the creation of MSHN, should be prior approved by the Payor and have actuarial substantiation in accordance with GASB.
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Reserve Fund Accounts. At the time of the closing of each Loan transaction, the Sponsor will cause amounts equal to 1.00% of the Purchase Price of the Property to be deposited into each of the Mortgage Reserve Fund Account and the Property Preservation Reserve Fund Account. Funds in these Reserve Fund Accounts will be used solely for the payment of Loans, property preservation and/or other Initiative costs in the event of non-payment of rents by any Eligible Lessee for any reason or in the event of Property vacancy resulting in non-payment of rents. The Reserve Fund Accounts will be held by a Custodial and Disbursement Agent and disbursed pursuant to an executed Custodial and Disbursement Agent Agreement between the Sponsor and the Custodial and Disbursement Agent. Upon full conversion of all Properties from leased status to owner- occupied status, any remaining unused funds in the Reserve Fund Accounts will be distributed to pay deferred program fees as described in the Custodial and Disbursement Agent Agreement.
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Related to Reserve Fund Accounts

  • Reserve Funds Section 7.1.

  • 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.

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • CUSTODIAL ACCOUNTS It is agreed that all accounts opened under the Uniform Gift to Minors Act (UGMA), the Uniform Transfers to Minors Act (UTMA), or similar state statutes will be properly created and that all property so transferred will be done in compliance with such applicable statutes. There will be good faith reliance upon the instructions given, representations made and actions taken by a transferor or custodian. Further, the custodian represents and warrants that the assets in the account belong to the minor and that all such assets, whether or not transferred out of the UGMA or UTMA account, will only be used for the benefit of the minor.

  • Certificate Accounts Any time deposit, term share, share certificate, or certificate of deposit account allowed by state law (certificate account), whichever we offer, is subject to the terms of this Agreement, the Truth-in-Savings Disclosure, and the Account Receipt for each account, the terms of which are incorporated herein by reference.

  • Custodial Account Funds in any custodial accounts established by the Servicer and maintained in respect of the REMIC may be invested and, if invested, shall be invested in Eligible Investments selected by the Servicer which shall mature not later than the Business Day immediately preceding the next Remittance Date, and any such Eligible Investment shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the REMIC or its nominee. All income and gain realized from any such investment shall be, as long as the Servicer is servicing the Mortgage Loans held by the REMIC, for the benefit of the Servicer as additional compensation and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments shall be deposited in the relevant account by the Servicer out of its own funds immediately as realized. The foregoing requirements for deposit in such account are exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments of interest on funds in such account and, as long as the Servicer is servicing the Mortgage Loans held by the REMIC, payments in the nature of prepayment fees, late payment charges, assumption fees or any similar fees customarily associated with the servicing mortgage loans paid by any mortgagor need not be deposited by the Servicer in such account and may be retained by the Servicer as additional servicing compensation. If the Servicer deposits in such account any amount not required to be deposited therein, it may at any time withdraw such amount, any provision herein to the contrary notwithstanding.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • PJM E-Accounts Buyer and Seller shall work with PJM to establish any PJM E-Accounts necessary for Seller to provide Full Requirements Service. In a timely manner, Xxxxx shall establish PJM E-Account contract(s) for the entire duration of the Transaction(s) and Seller shall confirm the PJM E-Account contract(s) for the entire duration of the Transaction(s).

  • Withdrawals from Accounts Amounts credited to the Certificate Account and the Trust Account on any Distribution Date shall be withdrawn by Xxxxxx Xxx for application towards the distributions required hereby. In the event that amounts shall remain in the Certificate Account in any month following distribution of the Lower Tier Distribution Amount for such month, such amounts may be withdrawn by Xxxxxx Mae as compensation for its administrative and guaranty obligations or as reimbursement to Xxxxxx Xxx for any advance by it pursuant to such guaranty obligations under Sections 2.04 and 3.07 hereof. Any amount so withdrawn shall no longer be a part of the Lower Tier REMIC.

  • Trust Accounts (a) On or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders and, to the extent set forth herein, the Certificateholder, the Collection Account as provided in Section 5.01 of the Sale and Servicing Agreement.

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