Reserve Fund Deposit. On the Closing Date, the Owner Trustee, on behalf of the Issuer, shall deposit the Reserve Fund Initial Balance into the Reserve Fund from the net proceeds of the sale of the Securities.
Reserve Fund Deposit. On the Closing Date, the Issuer shall deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the Notes.
Reserve Fund Deposit. Not Applicable.
Reserve Fund Deposit. On or before the 15th day of each month, the Local Agency shall, from the money in the Pledged Tax Fund, transfer to the Trustee for deposit in the Local Agency’s Subaccount in the Reserve Fund (the “the Reserve Subaccount”) in the Reserve Fund within the Revenue Fund that sum, if any, necessary to restore the Reserve Subaccount to an amount equal to the Reserve Fund Requirement, all in accordance with and subject to the terms and conditions of Section 4.03 of the Trust Agreement. All money in the Reserve Subaccount shall be used and withdrawn by the Trustee for the purposes specified in Section 4.03 of the Trust Agreement.
Reserve Fund Deposit. On or before the 15th day of each month, the Local Agency shall, from the Revenues in the Pledged Tax Fund, transfer to the Trustee for deposit in the Local Agency’s Subaccount in the Reserve Fund (the “Reserve Subaccount”) within the Revenue Fund that sum, if any, necessary to restore the Reserve Subaccount to an amount equal to the Reserve Fund Requirement, all in accordance with and subject to the terms and conditions of Section 3.03 of the Trust Agreement. All money in the Reserve Subaccount shall be used and withdrawn by the Trustee for the purposes specified in Section 3.03 of the Trust Agreement. The Local Agency further agrees to pay to the Insurer all amounts owed to it under the Insurance Agreement in connection with any draw on the Reserve Policy, and all related reasonable expenses incurred by the Insurer and shall pay interest thereon from the date of payment by the Insurer at the Late Payment Rate, in each case solely from available Revenues and subject to the first pledge of and lien upon the Revenues for the payment of the Certificates.
Reserve Fund Deposit. 63 SECTION 7.03. TRUST ACCOUNT PROCEDURES.................................................................63 SECTION 7.04. SECURITYHOLDER DISTRIBUTIONS.............................................................64 SECTION 7.05.
Reserve Fund Deposit. (c) On the Closing Date, the Indenture Trustee on behalf of the Trust shall, pursuant to Section 2.1(c), deposit the Reserve Fund Initial Balance into the Reserve Fund from the net proceeds of the issuance of the Notes. Unused Proceeds Account
Reserve Fund Deposit. On each Closing Date, the Seller shall deposit an amount into the Reserve Fund from the proceeds of the sale of the Mortgage Loans to the Issuer that is required to cause the amount on deposit in the Reserve Fund to equal the Required Reserve Fund Amount on such Closing Date. In the event that proceeds of the sale of the Mortgage Loans to the Issuer by the Seller are used to fund the Reserve Fund, the Issuer shall be deemed to have made a new issuance of equity to the Seller in the amount of the proceeds used to fund the Reserve Fund.
Reserve Fund Deposit. 68 -------------------- Section 7.03 Principal and Interest Account........................................................68 ------------------------------ Section 7.04 Securityholder Distributions..........................................................71 ---------------------------- Section 7.05 Allocations and Distributions.........................................................71 -----------------------------
Reserve Fund Deposit. On the first Closing Date pursuant to this Purchase Agreement and on each date that any Mortgage Loans are sold to the Purchaser in connection with an increase in the Outstanding Program Amount, the Purchaser shall deposit an amount into the Reserve Fund from the proceeds of the commitment fees paid to the Purchaser pursuant to Section 15.1, so that the amount on deposit in the Reserve Fund equals the Initial Required Reserve Fund Amount.
