Reserve Funding. Borrower shall continue to fund all Replacement Reserve Deposits, Repairs Escrow Deposits, Imposition Deposits, and all other reserves, escrows, impositions and other amounts required pursuant to the Loan Agreement and any other Loan Document. Waiver and [First] Amendment to Multifamily Loan and Security Agreement 16
Reserve Funding. No Account Shortfall shall exist on any Reserve Accounts required to be funded as of the date of such Advance.
Reserve Funding. 5 Section 2.02. Reserve Account........................................................................5 Section 2.03. Interest Rate and Payment Date.........................................................6 Section 2.04. Computation of Interest and Fees.......................................................6 Section 2.05. Payments.............................................................................
Reserve Funding. A. It is the intent of the Company and the Reinsurer that the Company shall be able to obtain statutory financial statement credit (to the extent properly available under statutory accounting principles) for the reinsurance ceded hereunder. If such credit is otherwise unavailable, the Reinsurer agrees, at Reinsurer’s option, either to obtain unconditional, clean and irrevocable letters of credit issued by a member of the federal reserve system acceptable to the applicable regulatory authority, or by establishing and depositing assets in a trust account in any similarly qualified bank. The letters of credit or trust assets shall be in such amount and documented in such form and manner as may be required by the applicable regulatory authority so as to allow the Company to take credit in its statutory financial statements filed with the Texas Department of Insurance or other applicable regulatory authority for the full amount of any funds due from and Reserve liabilities ceded to the Reinsurer hereunder.
B. Notwithstanding any other provision of this Agreement, the Company, or any successor of the Company by operation of law, including without limitation any liquidator, rehabilitator, receiver, or conservator of the Company, may draw upon such letters of credit or the assets of such trust account at any time (including, but not limited to, the receipt of notice of non-renewal of such letters of credit), such withdrawal to be applied without diminution because of the insolvency of the Company or the Reinsurer, only for the following purposes:
1. to reimburse the Company for the Reinsurer’s share of premiums returned to the owners of policies reinsured under this Agreement on account of cancellations of such policies;
2. to reimburse the Company for the Reinsurer’s share of surrenders and benefits or losses paid by the Company pursuant to the provision of the policies reinsured under this Agreement;
3. in the event of notice of nonrenewal of the letters of credit or termination of the trust, to fund an account with the Company in an amount at least equal to the deduction, for reinsurance ceded, from the Company’s liabilities for policies ceded under this Agreement, such account to include, but not be limited to, amounts for policy reserves, claims and losses incurred (including losses incurred but not reported), loss adjustment expenses, and unearned premiums reserves; and
4. to pay any other amount due the Company under this Agreement.
C. The amount of require...
Reserve Funding. Agent shall maintain Reserve funds as required by Association and shall undertake to confer with the Board respecting investment alternatives and reserve estimate updates. The Board shall make the final determination as it relates to where such funds should be invested.
Reserve Funding. If the State of Georgia should require Owner to deposit any monies into a reserve fund, Owner shall fund such monies out of its corporate funds.
Reserve Funding. In the event either FUMIC or the Pool Affiliates are not authorized to act as a reinsurer by insurance regulatory authorities of any state in the United States of America which requires authorization for the ceding company to receive credit with respect to outstanding losses recoverable, including losses incurred but not reported, and unearned premium reserves assumed by the reinsuring company, then upon request of the ceding company, the assuming company shall fund its share of such outstanding losses recoverable and unearned premium reserve hereunder by a letter of credit in such form as may be required by the insurance regulatory authorities. The parties hereby agree that any amounts withdrawn from such letter of credit shall be used only to reimburse the ceding company for the reinsurer’s share of such losses and unearned premium reserve, and to refund to the reinsurer any excess amount upon determination of the reinsuring company’s ultimate liability under this Agreement. The parties further agree that the reinsuring company may, at its option, fund its share of such outstanding losses recoverable and unearned premium reserve by a cash advance or other means acceptable to the insurance regulatory authorities.
Reserve Funding. Owner agrees to maintain a Reserve Funding balance of at least $250 per property managed in order to allow the manager to promptly address maintenance issues. Reserve Funding does not negate the duty of the Manager to notify Owner of repair items that arise. Funds are payable up-front and are then maintained on an ongoing basis. Owner shall maintain the reserve stated above at all times in the Trust Account and shall replenish balance as needed within 15 days of notification of Manager.
Reserve Funding. Owner agrees to maintain a Reserve Funding balance of at least $350 per property managed in order to allow the manager to promptly address maintenance issues. Reserve Funding does not negate the duty of the Manager to notify Owner of repair items that arise. Funds are payable within 24 hours of management agreement start date and are then maintained on an ongoing basis. Owner shall maintain the reserve stated above at all times in the Trust Account and shall replenish balance as needed within 15 days of notification of Manager. Maintenance Repairs: Manager shall make or cause to be made, through contracted services all ordinary repairs and replacements reasonably necessary to preserve the Property in habitable condition. Any cost exceeding $350 may need to be approved by Owner in advance, with the following exceptions:
Reserve Funding. The Indenture Trustee shall establish the Reserve Account pursuant to Section 7.01 of the Pooling Agreement. The Trust will retain the Initial Amount from the proceeds of the sale of the Notes pursuant to the Indenture and as described in the Underwriting Agreement, and deposit such amount into the Reserve Account on the Closing Date (the "Holdback Amount").
