Reserve Funds Sample Clauses
The Reserve Funds clause establishes a requirement for setting aside a specific amount of money to cover anticipated expenses or obligations related to a contract or project. Typically, this clause details how much must be reserved, who manages the funds, and under what circumstances the funds can be accessed or replenished—for example, to pay for future repairs, maintenance, or unforeseen costs. Its core practical function is to ensure that sufficient financial resources are available to meet future liabilities, thereby reducing the risk of shortfalls and promoting financial stability throughout the duration of the agreement.
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Reserve Funds. Borrowers and Lender hereby agree and acknowledge that, notwithstanding anything to the contrary contained herein, if (a) all of the Obligations have been satisfied, (b) there is any amount remaining in the Reserve Funds, and (c) the Mezzanine Loan (or any portion thereof) is outstanding, then Lender will not pay any such remaining amount in the Reserve Funds to Borrowers, but rather shall deliver such amount to Mezzanine Lender to be held in accordance with the terms of the Mezzanine Loan Documents.
Reserve Funds. Section 7.1.
Reserve Funds. Section 7.1 [Intentionally Omitted]
Section 7.2 [Intentionally Omitted]
Reserve Funds. “Reserve Funds” shall mean the Capital Reserve Fund and such additional reserve funds as the parties, by mutual consent, may agree to create.
Reserve Funds. (a) Borrower shall cause Mortgage Borrower to deposit and maintain each of the Mortgage Loan Reserve Funds as required under the Mortgage Loan Documents and to perform and comply with all the terms and provisions relating thereto. Borrower shall cause (x) Mezzanine A Borrower to deposit and maintain each of the Mezzanine A Reserve Funds as required under the Mezzanine A Loan Documents and to perform and comply with all the terms and provisions relating thereto and (y) Mezzanine B Borrower to deposit and maintain each of the Mezzanine B Reserve Funds as required under the Mezzanine B Loan Documents and to perform and comply with all the terms and provisions relating thereto. If requested by Lender, Borrower will promptly provide evidence reasonably acceptable to Lender of compliance with the foregoing.
(b) Notwithstanding anything to the contrary contained in this Agreement, if at any time and for any reason each of the Mortgage Loan Reserve Funds, the Mezzanine A Reserve Funds and the Mezzanine B Reserve Funds are no longer being maintained and/or are reduced, waived or modified in any material respect (in each case, including, without limitation, due to any waiver, amendment or refinance) (such Mortgage Loan Reserve Funds, Mezzanine A Reserve Funds and the Mezzanine B Reserve Funds, the “Waived Reserve Funds”), Borrower shall promptly (i) notify Lender of the same and establish and maintain with Lender and for the benefit of Lender reserves in replacement and substitution thereof (the “Substitute Reserves”), which Substitute Reserves shall be subject to all of the same terms and conditions applicable under the Mortgage Loan Documents, the Mezzanine A Loan Documents and the Mezzanine B Loan Documents, as applicable, (ii) execute any amendments to this Agreement and/or the other Loan Documents relating to the Substitute Reserves reasonably required by Lender (provided such amendments are substantially similar to the provisions set forth in the Mortgage Loan Agreement relating to the same) and shall cause Mortgage Borrower, Mezzanine A Borrower and Mezzanine B Borrower to acknowledge and agree to the same, and (iii) remit to Lender (and shall cause Mortgage Borrower, Mezzanine A Borrower and Mezzanine B Borrower, as applicable, to remit to Lender) any Mortgage Loan Reserve Funds, any Mezzanine A Reserve Funds and any Mezzanine B Reserve Funds, as applicable, remaining in the accounts in which the Waived Reserve Funds are held only if such accounts are no lon...
Reserve Funds. The Executive Board may establish and fund reserve funds to support operations of the Agency, at levels the Executive Board determines to be appropriate.
Reserve Funds. Those reserve accounts deemed appropriate to afford a reliable source of funds for the payment obligations of the Project and, taking into account the variability of costs associated with the Project for the purpose of providing a reliable payment mechanism to address the ongoing costs associated with the Project.
Reserve Funds. The Authority will establish the following for each transit system to record the contributions that have been received but not yet earned as follows:
Reserve Funds. On the Closing Date, the Depositor shall purchase the Yield Maintenance Agreement from National and assign all of its rights thereunder to the Trust Fund for the benefit of the Certificateholders, the Certificate Insurer and the Seller. In addition, no later than the Closing Date, the Trustee shall establish and maintain with itself (i) a separate, segregated trust account titled, "Reserve Fund I, Norwest Bank Minnesota, National Association, as Trustee, in trust for registered Holders of Option One Mortgage Loan Trust 1999-3, Asset-Backed Certificates, Series 1999-3" and (ii) a separate, segregated trust account titled, "Reserve Fund II, Norwest Bank Minnesota, National Association, as Trustee, in trust for registered Holders of Option One Mortgage Loan Trust 1999-3, Asset-Backed Certificates, Series 1999-3. No funds will be deposited into either Reserve Fund on the Closing Date. Upon receipt thereof from National pursuant to the Yield Maintenance Agreement, the Trustee shall deposit into Reserve Fund I an amount equal to the Reserve Fund I Addition to the extent received under the Yield Maintenance Agreement. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Class A Certificates, the Trustee will deposit into Reserve Fund I the amounts described in Section 4.01(a)(vi). On each Distribution Date, the Trustee will distribute amounts available in Reserve Fund I in the amounts and priorities set forth in Section 4.01. Each Reserve Fund shall be an Eligible Account. Amounts held in the Reserve Funds from time to time shall continue to constitute assets of the Trust Fund until released from the related Reserve Fund pursuant to Section 4.01. The Reserve Funds constitute "outside reserve funds" within the meaning of Treasury Regulation ss.1.860G-2(h) and neither the Reserve Funds nor the Yield Maintenance Agreement are or will be assets of either REMIC at any time. The Holders of the Residual Certificates are the owners of Reserve Fund I and the Seller (or the assignee of the Seller's rights thereto) is the owner of Reserve Fund II (and each of these parties is the owner of a portion of the Yield Maintenance Agreement through the ownership of the related Reserve Fund) for all federal tax purposes and amounts transferred by REMIC II to Reserve Fund I are treated as amounts distributed by REMIC II to the Holders of the Residual Certificates. The Trustee shall keep records that accurately reflect the funds on deposit in t...
Reserve Funds. When the option to bank workload credit is exercised, an amount equal to the hourly compensation earned by the full-time faculty member plus ten (10) percent shall be placed in a separate reserve account that will be used only to pay for hourly replacements when the full-time employee schedules a banked workload leave or cashes out unused credit. All interest earned on this reserve shall remain in that account to offset the increases in hourly pay rates over time.