Special Reserve Account. (a) If any Borrower is required, in connection with any requested Advance, to set aside reserves in connection with any Specially Permitted Lien or a Non-Flood Insured Property, the Borrower Representative shall provide the Paying Agent, the Calculation Agent and the Agent with written notice of any such amount (a “Special Reserve Account Deposit Amount”), which notice shall be deemed to be an instruction to the Paying Agent to deposit such Special Reserve Account Deposit Amount into the Special Reserve Account from the proceeds of the related Advance. Subject to Section 2.19(b), upon the release, discharge or termination of a Specially Permitted Lien or payment of the insurance premiums in respect of a Non-Flood Insured Property with respect to which a Special Reserve Account Deposit Amount was established, which release, discharge, termination or payment is evidenced by such certificates of the Borrower Representative, invoices and other evidence as the Agent may require, then, provided no Default shall exist and no Event of Default shall have occurred, the Paying Agent shall disburse such Special Reserve Account Deposit Amount to, or at the direction of, the Borrower Representative (as directed in writing by the Agent).
(b) Upon the occurrence of an Event of Default, the Agent may, or at the direction of the Required Lenders shall, instruct the Paying Agent in writing to remit all or any portion of the amount on deposit in the Special Reserve Account and apply such funds either to (i) the release of the applicable Specially Permitted Liens or (ii) the Allocated Loan Amount in respect of each Property funded hereunder, pro rata to each Lender, in such proportion as between items (i) and (ii) above as the Agent may determine in its sole discretion or the Required Lenders may direct. The right to instruct the Paying Agent to remit and apply such amounts in accordance with the foregoing shall be in addition to all other rights and remedies provided to the Agent or any Lender under this Agreement and the other Loan Documents.
Special Reserve Account. On or prior to the Distribution Date occurring in October 2005, the Trustee shall establish and maintain a Special Reserve Account which shall be titled "Special Reserve Account, JPMorgan Chase Bank, as trustee for the registered holders of the ABFS Mortgage Loan Trust 2003-1, Mortgage Pass-Through Certificates, Series 2003-1, Class M", which account shall be an Eligible Account held by the Trustee on behalf of the Class M Certificateholders and the Certificate Insurer. If, on any Distribution Date occurring from October 2005 through March 2006, the Current Pool Principal Balance (after giving effect to distributions on such Distribution Date) has been reduced to less than 50.0% of the Maximum Pool Principal Balance, the Paying Agent shall deposit into the Special Reserve Account, from the amount otherwise distributable to the Holders of the Class X Certificates pursuant to Section 6.05(a)(xiii) hereof on such Distribution Date, an amount equal to 28% of the Principal Distribution Amount for such Distribution Date, or such lesser amount as would have been distributable to the Holders of the Class X Certificates. Any amounts on deposit in the Special Reserve Account on any Distribution Date shall be available for the payment of, and deposited by the Paying Agent into the Distribution Account in satisfaction of, any Class M Insured Payment that would otherwise be required to be made by the Certificate Insurer on such Distribution Date. Provided that no Trigger Event is then in effect, all amounts on deposit in the Special Reserve Account on the April 2006 Distribution Date (after giving effect to distributions on such Distribution Date) will be distributed by the Paying Agent to the Holders of the Class X Certificates. In the event that any amounts remain on deposit in the Special Reserve Account on the date of termination of this Agreement pursuant to Article VIII (after the making of all payments to the Certificateholders, the Trustee and the Certificate Insurer), any remaining amounts on deposit in the Special Reserve Account shall be distributed to the Holders of the Class X Certificates.
Special Reserve Account. The Securities Account, number 170530005, established and maintained by the Paying Agent for the benefit of the Borrower Representative and subject to an Account Control Agreement.
Special Reserve Account. Obligors shall establish and thereafter maintain with the Deposit Account Bank or such other Bank as is satisfactory to Lender, an account (the "Special Reserve Account") which shall be an Eligible Account in the name of Lender (or in the name of any Trustee or custodian for the benefit of Lender) and under the sole dominion and control of Lender and into which shall be deposited at Closing $42,000,000. Obligors shall have no right to make withdrawals from the Special Reserve Account and disbursements from such account prior to an Event of Default hereunder shall be determined by 145 147 Lender in accordance with the Cooperation Agreement. Funds in the Special Reserve Account shall not be commingled with any other monies at any time.
Special Reserve Account. In the event that any net cash flow is generated by the Development in any given Fiscal Year during the Compliance Period or the Extended Use Period, then after assuring that the reserves required by Sections 8.1 and 8.2 are fully funded, the participation percentage of such net cash flow shall be placed in a special reserve account to assist residents to provide assistance with expenses associated with their tenancy. Resident expenses that may be paid from such special reserve account include application costs, security deposits or utilities for any unit leased to residents with incomes at or below 50% of the area median family income, or other purposes as approved by the Department. The level of special reserve account participation is outlined in
Special Reserve Account. The Noteholder and the Note Issuer hereby direct and the Collateral Agent xxxxxx agrees to cause to be established and maintained an account (the “Special Reserve Account”) for the benefit of the Noteholder. On each Closing Date or such other date on which advances under the Note are made if not a Closing Date, the Collateral Agent shall deposit, from the proceeds of the advance to the Note Issuer pursuant to the Note, an amount equal to the Special Reserve Account Deposit; provided, that, no amount shall be deposited in the Special Reserve Account with respect to Subsequent Timeshare Loans, except as set forth below; and provided further that, in the event that the Timeshare Loan Acquisition Price for Timeshare Loans (including, Subsequent Timeshare Loans) is reduced as set forth in the definition of “Timeshare Loan Acquisition Price,” an additional amount equal to the amount of such reduction in the Timeshare Loan Acquisition Price shall be deposited in the Special Reserve Account out of the advance made under the Note, the proceeds of which were used to acquire such Timeshare Loans, or the funds available for reinvestment, as applicable. The Special Reserve Account shall include a sub-account corresponding to each Collateral Measurement Pool (each a “Special Reserve Sub-Account”) and shall be funded with the Special Reserve Account Deposit made with respect to Timeshare Loans included in such Collateral Measurement Pool. All references herein to the “Special Reserve Account” shall include each Special Reserve Sub-Account. The Special Reserve Account shall be an Eligible Bank Account initially established at the corporate trust department of the Collateral Agent, bearing the following designation “Stratstone/Bluegreen Secured Income Fund, LLC — Special Reserve Account, , as Collateral Agent for the benefit of the Noteholder”. The Collateral Agent on behalf of the Noteholder shall possess all right, title and interest in all funds on deposit from time to time in the Special Reserve Account and in all proceeds thereof. The Special Reserve Account shall be under the sole dominion and control of the Collateral Agent for the benefit of the Noteholder. If, at any time, the Special Reserve Account ceases to be an Eligible Bank Account, the Collateral Agent shall within two Business Days establish a new Special Reserve Account which shall be an Eligible Bank Account, transfer any cash and/or any investments to such new Special Reserve Account and from the date s...
Special Reserve Account. Concurrently with the execution and delivery of this Agreement, Borrower is paying to Lender the amount of $1,085,200.00 (representing two (2) months Taxes for the Property (net of credits to Taxes available to and in fact being used for the Property) and two (2) months Condominium Charges for the Property) which shall be held by Lender in an Account (the “Special Reserve Account”). From time to time as the annual amount of Taxes and/or Condominium Charges increases, Lender may give a notice to Borrower requiring Borrower to pay to Lender an amount of money that will cause the aggregate amount held by Lender under this Section 3.2 to equal two-twelfths (2/12) of the then annual amount of Taxes and Condominium Charges in which event Borrower shall pay such amount to Lender within 10 days after the giving of such notice by Lender. All monies held by Lender pursuant to this Section 3.2 shall be disbursed in accordance with the provisions of Section 3.5, Notwithstanding anything in this Section 3.2 to the contrary, if at any time Borrower is in default under Section 5.33 and such default remains uncured for 30 days after notice from Lender, Lender may apply monies in the Special Reserve Account to cure such default, in which event, Borrower shall within ten (10) days after notice from Lender, deposit with Lender the monies so applied by Lender and Lender will deposit such monies in the Special Reserve Account.
Special Reserve Account. The Transferred Overriding Royalty Interest is assigned hereby and accepted by Assignee subject to all special reserve accounts, as provided in the Conveyance, including any Disputed Price Reserve Account and any Special Costs Reserve Account, each as defined in the Conveyance, and Assignor hereby transfers to Assignee all rights and obligations with respect to such reserve accounts insofar and only insofar as they are attributable to or relating to the Transferred Overriding Royalty Interest.
Special Reserve Account. (a) On the Closing Date, the Company shall establish the Special Reserve Account with the Paying Agent for the purpose of holding any funds drawn by the Company under the Qualifying Letter of Credit pursuant to the LLC Operating Agreement.
(b) Earnings on investments (including any earned interest thereon) made pursuant to Section 4.1 of funds on deposit in the Special Reserve Account shall be immediately deposited in the Special Reserve Account.
(c) At the time of the Final Distribution, the Paying Agent shall allocate in accordance with the Distribution Date Report provided to it and distribute all remaining funds held in the Special Reserve Account to the Collection Account from which account the funds will be transferred to the Distribution Account and paid to the Private Owner pursuant to the LLC Operating Agreement.
(d) No funds from any other source (other than interest and earnings on the funds on deposit in the Special Reserve Account and funds deposited pursuant to Section 5.3 of the LLC Operating Agreement as described in Section 3.5(b) above) shall be deposited in the Special Reserve Account. The Paying Agent shall withdraw funds from the Special Reserve Account in accordance with the Distribution Date Report provided to it only upon (i) receipt of a written certification from the Initial Member stating that there has been a breach of the obligations of the Manager as set forth in the LLC Operating Agreement or (ii) the winding up of the Company for delivery to the Private Owner. The Special Reserve Account (and all funds therein) shall be subject to (i) the security interest granted to the Collateral Agent under the Reimbursement and Security Agreement and (ii) to the related Account Control Agreement.
Special Reserve Account
