WITHDRAWAL OF EXCESS RESERVE FUNDS. Section 6.1 On or before February 15, May 15, August 15, and November 15 of each year, the lender shall file a report with MBDC indicating the number and aggregate outstanding balance of all Enrolled Loans as of the previous December 31 in the case of the report due February 15, as of the previous March 31 in the case of the report due May 15, as of the previous June 30 in the case of the report due August 15, and as of the previous September 30 in the case of the report due November 15. Such report shall not be required for any March 31, June 30, September 30 or December 31 if the balance in the Reserve Fund as of that date is zero. In computing the aggregate outstanding balance of all Enrolled Loans, the balance of any Enrolled Loan shall in no event be considered to be greater than the amount of such Enrolled Loan that is enrolled in and covered under the Program. If (i) reports filed pursuant to this Section 6.1 indicate that for the immediately preceding twenty-four (24) month period the balance in the Reserve Fund continually exceeded the aggregate outstanding balance of all Enrolled Loans, or (ii) the Lender shall notify MBDC that it does not intend to enroll new loans under the Program, then MBDC may withdraw from the Reserve Fund, on or before the last day of the month in which the most recent report was due, an amount not greater than the amount by which the Reserve Fund balance exceeded the aggregate outstanding balance of all Enrolled Loans as of the most recent report, unless (in the case of a withdrawal pursuant to clause (i)) the Lender has provided to MBDC adequate documentation that at some time during such twenty-four (24) month period, the aggregate outstanding balance of all Enrolled Loans exceeded the balance then in the Reserve Fund. Any funds so withdrawn shall be held by MBDC.
WITHDRAWAL OF EXCESS RESERVE FUNDS. Section 7.1 If reports filed pursuant to Article VI indicate that for the immediately preceding twenty-four (24) month period the balance in the Reserve Fund continually exceeded the aggregate outstanding balance of all Enrolled Loans, the VSBFA may withdraw from the Reserve Fund an amount not greater than the amount by which the Reserve Fund balance exceeded the aggregate outstanding balance of all Enrolled Loans as of the most recent report, unless the Lender has provided to the VSBFA adequate documentation that at some time during such twenty-four (24) month period the aggregate outstanding balance of all Enrolled Loans exceeded the balance then in the Reserve Fund.
WITHDRAWAL OF EXCESS RESERVE FUNDS. Section 6.1. On or before April 1 of each year, the Lender must file a report with the MSF indicating the number and aggregate outstanding balance of all Enrolled Loans as of the previous December 31. In computing the aggregate outstanding balance of all Enrolled Loans, the balance of any loan shall in no event be considered to be greater than the covered amount of the loan as enrolled. If reports filed pursuant to this Section indicate that for the immediately preceding twenty-four (24) month period the balance in the Reserve Fund continually exceeded the aggregate outstanding balance of all Enrolled Loans, the MSF may withdraw from the Reserve Fund, on or before the last day of the month in which the report is due, an amount not greater than the amount by which the reserve Fund balance exceeded the aggregate outstanding balance of all Enrolled Loans as of the most recent report, unless the Lender has provided to the MSF adequate documentation that at some time during such twenty-four (24) month period, the aggregate outstanding balance of all Enrolled Loans exceeded the balance then in the Reserve Fund.
WITHDRAWAL OF EXCESS RESERVE FUNDS. Section 6.1. The Lender shall file an annual report with BDC listing all Enrolled Loans including the Loan Number, Borrower Name, Original Amount, Current Balance, Current Interest Rate, Date of the Note, Payment Status, Maturity Date, and the aggregate outstanding balance of all Enrolled Loans as of the annual reporting date specified by BDC. This report will be due to BDC on the first business day of the second month after the annual reporting date specified by BDC. (Example: If the annual reporting date is June 30, then the due date for the report would be August 1.) Such report shall not be required if the balance in the Reserve Fund as of that date is zero. In computing the aggregate outstanding balance of all Enrolled Loans, the balance of any Enrolled Loan shall in no event be considered to be greater than the original amount of such Enrolled Loan. If (i) reports filed pursuant to this Section 6.1 indicate that for the immediately preceding twenty-four (24) month period the balance in the Reserve Fund continually exceeded the aggregate outstanding balance of all Enrolled Loans, or, (ii) the Lender shall notify BDC that it does not intend to enroll new loans under the Program, then BDC may withdraw from the Reserve Fund, on or before the last day of the month in which the most recent annual report was due, an amount not greater than the amount by which the Reserve Fund balance exceeded the aggregate outstanding balance of all Enrolled Loans as of the most recent report, unless (in the case of a withdrawal pursuant to clause (i) ) the Lender has provided to BDC adequate documentation that at some time during such twenty-four (24) month period, the aggregate outstanding balance of all Enrolled Loans exceeded the balance then in the Reserve Fund. Any funds so withdrawn shall be held by BDC as custodian and on behalf of the State and may be used to fund the Matching Premium on loans Enrolled by any of the participants in the program.
WITHDRAWAL OF EXCESS RESERVE FUNDS. If reports filed pursuant to Section 6.1 indicate that for the immediately preceding twenty-four (24) month period the balance in the Reserve Fund continually exceeded the aggregate outstanding balance of all Enrolled Loans, the Department may withdraw from the Reserve Fund an amount not greater than the amount by which the Reserve Fund balance exceeded the aggregate outstanding balance of all Enrolled Loans as of the most recent report, unless the Lender has provided to the Department adequate documentation that at some time during such twenty-four (24) month period the aggregate outstanding balance of all Enrolled Loans exceeded the balance then in the Reserve Fund.
