Expense Reserve Fund definition

Expense Reserve Fund means the fund established pursuant to Section 4.03.
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Expense Reserve Fund. The Eligible Account required to be established by the Master Servicer pursuant to Section 3.27(b) on behalf of the Trustee and Certificateholders and into which account the Master Servicer shall deposit, on a monthly basis, the Servicer Reserve Amount payable under the Mortgage Loan documents, which account may be used for payment of expenses of the Trust Fund, the Master Servicer and the Special Servicer as set forth herein which are expressly identified as expenses of the Trust Fund herein and for such other purposes as set forth in this Agreement.
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Expense Reserve Fund means $300,000.
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Examples of Expense Reserve Fund in a sentence

  • Lender shall make disbursements from the Operating Expense Reserve Fund (each, an “Operating Expense Advance”) pursuant to, and in accordance with, the terms of this Section 5.3 not more than once in each calendar month upon simultaneous submission to Lender at least ten (10) days prior to the date on which Borrower desires a disbursement of an Operating Expense Advance, of a written requisition (a “Operating Expense Requisition”) on such form or forms as may be reasonably required by Lender.

  • On or prior to the Closing Date, the Trustee shall establish and thereafter maintain the Bankruptcy and Extraordinary Hazard Expense Reserve Fund.

  • If the amount of the Operating Expense Reserve Fund shall exceed the amounts due for Approved Operating Expenses pursuant to the terms hereof, Lender shall retain excess Operating Expense Reserve Funds in accordance with Section 4.11 of this Agreement.

  • Upon any reduction of the amounts required by the Rating Agencies to be on deposit in the Bankruptcy and Extraordinary Hazard Expense Reserve Fund, any amounts on deposit in excess of such required amount shall be remitted to DLJ; provided however, that the Trustee shall not remit any such amounts to the extent that any such action would result in the downgrading of the Ratings of the Certificates originally assigned by the Rating Agencies.

  • Notwithstanding anything to the contrary in the foregoing, during the continuance of an Event of Default Lender shall have the right, in lieu of disbursing to Borrower funds from the Operating Expense Reserve Fund, to pay such funds directly to the obligees or to pay such funds to the applicable Borrower and the obligee in question jointly.

  • To the extent that there are sufficient funds in the Expense Reserve Fund, the Shareholders’ portion of such fees and expenses will be paid therefrom.

  • On each such Distribution Date, the Trustee shall then withdraw from the Bankruptcy and Extraordinary Hazard Expense Reserve Fund, to the extent funds are available therein, the amount needed to cover any such Bankruptcy Losses and Extraordinary Hazard Losses and deposit such amount in the Certificate Account.

  • The Master Servicer shall be entitled to withdraw any funds subsequently deposited and held in the Borrower Reserve Fund in order to pay itself or the Expense Reserve Fund for any unreimbursed Servicing Advances (including interest thereon at the Reimbursement Advance Rate) relating to the correction of any Credit Lease Termination Condition with respect to any related Mortgaged Property.

  • Funds held in the Bankruptcy and Extraordinary Hazard Expense Reserve Fund may be invested at the direction of DLJ in one or more Eligible Investments which shall in no event mature later than the date on which any funds so invested are needed to make payments from the Bankruptcy and Extraordinary Hazard Expense Reserve Fund.

  • The Trustee may apply moneys in the Expense Reserve Fund to any amounts owed to it hereunder, including without limitation under Section 7.07.


More Definitions of Expense Reserve Fund

Expense Reserve Fund. The trust account or accounts created and maintained pursuant to Section 4.01 for payment of certain expenses.
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Expense Reserve Fund means a reserve to be established by the Debtors on the Effective Date in the amount of $1,000,000 to fund the expenses of the Liquidating Trust, and to be utilized by the Liquidating Trustee to effectuate the liquidation of the remaining Property hereunder, including, without limitation, to pay for costs of administering the Liquidating Trust, including payments to its professionals, as well as to fund any necessary or appropriate litigation against third parties, in accordance with the Plan and/or the Liquidating Trust Agreement. The Expense Reserve Fund may be replenished from time to time by the Liquidating Trustee as set forth in the Liquidating Trust Agreement.
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Expense Reserve Fund. A fund created as part of the Trust Fund pursuant to Section 4.04 of this Agreement but which is not an asset of the REMIC.
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Related to Expense Reserve Fund

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Debt Service Reserve Fund means the fund by that name established pursuant to the Second Resolution.

  • Carryover Reserve Fund The separate Eligible Account created and initially maintained by the Trustee pursuant to Section 3.05(g) in the name of the Trustee for the benefit of the Holders of the Offered Certificates and designated "The Bank of New York in trust for registered holders of CWALT, Inc., Alternative Loan Trust 2006-OC10, Mortgage Pass-Through Certificates, Series 2006-OC10." Funds in the Carryover Reserve Fund shall be held in trust for the Holders of the Offered Certificates for the uses and purposes set forth in this Agreement.

  • Debt Service Reserve Account as defined in the Depositary Agreement.

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • Capital Reserve Fund means the reserve fund created and established by the Authority in

  • Replacement Reserve Fund shall have the meaning set forth in Section 7.3.1 hereof.

  • Interest Reserve Account means that Interest Reserve Account maintained by the Master Servicer pursuant to Section 5.1(a), which account shall be an Eligible Account.

  • Excess Liquidation Proceeds Reserve Account The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(c) of this Agreement in trust for the Certificateholders, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2019-C7, Commercial Mortgage Pass-Through Certificates, Series 2019-C7, Excess Liquidation Proceeds Reserve Account.” Any such account shall be an Eligible Account.

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Trustee pursuant to Sections 3.07(b) and 3.07(c) in the name of the Trustee for the benefit of the Regular Certificateholders and designated "Deutsche Bank, National Trust Company in trust for registered Holders of Morgan Stanley ABS Capital I Inc. Trust 2006-HE3, Mortgage Pass-Through Xxxxxfxxxxxx, Series 2006-HE3." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Reserve Funds means, collectively, the Tax and Insurance Escrow Fund, the Replacement Reserve Fund, the Required Repair Fund, the Initial Renovation Reserve Fund, the Interest Reserve Fund, the General Reserve Fund, any funds on deposit in the Construction Loan Reserve Account, any Shortfall Funds and any other escrow fund established pursuant to the Loan Documents.

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Interest Reserve Amount With respect to each Mortgage Loan that is an Interest Reserve Loan (or the related successor REO Mortgage Loan), for any Distribution Date that occurs during February of any year or during January of any year that is not a leap year, an amount equal to one day’s interest accrued at the related Net Mortgage Rate on the related Stated Principal Balance as of the end of the Collection Period related to such Distribution Date, but prior to giving effect to the application of any amounts due on the Due Date occurring in such Collection Period, to the extent that a Monthly Payment is Received by the Trust with respect to such Interest Reserve Loan for the related Due Date in the same month as such Distribution Date on or before the related Master Servicer Remittance Date or a P&I Advance is made under this Agreement with respect to such Interest Reserve Loan by such Distribution Date. For purposes of calculating Interest Reserve Amounts, the Net Mortgage Rate for each Interest Reserve Loan shall be the Net Mortgage Rate in effect (including as a result of any step-up provision) under the original terms of such Interest Reserve Loan in effect as of the Closing Date, without regard to any modifications, extensions, waivers or amendments of such Interest Reserve Loan subsequent to the Closing Date (whether entered into by the applicable Master Servicer, the applicable Special Servicer, the Non-Trust Master Servicer or the Non-Trust Special Servicer or in connection with any bankruptcy, insolvency or other similar proceeding involving the related Borrower).

  • Expense Account The account established and maintained pursuant to Section 3.25.

  • Basis Risk Reserve Fund A fund created as part of the Trust Fund pursuant to Section 5.06 of this Agreement but which is not an asset of any of the REMICs.

  • Indemnity Escrow Account means the escrow account established by the Escrow Agent pursuant to the terms of the Escrow Agreement for purposes of holding the Indemnity Escrow Amount.

  • Debt Service Reserve Fund Requirement means, with respect to the 2013 Series C Bonds and as of each determination date, an amount equal to maximum annual debt service on the 2013 Series C Bonds Outstanding from time to time and, with respect to any other Series of Bonds, the amount set forth in the Related Series Indenture.

  • Principal Reserve Fund The separate Eligible Account created and initially maintained by the Trustee pursuant to Section 3.08 in the name of the Trustee for the benefit of the Certificateholders and designated "The Bank of New York in trust for registered Holders of CWABS, Inc., Asset-Backed Certificates, Series 2005-3". Funds in the Principal Reserve Fund shall be held in trust for the Certificateholders for the uses and purposes set forth in this Agreement.

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Net WAC Rate Carryover Reserve Account The Net WAC Rate Carryover Reserve Account established and maintained pursuant to Section 4.10.