Examples of Litigation Reserve in a sentence
Should the Litigation Reserve Account balance fall below the $100,000 targeted level, the Commission shall approve and adopt a plan to restore this balance to the target level within 24 months.
It is the goal of the Commission to establish and maintain a Litigation Reserve Account balance in the amount of $100,000 with the intent of limiting the use of Litigation Account funds for unanticipated expenditures resulting from litigation against the Commission that does not occur routinely and would not be reimbursed by another party.
The Servicer shall be authorized and directed to withdraw funds from the Litigation Reserve Account only to make disbursements in accordance with this Agreement and not for any other purpose.
The Company shall be required to make Working Capital Advances if, at any time, the Loan Proceeds, including funds available in the Collection Account or in any Liquidity Reserve Account or Litigation Reserve Account, are insufficient to pay all costs and expenses incurred by the Company.
If the Company elects to establish a Litigation Reserve it shall establish a Litigation Reserve Account.