LOAN RESERVE ACCOUNT definition

LOAN RESERVE ACCOUNT means the account described in ARTICLE 5(c)(2).
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LOAN RESERVE ACCOUNT means the Loan Reserve Account established with the Authority, to be administered in accordance with the provisions of Section 3.02(c) hereof. "Loan Reserve Account Rate" for any semi-annual period for Loan Repayments, means the lesser of: (a) Gross Loan Rate or (b) the arbitrage yield on the Bonds applicable to this Loan.
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LOAN RESERVE ACCOUNT the fund established by the State Act for the purpose of providing for the payment of any defaulted notes under the Iowa Guaranteed Student Loan Program.
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Examples of LOAN RESERVE ACCOUNT in a sentence

  • The Borrower shall create a segregated Loan Reserve Account that shall be held in trust for the benefit of DEQ.

  • The Borrower represents and warrants that the pledge of the Loan Reserve Account hereby made by the Borrower complies with, and shall be valid and binding from the date of this Agreement pursuant to, ORS 287A.310.

  • The funds in Loan Reserve Account so pledged and hereafter received by the Borrower shall immediately be subject to the lien of such pledge without physical delivery or further act, and the lien of the pledge shall be superior to all other claims and liens whatsoever, to the fullest extent permitted by ORS 287A.310.

  • The Borrower shall use the funds in the Loan Reserve Account solely to pay amounts due hereunder until the principal, interest, fees, and any other amounts due hereunder have been fully paid.

  • The Borrower shall deposit the Loan reserve requirement amount into the Loan Reserve Account no later than the date the first payment is due hereunder.

  • If the balance in the Loan Reserve Account falls below the Loan reserve requirement, the Borrower shall promptly deposit from the first Net Revenues available after payment of the amounts due hereunder (unless the Borrower has previously made such deposit from other money of the Borrower) an amount sufficient to restore the balance up to the Loan reserve requirement.

  • The Borrower hereby grants to DEQ a security interest in and irrevocably pledges the Loan Reserve Account to pay the amounts due under this Loan Agreement.

  • Moneys in the Loan Reserve Account may be used to prepay and/or retire all Outstanding principal and interest payments under the Loan.

  • Neither the Bank nor the Town shall disclose or provide information with respect to the Loan Reserve Account to potential borrowers as part of loan documents, promotional materials or other communications.

  • Thereafter either party may terminate the agreement upon sixty (60) days prior written notice; PROVIDED, HOWEVER, that sufficient funds, calculated as set out in subsection 3.3, shall be maintained in the Loan Reserve Account until each Program Loan made by the Bank prior to termination has been repaid in full by the borrower.


More Definitions of LOAN RESERVE ACCOUNT

LOAN RESERVE ACCOUNT the fund established by the State Act for the purpose of providing for the payment of any defaulted notes under the PLUS/SLS program. Notice of Default: a notice on ICAC From #1908 that an Approved Note is in default. Student: a person who is a resident of this state and is enrolled or accepted for enrollment at an eligible institution within or without the state or who is a nonresident of this state and is enrolled or accepted for enrollment at an eligible institution within the state or who is a nonresident borrowing from an Iowa-based lender and who meets eligibility requirements established by the Commission. In addition, the student must be classified as an independent undergraduate or a graduate student to be eligible to participate as a borrower in the PLUS/SLS programs. All documents and instruments referred to in this paragraph (1) shall be in the current form as furnished from time to time and approved for use by the ICAC.
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Related to LOAN RESERVE ACCOUNT

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

  • Debt Service Reserve Account shall have the meaning given to it in the Depository Agreement.

  • Reserve Accounts means the Tax Account, the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Leasing Reserve Account, the Excess Cash Flow Account, the Operating Expense Account, the Ground Rent Account and any other escrow account established by this Agreement or the other Loan Documents (but specifically excluding the Cash Management Account, the Restricted Account and the Debt Service Account).

  • Available Reserve Account Amount means, with respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (before giving effect to any deposit to be made to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

  • Required Reserve Account Amount means, with respect to any Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or (2) any other percentage (which may be 0%) of the Class A Invested Amount designated by the Transferors, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferors shall have received the prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee.

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Reserve Account Funding Date means the Distribution Date which occurs not later than the earliest of (a) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the Controlled Accumulation Period, (b) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the May 2004 Monthly Period or any Monthly Period thereafter is less than 2%, the Distribution Date with respect to such Monthly Period, (c) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the November 2004 Monthly Period or any Monthly Period thereafter is less than 3%, the Distribution Date with respect to such Monthly Period and (d) such earlier Distribution Date as the Transferors may determine by written notice to the Trustee and the Servicer. For this purpose, the "Excess Spread Percentage" for any Monthly Period shall be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period.

  • Debt Service Account means the Debt Service Account for General Obligation Temporary Notes, Series 2017-1 (within the Bond and Interest Fund) created pursuant to Section 501 hereof.

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