Refundable Reserve definition

Refundable Reserve means for any Month End:
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Refundable Reserve means for any Reconciliation Date:
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Refundable Reserve means, for any month end, the sum of (i) the total of the Cash Reserves as to all Financed Receivables as of such month end, plus (ii) the amount of Collections received by Bank during such month with respect to Accounts other than Financed Receivables and not previously remitted to Borrower, minus (iii) the total of all outstanding Fees, Adjustments, any overadvanced amount, Bank Expenses, and all Collections received by Borrower that were not in compliance remitted to Bank pursuant to Section 2.1(a)(v). The Refundable Reserve is a book balance maintained on the records of Bank (and not a segregated fund, or the property of Borrower).
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Examples of Refundable Reserve in a sentence

  • If no Default has occurred and is continuing, Lender agrees to credit the Refundable Reserve with the amount of Collections it receives with respect to Receivables other than Financed Receivables; provided that upon the occurrence and during the continuance of any Default, Lender may apply all Collections to the Obligations in such order and manner as Lender may determine.

  • Lender may deduct the accrued Finance Charges in calculating the Refundable Reserve.

  • If the Refundable Reserve is negative, Borrower shall immediately pay such amount in the same manner as set forth in Section 3.3 for Overadvances.

  • Unless a Default has occurred and is continuing, Lender shall refund to Borrower after each Month End, the Refundable Reserve, if positive, calculated for such Month End, subject to Lender’s rights under Section 3.3 and Lender’s rights of offset and recoupment.

  • If the Refundable Reserve is negative, Borrower shall immediately pay such amount in the same manner as set forth in Section 4.3 for Overadvances.

  • If the Refundable Reserve for such period is negative, Borrower shall immediately pay such amount in the same manner as set forth in Section 3.3 for Overadvances.

  • Unless a Default has occurred and is continuing, Lender will refund the Refundable Reserve if positive, calculated for the applicable Month End or week end, to Borrower (i) if Borrower requests for any week, within 5 business days after Friday of that week, provided that Lender, in its sole discretion, may hold the Refundable Reserve, or (ii) each Month End otherwise, subject in either case to Lender’s rights under Section 3.3 and Lender’s rights of offset and recoupment.

  • Lender may deduct the accrued and unpaid Finance Charges in calculating the Refundable Reserve.

  • If no Event of Default has occurred and is continuing, Bank agrees to credit the Refundable Reserve with the amount of Collections it receives with respect to Accounts other than Financed Receivables; provided that upon the occurrence and during the continuance of any Event of Default, Bank may apply all Collections to the Obligations in such order and manner as Bank may determine.

  • Bank may deduct the accrued Finance Charges in calculating the Refundable Reserve.