Reserve Fund definition
Examples of Reserve Fund in a sentence
Upon any distribution to the Seller of amounts in excess of the Specified Reserve Fund Balance, the Noteholders will not have any rights in, or claims to, such amounts.
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.
Any prepayment of Loans in accordance with clause (a) above shall not reduce the Debt Service Reserve Fund Requirement or the Ramp Up Reserve Requirement for the related Borrowing Base Project.
The Debt Service Reserve Fund Requirement shall be recalculated and certified as further provided in accordance with Sections 2.04(b), 2.04(d) and/or 2.04(e).
The Accounts currently existing under the Sale and Servicing Agreement are the Collection Account, the Note Distribution Account, the Yield Supplement Account and the Reserve Fund maintained and held at the Securities Intermediary by the Issuer, subject to the first priority security interest of the Secured Party for the benefit of the Noteholders in the Accounts granted by the Issuer to the Secured Party to secure payment of the Notes.