Application of Reserve Fund Clause Samples

Application of Reserve Fund. (a) If Investor Non-Principal Collections and Investment Proceeds on any Distribution Date (plus the amount of any Servicer Advance for such Distribution Date) are not sufficient to make the entire distributions required on such Distribution Date by Sections 4.6(a)(i), (ii), (iii), (iv), (vi) and (viii), the Servicer shall direct the Trustee to withdraw (and the Trustee shall withdraw) funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(i), (ii), (iii), (iv), (vi) and (viii) in the numerical order thereof. (b) On the Termination Date, any funds in the Reserve Fund shall be treated as Available Investor Principal Collections. Upon payment in full of the outstanding principal balance of the Series 2000-1 Certificates, any funds remaining on deposit in the Reserve Fund shall be paid to the Seller.
View SourceView Similar (5)
Application of Reserve Fund. (1) If Investor Non-Principal Collections and Investment Proceeds on any Distribution Date (plus the amount of any Servicer Advance for such Distribution Date) are not sufficient to make the entire distributions required on such Distribution Date by Sections 4.6(a)(i), (ii), (iii), (iv), (vi) and (viii), the Servicer shall direct the Trustee to withdraw (and the Trustee shall withdraw) funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(i), (ii), (iii), (iv), (vi) and (viii) in the numerical order thereof.
View SourceView Similar (2)
Application of Reserve Fund. (a) If amounts distributed on any Distribution Date pursuant to Section 4.03 are not sufficient to make the entire distributions required on such Distribution Date by Section 4.03(a)(iii), (iv), (vi) and (vii) and Section 4.03(b)(i) and (b)(ii), the Administrator shall cause the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds first to complete the distributions pursuant to Section 4.03(a)(iii) through 4.03(a)(vi) in the priority therein provided, and second to complete the distributions pursuant to Section 4.03(b)(i) and (b)(ii), in the priority therein provided. (b) If, after giving effect to the allocations of, distributions from, and deposits in, the Reserve Fund on any Distribution Date, the amount in the Reserve Fund is greater than (i) in the case of any Distribution Date occurring prior to the Liquidation Commencement Date, the Required Reserve Fund Amount for such Distribution Date, and (ii) in the case of any Distribution Date occurring on or after the Liquidation Commencement Date, the Certificate Principal Amount (after giving effect to distributions in reduction thereof on such Distribution Date), the Administrator shall cause the Trustee to distribute such excess amount to the holders of the Class C Certificates. Upon payment in full of the outstanding principal balance of the Certificates plus all outstanding interest and other amounts owing in respect of the Certificates, any funds remaining on deposit in the Reserve Fund shall be paid to the holders of the Class C Certificates.
View SourceView Similar (2)
Application of Reserve Fund. If on any Interest Payment Date the moneys available in the Lease Payment Fund do not equal the amount of the Lease Payment then coming due and payable, the Trustee shall apply the moneys available in the Reserve Fund to make such payments on behalf of the District by transferring the amount necessary for this purpose to the Lease Payment Fund. Upon receipt of any delinquent Lease Payment with respect to which moneys have been advanced from the Reserve Fund, such Lease Payment shall be deposited in the Reserve Fund to the extent of such advance. If on any Interest Payment Date the moneys on deposit in the Reserve Fund and the Lease Payment Fund (excluding amounts required for payment of principal and interest represented by any Certificates theretofore having come due but not presented for payment) are sufficient to pay or prepay all Outstanding Certificates, including all principal and interest represented thereby, the Trustee shall, upon the written request of the District, either (i) transfer all amounts then on deposit in the Reserve Fund to the Lease Payment Fund to be applied for such purpose to the payment of the Lease Payments on behalf of the District, or (ii) transfer such amounts to the District for deposit into the Project Fund prior to the completion of the Projects. Any amounts remaining in the Reserve Fund on the date of payment in full, or provision for such payment as provided in Section 13.01, of all obligations represented by the Outstanding Certificates and upon all fees and expenses then due and owing to the Trustee, shall be withdrawn by the Trustee and at the written request of the District applied towards such payment or paid to the District.
View SourceView Similar (2)
Application of Reserve Fund. 19 Section 4.07 Investment of Funds in Trust Accounts ...............................................................19 Section 4.08 Attachment of Trust Accounts ........................................................................20 Section 4.09 Release of Assets ...................................................................................20
View Source
Application of Reserve Fund. If amounts in the Sewer Revenue Account, exclusive of moneys in the reserve fund required under Section 5.03, shall not be sufficient to enable the County to meet promptly and fully all obligations of the County hereunder, as provided in Section 5.02, the County shall withdraw, from time to time, from such reserve fund, amounts which will enable it to meet all such obligations promptly and fully. In the event of such withdrawals, the reserve fund shall be restored to the minimum amount required as expeditiously as possible.
View Source
Application of Reserve Fund and Available Subordinated ------------------------------------------------------ Amount. ------ (a) If the portion of Noteholder Non-Principal Collections and Investment Proceeds allocated to Series 2001-1 Noteholders on any Payment Date pursuant to Section 4.04(a) is not sufficient to make the entire distributions required on such Payment Date by (a) Sections 4.04(a)(i), (ii), (iii) and (v) or (b) on the Class A Stated Maturity Date or the date on which the Invested Amount has been reduced to zero only, Section 4.04(a)(viii) and on the Class B Stated Maturity Date or the date on which the Invested Amount has been reduced to zero only, Section 4.04(a)(ix), the Servicer shall cause the Indenture Trustee to withdraw funds from the Reserve Fund (in the case of Section 4.04(a)(viii) and (ix), only to the extent such amounts would otherwise be distributed to the Certificateholders) to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.04(a)(i), (ii), (iii), (v), (viii) and (ix), as the case may be, provided, however, that during any Early -------- ------- Amortization Period funds shall not be withdrawn from the Reserve Fund to make distributions otherwise required by Section 4.04(a)(v) to the extent that, after giving effect to such withdrawal, the amount on deposit in the Reserve Fund shall be less than $1,000,000. (b) If the amounts allocated to the Series 2001-1 Noteholders pursuant to Section 4.04(a) and the amounts withdrawn from the Reserve Fund pursuant to Section 4.06(a) are not sufficient to make the entire distributions required by clauses (i), (ii), (iii) and (v) of Section 4.04(a) (such shortfall being the "Deficiency Amount"), the Servicer shall cause the Indenture Trustee to apply ------------------ the amount of Additional Noteholder Collections for the related Collection Period on deposit in the Collection Account on such Payment Date, but only up to the Available Subordinated Amount, to make the distributions required by clauses (i), (ii), (iii) and (v) of Section 4.04(a) that have not been made and, if such Payment Date is the Class A Stated Maturity Date, the Class B Stated Maturity Date or the date on which the Invested Amount has been reduced to zero, the distributions required by Section 4.04(a)(viii) in the case of the Class A Stated Maturity Date and Section 4.04(a)(ix) in the case of the Class B Stated Maturity Date or both Sections 4.04(a)(viii) and (ix) in the case of the date on w...
View Source
Application of Reserve Fund. (a) If Investor Non-Principal Collections and Investment Proceeds on any Payment Date (plus the amount of any Servicer Advance for such Payment Date) are not sufficient to make the entire payments required on such Payment Date by Sections 4.6(a)(i), (ii) and (iv) the Servicer shall direct the Trustee to withdraw (and the Trustee shall withdraw) funds from the Reserve Fund to the extent available therein, and apply such funds to complete the payments pursuant to Section 4.6(a)(i), (ii) and (iv) in the numerical order thereof. (b) On the Termination Date, any funds in the Reserve Fund shall be treated as Available Investor Principal Collections. Upon payment in full of the outstanding principal balance of the Series 2004-NTC Certificate, any funds remaining on deposit in the Reserve Fund shall be paid to the Transferor.]
View Source
Application of Reserve Fund and Available Subordinated ------------------------------------------------------ Amount. (a) If Investor Non-Principal Collections and Investment Proceeds ------ allocated to Series [ ] Certificateholders on any Distribution Date pursuant to Section 4.6(a) are not sufficient to make the entire distributions required on such Distribution Date by Section 4.6(a)(i), (ii), (iii), (iv) and (vi), the Servicer shall direct the Trustee to withdraw (and the Trustee shall withdraw) funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(i), (ii), (iii), (iv) and (vi) in the numerical order thereof. (b) If there is a Required Subordination Draw Amount for such Distribution Date, the Servicer shall, subject to the following paragraph, apply or direct the Trustee to apply the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, but only up to the amount of the Required Subordination Draw Amount, to make up the shortfall in the distributions required by Sections 4.6(a)(i), (ii), (iii), (iv) and (vi) and that have not been made through the application of funds from the Reserve Fund pursuant to Section 4.8(a). Any such Available Seller's Collections remaining after the application thereof pursuant to the preceding sentence shall be treated as a portion of Available Investor Principal Collections for such Distribution Date, but only up to the amount of unpaid Adjustment Payments allocated to Series [ ] as described in Section 4.5(a)(vi). If the Required Subordination Draw Amount exceeds Available Seller's Collections for such Distribution Date, the Available Subordinated Amount shall be reduced in accordance with clause (ii) of the definition of Available Subordinated Amount in an amount equal to such Available Seller's Collections. If for such Distribution Date the sum of the Required Subordination Draw Amount and the aggregate of the required subordination draw amounts for all other Series outstanding exceeds the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, then such Available Seller's Collections shall be allocated to such Series (including Series [ ]) pro rata on the basis of such required subordination draw amounts (including the Required Subordination Draw Amount). (c) On the Termination Date, any funds in the Reserve Fund will be treated as Available Investor Principal Collections. Upon paymen...
View Source

Related to Application of Reserve Fund

  • Replacement Reserve Fund Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the "REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area. Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property. Any amount held in the Replacement Reserve Account and allocated for the Property shall be retained by Lender in an interest bearing account, or, at the option of Lender, in an Eligible Account at an Eligible Institution; PROVIDED, HOWEVER, that, any interest earned on said account shall accrue in said account for the benefit of Borrower, but shall remain in and constitute part of the Replacement Reserve Fund, and shall be disbursed in accordance with the terms hereof. Notwithstanding anything to the contrary in this Section 7.3, Borrower shall not be required to make Replacement Reserve Monthly Deposits, provided that: (i) no Event of Default shall have occurred; and (ii) Borrower makes all necessary Replacements and otherwise maintains the Property to Lender's satisfaction. Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements or otherwise maintain the Property to Lender's satisfaction, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.

  • Reserve Account Withdrawal If the Series 2003-5 Letter of Credit Amount will be less than the Principal Deficit Amount on any Distribution Date, then, prior to 12:00 noon (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing to withdraw from the Series 2003-5 Reserve Account, an amount equal to the lesser of (x) the Series 2003-5 Available Reserve Account Amount and (y) the amount by which the Principal Deficit Amount exceeds the amounts to be deposited in the Series 2003-5 Distribution Account in accordance with clauses (i) and (ii) of this Section 2.5(d) and deposit it in the Series 2003-5 Distribution Account on such Distribution Date.

  • Reserve Fund (a) On the Closing Date, the Seller will deposit the Reserve Fund Initial Deposit into the Reserve Fund from the net proceeds of the sale of the Notes. The Reserve Fund shall be the property of the Issuer subject to the rights of the Indenture Trustee in the Reserve Fund Property. (b) In the event that the Note Distributable Amount exceeds the sum of the amounts deposited into the Note Distribution Account pursuant to Sections 4.06(c)(v) and (vi) on each Payment Date (or, if the Reserve Fund is not maintained by the Indenture Trustee, on the related Deposit Date), the Indenture Trustee (based on information contained in the Servicer’s Certificate delivered on the related Determination Date pursuant to Section 3.10) shall cause an amount equal to the lesser of (A) the amount on deposit in the Reserve Fund and (B) the amount by which the Note Distributable Amount exceeds the sum of the amounts in the Note Distribution Account, to be deposited from the Reserve Account into the Note Distribution Account in immediately available funds in the amounts set forth in the Servicer’s Certificate for such Payment Date; provided that such amount shall be applied first, to the payment of interest due on the Notes to the extent, if any, that the amount deposited pursuant to Section 4.06(c)(v) is not sufficient to cover such payment of interest and, second, to the payment of principal of the Notes. (c) In the event that the Certificate Distributable Amount exceeds the sum of the amounts deposited into the Certificate Distribution Account pursuant to Sections 4.06(c)(vii) and (viii) on each Payment Date (or, if the Reserve Fund is not maintained by the Indenture Trustee, on the related Deposit Date), the Indenture Trustee shall cause an amount equal to the lesser of (A) the amount on deposit in the Reserve Fund and (B) the amount by which the Certificate Distributable Amount exceeds the sum of the amounts in the Certificate Distribution Account, to be deposited into the Certificate Distribution Account in immediately available funds in the amounts set forth in the Servicer’s Certificate for such Payment Date; provided that such amount shall be applied first, to the payment of interest due on the Certificates to the extent, if any, that the amount deposited pursuant to Section 4.06(c)(vii) is not sufficient to cover such payment of interest and, second, to the payment of principal of the Certificates. (d) On each Payment Date (or, if the Reserve Fund is not maintained by the Indenture Trustee, on the related Deposit Date), all interest and other income (net of losses and investment expenses) on funds on deposit in the Reserve Fund shall upon the written direction of the Servicer, be paid to the Seller to the extent that the funds therein exceed the Specified Reserve Fund Balance. 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.

  • Distribution of Collateral Proceeds In the event that, following the occurrence or during the continuance of any Event of Default, any monies are received in connection with the enforcement of any of the Security Documents, or otherwise with respect to the realization upon any of the Collateral, such monies shall be distributed for application as follows: (a) First, to the payment of, or (as the case may be) the reimbursement of, the Agent for or in respect of all reasonable costs, expenses, disbursements and losses which shall have been incurred or sustained by the Agent to protect or preserve the collateral or in connection with the collection of such monies by the Agent, for the exercise, protection or enforcement by the Agent of all or any of the rights, remedies, powers and privileges of the Agent under this Agreement or any of the other Loan Documents or in respect of the Collateral or in support of any provision of adequate indemnity to the Agent against any taxes or liens which by law shall have, or may have, priority over the rights of the Agent to such monies; (b) Second, to all other Obligations in such order or preference as the Majority Banks shall determine; provided, however, that (i) distributions in respect of such Obligations shall be made pari passu among Obligations with respect to the Agent's fee payable pursuant to Section 4.3 and all other Obligations, (ii) in the event that any Bank shall have wrongfully failed or refused to make an advance under Section 2.7 and such failure or refusal shall be continuing, advances made by other Banks during the pendency of such failure or refusal shall be entitled to be repaid as to principal and accrued interest in priority to the other Obligations described in this subsection (b), and (iii) Obligations owing to the Banks with respect to each type of Obligation such as interest, principal, fees and expenses, shall be made among the Banks pro rata; and provided, further, that the Majority Banks may in their discretion make proper allowance to take into account any Obligations not then due and payable; and (c) Third, the excess, if any, shall be returned to the Borrower or to such other Persons as are entitled thereto.

  • Disbursements from Replacement Reserve Account (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any). (b) Lender shall, upon written request from Borrower and satisfaction of the requirements set forth in this Section 7.3.2, disburse to Borrower amounts from the Replacement Reserve Account necessary to pay for the actual approved costs of Replacements or to reimburse Borrower therefor, upon completion of such Replacements (or, upon partial completion in the case of Replacements made pursuant to Section 7.3.2(f)) as determined by Lender. In no event shall Lender be obligated to disburse funds from the Replacement Reserve Account if a Default or an Event of Default exists. (c) Each request for disbursement from the Replacement Reserve Account shall be in a form specified or approved by Lender and shall specify (i) the specific Replacements for which the disbursement is requested, (ii) the quantity and price of each item purchased, if the Replacement includes the purchase or replacement of specific items, (iii) the price of all materials (grouped by type or category) used in any Replacement other than the purchase or replacement of specific items, and (iv) the cost of all contracted labor or other services applicable to each Replacement for which such request for disbursement is made. With each request Borrower shall certify that all Replacements have been made in accordance with all applicable Legal Requirements of any Governmental Authority having jurisdiction over the Property to which the Replacements are being provided and, unless Lender has agreed to issue joint checks as described below, each request shall include evidence of payment of all such amounts. Each request for disbursement shall include copies of invoices for all items or materials purchased and all contracted labor or services provided. Except as provided in Section 7.3.2(e), each request for disbursement from the Replacement Reserve Account shall be made only after completion of the Replacement for which disbursement is requested. Borrower shall provide Lender evidence of completion satisfactory to Lender in its reasonable judgment. (d) Borrower shall pay all invoices in connection with the Replacements with respect to which a disbursement is requested prior to submitting such request for disbursement from the Replacement Reserve Account or, at the request of Borrower, Lender will issue joint checks, payable to Borrower and the contractor, supplier, materialman, mechanic, subcontractor or other party to whom payment is due in connection with a Replacement. In the case of payments made by joint check, Lender may require a waiver of lien from each Person receiving payment prior to Lender's disbursement from the Replacement Reserve Account. In addition, as a condition to any disbursement, Lender may require Borrower to obtain lien waivers from each contractor, supplier, materialman, mechanic or subcontractor who receives payment in an amount equal to or greater than $100,000 for completion of its work or delivery of its materials. Any lien waiver delivered hereunder shall conform to the requirements of applicable law and shall cover all work performed and materials supplied (including equipment and fixtures) for the Property by that contractor, supplier, subcontractor, mechanic or materialman through the date covered by the current reimbursement request (or, in the event that payment to such contractor, supplier, subcontractor, mechanic or materialmen is to be made by a joint check, the release of lien shall be effective through the date covered by the previous release of funds request). (e) If (i) the cost of a Replacement exceeds $100,000, (ii) the contractor performing such Replacement requires periodic payments pursuant to terms of a written contract, and (iii) Lender has approved in writing in advance such periodic payments, a request for reimbursement from the Replacement Reserve Account may be made after completion of a portion of the work under such contract, provided (A) such contract requires payment upon completion of such portion of the work, (B) the materials for which the request is made are on site at the Property and are properly secured or have been installed in the Property, (C) all other conditions in this Agreement for disbursement have been satisfied, (D) funds remaining in the Replacement Reserve Account are, in Lender's judgment, sufficient to complete such Replacement and other Replacements when required, and (E) if required by Lender, each contractor or subcontractor receiving payments under such contract shall provide a waiver of lien with respect to amounts which have been paid to that contractor or subcontractor. (f) Borrower shall not make a request for disbursement from the Replacement Reserve Account more frequently than once in any calendar month and (except in connection with the final disbursement) the total cost of all Replacements in any request shall not be less than $5,000.00.