Maintenance of Reserves Clause Samples
The Maintenance of Reserves clause requires a party, typically a financial institution or borrower, to maintain certain levels of financial reserves or set-aside funds. This clause specifies the minimum amount and types of reserves that must be held, such as cash or liquid assets, and may outline how these reserves are calculated and monitored over time. Its core practical function is to ensure ongoing financial stability and solvency, thereby reducing the risk of default or inability to meet future obligations.
Maintenance of Reserves. The Collateral Agent shall take all actions as shall be reasonably necessary to preserve, protect, maintain or enforce its rights with respect to the Liquidity Reserve Account.
Maintenance of Reserves. At present, TfN is reliant on the Department for its funding and, specifically, to progress the NPR programme and the IST programme, and for its core team/back office function.
Maintenance of Reserves. Reinsurer shall maintain General Account Reserves with respect to the Reinsured Contracts determined in accordance with generally accepted actuarial standards and all applicable Laws, rules and requirements for the filing of the Company's statutory financial reports in the Company's state of domicile. All such General Account Reserves will be accounted for by the Company as ceded reinsurance and by Reinsurer as coinsured reinsurance.
Maintenance of Reserves. Participant shall, commencing as of the first month following the first anniversary of the completion of the first Unit (as such completion is evidenced by the issuance of a certificate of occupancy by the City as to the corresponding building), set aside the Capital Replacement Reserve. The Capital Replacement Reserve shall be deposited into a separate interest-bearing trust account. Funds in the Capital Replacement Reserve shall be used for capital replacements to the Improvements’ fixtures and equipment which are normally capitalized under generally accepted accounting principles. As capital repairs and improvements of the Development become necessary, the Capital Replacement Reserve shall be the first source of payment therefor; provided, however, that Participant may first use other funds for payment with the prior consent of City Manager, which approval shall not be unreasonably withheld. The non-availability of funds in the Capital Replacement Reserve does not in any manner relieve Participant of the obligation to undertake necessary capital repairs and improvements and to continue to maintain the Site in the manner prescribed in this Section 3.3 and the CC&Rs. Participant, at its expense, shall submit to City on not less than an annual basis an accounting for the Capital Replacement Reserve. Any moneys in the Capital Replacement Reserve which are not expended as of June 1, 2067 shall be applied toward payment on one or more obligations payable by Participant to the City. Capital repairs to and replacement of the Improvements shall include only those items with a long useful life, including without limitation the following: (a) appliance replacement; (b) hot water heater replacement; (c) plumbing fixtures replacement, including tubs and showers, toilets, lavatories, sinks, faucets; (d) air conditioning and heating replacement; (e) asphalt replacement;
Maintenance of Reserves. From and after the Coinsurance Effective Date, Reinsurer shall establish and maintain as a liability on its statutory financial statements, Reserves with respect to the Policy Liabilities calculated in a manner consistent with: (a) the Reserve requirements, statutory accounting rules, regulations, practices and actuarial principles applicable to Company under Applicable Law; and (b) in accordance with a methodology agreed upon by both Company and Reinsurer and consistent with Illinois SAP, sound actuarial principles and any valuation bases and methods of determining Reserves as provided in the forms of Policies. The Reinsurer shall provide Company, not less than annually, with copies of all actuarial opinions and actuarial memoranda and all Reserve evaluations pertaining to the Reserves, including, without limitation, any actuarial opinions and Reserve evaluations performed by independent actuaries, auditors or other outside consultants.
Maintenance of Reserves. It is the intention of the Bank to maintain adequate reserves for the satisfaction of its obligations under this Agreement. Nothing in this Agreement, however, shall create an obligation on the Bank's part to set aside or earmark any monies or other assets specifically for this purpose. Should the Bank elect to purchase life insurance or annuity contracts or establish a fund as a means of satisfying its obligations under this Agreement, in whole or in part, it reserves the absolute right, in its sole discretion, to terminate any such contracts, as well as any other funding program hereunder at any time, in whole or in part.
Maintenance of Reserves. Donegal Mutual shall maintain legal reserves with respect to the unearned premiums and claims it assumes pursuant to this Agreement.
Maintenance of Reserves. So long as any of the Group Contracts remain in ------------------------ force, NLIC shall maintain reserves with respect to the Group Contracts in accordance with applicable statutory and regulatory requirements. For purposes of this Agreement, reserves will equal to statutory contract and claim reserves included in Exhibits 7,8,9, 10 and 11 plus any other liabilities less any other assets associated with the Group Contracts and held in the NAIC Life Company Annual Statement. The basis for calculation of reserves will not be changed without the written mutual agreement of both parties to this Agreement.
Maintenance of Reserves. Beginning in 2025, SBI shall make reasonable efforts to establish and maintain a reserve fund of $50,000.
Maintenance of Reserves. 14 ARTICLE III