Reserved Amount. Means the aggregate reserves established from time to time, in such amounts, and with respect to such matters, as Lender in its reasonable discretion shall deem necessary and appropriate, including reserves with respect to (i) sums that any Borrower is required to pay under any section of this Agreement or any other Loan Document (such as taxes, assessments, insurance premiums, or, in the case of leased assets, rents or other amounts payable under such leases) and has failed to pay timely, (ii)
... amounts owing by any Borrower to any Person to the extent secured by a Lien on any of the Collateral (other than any existing permitted Lien which Lien, in the reasonable discretion of Lender, would likely have a priority superior to Lender's liens (such as Liens in favor of landlords, warehousemen, carriers, mechanics, materialmen, laborers, or suppliers or Liens for ad valorem, excise, sales or other taxes where given priority under applicable law) in and to such item of the Collateral), and (iii) reserves established on or after December 31, 2003, in the event any of the following actions has not been completed by December 31, 2003: (A) each Depository Account with Bank of America, N.A., shall be subject to a control agreement in form and substance satisfactory to Lender, and all Depository Accounts currently maintained with Bank of America, N.A., shall be replaced with accounts maintained with another depository institution and subject to a control agreement in form and substance satisfactory to Lender, and (B) each of the Letters of Credit issued by Bank of America, N.A., shall have been replaced by a Letter of Credit issued by Lender or an affiliate of Lender with the consent of the beneficiary named in such Letter of Credit.
View More
