Accumulation Events; Reserve Account Sample Clauses

Accumulation Events; Reserve Account. (a) Upon the receipt by Petrobras Finance from the Trustee of written notice of the occurrence of an Accumulation Event, Petrobras Finance shall be required to designate for Sale to the Trustee, in the Quarterly Delivery Period in which such notice is received, and for each Quarterly Delivery Period thereafter for so long as such Accumulation Event is continuing, Purchased Receivables, in addition to the Offtaker Receivables, Additional Purchased Receivables and Supplemental Receivables scheduled to be designated for Sale to the Trustee in such Quarterly Delivery Period, that are sufficient to result in Collections equal to (A) the amount, if any, necessary to cause the amount of funds on deposit in the Reserve Account for each such Quarterly Delivery Period to be at least equal the Reserve Account Cap and (B) an amount equal to (x) 2.0 times the Maximum Scheduled Senior Payment Amount for each such Quarterly Delivery Period minus (y) the amount of funds, if any, retained in the Retention Account from prior Quarterly Delivery Periods but not applied to the mandatory prepayment of the Senior Trust Certificates pursuant to Section 9.10(c) of the Trust Deed, provided, that, if such Accumulation Event is the result of an Incipient Offtaker Payment Default, all Qualified Receivables to be Generated from and after the receipt by Petrobras Finance of such notice shall be automatically designated for Sale to the Trustee until either (1) Petrobras Finance receives notice from the Trustee that such Incipient Offtaker Payment Default has been cured or waived or (2) Qualified Receivables in an amount equal to the aggregate of the Senior Certificate Interest and the Junior Certificate Interest shall have been Generated. Such additional Qualified Receivables will be automatically designated for Sale in the order in which they are Generated, and any such additional Qualified Receivables so designated will constitute Purchased Receivables and reduce first, the right to Additional Purchased Receivables Sold pursuant to Section 2.03(a), and second, ratably the scheduled amounts of Additional Purchased Receivables set forth in Annex B hereto and the scheduled amounts of Offtaker Receivables set forth in Annex A hereto, for each subsequent Quarterly Delivery Period.
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Related to Accumulation Events; Reserve Account

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • Establishment of Reserve Account Pledgor and Secured Party hereby authorize and direct Securities Intermediary to establish and maintain in its corporate trust department, a segregated trust account that is an Eligible Deposit Account and that is a “securities account” as that term is defined in Section 8-501(a) of the UCC in the name of Secured Party and under the sole dominion and control of Secured Party, designated as “Toyota Auto Receivables 20[__]-[_] Owner Trust Reserve Account.” Securities Intermediary hereby undertakes to treat Secured Party as the person entitled to exercise the rights that comprise any Financial Asset credited to the Reserve Account. Secured Party and Pledgor agree that this account shall be the Reserve Account.

  • Targeted Deposits to the Accumulation Reserve Account The deposit targeted to be made to the Accumulation Reserve Subaccount for the Class A(2018-6) Notes for any Due Period during the Accumulation Reserve Funding Period will be an amount equal to the Targeted Accumulation Reserve Subaccount Deposit minus any amount on deposit in the Accumulation Reserve Subaccount for the Class A(2018-6) Notes.

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

  • Interest Reserve Account The Certificate Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2018) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2018), the Certificate Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

  • 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).

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