Payment Reserve Account. (a) The Servicer shall establish and maintain or cause to be established and maintained with a Qualified Institution, which may be the Trustee, in the name of the Trustee, on behalf of the Securityholders, the "Payment Reserve Account," which shall be a segregated trust account with the corporate trust department of such Qualified Institution, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Securityholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Payment Reserve Account and in all proceeds thereof. The Payment Reserve Account shall be under the sole dominion and control of the Trustee for the benefit of the Securityholders. If, at any time, the institution holding the Payment Reserve Account ceases to be a Qualified Institution, the Trustee shall within 10 Business Days establish a new Payment Reserve Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Payment Reserve Account. From the date such new Payment Reserve Account is established, it shall be the "Payment Reserve Account."
(b) The Transferor, at its discretion, may on any Business Day withdraw all or a part of any amounts then on deposit in the Payment Reserve Account and apply such funds in accordance with Section 4.9(a) of the Agreement.
(c) Funds on deposit in the Payment Reserve Account shall be invested in Cash Equivalents by the Trustee (or, at the direction of the Trustee, by the Servicer on behalf of the Trustee) at the direction of the Servicer. Funds on deposit in the Payment Reserve Account on any Business Day, after giving effect to any withdrawals from the Payment Reserve Account, shall be invested in Cash Equivalents that will mature so that such funds will be available for withdrawal on or prior to the following Business Day. The proceeds of any such investments shall be invested in Cash Equivalents that will mature so that such funds will be available for withdrawal on or prior to the following Business Day. On each Business Day following a deposit of funds to the Payment Reserve Account, the aggregate proceeds of any such investment shall be deposited in the Collection Account and treated as Investment Proceeds for application as Available Series 1998-3 Finance Charge Collections.
Payment Reserve Account. On each Business Day, the Trustee, acting in accordance with instructions from the Transferor, shall withdraw first from the Cap Proceeds Account to the extent of the Cap Receipt Amount and then from the Collection Account and then from the Payment Reserve Account, and distribute to the Servicer, to the extent of any Available Series 1998-3 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (xi) of the Agreement, an amount equal to the lesser of (x) any such remaining Available Series 1998-3 Finance Charge Collections and (y) the amount designated by the Transferor in writing (which includes facsimile transmission) in its instructions to the Trustee on such Business Day and the Servicer shall deposit such amount, if any, in the Payment Reserve Account.
Payment Reserve Account. 24.1.1 The Authority shall, at least 60 (sixty) days prior to the Commercial Operation Date, [open and establish] an account (“Payment Reserve Account”) with a bank and shall maintain such Payment Reserve Account in accordance with the payment reserve agreement (the “Payment Reserve Agreement”) to be entered into amongst the Concessionaire, the Authority and the bank at least 75 (seventy five) days prior to the Commercial Operation Date.
24.1.2 The Authority shall, at least [●] days prior to the Commercial Operation Date, deposit or cause to be deposited in the Payment Reserve Account, an amount equivalent to 3 (three) months revenue of the Project and shall continue to maintain such account throughout the Operation Period. For the purpose of Clause 24.1, the term revenue shall mean:
(a) during the first 3 (three) months of the Operation Period: the reimbursement estimated to be received by the Concessionaire from the Authority (in accordance with Clause 23.2.1) for the first 3 (three) months of the Concession Period; and
(b) after the first 3 (three) months of the Operation Period: the reimbursement received by the Concessionaire from the Authority (in accordance with Clause 23.2.1), in the immediately preceding 3 (three) months.
24.1.3 In the event of default or delay in payment set out in Clause 23.2.1 by the Authority beyond a period of 60 (sixty)) days, the Concessionaire shall be entitled to encash and appropriate the required amounts from the Payment Reserve Account.
24.1.4 If the Concessionaire encashes and appropriates any such required amount from the Payment Reserve Account in accordance with Clause 24.1.3, the Authority shall replenish such Payment Reserve Account within 15 (fifteen) days from the date of such drawing. [OR]30
Payment Reserve Account. On each Business Day, the Trustee, acting in accordance with instructions from the Transferor, shall withdraw from the Collection Account and distribute to the Servicer, to the extent of any Available Series 1997- 1 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (xiv) of the Agreement, an amount equal to the lesser of (x) any such remaining Available Series 1997-1 Finance Charge Collections and (y) the amount designated by the Transferor in writing (which includes facsimile transmission) in its instructions to the Trustee on such Business Day and the Servicer shall deposit such amount, if any, in the Payment Reserve Account.
Payment Reserve Account. On each Business Day, the Trustee acting in accordance with instructions from the Servicer, shall withdraw first from the Cap Proceeds Account to the extent of the remaining Cap Receipt Amount for such Business Day and then from the Collection Account, to the extent of any Available Series 1995-1 Finance Charge Col- lections remaining after giving effect to the with- drawals pursuant to subsections 4.9(a)(i) through (xvii) an amount equal to the lesser of (x) any such remaining Available Series 1995-1 Finance Charge Collections and (y) the amount designated by the Transferor in writing (which include facsimile transmission) in its instructions to the Trustee on such Business Day and deposit such amount, if any, into the Payment Reserve Account.
Payment Reserve Account. (a) The Servicer shall establish and maintain or cause to be established and maintained with a Qualified Institution, which may be the Trustee, in the name of the Trustee, on behalf of the Series 2004-1 Securityholders, the "Payment Reserve Account," which shall be a segregated trust account with the corporate trust department of such Qualified Institution, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2004-1
Payment Reserve Account. On each Business Day, the Trustee acting in accordance with instructions from the Servicer, shall withdraw from the Collection Account, to the extent of any Available Series 1997-1 Imputed Yield Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (x) of the Agreement an amount equal to the lesser of (x) any such remaining Available Series 1997-1 Imputed Yield Collections and (y) the amount designated by the Transferor in writing (which includes facsimile transmission) in its instructions to the Trustee on such Business Day and deposit such amount, if any, into the Payment Reserve Account.
Payment Reserve Account. 48 SECTION 4.17. Principal Funding Account.................................49 SECTION 4.18. Accumulation Period Reserve Account...................................................50 SECTION 4.19. Postponement of Accumulation Period.......................52 SECTION 4.20. Defeasance................................................52 SECTION 7. Article V of the Agreement................................53 ARTICLE V DISTRIBUTIONS AND REPORTS TO INVESTOR SECURITYHOLDERS SECTION 5.1. Distributions..............................................54 SECTION 5.2. Securityholders' Statement.................................55 SECTION 8. Series 1998-2 Pay Out Events...............................58 SECTION 9. Series 1998-2 Termination..................................60 SECTION 10. Legends; Transfer and Exchange; Restrictions on Transfer of Series 1998-2 Securities...........................................60 SECTION 11. The Policy..................................................62 SECTION 12. Ratification of Agreement...................................64
Payment Reserve Account. At the sole discretion of Lender, Lender may waive Borrower’s obligation to deposit into the Payment Reserve the aggregate amount of the Monthly Debt Service Payment Amount plus the amounts payable to the Reserve Accounts payable on the First Payment Date. In the event Lender so waives Borrower’s obligation to establish the Payment Reserve, then on the First Payment Date Borrower shall pay the Monthly Debt Service Payment Amount and the amounts otherwise payable to the Reserve Accounts on the First Payment Date. The provisions of this Section 7.6 shall not affect Borrower’s obligation to make any other payments required pursuant to the terms of this Agreement.
Payment Reserve Account. On each Business Day, the Trustee, acting in accordance with instructions from the Transferor, shall deposit in the Payment Reserve Account, to the extent of any Available Series 1998-1 Finance Charge Collections remaining after giving effect to the applications pursuant to subsections 4.9(a)(i) through (xvi) of the Agreement, an amount equal to the lesser of (x) any such remaining Available Series 1998-1 Finance Charge Collections and (y) the amount, if any, designated by the Transferor in writing (which includes facsimile transmission) in its instructions to the Trustee on such Business Day.
