Reserve Balance. Funds in the following amounts (and to be used for the payment of such amounts) may be withdrawn from such account on the Business Day immediately preceding each Distribution Date and deposited into the Series Payment Account for distribution on the succeeding Distribution Date as set forth in Section 6.03: (i) to the extent Collections and other amounts received by the Trust or the Seller (and remitted to the Trust as required hereunder and under the Agreement), in each case, with respect to Series 1997-1 during the immediately preceding Collection Period are less than the sum of (x) the aggregate amount of the Master Servicing Fee (to the extent the Master Servicer is not an Affiliated Entity), the Trustee Fee, the Back-up Servicing Fee and the Class A Interest Distribution Amount payable in respect of such Collection Period and (y) with respect to any Distribution Date occurring after the Projected Class A Payment Date, the Aggregate Principal Balance of the Class A Certificates, the amount of such deficiency; and (ii) to the extent that the balance of the Series 1997-1 Reserve Account would exceed the Specified Series 1997-1 Reserve Balance (as such amounts are calculated after giving effect to all withdrawals, deposits and payments required to be made on such Distribution Date), the amount of such excess. On the first Distribution Date to occur after the Collection Date with respect to the Class A Certificates, all amounts in the Series 1997-1 Reserve Account shall be remitted to the Seller.
Reserve Balance. The CTUIR and the City have worked collaboratively to provide public transportation services in Hermiston under the compensation arrangement outlined in 2.1.A since July I, 2017. To ensure adequate matching funds were available for a new service, the City has, since July I, 2017, paid CTUIR guaranteed annual funding of$ I50,000 from July I, 2017 through June 30, 2019, as well as $125,000 from July I, 2019 through June 30, 2020. As a result ofcost containment, and successful outside grant funding acquisition by CTUIR, the City had accrued a reserve balance on-hand with CTUIR of_$246,978.06 through 6/12/2023____. In recognition ofthe potential for reduced City General Fund Revenue caused by the COVID-19 Pandemic, the parties agreed to draw from the reserve balance to make a one-time reduction ofthe City's quarterly obligation. It is projected that the reserve balance on hand with CTUIR, after the City makes it's payment for the quarter ending June 30, 2021, will total _ $259,478.06 _ The City and CTUIR wish to keep a healthy reserve balance to protect this service from future economic downturns, but also wish to scale it to be more commensurate with actual operating costs. Therefore, pricing for the term ofthis contract will be reduced to more closely align with actual operating costs, and ifa shortfall occurs, the difference shall be made-up from the reserve on-hand.
Reserve Balance. As allowed by law, TurnKey will withhold amounts from Rental Proceeds payable to Owner as necessary to maintain a reserve balance that will be used by TurnKey for payment of maintenance and repair expenses for the Home incurred by TurnKey on Owner’s behalf (the “Reserve Balance”). The default amount of the Reserve Balance is $500, but Owner may adjust this amount upward or downward.
Reserve Balance. 26.1The Client understands that FINCRA may require it to maintain a minimum amount (“Reserve Balance”) from time to time as a condition of continued access and use of any of the services in the Services Schedule.
Reserve Balance i. Merchant may be required, as specified in the Pricing Schedule, to deposit a corresponding reserve amount into the Merchant Account or into another account designated by Citcon prior to any live production Transaction being processed hereunder (“Reserve Balance”). Citcon reserves the right to modify the Reserve Balance any time during the Term, including to include a rolling reserve. Funds held as part of the Reserve Balance shall remain in place for up to twelve (12) months following the date of termination of this Agreement (the “Reserve Period”). Xxxxxxxx agrees that (A) it is not entitled to any interest on the funds credited in the Reserve Balance, and (B) it has no right to direct that account.
Reserve Balance
