Account Surplus definition

Account Surplus means, as of any Monthly Transfer Date, with respect to each Debt Service Reserve Account, the positive difference (if any) between (x) the aggregate amount on deposit in the Debt Service Reserve Account on such Monthly Transfer Date (giving effect to (i) any DSR Credit Support credited to such Debt Service Reserve Account in accordance with Section 3.6(b) and (ii) any withdrawals and transfers requested pursuant to Section 3.6(c) on such Monthly Transfer Date) minus (y) the DSRA Reserve Amount of such Debt Service Reserve Account as of such Monthly Transfer Date.

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Account Surplus has the meaning given to such term in Section 1.01(c) (Definitions) of the Accounts Agreement.

Account Surplus means, as of any date of determination with respect to any Project Account for which there is an Account Funding Requirement, an amount equal to the excess, if positive, of (i) the Account Balance for such Project Account as of such date, over (ii) the Account Funding Requirement for such Project Account as of such date.

Examples of Account Surplus in a sentence

• On each Business Day during such time, the Administrative Agent shall, (i) if a Revolver Loan Funding Account Shortfall exists, deposit the lesser of (A) the amount allocable to the repayment of principal to the Lenders and (B) the Revolver Loan Funding Account Shortfall and (ii) if a Revolver Loan Funding Account Surplus exists, pay to the applicable Managing Agent, on behalf of each Lender, such Lender’s ratable share of the Revolver Loan Funding Account Surplus.

• In addition, after the occurrence of a Conversion Deposit, any Cash Collateral Account Surplus shall be withdrawn on any Transfer Date for application in accordance with the Loan Agreement.

• On each Business Day during such time, the Administrative Agent shall, (i) if a Revolver Loan Funding Account Shortfall exists, deposit the lesser of (A) the amount allocable to the repayment of principal to the Lenders and (B) the Revolver Loan Funding Account Shortfall and (ii) if a Revolver Loan Funding Account Surplus exists, pay to the applicable Managing Agent, on behalf of each Lender, such ▇▇▇▇▇▇’s ratable share of the Revolver Loan Funding Account Surplus.

• A Clearing Organization making a Return of Guaranty Payment pursuant to this Agreement shall not pay out any Proprietary Account Surplus that it is legally prohibited from paying.

• The amount of any such withdrawal from the Series 2009-1 Cash Collateral Account shall be limited to the least of (a) the Series 2009-1 Available Cash Collateral Account Amount on such Payment Date, (b) the Series 2009-1 Cash Collateral Account Surplus on such Payment Date and (c) the excess, if any, of the Series 2009-1 Letter of Credit Liquidity Amount on such Payment Date over the Series 2009-1 Demand Note Payment Amount on such Payment Date.

• The amount of any such withdrawal from the Class A Ford Cash Collateral Account shall be limited to the lesser of (a) the Class A Available Ford Cash Collateral Account Amount on such Payment Date and (b) the Class A Cash Collateral Account Surplus (after giving effect to any withdrawal from the Class A Non-Ford Cash Collateral Account) on such Payment Date.

• On each Business Day during such time, the Administrative Agent shall, (i) if a Revolver Loan Funding Account Shortfall exists, deposit the lesser of (A) the amount allocable to the repayment of principal to the Committed Lenders and (B) the Revolver Loan Funding Account Shortfall and (ii) if a Revolver Loan Funding Account Surplus exists, pay to the applicable Managing Agent, on behalf of each Committed Lender, such Committed Lender’s ratable share of the Revolver Loan Funding Account Surplus.

• In the event that the Series 2010-6 Reserve Account Surplus on any Distribution Date, after giving effect to all withdrawals from the Series 2010-6 Reserve Account and application thereof, is greater than zero, the Trustee, acting in accordance with the written instructions of the Administrator pursuant to the Administration Agreement, shall withdraw from the Series 2010-6 Reserve Account an amount equal to the Series 2010-6 Reserve Account Surplus and shall pay such amount to ABRCF.

• If the Beneficiary has a Proprietary Account Surplus, it shall make a payment to the Guarantor, in respect of a Guaranty, known as the “Return of Guaranty Payment” and equal to the lesser of: (i) the Beneficiary’s Proprietary Account Surplus or (ii) the amount of the initial Guaranty Payment.

• In the event that the Class A Reserve Account Surplus Amount with respect to any Transfer Date is greater than zero, the Trustee, on the related Distribution Date, acting in accordance with the instructions of the Servicer, shall withdraw from the Class A Reserve Account, and pay to or at the direction of the Seller, an amount equal to such Class A Reserve Account Surplus Amount.

More Definitions of Account Surplus

Account Surplus has the meaning set forth in Section 2.9.

Account Surplus means the difference between the assets in the Account and what Warrantech believes, in its sole and absolute discretion, is enough to pay the Assumed Liabilities in the reasonably foreseeable future.