Commingling Reserve Account definition

Commingling Reserve Account means the bank account with the account number 732560-02 held in the name of the Issuer at the Account Bank, as well as any other bank accounts specified as such by or on behalf of the Issuer in the future in addition to or as substitute for such Commingling Reserve Account in accordance with the Accounts Agreement and the Transaction Security Agreement, to which the Seller shall transfer the Commingling Reserve Amount following the occurrence of a Commingling Reserve Trigger Event and if the balance credited to the Commingling Reserve Account as of any Cut-Off Date following the occurrence of a Commingling Reserve Trigger Event is less than the Commingling Reserve Amount as calculated as of such Cut-Off Date, taking into account any amounts to be credited to the Commingling Reserve Account on the immediately following Payment Date pursuant to the Pre- Enforcement Priority of Payments, an amount equal to such shortfall as determined as of such Cut-Off Date;
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Commingling Reserve Account means a specified account in the name of the Issuer at the Transaction Account Bank, as may be redesignated or replaced from time to time in accordance with the Transaction Documents;
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Commingling Reserve Account means a specified bank account held in the name of the Issuer at the Transaction Account Bank as well as any other bank accounts specified as such by or on behalf of the Issuer or the Note Trustee in the future in addition to or as a substitute for such Commingling Reserve Account in accordance with the Transaction Account Agreement and the Security Trust Deed;
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Examples of Commingling Reserve Account in a sentence

  • Amount on Liquidity Reserve Account (if Liquidity Reserve Transfer Event has occured) 0,00 (e)Amount on Commingling Reserve Account (if Servicer Termination Event has occured) 0,00(f) Amount on Replenishment Shortfall Account (incl.

  • In order to mitigate this risk, the Servicer has agreed to fund a cash deposit (the “Commingling Reserve Deposit”) in favour of the Compartment with the Commingling Reserve Account opened with the Account Bank in the name of the Compartment.Pursuant to the Commingling Reserve Deposit Agreement, the Servicer has agreed to make such deposit with the Compartment by way of full transfer of title in accordance with Article L.

  • Following the occurrence of a Commingling Reserve Trigger Event, the risk of any shortfall due to late forwarding of Collections (including, without limitation, Deemed Collections other than Deemed Collections within the meaning of item (B)(i) of the definition of Deemed Collections for which the provisions governing the Set-off Reserve Account apply, see "CREDIT STRUCTURE — Set-Off Reserve") received or payable by the Servicer is mitigated by the balance credited to the Commingling Reserve Account.

  • See "OVERVIEW - THE ACCOUNTS - Reserve Account".The Notes benefit, in respect of mitigation of commingling risks, from the amount standing to the credit of the Commingling Reserve Account.

  • Commingling Reserve If, at any time as long as the Seller is the Servicer, a Commingling Reserve Trigger Event occurs, the Seller is required to transfer, within 14 calendar days, the Commingling Reserve Amount to an account of the Issuer held with the Account Bank (the "Commingling Reserve Account").

  • Payments to satisfy amounts due to third parties (other than pursuant to the Transaction Documents) and payable in connection with the Issuer's business may be made from the Transaction Account, and, if applicable, the Commingling Reserve Account and, if applicable, the Set-Off Reserve Account, and, if applicable, the Purchase Shortfall Account, other than on a Payment Date.

  • Commingling Reserve Account The Commingling Reserve Account of the Issuer will bemaintained with the Account Bank.The purpose of the amount standing to the Commingling Res erve Account is to mitigate the risk of commingling of the payments made under the Purchased Receivables with any other assets of the Servicer in an insolvency of the Servicer by providing funding of the Commingling Reserve Distribution Amount.

  • On any Payment Date following the occurrence of a Commingling Reserve Trigger Event, the Purchaser shall pay to the Seller in its capacity as Servicer, in accordance with the Pre-Enforcement Priority of Payments (i) any fees owed by the Purchaser to the Seller in accordance with a separate fee letter between the Seller and the Purchaser and (ii) the Commingling Reserve Excess Amount, using the balance credited to the Commingling Reserve Account.

  • On each Payment Date during the Amortisation Period, the Issuer shall repay principal on the Commingling Reserve Facility to FCAB in an amount equal to the Commingling Reserve Release Amount, by applying the amounts then standing to the credit of the Commingling Reserve Account.

  • Return of Reserves On the Payment Date on which the Rated Notes are repaid in full, the funds then standing to the credit of the Liquidity Reserve Account, the Set-Off Reserve Account and the Commingling Reserve Account (after application of the relevant Pre-Enforcement Priorities of Payments on such Payment Date) shall be returned to the Seller.


More Definitions of Commingling Reserve Account

Commingling Reserve Account means the account denominated in Euro that will be opened in the name of the Guarantor and held with an Eligible Institution, not belonging to the Montepaschi Group, in order to post from time to time the Commingling Reserve Amount (if any) or any other substitutive account which may be opened pursuant to the Cash Allocation, Management and Payments Agreement.
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Commingling Reserve Account means the bank account opened by the FCT with the FCT Account Bank with the following references (30003-03764-00003167288-05). Commingling Reserve Deposit Agreement means the deposit agreement entered into on or prior to the Closing Date between the FCT Account Bank, the FCT Cash Manager, the Servicer, the Management Company and the Custodian, pursuant to which the Servicer agreed to transfer the Commingling Reserve Fund pursuant to Articles L. 211-38 of the French Monetary and Financial Code to Issuer as security for its obligation to transfer Collections to the Issuer, as amended from time to time. Commingling Reserve Fund means, at any time, the cash transferred by way of security by the Servicer to the Seller pursuant to Articles L. 211-38 of the French Monetary and Financial Code and credited to the Commingling Reserve Account, in accordance with the provisions of the Commingling Reserve Deposit Agreement.
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Commingling Reserve Account means the commingling reserve account of the Issuer opened on or before the Closing Date with the Account Bank (with account details as set out in Schedule 10 of the Master Definitions and Common Terms Agreement) or any successor account bank, bearing an interest rate as separately agreed between the Account Bank and the Issuer.
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Commingling Reserve Account means the Compartment Bank Account which will be credited with the Commingling Reserve Required Amount by the Servicer.
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Related to Commingling Reserve Account

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Reserve Accounts means the Tax Account, the Insurance Account, the Replacement Reserve Account, the Immediate Repair Account, the Leasing Reserve Account, the Excess Cash Flow Account, the Operating Expense Account, the Ground Rent Account and any other escrow account established by this Agreement or the other Loan Documents (but specifically excluding the Cash Management Account, the Restricted Account and the Debt Service Account).

  • Required Reserve Account Amount means, with respect to any Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or (2) any other percentage (which may be 0%) of the Class A Invested Amount designated by the Transferors, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferors shall have received the prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee.

  • Reserve Account Required Amount means, with respect to any Payment Date, an amount equal to 0.25% of the Adjusted Pool Balance as of the Cutoff Date; provided, however, that in no event shall the Reserve Account Required Amount on any Payment Date be more than the aggregate Outstanding Amount of the Notes on such Payment Date (after giving effect to the allocation of principal payments on such Payment Date).

  • Available Reserve Account Amount means, for any Transfer Date, the lesser of (a) the amount on deposit in the Reserve Account (after taking into account any interest and earnings retained in the Reserve Account pursuant to Section 4.10(b) on such date, but before giving effect to any deposit made or to be made pursuant to subsection 4.4(a)(ix) to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

  • Reserve Account Amount means, for any Distribution Date, the amount on deposit in and available for withdrawal from the Reserve Account on such Distribution Date (after giving effect to all deposits to and withdrawals from the Reserve Account on the preceding Distribution Date, or, in the case of the initial Distribution Date, the Closing Date), including all interest and other income (net of losses and investment expenses) earned on such amount during the preceding Collection Period.

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Reserve Account Withdrawal Amount means, with respect to any Distribution Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts specified in clauses (i) through (xvii) of Section 5.7(a) (taking into account application of Available Funds to the priority of payments specified in Section 5.7(a) and ignoring any provision hereof which otherwise limits the amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution Date prior to application of amounts on deposit therein pursuant to Section 5.8.