Examples of Commingling Reserve Required Amount in a sentence
For the avoidance of doubt, any interest accrued on the Commingling Reserve Required Amount shall not constitute part of the Available Distribution Amount.
The commingling and late payment risk deriving from the afore-mentioned arrangement in the Servicing Agreement is mitigated by way of the Commingling Reserve Required Amount.
Under the Servicing Agreement, the Servicer undertakes to remit to the Issuer, within 14 calendar days following the occurrence and thereafter on any Payment Date during the continuance of a Commingling Reserve Trigger Event, the Commingling Reserve Required Amount, by way of deposit (Kaution) as collateral for its actual or contingent obligations under the Servicing Agreement to transfer Collections to the Issuer on the following Payment Date.
Upon the occurrence and continuance of a Commingling Reserve Trigger Event, the Servicer undertakes to remit to the Issuer on the Issue Date and on any relevant Payment Date, as applicable, an amount such that the amount standing to the credit of the Commingling Reserve Account-C4 is equal to the Commingling Reserve Required Amount as of such date.
The Management Company shall ensure that the Commingling Reserve Deposit shall be equal to the Commingling Reserve Required Amount on each Settlement Date (see “SERVICING OF THE PURCHASED RECEIVABLES - The Commingling Reserve Deposit Agreement”).