Parity Reserve Account Requirement definition

Parity Reserve Account Requirement means, (a) for the 2012 Parity Bonds, 2015 Parity Bonds and 2016 Parity Bonds, zero, (b) for Future Parity Bonds designated in a Series Resolution as “Covered Parity Bonds”, the lesser of: (i) Maximum Annual Bond Debt Service with respect to all Covered Parity Bonds (including any Covered Parity Bonds being issued at the time of calculation) that will mature or come due in the current or any future Borrower Fiscal Year or (ii) 125% of Average Annual Bond Debt Service with respect to Covered Parity Bonds; provided that, upon the issuance of any Series of Future Parity Bonds, the Parity Reserve Account Requirement shall not be required to be funded or increased by an amount greater than 10% of the proceeds of that Series, and (c) for Future Parity Bonds that are not Covered Parity Bonds, the amount (which may be zero) specified in a Series Resolution as the Parity Reserve Account Requirement for the Parity Bonds of such Series. For purposes of calculating the Parity Reserve Account Requirement, the initial issue price of Parity Bonds that constitute Capital Appreciation Bonds shall be deemed to be the sale proceeds of such Capital Appreciation Bonds.
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Parity Reserve Account Requirement means the lesser of (i) the maximum annual Installment Payments payable under the Agreement with respect to all Notes secured by the Parity Reserve Account, (ii) 125% of the average annual Installment Payments payable under the Agreement with respect to all Notes secured by the Parity Reserve Account in the current or any subsequent Fiscal Year and (iii) 10% of the stated principal amount of all Notes secured by the Parity Reserve Account; provided, however, that if any Series of Notes secured by the Parity Reserve Account has original issue discount or premium that exceeds 2% of the stated redemption price at maturity plus any original issue premium attributable exclusively to underwriter’s compensation, the initial offering prices to the public shall be used in lieu of the stated principal amount for purposes of the 10% limitation. The Parity Reserve Account Requirement may be composed of cash, Permitted Investments or Reserve Alternative Instruments.
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Parity Reserve Account Requirement means, (a) for the 2007A Parity Bonds, the 2009 Parity Bonds and the 2012 Parity Bonds, zero; for2015 Parity Bonds other than the 2007Aand 2016 Parity Bonds, the 2009zero, (b) for Future Parity Bonds and the 2012designated in a Series Resolution as “Covered Parity Bonds”, the lesser of: (1i) Maximum Annual Bond Debt Service with respect to all Covered Parity Bonds (including any Covered Parity Bonds being issued at the time of calculation) that will mature or come due in the current or any future Borrower Fiscal Year or (2ii) 125% of
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Examples of Parity Reserve Account Requirement in a sentence

  • If 2015 Parity Improvement Bonds of a Series will not be Covered Parity Bonds and if the Parity Reserve Account Requirement or any alternate reserve requirement for such 2015 Parity Improvement Bonds is more than zero, the Authority shall deposit an amount equal to any Parity Reserve Account Requirement or other reserve requirement for the 2015 Parity Improvement Bonds of such Series, if necessary.

  • Swire Pacific is an investment holding company, the subsidiaries, associates and joint ventures of which are engaged principally in the property, beverages and aviation businesses, as well as new areas of growth in healthcare and sustainable foods.

  • If 2015 Parity Improvement Bonds of one or more Series will be Covered Parity Bonds with a Parity Reserve Account Requirement greater than zero, an amount equal to the Parity Reserve Account Requirement (including for any 2015 Parity Improvement Bonds to be issued as Covered Parity Bonds) shall be on deposit or otherwise shall be provided for in the Parity Reserve Account on or prior to the date of issuance of such Covered Parity Bonds.

  • On each Closing Date, from the net sale proceeds of the 2021 Parity Improvement Bonds or other funds of the Authority, the amount equal to the Parity Reserve Account Requirement or other reserve requirement, if any, for the 2021 Parity Improvement Bonds to be issued shall be deposited in the Parity Reserve Account or alternate reserve account or otherwise provided for.

  • At the time of issuance of the 2015 Parity Refunding Bonds of each Series there will be no deficiency in the Parity Bond Account, and if the 2015 Parity Refunding Bonds of one or more Series will be Covered Parity Bonds, the Authority shall deposit the amount of such Parity Reserve Account Requirement or otherwise provide for such Parity Reserve Account Requirement on or prior to the date of issuance of such Covered Parity Bonds, in accordance with Section 9(b) of the Parity Bond Master Resolution.

  • In the case of 2015 Parity Refunding Bonds of one or more Series that are not Covered Bonds, the Authority shall deposit or otherwise provide for the amount of such Parity Reserve Account Requirement for the 2015 Parity Refunding Bonds of such Series in accordance with Section 9(c) of the Parity Bond Master Resolution.

  • An amount equal to the Parity Reserve Account Requirement or other reserve requirement, if any, for the 2021 Parity Improvement Bonds to be issued is on deposit or is otherwise provided for.

Related to Parity Reserve Account Requirement

  • Reserve Account Requirement means on any Payment Date, an amount equal to at least $20,357,398.13; provided, however, that on any Payment Date (after taking into account all distributions from the 2016-B SUBI Collection Account on such date) on which the Note Balance is zero, the “Reserve Account Requirement” shall be an amount equal to $0.

  • 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.

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Required Accumulation Reserve sub-Account Amount means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2019-1) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change.

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Debt Service Reserve Account shall have the meaning assigned to such term in the Depositary Agreement.

  • 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.

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Accumulation Reserve Funding Period shall not apply if the Calculation Agent on behalf of the Issuer notifies the Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first Distribution Date on which a condition in the right column of the following table was in effect on the immediately preceding Distribution Date, if the Distribution Date is a Distribution Date described in the corresponding left column of the following table, and ending on the Distribution Date immediately preceding the earlier to occur of:

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

  • Reserve Account Excess Amount means, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the amount of cash or other immediately available funds in the Reserve Account (excluding any net investment earnings) on that Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account on such Payment Date, over (b) the Specified Reserve Account Balance with respect to such Payment Date.

  • Yield Supplement Overcollateralization Amount means, with respect to any calendar month and the related Payment Date, or with respect to the Closing Date, the aggregate amount by which the Principal Balance as of the last day of the related Collection Period or the Cutoff Date, as applicable, of each of the related Receivables with an APR as stated in the related contract of less than the Required Rate, other than Defaulted Receivables, exceeds the present value, calculated by using a discount rate equal to the Required Rate, of each scheduled payment of each such Receivables assuming such scheduled payment is made on the last day of each month and each month has 30 days.

  • Reserve Account Funding Date means the Transfer Date designated by the Servicer which occurs not later than the Transfer Date with respect to the Monthly Period which commences 3 months prior to the commencement of the Controlled Accumulation Period (which commencement shall be subject to postponement pursuant to Section 4.13); provided, however, that subject to satisfaction of the Rating Agency Condition, the Reserve Account Funding Date may be any date selected by the Servicer.

  • Debt Service Reserve Fund Requirement means, with respect to the 2023 Series B Bonds and as of each determination date, an amount equal to maximum annual debt service on the 2023 Series B Bonds Outstanding from time to time and, with respect to any other Series of Bonds, the amount set forth in the Related Series Indenture.