Performance Reserve definition

Performance Reserve means the sum of the Loss Reserve and the Dilution Reserve.
Sample 1Sample 2Sample 3
Performance Reserve means at any time after a Performance Reserve Trigger Event has occurred and is continuing, an amount equal to 10% of the Adjusted Net Receivables Pool Balance. “Performance Reserve Trigger Event” means (i) the Delinquency Ratio for any calendar month shall exceed 7.00%; (ii) the Days’ Sales Outstanding for any calendar month exceeds 80 days, (iii) the average for three consecutive calendar months of the Default Ratio shall exceed 2.00%, (iv) the average for three consecutive calendar months of the Delinquency Ratio shall exceed 6.50%, or (v) the average for three consecutive calendar months of the Dilution Ratio shall exceed 10.00%. “Person” means an individual, partnership, corporation (including a business trust), joint stock company, trust, unincorporated association, joint venture, limited liability company or other entity, or a government or any political subdivision or agency thereof. “Pool Assets” has the meaning set forth in Section 1.2(d) of this Agreement.
Sample 1
Performance Reserve means the sum of the Loss Reserve and the Dilution Reserve. “Permitted Lock-Box Bank” means PNC or an Affiliate thereof.
Sample 1

Examples of Performance Reserve in a sentence

  • Contemporaneously with the Closing, each of the Shareholders will enter into a Performance Reserve Agreement with the Buyer to provide for the Shareholders’ and Buyer’s respective rights and obligations with respect to the Performance Reserve Escrow Amount deposited in the Performance Escrow Account.

  • The Performance Reserve Account and all funds from time to time therein shall be subject to a first priority pledge and security interest in favor of Lender, as collateral security for the Indebtedness and the other obligations under the Note and the other Loan Documents pursuant to documents approved by Lender.

  • Company and Bank shall establish the Performance Reserve Account as further described in Section 2.4 (Performance Reserve Account) of Exhibit G (Compensation).

  • Company hereby grants to Bank a continuing security interest in all of Company’s accounts with Bank, the Performance Reserve Account, and the Risk Reserve Account, and all proceeds of the foregoing, to secure the payment and performance of the obligations of Company under this Agreement.

  • Upon termination of the Program, Company may, at its option, (i) purchase the Retained Loan portfolio, in which case Bank shall release to Company any remaining funds held in the Performance Reserve in accordance with the sale of assets, or (ii) decline to exercise its right of first offer pursuant to Section 2.3(b)(ii), in which case Bank shall release to Company any remaining funds held in the Performance Reserve upon receipt of the purchase price for each Retained Loan purchased by an Other Buyer.

  • Within two (2) Business Days after the Closing Date, Buyer shall deposit an amount equal to the Performance Reserve Escrow Amount in the Performance Escrow Account with the Escrow Agent pursuant to the Escrow Agreement.

  • At the Closing, the Shareholders’ right to receive any portion of the Performance Reserve Escrow Amount will be unvested, and each Shareholder shall only be entitled to receive any portion of the Performance Reserve Escrow Amount upon vesting in accordance with such Shareholder’s Performance Reserve Agreement.

  • The Performance Reserve Escrow Amount so deposited does not constitute a portion of the Purchase Consideration.

  • DFS will, under the conditions set forth below, apply the Reserve Amount accumulated monthly during a calendar year against Borrower's amounts owed to DFS for interest which accrues after March 31 of the calendar year following the year in which the Performance Reserve accumulated; provided that at the time any such Performance Reserve is so applied, Borrower is then still financing all Inventory through DFS or other lenders approved by DFS in its sole discretion.

  • UMH hereby grants 21st a security interest in the Performance Reserve Fund and any other property pledged by UMH for the benefit of 21st under this ROA or any other agreements between UMH and 21st.

Related to Performance Reserve

  • Performance Level means a reference to one of Performance Level I, Performance Level II, Performance Level III, Performance Level IV or Performance Level V.

  • Performance Cash means any cash incentives granted pursuant to Article 9 payable to the Participant upon the achievement of such performance goals as the Committee shall establish.

  • performance requirement means a requirement that:

  • Performance Ratio (PR) means the ratio of plant output versus installed plant capacity at any instance with respect to the radiation measured. PR= (Measured output in kW / Installed Plant capacity in kW * (1000 W/m2/Measured radiation intensity in W/m2).

  • Performance Date means December 31, 2025. If the Locality, in consultation with VEDP, deems that good faith and reasonable efforts have been made and are being made by the Company to achieve the Targets, on or before the Performance Date the Locality may request an extension of the Performance Date by up to 15 months. Any extension of the Performance Date shall require the prior approval of the Company and the Board of Directors of VEDP (the “Board”). If the Performance Date is extended, the Locality shall send written notice of the extension to the Authority, the Company and VEDP and the date to which the Performance Date has been extended shall be the “Performance Date” for the purposes of this Agreement.

  • Performance References has the meaning set forth for such term in the definition of Derivative Instrument.

  • Debt Service Reserve means the reserve for payment of principal and interest on the Bonds, created and established by Sections 502 and 506 of the General Trust Indenture.

  • Performance evaluation means evaluation of work and program participation as well as other areas of behavior.

  • Performance Grant means an Award subject, in part, to the terms, conditions and restrictions described in Section 9, pursuant to which the recipient may become entitled to receive cash, Class A Shares, Other Real Goods Securities or property, or other forms of payment, or any combination thereof, as determined by the Committee.

  • Performance Measurement Period has the meaning set forth in Section 3.1(e)(ii).

  • Performance Compensation Award means any Award designated by the Committee as a Performance Compensation Award pursuant to Section 11 of the Plan.

  • Performance Requirements The ordering entity reserves the right to inspect and verify that all deliveries are in accordance with specifications, both at the point of delivery and at the point of use. For orders that specify an “authorized party” to receive and inspect deliveries and/or installations, acceptance and inspection procedures must be performed by the” authorized party” to be considered and accepted by the ordering entity. Products inspected at the time of use are subject to refusal and return requirements for issues of quality such as defects in manufacturing and/or workmanship. Products will not be considered accepted by the ordering entity until the installation is complete for the applicable products.

  • Performance Review means a summative evaluation of a teacher other than a beginning teacher and used to determine whether the teacher’s practice meets school district expectations and the Iowa teaching standards, and to determine whether the teacher’s practice meets school district expectations for career advancement in accordance with Iowa Code section 284.7.

  • Performance Factor means any matter that could or will significantly affect a party’s ability to fulfill its obligations under this Agreement;

  • Performance audit means an objective and systematic assessment of a state agency or agencies or any of their programs, functions, or activities by the state auditor or designee in order to help improve agency efficiency, effectiveness, and accountability. Performance audits include economy and efficiency audits and program audits.

  • Performance Year means the calendar year prior to the year in which an Annual Award is made by the Committee.

  • PIP means personal injury protection coverage provided as part of an automobile insurance policy issued in New Jersey. PIP refers specifically to provisions for medical expense coverage.

  • Performance Report has the meaning set out in clause 8.2;

  • Performance Data means a rating, ranking, quotation, discussion or analysis regarding an aspect of the investment performance of an investment fund, an asset allocation service, a security, an index or a benchmark;

  • Performance Cash Award means an award of cash granted pursuant to the terms and conditions of Section 6(c)(ii).

  • Performance Monitoring System has the meaning given to it in paragraph 1.1.2 in Part B of Schedule 6 (Service Levels, Service Credits and Performance Monitoring);

  • Annual performance report means a written appraisal of the teaching staff member's performance prepared by the teaching staff member’s designated supervisor based on the evaluation rubric for his or her position.

  • Performance Measure means one or more of the following selected by the Committee to measure Company, Affiliate, and/or business unit performance for a Performance Period, whether in absolute or relative terms (including, without limitation, terms relative to a peer group or index): basic, diluted, or adjusted earnings per share; sales or revenue; earnings before interest, taxes, and other adjustments (in total or on a per share basis); basic or adjusted net income; returns on equity, assets, capital, revenue or similar measure; economic value added; working capital; total shareholder return; and product development, product market share, research, licensing, litigation, human resources, information services, mergers, acquisitions, sales of assets of Affiliates or business units. Each such measure shall be, to the extent applicable, determined in accordance with generally accepted accounting principles as consistently applied by the Company (or such other standard applied by the Committee) and, if so determined by the Committee, and in the case of a Performance Compensation Award, to the extent permitted under Code Section 162(m), adjusted to omit the effects of extraordinary items, gain or loss on the disposal of a business segment, unusual or infrequently occurring events and transactions and cumulative effects of changes in accounting principles. Performance Measures may vary from Performance Period to Performance Period and from Participant to Participant, and may be established on a stand-alone basis, in tandem or in the alternative.

  • Performance Percentage means the factor determined pursuant to a Performance Schedule that is to be applied to a Target Award and that reflects actual performance compared to the Performance Target.

  • Performance and Guarantee Test means all operational checks and tests required to determine and demonstrate capacity, efficiency and operating characteristics as specified in the Contract Documents.

  • Performance Corridor means the acceptable range of results around a Performance Target.