Replacement Reserve Requirement definition

Replacement Reserve Requirement means an amount to be determined by the City pursuant to Section 7.8(b) of the Master Indenture, but not less than $1,000,000.

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Replacement Reserve Requirement has the meaning set forth in the Reserve and Security Agreement.

Replacement Reserve Requirement means an amount equal to the greater of (a) $300 per unit per year, or

Examples of Replacement Reserve Requirement in a sentence

The Servicer shall review the Project Condition Report, and, based on the Project Condition Report, shall determine the adequacy of the then current Replacement Reserve Requirement and specify an increase or decrease as necessary in the Replacement Reserve Requirement to commence on the fifteenth (15th) of the month next following such Project Condition Report, provided that in no case shall the Replacement Reserve Requirement be less than $300 per year, per unit.
Unless the Significant Bondholder, if any, objects to the determination of the Replacement Reserve Requirement within 14 Business Days of receipt of such notice, the Servicer shall notify the Trustee of the Replacement Reserve Requirement.
In the event that the Significant Bondholder, if any, objects to such determination, it shall provide to the Servicer in writing, within 14 Business Days of receipt of the Servicer’s notice, its objection and its determination of the Replacement Reserve Requirement (subject to the above limitations) based on such Project Condition Report and the Servicer shall immediately notify the Trustee of the revised Replacement Reserve Requirement in accordance with such determination of the Significant Bondholder.
The Servicer shall send written notice after each Project Condition Report to the Financial Monitor, the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative, setting forth the Servicer’s determination as to the adequacy of the then current Replacement Reserve Requirement.
In the event that the Significant Bondholder, if any, objects to such determination, it shall provide to the Servicer in writing, within 14 Business Days of receipt of the Servicer’s notice, its objection and its determination of the Replacement Reserve Requirement (subject to the above limitations) based on such Project Condition Report and the Servicer shall immediately notify the Trustee of the revised Replacement Reserve Requirement in accordance with the Significant Bondholder’s determination.
The Servicer shall send written notice after each Project Condition Report to the Significant Bondholder and each Owner requesting the same at the address supplied to the Trustee by such Owner or its authorized representative, setting forth the Servicer’s determination as to the adequacy of the then current Replacement Reserve Requirement.
If after completion of any such repairs, replacements, or improvements any funds remain in the Repair and Replacement Fund which exceed the Repair and Replacement Reserve Requirement, the remaining funds shall be transferred by the Trustee to the Bond Interest Fund and Bond Principal Fund, accordingly, and used to prepay the Loan and to redeem Bonds pursuant to the provisions of Section 7.2 of this Agreement and Section 5.2 of the Indenture.
Deposit one-twelfth (1/12) of the required amount to maintain the Renewal and Replacement Reserve Requirement, currently $250,000.

More Definitions of Replacement Reserve Requirement

Replacement Reserve Requirement means the greater of $1,500,000 or such higher amount established with the approval of the ARWA Board.

Replacement Reserve Requirement means an amount to be determined by the Authority pursuant to the Master Indenture, but not less than $500,000. In the event the Replacement Reserve Requirement is increased or funds on deposit in the Repair and Replacement Fund are less than the Replacement Reserve Requirement, the Master Indenture requires the Authority to increase the balance in the Repair and Replacement Account to the Replacement Reserve Requirement in approximately equal installments over a period not longer than sixty months.

Replacement Reserve Requirement means an amount to be determined by the Authority pursuant to the Master Indenture, but which shall not be less than $250,000.