Required Accumulation Reserve Account Amount means, with respect to any Payment Date during the Accumulation Reserve Account Funding Period, an amount equal to (a) 0.50% of the Outstanding Dollar Principal Amount of the Series 2018-1 Notes as of the Record Date for such Payment Date or (b) any other amount designated by the Transferor; provided, that if the amount is less than that determined under clause (a), the Note Rating Agency Condition shall have been satisfied with respect to such designation and written evidence of the satisfaction of the Note Rating Agency Condition has been delivered to the Servicer, the Indenture Trustee and the Owner Trustee.
Required Accumulation Reserve Account Amount means, with respect to any Payment Date on or after the Accumulation Reserve Account Funding Date, an amount equal to (a) 0.50% of the Initial Dollar Principal Amount or (b) any other percentage (which may be 0%) of the Initial Dollar Principal Amount designated by the Transferor; provided that if such percentage is less than the percentage specified in clause (a) above, the Note Rating Agency Condition shall have been satisfied with respect to such designation and the Transferor shall have delivered copies of each such written notice to the Servicer, the Indenture Trustee and the Issuer Trustee.
Required Accumulation Reserve Account Amount means, with respect to any Payment Date during the Accumulation Reserve Account Funding Period, an amount equal to (a) 0.50% of the Outstanding Dollar Principal Amount of the Series [•] Notes as of the Record Date for such Payment Date or (b) any other amount designated by the Transferor; provided, that if the amount is less than that determined under clause (a), the Note Rating Agency Condition shall have been satisfied with respect to such designation and written evidence of the satisfaction of the Note Rating Agency Condition has been delivered to the Servicer, the Indenture Trustee and the Owner Trustee.
Examples of Required Accumulation Reserve Account Amount in a sentence
On each Note Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Note Transfer Date on funds on deposit in the Accumulation Reserve Account shall be retained in the Accumulation Reserve Account (to the extent that the Available Accumulation Reserve Account Amount is less than the Required Accumulation Reserve Account Amount) and the balance, if any, shall be deposited in the Collection Account for application in accordance with Section 4.04.
The aggregate deposit targeted to be made to the Accumulation Reserve Account with respect to each Monthly Period is an amount equal to the Required Accumulation Reserve Account Amount.
If on any Transfer Date the aggregate amount on deposit in the Accumulation Reserve Account exceeds the Required Accumulation Reserve Account Amount, the amount of such excess will be withdrawn from the Accumulation Reserve Account and paid to the Issuer.
On each Transfer Date from and after the Accumulation Reserve Account Funding Date, the Trustee, at the direction of the Servicer, shall apply Excess Spread as set forth in Section 5.17(o) to increase the amount on deposit in the Accumulation Reserve Account to the extent such amount is less than the Required Accumulation Reserve Account Amount.
On each Transfer Date, all interest and earnings (net of losses and investment expenses) accrued since the preceding Transfer Date on funds on deposit in the Accumulation Reserve Account shall be retained in the Accumulation Reserve Account (to the extent that the Available Accumulation Reserve Account Amount is less than the Required Accumulation Reserve Account Amount) and the balance, if any, shall be included in Series 2004-1 Available Funds for such Transfer Date.
More Definitions of Required Accumulation Reserve Account Amount
Required Accumulation Reserve Account Amount means, with respect to any Payment Date on or after the Accumulation Reserve Account Funding Date, an amount equal to (a) 0.10% of the Initial Dollar Principal Amount as of the preceding Payment Date (after giving effect to all changes therein on such date) or (b) any other percentage (which may be 0%) of the Initial Dollar Principal Amount designated by the Transferor; provided that if such percentage is less than the percentage specified in clause (a) above, the Transferor shall have received written notice from each Note Rating Agency that the Note 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, the Indenture Trustee and the Owner Trustee.
Required Accumulation Reserve Account Amount means, with respect to any Payment Date on or after the Accumulation Reserve Account Funding Date, an amount equal to (a) 0.10% of the Initial Dollar Principal Amount as of the preceding Payment Date (after giving effect to all changes therein on such date) or (b) any other percentage (which may be 0%) of the Initial Dollar Principal Amount designated by the Transferor; provided that if such percentage is less than the percentage specified in clause (a) above, the Note Rating Agency Condition shall have been satisfied with respect to such designation and the Transferor shall have delivered copies of each such written notice to the Servicer, the Indenture Trustee and the Owner Trustee.
Required Accumulation Reserve Account Amount means, with respect to any Payment Date during the Accumulation Reserve Account Funding Period, an amount equal to (a) 0.50% of
Required Accumulation Reserve Account Amount means, with respect to any Transfer Date on or after the Accumulation Reserve Account Funding Date and with respect to each Class of Notes, an amount equal to (a) [0.50]% of the outstanding principal balance of such Class of Notes or (b) any other amount designated by the Administrator; provided that if such designation is of a lesser amount, the Issuer shall (i) provide the Trustee with evidence that the Rating Agency Condition has been satisfied and (ii) deliver to the Trustee a certificate of an authorized officer to the effect that, based on the facts known to such officer at such time, in the reasonable belief of the Issuer, such designation will not cause a Pay Out Event or an event that, after the giving of notice or the lapse of time, would cause a Pay Out Event to occur with respect to the Series 2004-1 Notes.
Required Accumulation Reserve Account Amount means, with -------------------------------------------- respect to any Monthly Period during the Accumulation Reserve Funding Period, (a) if the Accumulation Reserve Funding Period shall be less than or equal to one Monthly Period, zero and (b) otherwise, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Series [___] 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.
Required Accumulation Reserve Account Amount means, with respect to any Transfer Date on or after the Accumulation Reserve Account Funding Date and with respect to each Class of Notes, an amount equal to (a) 0.30% of the Outstanding Dollar Principal Amount of such Class of Notes or (b) any other amount designated by the Administrator; provided that if such designation is of a lesser amount, the Issuer shall (i) provide the Trustee with evidence that the Rating Agency Condition has been satisfied and (ii) deliver to the Trustee a certificate of an authorized officer to the effect that, based on the facts known to such officer at such time, in the reasonable belief of the Issuer, such designation will not cause an Early Redemption Event or an event that, after the giving of notice or the lapse of time, would cause an Early Redemption Event to occur with respect to the Series 2004-1 Notes.
Required Accumulation Reserve Account Amount means with respect to a Tranche of Notes, with respect to any Interest Payment Date on or after the Accumulation Reserve Account Funding Date with respect to a Tranche of Notes, an amount equal to (a) the product of (i) [_]% of the Outstanding Principal Balance of such Tranche of Notes as of the preceding Interest Payment Date and (ii) a fraction the numerator of which is the number of Monthly Periods scheduled to be included in the Controlled Accumulation Period with respect to a Tranche of Notes as of such date and the denominator of which is eight (except that if such numerator is one, the Required Accumulation Reserve Account Amount determined pursuant to this clause (a) shall be ($0), or (b) any other amount designated by the Transferor; provided,