Reserve Account Cap definition

Reserve Account Cap means US$50,000.
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Reserve Account Cap means, on any Payment Date, an amount equal to the Quarterly Senior Payment Amount scheduled or otherwise known to be payable on the next following Payment Date. For this purpose, unscheduled amounts shall be deemed to be known to be payable to the extent that the Trustee has received a certificate from the Servicer to that effect.
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Reserve Account Cap. As to any Distribution Date (after giving effect to distributions due thereon) after the Closing Date and until none of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class M and Class B-1 Certificates remain outstanding, the Reserve Account Cap shall be $1,309,976 (which is 0.5% of the Cut-off Date Pool Principal Balance) and (ii) as to any Distribution Date (after giving effect to distributions due thereon) after none of the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class M and Class B-1 Certificates remain outstanding, the Reserve Account Cap shall be the lesser of the then outstanding Class B-2 Certificate Balance and $1,309,976.
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Examples of Reserve Account Cap in a sentence

  • Thereafter, on each Payment Date, the Trustee shall ensure, pursuant to clause Third of Section 5.06(a), that the balance in the Reserve Account (including, if applicable, any funds available under any Acceptable Letter of Credit then outstanding) equals the Quarterly Senior Payment Amount then scheduled, or otherwise known to be payable by an Authorized Officer of the Trustee, on the next following Payment Date (such amount, the "Reserve Account Cap").

  • Except if a Sequential Pay Event or Event of Default shall have occurred and is continuing, on any Payment Date, if amounts on deposit in the Senior Reserve Account are greater than the Senior Reserve Account Cap (after giving effect to all other distributions and disbursements on such Payment Date), the Indenture Trustee shall, based on the Monthly Servicer Report, withdraw funds in excess of the Senior Reserve Account Cap from the Senior Reserve Account and disburse such amounts to the Issuer.

  • On each Payment Date and after giving effect to all deposits to and transfers from the Reserve Accounts, the Indenture Trustee shall pay to the SPC (for payment under the Originator Note to the Bank) the amount (if any) by which the amount on deposit therein exceeds the Reserve Account Cap for the corresponding Series.

  • Individual Employee Reserve Account Cap The total in the individual employee reserve account may vary by individual Employee, but the account will hold no more than the amount needed to cover one (1) month of the total EMPLOYER Group Health Insurance Plan premiums at the end of each quarter.

  • Except if a Sequential Pay Event or Event of Default shall have occurred, on any Payment Date, if amounts on deposit in the Senior Reserve Account are greater than the Senior Reserve Account Cap (after giving effect to all other distributions and disbursements on such Payment Date), the Indenture Trustee shall, based on the Monthly Servicer Report, withdraw funds in excess of the Senior Reserve Account Cap from the Senior Reserve Account and disburse such amounts to the Issuer.

  • It is expressly understood and agreed by Borrower that in the event that any Cash Management Period is continuing as a result of any Cash Management Event other than a Tenant Major Event, all Remaining Available Cash on each Payment Date during such Cash Management Period shall be deposited in and remain in the Leasing Reserve Account and constitute Leasing Reserve Funds, even if the balance in the Leasing Reserve Account exceeds the Leasing Reserve Account Cap.


More Definitions of Reserve Account Cap

Reserve Account Cap means, on any Payment Date, an amount equal to the Quarterly Senior Payment Amount scheduled or otherwise known to be payable on the next following Payment Date; provided that, for any Series of Senior Trust Certificates subject to a floating rate of interest, for the purposes of this definition, such Quarterly Senior Payment Amount shall be calculated as if the interest rate with respect to such Series is the higher of (i) the actual interest rate applicable with respect to such Series during the Quarterly Delivery Period ending on such Payment Date and (ii) 15% per annum. For the purpose of this definition, unscheduled amounts shall be deemed to be known to be payable to the extent that an Authorized Officer of the Trustee has received a certificate from the Servicer to that effect.
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Reserve Account Cap shall have the meaning specified in Section 4.1(b).
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Reserve Account Cap shall have the meaning assigned to such term in Annex A of the Trust Deed.
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Reserve Account Cap. As to any Distribution Date (after giving effect to ------------------- distributions due thereon) after the Closing Date and (i) until none of the Class A, Class M and Class B-1 Certificates remain outstanding, the Reserve Account Cap shall be the greater of $8,954,401 (which is 1.0% of the Cut-Off Date Pool Principal Balance) or, if a Reserve Account Trigger has occurred, $17,908,802 (which is 2.0% of the Cut-Off Date Pool Principal Balance) and (ii) as to any Distribution Date (after giving effect to distributions due thereon) after none of the Class A, Class M and Class B-1 Certificates remain outstanding, the Reserve Account Cap shall be the lesser of the then outstanding Class B-2 Certificate Balance and the amount calculated pursuant to clause (i).
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Reserve Account Cap. As to any Distribution Date (after giving effect to distributions due thereon) after the Closing Date and until none of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class M and Class B-1 Certificates remain outstanding, the Reserve Account Cap shall be the greater of $6,859,826 (which is 1.00% of the Cut-Off Date Pool Principal Balance) or, if a Reserve Account Trigger has occurred, $13,719,652 (which is 2.00% of the Cut-Off Date Pool Principal Balance) and (ii) as to any Distribution Date (after giving effect to distributions due thereon) after none of the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class M and Class B-1 Certificates remain outstanding, the Reserve Account Cap shall be the lesser of the then outstanding Class B-2 Certificate Balance and the amount calculated pursuant to clause (i).
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Related to Reserve Account Cap

  • 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.

  • Reserve Account Amount means, for any Distribution Date, the amount on deposit in and available for withdrawal from the Reserve Account on such Distribution Date (after giving effect to all deposits to and withdrawals from the Reserve Account on the preceding Distribution Date, or, in the case of the initial Distribution Date, the Closing Date), including all interest and other income (net of losses and investment expenses) earned on such amount during the preceding Collection Period.

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

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Available Reserve Account Amount means, with respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (before giving effect to any deposit to be made to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • 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.

  • Reserve Account Required Amount means, with respect to any Payment Date, the lesser of (i) the excess of (A) the Specified Reserve Balance, over (B) the amount on deposit in the Reserve Account on such Payment Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Payment Date, and (ii) the amount remaining in the Indenture Collections Account after taking into account the distributions therefrom described in clauses (i) through (xiv) of Section 8.3(a) of the Indenture.

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

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

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

  • Reserve Accounts means the Tax and Insurance Reserve Account, the Leasing Reserve Account or any other escrow account established by the Loan Documents.

  • Debt Service Reserve Account as defined in the Depositary Agreement.

  • Reserve Account Deposit Amount means, with respect to any Distribution Date, the lesser of (x) the excess of (i) the Specified Reserve Balance over (ii) the amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Distribution Date and (y) the amount remaining in the Collection Account after taking into account the distributions therefrom described in clauses (i) through (xviii) of Section 5.7(a).

  • Reserve Account Surplus means, as of any Transfer Date following the Reserve Account Funding Date, the amount, if any, by which the amount on deposit in the Reserve Account exceeds the Required Reserve Account Amount.

  • 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.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.

  • Reserve Account Funding Date means the Distribution Date which occurs not later than the earliest of (a) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the Controlled Accumulation Period, (b) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the May 2023 Monthly Period or any Monthly Period thereafter is less than 2%, the Distribution Date with respect to such Monthly Period, (c) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the November 2023 Monthly Period or any Monthly Period thereafter is less than 3%, the Distribution Date with respect to such Monthly Period and (d) such earlier Distribution Date as the Transferor may determine by written notice to the Trustee and the Servicer. For this purpose, the “Excess Spread Percentage” for any Monthly Period shall be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period.

  • Reserve Account Deposit Cash or Eligible Investments having a value of at least $2,799,999.80.

  • Interest Reserve Account The segregated account (or sub-account of the Distribution Account) created and maintained by the Certificate Administrator on behalf of the Trustee, pursuant to Section 3.04(c), for the benefit of the Certificateholders, which shall be entitled “Xxxxx Fargo Bank, National Association [or the name of any successor Certificate Administrator], as Certificate Administrator, on behalf of Wilmington Trust, National Association [or the name of any successor Trustee], as Trustee, for the benefit of the registered holders of WFRBS Commercial Mortgage Trust 2014-C22, Commercial Mortgage Pass-Through Certificates, Series 2014-C22, Interest Reserve Account”.

  • Reserve Account Withdrawal Amount means, with respect to any Distribution Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts specified in clauses (i) through (xvii) of Section 5.7(a) (taking into account application of Available Funds to the priority of payments specified in Section 5.7(a) and ignoring any provision hereof which otherwise limits the amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution Date prior to application of amounts on deposit therein pursuant to Section 5.8.

  • Initial Reserve Account Deposit Amount means an amount equal to $1,259,446.66.

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Securities Administrator pursuant to Sections 3.07(b) and 3.07(c) in the name of the Securities Administrator for the benefit of the Regular Certificateholders and designated "Wells Fargo Bank, National Association in trust for registered Holders xx Xxrgan Stanley Capital I Inc. Trust 2006-HE2, Mortgage Pass-Through Cerxxxxxxtxx, Xxxies 2006-HE2." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.

  • Reserve Account Property shall have the meaning specified in Section 4.7(a) of the Sale and Servicing Agreement.

  • Reserve Account Requirement means on any Payment Date, an amount equal to 0.50% of the aggregate Securitization Value of the 2019-B Leases and 2019-B Vehicles as of the Cutoff Date; provided, however, that on any Payment Date (after taking into account all distributions from the 2019-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.