Reserve Account Cap definition

Reserve Account Cap means US$50,000.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

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.

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 ▇-▇, ▇▇▇▇▇ ▇-▇, 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.

Examples of Reserve Account Cap in a sentence

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.
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.
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").
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.
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.
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. 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).

Reserve Account Cap shall have the meaning specified in Section 4.1(b).

Reserve Account Cap shall have the meaning assigned to such term in Annex A of the Trust Deed.

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 ▇-▇, ▇▇▇▇▇ ▇-▇, 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).

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.