Reserve Account Deficiency definition
Examples of Reserve Account Deficiency in a sentence
On each Weekly Allocation Date, the Master Issuer will apply the amount on deposit in the Collection Account in accordance with priority (ix) of the Priority of Payments to make a deposit into the Senior Notes Interest Reserve Account in an amount equal to any Senior Notes Interest Reserve Account Deficiency Amount.
The “Senior Notes Interest Reserve Account Deficiency Amount” as of any date of determination is the excess, if any, of the Senior Notes Interest Reserve Amount over the sum of (a) the amount on deposit in the Senior Notes Interest Reserve Account and (b) the amount available under any Interest Reserve Letter of Credit relating to the Senior Notes.
On the Closing Date, net proceeds from the initial sale of the Series 2018-1 Notes will be deposited into the Senior Notes Interest Reserve Account in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount as of the Closing Date.
Tenant’s failure to deposit the Reserve Account Deficiency Amount into the Variable Security Deposit Reserve Account within five (5) Business Days after the fifteenth (15th) day of the applicable Accounting Period shall constitute a Default by Tenant hereunder, and Landlord shall have the right, in its sole discretion, to terminate this Lease and exercise all other rights and remedies afforded under Article 12 and the other applicable provisions of this Lease with respect thereto.
Such Reserve Account Deficiency Amount may be deemed by the Lender to be delivered by deducting the amount thereof from the Loan proceeds to be delivered to the Borrower on such Closing Date.
On the Series 2018-1 Closing Date, a portion of the net proceeds from the initial sale of the Series 2018-1 Notes shall be deposited into the Senior Notes Interest Reserve Account in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount as of the Series 2018-1 Closing Date.
On the Closing Date, net proceeds from the initial sale of the Series 2015-1 Notes will be deposited into the Senior Notes Interest Reserve Account in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount as of the Closing Date.
If on the tenth (10th ) day of any Accounting Period identified on Schedule 3.9 the actual balance in the Variable Security Deposit Reserve Account is less than the then Required Variable Security Deposit Reserve Account Balance (such deficient amount referred to herein as the “Reserve Account Deficiency Amount”), Tenant shall deposit the Reserve Account Deficiency Amount into the Variable Security Deposit Reserve Account no later than the fifteenth (15th) day of the applicable Accounting Period.
Upon the Collateral Agent's receipt of a Sub-Pool H Reserve Account Deficiency Notice, the Collateral Agent shall transfer, and the Pledgor hereby directs the Collateral Agent to transfer, subject to the limit of the amount available in the Sub-Pool H Reserve Account, the amount of the Shortfall from the Sub-Pool H Reserve Account to the Sub-Pool H Collection Account.
Upon the Collateral Agent's receipt of a -------------------- Reserve Account Deficiency Notice, the Collateral Agent shall transfer, and the Pledgor hereby directs the Collateral Agent to transfer, subject to the limit of the amount available in the Reserve Account, the amount of the Shortfall from the Reserve Account to the Collection Account.