Reserve Account Requirement definition

Reserve Account Requirement means on any Payment Date, an amount equal to at least $20,357,398.13; provided, however, that on any Payment Date (after taking into account all distributions from the 2016-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.

Reserve Account Requirement means, with respect to the Closing Date and any Distribution Date, an amount equal to the lesser of: (A) 2.0% of the sum of (x) the initial Class A Note Balance, (y) the initial Class B Note Balance and (z) the initial Class C Note Balance; and (B) the sum of (x) the Class A Note Balance on such Distribution Date, (y) the Class B Note Balance on such Distribution Date and (z) the Class C Note Balance on such Distribution Date, after giving effect to the payment of principal on such Distribution Date.

Reserve Account Requirement means on any Payment Date, an amount equal to $[ ].

Examples of Reserve Account Requirement in a sentence

• Notwithstanding anything to the contrary contained in the General Resolution, the Corporation may, at any time, provide to the Trustee one or more Cash Equivalents for deposit in the Debt Service Reserve Account in an amount not exceeding the amount of the Debt Service Reserve Account Requirement specified in this Supplemental Resolution.

• The Seller directs that an amount equal to the initial Reserve Account Requirement be deposited in the Reserve Account from such purchase price.

• On any Payment Date on which the amount on deposit in the Reserve Account, after giving effect to all withdrawals therefrom and deposits thereto in respect of that Payment Date, exceeds the Reserve Account Requirement, any such excess shall be released to the Depositor.

• On each Payment Date, if, after giving effect to all deposits and withdrawals therefrom on such Payment Date, the balance in the Reserve Account is greater than the Reserve Account Requirement, the Trustee shall release and, at the instruction of the Servicer, shall pay the amount (such amount, a "RESERVE ACCOUNT WITHDRAWAL") of the excess to the Issuer or its designee, or Class F Instrumentholder, if any.

• Notwithstanding the foregoing, following the occurrence of a TIFIA Reserve Event, in the event that, on any Ratio Calculation Date, the Debt Service Coverage Ratio for the preceding Calculation Period falls below 1.25 to 1.00, the amount of the TIFIA Reserve Account Requirement not yet funded, if any, shall be funded by no later than the next Semi-Annual Payment Date following such occurrence.

More Definitions of Reserve Account Requirement

Reserve Account Requirement means the least of: (i) Maximum Annual Debt Service on the Bonds as of the date of issuance, (ii) 125% of average Annual Debt Service on the Bonds as of the date of issuance, and (iii) 10% of the proceeds of the Bonds; provided, however, that such amount shall be reduced by the amount of any transfers made pursuant to Section 6.7(c); and provided further that as a result of (1) an optional redemption pursuant to Section 4.3 of this Indenture or (2) an extraordinary optional redemption pursuant to Section 4.4 of this Indenture, the Reserve Account Requirement shall be reduced by a percentage equal to the pro rata principal amount of Bonds redeemed by such redemption divided by the total principal amount of the Outstanding Bonds prior to such redemption. As of the Delivery Date, the Reserve Account Requirement is $ which is an amount equal to the Reserve Account Requirement defined above.

Reserve Account Requirement means on any Payment Date, an amount equal to 0.50% of the aggregate Securitization Value of the 2019-A Leases and 2019-A Vehicles as of the Cutoff Date; provided, however, that on any Payment Date (after taking into account all distributions from the 2019-A SUBI Collection Account on such date) on which the Note Balance is zero, the “Reserve Account Requirement” shall be an amount equal to $0.

Reserve Account Requirement means, with respect to the Closing Date and any Distribution Date, an amount equal to the lesser of: (A) 2.0% of the sum of (i) the initial Class A Note Balance, (ii) the initial Class B Note Balance and (iii) the initial Class C Note Balance; and (B) the sum of (i) the Class A Note Balance on such Distribution Date, (ii) the Class B Note Balance on such Distribution Date and (iii) the Class C Note Balance on such Distribution Date, after giving effect to the payment of principal on such Distribution Date.

Reserve Account Requirement means, (a) on any Payment Date on or prior to the payment in full of the Class A-2 Notes, an amount equal to at least 0.65% of the aggregate Securitization Value of the 2022-A Leases and 2022-A Vehicles as of the Cutoff Date, and (b) on any Payment Date following the payment in full of the Class A-2 Notes, an amount equal to at least 0.50% of the aggregate Securitization Value of the 2022-A Leases and 2022-A Vehicles as of the Cutoff Date; provided, however, that on any Payment Date (after taking into account all distributions from the 2022-A Series Collection Account on such date) on which the Note Balance is zero, the “Reserve Account Requirement” shall be an amount equal to $0.

Reserve Account Requirement means, with respect to a Series of Bonds, the amount, if any, prescribed by the Supplemental Resolution authorizing such Series of Bonds.

Reserve Account Requirement means, (a) on any Payment Date on or prior to the payment in full of the Class A-2 Notes, an amount equal to $7,932,036.55 (i.e., approximately 0.65% of the aggregate Securitization Value of the 2023-B Leases and 2023-B Vehicles as of the Cutoff Date) and (b) on any Payment Date following the payment in full of the Class A-2 Notes, an amount equal to $6,101,566.58 (i.e., approximately 0.50% of the aggregate Securitization Value of the 2023-B Leases and 2023-B Vehicles as of the Cutoff Date); provided, however, that on any Payment Date (after taking into account all distributions from the 2023-B Series Collection Account on such date) on which the Note Balance is zero, the “Reserve Account Requirement” shall be an amount equal to $0.

Reserve Account Requirement means as of the date of any calculation, the least of (a) 10% of the original aggregate principal amount of the Bonds (excluding Bonds refunded with the proceeds of subsequently issued Bonds), (b) Maximum Annual Debt Service, and (c) 125% of Average Annual Debt Service.