Reserve Event definition

Reserve Event means the occurrence of (i) a monetary Default or (ii) an EBITDAR Event.

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Reserve Event has the meaning specified in the Insurance Agreement.

Reserve Event means, with respect to any payment date, the occurrence of certain portfolio performance conditions as set forth in the insurance agreement relating to the Contracts are not met. A Reserve Event will be “deemed cured” with respect to any payment date when certain portfolio performance conditions set forth in the insurance agreement related to the contracts are met or the insurer has waived such Reserve Event in writing.

Examples of Reserve Event in a sentence

• 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.

• Following the occurrence and during the continuation of a Cash Reserve Event, the Trust shall have the right to require the Seller or the Servicer to, and upon such request the Seller or the Servicer, as applicable, shall, assemble copies of all of the Contracts and make the same available to the Backup Servicer or other third-party custodian specified by, and at a place selected by, the Trust within 30 days.

• So long as any TIFIA Reserve Event continues, funds on deposit in the TIFIA Reserve Account shall remain in such account and shall be invested only in Permitted Investments.

• So long as any TIFIA Reserve Event continues, funds on deposit in the TIFIA Reserve Account shall remain in such account (subject to transfers required under this Section 15(k)(ii)) and shall be invested only in Permitted Investments.

• Amounts on deposit in each Subordinate Obligation Reserve Account shall be applied only as set forth in Section 7(m) (Security and Priority; Assignment by the Corporation; Flow of Funds; WIFIA Reserve Event - Application of Subordinate Obligation Reserve Accounts)) and may be pledged as set forth in clause (d) of the definition of “Pledged Collateral” to Senior Obligations.

More Definitions of Reserve Event

Reserve Event shall have the meaning set forth in Section 8.2.3.1.

Reserve Event means, as of the date of determination, confirmation by Bank that Liquidity is less than Thirty Million Dollars ($30,000,000.00).

Reserve Event shall occur, with respect to any Payment Date, when any of:

Reserve Event has the meaning set forth in Section 2(c) of Schedule 3.01.

Reserve Event. The events designated in Section (A)(4).

Reserve Event shall occur with respect to the Series 202●-● Ownership Interest if, on a Reporting Day, the number, expressed as a percentage (the “Excess Spread Percentage”), equal to twelve times:

Reserve Event. Any of the following: (i) a Cash Control Event, (ii) for any 12 consecutive months, EBITDA, as evidenced by a monthly compliance certificate (as required by Section 5-5(b)) of the Lead Borrower satisfactory to the Administrative Agent, is less than $100,000,000, or (iii) the outstanding Revolving Credit Loans and L/Cs at any time exceed 80% of the Appraised Inventory Liquidation Value.