Reserve Fund Draw Amount definition

Reserve Fund Draw Amount means, for any Payment Date, the amount withdrawn from the Reserve Fund, equal to the lesser of (a) the Available Funds Shortfall Amount, if any, and (b) the amount on deposit in the Reserve Fund after giving effect to all deposits thereto on the related Deposit Date or such Payment Date.

Reserve Fund Draw Amount means, with respect to any Distribution Date and the related Collection Period, the lesser of (i) the amount, if any, by which the Required Payment Amount exceeds Available Collections and (ii) the Reserve Fund Amount (before giving effect to any deposits to or withdrawals from the Reserve Fund on such Distribution Date); provided, however, that the Reserve Fund Draw Amount shall equal the Reserve Fund Amount if (a) the sum of Available Collections and the Reserve Fund Amount equals or exceeds the Note Balance, accrued and unpaid interest thereon and all amounts required to be paid to the Servicer and the Trustees on such Distribution Date or (b) on the last day of such Collection Period the Pool Balance is zero.

Reserve Fund Draw Amount has the meaning specified in the Sale and Servicing Agreement.

Examples of Reserve Fund Draw Amount in a sentence

• The Reserve Fund Draw Amount shall be used to make the payments described in Section 4.02 of the Sale and Servicing Agreement.

• On each Determination Date, the Servicer shall calculate the Reserve Fund Amount, the Reserve Fund Required Amount, the Reserve Fund Draw Amount and the amount, if any, by which the Reserve Fund Required Amount exceeds the Reserve Fund Amount (after giving effect to any deposits to the Reserve Fund and the withdrawal of the Reserve Fund Draw Amount for such Payment Date).

• On or before each Payment Date, upon receipt of instructions from the Servicer pursuant to Section 4.08(c) of the Sale and Servicing Agreement, the Indenture Trustee, directly or through the Paying Agent, shall withdraw or cause to be withdrawn from the Reserve Fund and deposit in the Collection Account, the Reserve Fund Draw Amount, if any, for such Payment Date.

• If the Reserve Fund Draw Amount for any Payment Date is greater than zero, the Indenture Trustee will withdraw, or cause to be withdrawn, from the Reserve Fund, an amount equal to the lesser of the amount on deposit in the Reserve Fund and the Reserve Fund Draw Amount, and transfer the amount withdrawn to the Collection Account on the Deposit Date.

• If the amount on deposit in the Note Payment Account (including any portion of the Reserve Fund Draw Amount) on any Payment Date is less than the amount described in clause (iii) above for such Payment Date, the Indenture Trustee, either directly or through the Paying Agent, shall pay the available amount to the Noteholders of each interest-bearing Class of Notes pro rata based on the Interest Distributable Amount payable to such Class on such Payment Date.

More Definitions of Reserve Fund Draw Amount

Reserve Fund Draw Amount means, with respect to any Payment Date and the related Collection Period, the lesser of (i) the amount, if any, by which the Required Payment Amount exceeds Available Collections and (ii) the Reserve Fund Amount (before giving effect to any deposits to or withdrawals from the Reserve Fund on such Payment Date); provided, however, that the Reserve Fund Draw Amount shall equal the Reserve Fund Amount if (a) after applying Available Collections to pay all amounts due and payable to the Servicer and the Trustees on such Payment Date, the sum of the remaining Available Collections and the Reserve Fund Amount equals or exceeds the sum of the Note Balance and accrued and unpaid interest thereon on such Payment Date or (b) on the last day of such Collection Period the Pool Balance is zero.

Reserve Fund Draw Amount has the meaning specified in Section 4.06(b)(i).

Reserve Fund Draw Amount means, with respect to any Payment Date and the related Collection Period, the lesser of (i) the amount, if any, by which the Required Payment Amount exceeds the Available Collections for that Payment Date and (ii) the Reserve Fund Amount (before giving effect to any deposits to or withdrawals from the Reserve Fund on such Payment Date); provided, however, that the Reserve Fund Draw Amount shall equal the Reserve Fund Amount if (a) the sum of Available Collections and the Reserve Fund Amount equals or exceeds the Note Balance, accrued and unpaid interest thereon and all amounts required to be paid to the Servicer, the Trustees and the Asset Representations Reviewer on such Payment Date or (b) on the last day of such Collection Period the Pool Balance is zero.

Reserve Fund Draw Amount means, for any Payment Date, the amount withdrawn from the Reserve Fund, equal to the sum of (i) the lesser of (a) the Available Funds Shortfall Amount, if any, and (b) the amount on deposit in the Reserve Fund after giving effect to all deposits thereto on the related Deposit Date or such Payment Date, and (ii) in the event the amount on deposit in the Reserve Fund, after giving effect to all withdrawals therefrom and deposits thereto in respect of such Payment Date, exceeds the unpaid balance of the Securities, the Securities Balance.

Reserve Fund Draw Amount means, with respect to any Distribution Date, the ------------------------ lesser of (i) the amount, if any, by which the sum of the Required Payment Amount plus the Insurance Payment Amount for such Distribution Date exceeds Available Collections for such Distribution Date and (ii) the Reserve Fund Amount for such Distribution Date (before giving effect to any deposits to or withdrawals from the Reserve Fund on such Distribution Date).

Reserve Fund Draw Amount has the meaning set forth in the Indenture.

Reserve Fund Draw Amount means, for any Payment Date, the amount withdrawn from the Reserve Fund, equal to the sum of (i) the lesser of (a) the Available Funds Shortfall Amount, if any, and (b) the amount on deposit in the Reserve Fund after giving effect to all deposits thereto on the related Deposit Date or such Payment Date, [and (ii) in the event the amount on deposit in the Reserve Fund, after giving effect to all withdrawals therefrom and deposits thereto in respect of such Payment Date, exceeds the unpaid balance of the Notes, the aggregate Note Balance].