Reserve Fund Required Amount definition

Reserve Fund Required Amount means, (i) for any Payment Date on which the Note Balance is greater than $0, $4,792,570.75 (i.e., 0.25% of the Cutoff Date Adjusted Pool Balance) or (ii) if the Notes have been paid in full, $0.

Reserve Fund Required Amount means, with respect to any Distribution Date, an amount equal to the product of (a) 0.35% and (b) the outstanding principal balance of the Certificates on such Distribution Date (after giving effect to any changes therein on such Distribution Date).

Reserve Fund Required Amount means Nil, unless the ratings of the Issuer’s short-term or long-term (as applicable) unsecured, unsubordinated and unguaranteed debt obligations or issuer default ratings, as applicable, by the Rating Agencies fall below the Reserve Fund Required Amount Ratings and then, for so long as such ratings are below the Reserve Fund Required Amount Ratings, an amount equal to the Canadian Dollar Equivalent of scheduled interest due on any outstanding Series of Covered Bonds over the next three months together with an amount equal to three-twelfths of the anticipated aggregate annual amount payable in respect of the items specified in paragraphs (a) to (c) and if applicable (d) and/or (e) of the Pre-Acceleration Revenue Priority of Payments;

Examples of Reserve Fund Required Amount in a sentence

• 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).

• If the balance standing to the credit of the Reserve Fund Account on any Quarterly Calculation Date, exceeds the Reserve Fund Required Amount, such excess amount shall be debited from the Reserve Fund Account on the next following Quarterly Payment Date, credited to the Transaction Account, and form part of the Quarterly Interest Available Funds, to be applied in accordance with the Quarterly Interest Priority of Payments.

• If the Notes have been redeemed in full and all other obligations in respect of the Notes have been satisfied on the Quarterly Payment Date immediately before such Quarterly Calculation Date or will be satisfied on the next Quarterly Payment Date, all amounts standing to the credit of the Reserve Fund Account may be released and thus the Reserve Fund Required Amount will be reduced to zero, save for any amounts reasonably determined by the Administrator.

• In addition, the Issuer will, as consideration for the CBC assuming the Guarantee, pay all costs and expenses of the CBC and make, receive all payments to be made or received by the CBC under any Swap Agreement (if any) and fund the Reserve Fund up to the Reserve Fund Required Amount.

• 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 Distribution Date).

More Definitions of Reserve Fund Required Amount

Reserve Fund Required Amount means Nil, unless the Issuer’s ratings fall below the Reserve Fund Required Amount Rating, as applicable, and then an amount equal to the Canadian Dollar Equivalent of Scheduled Interest due on all outstanding Series of Covered Bonds over the next three months together with an amount equal to three-twelfths of the anticipated aggregate annual amount payable in respect of the items specified in paragraphs (a) to (d) of the Pre-Acceleration Revenue Priority of Payments;

Reserve Fund Required Amount means nil, unless the ratings of the Issuer’s short-term, unsecured, unsubordinated and unguaranteed debt obligations (or issuer default rating, as applicable) by the Rating Agencies fall below the Reserve Fund Required Amount Ratings and then an amount equal to the Canadian Dollar Equivalent of scheduled interest due on all outstanding Series of Covered Bonds over the next three months together with an amount equal to three-twelfths of the anticipated aggregate annual amount payable in respect of the items specified in paragraphs (a) to (c) and, if applicable, (d) of the Pre-Acceleration Revenue Priority of Payments;

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

Reserve Fund Required Amount means the aggregate of the Reserve Fund Base Amount and the Reserve Fund Cap Amounts (as defined below).

Reserve Fund Required Amount means, with respect to any Distribution Date, an amount equal to the product of 0.35%, times the Adjusted Invested Amount on such Distribution Date (after giving effect to any changes therein on such Distribution Date); provided, however, that the Reserve Fund Required Amount for the Closing Date is the Reserve Fund Initial Amount; and, provided, further, that for any Distribution Date with respect to the Early Amortization Period, the Reserve Fund Required Amount for such Distribution Date will be the product of 5%, times the Initial Note Principal Balance.

Reserve Fund Required Amount means, with respect to any Distribution Date, an amount equal to the product of (a) 0.35% and (b) the outstanding principal balance of the Series 2000-A Certificates on such Distribution Date (after giving effect to any changes therein on such Distribution Date).

Reserve Fund Required Amount means, for any Reset Date or Payment Date, 0.50% of the Funded Amount (after giving effect to any change therein on such Reset Date or Payment Date).