Reserve Subaccount Requirement definition

Reserve Subaccount Requirement means, when used with respect to the Series 2020 Bonds and any series of Additional Bonds secured by the 2020 Reserve Subaccount, as of any date of calculation, an amount of money and securities (including any 2020 Reserve Policy) equal to the least of (i) the maximum Debt Service Requirement of all outstanding Bonds secured by the 2020 Reserve Subaccount for any Bond Year, (ii) one hundred twenty-five percent (125%) of the average annual Debt Service Requirement of all outstanding Bonds secured by the 2020 Reserve Subaccount, and (iii) ten percent (10%) of the proceeds of the Bonds then outstanding and secured by the 2020 Reserve Subaccount.
Sample 1
Reserve Subaccount Requirement means, when used with respect to the Series 2022 XXXXX Xxxx and any series of Additional Bonds secured by the TIFIA Reserve Subaccount, as of any date of calculation, an amount of money and securities (including any TIFIA Reserve Policy) equal to the least of (i) the maximum Debt Service Requirement of all outstanding Bonds secured by the TIFIA Reserve Subaccount for any Bond Year, (ii) one hundred twenty-five percent (125%) of the average annual Debt Service Requirement of all outstanding Bonds secured by the TIFIA Reserve Subaccount, and (iii) ten percent (10%) of the proceeds of the Bonds then outstanding and secured by the TIFIA Reserve Subaccount.
Sample 1
Reserve Subaccount Requirement means, when used with respect to the Series 2009 Bonds, the Series 2019 Bonds, and any series of Additional Bonds secured by the 2009/2019 Reserve Subaccount, as of any date of calculation, an amount of money and securities (including any 2009/2019 Reserve Policy) equal to the least of (i) the maximum Debt Service Requirement of all outstanding Bonds secured by the 2009/2019 Reserve Subaccount for any Bond Year, (ii) one hundred twenty-five percent (125%) of the average annual Debt Service Requirement of all outstanding Bonds secured by the 2009/2019 Reserve Subaccount, and
Sample 1

Examples of Reserve Subaccount Requirement in a sentence

  • The Fiscal Officer, with the advice of the City's municipal advisor, may transfer an amount of the funds of the utility now on hand, or apply proceeds of the 2021 Bonds, in full or partial satisfaction of the 2021/Additional Bonds Reserve Subaccount Requirement.

  • After the issuance of the 2021 Bonds, the City shall maintain the balance in the 2021/Additional Bonds Reserve Subaccount in an amount equal to the 2021/Additional Bonds Reserve Subaccount Requirement, subject to the provisions of this Ordinance or any ordinance authorizing and any hereafter issued bonds ranking on a parity therewith, which allows the 2021/Additional Bonds Reserve Subaccount Requirement to be accumulated over time.

  • If the MDTA issues any Additional Bonds subsequent to the closing date that are secured by a debt service reserve fund while the Series 2022 Bond is outstanding, then the MDTA will be required to establish and fund the 2022 Reserve Account in an amount equal to the Reserve Subaccount Requirement pursuant to this Section 4.01(a).

  • After such substitution, if the moneys and/or securities (including the TIFIA Reserve Policy) held for the credit of the TIFIA Reserve Subaccount shall exceed the Reserve Subaccount Requirement for the TIFIA Reserve Subaccount, such excess shall be transferred by the Trustee to the MDTA for deposit to the credit of the Operating Account.

Related to Reserve Subaccount Requirement

  • Reserve Account Requirement means on any Payment Date, an amount equal to 0.50% of the aggregate Securitization Value of the 2019-B Leases and 2019-B Vehicles as of the Cutoff Date; provided, however, that on any Payment Date (after taking into account all distributions from the 2019-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 Required Amount means, with respect to any Payment Date, the lesser of (i) the excess of (A) the Specified Reserve Balance, over (B) the amount on deposit in the Reserve Account on such Payment Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Payment Date, and (ii) the amount remaining in the Indenture Collections Account after taking into account the distributions therefrom described in clauses (i) through (xiv) of Section 8.3(a) of the Indenture.

  • Targeted Accumulation Reserve Subaccount Deposit means, with respect to any Distribution Date during the Accumulation Reserve Funding Period, an amount equal to (i) [0.5]% of the Outstanding Dollar Principal Amount of the Class A( - ) Notes as of the close of business on the last day of the related Due Period or (ii) any other amount designated by the Calculation Agent on behalf of the Issuer.]

  • Required Accumulation Reserve sub-Account Amount means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2024-1) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change.

  • Primary Reserve Requirement means the megawatts required to be maintained in a Reserve Zone or Reserve Sub-zone as Primary Reserve, absent any increase to account for additional reserves scheduled to address operational uncertainty. The Primary Reserve Requirement is calculated in accordance with the PJM Manuals.

  • Reserve Account Withdrawal Amount means, with respect to any Distribution Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts specified in clauses (i) through (xvii) of Section 5.7(a) (taking into account application of Available Funds to the priority of payments specified in Section 5.7(a) and ignoring any provision hereof which otherwise limits the amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution Date prior to application of amounts on deposit therein pursuant to Section 5.8.

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Reserve Fund Requirement means (i) on any Payment Date other than a Payment Date described in clause (ii), an amount equal to 0.25% of the Aggregate Securitization Value of the 2022-1 Leases as of the Cutoff Date or (ii) on any Payment Date occurring on or after the date on which the Note Balance has been reduced to zero, zero.

  • FILOT Act Minimum Investment Requirement means, with respect to the Project, an investment of at least $2,500,000 by the Company, or of at least $5,000,000 by the Company and any Sponsor Affiliates in the aggregate, in Economic Development Property.

  • Contract Minimum Investment Requirement means, with respect to the Project, investment by the Company and any Sponsor Affiliates of at least $4,000,000 in Economic Development Property subject (non-exempt) to ad valorem taxation (in the absence of this Fee Agreement).

  • Reserve Draw Amount shall have the meaning specified in subsection 4.12(c).

  • Minimum Balance Requirements The minimum balance to open the account is $5.00. If the balance falls below $5 at any time, the account may be closed. See Balance Computation Method above. Fees and Charges; Other Requirements: See our Schedule of Fees at xxxxxxx.xxx/xxxx. Dividends: See Disclosures Concerning Dividends above. Current rates are disclosed on the Credit Union’s website.

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Debt Service Reserve Fund Requirement means, with respect to the 2020 Series B Bonds and as of each determination date, an amount equal to maximum annual debt service on the 2020 Series B Bonds Outstanding from time to time and, with respect to any other Series of Bonds, the amount set forth in the Related Series Indenture.

  • Required Reserve Account Amount means, with respect to any Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or (2) any other percentage (which may be 0%) of the Class A Invested Amount designated by the Transferors, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferors shall have received the prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee.

  • Expense Reserve Account The trust account established pursuant to Section 10.3(d).

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Reserve Account Funding Date means the Distribution Date which occurs not later than the earliest of (a) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the Controlled Accumulation Period, (b) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the May 2023 Monthly Period or any Monthly Period thereafter is less than 2%, the Distribution Date with respect to such Monthly Period, (c) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the November 2023 Monthly Period or any Monthly Period thereafter is less than 3%, the Distribution Date with respect to such Monthly Period and (d) such earlier Distribution Date as the Transferor may determine by written notice to the Trustee and the Servicer. For this purpose, the “Excess Spread Percentage” for any Monthly Period shall be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period.

  • Reserve Account Amount means, for any Distribution Date, the amount on deposit in and available for withdrawal from the Reserve Account on such Distribution Date (after giving effect to all deposits to and withdrawals from the Reserve Account on the preceding Distribution Date, or, in the case of the initial Distribution Date, the Closing Date), including all interest and other income (net of losses and investment expenses) earned on such amount during the preceding Collection Period.

  • Reserve Accounts means the Tax and Insurance Reserve Account, the Leasing Reserve Account or any other escrow account established by the Loan Documents.

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Reserve Fund Required Amount means, (i) for any Payment Date on which the Note Balance is greater than $0, $4,787,603.48 (i.e., 0.25% of the Cutoff Date Adjusted Pool Balance) or (ii) if the Notes have been paid in full, $0.

  • Compliance account means a NOx allowance tracking system account, established by the administrator for a NOx budget unit under rule 3745-14-06 of the Administrative Code in which the NOx allowance allocations for the unit are initially recorded and in which are held NOx allowances available for use by the unit for a control period for the purpose of meeting the unit's NOx budget emission limitation.

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • Required Amount means, with respect to any Monthly Period, the sum of the Class A Required Amount, the Class B Required Amount and the Collateral Senior Required Amount.

  • Class C Reserve Account Percentage means, for any Distribution Date on which a condition in the left column of the following table was in effect on the immediately preceding Distribution Date, the percentage in the corresponding right column of the following table (or if more than one conditions were in effect on the immediately preceding Distribution Date, the largest percentage). Condition: The three-month rolling average Excess Spread Percentage is: Class C Reserve Account Percentage: