Senior Notes Interest Reserve Account Deficiency Amount definition

Senior Notes Interest Reserve Account Deficiency Amount means, as of any date of determination the excess, if any, of the Senior Notes Interest Reserve Amount over the sum of (a) the amount on deposit in the Senior Notes Interest Reserve Account and (b) the amount available under any Interest Reserve Letter of Credit relating to the Senior Notes.

Senior Notes Interest Reserve Account Deficiency Amount means, as of any date of determination the excess, if any, of the Senior Notes Interest Reserve Amount over the sum of (a) the amount on deposit in the Senior Notes Interest Reserve Account and (b) the amount available under any Interest Reserve Letter of Credit relating to the Senior Notes. “Senior Notes Interest Reserve Amount” means, with respect to any Quarterly Payment Date (and any Interim Allocation Date related thereto), an amount equal to the Senior Notes Quarterly Interest Amount due on the next Quarterly Payment Date (assuming (i) that amounts available under each Class A-1 Note at such time (after giving effect to any commitment reductions and corresponding principal payments on such date) are fully drawn and (ii) the rate on each Class A-1 Note is equivalent to the rate on a Class A-2 Note of the same Series of Notes with the shortest time until its Series Anticipated Repayment Date); provided that, with respect to the first Interest Accrual Period following theany Series Closing Date, the Senior Notes Interest Reserve Amount will be anthe amount equal to $21,075,584.69set forth in the Series Supplement with respect to such Series Closing Date. “Senior Notes Post-ARD Contingent Interest Account” has the meaning set forth in Section 5.6 of the Base Indenture “Senior Notes Principal Payment Account” has the meaning set forth in Section 5.7 of the Base Indenture. “Senior Notes Quarterly Interest Amount” means for each Quarterly Payment Date, with respect to each Class of Senior Notes Outstanding, the aggregate amounts identified as the “Senior Notes Quarterly Interest Amount” in the applicable Series Supplement. “Senior Notes Quarterly Interest Shortfall Amount” has the meaning set forth in Section 5.13(a)(iii) of the Base Indenture. “Senior Notes Quarterly Post-ARD Contingent Interest Amount” means for each Quarterly Payment Date, with respect to each Class of Senior Notes Outstanding, the amounts

Senior Notes Interest Reserve Account Deficiency Amount as of any date of determination is the excess, if any, of the Senior Notes Interest Reserve Amount over the sum of (a) the amount on deposit in the Senior Notes Interest Reserve Account and (b) the amount available under any Interest Reserve Letter of Credit relating to the Senior Notes. If the Senior Notes Interest Reserve Amount decreases, including in connection with any reduction in the Outstanding Principal Amount of the Series 2021-1 Class A-2 Notes or any reduction in the Series 2021-1 Class A-1 Notes Maximum Principal Amount, the resulting excess funds on deposit in the Senior Notes Interest Reserve Account will be withdrawn and released.” II. The following revisions in red ink and blue ink are hereby made to page 284 of the Preliminary Offering Memorandum under the heading “Description of the Base Indenture and the Guarantee and Collateral Agreement—Closing Date Amendments to the Base Indenture” and the Preliminary Offering Memorandum is hereby amended as follows: “On the Closing Date, the Master Issuer, the Trustee and Citibank, N.A., as securities intermediary, expect to enter into the Series 2021-1 Base Indenture Supplement, which will make certain modifications to the Base Indenture to, among other things: (i) make certain clarifying changes to the definition of “Indebtedness” and allow for the basket in the Indenture that permits the Securitization Entities to guarantee the Indebtedness of Franchisees to be used for guarantees of Indebtedness more generally; (ii) clarify that to the extent that the Master Issuer deposits any portion of the Residual Amounts in a Collection Account Administrative Account and then elects to include the Senior Principal and Interest Account Excess Amount in calculating the Senior ABS Leverage Ratio, the Master Issuer may elect to release such funds from the Senior Notes Interest Payment Account or the Senior Notes Principal Payment Account if the Master Issuer has a Senior ABS Leverage Ratio of less than 6.5x (or, on and after the Springing Amendments Implementation Date, 7.0x) without including the Senior Principal and Interest Account Excess Amount in the calculation thereof (which ratio will be calculated as if the date of such calculation is the date of issuance of an additional Series of Notes); and (iii) remove the restriction that the Servicing Agreement, as a Related Document, may not be amended, modified, waived, supplemented, terminated or surrendered without the consent of the Control Party (x) if the ...

Examples of Senior Notes Interest Reserve Account Deficiency Amount in a sentence

• On the Series 2019-1 Closing Date, a portion of the net proceeds from the initial sale of the Series 2019-1 Notes shall be deposited into the Senior Notes Interest Reserve Account in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount as of the Series 2019-1 Closing Date.

• On the Closing Date, net proceeds from the initial sale of the Series 2018-1 Notes will be deposited into the Senior Notes Interest Reserve Account in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount as of the Closing Date.

• These representations comprise almost entirely of objections to the scheme and include individual letters of objection as well as a petition, signed by those who consider that the scheme ‘ would not benefit the town and would have an adverse effect on its infrastructure’.

• On the Series 2019-1 Closing Date, a portion of the net proceeds from the initial sale of the Series 2019-1 Notes will be deposited into the Senior Notes Interest Reserve Account in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount as of the Series 2019-1 Closing Date.

• On each Weekly Allocation Date, the Master Issuer will apply the amount on deposit in the Collection Account in accordance with priority (ix) of the Priority of Payments to make a deposit into the Senior Notes Interest Reserve Account in an amount equal to any Senior Notes Interest Reserve Account Deficiency Amount.

• On the Closing Date, net proceeds from the initial sale of the Series 2015-1 Notes will be deposited into the Senior Notes Interest Reserve Account in an amount equal to the Senior Notes Interest Reserve Account Deficiency Amount as of the Closing Date.