Specified Reserve Account Requirement definition

Specified Reserve Account Requirement. For each Payment Date, an amount equal to the sum of (i) the Interest Amount for the NEXT Payment Date and (ii) the amount necessary to reduce the Recalculated Targeted Amount of the Notes (calculated after giving effect to all payments of principal received on the Notes on the Payment Date for which such calculation is being determined) to the Targeted Balance for the NEXT Payment Date.
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Specified Reserve Account Requirement. For any Determination Date or Payment Date, the greater of (a) the product of (x) the Carrying Costs, as calculated for such Determination Date and (y) 2 and (b) $1,000,000.
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Specified Reserve Account Requirement with respect to any Distribution Date, shall equal the greater of (i) $____________, or (ii) ____% of the Pool Balance as of the last day of the related Collection Period. The Specified Reserve Account Requirement may be reduced without the consent of the Certificateholders to a lesser amount, including to zero, as determined by the Depositor; provided that such reduction is consented to in writing by the Surety Bond Issuer and does not adversely affect the rating of the Certificates assigned by any Rating Agency. Upon the occurrence and continuance of the event specified in Section 14.1(b)(iv), the Specified Reserve Account Requirement shall equal the sum of the Certificate Balance, accrued interest thereon and the Servicing Fee payable pursuant to Section 10.5 (b) (ii) and all amounts available under Section 10.5(b)(vi) shall be deposited in the Reserve Account up to such amount.
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Examples of Specified Reserve Account Requirement in a sentence

  • On each Payment Date, the Collateral Agent will transfer from the Collection Account to the first sub-account of the Reserve Account the amount, if any, remaining in the Collection Account on such Payment Date, after giving effect to payments made pursuant to Section 4.2(a)(i) through (xi), inclusive, until the amount of cash in the first sub-account of the Reserve Account equals the Specified Reserve Account Requirement.

  • If on any Payment Date prior to the Amortization Period the amount deposit in the Reserve Account exceeds the Specified Reserve Account Requirement, such excess shall be distributed to the Seller in accordance with Section 2.7(a)(11).


More Definitions of Specified Reserve Account Requirement

Specified Reserve Account Requirement means, (x) on any Remittance Date other than such a Remittance Date described in clause (y) below and on the Facility Termination Date, the product of 2% and the Net Investment as of the last day of the related Collection Period (after giving effect to any Loans made on such date and any reductions in the Net Investment made on such date); provided, however, that following the occurrence of a Reserve Account Event, and for so long as such Reserve Account Event is continuing, the Specified Reserve Account Requirement shall be equal to the product of 4% and the Net Investment as of the last day of the related Collection Period (after giving effect to any Loans made on such date and any reductions of the Net Investment made on such date) and (y) on any Remittance Date after a Take-Out has occurred and on which no Loans are outstanding as of the close of business on such Remittance Date, and all amounts payable to the Surety Provider under the CTA Agreement, the Policy and the Insurance Agreement have been paid, zero.
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Specified Reserve Account Requirement means zero, or upon the occurrence and during the continuance of a Reserve Account Event, the greater of (x) 2.00% of the then outstanding Net Investment and (y) $1,000,000.
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Specified Reserve Account Requirement means the sum (without duplication) of (a) 30% of the product of (i) the aggregate Outstanding Balance of all Receivables which are 61 to 120 days delinquent and (ii) the Advance Percentage applicable to each such Receivable and (b) 50% of the product of (i) the aggregate Outstanding Balance of all Receivables which are 121 to 180 days delinquent and (ii) the Advance Percentage applicable to each such Receivable.
Sample 1
Specified Reserve Account Requirement. As of any date prior to the Step-Down Date, the greater of the Base Requirement and the amount computed pursuant to clause (b) below; as of any date thereafter, the greatest of (a) the lesser of (I) the Base Requirement and (II) the Amortized Reserve Account Requirement; provided, however, that for any period during which an Event of Excess Loss exists, the Specified Reserve Account Requirement for this clause (II) shall equal two times the percentage used in the definition of Base Requirement times the Principal Balance as of the date such Event of Excess Loss first existed, (b) two times the difference between (i) one-half of the aggregate Loan Balances of all Home Equity Loans which are 90 or more days Delinquent (including Properties in REO, Foreclosure and Bankruptcy) and (ii) the Projected Excess Interest as of such date and (c) an amount equal to the sum of (x) [0.50]% of the aggregate Original Principal Balance and (y) __% of the Loan Balance of each Balloon Loan. The Specified Reserve Account Requirement will not be reduced if an Event of Default exists and is continuing under this Agreement. The Specified Reserve Account Requirement may be reduced or eliminated by the Certificate Insurer in its sole discretion. Upon any such reduction or elimination, the Servicer shall give written notice thereof to each of Xxxxx'x, Fitch and S&P. On or prior to the last Deposit Payment Date, the Credit Enhancer may, by delivery of a Credit Enhancer Certificate, increase, to the extent permitted by Section ____ of the Sale and Servicing Agreement, the Base Requirement. The Specified Reserve Account Requirement shall equal the Base Requirement if any Insured Payment has been made.]
Sample 1
Specified Reserve Account Requirement means, (x) with respect to any Remittance Date other than a Remittance Date described in clause (y) below and on the Facility Termination Date, the product of 2% and the Net Investment as of the last day of the related Collection Period (after giving effect to any Loans made on such date and any reductions in the Net Investment made on such date); provided, however, that following the occurrence of a Reserve Account Event, and for so long as such Reserve Account Event is continuing, the Specified Reserve Account Requirement shall be equal to the product of 4% and the Net Investment as of the last day of the related Collection Period (after giving effect to any Loans made on such date and any reductions of the Net Investment made on such date) and (y) with respect to any Remittance Date after a Take-Out has occurred and on which no Loans are outstanding as of the close of business on such Remittance Date, zero.
Sample 1

Related to Specified Reserve Account Requirement

  • Reserve Account Requirement means, with respect to the Closing Date and any Distribution Date, an amount equal to the lesser of: (A) 2.0% of the sum of (x) the initial Class A Note Balance, (y) the initial Class B Note Balance and (z) the initial Class C Note Balance; and (B) the sum of (x) the Class A Note Balance on such Distribution Date, (y) the Class B Note Balance on such Distribution Date and (z) the Class C Note Balance on such Distribution Date, after giving effect to the payment of principal on such Distribution Date.

  • 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.

  • Specified Reserve Account Balance means, for any Payment Date, an amount equal to 2.00% of the Pool Balance as of the Cut-Off Date; provided, however, on any Payment Date after the Notes are no longer Outstanding following payment in full of the principal and interest on the Notes, the “Specified Reserve Account Balance” shall be $0.

  • 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.

  • 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.

  • Required Reserve Amount means, with respect to any Payment Date, the lesser of (a) 0.25% of the difference of the Aggregate Starting Principal Balance less the Yield Supplement Overcollateralization Amount as of the applicable Cutoff Date of all Receivables transferred to the Trust and (b) the Outstanding Amount of the Notes.

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

  • Available Reserve Account Amount means, with respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (before giving effect to any deposit to be made to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

  • Required Reserve means, on any day during a Calculation Period, the product of (a) the greater of (i) the Required Reserve Factor Floor and (ii) the sum of the Loss Reserve, the Interest Reserve, the Dilution Reserve and the Servicing Reserve, times (b) the Net Pool Balance as of the Cut-Off Date immediately preceding such Calculation 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.

  • 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 [*];

  • Specified Reserve Balance means, with respect to any Distribution Date, an amount equal to 2.0% of the initial Pool Balance; provided, that the Specified Reserve Balance will in no event exceed the outstanding principal amount of the Notes on such Distribution Date after giving effect to distributions pursuant to clauses (i) through (xviii) of Section 5.7(a).

  • Required Reserve Factor Floor means, for any Calculation Period, the sum (expressed as a percentage) of (a) 28.00% plus (b) the product of the Adjusted Dilution Ratio and the Dilution Horizon Ratio, in each case, as of the immediately preceding Cut-Off Date.

  • 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).

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

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

  • 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 C( - ) 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.]

  • Initial Reserve Account Deposit Amount means an amount equal to $1,030,941.16.

  • Aggregate Overcollateralization Release Amount With respect to any Distribution Date, the lesser of (x) the aggregate of the Principal Remittance Amounts for each Mortgage Pool for such Distribution Date and (y) the amount, if any, by which (i) the Overcollateralization Amount for such date, calculated for this purpose on the basis of the assumption that 100% of the aggregate of the Principal Remittance Amounts for such Distribution Date is applied on such date in reduction of the aggregate Certificate Principal Amount of the Certificates, exceeds (ii) the Targeted Overcollateralization Amount for such Distribution Date.

  • Reserve Account Excess Amount means, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the amount of cash or other immediately available funds in the Reserve Account (excluding any net investment earnings) on that Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account on such Payment Date, over (b) the Specified Reserve Account Balance with respect to such Payment Date.

  • Reserve Account Deposit Amount means, with respect to any Distribution Date, the lesser of (x) the excess of (i) the Specified Reserve Balance over (ii) the amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Distribution Date and (y) the amount remaining in the Collection Account after taking into account the distributions therefrom described in clauses (i) through (xviii) of Section 5.7(a).

  • Debt Service Reserve Account as defined in the Depositary Agreement.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

  • 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.

  • Specified Reserve Fund Balance means, on the Closing Date $3,846,153.85, and with respect to any Payment Date 0.25% of the initial aggregate principal balance of the Receivables as of the Cutoff Date.

  • 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: