Payment Reserve Account. (a) The Servicer shall establish and maintain or cause to be established and maintained with a Qualified Institution, which may be the Trustee, in the name of the Trustee, on behalf of the Securityholders, the "Payment Reserve Account," which shall be a segregated trust account with the corporate trust department of such Qualified Institution, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Securityholders. The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Payment Reserve Account and in all proceeds thereof. The Payment Reserve Account shall be under the sole dominion and control of the Trustee for the benefit of the Securityholders. If, at any time, the institution holding the Payment Reserve Account ceases to be a Qualified Institution, the Trustee shall within 10 Business Days establish a new Payment Reserve Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Payment Reserve Account. From the date such new Payment Reserve Account is established, it shall be the "Payment Reserve Account."
Payment Reserve Account. On each Business Day, the Trustee, acting in accordance with instructions from the Transferor, shall withdraw first from the Cap Proceeds Account to the extent of the Cap Receipt Amount and then from the Collection Account and then from the Payment Reserve Account, and distribute to the Servicer, to the extent of any Available Series 1998-3 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (xi) of the Agreement, an amount equal to the lesser of (x) any such remaining Available Series 1998-3 Finance Charge Collections and (y) the amount designated by the Transferor in writing (which includes facsimile transmission) in its instructions to the Trustee on such Business Day and the Servicer shall deposit such amount, if any, in the Payment Reserve Account.
Payment Reserve Account. 24.1.1 The Authority shall, at least 60 (sixty) days prior to the Commercial Operation Date, [open and establish] an account (“Payment Reserve Account”) with a bank and shall maintain such Payment Reserve Account in accordance with the payment reserve agreement (the “Payment Reserve Agreement”) to be entered into amongst the Concessionaire, the Authority and the bank at least 75 (seventy five) days prior to the Commercial Operation Date.
Payment Reserve Account. On each Business Day, the Trustee, acting in accordance with instructions from the Transferor, shall withdraw from the Collection Account and distribute to the Servicer, to the extent of any Available Series 1997-1 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsec- tions 4.9(a)(i) through (xiv) of the Agreement, an amount equal to the lesser of (x) any such remaining Available Series 1997-1 Finance Charge Collections and (y) the amount designated by the Transferor in writing (which includes facsimile transmission) in its instructions to the Trustee on such Business Day and the Servicer shall deposit such amount, if any, in the Payment Reserve Account.
Payment Reserve Account. On each Business Day, the Trustee acting in accordance with instructions from the Servicer, shall withdraw first from the Collection Account, to the extent of any Available Series 1998-2 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (ix) an amount equal to the lesser of (x) any such remaining Available Series 1998-2 Finance Charge Collections and (y) the amount designated by the Transferor in writing (which include facsimile transmission) in its instructions to the Trustee on such Business Day and deposit such amount, if any, into the Payment Reserve Account.
Payment Reserve Account. (a) The Servicer shall establish and maintain or cause to be established and maintained with a Qualified Institution, which may be the Trustee, in the name of the Trustee, on behalf of the Series 2004-1 Securityholders, the "Payment Reserve Account," which shall be a segregated trust account with the corporate trust department of such Qualified Institution, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Series 2004-1
Payment Reserve Account. 48 SECTION 4.17. Principal Funding Account..................................49 SECTION 4.18. Accumulation Period Reserve Account....................................................50 SECTION 4.19. Postponement of Accumulation Period........................52 SECTION 4.20. Defeasance.................................................52 SECTION 7. Article V of the Agreement.................................53 ARTICLE V DISTRIBUTIONS AND REPORTS TO INVESTOR SECURITYHOLDERS SECTION 5.1. Distributions..............................................54 SECTION 5.2. Securityholders' Statement.................................55 SECTION 8. Series 1998-3 Pay Out Events...............................58 SECTION 9. Series 1998-3 Termination..................................60 SECTION 10. Legends; Transfer and Exchange; Restrictions on Transfer of Series 1998-3 Securities..........................................60 SECTION 11. The Policy.................................................62 SECTION 12. Ratification of Agreement..................................64
Payment Reserve Account. At the sole discretion of Lender, Lender may waive Borrower’s obligation to deposit into the Payment Reserve the aggregate amount of the Monthly Debt Service Payment Amount plus the amounts payable to the Reserve Accounts payable on the First Payment Date. In the event Lender so waives Borrower’s obligation to establish the Payment Reserve, then on the First Payment Date Borrower shall pay the Monthly Debt Service Payment Amount and the amounts otherwise payable to the Reserve Accounts on the First Payment Date. The provisions of this Section 7.6 shall not affect Borrower’s obligation to make any other payments required pursuant to the terms of this Agreement.
Payment Reserve Account. On each Business Day, the Trustee acting in accordance with instructions from the Servicer, shall deposit in the Payment Reserve Account, an amount equal to the lesser of (x) any Available Series 1998-3 Finance Charge Collections remaining after giving effect to the applications pursuant to subsections 4.9(a)(i) through (xviii) and (y) the amount designated by the Transferor in writing (which include facsimile transmission) in its instructions to the Trustee on such Business Day. Excess Finance Charge Collections. Any Available Series 1998-3 Finance Charge Collections remaining after giving effect to the applications pursuant to subsection 4.9(a)(i) through (xix), shall be treated as Excess Finance Charge Collections, and the Servicer shall direct the Trustee in writing on each Business Day to first make such amounts available to pay to Securityholders of other Series to the extent of shortfalls, if any, in amounts payable to such Securityholders from Finance Charge Collections allocated to such other Series, then to pay any unpaid commercially reasonable costs and expenses of a Successor Servicer, if any, and then to reserve for (or pay when due) any taxes and related expenses anticipated by the Servicer to be payable by the Trust with respect to the related Monthly Period or prior Monthly Period and then on each Business Day to pay any remaining Excess Finance Charge Collections to the Transferor. For each Business Day with respect to the Revolving Period, the funds on deposit in the Collection Account to the extent of the lesser of (A) the sum of the Class A Invested Amount, the Class B Invested Amount and the Class C Invested Amount and (B) the sum of (x) product of (i) the Floating Percentage and (ii) the amount of Principal Collections on such Business Day (less the amount of Redirected Principal Collections on such Business Day) (such product, the "Net Revolving Principal Collections"), (y) the amount then on deposit in the Collection Account pursuant to subsection 3A(h) of this Series Supplement and (z) the amount of Shared Principal Collections allocated to the Series 1998-3 Securities in accordance with Section 4.8 on such Business Day may, at the option of the Transferor or shall, (I) if the Specified Class C Reserve Amount exceeds the amount on deposit in the Class C Reserve Account on such Business Day or (II) if the Aggregate ABC Principal Amount exceeds the Aggregate Interest Rate Caps Notional Amount on such Business Day, pursuant to instru...
Payment Reserve Account. On each Business Day, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw first from the Cap Proceeds Account to the extent of the Cap Receipt Amount and then from the Collection Account, to the extent of any Available Series 2004-1 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (xii) of the Agreement, an amount equal to the lesser of (x) any such remaining Available Series 2004-1 Finance Charge Collections and (y) the amount designated by the Transferor in writing (which includes facsimile transmission) in its instructions to the Servicer and the Trustee on such Business Day, and deposit such amount, if any, in the Payment Reserve Account.
