Yield Supplement Reserve Account Sample Clauses

Yield Supplement Reserve Account. All Yield Supplement Property in the Yield Supplement Reserve Account shall be applied by the Class A Agent as specified in this Yield Supplement Agreement and the Pooling and Servicing Agreement. The Class A Agent shall, not later than 12:00 noon on the Business Day preceding each Distribution Date, withdraw from the Yield Supplement Reserve Account and deposit in the Certificate Account an amount equal to the Yield Supplement Amount for such Distribution Date. On the date of issuance of the Certificates, the Company shall deposit $1,898,666.90 (the "Initial Yield Supplement Reserve Amount") into the Yield Supplement Reserve Account. The amount required to be on deposit in the Yield Supplement Reserve Account on the date of issuance of the Certificates and from time to time thereafter (the "Required Yield Supplement Reserve Account Balance"), as determined by the Servicer and notified to the Class A Agent, will be the lesser of, (i) the maximum Yield Supplement Amount that will become due on all future Distribution Dates under this Yield Supplement Agreement, assuming that payments on the Receivables are made on their scheduled due dates, that no Receivable is prepaid in full or accelerated and that no related Financed Vehicle underlying such Receivable is repossessed or becomes a total loss, and (ii) the Initial Yield Supplement Reserve Amount. The Class A Agent shall have no duty or liability to determine the Required Yield Supplement Reserve Account Balance and may fully rely on the determination thereof by the Servicer. If, on any Distribution Date, the funds in the Yield Supplement Reserve Account are in excess of the Required Yield Supplement Reserve Account Balance for such Distribution Date after giving effect to all distributions to be made on such Distribution Date, the Class A Agent shall pay the Company the amount of such excess. The Yield Supplement Reserve Account shall not be part of the Trust. It is the intent of the parties that the Yield Supplement Property be treated as property of the Company for all federal, state and local income and franchise tax purposes. The provisions of this Yield Supplement Agreement should be interpreted accordingly. Further, the Company shall include in its gross income all income earned on the Yield Supplement Property and the Yield Supplement Reserve Account.
Sample 1Sample 2See All (7)
AutoNDA by SimpleDocs
Yield Supplement Reserve Account. Pursuant to the Yield Supplement Agreement, the Seller shall establish and maintain with the Class A Agent for the benefit of the Class A Certificateholders a separate trust account in the name of the Class A Agent (the "Yield Supplement Reserve Account"), or such other account as may be acceptable to the rating agencies then rating the Class A Certificates. The Yield Supplement Reserve Account (or such other account acceptable to the rating agencies then rating the Class A Certificates) shall not be part of the Trust. Subject to the limitations set forth in the Yield Supplement Agreement, the Seller hereby conveys and transfers to the Trustee (and its successors and assigns), as Class A Agent, the Yield Supplement Reserve Account, all funds on deposit therein and all proceeds thereof.
Sample 1
Yield Supplement Reserve Account. All Yield Supplement Property in the Yield Supplement Reserve Account shall be applied by the Class A Agent as specified in this Yield Supplement Agreement and the Pooling and Servicing Agreement. The Class A Agent shall, not later than 12:00 noon on the Business Day preceding each Distribution Date, withdraw from the Yield Supplement Reserve Account and deposit in the Certificate Account an amount equal to the Yield Supplement Amount for such Distribution Date. On the date of issuance of the Certificates, the Company shall deposit $4,107,391.76 (the "Initial Yield Supplement Reserve Amount") into the Yield Supplement Reserve Account. The amount required to be on deposit in the Yield Supplement Reserve Account on the date of issuance of the Certificates and from time to time thereafter (the "Required Yield Supplement Reserve Account Balance"), as determined by the Servicer and notified to the Class A Agent, will be the lesser of, (i) the maximum Yield Supplement Amount that will become due on all future Distribution Dates under this Yield Supplement Agreement, assuming that payments on the Receivables are made on their scheduled due dates, that no Receivable is prepaid in full or accelerated and that no related Financed Vehicle underlying such Receivable is repossessed or becomes a total loss, and (ii) the Initial
Sample 1

Related to Yield Supplement Reserve Account

  • Yield Supplement Account On the Closing Date, the Seller will deposit the Yield Supplement Account Deposit to the Yield Supplement Account from the net proceeds of the sale of the Notes. The Yield Supplement Account shall be the property of the Issuer subject to the rights of the Indenture Trustee for the benefit of the Securityholders.

  • Reserve Account Draw Amount On or before two Business Days before a Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw from the Reserve Account and deposit the Reserve Account Draw Amount into the Collection Account on or before the Payment Date.

  • Interest Reserve Account The Certificate Administrator shall establish and maintain the Interest Reserve Account in the Certificate Administrator’s name, on behalf of the Trustee, for the benefit of the Certificateholders. The Interest Reserve Account shall be established and maintained as a non-interest bearing Eligible Account. On each Master Servicer Remittance Date occurring in January (except during a leap year) or February (commencing in 2018) (unless, in either such case, the related Distribution Date is the final Distribution Date), the Master Servicer shall remit to the Certificate Administrator for deposit into the Interest Reserve Account, in respect of all the Mortgage Loans that accrue interest on the basis of a 360-day year and the actual number of days in the related month, an amount equal to one day’s interest at the related Net Mortgage Rate on the Stated Principal Balance of each such Mortgage Loan as of the close of business on the Distribution Date in the month preceding the month in which such Master Servicer Remittance Date occurs, to the extent a Monthly Payment or P&I Advance is made in respect thereof (all amounts so deposited in any consecutive January (if applicable) and February, “Withheld Amounts”). On or prior to the Master Servicer Remittance Date in March (or February if the final Distribution Date occurs in such month) of each calendar year (commencing in 2018), the Certificate Administrator shall transfer to the Lower-Tier REMIC Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account.

  • Reserve Account (a) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders.

  • Replacement Reserve Fund Borrower shall pay to Lender on the Closing Date and on each Payment Date one twelfth of the amount (the "REPLACEMENT RESERVE MONTHLY DEPOSIT") reasonably estimated by Lender in its sole discretion to be due for replacements and repairs required to be made to the Property during the calendar year (collectively, the "REPLACEMENTS"), which Replacement Reserve Monthly Deposit shall be in an amount equal to no less than $0.15 per year per square foot of gross leasable area. Amounts so deposited shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE FUND" and the account in which such amounts are held shall hereinafter be referred to as Borrower's "REPLACEMENT RESERVE ACCOUNT". Lender may reassess its estimate of the amount necessary for the Replacement Reserve Fund from time to time, and may increase the monthly amounts required to be deposited into the Replacement Reserve Fund upon thirty (30) days notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to maintain the proper maintenance and operation of the Property. Any amount held in the Replacement Reserve Account and allocated for the Property shall be retained by Lender in an interest bearing account, or, at the option of Lender, in an Eligible Account at an Eligible Institution; PROVIDED, HOWEVER, that, any interest earned on said account shall accrue in said account for the benefit of Borrower, but shall remain in and constitute part of the Replacement Reserve Fund, and shall be disbursed in accordance with the terms hereof. Notwithstanding anything to the contrary in this Section 7.3, Borrower shall not be required to make Replacement Reserve Monthly Deposits, provided that: (i) no Event of Default shall have occurred; and (ii) Borrower makes all necessary Replacements and otherwise maintains the Property to Lender's satisfaction. Upon notice from Lender following: (a) an Event of Default; or (b) the failure of Borrower to make necessary Replacements or otherwise maintain the Property to Lender's satisfaction, Borrower shall begin to deposit the Replacement Reserve Monthly Deposit into the Replacement Reserve Fund beginning on the Payment Date (as defined herein) immediately following the date of such notice.

  • Reserve Accounts All reserves, escrows and deposit accounts required under the Loan Documents and all cash, checks, drafts, certificates, securities, investment property, financial assets, instruments and other property held therein from time to time and all proceeds, products, distributions or dividends or substitutions thereon and thereof;

  • Debt Service Reserve Account The Debt Service Reserve Account shall have been funded (or credited with funds), to the extent required, in an amount equal to the Debt Service Reserve Required Amount in accordance with the Depositary Agreement.

  • Reserve Account Withdrawal If the Series 2003-5 Letter of Credit Amount will be less than the Principal Deficit Amount on any Distribution Date, then, prior to 12:00 noon (New York City time) on the second Business Day prior to such Distribution Date, the Administrator shall instruct the Trustee in writing to withdraw from the Series 2003-5 Reserve Account, an amount equal to the lesser of (x) the Series 2003-5 Available Reserve Account Amount and (y) the amount by which the Principal Deficit Amount exceeds the amounts to be deposited in the Series 2003-5 Distribution Account in accordance with clauses (i) and (ii) of this Section 2.5(d) and deposit it in the Series 2003-5 Distribution Account on such Distribution Date.

  • Targeted Deposits to the Accumulation Reserve Account The deposit targeted to be made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount.

  • Initial Reserve Account Deposit On the Closing Date, the Depositor will deposit or cause to be deposited the Specified Reserve Balance into the Reserve Account from the net proceeds of the sale of the Notes.

Time is Money Join Law Insider Premium to draft better contracts faster.