AP Reserve definition

AP Reserve means the fluctuating reserve established by DIP Agent from time to time against the Borrowing Base in an amount estimated to be the amount (without duplication) of accounts payable and outstanding checks or drafts payable to any Person who may claim a Lien against, or payment or setoff right with respect to, any Inventory and including without limitation Persons who may claim a Lien against Foods under the Packers and Stockyard Act of 1921 (7 U.S.C. § 181 et. seq.), as amended, and tank farm and pipeline owners entitled to payment with respect to the storage, transportation and shipping costs, expenses and charges incurred by Company in connection with the storage and transportation of goods used in Company's Petroleum Business.
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Examples of AP Reserve in a sentence

  • The Borrower shall deposit One Million and 00/100 Dollars ($1,000,000.00) into the A/P Reserve Account.

  • It is the intention of the parties hereto that the segregated pool of assets consisting of any collections of Prepayment Penalty Amounts related to the Mortgage Loans distributable to the Class AP Certificates and the related Class AP Reserve Fund shall constitute a grantor trust for federal income tax purposes.

  • The Trustee shall credit the Class AP Reserve Fund with $100 remitted for such purpose on the Closing Date to the Trustee by LBH.

  • Funds deposited in the Class AP Reserve Fund shall be held in trust by the Trustee on behalf of the Certificateholders until distributed pursuant to Section 5.12(c).

  • The SWAP REMIC shall hold as its assets the property of the Trust Fund other than (i) the Swap Agreement, (ii) the Supplemental Interest Trust, (iii) the Interest Rate Cap Agreement and the Interest Rate Cap Account, (iv) the Basis Risk Reserve Fund, (v) the rights to receive Prepayment Premiums distributable to the Class AP Certificates and the Class AP Reserve Fund, (vi) the X Component Account and (vii) the Lower Tier Interests.

  • Funds deposited in the Class AP Reserve Fund shall be held in trust by the Trustee on behalf of the Certificateholders until distributed pursuant to Section 5.11(c).

  • On the Distribution Date in July 2010, the Trustee shall distribute $100 from the Class AP Reserve Fund to the Holders of the Class AP Certificates.

  • The Trustee, by its execution and delivery hereof, acknowledges the assignment to it of the rights to receive such Prepayment Penalty Amounts and Class AP Reserve Fund and declares that it holds and will hold such assets in trust for the exclusive use and benefit of all present and future Holders of the Class AP Certificates.

  • The rights of Holders of the Class AP Certificates to receive distributions from the proceeds of such Prepayment Penalty Amounts and Class AP Reserve Fund, and all ownership interests of such Holders in and to such distributions, shall be as set forth in this Agreement.

  • REMIC 1 shall hold as its assets the property of the Trust Fund other than (i) the Swap Agreement, (ii) the Supplemental Interest Trust, (iii) the Cap Agreement, (iv) the Reserve Fund, (v) the rights to receive Prepayment Penalty Amounts distributable to the Class AP Certificates and the Class AP Reserve Fund and (vi) the Lower Tier Interests.