Commingling Reserve definition

Commingling Reserve means the monies standing to the credit of the Commingling Reserve Account at any given time.

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Commingling Reserve means, on any date, an amount equal to the product of (a) 5% for the month ended April 30, 2009, and 11% for each month thereafter, times (b) the Net Receivables Balance as of the close of business of the Servicer on such date.

Commingling Reserve means, on any date, the sum of:

Examples of Commingling Reserve in a sentence

• The allocations and distributions shall be exclusively carried out by the Management Company, the Custodian and the Account Bank, respectively, to the extent of the monies standing from time to time to the credit balance of the General Collection Account, the Principal Account, the Interest Account, the Reserve Account and the Commingling Reserve Account in such manner that no Compartment Bank Account shall have a debit balance after applying the relevant Priority of Payments.

• The Commingling Reserve Deposit Agreement will be governed by and shall be construed in accordance with French law.

• The Commingling Reserve Deposit shall be released and fully repaid by the Compartment to the Servicer on the Compartment Liquidation Date subject to the satisfaction of all Servicer’s obligations under the Servicing Agreement and to the extent of the then current balance of the Commingling Reserve Account.

• The Management Company shall ensure that the credit balance of the Commingling Reserve Account is equal on the First Purchase Date and thereafter on each Settlement Date to the Commingling Reserve Required Amount as of such First Purchase Date and any Settlement Date.

• Pursuant to the Commingling Reserve Deposit Agreement the Servicer has agreed to make a cash deposit (the “Commingling Reserve Deposit”) with the Compartment by way of full transfer of title in accordance with Article L.

• The Management Company shall ensure that the credit balance of the Commingling Reserve Account shall always be equal to the applicable Commingling Reserve Required Amount.

• If, on any Settlement Date, the current balance of the Commingling Reserve Account exceeds the applicable Commingling Reserve Required Amount, an amount equal to such difference shall be released by the Management Company (on behalf of the Compartment) and transferred back to the Servicer by debiting the Commingling Reserve Account on any Business Day.

• If, on any Settlement Date, the current balance of the Commingling Reserve Account is lower than the applicable Commingling Reserve Required Amount, the Management Company (on behalf of the Compartment) shall request the Servicer to credit an amount equal to such shortfall on the Commingling Reserve Account no later than the applicable Settlement Date.

• Upon the earlier of (y) the occurrence of a Downgrade Event with respect to the Funding Entity or (z) ALD becoming Insolvent, the Funding Entity will pay the Required Commingling Reserve Amount and the Required Set-Off Reserve Amount directly into the Commingling Reserve Account and the Set-Off Reserve Account (respectively) within 31 calendar days from the occurrence of the relevant event.

• On the Compartment Establishment Date, the Management Company, according to the provisions of an account bank agreement entered into on 20 April 2009 (the “Account Bank Agreement”) and made between the Management Company, the Custodian and Sofinco (the “Account Bank”) will open the General Collection Account, the Principal Account, the Interest Account, the Reserve Account and the Commingling Reserve Account in the name of the Compartment (the “Compartment Bank Accounts”) with the Account Bank.

More Definitions of Commingling Reserve

Commingling Reserve means, on any date, an amount equal to Where: RB = the Net Eligible Receivables Balance as of the close of business of the Servicer on such date minus the Loss and Dilution Reserve minus the Yield and Servicing Fee Reserve on such date; and CRR = the Commingling Reserve Ratio on such date.

Commingling Reserve means, on any date, an amount ------------------- computed as of the last day of each Monthly Period equal to the sum of (a) the average of the Negative Monthly Amounts over the preceding twelve Monthly Periods (or if such date occurs less than twelve Monthly Periods following the date hereof, such fewer number of Monthly Periods occurring prior to such date), plus (b) if a Trigger Event has occurred and is continuing, 10%. For the purposes hereof:

Commingling Reserve means, at any time, an amount equal to (A) the U.S. Dollar Equivalent of the aggregate amount of Collections on Receivables during the immediately prior Calculation Period that are received in any German Account that is not maintained in the name of the Cayman Seller, times (B) 1/20.

Commingling Reserve means as of any date of determination, an ------------------- amount equal to the average of the Negative Monthly Amounts over the preceding twelve Monthly Periods. For the purposes hereof:

Commingling Reserve means a cash reserve created on the Issue Date with a portion of the proceeds of the issue of the Notes, deposited on the Cash Reserve Account and that will, at all relevant times, be at least equal to the Target Commingling Reserve Amount.

Commingling Reserve means the amount equal to €30,850,200 to be deposited on the Cash Reserve Account on the Issue Date by GMAC ITALIA in accordance with the Subordinated Loan Agreement.