Commingling Reserve Amount definition

Commingling Reserve Amount means, (a) as of any Cut-Off Date following the occurrence of a Commingling Reserve Trigger Event, an amount equal to the sum of (i) the amount of the Scheduled Interest Collections for the period from the beginning of the Collection Period immediately following the relevant Cut-Off Date to the last Business Day of the second (2nd) Collection Period after the relevant Cut- Off Date (both inclusive) and (ii) the amount of Scheduled Principal Collections for the period from the beginning of the Collection Period immediately following the relevant Cut-Off Date to the last Business Day of the second (2nd) Collection Period after the relevant Cut-Off Date (both inclusive) plus 3.6% of the Aggregate Outstanding Note Principal Amount as of the relevant Cut-Off Date or (b) if as of any Cut-Off Date no Commingling Reserve Trigger Event has occurred, zero.
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Commingling Reserve Amount means
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Commingling Reserve Amount means, (a) as of any Cut-Off Date following the occurrence of a Commingling Reserve Trigger Event, an amount equal to the sum of (i) the amount of the Scheduled Collections for the period from the beginning of the Collection Period immediately following the relevant Cut-Off Date to the last Business Day of the second Collection Period after the relevant Cut-Off Date (both inclusive) and (ii) 2.5 % of the Aggregate Outstanding Note Principal Amount as of the relevant Cut-Off Date or (b) if as of any Cut-Off Date no Commingling Reserve Trigger Event has occurred or is continuing, zero. The amounts, if any, standing to the credit of the Commingling Reserve Account shall be included in the Available Distribution Amount and shall be applied on any Payment Date in accordance with the Pre- Enforcement Priority of Payments (but excluding any fees and other amounts due to the Servicer under item fifth of the Pre-Enforcement Priority of Payments) if and to the extent that the Seller has, on such Payment Date, failed to transfer to the Issuer any Collections (other than Deemed Collections within the meaning of item (B)(i) of the definition of Deemed Collections) received or payable by the Seller during, or with respect to, the Collection Period ending on the Cut-Off Date immediately preceding such Payment Date or if the Servicer is either overindebted (überschuldet) or unable to pay its debts (zahlungsunfähig) or if the inability of the Servicer to pay its debts is imminent (drohende Zahlungsunfähigkeit) or if any measures under Section 21 of the German Insolvency Code or under Sections 45, 46 or 46b of the German Banking Act (Gesetz über das Kreditwesen) are taken in respect of the Servicer. On any Payment Date following the occurrence of a Commingling Reserve Trigger Event, the Issuer shall pay to the Seller any Commingling Reserve Excess Amount.
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Examples of Commingling Reserve Amount in a sentence

  • On the Note Issuance Date and on any Payment Date during the Replenishment Period, the Commingling Reserve Amount shall be zero.

  • Commingling Reserve If, at any time as long as the Seller is the Servicer, a Commingling Reserve Trigger Event occurs, the Seller is required to transfer, within 14 calendar days, the Commingling Reserve Amount to an account of the Issuer held with the Account Bank (the "Commingling Reserve Account").

  • The Issuer shall hold all monies paid to it in the Transaction Account, except the Commingling Reserve Amount which the Issuer shall hold in the Commingling Reserve Account, the Set-Off Reserve Amount which the Issuer shall hold in the Set-Off Reserve Account and the Purchase Shortfall Amount which the Issuer shall hold in the Purchase Shortfall Account.

  • The Issuer shall hold all monies paid to it in the Transaction Account, except the Commingling Reserve Amount which the Issuer shall hold in the Commingling Reserve Account, the Set-Off Reserve Amount which the Issuer shall hold in the Set-Off Reserve Account, the Required Liquidity Reserve Amount which the Issuer shall hold in the Liquidity Reserve Account and the Purchase Shortfall Amount which the Issuer shall hold in the Purchase Shortfall Account.

  • The Required (Commingling and Offset) Reserve Amount should be equal to: (a) zero, if Genius AFC obtains all of the Required Ratings; and (b) the sum of the Commingling Reserve Amount and the Offset Reserve Amount, if Genius AFC does not have any one of the Required Ratings.

  • On the Closing Date and upon a further occurrence of an Reserves Trigger Event or an Insolvency Event in relation to the Seller, the Reserve Loan Provider will, in accordance with the Reserve Loan Agreement make payments to the Issuer allowing the Issuer to credit an amount equal to the Required Commingling Reserve Amount to the Commingling Reserve Ledger.

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  • However, there can be no assurance that the Required Commingling Reserve Amount and the twice weekly or monthly (as the case may be) cash sweeps from LPUK to the Issuer will be sufficient to safeguard against such risks.

  • Following the occurrence of a Reserves Trigger Event (and, for as long as a Reserves Trigger Event is continuing, on each Calculation Date thereafter), the Servicer must elect (and notify the Cash Manager in writing of the same) the basis on which the Required Commingling Reserve Amount will be calculated.

  • Consequently, the Seller will be required, within fourteen (14) calendar days, to transfer the Commingling Reserve Amount to the Commingling Reserve Account, provided that neither Santander Finance, S.A. nor the Seller has obtained the Commingling Required Rating by then.


More Definitions of Commingling Reserve Amount

Commingling Reserve Amount means, (a) as of any CUT-OFF DATE following the occurrence of a COMMINGLING RESERVE TRIGGER EVENT, an amount equal to the sum of (i) the amount of the SCHEDULED COLLECTIONS for the period from the beginning of the COLLECTION PERIOD immediately following the relevant CUT-OFF DATE to the first BUSINESS DAY immediately following such COLLECTION PERIOD (both inclusive) and (ii) 1.75% of the AGGREGATE OUTSTANDING NOTE PRINCIPAL AMOUNT as of the relevant CUT-OFF DATE or (b) if as of any CUT-OFF DATE following the occurrence of a COMMINGLING RESERVE TRIGGER EVENT, the SELLER'S short-term unsecured, unsubordinated and unguaranteed debt obligations are assigned a rating of at least P-1 by MOODY'S, zero. “SCHEDULED COLLECTIONS” shall mean, with respect to any COLLECTION PERIOD, the amount of COLLECTIONS scheduled to be received by the SERVICER with respect to such COLLECTION PERIOD as reported by the SERVICER for such COLLECTION PERIOD. Set-Off Reserve Only following the occurrence of a SET-OFF RESERVE TRIGGER EVENT, the NOTES will have the benefit of a set- off reserve which will provide limited protection against the set-off risk in respect of the SELLER. See “CREDIT STRUCTURE — SET-OFF RESERVE”. If a SET-OFF RESERVE TRIGGER EVENT occurs, the SELLER will berequired, within 5 (five) BUSINESS DAYS, to transfer the SET-OFF RESERVE AMOUNT to a ledger of the TRANSACTION ACCOUNT (such ledger, the “SET-OFF RESERVE LEDGER”). The amounts, if any, standing to the credit of the SET-OFF RESERVE LEDGER shall be included in the AVAILABLE DISTRIBUTION AMount and shall be applied on any PAYMENT DATE in accordance with the PRE-ENFORCEMENT PRIORITY OF PAYMENTS (but excluding any fees and other amounts due to the SERVICER under item fifth of the PRE-ENFORCEMENT PRIORITY OF PAYMENTS) if and to the extent that (i) any amounts that would otherwise have to be transferred to the ISSUER as DEEMED COLLECTIONS within the meaning of item (B) (i) of the definition of DEEMED COLLECTIONS for the COLLECTION PERIOD ending on the relevant CUT-OFF DATE were not received by the SELLER as a result of any of the actions described in item (B) (i) of the definition of DEEMED COLLECTIONS and (ii) the ISSUER does not have a right of set-off against the SELLER with respect to such amounts on the relevant PAYMENT DATE. On any PAYMENT DATE following the occurrence of a SET-OFF RESERVE TRIGGER EVENT, the ISSUER shall pay to the SELLER the SET-OFF RESERVE EXCESS AMOUNT. “SET-OFF RESERVE EXCESS AMOUNT” shall me...
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Commingling Reserve Amount means, (a) as of any Cut-Off Date following the occurrence of a Commingling Reserve Trigger Event, an amount equal to the sum of (i) the amount of the Scheduled Collections for the period from the beginning of the Collection Period immediately following the relevant Cut-Off Date to the last Business Day of the second Collection Period after the relevant Cut-Off Date (both inclusive) and(ii) 2.5 % of the Aggregate Outstanding Note Principal Amount as of the relevant Cut-Off Date or (b) if as of any Cut-Off Date no Commingling Reserve Trigger Event has occurred or is continuing, zero; A "Commingling Reserve Trigger Event" shall have occurred if, at any time, (i) Santander Consumer Finance,S.A. ceases to have the Commingling Required Rating or (ii) Santander Consumer Finance, S.A. ceases to own, directly or indirectly, at least 75 % of the share capital of the Seller unless in each case (i) and (ii) the Seller has at least the Commingling Required Rating;
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Commingling Reserve Amount means the sum actually posted from time to time to the credit of the Commingling Reserve Account, up to Target Commingling Amount in accordance with Clause 4 (Asset Coverage Test) of the Cover Pool Management Agreement.
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Commingling Reserve Amount means at any date, the credit balance of the Commingling Reserve Ledger. Uses of the Commingling Reserve Ledger The Commingling Reserve Ledger shall be used to satisfy certain obligations of the Issuer in accordance with and subject to the relevant Priority of Payments when applicable. In particular:
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Related to Commingling Reserve Amount

  • 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.

  • Reserve Amount means, for any Payment Date, the amount of cash or other immediately available funds in the Reserve Account on that Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account on such Payment Date.

  • 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.

  • 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.

  • Interest Reserve Amount has the meaning set forth in Section 5.1(d).

  • Requisite Reserve Amount As of any date with respect to any Series (or Class within such Series), the amount, if any, required to be maintained in the Reserve Account, if any, for such Series or Class as specified in or determined pursuant to the related Supplement.

  • 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.

  • 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.

  • Available Reserve Account Amount means, for any Transfer Date, an amount equal to the lesser of (a) the amount on deposit in the Reserve Account (exclusive of Investment Earnings on such date and before giving effect to any deposit to, or withdrawal from, the Reserve Account made or to be made with respect to such date) and (b) the Required Reserve Account Amount, in each case on such Transfer Date.

  • Reserve Account Required Amount means, with respect to any Payment Date, an amount equal to 0.25% of the Adjusted Pool Balance as of the Cutoff Date; provided, however, that in no event shall the Reserve Account Required Amount on any Payment Date be more than the aggregate Outstanding Amount of the Notes on such Payment Date (after giving effect to the allocation of principal payments on such Payment Date).

  • 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 [*];

  • 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(2019-1) 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.

  • Required Reserve Fund Deposit 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 Aggregate 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 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 Offered Certificates, the Class B1 Certificates and the Class B2 Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.

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

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.

  • Initial Reserve Account Deposit Amount means an amount equal to $12,240,151.27.

  • 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).

  • Reserve Fund Required Amount means, (i) for any Payment Date on which the Note Balance is greater than $0, $2,128,635.19 (i.e., 0.25% of the Cutoff Date Adjusted Pool Balance) or (ii) if the Notes have been paid in full, $0; provided, however, that the Reserve Fund Required Amount may not exceed the Note Balance.

  • Replacement Reserve Monthly Deposit shall have the meaning set forth in Section 7.3.1 hereof.

  • Debt Service Reserve Account shall have the meaning given to it in the Depository Agreement.

  • 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 A( - ) 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.]

  • Concentration Reserve Percentage means, at any time of determination, the largest of: (a) the sum of the five (5) largest Obligor Percentages of the Group D Obligors, (b) the sum of the three (3) largest Obligor Percentages of the Group C Obligors, (c) the sum of the two (2) largest Obligor Percentages of the Group B Obligors and (d) the largest Obligor Percentage of the Group A Obligors.

  • Yield Reserve means, on any date, an amount equal to: (a) the Capital at the close of business of the Servicer on such date multiplied by (b)(i) the Yield Reserve Percentage on such date divided by (ii) 100% minus the Yield Reserve Percentage on such date.

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).