Hedge Reserve Account Required Balance definition

Hedge Reserve Account Required Balance means, (i) for any Determination Date or Borrowing Date, when the Hedge Reserve Option has been exercised and not revoked, and as long as a Hedge Transaction has not yet been purchased, the higher of two bids obtained by the Borrower (or the Servicer on its behalf) from broker/dealers approved by the Administrative Agent (at least one of which shall be a Lender or an Affiliate thereof) regarding the purchase price of a Hedge Transaction in the form of an interest rate cap that satisfies the Hedging Requirements for a notional amount equal to 100% of the of the Unhedged Aggregate Loan Principal Balance and based on the Hedge Amortization Schedule and (ii) for all other dates, $0.
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Hedge Reserve Account Required Balance means for any Funding Date or Hedge Determination Date, the higher of two bids obtained by the Servicer from broker/dealers approved by the Administrative Agent regarding the purchase price of a Hedge Agreement in the form of an interest rate cap that meets the requirements of Section 3.03(b) for a notional amount equal to 95% of the Unhedged Outstanding Note Balance and based on the Hedge Amortization Schedule.
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Hedge Reserve Account Required Balance means, until such time as a Take-Out Transaction shall have occurred, for each Business Day, as determined on such date, an amount equal to the greater of $400,000 and the purchase price for a Hedge Agreement in the form of an interest rate cap that meets the definition of Hedge Requirement (other than clause (ii) thereof) for a notional amount equal to the excess of 90% of the Outstanding Note Balance of the Notes over $53,000,000, as determined by the Administrative Agent.” KL2 2904567.7
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Examples of Hedge Reserve Account Required Balance in a sentence

  • So long as no Hedge Trigger Event has occurred, in lieu of providing Hedge Agreements, the Issuer may, upon prior written notice to the Administrative Agent, elect to exercise the Hedge Reserve Option and to deposit Hedge Reserve Amounts equal to the Hedge Reserve Account Required Balance in the Hedge Reserve Account.

  • Until such time as a Take-Out Transaction shall have occurred, on the Amendment Closing Date and each Business Day, the Issuer shall deposit or shall cause to be deposited into the Hedge Reserve Account the amount necessary to cause the amount on deposit in the Hedge Reserve Account to be equal to the Hedge Reserve Account Required Balance.

  • In addition, on each Payment Date prior to the earlier of (a) the Mandatory Take-Out Date and (b) a Take-Out Transaction, if the amount on deposit in the Hedge Reserve Account is less than the Hedge Reserve Account Required Balance, a deposit shall be made to the Hedge Reserve Account, to the extent of Available Funds as provided in Section 3.4 hereof.

  • On the Amendment Closing Date and each Funding Date, the Issuer shall deposit or shall cause to be deposited into the Hedge Reserve Account the amount necessary to cause the amount on deposit in the Hedge Reserve Account to be equal to the Hedge Reserve Account Required Balance.


More Definitions of Hedge Reserve Account Required Balance

Hedge Reserve Account Required Balance means (i) for any Funding Date or Hedge Determination Date (with respect to the related Payment Date) when the Hedge Reserve Option has been exercised and not revoked, the higher of two bids obtained by the Servicer from broker/dealers approved by the Administrative Agent (at least one of which shall be a Purchaser or an affiliate of a Purchaser) regarding the purchase price of a Hedge Agreement in the form of an interest rate cap that meets the requirements of Section 3.03(b) for a notional amount equal to 100% of the Unhedged Outstanding Note Balance and based on the Hedge Amortization Schedule and (ii) for all other dates, $0.”
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Hedge Reserve Account Required Balance means (i) for any Funding Date or Hedge Determination Date (with respect to the related Payment Date) when the Hedge Reserve Option has been exercised and not revoked, the higher of two bids obtained by the Servicer from
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Hedge Reserve Account Required Balance. “Hedge Reserve Amounts”; “Hedge Reserve Option”; “Implied Hedged Amount” and “Minimum Consolidated Tangible Net Worth Floor Covenant”.
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Related to Hedge Reserve Account Required Balance

  • 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).

  • 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.

  • 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 Withdrawal Amount means, with respect to any Distribution Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts specified in clauses (i) through (xvii) of Section 5.7(a) (taking into account application of Available Funds to the priority of payments specified in Section 5.7(a) and ignoring any provision hereof which otherwise limits the amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution Date prior to application of amounts on deposit therein pursuant to Section 5.8.