Major Maintenance Reserve Required Balance definition

Major Maintenance Reserve Required Balance means (a) on the SC Milestone Payment Date, $[●] and (b) at any time thereafter, as of any Calculation Date, an amount equal to the aggregate of (i) one hundred percent (100%) of expected Renewal Expenditures for the 12- month period following such Calculation Date, (ii) seventy-five percent (75%) of expected Renewal Expenditures for the next succeeding 12-month period (i.e., year 2), (iii) fifty percent (50%) of expected Renewal Expenditures for the next succeeding 12-month period (i.e., year 3), and (iv) twenty-five percent (25%) of expected Renewal Expenditures for the next succeeding 12-month period (i.e., year 4), in each case initially based on the forecast of estimated Renewal Expenditures with respect to the Project set forth in the Lenders’ Technical Advisor Report delivered in accordance with [Section 13(a)(ix)] of the TIFIA Loan Agreement and updated annually pursuant to the Annual LTA Report to reflect the Lenders’ Technical Advisor’s ongoing analysis of funding requirements for Renewal Work and Handback Work; provided that, notwithstanding anything to the contrary set forth herein or in any other Financing Document, on any date described in clause (a) or (b) above, the amount of cash on deposit in the Major Maintenance Reserve Account shall be equal to at least one hundred percent (100%) of expected Renewal Expenditures for the 12-month period following such date.
Sample 1
Major Maintenance Reserve Required Balance means the Project life cycle requirements as set out in the Base Case Financial Model. For life cycle costs incurred in year “N,” the minimum Major Maintenance Reserve Required Balance at the beginning of year “N” in respect of such life cycle would be: Year Percentage N 100% N+1 66.66% N+2 33.33%
Sample 1
Major Maintenance Reserve Required Balance means (a) on the SC Milestone Payment Date, $1,609,692.02 and (b) at any time thereafter, as of any Calculation Date, an amount equal to the aggregate of (i) one hundred percent (100%) of expected Renewal Expenditures for the 12-month period following such Calculation Date, (ii) seventy-five percent (75%) of expected Renewal Expenditures for the next succeeding 12-month period (i.e., year 2), (iii) fifty percent (50%) of expected Renewal Expenditures for the next succeeding 12-month period (i.e., year 3), and (iv) twenty-five percent (25%) of expected Renewal Expenditures for the next succeeding 12- month period (i.e., year 4), in each case initially based on the forecast of estimated Renewal Expenditures with respect to the Project set forth in the Lenders’ Technical Advisor Report delivered in accordance with Section 13(a)(ix) and thereafter updated annually pursuant to the Annual LTA Report to reflect the Lenders’ Technical Advisor’s ongoing analysis of funding requirements for Renewal Work and Handback Work.
Sample 1

Examples of Major Maintenance Reserve Required Balance in a sentence

  • Any amounts on deposit in the Major Maintenance Reserve Account in excess of the Major Maintenance Reserve Required Balance shall be transferred to the Revenue Account to be applied, on the next succeeding Monthly Transfer Date, pursuant to Section 5.03(b).

  • The Trustee shall, in accordance with Section 5.2(c) hereof, cause amounts in the Revenue Fund to be deposited into the Major Maintenance Reserve Fund from time to time on any Calculation Date as shall be necessary to maintain the Major Maintenance Reserve Required Balance.


More Definitions of Major Maintenance Reserve Required Balance

Major Maintenance Reserve Required Balance means (a) on the SC Milestone Payment Date, $[1,610,364.44]2 and (b) at any time thereafter, as of any Calculation Date, an amount equal to the aggregate of (i) one hundred percent (100%) of expected Renewal Expenditures for the 12-month period following such Calculation Date, (ii) seventy-five percent (75%) of expected Renewal Expenditures for the next succeeding 12-month period (i.e., year 2),
Sample 1
Major Maintenance Reserve Required Balance means, for any Funding Date, the amount set forth for such Funding Date on Schedule II to the Indenture, provided that Schedule II may be revised from time to time by the Company as set forth in a substitute Schedule II prepared by the Company to more closely reflect the anticipated amount and timing of major maintenance expenses based on (i) a certificate of an Authorized Representative of the Company delivered to the Trustee certifying that such substitute Schedule II more closely reflects the anticipated amount and timing of major maintenance expenses than the then existing Schedule II and otherwise complies with the requirements of this definition and (ii) a certificate of the Independent Engineer confirming that in its view such substitute Schedule II more closely reflects the anticipated amount and timing of major maintenance expenses than the then existing Schedule II and is prudent based on the operating characteristics of the Facility.
Sample 1
Major Maintenance Reserve Required Balance shall have the meaning ascribed thereto in the Cash Application Hierarchy Provisions.
Sample 1

Related to Major Maintenance Reserve Required Balance

  • Debt Service Reserve Requirement means, as of any date of calculation, and for any Fiscal Year, the amount equal to the maximum Adjusted Aggregate Debt Service on Bonds in the current or any future Fiscal Year on all Bonds Outstanding; provided, however, that if, upon the issuance of a Series of Bonds, such amount would require moneys, in an amount in excess of the maximum amount permitted under the Code to be deposited therein from the proceeds of such Bonds, to be deposited therein, the Debt Service Reserve Requirement shall mean an amount equal to the sum of the Debt Service Reserve Requirement immediately preceding issuance of such Bonds and the maximum amount permitted under the Code to be deposited therein from the proceeds of such Bonds, as certified by an Authorized Representative of the Authority; provided, further, that, if (i) the payment of the Principal Installments of or interest on any Series of Bonds or portion thereof is secured by a Special Credit Facility, (ii) the payment of the Tender Option Price of any Option Bond of a Series is secured by a Special Credit Facility or (iii) the Authority has determined in a Supplemental Resolution authorizing the issuance of a Series of Bonds that such Series of Bonds will not be secured by the Common Account in the Debt Service Reserve Fund, the Supplemental Resolution authorizing such Series may specify the Debt Service Reserve Requirement, if any, for the Bonds of such Series: provided, further, that if, as a result of the expiration or termination of a Financial Guaranty, a deficiency shall be created in the Debt Service Reserve Fund, the Debt Service Reserve Requirement shall be calculated so as to exclude the amount of such deficiency and the Debt Service Reserve Requirement shall be increased in each of the five Fiscal Years after the date such deficiency was created by an amount equal twenty per centum (20%) of the aforesaid deficiency.For the purpose of calculating the Debt Service Reserve Requirement for any Variable Rate Bonds of a Series, the maximum Adjusted Debt Service on such Series shall be determined by reference to the Pro Forma Bond Issue for the Variable Rate Bonds of such Series set forth in the Supplemental Resolution authorizing such Series.

  • Primary Reserve Requirement means the megawatts required to be maintained in a Reserve Zone or Reserve Sub-zone as Primary Reserve, absent any increase to account for additional reserves scheduled to address operational uncertainty. The Primary Reserve Requirement is calculated in accordance with the PJM Manuals.

  • Eurodollar Reserve Requirement means, at any time, the maximum rate at which reserves (including, without limitation, any marginal, special, supplemental, or emergency reserves) are required to be maintained under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) by member banks of the Federal Reserve System against "Eurocurrency liabilities" (as such term is used in Regulation D). Without limiting the effect of the foregoing, the Eurodollar Reserve Requirement shall reflect any other reserves required to be maintained by such member banks with respect to (i) any category of liabilities which includes deposits by reference to which the Eurodollar Rate is to be determined, or (ii) any category of extensions of credit or other assets which include Eurodollar Loans. The Eurodollar Rate shall be adjusted automatically on and as of the effective date of any change in the Eurodollar Reserve Requirement.

  • Required Reserve Factor Floor means, for any Calculation Period, the sum (expressed as a percentage) of (a) 12.5% plus (b) the product of the Adjusted Dilution Ratio and the Dilution Horizon Ratio, in each case, as of the most recent Cut-Off Date.

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

  • Reserve Requirement means, with respect to an Interest Period, the maximum aggregate reserve requirement (including all basic, supplemental, marginal and other reserves) which is imposed under Regulation D on Eurocurrency liabilities.

  • Specified Reserve Fund Balance means, on the Closing Date $3,846,153.85, and with respect to any Payment Date 0.25% of the initial aggregate principal balance of the Receivables as of the Cutoff Date.

  • Applicable Reserve Requirement means, at any time, for any Eurodollar Rate Loan, the maximum rate, expressed as a decimal, at which reserves (including, without limitation, any basic marginal, special, supplemental, emergency or other reserves) are required to be maintained with respect thereto against “Eurocurrency liabilities” (as such term is defined in Regulation D) under regulations issued from time to time by the Board of Governors of the Federal Reserve System or other applicable banking regulator. Without limiting the effect of the foregoing, the Applicable Reserve Requirement shall reflect any other reserves required to be maintained by such member banks with respect to (i) any category of liabilities which includes deposits by reference to which the applicable Adjusted Eurodollar Rate or any other interest rate of a Loan is to be determined, or (ii) any category of extensions of credit or other assets which include Eurodollar Rate Loans. A Eurodollar Rate Loan shall be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject to reserve requirements without benefits of credit for proration, exceptions or offsets that may be available from time to time to the applicable Lender. The rate of interest on Eurodollar Rate Loans shall be adjusted automatically on and as of the effective date of any change in the Applicable Reserve Requirement.

  • LIBOR Reserve Requirement means, for any LIBOR Loan or Bid Rate Loan, the average maximum rate at which reserves (including any marginal, supplemental or emergency reserves) are required to be maintained during the Interest Period for such LIBOR Loan or Bid Rate Loan under Regulation D by member banks of the Federal Reserve System in New York City with deposits exceeding One Billion Dollars ($1,000,000,000) against "Eurocurrency liabilities" (as such term is used in Regulation D). Without limiting the effect of the foregoing, the LIBOR Reserve Requirement shall also reflect any other reserves required to be maintained by such member banks by reason of any Regulatory Change against (1) any category of liabilities which includes deposits by reference to which the LIBOR Base Rate is to be determined as provided in the definition of "LIBOR Base Rate" in this Section 1.01 or (2) any category of extensions of credit or other assets which include loans the interest rate on which is determined on the basis of rates referred to in said definition of "LIBOR Base Rate".

  • Reserve Draw Amount shall have the meaning specified in subsection 4.12(c).

  • Non-Availability Charges has the meaning set forth in the CAISO Tariff.

  • LIBOR Reserve Requirements for any day as applied to a LIBOR Loan, the aggregate (without duplication) of the maximum rates (expressed as a decimal fraction) of reserve requirements in effect on such day (including, without limitation, basic, supplemental, marginal and emergency reserves under any regulations of the Board of Governors of the Federal Reserve System or other Governmental Authority having jurisdiction with respect thereto) dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as "Eurocurrency Liabilities" in Regulation D of such Board) maintained by a member bank of such Federal Reserve System.

  • Debt Service Reserve Fund Requirement means, with respect to the 2023 Series B Bonds and as of each determination date, an amount equal to maximum annual debt service on the 2023 Series B Bonds Outstanding from time to time and, with respect to any other Series of Bonds, the amount set forth in the Related Series Indenture.

  • Eurocurrency Reserve Requirement means the sum (without duplication) of the rates (expressed as a decimal) of reserves (including, without limitation, any basic, marginal, supplemental, or emergency reserves) that are required to be maintained by banks during the Interest Period under any regulations of the Federal Reserve Board, or any other governmental authority having jurisdiction with respect thereto, applicable to funding based on so-called “Eurocurrency Liabilities”, including Regulation D (12 CFR 224).

  • 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.

  • C/D Reserve Percentage for any day as applied to any ABR Loan, that percentage (expressed as a decimal) which is in effect on such day, as prescribed by the Board, for determining the maximum reserve requirement for a Depositary Institution (as defined in Regulation D of the Board) in respect of new non-personal time deposits in Dollars having a maturity of 30 days or more.

  • Maintenance Period means the period so specified in an adoption agreement as a period of time—

  • Yield Maintenance Amount means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the Called Principal of such Note over the sum of (i) such Called Principal plus (ii) interest accrued thereon as of (including interest due on) the Settlement Date with respect to such Called Principal. The Yield-Maintenance Amount shall in no event be less than zero.

  • Eurodollar Rate (Reserve Adjusted) means, with respect to any Settlement Period and any portion of the Capital, a rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) determined pursuant to the following formula: Eurodollar Rate = Eurodollar Rate (Reserve Adjusted) 1 - Eurodollar Reserve Percentage where:

  • Required Overcollateralization Amount With respect to any Distribution Date, (a) prior to the Stepdown Date, an amount equal to 1.80% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown Date if a Trigger Event is not in effect, the greater of (i) an amount equal to 3.60% of the aggregate outstanding Stated Principal Balance of the Mortgage Loans after giving effect to distributions made on that Distribution Date and (ii) the Overcollateralization Floor and (c) on or after the Stepdown Date if a Trigger Event is in effect, an amount equal to the Required Overcollateralization Amount from the immediately preceding Distribution Date. The Required Overcollateralization Amount may be reduced so long as written confirmation is obtained from each Rating Agency that such reduction shall not reduce the ratings assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency. Residential Funding: Residential Funding Corporation, a Delaware corporation, in its capacity as seller of the Mortgage Loans to the Depositor and any successor thereto.

  • Loss Reserve Percentage means, on any date, the product of (A) 2.25 times (B) the highest average of the Default Ratios for any three consecutive calendar months during the twelve most recent calendar months times (C) the Loss Horizon Ratio.

  • Eurocurrency Reserve Requirements for any day as applied to a Eurodollar Loan, the aggregate (without duplication) of the maximum rates (expressed as a decimal fraction) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency reserves) under any regulations of the Board or other Governmental Authority having jurisdiction with respect thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System.

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

  • Required Availability means Excess Availability and unrestricted cash and Cash Equivalents in an amount of not less than $5,000,000.