Reserve Event definition

Reserve Event means the occurrence of (i) a monetary Default or (ii) an EBITDAR Event.

Reserve Event has the meaning specified in the Insurance Agreement.]

Reserve Event means, with respect to any payment date, the occurrence of certain portfolio performance conditions as set forth in the insurance agreement relating to the Contracts are not met. A Reserve Event will be “deemed cured” with respect to any payment date when certain portfolio performance conditions set forth in the insurance agreement related to the contracts are met or the insurer has waived such Reserve Event in writing.

Examples of Reserve Event in a sentence

• In the event a generation resource that has been assigned by the Office of the Interconnection to provide Non-Synchronized Reserve fails to provide the assigned amount of Non-Synchronized Reserve in response to a Non-Synchronized Reserve Event, the resource will be credited for Non-Synchronized Reserve capacity in the amount that actually responded for the contiguous Real-time Settlement Interval the resource was assigned Non-Synchronized Reserve during which the event occurred.

• The magnitude of response to a Non-Synchronized Reserve Event by a generation resource is the difference between the generation resource’s output at the start of the event and its output 10 minutes after the start of the event.

• During such hours, Tier 1 Synchronized Reserve resources shall be compensated at the Synchronized Reserve Market Clearing Price for the applicable Reserve Zone or Reserve Sub-zone for the lesser of the amount of Tier 1 Synchronized Reserve attributed to the resource as calculated by the Office of the Interconnection, or the actual amount of Tier 1 Synchronized Reserve provided should a Synchronized Reserve Event occur in a Real-time Settlement Interval.

• The magnitude of response to a Synchronized Reserve Event by a generation resource or a Demand Resource, except for Batch Load Demand Resources covered by section 3.2.3A(l), is the difference between the generation resource’s output or the Demand Resource’s consumption at the start of the event and its output or consumption 10 minutes after the start of the event.

• In this market, if NAPP’s offers were accepted, and PJM called a Synchronized Reserve Event, NAPP was required to notify the resource that it was required to reduce its demand.

More Definitions of Reserve Event

Reserve Event shall have the meaning set forth in Section 8.2.3.1.

Reserve Event means, as of the date of determination, confirmation by Bank that Liquidity is less than Thirty Million Dollars ($30,000,000.00).

Reserve Event has the meaning set forth in Section 2(c) of Schedule 3.01.

Reserve Event shall occur, with respect to any Payment Date, when any of:

Reserve Event means, in respect of any Series, the related Excess Spread Percentage in respect of any Settlement Period being less than 5.0%.

Reserve Event means, (x) if for any Payment Date prior to the date on which the Pool Balance is greater than or equal to than 25% of the Original Pool Balance, either (i) the Rolling Average Delinquency Rate for the related Determination Date exceeds 1.75% or (ii) the Rolling Average Net Loss Rate for the related Determination Date exceeds 4.75% and (y) if for any Payment Date on or after which the Pool Balance is less than 25% of the Original Pool Balance, either (i) the Rolling Average Delinquency Rate for the related Determination Date exceeds 2.75% or (ii) the Rolling Average Net Loss Rate for the related Determination Date exceeds 5.75%.

Reserve Event any event specified on Exhibit B to the Receivables Transfer Agreement.