Series Reserve Account definition

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.

Series Reserve Account. An account established for each Series which shall be a segregated non-interest bearing trust account which is an Eligible Account, established and maintained pursuant to Section 4.1 and Section 4.6, and in the name of the Indenture Trustee and identified by each relevant Series.

Series Reserve Account means the General Reserve Account with respect to the Series 2012-VF3 Notes and “Series Reserve Required Amount” shall mean the General Reserve Required Amount with respect to the Series 2012-VF3 Notes.

Examples of Series Reserve Account in a sentence

• Moneys held for the credit of a Series Reserve Account shall be used for the purpose of paying interest or principal or Amortization Installment or Maturity Amount on the Bonds of the related Series whenever amounts on deposit in the Series Debt Service Account shall be insufficient for such purpose.

• On the Stated Maturity Date for the latest maturing Class in a Series, the balance on deposit in the related Series Reserve Account shall be applied as a principal payment on the Notes of that Series to the extent necessary to reduce the aggregate Note Balance for that Series to zero.

• Thereafter, on each Payment Date and Interim Payment Date, the Indenture Trustee shall withdraw Available Funds from the Note Payment Account and deposit them into each such Series Reserve Account pursuant to, and to the extent required by, Section 4.5(a) and the related Indenture Supplement.

• All Collections received in the Collection and Funding Account shall be deposited into the related Series Reserve Accounts until the amount on deposit in each Series Reserve Account equals the related Series Reserve Required Amount, as described in Section 4.5 and the related Indenture Supplement.

• On any Payment Date following the payment in full of all principal payable in respect of the related Series or Class of Notes, the Indenture Trustee shall withdraw any remaining amounts from the related Series Reserve Account and distribute it to the Depositor as holder of the Owner Trust Certificate.

More Definitions of Series Reserve Account

Series Reserve Account. An account established for each Series which shall be a segregated non-interest bearing trust account which is an Eligible Account, established and maintained pursuant to Series 4.1 and Section 4.6, and in the name of the Indenture Trustee and identified by each relevant Series.

Series Reserve Account means the account of that name established by an applicable Supplemental Indenture in the Debt Service Reserve Fund and securing one or more Series of Senior Bonds that are not Common Reserve Bonds.

Series Reserve Account means the account within the Reserve Fund with respect to a Series of Bonds so designated in, and created pursuant to, a Supplemental Indenture.

Series Reserve Account means each account designated as a “Series [ ] Reserve Account in an Indenture Supplement with respect to an Outstanding Series of Investor Notes.

Series Reserve Account means, in respect of a specified Series, the account in the name of the Issuer held with the Offshore Account Bank and specified in the Series Transaction Administration Agreement relating to such Series, and any replacement or successor account in relation thereto.

Series Reserve Account means account number 098074-001 established and maintained with Wilmington Trust Company or such other account established and designated as the “Series Reserve Account” with respect to Series 2010-1 pursuant to Section 4.04 of the Agreement.

Series Reserve Account means the Reserve Account.