Specified Reserve Fund Balance definition
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.
Specified Reserve Fund Balance means, with respect to any Distribution Date, an amount equal to the greater of:
Specified Reserve Fund Balance means, 0.25% of the Pool Balance as of the Cutoff Date; provided, however, in no event shall the Specified Reserve Fund Balance be greater than the aggregate Outstanding Amount of the Notes. As of any Distribution Date, the amount of funds actually on deposit in the Reserve Fund may, in certain circumstances, be less than the Specified Reserve Fund Balance.
Examples of Specified Reserve Fund Balance in a sentence
Upon any distribution to the Seller of amounts in excess of the Specified Reserve Fund Balance, the Noteholders will not have any rights in, or claims to, such amounts.
More Definitions of Specified Reserve Fund Balance
Specified Reserve Fund Balance means, on the Closing Date $5,302,735.16, and with respect to any Payment Date 0.75% of the initial aggregate principal balance of the Receivables as of the Cutoff Date; except that, if on any Payment Date (i) the average of the Charge-off Rates for the three preceding Collection Periods exceeds 2.25% or (ii) the average of the Delinquency Percentages for the three preceding Collection Periods exceeds 2.25%, then the Specified Reserve Fund Balance will be an amount equal to a specified percentage of the Pool Balance as of the last day of the immediately preceding Collection Period. Such percentage shall be determined by deducting from 8.00% the following fraction, expressed as a percentage: (a) one minus (b) a fraction, the numerator of which is the outstanding principal amount of the Notes with respect to such Payment Date and the denominator of which is such Pool Balance. Notwithstanding the foregoing, in no event will the Specified Reserve Fund Balance be more than the outstanding principal amount of the Notes.
Specified Reserve Fund Balance means, on the Closing Date $1,246,017.49, and with respect to any Payment Date 0.15% of the initial aggregate principal balance of the Receivables as of the Cutoff Date; except that, if on any Payment Date (i) the average of the Charge-off Rates for the three preceding Collection Periods exceeds 2.25% or (ii) the average of the Delinquency Percentages for the three preceding Collection Periods exceeds 2.25%, then the Specified Reserve Fund Balance will be an amount equal to a specified percentage of the Pool Balance as of the last day of the immediately preceding Collection Period. Such percentage shall be determined by deducting from 8.00% the following fraction, expressed as a percentage: (a) one minus (b) a fraction, the numerator of which is the outstanding principal amount of the Notes and the outstanding principal amounts of the Certificates with respect to such Payment Date and the denominator of which is such Pool Balance. Notwithstanding the foregoing, in no event will the Specified Reserve Fund Balance be more than the outstanding principal amount of the Notes and the outstanding principal amounts of the Certificates.
Specified Reserve Fund Balance shall have the meaning specified in the Agreement.
Specified Reserve Fund Balance means with respect to any Distribution Date will be an amount equal to the greater of:
Specified Reserve Fund Balance means, on the Closing Date $[_______], and with respect to any Payment Date, [__]% of the initial aggregate principal balance of the Receivables as of the Cutoff Date.
Specified Reserve Fund Balance means, with respect to any Monthly Distribution Date, the greater of (a) 0.65% of the Pool Balance as of the close of business on the last day of the immediately preceding Collection Period and (b) 527,958, provided that in no event will such balance exceed the sum of the Outstanding Amount of the Notes and provided further, that such Specified Reserve Fund Balance may be reduced upon satisfaction of the Rating Agency Condition. The Specified Reserve Fund Balance shall be calculated by the Authority and certified to the Trustee, upon which certification the Trustee may conclusively rely with no duty to further examine or determine such information.
Specified Reserve Fund Balance means, on the Closing Date $8,093,015.08, and with respect to any Payment Date the greater of: (i) 0.50% of the Pool Balance as of the Cutoff Date and (ii) 0.75% of the Pool Balance as of the last day of the related Collection Period; except that, if on any Payment Date (i) the average of the Charge-off Rates for the three preceding Collection Periods exceeds 2.25% or (ii) the average of the Delinquency Percentages for the three preceding Collection Periods exceeds 2.25%, then the Specified Reserve Fund Balance will be an amount equal to a specified percentage of the Pool Balance as of the last day of the immediately preceding Collection Period. Such percentage shall be determined by deducting from 8.00% the following fraction, expressed as a percentage: (a) one minus (b) a fraction, the numerator of which is the outstanding principal amount of the Notes with respect to such Payment Date and the denominator of which is such Pool Balance. Notwithstanding the foregoing, in no event will the Specified Reserve Fund Balance be more than the outstanding principal amount of the Notes.