Examples of Specified Reserve Fund Balance in a sentence
Notwithstanding the foregoing, in no event will the Specified Reserve Fund Balance be more than the then outstanding principal amount of the Notes.
On each Payment Date, after making required payments of fees and expenses, interest on the Notes and the principal distributable amount to the noteholders, the Trust will make a deposit into the Reserve Fund to the extent necessary to cause the amount on deposit in the Reserve Fund to equal the Specified Reserve Fund Balance.
On each Payment Date, after making required payments to the Servicer and to the holders of the Notes, the Trust will make a deposit into the Reserve Fund to the extent necessary to maintain the amount on deposit in the Reserve Fund at the Specified Reserve Fund Balance.
All interest and other income collected (net of losses and investment expenses) on funds on deposit in the Reserve Fund shall be retained in the Reserve Fund to the extent necessary to cause the amount in the Reserve Fund to equal the Specified Reserve Fund Balance, and otherwise shall be deposited into the Collection Fund.
The "Specified Reserve Fund Balance" with respect to any Payment Date will be the greater of: (a) 0.50% of the Pool Balance as of the Cutoff Date and (b) 0.75% of the Pool Balance as of the last day of the immediately preceding Collection Period.