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

  • 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.


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 $459,279.79, 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 Distribution Date, an amount equal to [o% of the sum of the Class A Certificate Balance and the Class B Certificate Balance (after giving effect to distributions of principal to be made on such Distribution Date), except that, if on any Distribution Date (i) the average of the Charge-off Rates for the preceding three Collection Periods exceeds o% or (ii) the average of the Delinquency Percentages for the preceding three Collection Periods exceeds o%, then the Specified Reserve Fund Balance for such Distribution Date will be an amount equal to o% of such sum (after giving effect to such principal distributions). Finally, on any Distribution Date on which the sum of the Class A Certificate Balance and the Class B Certificate Balance is $o or less after giving effect to distributions of principal on such Distribution Date, the Specified Reserve Fund Balance for the immediately succeeding Distribution Date will be the greater of the applicable amount determined as set forth above or $o; provided, however, that the Specified Reserve Fund Balance shall in no event be more than the sum of the Class A Certificate Balance and the Class B Certificate Balance, in each case as of such Distribution Date][or specify other formula].
Specified Reserve Fund Balance means, on the Closing Date $5,150,000.00, and with respect to any Payment Date the lesser of: (i) 0.50% of the Pool Balance as of the Cutoff Date and (ii) the aggregate principal amount of the Notes as of the related Payment 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.