Common use of Reserve Ledger Clause in Contracts

Reserve Ledger. (a) On each Interest Payment Date, the Cash Manager shall determine the First Reserve Fund Required Amount and the First Reserve Fund Additional Required Amount. (b) On each Interest Payment Date, the Cash Manager shall determine the Second Reserve Fund Required Amount which shall apply for the period from but excluding that Interest Payment Date to and including the next following Interest Payment Date. (c) A First Reserve Tranche (if any) drawn down on a relevant Closing Date by Funding pursuant to a Start-Up Loan Agreement or otherwise an amount withdrawn from the Funding Reserve Fund if so agreed by Funding, the Seller and the Security Trustee will be credited to the First Reserve Ledger.