Loss Pool Sample Clauses

Loss Pool. (a) On Original Effective Date there was established a notional loss pool in an amount equal to the sum of (x) $10 Million (which amount was intended to address IKON’s concerns with respect to unforeseen economic conditions and/or uncertainty with respect to the order in which losses shall be realized with respect to the Closing Date IKON Retained Financing Contracts, as compared to the Purchased Financing Contracts) plus (y) the reserve for lease/loan loss or lease/loan default set forth on the Final Adjusted Closing Date Schedule in accordance with the section of the Accounting Principles (each as defined in the Asset Purchase Agreement) headed “Lease Default Reserves”. There shall be applied against (so as to reduce) such notional loss pool written-off amounts associated with (i) the Financing Contracts in the Retained Portfolio (but only to the extent in existence on the Original Effective Date) that shall not have, as of the Original Effective Date, either reached the end of their contractually stated term or been written-off (each, a “Closing Date IKON Retained Financing Contract”) and (ii) (A) Purchased Financing Contracts, (B) from and after the Amendment Effective Date, Acquired Financing Contracts and (C) Program FM Stream Financings purchased (directly or indirectly) by GECITS from IKON pursuant to the Asset Purchase Agreement. IKON shall be required to sell to GECITS (on an “AS-IS, WHERE-IS” basis without representation or warranty other than Agreed Warranties), and GECITS shall be required to purchase from IKON, any such Closing Date IKON Retained Financing Contracts and the Equipment subject thereto (to the extent not otherwise sold pursuant to the 2006 Purchase Agreement) at the IKON Net Book Value thereof at the time of such purchase if (i) the amounts under such Financing Contract are then eligible for write-off under the write-off policy attached as Exhibit G hereto and (ii) the notional loss pool balance then exceeds the aggregate amount of the IKON Net Book Value in respect thereof at such time. Except as otherwise required pursuant to the terms of any Subservicing Agreement or any of the Securitization Documents, recoveries in respect of written-off Purchased Financing Contracts, Acquired Financing Contracts, Program FM Financing Streams purchased by GECITS pursuant to the Asset Purchase Agreement and purchased Closing Date IKON Retained Financing Contracts (and the Equipment subject thereto) shall be applied as provided in Section 1 o...
Sample 1
AutoNDA by SimpleDocs
Loss Pool. (i) Section 10.6 of the Program Agreement is hereby amended and restated in its entirety to read as follows:
Sample 1
Loss Pool. Purchaser may purchase certain Eligible Unsecured Receivables from Seller in accordance with the terms and conditions of this Agreement that Purchaser would not have purchased without the inclusion of such Eligible Unsecured Receivables in the credit loss pool attached to the Agreement as Exhibit D, which may be amended from time to time upon mutual, written consent of the parties (“Loss Pool”). The Eligible Unsecured Receivables covered by the Loss Pool shall not count against the limit on Eligible Unsecured Receivables set forth in the proviso of the definition of “Eligible Unsecured Receivables” in Section 1.01 of this Agreement.” b. As an additional inducement to Purchaser to enter into this Amendment, the following is added as the third sentence of Section 4.01(s): “The Seller represents that it has complied and will continue to comply in all material respects with the AGCO Credit and Collection Policy with regard to each Receivable included in each Subsequent Portfolio and the related Contract.”
Sample 1
Loss Pool. (1) All UNL Eligible US Fleet Rental Financing Accounts funded prior to January 1, 2008 shall represent the Initial Loss Pool Account (the “Initial Loss Pool Account”). (2) Commencing on January 1, 2008, and ending on, December 31, 2008 and annually thereafter ending on the last day of each subsequent calendar year during the Base Term of the R&I Agreement (or on the last day of the Base Term if such term expires on a day which is not the last day of such calendar year), the Corporation and NMHG will (for notional purposes only) establish annual loss pool accounts (each a “Loss Pool Account”) for all UNL Eligible US Fleet Rental Financing Accounts funded during that calendar year. (3) The starting Loss Pool Balance in each Loss Pool Account will be equal to the Loss Pool Credit as set forth in “Loss Pool Credit” above (4) In the event that the Corporation determines that a UNL Eligible US Fleet Rental Financing Account Default has occurred, the Corporation may at its discretion provide NMHG with written notice of such default, including the applicable Net Book Value for such account (“Loss Pool Default Notice”). (5) Within ten (10) days of its receipt of a Loss Pool Default Notice, NMHG will pay the Corporation the applicable Net Book Value. Notwithstanding the foregoing, if the applicable Net Book Value exceeds the then existing applicable Loss Pool Balance, NMHG shall be required to pay only that portion of the applicable Net Book Value (the “Partial Net Book Value”) that does not exceed the then existing applicable Loss Pool Balance (unless NMHG, in its discretion, chooses to make a payment to the Corporation in excess of that balance). Further, if the particular Net Book Value is greater than the applicable Loss Pool Balance, the Corporation will be entitled to obtain the unpaid portion out of any future Loss Pool Balance and/or retain any future collections in regard to the defaulted Transaction (up to the applicable Net Book Value). (6) Provided that the Corporation has received the applicable Net Book Value from NMHG, the Corporation will transfer and assign all its right, title and interest in such UNL Eligible US Fleet Rental Financing Account to NMHG on an AS-IS, WHERE-IS basis, without representation or warranty, except that neither the Corporation nor any agent of the Corporation shall have encumbered the applicable account. (7) Upon receipt of either the Net Book Value or the Partial Net Book Value, as the case may be, and the remarketing of t...
Sample 1

Related to Loss Pool

  • Loss Payment We will adjust all losses with you. We will pay you unless some other person is named in the policy or is legally entitled to receive payment. Loss will be payable 60 days after we receive your proof of loss and: 1. Reach an agreement with you; 2. There is an entry of a final judgment; or 3. There is a filing of an appraisal award with us.

  • FIRST LOSS TRANCHE The Assuming Bank has submitted to the Receiver an asset premium (discount) bid of negative three billion dollars ($3,000,000,000) and a Deposit premium bid of zero percent (0%). The Deposit premium bid will be applied to the total of all Assumed Deposits except for brokered, CDARS, and any market place or similar subscription services Deposits. The First Loss Tranche shall be determined by adding (i) the asset premium (discount) bid, (ii) the Deposit premium bid, and (iii) the Equity Adjustment. If the First Loss Tranche is a positive number, then this is the Losses on Single Family Shared-Loss Loans and Net Charge-offs on Shared Loss Assets that the Assuming Bank will incur before loss-sharing commences under Exhibits 4.15A and 4.15B. If the First Loss Tranche is a negative number, the Corporation shall pay such amount by wire transfer to the Assuming Bank by the end of the first business day following Bank Closing and loss sharing shall commence immediately.

  • LOSS LEADER If this contract involves the furnishing of equipment, materials, or supplies then the following statement is incorporated: It is unlawful for any person engaged in business within this state to sell or use any article or product as a “loss leader” as defined in Section 17030 of the Business and Professions Code. (PCC 10344(e).)

  • DATA LOSS The Company does not accept responsibility for the security of Your account or content. You agree that Your use of the Website or Services is at Your own risk.

  • Allowance for Possible Loan Losses The allowance for possible loan or credit losses (the “Allowance”) shown on the consolidated balance sheets of each Subsidiary, as applicable, included in the most recent SEC Documents dated prior to the date of this Agreement was, as of the dates thereof, adequate (within the meaning of GAAP and applicable regulatory requirements or guidelines) to provide for all known, reasonably anticipated or probable losses relating to or inherent in the loan and lease portfolios (including accrued interest receivables) of such Subsidiary and other extensions of credit (including letters of credit and commitments to make loans or extend credit) by such Subsidiary as of the date thereof; provided, however, that there can be no assurance that future losses will not exceed the Allowance, or that additional provisions for loan losses will not be required in future periods, and provided, further, that it is understood that the Company’s determination of the Allowance is subject to review by the Company’s bank regulator, which can require the establishment of additional general or specific allowances.

  • Property Loss PSU is not responsible for loss or damage to personal property in University Housing due to fire, theft, pests, water, interruption of water or heat or other utility services, damages caused by other Residents, or other causes. Residents are strongly encouraged to carry personal property insurance (commonly referred to as “renters insurance”) and to remove any valuable items from their Space during break periods. Any claims regarding property loss or injury will be referred to PSU Risk Management (xxx.xxx.xxx/xxxx).

  • Monthly Certificates Not later than fifteen (15) days after the end of each Shared-Loss Month, beginning with the month in which the Commencement Date occurs and ending in the month in which the tenth anniversary of the Commencement Date occurs, the Assuming Bank shall deliver to the Receiver a certificate, signed by an officer of the Assuming Bank involved in, or responsible for, the administration and servicing of the Single Family Shared-Loss Loans whose name appears on a list of servicing officers furnished by the Assuming Bank to the Receiver, (a “Servicing Officer”) setting forth in such form and detail as the Receiver may reasonably specify (a “Monthly Certificate”): (i) (A) a schedule substantially in the form of Exhibit 1 listing: (i) each Single Family Shared-Loss Loan for which a Loss Amount (calculated in accordance with the applicable Exhibit) is being claimed, the related Loss Amount for each Single Family Shared- Loss Loan, and the total Monthly Loss Amount for all Single Family Shared-Loss Loans; (ii) each Single Family Shared-Loss Loan for which a Recovery Amount was received, the Recovery Amount for each Single Family Shared-Loss Loan, and the total Recovery Amount for all Single Family Shared-Loss Loans; (iii) the total Monthly Loss Amount for all Single Family Shared- Loss Loans minus the total monthly Recovery Amount for all Single Family Shared-Loss Loans; (iv) the Cumulative Shared-Loss Amount as of the beginning and end of the month; (v) the Monthly Shared Loss Amount; (vi) the result obtained in (v) times 80%, or times 95% if the Stated Threshold has been reached, which in either case is the amount to be paid under Section 2.1(d) of this Single Family Shared-Loss Agreement by the Receiver to the Assuming Bank if the amount is a positive number, or by the Assuming Bank to the Receiver if the amount is a negative number; (ii) (B) for each of the Single Family Shared-Loss Loans for which a Loss is claimed for that Shared-Loss Month, a schedule showing the calculation of the Loss Amount using the form and methodology shown in Exhibit 2a, Exhibit 2b, or Exhibit 2c, as applicable.

  • Subordinate Certificate Loss Coverage; Limited Guaranty Subject to subsection (c) below, prior to the later of the third Business Day prior to each Distribution Date or the related Determination Date, the Master Servicer shall determine whether it or any Sub-Servicer will be entitled to any reimbursement pursuant to Section 4.02(a) on such Distribution Date for Advances or Sub-Servicer Advances previously made, (which will not be Advances or Sub-Servicer Advances that were made with respect to delinquencies which were subsequently determined to be Excess Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the Master Servicer shall demand payment from Residential Funding of an amount equal to the amount of any Advances or Sub-Servicer Advances reimbursed pursuant to Section 4.02(a), to the extent such Advances or Sub-Servicer Advances have not been included in the amount of the Realized Loss in the related Mortgage Loan, and shall distribute the same to the Class B Certificateholders in the same manner as if such amount were to be distributed pursuant to Section 4.02(a).

  • Allowance for Loan Losses The Company's allowance for loan losses is, and shall be as of the Effective Date, in compliance with the Company's existing methodology for determining the adequacy of its allowance for loan losses as well as the standards established by applicable Governmental Authorities and the Financial Accounting Standards Board and is and shall be adequate under all such standards.

  • Additional Insured Commercial General Liability, Commercial Automobile Liability, and Pollution Liability Insurance shall include the State of Washington and all authorized Purchasers (and their agents, officers, and employees) as Additional Insureds evidenced by copy of the Additional Insured Endorsement attached to the Certificate of Insurance on such insurance policies.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!