Insurance Draw Amount definition

Insurance Draw Amount. (1) shall mean, with respect to any Payment Date (other than the Final Payment Date), the sum of (x) the amount by which accrued interest on the Notes at the respective Note Rates on such Payment Date (exclusive of any Relief Act Shortfalls) exceeds the amount on deposit in the Note Payment Account available for interest distributions on such Payment Date and (y) any Liquidation Loss Amount to the extent not currently covered by a Liquidation Loss Distribution Amount or a reduction in the Overcollateralization Amount and (2) shall mean, with respect to the Final Payment Date, the amount by which the Note Balance on the Notes, together with accrued interest on the Notes at the respective Note Rates during the related Interest Period (exclusive of any Relief Act Shortfalls) exceeds the payments otherwise available to be made to the Holders thereof on the Final Payment Date. The Insurance Draw Amount for any date shall be reduced by the amount of any payments made to the Trust Estate with respect to that date from the Limited Reimbursement Agreement. Any Relief Act Shortfalls shall not be included in an Insurance Draw Amount.
Sample 1
Insurance Draw Amount. (1) shall mean, with respect to any Payment Date, the sum of (x) the amount by which accrued interest on the Insured Notes at the applicable Note Rate on such Payment Date (exclusive of any Basis Risk Shortfalls and any Relief Act Shortfalls) exceeds the amount on deposit in the Payment Account available for interest distributions on the Insured Notes on such Payment Date, (y) any Liquidation Loss Amount with respect to the Insured Notes (other than any Excess Loss Amount) not currently covered by a Liquidation Loss Distribution Amount or a reduction in the Outstanding Overcollateralization Amount and (z) any Excess Loss Amount, (2) shall mean, with respect to the Dissolution Payment Date, the amount of the Dissolution Draw payable to the Noteholders of the Insured Notes following the sale, liquidation or other disposition of the assets of the Owner Trust Estate in connection with the liquidation of the Trust Estate as permitted under the Indenture following an Event of Default thereunder, (3) shall mean, with respect to the Final Payment Date, the amount by which the Security Balances on the Insured Notes, and any accrued and unpaid interest thereon (exclusive of any Basis Risk Shortfalls and any Relief Act Shortfalls) to the extent not paid pursuant to clause (1) of this definition, exceeds the payments otherwise available to be made to the Holders thereof on the Final Payment Date and (4) shall mean, with respect to the Insured Undercollateralization Payment Date, the Undercollateralization Amount. Any Basis Risk Shortfalls and any Relief Act Shortfalls shall not be included in an Insurance Draw Amount.
Sample 1
Insurance Draw Amount. (1) shall mean, with respect to any Payment Date (other than the Final Payment Date), the sum of (x) the amount by which accrued interest on the Notes at the applicable Note Rates on such Payment Date (exclusive of any Relief Act Shortfalls) exceeds the amount on deposit in the Note Payment Account available for interest distributions on such Payment Date and (y) any Liquidation Loss Amount to the extent not currently covered by a Liquidation Loss Distribution Amount or a reduction in the Overcollateralization Amount and (2) shall mean, with respect to the Final Payment Date, the amount by which the Note Balance on the Notes, together with interest on the Notes at the applicable Note Rates during the related Interest Period (exclusive of any Relief Act Shortfalls) exceeds the payments otherwise available to be made to the Holders thereof on the Final Payment Date. The Insurance Draw Amount for any date shall be reduced by the amount of any payments made to the Trust Estate with respect to that date from the Limited Reimbursement Agreement. Any Relief Act Shortfalls shall not be included in an Insurance Draw Amount.
Sample 1

Examples of Insurance Draw Amount in a sentence

  • Upon receipt of such Certificate Insurance Draw Amount in accordance with the terms of the Certificate Insurance Policy, the Trustee shall deposit such Certificate Insurance Draw Amount in the Certificate Account for distribution to the Investor Certificateholders on the related Distribution Date.

  • Any Basis Risk Shortfalls and any Relief Act Shortfalls shall not be included in an Insurance Draw Amount.


More Definitions of Insurance Draw Amount

Insurance Draw Amount. (1) shall mean, with respect to any Payment Date (other than the Final Payment Date), the sum of (x) the amount by which accrued interest on the Class A Notes at the respective Note Rates on such Payment Date (exclusive of any Relief Act Shortfalls) exceeds the amount on deposit in the Note Payment Account available for interest distributions on such Payment Date and (y) any Liquidation Loss Amounts allocated to the Class A Notes for such Payment Date, i.e., any Liquidation Loss Amounts incurred on the Home Loans during the related Collection Period, to the extent not currently covered by a payment of Excess Spread or a reduction in the Overcollateralization Amount or a reduction in the Note Balances of the Class M Notes or the Class B Notes and (2) shall mean, with respect to the Final Payment Date, the sum of (a) the amount by which the aggregate amount of accrued interest on the Class A Notes at the respective Note Rates on the Final Payment Date (exclusive of any Relief Act Shortfalls) exceeds the amount on deposit in the Note Payment Account available for interest distributions on the Final Payment Date, and (b) the aggregate outstanding Note Balance of the Class A Notes to the extent not otherwise paid on such date. Any Relief Act Shortfalls shall not be included in an Insurance Draw Amount.
Sample 1
Insurance Draw Amount. (1) shall mean, with respect to any Payment Date (other than the Final Payment Date), the sum of (x) the amount by which accrued interest on the Notes at the respective Note Rates on such Payment Date (exclusive of any Relief Act Shortfalls) exceeds the amount on deposit in the Note Payment Account available for interest distributions on such Payment Date
Sample 1

Related to Insurance Draw Amount

  • Reserve Draw Amount shall have the meaning specified in subsection 4.12(c).

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Insurance Amount has the meaning set forth in Section 6.12(b).

  • Insurance Account shall have the meaning set forth in Section 8.6 hereof.

  • Required Spread Account Amount means, for the March 2012 Payment Date and the April 2012 Payment Date, zero, and for any Payment Date thereafter, the product of (i) the Spread Account Percentage in effect on such date and (ii) during (x) the Revolving Period, the Collateral Amount, and (y) during the Controlled Accumulation Period or the Early Amortization Period, the Collateral Amount as of the last day of the Revolving Period; provided that, prior to the occurrence of an Event of Default and acceleration of the Series 2012-1 Notes, the Required Spread Account Amount will never exceed the Class C Note Principal Balance (after taking into account any payments to be made on such Payment Date).

  • Reserve Account Excess Amount means, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the amount of cash or other immediately available funds in the Reserve Account (excluding any net investment earnings) on that Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account on such Payment Date, over (b) the Specified Reserve Account Balance with respect to such Payment Date.

  • Reserve Account Required Amount means, with respect to any Payment Date, the lesser of (i) the excess of (A) the Specified Reserve Balance, over (B) the amount on deposit in the Reserve Account on such Payment Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Payment Date, and (ii) the amount remaining in the Indenture Collections Account after taking into account the distributions therefrom described in clauses (i) through (xiv) of Section 8.3(a) of the Indenture.

  • Available Spread Account Amount means, for any Transfer Date, an amount equal to the lesser of (a) the amount on deposit in the Spread Account (exclusive of Investment Earnings on such date and before giving effect to any deposit to, or withdrawal from, the Spread Account made or to be made with respect to such date) and (b) the Required Spread Account Amount, in each case on such Transfer Date.

  • Collateral Available Funds means with respect to any Distribution Date, the Collateral Floating Percentage of Reallocated Investor Finance Charge Collections with respect to the preceding Monthly Period.

  • Insurance Add-On Amount means the premium charged to the Obligor in the event that the Servicer obtains Force-Placed Insurance pursuant to Section 4.4.

  • Insurance Premium means the amount that each Debtor shall pay on a monthly basis to Agos pursuant to the relevant Consumer Loan Agreement, in relation to the insurance premium paid by Agos to the relevant Insurance Company under any Financed Insurance Policy.

  • Required Amount means, with respect to any Monthly Period, the sum of the Class A Required Amount, the Class B Required Amount and the Collateral Senior Required Amount.

  • Reserve Account Amount means, for any Distribution Date, the amount on deposit in and available for withdrawal from the Reserve Account on such Distribution Date (after giving effect to all deposits to and withdrawals from the Reserve Account on the preceding Distribution Date, or, in the case of the initial Distribution Date, the Closing Date), including all interest and other income (net of losses and investment expenses) earned on such amount during the preceding Collection Period.

  • Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.

  • Initial Reserve Account Deposit Amount means an amount equal to $1,030,941.16.

  • Insured Amount As defined in the Policy.

  • Excess Liquidation Proceeds Reserve Account The trust account or subaccount created and maintained by the Certificate Administrator pursuant to Section 3.05(c) of this Agreement in trust for the Certificateholders, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2019-C7, Commercial Mortgage Pass-Through Certificates, Series 2019-C7, Excess Liquidation Proceeds Reserve Account.” Any such account shall be an Eligible Account.

  • Insurance Fee Rate With respect to each Mortgage Loan insured by an Insurance Policy paid for by the lender, the per annum rate specified in the Mortgage Loan Schedule.

  • Spread Account Initial Deposit means an amount equal to 3% of the aggregate principal balance of the Receivables on the Closing Date (which is equal to $26,373,696.22).

  • Reserve Account Deposit Amount means, with respect to any Distribution Date, the lesser of (x) the excess of (i) the Specified Reserve Balance over (ii) the amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Distribution Date and (y) the amount remaining in the Collection Account after taking into account the distributions therefrom described in clauses (i) through (xviii) of Section 5.7(a).

  • Lender-Paid Mortgage Insurance Rate With respect to any Lender-Paid Mortgage Insurance Loan, a per annum rate equal to the percentage indicated on the Mortgage Loan Schedule under the heading "Lender-Paid Mortgage Insurance Rate."

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Special Hazard Loss Amount As of any Distribution Date, an amount equal to $5,477,967.00 minus the sum of (i) the aggregate amount of Special Hazard Losses allocated solely to the Class B Certificates in accordance with Section 4.02(a) and (ii) the Special Hazard Adjustment Amount (as defined below) as most recently calculated. For each anniversary of the Cut-Off Date, the Special Hazard Adjustment Amount shall be calculated and shall be equal to the amount, if any, by which the amount calculated in accordance with the preceding sentence (without giving effect to the deduction of the Special Hazard Adjustment Amount for such anniversary) exceeds the greater of (A) the product of the Special Hazard Percentage for such anniversary multiplied by the outstanding principal balance of all the Mortgage Loans on the Distribution Date immediately preceding such anniversary, (B) twice the outstanding principal balance of the Mortgage Loan in the Trust Estate which has the largest outstanding principal balance on the Distribution Date immediately preceding such anniversary and (C) that which is necessary to maintain the original ratings on the Certificates as evidenced by letters to that effect delivered by Rating Agencies to the Master Servicer and the Trust Administrator. On and after the Cross-Over Date, the Special Hazard Loss Amount shall be zero.

  • Reserve Account Withdrawal Amount means, with respect to any Distribution Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts specified in clauses (i) through (xvii) of Section 5.7(a) (taking into account application of Available Funds to the priority of payments specified in Section 5.7(a) and ignoring any provision hereof which otherwise limits the amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution Date prior to application of amounts on deposit therein pursuant to Section 5.8.

  • Available Reserve Account Amount means, with respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (before giving effect to any deposit to be made to the Reserve Account on such date) and (b) the Required Reserve Account Amount.