Loan loss reserve account definition

Loan loss reserve account or “account” means an account created by a lender for
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Loan loss reserve account means a restricted account established at a PFI in which premiums are deposited to reimburse a PFI for Losses on Enrolled Loans;
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Loan loss reserve account or ‘account’ means an account
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More Definitions of Loan loss reserve account

Loan loss reserve account or “account” means an account created by a lender for the deposit of moneys awarded to the lender under section 3 of this 2021 Act out of which the lender may reimburse itself for losses incurred due to defaults on qualified loans.
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Loan loss reserve account means an account established by a lender and the Department, in accordance with department policy for the benefit of the lender, for the deposit of moneys awarded from the Fund for use as provided by the Program requirements.¶
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Related to Loan loss reserve account

  • 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.

  • Interest Reserve Account As defined in Section 3.4(d).

  • Reserve Account means the account designated as such, established and maintained pursuant to Section 5.07.

  • Required Reserve Account Amount means, with respect to any Distribution Date on or after the Reserve Account Funding Date, an amount equal to (1) 0.50% of the Class A Invested Amount as of the preceding Distribution Date (after giving effect to all changes therein on such date) or (2) any other percentage (which may be 0%) of the Class A Invested Amount designated by the Transferors, provided that if such percentage is less than the percentage specified in clause (1) above, the Transferors shall have received the prior written consent of the Collateral Interest Holder and written notice from each Rating Agency that the Rating Agency Condition shall have been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee.

  • Available Reserve Account Amount means, for any Transfer Date, the lesser of (a) the amount on deposit in the Reserve Account (after taking into account any interest and earnings retained in the Reserve Account pursuant to Section 4.10(b) on such date, but before giving effect to any deposit made or to be made pursuant to subsection 4.4(a)(ix) to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

  • Reserve Fund means the account designated as such, and established and maintained pursuant to Section 4.01.

  • Debt Service Reserve Fund means the fund by that name established pursuant to the Second Resolution.