Loan Loss Reserve Amount definition

Loan Loss Reserve Amount means, on any date of determination, the product of (i) the Outstanding Receivables Balance of all Eligible Receivables at such time, times (ii) 12.0%, times (iii) a fraction, expressed as a percentage, (a) the numerator of which is equal to the number of days remaining in the current Monthly Period and (b) the denominator of which is equal to 360.
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Loan Loss Reserve Amount means the sum of (a) $2.3 million and (b) the Loan Loss Reserve Adjustment Amount.
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Loan Loss Reserve Amount means, as of the Measurement Time, the sum of: (a) the product of (i) the aggregate unpaid outstanding principal balance of all Extensions of Credit originated on or before the Reference Balance Sheet Date multiplied by (ii) 2.8%; plus (b) the product of (i) the aggregate unpaid outstanding principal balance of all Extensions of Credit originated from July 1, 2019 through the Closing Date multiplied by (ii) 0.8%; plus (c) Twenty-Nine Million Seven Hundred Thousand Dollar ($29,700,000.00). For the avoidance of doubt, (I) the calculation of “Loan Loss Reserve Amount” shall not include any loan loss reserves or other amounts attributable to the Non-Performing Assets that have been sold or otherwise transferred pursuant to the Seller Non-Performing Assets Transfers, and (II) any Extension of Credit that is a commercial line of credit or credit card shall be deemed to have been originated on or before the Reference Balance Sheet Date if the commitment for such Extension of Credit or credit card relationship existed as of the Reference Balance Sheet Date even if such Extension of Credit has been renewed or drawn at any time following the Reference Balance Sheet Date. In the event that any partial charge-off is taken with respect to any Extension of Credit originated on or before the Reference Balance Sheet Date, the Loan Loss Reserve Amount applicable to such Extension of Credit shall be the lower of (1) 2.8% of the outstanding unpaid principal balance of such Extension of Credit as of the Closing Date and (2) (x) 2.8% of the outstanding unpaid principal balance of such Extension of Credit as of the Reference Balance Sheet Date, less (y) 2.8% of any principal payments made after the Reference Balance Sheet Date through the Closing Date, less (z) any partial charge-off taken; provided that no such Loan Loss Reserve Amount may be less than zero ($0). In the event that any partial charge-off is taken with respect to any Extension of Credit originated from July 1, 2019 through the Closing Date (any such Extension of Credit, a “Specified Charge-Off Loan”), the Loan Loss Reserve Amount applicable to such Extension of Credit shall be (A) 0.8% of the outstanding unpaid principal balance of such Extension of Credit as of the Closing Date, less (B) any partial charge-off taken; provided that no such Loan Loss Reserve Amount may be less than zero ($0).
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Examples of Loan Loss Reserve Amount in a sentence

  • After the Lending Period, Michigan SAVES shall have no obligation to make additional contributions to the Lender's Reserve Fund Balance other than the Initial Loan Loss Reserve Amount.

  • Within five business days of the date of this Agreement, Michigan Saves shall designate $160,000.00 (the "Initial Loan Loss Reserve Amount") as the initial Lender's Reserve Fund Balance.

  • Payment of the portion of the Net Loan Loss Reserve Amount due shall be made within the thirty (30) day period commencing upon the expiration of twelve (12) months following the effective date of the Executive’s termination of employment.

  • Based on the Initial Loan Loss Reserve Amount (as defined in Section 3.1) of $160,000, the parties anticipate that Lender will be able to make at least $320,000 of Program Loans for which the $160,000 would represent a fifty percent (50%) reserve fund on the terms of this Agreement.

  • Within five business days of the date of this Agreement, Town shall deposit $50,000.00 (the "Initial Loan Loss Reserve Amount") as the initial Bank's Reserve Fund Balance.

  • Town shall have no obligation to make additional contributions after the Initial Loan Loss Reserve Amount.


More Definitions of Loan Loss Reserve Amount

Loan Loss Reserve Amount in the Purchase Agreement is hereby amended and restated in its entirety as follows:
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Loan Loss Reserve Amount means, as of the Measurement Time, the sum of: (a) the product of (i) the aggregate unpaid outstanding principal balance of all Extensions of Credit originated on or before the Reference Balance Sheet Date multiplied by (ii) 2.8%; plus (b) the product of (i) the aggregate unpaid outstanding principal balance of all Extensions of Credit originated from July 1, 2019 through the Closing Date multiplied by (ii) 0.8%. For the avoidance of doubt, (I) the calculation of “Loan Loss Reserve Amount” shall not include any loan loss reserves or other amounts attributable to the Non-Performing Assets that have been sold or otherwise transferred pursuant to the Seller Non-Performing Assets Transfers, and (II) any Extension of Credit that is a commercial line of credit or credit card shall be deemed to have been originated on or before the Reference Balance Sheet Date if the commitment for such Extension of Credit or credit card relationship existed as of the Reference Balance Sheet Date even if such Extension of Credit has been renewed or drawn at any time following the Reference Balance Sheet Date. In the event that any partial charge-off is taken with respect to any Extension of Credit originated on or before the Reference Balance Sheet Date, the Loan Loss
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