Loss Fund Account definition

Loss Fund Account means a separate bank account described in Article 4(h) and the Loss Fund Account Procedures.
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Loss Fund Account shall have the meaning set forth in Section VIII.E
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Loss Fund Account has the meaning set forth in Section 9.01 hereof.
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Examples of Loss Fund Account in a sentence

  • The Claim Loss Fund Account will be funded in an amount that the Claims Administrator and Reinsurer agree is necessary for the purpose of paying Claims and Loss Adjustment Expenses under the Subject Policy(ies).

  • Provided that the Reinsurer properly funds the Loss Fund Account in accordance with Section 4(h), such remittance shall be without any reduction or offset for any Ceding Commission or Losses due to any Ceding Company or any amount due Tower or any of its Affiliates.

  • Manager shall pay all such losses and claims expenses out of funds held in the Loss Fund Account.

  • For purposes of Claim-related settlements and expenses, US Risk shall issue Claims and expense payments from the Loss Fund Account and mail the checks directly to the payees in compliance with the fair claims practices laws.

  • Service Company will not intentionally issue a check from the Loss Fund Account in payment of any amount in excess of Client's specific per claimant or per occurrence self-insurance retention, as identified by Client to Service Company, until such time as Client transfers funds for the full amount of such payment into the Loss Fund Account.

  • The Disbursement Account shall be set up as a zero balance account drawing monies to fund all Loss and Allocated Loss Adjustment Expense payments from a corresponding operating account established by and in the name of EAGLE (the "Loss Fund Account") at each bank where KEIC establishes a Disbursement Account.

  • If the analysis determines that the average of Loss Fund Account activity for the immediately preceding three (3) months exceeds the then existing Imprest Deposit, then Service Company will xxxx Client an amount necessary to increase the Imprest Deposit to the level stipulated in Section D1.2, above.

  • Service Company may draw and authorize checks, drafts and -------------- other items on the Loss Fund Account only if Service Company determines that it has sufficient funds in the Loss Fund Account to cover such checks, drafts and other items.

  • Client further acknowledges and agrees that the foregoing security interest is perfected in favor of Service Company by Service Company's control over the accounts into which the Funds are deposited and, in the alternative, by possession of the Funds by Service Company's bank where the Loss Fund Account is established, who, for purposes of the security interest, shall be and is hereby deemed to be the Bailee of Service Company within the meaning of Section 9-305 of the Uniform Commercial Code.

  • Client will wire transfer to the Loss Fund Account the amount of such payment within two (2) working days of such telephone notice.

Related to Loss Fund Account

  • Buydown Fund Account A separate account or accounts created and maintained pursuant to Section 3.02 (a) with the corporate trust department of the Trustee or another financial institution approved by the Master Servicer, (b) within FDIC insured accounts (or other accounts with comparable insurance coverage acceptable to the Rating Agencies) created, maintained and monitored by a Servicer or (c) in a separate non-trust account without FDIC or other insurance in an Eligible Institution. Such account or accounts may be non-interest bearing or may bear interest. In the event that a Buydown Fund Account is established pursuant to clause (b) of the preceding sentence, amounts held in such Buydown Fund Account shall not exceed the level of deposit insurance coverage on such account; accordingly, more than one Buydown Fund Account may be established.

  • Excess Reserve Fund Account The separate Eligible Account created and maintained by the Trustee pursuant to Sections 3.07(b) and 3.07(c) in the name of the Trustee for the benefit of the Regular Certificateholders and designated "Deutsche Bank, National Trust Company in trust for registered Holders of Morgan Stanley ABS Capital I Inc. Trust 2006-HE5, Mortgage Pass-Through Xxxxxfxxxxxx, Series 2006-HE5." Funds in the Excess Reserve Fund Account shall be held in trust for the Regular Certificateholders for the uses and purposes set forth in this Agreement. Amounts on deposit in the Excess Reserve Fund Account shall not be invested.

  • Excess Loss Account has the meaning set forth in Reg. Section 1.1502-19.

  • Excess Funds Subaccount is defined in Section 8.02(a) of the Indenture.

  • Reserve Fund Deposit With respect to the Reserve Fund, an amount equal to $5,000, which the Depositor shall initially deposit into the Reserve Fund pursuant to Section 3.21 hereof.

  • Investment Account As defined in Section 3.12(a).

  • Principal Funding Account Investment Proceeds shall have the meaning specified in subsection 4.03(a)(ii).

  • Certificate Account The account maintained by the Trustee in accordance with the provisions of Section 4.04.

  • Spread Account means the Spread Account established and maintained pursuant to the Spread Account Agreement.

  • 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.

  • Excess Funding Account shall have the meaning specified in Section 4.02.

  • Funding Account has the meaning assigned to such term in Section 4.01(h).

  • Certificate Account Deposit Date As to any Distribution Date, the Business Day prior thereto.

  • Distribution Account Deposit Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • Required Reserve Fund Deposit With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Aggregate Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date; provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of Offered Certificates, the Class B1 Certificates and the Class B2 Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.

  • Aggregate Account means, with respect to each Participant, the value of all accounts maintained on behalf of a Participant, whether attributable to Employer or Employee contributions, subject to the provisions of Section 9.2.

  • Custodial Account The separate account or accounts created and maintained pursuant to Section 4.04.

  • Sinking Fund Account means the sinking fund account established and held by the Treasurer of Charleston County designed to provide for the payment of the principal of, premium, if any, and interest on the Bonds, as the same respectively fall due.

  • 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 [*];

  • Excess Funds shall have the meaning set forth in Section 2(l) of this Agreement.

  • Surplus Account has the meaning assigned to it in Section 3.02(a).

  • Reserve Fund Required Amount means, (i) for any Payment Date on which the Note Balance is greater than $0, $2,128,635.19 (i.e., 0.25% of the Cutoff Date Adjusted Pool Balance) or (ii) if the Notes have been paid in full, $0; provided, however, that the Reserve Fund Required Amount may not exceed the Note Balance.

  • Required Reserve Fund Amount With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the Pool Balance for such date exceeds (b) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the amount, if any, by which (i) $1,000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date. Provided, however, that on any Distribution Date on which the Class Principal Amount of each Class of LIBOR Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.

  • Liquidity Account Investments means Deposit Securities or any other security or investment owned by the Fund that is rated not less than A3 by Moody’s, A- by Standard & Poor’s, A- by Fitch or an equivalent rating by any other NRSRO (or any such rating’s future equivalent) or if not rated, determined by the Adviser to be of comparable quality.

  • Buydown Fund A fund provided by the originator of a Mortgage Loan or another Person with respect to a Buydown Loan which provides an amount sufficient to subsidize regularly scheduled principal and interest payments due on such Buydown Loan for a period. Buydown Funds may be (i) funded at the par values of future payment subsidies, or (ii) funded in an amount less than the par values of future payment subsidies, and determined by discounting such par values in accordance with interest accruing on such amounts, in which event they will be deposited in an account bearing interest. Buydown Funds may be held in a separate Buydown Fund Account or may be held in a Custodial Account for P&I or a Custodial Account for Reserves and monitored by a Servicer.

  • Pre-Funded Amount With respect to any date of determination, the amount on deposit in the Pre-Funding Account.