Monthly Available Funds definition

Monthly Available Funds means, with respect to each Monthly Payment Date that is not a Quarterly Payment Date, the sum of the following amounts with respect to the related Monthly Collection Period: (i) all collections received by the Servicer on the Financed Student Loans during such Collection Period and remitted to the Indenture Trustee (including any Guarantee Payments received with respect to the Financed Student Loans); (ii) any Interest Subsidy Payments and Special Allowance Payments received by the Eligible Lender Trustee during such Monthly Collection Period with respect to the Financed Student Loans; (iii) all Liquidation Proceeds from any Financed Student Loans which became Liquidated Student Loans during such Monthly Collection Period in accordance with the Servicer's customary servicing procedures, and all Recoveries in respect of Liquidated Student Loans which were written off in prior Monthly Collection Periods, in each case which have been received by the Servicer and remitted to the Indenture Trustee; (iv) the aggregate Purchase Amounts received by the Indenture Trustee for those Financed Student Loans repurchased by the Seller or purchased by the Servicer under an obligation which arose during the related Monthly Collection Period; (v) Investment Earnings for such Monthly Payment Date; and (vi) with respect to each Monthly Payment Date other than a Quarterly Payment Date and other than an Monthly Payment Date immediately succeeding a Quarterly Payment Date, the Monthly Available Funds remaining from the Monthly Collection Period relating to the preceding Monthly Payment Date after giving effect to the application of such Monthly Available Funds on such preceding Monthly Payment Date; provided, however, that if with respect to any Monthly Payment Date there would not be sufficient funds, after application of the Monthly Available Funds (as defined above) and amounts available first from the Reserve Account and second from draws on the Demand Note (or, if applicable, withdrawals from the Demand Note Account), to pay any of the items specified in Section 2(d)(iv) of the Administration Agreement, then the Monthly Available Funds for such Monthly Payment Date will include, in addition to the Monthly Available Funds (as defined above), amounts on deposit in the Collection Account on the Determination Date relating to such Monthly Payment Date which would have constituted Monthly Available Funds for the Monthly Payment Date succeeding such Monthly Payment Date up to th...
Sample 1
Monthly Available Funds means, with respect to the immediately preceding Collection Period, (a) collections and payments received with respect to the Receivables and other items of Trust Property, including, without limitation, Actual Payments, Repurchase Prices, Insurance Proceeds, and Defaulted Receivable Recoveries representing cleared funds transferred from the Collection Account to the Revenue Fund and (b) earnings on Eligible Investments on deposit in the Revenue Fund, the Collection Account and the Reserve Fund as reported in the Monthly Servicer Report with respect to such Collection Period.
Sample 1Sample 2Sample 3
Monthly Available Funds means, with respect to the immediately preceding Collection Period, (a) Collections, (b) earnings on Eligible Investments on deposit in the Collection Account and the Spread Account, (c) payments remitted to the Issuer or the Servicer by the Hedge Counterparty under any Hedge Agreement, (d) Servicer Advances, (e) amounts transferred to the Collection Account from the Spread Account pursuant to Section 5.03(a) and (f) payments remitted to the Indenture Trustee by the Depositor to prevent the occurrence of certain Termination Events.
Sample 1Sample 2Sample 3

Examples of Monthly Available Funds in a sentence

  • All amounts so collected by the Eligible Lender Trustee with respect to Financed Student Loans (net, for the first Collection Period, of interest accrued prior to the Cutoff Date that is not to be capitalized) shall constitute Monthly Available Funds for the applicable Monthly Collection Period and Available Funds for the applicable Collection Period, and shall be deposited into the Collection Account in accordance with Section 4.01.

  • All amounts so collected by the Eligible Lender Trustee with respect to Financed Student Loans shall constitute Monthly Available Funds for the applicable Monthly Collection Period and Available Funds for the applicable Collection Period, and shall be deposited into the Collection Account in accordance with Section 4.01.

  • Notwithstanding any provision herein to the contrary, the obligations of the Depositor and the Issuer shall not be a general obligation of, or construed as permitting recourse to, such entity; it being understood that the sole recourse of any party with respect to the payment obligations of the Depositor or the Issuer shall be the Monthly Available Funds and such obligations shall be paid in accordance with the priority of payments set forth in Section 5.03(b) of the Indenture.

  • Notwithstanding any provision herein to the contrary, the obligations of the Issuer shall not be a general obligation of, or construed as permitting recourse to, the Issuer; it being understood that the sole recourse of any party with respect to the payment obligations of the Issuer shall be the Monthly Available Funds and such obligations shall be paid in accordance with the priority of payments set forth in Section 5.03(b) hereof.

  • In the event that Sublessee does not give to Sublessor written notice of the violation of this warranty within I year from the commencement of the term of this Sublease, it shall be conclusively deemed that such violation did not exist and the correction of the same shall be the obligation of the Sublessee.

  • In addition, the Trust Property will include monies on deposit in the Reserve Fund (including all investments in such account and all income from the investment of funds therein and all proceeds thereof), the funds of which will be drawn upon to fund certain shortfalls in respect of Monthly Available Funds and the Trust's rights under the Swap Agreement (as defined below).

  • All amounts so collected by the Eligible Lender Trustee with respect to FFELP Student Loans shall constitute Monthly Available Funds for the applicable Monthly Collection Period and Available Funds for the applicable Collection Period, and shall be deposited into the Collection Account in accordance with Section 4.

  • The forested land is dedicated to continuous forest cover through a conservation (or Qualified Conservation Easement (QCE) as described by the ARB) or transferred to public ownership, either state or municipal.

  • Principal with respect to a Class of Notes does not become due and payable on any Payment Date prior to the Final Scheduled Payment Date for such Class of Notes unless Monthly Available Funds for the related Collection Period are sufficient to pay such principal in accordance with Section 5.05(c).

  • Monthly Available Funds, Amortization Period Available Funds and other amounts applied to the payment of Aggregate Unpaids pursuant to Section 2.2 and Section 2.3 shall be distributed in accordance with the aforementioned provisions, and, giving effect to each of the priorities set forth in such Sections, shall be shared ratably (within each priority) among the Agent and the Purchasers in accordance with the amount of such Aggregate Unpaids owing to each of them in respect of each such priority.


More Definitions of Monthly Available Funds

Monthly Available Funds means, on any Settlement Date, the aggregate of (i) the aggregate Collections received with respect to Receivables during the related Accrual Period, (ii) all Deemed Collections with respect to such Accrual Period (to the extent actually deposited in the Collection Account by or on behalf of the RPA Seller on or prior to such Settlement Date) and any unpaid Deemed Collections with respect to any earlier Accrual Period (to the extent actually deposited in the Collection Account by or on behalf of the RPA Seller since the preceding Settlement Date), (iii) all amounts deposited in the Collection Account pursuant to Section 1.5 in respect of the conveyance by Agent to the RPA Seller of Charged-Off Receivables on such Settlement Date, (iv) all investment earnings on funds in the Designated Accounts, including in any subaccount thereof, (v) Hedge Receipts for such Settlement Date and (vi) all amounts transferred to the Collection Account and treated as Monthly Available Funds pursuant to Section 9.2 or Section 9.4.
Sample 1
Monthly Available Funds means the amount available to fund redemptions of Units, see Section 4
Sample 1
Monthly Available Funds means, with respect to each Monthly Payment Date that is not a Quarterly Payment Date, the sum of the following amounts with respect to the related Monthly Collection Period: (i) all collections received by the Master Servicer on the Trust Loans (including any Guarantee Payments received with respect to the Trust Loans); (ii) any Interest Subsidy Payments and Special Allowance Payments received by the Eligible Lender Trustee during such Monthly Collection Period with respect to the Trust Loans; (iii) all Liquidation Proceeds from any Trust Loans which became Liquidated Student Loans during such Monthly Collection Period in accordance with the Master Servicer's customary servicing procedures, and all Recoveries in respect of Liquidated Student Loans which were written off in prior Monthly Collection Periods, in each case which have been received by the Master Servicer and remitted to the Indenture Trustee; (iv) the aggregate Purchase Amounts received for those Trust Loans repurchased by the Seller or purchased by the Master Servicer under an obligation which arose during the related Monthly Collection Period; (v) Investment Earnings for such Monthly Payment Date; and (vi) with respect to each Monthly Payment Date other than a Quarterly Payment Date and other than an Monthly Payment Date immediately succeeding a Quarterly Payment Date, the Monthly Available Funds remaining from the Monthly Collection Period relating to the preceding Monthly Payment Date after giving effect to the application of such Monthly Available Funds on such preceding Monthly Payment Date; PROVIDED, HOWEVER, that if with respect to any Monthly Payment Date there would not be sufficient funds, after application of the Monthly Available Funds (as defined above) and amounts available from the Reserve Account, to pay any of the items specified in Section 2(d)(ii) of the Administration Agreement, then the Monthly Available Funds for such Monthly Payment Date will include, in addition to the Monthly Available Funds (as defined above), amounts on deposit in the Collection Account on the Determination Date relating to such Monthly Payment Date which would have constituted Monthly Available Funds for the Monthly Payment Date succeeding such Monthly Payment Date up to the amount necessary to pay such items, and the Monthly Available Funds for such succeeding Monthly Payment Date will be adjusted accordingly; and PROVIDED, FURTHER, that the Monthly Available Funds will exclude (A) all payments an...
Sample 1
Monthly Available Funds means, with respect to the immediately preceding Collection Period, (a) collections and payments received with respect to the Receivables and other items of Trust Property, including, without limitation, Actual Payments, Repurchase Prices, Insurance Proceeds, and Defaulted Receivable Recoveries representing cleared funds transferred from the Collection Account to the Revenue Fund, (b) earnings on Eligible Investments on deposit in the Revenue Fund, the Collection Account, the Pre-Funding Account and the Reserve Fund as reported in the Monthly Servicer Report with respect to such Collection Period, (c) Net Swap Receipts and (d) the Reserve Fund Excess Amount.
Sample 1

Related to Monthly Available Funds

  • Immediately Available Funds Funds with good value on the day and in the city in which payment is received.

  • Group 1 Available Funds As to any Distribution Date, the sum of (a) the aggregate amount held in the Collection Account at the close of business on the related Servicer Remittance Date and, without duplication, on deposit in the Distribution Account at the close of business of the related Distribution Account Deposit Date, attributable to the Group 1 Mortgage Loans net of (i) the Amount Held for Future Distribution related to the Group 1 Mortgage Loans, (ii) amounts related to the Group 1 Mortgage Loans permitted to be withdrawn from the Collection Account pursuant to clauses (i)-(viii) inclusive and clauses (ix)(a)(ii) and (iii), (ix)(b), (x) and (xi) of Section 3.10(a), (iii) after giving effect to all amounts deposited to the Distribution Account from the Collection Account, amounts related to the Group 1 Mortgage Loans permitted to be withdrawn from the Distribution Account pursuant to clauses (i)-(iv) inclusive of Section 3.10(b), and (iv) any Fair Market Value Excess, (b) the amount of the related Advances related to the Group 1 Mortgage Loans and (c) in connection with Defective Mortgage Loans in Loan Group 1, as applicable, the aggregate of the Purchase Prices and Substitution Adjustment Amounts deposited on the related Distribution Account Deposit Date.

  • Class A Available Funds means, with respect to any Monthly Period, an amount equal to the sum of (a) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period, the Class A Floating Percentage of Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date, (b) the Class A Floating Percentage of the Reallocated Investor Finance Charge Collections and (c) the amount of funds, if any, to be withdrawn from the Reserve Account which, pursuant to subsection 4.12(d), are required to be included in Class A Available Funds with respect to such Distribution Date.

  • sufficient immediately available funds means either (i) sufficient cash denominated in U.S. dollars to purchase the necessary foreign currency, or (ii) sufficient applicable foreign currency, to settle the transaction. Custodian shall provide the Fund with immediately available funds each day which result from the actual settlement of all sale transactions, based upon advices received by Custodian from Subcustodians, Depositories, and Foreign Depositories. Such funds shall be in U.S. dollars or such other currency as the Fund may specify to Custodian.

  • Available Funds means, with respect to any Payment Date, (1) the sum of the following amounts, without duplication, with respect to the Receivables in respect of the Collection Period preceding such Payment Date: (a) all collections on Receivables, (b) Advances, (c) all Liquidation Proceeds attributable to the Receivables that became Liquidated Receivables during such Collection Period in accordance with the Servicer’s customary servicing procedures and all Recoveries, (d) the Purchase Amount of each Receivable that became a Purchased Receivable as of the last day of the related Collection Period, (e) partial prepayments relating to refunds of warranty or insurance financed by the respective Obligor thereon as part of the original contract and only to the extent not included under clause (a) above, (f) amounts on deposit in the Reserve Account after giving effect to all other deposits and withdrawals thereto or therefrom on the Payment Date relating to such Collection Period in excess of the Required Reserve Amount, (g) amounts on deposit in the Negative Carry Account, if any, after giving effect to all other deposits and withdrawals thereto and therefrom on the Payment Date relating to such Collection Period in excess of the Required Negative Carry Account Balance, (h) Investment Earnings for the related Payment Date, (i) any Collection Account Redeposits for the related Payment Date, (j) all amounts received from the Indenture Trustee pursuant to Section 5.04 of the Indenture and (k) the net amount paid to the Trust under the Interest Rate Swaps since the preceding Payment Date, if any, minus (2) the Servicing Fee, reimbursements for Advances and other amounts payable to the Servicer pursuant to Section 4.08 of the Sale and Servicing Agreement for the related Payment Date (unless the Servicer elects to defer part or all of such fee); provided, however, that in calculating Available Funds all payments and proceeds (including Liquidation Proceeds) of any Purchased Receivables the Purchased Amount of which has been included in Available Funds in a prior Collection Period shall be excluded. Available Funds for each Payment Date will not include, and the amount of Available Funds will not be reduced by, the amount of any Supplemental Servicing Fees.

  • Group II Available Funds As defined in Section 7.3(a)(ii) hereof.

  • Total Available Funds shall have the meaning set forth in Section 5.7(a).

  • Class B Available Funds means, with respect to any Monthly Period, an amount equal to the sum of (a) the Class B Floating Percentage of the Reallocated Investor Finance Charge Collections and (b) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period, the Class B Floating Percentage of the Principal Funding Account Investment Proceeds, if any, with respect to such Distribution 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.

  • Master Servicer Remittance Amount With respect to each Master Servicer and each Master Servicer Remittance Date, an amount equal to (a) all amounts on deposit in such Master Servicer’s Collection Account as of 11:00 a.m., New York City time, on such Master Servicer Remittance Date, net of (b) any portion of the amounts described in clause (a) of this definition that represents one or more of the following: (i) collected Monthly Payments with respect to any Mortgage Loan serviced by such Master Servicer that are due on a Due Date following the end of the related Collection Period, (ii) to the extent not covered by clause (i) above, any payments of principal (including Principal Prepayments) and interest, Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds Received by the Trust with respect to any Mortgage Loan or REO Property serviced by such Master Servicer after the end of the related Collection Period, (iii) any Prepayment Premiums and/or Yield Maintenance Charges Received by the Trust with respect to any Mortgage Loan or successor REO Mortgage Loan serviced by such Master Servicer with respect thereto after the end of the related Collection Period, (iv) any Excess Liquidation Proceeds, (v) any amounts payable or reimbursable to any Person from such Collection Account pursuant to clauses (ii) through (xxii) of Section 3.05(a), and (vi) any amounts deposited in such Collection Account in error; provided that the Master Servicer Remittance Amount with respect to such Master Servicer for the Master Servicer Remittance Date that occurs in the same calendar month as the anticipated Final Distribution Date shall be calculated without regard to clauses (b)(i), (b)(ii), (b)(iii) and (b)(iv) of this definition.

  • Monthly Excess Cashflow For any Distribution Date, an amount equal to the sum of the Monthly Excess Interest and Overcollateralization Release Amount, if any, for such date.

  • Group I Principal Remittance Amount With respect to any Distribution Date, the sum of the amounts described in clauses (i) through (iii) of the definition of Group I Principal Distribution Amount.

  • Monthly Remittance Amount The sum of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount.

  • Seller Remittance Amount With respect to each Servicer, the meaning assigned to such term in the related Servicing Agreement.

  • Principal Remittance Amount With respect to any Distribution Date, the sum of the Group I Principal Remittance Amount and the Group II Principal Remittance Amount.

  • Net Monthly Excess Cashflow With respect to each Distribution Date, the sum of (a) any Overcollateralization Release Amount for such Distribution Date and (b) the excess of (x) Available Funds for such Distribution Date over (y) the sum for such Distribution Date of (A) the Monthly Interest Distributable Amounts for the Class A Certificates and the Mezzanine Certificates, (B) the Unpaid Interest Shortfall Amounts for the Class A Certificates and (C) the Principal Remittance Amount.

  • 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.

  • Available Funds Cap Any of the Class A-1 Available Funds Cap, the Class A-2 Available Funds Cap or the Weighted Average Available Funds Cap.

  • Group II Principal Remittance Amount With respect to any Distribution Date, the sum of the amounts described in clauses (i) through (iii) of the definition of Group II Principal Distribution Amount.

  • Monthly Loss Amount means the sum of all Foreclosure Losses, Restructuring Losses, Short Sale Losses, Portfolio Losses, Modification Default Losses and Deficient Losses realized by the Assuming Institution for any Shared Loss Month.

  • Monthly Investor Report has the meaning stated in Section 3.5(a) of the Sale and Servicing Agreement.

  • Class M-1 Applied Realized Loss Amount As of any Distribution Date, the sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans which have been applied to the reduction of the Certificate Principal Balance of the Class M-1 Certificates.

  • Servicer Remittance Date With respect to any Distribution Date, the 18th day of the calendar month in which such Distribution Date occurs or, if such 18th day is not a Business Day, the Business Day immediately following.

  • Monthly Average means the highest allowable average of “daily discharges” over a calendar month, calculated as the sum of all “daily discharges” measured during a calendar month divided by the number of “daily discharges” measured during that month. For Fecal Coliform Bacteria (FCB) or E-Coli, report the monthly average.

  • Master Servicer Remittance Date With respect to any Distribution Date, the Business Day immediately preceding such Distribution Date.

  • Remittance Amount means the funds denominated in Singapore Dollars or United Stated Dollars which is to be debited from the Customer's Account(s) and converted into the specified Foreign Amount.