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 (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) that portion of the amounts released from the Collateral Reinvestment Account with respect to Additional Fundings relating to those interest costs on the Financed Student Loans which are or will be capitalized and any amounts transferred on a Determination Date from the Collateral Reinvestment Account to the Collection Account pursuant to Section 2(f)(i)(E) of the Administration Agreement; (v) 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; (vi) Investment Earnings for such Monthly Payment Date; and (vii) 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)(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 dep...
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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.
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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.
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Examples of Monthly Available Funds in a sentence

  • 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 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.

  • 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).

  • 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.

  • On each Settlement Date prior to the Amortization Date, the Monthly Available Funds shall be applied to reduce Capital (i) to the extent described in clause fourth and clause tenth of Section 2.2(a) and (ii) to the extent determined by the RPA Seller, to the extent Monthly Available Funds are available to be applied pursuant to clause eleventh of Section 2.2(a).

  • This Policy does not cover (i) premiums, if any, payable in respect of the Class A Notes, (ii) shortfalls, if any, attributable to any payment of withholding taxes (including penalties and interest in respect of any such liability) or (iii) any risk other than Nonpayment, including the failure of the Indenture Trustee to apply, disburse, transfer or direct Policy payments or Monthly Available Funds or other amounts in accordance with the Indenture to Holders or to any other party.

  • On each Settlement Date prior to the Amortization Date, the Monthly Available Funds shall be applied to reduce Capital (i) to the extent described in clause fourth of Section 2.2(a) and (ii) to the extent determined by Seller, to the extent Monthly Available Funds are available to be applied pursuant to clause tenth of Section 2.2(a).

  • Such Deemed Collections shall constitute part of the Monthly Available Funds, shall be deposited by the Servicer into the Collection Account within one Business Day of the date they are deemed to be received, and shall be applied pursuant to Section 2.2 and 2.3. Upon the deposit of such Deemed Collections into the Collection Account, the Agent shall release its interest in the related Diluted Receivable as provided in Section 2.10(b).

  • 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 Agreements (as defined below).


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.
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Monthly Available Funds means the amount available to fund redemptions of Units, see Section 4
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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.
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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...
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Related to Monthly Available Funds

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

  • 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.

  • Available Funds With respect to any Distribution Date and the Mortgage Loans to the extent received by the Master Servicer (x) the sum of (i) all scheduled installments of interest (net of the related Expense Fees) and principal due on the Due Date on such Mortgage Loans in the related Due Period and received by the Servicer on or prior to the related Determination Date, together with any P&I Advances in respect thereof; (ii) all Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds and Subsequent Recoveries received by the Servicer during the related Prepayment Period (in each case, net of unreimbursed expenses incurred in connection with a liquidation or foreclosure and unreimbursed Advances, if any); (iii) all partial or full prepayments on the Mortgage Loans received by the Servicer during the related Prepayment Period together with all Compensating Interest paid by the Servicer in connection therewith (excluding any Prepayment Charges); (iv) all Substitution Adjustment Amounts with respect to the substitutions of Mortgage Loans that occur on or prior to the related Determination Date; (v) all amounts received with respect to such Distribution Date as the Repurchase Price in respect of a Mortgage Loan repurchased by the Mortgage Loan Seller or the Sponsor on or prior to the related Determination Date; and (vi) the proceeds with respect to the termination of the Trust Fund pursuant to clause (a) of Section 11.01; reduced by (y) amounts in reimbursement for Advances previously made with respect to the Mortgage Loans and other amounts as to which the Servicer, the Depositor, the Master Servicer, the Securities Administrator or the Trustee are entitled to be paid or reimbursed pursuant to this Agreement.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.