Monthly Deposit Amount definition
Examples of Monthly Deposit Amount in a sentence
Any investment earnings on funds held in the Collection Account shall be for the account of the Servicer and may only be withdrawn from the Collection Account by the Servicer immediately following the remittance of the Monthly Deposit Amount.
The Certificate Administrator shall, at the reasonable request of the Depositor, transmit promptly copies of all accountings of receipts in respect of the Mortgage Loans furnished to it by the Servicer or the Paying Agent, and the Paying Agent shall notify the Depositor if any Monthly Deposit Amount has not been received by the Paying Agent when due.
The date on which any adjustment in the Monthly Deposit Amount becomes effective is called a “Change Date.” The Change Date will fall in the same month each year as the month in which the related Five Year Hedge became effective.
The new Monthly Deposit Amount will be that amount which shall cause the deposit balance of the Hedge Reserve Escrow Account, at the expiration date of the then outstanding Hedge, to equal the Trial Hedge Cost, taking into consideration the balance of the Hedge Reserve Escrow Account immediately before the Next Change Date and the number of deposits remaining to be made over the months from (and including) the Next Change Date to the expiration date of the then outstanding Hedge.
If the Trial Hedge Cost is the higher number, the Loan Servicer shall adjust the Monthly Deposit Amount to be effective from (and including) the Change Date then about to occur (“Next Change Date”).
Monthly Deposit Amount: $ [ ] based on .006 times $ [ ] based on a physical needs assessment Initial Capitalization Amount: $ Operating Reserve (paragraph 18.b).
On each Payment Date thereafter, the Sponsor shall deposit with the Servicer, for the benefit of the Participants, an amount equal to the original Monthly Deposit Amount (regardless of any interim reduction of the Loan Commitments).
Initially, the Monthly Deposit Amount will be 1/60th of the purchase price of the Five Year Hedge then coming into effect, until changed, if at all, by the recalculation of the Monthly Deposit Amount on any Change Date as described in subsection (b).
The Monthly Deposit Amount will be subject to adjustment each calendar year.
The Loan Servicer shall make the calculation on the assumption that the applicable Borrower will make each monthly deposit in the full amount when due and no further adjustment to the Monthly Deposit Amount will be made after the adjustment taking effect on the Next Change Date.