Policy Draw Amount definition

Policy Draw Amount. With respect to any Payment Date, the Insured Amount.
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Policy Draw Amount. With respect to any Payment Date other than the Final Payment Date, an amount, if any, equal to (1) the sum of (a) the amount by which the aggregate amount of accrued interest on the Notes (excluding the aggregate Relief Act Shortfalls, if any, for such Payment Date) at the respective Note Rates on such Payment Date exceeds the amount on deposit in the Note Payment Account available for interest distributions on such Payment Date, and (b) any Liquidation Loss Amount for such Payment Date, to the extent not currently covered by a Liquidation Loss Distribution Amount or a reduction in the Overcollateralization Amount, minus (2) the amount of any payments made to the Indenture Trustee with respect to that date under the Limited Reimbursement Agreement. With respect to the Final Payment Date, an amount, if any, equal to (1) the sum of (a) the amount by which the aggregate amount of accrued interest on the Notes (excluding the aggregate Relief Act Shortfalls, if any, for such Payment Date) at the respective Note Rates on the Final Payment Date exceeds the amount on deposit in the Note Payment Account available for interest distributions on the Final Payment Date, and (b) the aggregate outstanding Note Balance of each Class of Notes to the extent not otherwise paid on such date, minus (2) the amount of any payments made to the Indenture Trustee with respect to that date under the Limited Reimbursement Agreement.
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Policy Draw Amount. With respect to any Distribution Date, the excess, if any, of (x) Scheduled Payments for such Distribution Date over (y) the amount of Available Funds on deposit or scheduled to be on deposit in the Distribution Account at the Close of Business on the second Business Day preceding such Distribution Date that are available to be applied to the Class A Certificates in respect of such Scheduled Payments in accordance with Section 4.01.
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Examples of Policy Draw Amount in a sentence

  • The Notice for Payment shall specify the amount of the Insurance Policy Draw Amount and shall constitute a claim for an Insurance Policy Draw Amount pursuant to the Insurance Policy.

  • The Indenture Trustee shall deposit or cause to be deposited such Policy Draw Amount into the Note Payment Account on such Payment Date.

  • Upon receipt of an Insurance Policy Draw Amount on behalf of the Class A Noteholders under the Insurance Policy, the Indenture Trustee shall deposit such Insurance Policy Draw Amount in the Distribution Account and shall distribute such Insurance Policy Draw Amount pursuant to Section 5.01 (a)I(iv) and (a)(II)(i), as applicable.

  • Upon receipt of an Insurance Policy Draw Amount on behalf of the Holders of the Class A Notes under the Insurance Policy, the Indenture Trustee shall deposit such Insurance Policy Draw Amount in the Distribution Account and shall distribute such Insurance Policy Draw Amount pursuant to Section 5.01 (a)I(iv) and II.

  • Upon receipt of an Insurance Policy Draw Amount on behalf of the Noteholders under the Insurance Policy, the Indenture Trustee shall deposit such Insurance Policy Draw Amount in the Distribution Account and shall distribute such Insurance Policy Draw Amount pursuant to Section 5.01 (a)I(iv) and (a)(II)(i), as applicable.

  • Amounts distributed to the Noteholders pursuant to the above clauses (ii), (iii), (iv) and (vi) from Interest Collections, Principal Collections and the Policy Draw Amount shall be treated for tax purposes as distributions with respect to the REMIC II Regular Interests A-1, A-2, A-3, A-4 and A-5, respectively.

  • To the extent such amount relates to clause (ii) of the definition of "Policy Draw Amount", the Indenture Trustee shall (i) during the Revolving Period, deposit such amount into the Funding Account as Principal Collections and (ii) during the Amortization Periods, deposit such amount into the Note Payment Account.

  • Upon receipt of a Policy Draw Amount on behalf of the Class A Certificateholders under the Policy, the Trustee shall deposit such Policy Draw Amount in the Distribution Account for the benefit of the Holders of the Class A Certificates and shall distribute such Policy Draw Amount pursuant to Section 4.01.

  • The Notrce for Payment shall specify the amsunt of the Insurance Policy Draw Amuunt and shall constitute a claim fov an Insurance Policy Draw Amount puxsuant to the Insurance Policy.

  • The Notice for Payment shall specify the amount of the Policy Draw Amount and shall constitute a claim for a Policy Draw Amount pursuant to the Policy.


More Definitions of Policy Draw Amount

Policy Draw Amount. With respect to any Payment Date other than the Final Payment Date, an amount, if any, equal to (a) the amount by which the aggregate amount of accrued interest on the Notes at the respective Note Rates during the related Interest Period (excluding the aggregate Relief Act Shortfalls and Deferred Interest, if any, for such Payment Date) on such Payment Date exceeds the amount on deposit in the Note Payment Account available for interest distributions on such Payment Date, and (b) any Liquidation Loss Amount for such Payment Date, to the extent not currently covered by a Liquidation Loss Distribution Amount or a reduction in the Overcollateralization Amount. With respect to the Final Payment Date, an amount, if any, equal to the amount by which the Note Balance on the Notes, together with the aggregate amount of accrued interest on the Notes at the respective Note Rates during the related Interest Period (excluding the aggregate Relief Act Shortfalls and Deferred Interest, if any, for such Payment Date) on the Final Payment Date exceeds the amount on deposit in the Note Payment Account available for interest distributions on the Final Payment Date, plus the aggregate outstanding Note Balance of each Class of Notes to the extent not otherwise paid on such date.
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Policy Draw Amount means, (x) with respect to any Loan Group and as of any Payment Date other than the Final Insured Payment Date, the excess, if any, of (i) the sum of (a) the amount of interest accrued on the Note Balances of the related Class or Classes of Notes, at the applicable Note Rates during the related Interest Period (excluding any Interest Carry-Forward Amounts and Relief Act Shortfalls) and (b) the related Subordination Deficit minus an amount equal to the Overcollaterization Amount for the other Group (to the extent not in excess of such Subordination Deficit) over (ii) the amount on deposit in the Note Payment Account on such Payment Date and (y) on the Final Insured Payment Date, the outstanding Note Balance of all Classes of Notes then outstanding to the extent not otherwise paid on such date, together with interest accrued on the Note Balances of the related Class or Classes of Notes, at the applicable Note Rates during the related Interest Period (excluding any Interest Carry-Forward Amounts and Relief Act Shortfalls).
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Policy Draw Amount. With respect to any Distribution Date and a Class of Insured Certificates, the sum, without duplication, of (i) the amount, if any, by which the amount available to be paid as interest to such Class of Insured Certificates, pursuant to the priority of payments set forth in this Agreement, is less than the related Class Optimal Interest Distribution Amount (provided however that the Policy will not cover interest accrued at a rate higher than the Adjusted Cap Rate or the Net WAC Cap) for the related Interest Accrual Period and the amount of any Realized Losses allocated to the applicable Class of Insured Certificates for such Distribution Date and (ii) without duplication of amounts included in clause (i) above, to the extent unpaid on the Distribution Date occurring in July 2037, the remaining Class Certificate Balance of such Class of Insured Certificates, after giving effect to all payments of principal of the Certificates on such Distribution Date.
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Policy Draw Amount. With respect to any Payment Date other than the Final Payment Date, an amount, if any, equal to (1) the sum of (a) the amount by which the aggregate amount of accrued interest on the Class A Notes (excluding the aggregate Relief Act Shortfalls, if any, for such Payment Date) at the respective Note Rates on such Payment Date exceeds the amount on deposit in the Note Payment Account available for interest distributions on the Class A Notes on such Payment Date, and (b) any Liquidation Loss Amounts allocated to the Class A Notes for such Payment Date, i.e. any Liquidation Loss Amounts incurred on the Home Loans during the related Collection Period, to the extent not currently covered by a payment of Excess Spread, a reduction in the Overcollateralization Amount or a reduction in the Note Balances of the Class M Notes and the Class B Notes. With respect to the Final Payment Date, an amount, if any, equal to (1) the sum of (a) the amount by which the aggregate amount of accrued interest on the Class A Notes (excluding the aggregate Relief Act Shortfalls, if any, for such Payment Date) at the respective Note Rates on the Final Payment Date exceeds the amount on deposit in the Note Payment Account available for interest distributions on the Final Payment Date, and (b) the aggregate outstanding Note Balance of each Class of Class A Notes to the extent not otherwise paid on such date.
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Related to Policy Draw Amount

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Reserve Draw Amount shall have the meaning specified in subsection 4.12(c).

  • Required Amount means, with respect to any Monthly Period, the sum of the Class A Required Amount, the Class B Required Amount and the Collateral Senior Required 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.

  • Reserve Account Required Amount means, with respect to any Payment Date, the lesser of (i) the excess of (A) the Specified Reserve Balance, over (B) the amount on deposit in the Reserve Account on such Payment Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Payment Date, and (ii) the amount remaining in the Indenture Collections Account after taking into account the distributions therefrom described in clauses (i) through (xiv) of Section 8.3(a) of the Indenture.

  • Class A Required Amount shall have the meaning specified in subsection 4.04(a).

  • Reserve Account Amount means, for any Distribution Date, the amount on deposit in and available for withdrawal from the Reserve Account on such Distribution Date (after giving effect to all deposits to and withdrawals from the Reserve Account on the preceding Distribution Date, or, in the case of the initial Distribution Date, the Closing Date), including all interest and other income (net of losses and investment expenses) earned on such amount during the preceding Collection Period.

  • Required Spread Account Amount means, for the March 2012 Payment Date and the April 2012 Payment Date, zero, and for any Payment Date thereafter, the product of (i) the Spread Account Percentage in effect on such date and (ii) during (x) the Revolving Period, the Collateral Amount, and (y) during the Controlled Accumulation Period or the Early Amortization Period, the Collateral Amount as of the last day of the Revolving Period; provided that, prior to the occurrence of an Event of Default and acceleration of the Series 2012-1 Notes, the Required Spread Account Amount will never exceed the Class C Note Principal Balance (after taking into account any payments to be made on such Payment Date).

  • 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.

  • Net WAC Rate Carryover Reserve Account The Net WAC Rate Carryover Reserve Account established and maintained pursuant to Section 4.10.

  • 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 [*];

  • Yield Supplement Overcollateralization Amount means, with respect to any calendar month and the related Payment Date, or with respect to the Closing Date, the aggregate amount by which the Principal Balance as of the last day of the related Collection Period or the Cutoff Date, as applicable, of each of the related Receivables with an APR as stated in the related contract of less than the Required Rate, other than Defaulted Receivables, exceeds the present value, calculated by using a discount rate equal to the Required Rate, of each scheduled payment of each such Receivables assuming such scheduled payment is made on the last day of each month and each month has 30 days.

  • Available Reserve Account Amount means, with respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (before giving effect to any deposit to be made to the Reserve Account on such date) and (b) the Required Reserve Account 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.

  • 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.

  • 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.

  • Premium Amount The amount of premium due to the Note Insurer in accordance with the terms of the Insurance Agreement.

  • Reserve Account Withdrawal Amount means, with respect to any Distribution Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts specified in clauses (i) through (xvii) of Section 5.7(a) (taking into account application of Available Funds to the priority of payments specified in Section 5.7(a) and ignoring any provision hereof which otherwise limits the amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution Date prior to application of amounts on deposit therein pursuant to Section 5.8.

  • Insured Amount As defined in the Policy.

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Overcollateralization Reduction Amount With respect to any Distribution Date on which the Excess Overcollateralization Amount is, after taking into account all other distributions to be made on such Distribution Date, greater than zero, the Overcollateralization Reduction Amount shall be equal to the lesser of (i) the Excess Overcollateralization Amount for that Distribution Date and (ii) the Principal Remittance Amount on such Distribution Date.

  • Initial Reserve Account Deposit Amount means an amount equal to $1,030,941.16.

  • Class C Reserve Account Percentage means, for any Distribution Date on which a condition in the left column of the following table was in effect on the immediately preceding Distribution Date, the percentage in the corresponding right column of the following table (or if more than one conditions were in effect on the immediately preceding Distribution Date, the largest percentage). Condition: The three-month rolling average Excess Spread Percentage is: Class C Reserve Account Percentage:

  • Insurance Amount has the meaning set forth in Section 6.12(b).

  • Advance Reimbursement Amount has the meaning stated in Section 4.4(b) of the Servicing Supplement.

  • Required Overcollateralization Amount With respect to any Distribution Date, (a) prior to the Stepdown Date, an amount equal to 1.80% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown Date if a Trigger Event is not in effect, the greater of (i) an amount equal to 3.60% of the aggregate outstanding Stated Principal Balance of the Mortgage Loans after giving effect to distributions made on that Distribution Date and (ii) the Overcollateralization Floor and (c) on or after the Stepdown Date if a Trigger Event is in effect, an amount equal to the Required Overcollateralization Amount from the immediately preceding Distribution Date. The Required Overcollateralization Amount may be reduced so long as written confirmation is obtained from each Rating Agency that such reduction shall not reduce the ratings assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency. Residential Funding: Residential Funding Corporation, a Delaware corporation, in its capacity as seller of the Mortgage Loans to the Depositor and any successor thereto.