PRE-FUNDING definition

PRE-FUNDING means that the Company’s deposit account will be debited at the time the ACH transactions or files are sent to Financial Institution for processing. Adequate funds must be available at that time or processing will suspend. Only ACH Credit originations are subject to Pre- Funding. “RDFI or Receiving Depository Financial Institution” means a financial institution qualified by NACHA to receive ACH transactions.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

PRE-FUNDING. PERIOD: The period commencing on the Closing Date and ending on the earliest to occur of (i) the date on which the aggregate amount on deposit in the Pre-Funding Account (exclusive of any investment earnings) is less than $100,000, (ii) the date on which an Event of Default occurs or (iii) January 31, 2000.

PRE-FUNDING. REUNDERWRITING TRIGGER" shall be deemed to occur if (a) any random sampling reunderwriting by the Agent of Mortgage Loans originated or purchased by any Borrower in an aggregate sample size greater than or equal to $25,000,000 indicates that less than 90% (based upon the aggregate unpaid principal amount of such Mortgage Loans) of such Mortgage Loans are Approved Mortgage Loans or (b) any random sampling of drive-by-appraisal of a minimum of 100 Mortgage Loans indicates that more than 10% (based upon the aggregate unpaid principal amount of such Mortgage Loans) of such Mortgage Loans have a negative percentage variance in value to the original appraisal in excess of 20%."

Examples of PRE-FUNDING in a sentence

• Section 6.02 ESTABLISHMENT OF PRE-FUNDING ACCOUNT AND CAPITALIZED INTEREST ACCOUNT; DEPOSITS IN PRE-FUNDING ACCOUNT AND CAPITALIZED INTEREST ACCOUNT; PERMITTED WITHDRAWALS FROM PRE-FUNDING ACCOUNT AND CAPITALIZED INTEREST ACCOUNT.

• REQUIREMENTS RELATING TO PREFUNDING ACCOUNT...........................66 ARTICLE V - THE SELLER......................................................................66 SECTION 5.01.

• PRE-FUNDING ACCOUNT...................................................................93 Section 4.06.

• THE COMPANY EXPRESSLY WAIVES THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE PRE-FUNDING EVENT OF DEFAULT FEE OR EVENT OF DEFAULT FEE, WHETHER SUCH DEFENSE MAY BE BASED IN PUBLIC POLICY, AMBIGUITY, OR OTHERWISE.

• No later than the Closing Date, the Servicer, for the benefit of the Securityholders, shall establish and maintain with the Indenture Trustee one or more separate Eligible Accounts entitled "PRE-FUNDING ACCOUNT, FIRST BANK NATIONAL ASSOCIATION, AS INDENTURE TRUSTEE, IN TRUST FOR THE FIRSTPLUS ASSET BACKED SECURITIES, SERIES 1997-1".

• REQUIREMENTS RELATING TO PREFUNDING ACCOUNT...........................................66 ARTICLE V - THE SELLER...........................................................................................66 SECTION 5.01.

• PRE-FUNDING ACCOUNT - HARLEY DAVIDSON MOTORCYCLE TRUST 2001-3 - BNY MIDWEST TRUST COMPANY, AS INDENTURE TRUSTEE" (such account being the "Pre-Funding Account").

• PRE-FUNDING ACCOUNT - HARLEY DAVIDSON MOTORCYCLE TRUST 2000-3 -BANK ONE, NATIONAL ASSOCIATION, AS INDENTURE TRUSTEE" (such account being the "Pre-Funding Account").

• ESTABLISHMENT OF PRE-FUNDING ACCOUNT.....................................................46 SECTION 7.08.

• COLLECTION OF MORTGAGE LOAN PAYMENTS; CERTIFICATE ACCOUNT; DISTRIBUTION ACCOUNT; PRE-FUNDING ACCOUNT; CAPITALIZED INTEREST ACCOUNT; CARRYOVER SHORTFALL RESERVE FUND.....................................................................................71 SECTION 3.06.

More Definitions of PRE-FUNDING

PRE-FUNDING means any Funding that you receive in advance of the Agreement Commencement Date or during the term of this Agreement, prior to an agreed Funding transfer date;

PRE-FUNDING. ACCOUNT Any funds in the Group I Pre-Funding Account not used to FAILURE: purchase additional Group I Mortgage Loans during the Group I Pre-Funding Period will be paid as principal to the A-1 Certificates. Any funds in the Group II Pre-Funding Account not used to purchase additional Group II Mortgage Loans during the Group II Pre-Funding Period will be paid as principal to the A-2 Certificates.

PRE-FUNDING. ACCOUNT: The account established and maintained pursuant to Section 9.5. PRE-FUNDED AMOUNT: $ [o].

PRE-FUNDING. Earnings With respect to any date, the actual investment earnings earned up to such date on amounts on deposit in the Pre-Funding Account and not previously distributed to the Depositor.

PRE-FUNDING. On the Closing Date, approximately $96 million from the sale of the Offered Certificates (the "Pre-Funded Amount") will be deposited with the Trustee into a separate account (the "Pre-Funding Account") and be used by the Trust to purchase additional Mortgage Loans during the Pre-Funding Period.

PRE-FUNDING. ACCOUNT Any funds in the Pre-Funding Accounts not used to PAYMENT: purchase additional Mortgage Loans during the Pre-Funding Period will be paid first to the related class of Class A Certificates and second to the other Certificates on a pro rata basis. INTEREST REMITTANCE For any Distribution Date, the portion of available AMOUNT: funds for such Distribution Date attributable to interest received or advanced on the Mortgage Loans. -------------------------------------------------------------------------------- The information herein has been prepared solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. No representation or warranty can be given with respect to the accuracy or completeness of the information herein, or that any future offer of securities, instruments or transactions will conform to the terms hereof. Please refer to the important information and qualifications on the second page hereof when reviewing this information. -------------------------------------------------------------------------------- Page 11 -------------------------------------------------------------------------------- ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ July 12, 2004 Securitized Products Group [▇▇▇▇▇▇ ▇▇▇▇▇▇▇ LOGO] -------------------------------------------------------------------------------- TRANSACTION HIGHLIGHTS (CONT'D) ------------------------------- ACCRUED CERTIFICATE For any Distribution Date and each class of Offered INTEREST: Certificates and Class B-4 Certificates, equals the amount of interest accrued during the related interest accrual period at the related Pass-Through Rate, reduced by that class share of prepayment interest shortfalls and any shortfalls resulting from the application of the Servicemembers Civil Relief Act or similar state or local law. PRINCIPAL DISTRIBUTION On any Distribution Date, the sum of (i) the Basic AMOUNT: Principal Distribution Amount and (ii) the Extra Principal Distribution Amount. BASIC PRINCIPAL On any Distribution Date, the excess of (i) the DISTRIBUTION AMOUNT: aggregate Principal Remittance Amount over (ii) the Excess Subordinated Amount, if any. PRINCIPAL REMITTANCE On any Distribution Date, the sum of (i) all AMOUNT: scheduled payments of principal collected or advanced on the Mortgage Loans during the prior Due Period, (ii) the principal portion of all partial and full prepayments received during the month prior...