Premium Reserve definition
Examples of Premium Reserve in a sentence
Upon receipt of notice by the Trustee from the Master Servicer of a notification that the MI Policy no longer covers any Mortgage Loans in the State of Kentucky or West Virginia, the Trustee shall withdraw from the Mortgage Insurance Premium Taxes Reserve Fund all remaining amounts on deposit, if any, and distribute them to the holder of the Mortgage Insurance Premium Reserve Fund Residual Right.
In any case, any difference between the value of the Additional Capital Contribution transferred to the Company under this Section and the aggregate nominal value of the Company Shares issued in respect of such Contribution, shall be credited to the General Share Premium Reserve.
If the amount of cash plus, if applicable, Liquid Assets of the make-up Contribution, exceeds the aggregate nominal value of the Company Shares issued as defined above, the difference shall be credited to the General Share Premium Reserve.
In any case, if the value of the Additional Capital Contribution transferred to the Company under Section 6.2(a) exceeds the aggregate nominal value of the Company Shares issued in respect of such Contribution, then such difference shall be credited to the General Share Premium Reserve.
The Unearned Premium Reserve shall be deducted from the Coinsurance Premium.
In making any payment relating to the Insurance Premium Reserve Fund, Landlord or Mortgagee may do so according to any ▇▇▇▇, statement or estimate procured from the applicable insurance company or provided by Tenant without inquiry into the accuracy of such ▇▇▇▇, statement or estimate or into the validity of any Insurance Premium.
Such proceeds, interest or income which are not so invested or reinvested in Permitted Investments shall, except as otherwise provided in this Agreement, be deposited and held in the Credit Default Premium Reserve Account; provided that, prior to the Termination Date, any interest or income in respect of such Permitted Investments shall, at the direction of the Transferor be remitted to the Transferor.
Neither the Administrative Agent nor any of its Affiliates shall be liable to the Transferee, the Transferor, any Secured Party or any other Person for, or with respect to, any decline in value of amounts on deposit in the Credit Default Premium Reserve Account.
With respect to loss and unearned premium reserves, funding will be in accordance with the attached Loss and Unearned Premium Reserve Funding Clause No. 13-04.
Permitted Investments from time to time purchased and held pursuant to this Section 2.11 shall be referred to as "Collateral Securities" and shall, for purposes of this Agreement and each other Transaction Document, constitute part of the funds held in the Credit Default Premium Reserve Account in amounts equal to their respective outstanding principal amounts.