Required Reserve Account Level definition

Required Reserve Account Level shall be determined in accordance with the Certificate Insurance Agreement.
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Required Reserve Account Level shall be determined in accordance with the Certificate Insurance Agreement which provides that, on the Closing Date, the amount on deposit in the Reserve Account will be equal to 5.75% of the Original Class A Principal Balance, and (i) for any Remittance Date occurring during the period commencing on the Closing Date and ending on the later of (a) the first Remittance Date on which the Class A Principal Balance is less than or equal to $25,791,860.50 and (b) the 30th Remittance Date after the Closing Date, an amount equal to the greater of (1) $4,384,616 and (2) two times the difference between (A) the aggregate outstanding Principal Balance of all Mortgage Loans which are more than ninety (90) days delinquent (including REO Mortgage Loans) and (B) three times the Net Available Funds Excess for such Remittance Date; (ii) for any Remittance Date occurring after the period referenced in clause (i) above, an amount equal to the greatest of:
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Examples of Required Reserve Account Level in a sentence

  • If the amount in the Reserve Account decreases below the Required Reserve Account Level, then on the next Remittance Date, the Trustee shall, to the extent of the Available Funds Excess, transfer from the Certificate Account the amount described in Section 6.5(a)(vi) and deposit such amount into the Reserve Account.

  • The Trustee shall maintain the Reserve Account at the Required Reserve Account Level as described in Section 6.5 hereof.

  • On any Remittance Date, any amount in the Reserve Account in excess of the Required Reserve Account Level after the required distributions described in Sections 6.5(a)(i)-(vi) shall be withdrawn from the Reserve Account and paid to the Holders of the Class R Certificates pro rata in proportion to their undivided beneficial ownership interest in the _____ REMIC.

  • On any Remittance Date, any amount in the Reserve Account in excess of the Required Reserve Account Level after the required distributions described in Sections 6.5(a)(i)-(vi) shall be withdrawn from the Reserve Account and paid to the Holders of the Class R Certificates pro rata in proportion to their undivided beneficial ownership interest in the 1997-2 REMIC.

  • The Servicer shall also calculate and provide the Available Amount, the Available Funds Excess, if any, the amount of the Class A Insured Distribution Amount and any Insured Payment and the amount required to be deposited into the Reserve Account to bring the amount remaining on deposit in the Reserve Account (after any withdrawal by the Trustee, and subsequent transfer to the Certificate Account) equal to the Required Reserve Account Level.

  • The information with respect to the Remittance Date provided by the Servicer to the Trustee and the Certificate Insurer on the Determination Date shall also include the Class A Formula Distribution Amount, the Class A Pass-Through Rate, the Weighted Average Rate Cap, the Premium Percentage, the aggregate Class A Principal Balance, the aggregate sum of the Trust Balances for all Mortgage Loans and the Required Reserve Account Level.

  • On any Remittance Date, any amount in the Reserve Account in excess of the Required Reserve Account Level after the required distributions described in Sections 6.5(a)(i)-(v) shall be withdrawn from the Reserve Account and paid to the Holders of the Class R Certificates pro rata in proportion to their undivided beneficial ownership interest in the REMIC 1995-2.