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: (a) the lesser of (1) $4,384,616 and (2) 17% multiplied by the balance of the then outstanding Class A Certificates, (b) two times the difference between (1) the aggregate outstanding Principal Balance of all Mortgage Loans which are more than ninety days delinquent (including REO Mortgage Loans) and (2) three times the Net Available Funds Excess from such Remittance Date, and (c) $257,918.60. Notwithstanding the above, the Required Reserve Account Level for any Remittance Date and, subject to the provisions of the following sentence, for each subsequent Remittance Date, shall be $5,086,155 in the event that the aggregate Principal Balance of all Mortgage Loans which are more than ninety (90) days delinquent equals or exceeds 3% of the then outstanding aggregate Principal Balance of all Mortgage Loans. In the event that the Required Reserve Account Level has increased to $5,086,155 pursuant to the provisions of this paragraph, the Required Reserve Account Level for a Remittance Date shall be reduced to $4,384,616 if the aggregate Principal Balance of all Mortgage Loans which are more than ninety (90) days delinquent has been below 3% of the then outstanding aggregate Principal Balance of all Mortgage Loans as of each of the six immediately prior Remittance Dates. Notwithstanding the foregoing, the Required Reserve Account Level shall not be reduced below the Required Reserve Account Level on the Remittance Date prior to the Remittance Date on which an Insured Payment is made.
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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.

Related to Required Reserve Account Level

  • 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.

  • 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.

  • 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 [*];

  • 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.

  • 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 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.

  • Required Reserve Amount means, with respect to any Payment Date, the lesser of (a) 0.25% of the difference of the Aggregate Starting Principal Balance less the Yield Supplement Overcollateralization Amount as of the applicable Cutoff Date of all Receivables transferred to the Trust and (b) the Outstanding Amount of the Notes.

  • Required Reserve Fund Deposit 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 Aggregate 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 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 Offered Certificates, the Class B1 Certificates and the Class B2 Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.

  • Reserve Account Required Amount means, with respect to any Payment Date, an amount equal to 0.25% of the Adjusted Pool Balance as of the Cutoff Date; provided, however, that in no event shall the Reserve Account Required Amount on any Payment Date be more than the aggregate Outstanding Amount of the Notes on such Payment Date (after giving effect to the allocation of principal payments on such Payment Date).

  • Targeted Accumulation Reserve Subaccount Deposit means, with respect to any Distribution Date during the Accumulation Reserve Funding Period, an amount equal to (i) [0.5]% of the Outstanding Dollar Principal Amount of the Class C( - ) Notes as of the close of business on the last day of the related Due Period or (ii) any other amount designated by the Calculation Agent on behalf of the Issuer.]

  • 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.

  • Debt Service Reserve Account shall have the meaning given to it in the Depository Agreement.

  • Series Reserve Account means the Reserve Account for the Series of Bonds established in the Reserve Fund by Supplemental Indenture in an amount equal to the Series Reserve Account Requirement for such Series of Bonds.

  • Required Reserve Factor Floor means, for any month, the sum (expressed as a percentage) of (i) 19.55% plus (ii) the product of the Adjusted Dilution Ratio and the Dilution Horizon Ratio, in each case, as of the immediately preceding Cut-Off Date.

  • Required Reserve means, on any day during a Calculation Period, the product of (a) the greater of (i) the Required Reserve Factor Floor and (ii) the sum of the Loss Reserve, the Interest Reserve, the Dilution Reserve and the Servicing Reserve, times (b) the Net Pool Balance as of the Cut-Off Date immediately preceding such Calculation Period.

  • Required Accumulation Reserve sub-Account Amount means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2019-1) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change.

  • Initial Reserve Account Deposit Amount means an amount equal to $1,554,404.20.

  • FF&E Reserve Account shall have the meaning set forth in Section 7.3 hereof.

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

  • Initial Reserve Account Deposit means $3,000,000.

  • 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:

  • Reserve Account Funding Date means the Payment Date selected by the Servicer on behalf of the Issuer which occurs not later than the earliest of the Payment Date with respect to the Monthly Period which commences three months prior to the commencement of the Controlled Accumulation Period (which commencement shall be subject to postponement pursuant to Section 4.13); provided, however, that if the Rating Agency Condition is satisfied, the Issuer may postpone the Reserve Account Funding Date.

  • Reserve Account Deposit Cash or Eligible Investments having a value of at least $2,653,198.45.

  • Specified Reserve Account Balance means, for any Payment Date, an amount equal to 1.00% of the Pool Balance as of the Cut-Off Date; provided, however, on any Payment Date after the Notes are no longer Outstanding following payment in full of the principal and interest on the Notes, the “Specified Reserve Account Balance” shall be $0.

  • Reserve Account Deposit Amount means, with respect to any Distribution Date, the lesser of (x) the excess of (i) the Specified Reserve Balance over (ii) the amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Distribution Date and (y) the amount remaining in the Collection Account after taking into account the distributions therefrom described in clauses (i) through (xviii) of Section 5.7(a).

  • Replacement Reserve Account shall have the meaning set forth in Section 7.3.1 hereof.