Required Surety Payment definition

Required Surety Payment. With respect to any Additional Collateral Loan that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion of the Realized Loss with respect to such Mortgage Loan and (ii) the excess, if any, of (a) the amount of Additional Collateral required at origination with respect to such Mortgage Loan over (b) the net proceeds realized by the Subservicer from the related Additional Collateral.
Sample 1Sample 2Sample 3
Required Surety Payment. With respect to any Additional Collateral Loan that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion of the Realized Loss with respect to such Mortgage Loan and (ii) the excess, if any, of (a) the amount of Additional Collateral required at origination with respect to such Mortgage Loan over (b) the net proceeds realized by the Subservicer from the related Additional Collateral. Residential Funding: Residential Funding Company, LLC, a Delaware limited liability company, in its capacity as seller of the Mortgage Loans to the Company and any successor thereto.
Sample 1Sample 2Sample 3
Required Surety Payment. With respect to any defaulted Pledged Asset Mortgage Loan for which a claim is payable under the related Surety Bond under the procedures referred to herein, the lesser of (i) the principal portion of the realized loss with respect to such Mortgage Loan and (ii) the excess, if any, of (a) the amount of Pledged Assets required at origination with respect to such Mortgage Loan (but not more than 30% of the original principal balance of such Mortgage Loan) over (b) the net proceeds realized by the related Pledged Asset Servicer from the related Pledged Assets.
Sample 1Sample 2Sample 3

Examples of Required Surety Payment in a sentence

  • The Trustee shall (i) receive as attorney-in-fact of each Holder of a Certificate any Required Surety Payment from the surety and (ii) disburse the same to the Holders of such Certificates as set forth in Section 4.01.

  • Upon receipt of a Required Surety Payment from the surety on behalf of the Certificateholders, the Trustee shall deposit such Required Surety Payment in the Distribution Account and shall distribute such Required Surety Payment, or the proceeds thereof, in accordance with the provisions of Section 4.01.

  • If a Required Surety Payment is payable pursuant to the Limited Purpose Surety Bond with respect to any Additional Collateral Mortgage Loans, as determined by the Master Servicer and the Additional Collateral Servicer, the Master Servicer shall so notify the Trustee as soon as reasonably practicable and the Trustee shall promptly complete the notice in the form of Attachment 1 to the Limited Purpose Surety Bond and shall promptly submit such notice to the surety as a claim for a Required Surety Payment.

  • If a Required Surety Payment is payable pursuant to the Limited Purpose Surety Bond with respect to any Pledged Asset Loans, as determined by the Master Servicer and the Pledged Asset Servicer, the Master Servicer shall so notify the Trustee as soon as reasonably practicable and the Trustee shall promptly complete the notice in the form of Attachment 1 to the Limited Purpose Surety Bond and shall promptly submit such notice to the surety as a claim for a Required Surety Payment.

  • If the Additional Collateral Servicer informs the Trustee that a Required Surety Payment is payable pursuant to the Surety Bond, with respect to any Additional Collateral Mortgage Loan, the Trustee shall promptly complete the notice in the form of Attachment 1 to the Surety Bond and shall return such notice to the Additional Collateral Servicer for submission to the Surety Bond Issuer.

  • Any Required Surety Payment received by the Trustee shall be remitted to the Master Servicer.

  • The Trustee hereby agrees to cooperate with the Additional Collateral Servicer in taking all necessary action to realize on the Surety Bond, including, without limitation, executing any documents or notices prepared by the Additional Collateral Servicer, necessary to collect any Required Surety Payment.

  • The Trustee shall (i) receive as attorney-in-fact of each Holder of a Certificate any Required Surety Payment from the surety and (ii) disburse the same to the Holders of such Certificates as set forth in Section 6.01.

  • The Master Servicer shall deposit such Required Surety Payment in the Master Servicer Collection Account and shall distribute such Required Surety Payment, or the proceeds thereof, in accordance with the provisions of Section 4.

  • Upon receipt of a Required Surety Payment from the Surety on behalf of the Certificateholders, the Trustee shall deposit such Required Surety Payment in the Master Servicer Collection Account and shall distribute such Required Surety Payment, or the proceeds thereof, in accordance with the provisions of Section 6.01.


More Definitions of Required Surety Payment

Required Surety Payment. With respect to any defaulted Additional Collateral Mortgage Loan for which a claim is payable under the Surety Bond under the procedures referred to herein, the lesser of (i) the principal portion of the realized loss with respect to such Mortgage Loan and (ii) the excess, if any, of (a) the amount of Additional Collateral required at origination with respect to such Mortgage Loan (but not more than 30% of the original principal balance of such Mortgage Loan) over (b) the net proceeds realized by the Additional Collateral Servicer from the related Additional Collateral.
Sample 1Sample 2Sample 3
Required Surety Payment. With respect to any Pledged Asset Loan that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion of the Realized Loss with respect to such Mortgage Loan and (ii) the excess, if any, of (a) the Original Pledged Asset Requirement with respect to such Mortgage Loan over (b) the net proceeds realized by the Pledged Asset Servicer from the related Pledged Assets as set forth in Section 3.16.
Sample 1Sample 2Sample 3
Required Surety Payment. With respect to any Additional Collateral ----------------------- Mortgage Loan that becomes a Liquidated Mortgage Loan, the lesser of (i) related Additional Collateral Mortgage Loan Liquidation Shortfall and (ii) the excess, if any, of (a) the Original Additional Collateral Requirement with respect to such Mortgage Loan over (b) the net proceeds realized by MLCC from the related Additional Collateral as set forth in Section 5.21.
Sample 1Sample 2Sample 3
Required Surety Payment means, with respect to any defaulted Additional Collateral Loan for which a claim is payable under the related Surety Bond under the procedures referred to herein, the lesser of (i) the principal portion of the realized loss with respect to such Loan as determined by the Servicer and (ii) the excess, if any, of (a) the amount of Additional Collateral required at origination with respect to such Loan (but for this purpose, not more than 30% of the original principal balance of the related Additional Collateral Loan) over (b) the net proceeds realized by the Additional Collateral Servicer from the related Additional Collateral.
Sample 1
Required Surety Payment. With respect to any Additional Collateral Mortgage Loan that becomes a Liquidated Mortgage Loan, the lesser of (i) related Additional Collateral Mortgage Loan Liquidation Shortfall and (ii) the excess, if any, of (a) the Original Additional Collateral Requirement with respect to such Mortgage Loan over (b) the net proceeds realized by MLCC from the related Additional Collateral as set forth in Section 5.21.
Sample 1

Related to Required Surety Payment

  • Indemnity Payment shall have the meaning set forth in Section 4.4(a).

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

  • Required Subordinated Amount means, as of a date, the sum of:

  • Delta Payment means as it is described in this Agreement.

  • Master Servicer Prepayment Charge Payment Amount The amounts payable by the Master Servicer pursuant to Section 2.03(b) in respect of any waived (or, with respect to subsequent changes of law, any unenforceable) Prepayment Charges.

  • Insurance Costs means the sums described in paragraph 1.1 of Part 5 of the Schedule;

  • Indemnity Amount means the amount of any indemnification obligation payable under the Basic Documents.

  • Reimbursement Payment shall have the meaning given to that term in Subparagraph 2.02(c).

  • Acceptable Insurance Default shall have the meaning assigned to such term or analogous term in the Servicing Agreement.

  • Certificate Insurance Policy The Certificate Guaranty Insurance Policy No. AB1094BE, dated the Closing Date, including any endorsements thereto issued by the Certificate Insurer to the Trustee for the benefit of the Holders of the Insured Certificates, a form of which is attached as Exhibit L hereto.

  • Servicer Prepayment Charge Payment Amount The amounts payable by the Servicer in respect of any waived Prepayment Charges pursuant to Section 2.05 or Section 3.01.

  • Interim Payment has the meaning specified in Section 10.1.

  • Advance Reimbursement Amounts As defined in Section 3.29 hereof.

  • Assumed Monthly Payment With respect to (a) any Mortgage Loan that is a Balloon Mortgage Loan delinquent in respect of its Balloon Payment beyond the Determination Date immediately following its scheduled maturity date (as such date may be extended in connection with a bankruptcy, insolvency or similar proceeding involving the related Borrower or by reason of a modification, waiver or amendment granted or agreed to by the Master Servicer or the Special Servicer), for that scheduled maturity date and for each subsequent Due Date as of which such Mortgage Loan remains outstanding and part of the Trust Fund, the scheduled monthly payment of principal and/or interest deemed to be due with respect to such Mortgage Loan on such Due Date equal to the amount (exclusive of Default Interest and any Post-ARD Additional Interest) that would have been due in respect thereof on such Due Date if such Mortgage Loan had been required to continue to accrue interest in accordance with its terms, and to pay principal in accordance with the amortization schedule (if any), in effect immediately prior to, and without regard to the occurrence of, such maturity date; and (b) any REO Mortgage Loan, for any Due Date as of which the related REO Property (or, in the case of any REO Mortgage Loan that is a successor to any Mortgage Loan in a Loan Combination, any interest in the related REO Property) remains part of the Trust Fund, the scheduled monthly payment of principal and/or interest deemed to be due in respect thereof on such Due Date equal to the Monthly Payment (or, in the case of a Balloon Mortgage Loan described in clause (a) of this definition, the Assumed Monthly Payment) that was due (or deemed due) with respect to the related Mortgage Loan on the last Due Date prior to its becoming an REO Mortgage Loan.

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

  • 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).

  • Reimbursement insurance policy means a policy of insurance

  • Deficiency Payment has the meaning set forth in Section 9(a).

  • Special Hazard Loss Coverage Amount With respect to the first Distribution Date, $5,000,000. With respect to any Distribution Date after the first Distribution Date, the lesser of (a) the greatest of (i) 1% of the aggregate of the principal balances of the Mortgage Loans, (ii) twice the principal balance of the largest Mortgage Loan and (iii) the aggregate of the principal balances of all Mortgage Loans secured by Mortgaged Properties located in the single California postal zip code area having the highest aggregate principal balance of any such zip code area and (b) the Special Hazard Loss Coverage Amount as of the Closing Date less the amount, if any, of Special Hazard Losses allocated to the Certificates since the Closing Date. All principal balances for the purpose of this definition will be calculated as of the first day of the calendar month preceding the month of such Distribution Date after giving effect to Scheduled Payments on the Mortgage Loans then due, whether or not paid.

  • Payment Cap For each Mortgage Loan, the percentage limit set forth in the related Mortgage Note concerning the maximum permitted increase in a monthly payment.

  • Gross advance amount means the sum payable to the payee or for the payee's account as consideration for a transfer of structured settlement payment rights before any reductions for transfer expenses or other deductions to be made from such consideration.

  • Monthly Payment Advance means, with respect to any 20[•]-[•] Lease and any Collection Period, an amount equal to the difference between the Monthly Payment due and the Lessee Partial Monthly Payment.

  • Prepayment Premiums Any prepayment fees and penalties to be paid by the Mortgagor on a Mortgage Loan.

  • Evidence of coverage means any certificate, agreement or contract issued to an enrollee setting out the coverage to which the enrollee is entitled.

  • Servicing Advance Reimbursement Amounts As defined in Section 3.22.