Tail Loss Trust Funding Obligation definition

Tail Loss Trust Funding Obligation means the Subscribing Reinsurer's proportionate share of (a) an amount equal to (i) the sum of the unpaid principal balance of all Tail Loss Loans, less the sum of the Appraisal (as defined in the Policy) values of all properties supporting the Tail Loss Loans, times (ii) one hundred and twenty percent (120%) plus (b) Aggregate Losses (as defined in the Policy) as of the date of the second (2nd) anniversary of the Termination Date (as defined in the Policy) less (c) the Aggregate Retention (as defined in the Policy) less (d) Loss(es) (as defined in the Policy) previously paid; provided, however, in no event shall a Subscribing Reinsurer's Tail Loss Trust Funding Obligation be greater than such Subscribing Reinsurer's Trust Funding Obligations.
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Examples of Tail Loss Trust Funding Obligation in a sentence

  • The Trust Funding Obligation of each Subscribing Reinsurer under the Trust Account Creation and Funding Provisions Article relating to the Reinsurance Trust Account shall be replaced by the Tail Loss Trust Funding Obligation under this Tail Loss Article on the second (2nd) anniversary of the Termination Date (as defined in the Policy).

  • The Tail Loss Trust Funding Obligation shall be deposited in the Tail Loss Trust within sixty (60) days of the second (2nd) anniversary of the Termination Date (as defined in the Policy).

Related to Tail Loss Trust Funding Obligation

  • Reserve Account Funding Date means the Distribution Date which occurs not later than the earliest of (a) the Distribution Date with respect to the Monthly Period that commences not later than three months prior to the Distribution Date with respect to the first Monthly Period in the Controlled Accumulation Period, (b) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the September 2003 Monthly Period or any Monthly Period thereafter is less than 2%, the Distribution Date with respect to such Monthly Period, (c) in the event that the average Excess Spread Percentage for any three consecutive Monthly Periods ending in the March 2004 Monthly Period or any Monthly Period thereafter is less than 3%, the Distribution Date with respect to such Monthly Period and (d) such earlier Distribution Date as the Transferors may determine by written notice to the Trustee and the Servicer. For this purpose, the "Excess Spread Percentage" for any Monthly Period shall be equal to the Series Adjusted Portfolio Yield for such Monthly Period minus the Base Rate for such Monthly Period.

  • Loan Combination Custodial Account means the “Loan Combination Custodial Account” or analogous account established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Pre-Funding Account means the account designated as the Pre-Funding Account in, and which is established and maintained pursuant to Section 7.07.

  • Non-Lead Securitization Trust means the Securitization Trust into which any Non-Lead Securitization Note is deposited.

  • student loan means a loan towards a student's maintenance pursuant to any regulations made under section 22 of the Teaching and Higher Education Act 1998, section 73 of the Education (Scotland) Act 1980 or Article 3 of the Education (Student Support) (Northern Ireland) Order 1998 and includes, in Scotland, a young student's bursary paid under regulation 4(1)(c) of the Students’ Allowances (Scotland) Regulations 2007.

  • Lead Securitization Trust means the Securitization Trust created in connection with the Lead Securitization.

  • Lead Securitization Date means the closing date of the Lead Securitization.

  • Servicer Account means any account established by Servicer in connection with the servicing of the Mortgage Loans.

  • Non-Lead Securitization Date means the closing date of any Non-Lead Securitization.

  • Excess Funding Account shall have the meaning specified in Section 4.02.

  • Whole Loan Custodial Account means the “Whole Loan Custodial Account” established for the Mortgage Loan pursuant to the Lead Securitization Servicing Agreement.

  • Pre-Funded Amount With respect to any date of determination, the amount on deposit in the Pre-Funding Account.

  • Non-Lead Securitization Determination Date means the “determination date” (or any term substantially similar thereto) as defined in the related Non-Lead Securitization Servicing Agreement.

  • Interest Funding Account means the trust account designated as such and established pursuant to Section 5.01(a).

  • Lead Securitization PSA means (a) during the period from and after the Note A-2 Securitization Date and prior to the Note A-1 Securitization Date, the Note A-2 PSA and (b) from and after the Note A-1 Securitization Date, the Note A-1 PSA.

  • Grantor Trust means a Trust other than a RIC.

  • Trust Account Property means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing.

  • Non-Lead Securitization Noteholder Representative shall have the meaning assigned to such term in the definition of “Non-Lead Securitization Noteholder”.

  • Lead Securitization Servicing Agreement means (i) the pooling and servicing agreement or other comparable agreement related to the Lead Securitization, and (ii) on and after the date on which the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the “Lead Securitization Servicing Agreement” shall be determined in accordance with the second paragraph of Section 2(a).

  • Trust Student Loan means any student loan that is listed on the Schedule of Trust Student Loans on the Closing Date, plus any Additional Loan, plus any Substituted Loan that is permissibly substituted for a Trust Student Loan by the Depositor pursuant to Section 6(B) of the Sale Agreement or pursuant to Section 6(B) of an Additional Sale Agreement, or by the Servicer pursuant to Section 3.5 of the Servicing Agreement, but shall not include any Purchased Loan following receipt by or on behalf of the Trust of the Purchase Amount with respect thereto or any Liquidated Student Loan following receipt by or on behalf of the Trust of Liquidation Proceeds with respect thereto or following such Liquidated Student Loan having otherwise been written off by the Servicer.

  • Note A-1 Trust Fund means the trust formed pursuant to the Note A-1 PSA.

  • Non-Lead Securitization Servicing Agreement shall have the meaning assigned to such term in Section 2(b).