PML Clause Samples

The PML (Probable Maximum Loss) clause defines the maximum expected loss that could result from a specific event, such as a natural disaster or other insured peril, under normal circumstances. In practice, this clause sets a quantifiable limit on the insurer's exposure by estimating the worst-case scenario loss that is still considered probable, often based on risk modeling or historical data. By establishing this cap, the PML clause helps both parties understand the potential financial impact of catastrophic events and ensures that insurance coverage and risk management strategies are appropriately aligned.
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PML. It is an estimate by insurers of the maximum loss which could affect a risk within the realms of probability, disregarding unlikely coincidences and catastrophes. PML of risk is calculated mainly for material damage. For other than Act of God perils and for business interruption PML is generally at 100% subject to time excess.
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PML as Administrator undertakes that it will open and maintain in the books of the Issuer ledgers, to be known as: (a) the Revenue Ledger; (b) the Principal Ledger; (c) the General Reserve Fund Ledger; (d) the Class A and Class B Liquidity Reserve Fund Ledger; (e) the Mortgage Margin Reserve Fund Ledger; (f) the Mortgage MRF Discretionary Fund Ledger; (g) the Conversion Margin Reserve Fund Ledger; (h) the Conversion MRF Discretionary Fund Ledger; (i) the MFA Pre-Funding Reserve Ledger; (j) the Interest Shortfall Ledger; (k) the Class S VFN Drawdown Ledger; (l) the Retained Principal Ledger; (m) the Issuer Profit Ledger; and (n) the Principal Deficiency Ledger. which shall together reflect all amounts from time to time held by the Issuer or the Trustee (excluding Hedge Collateral which shall be recorded in the Hedge Collateral Ledger in accordance with Clause 6.17), being the aggregate of all amounts which are for the time being either (i) standing to the credit of the Transaction Account or (ii) invested in Authorised Investments; and PML as Administrator shall record in the Revenue Ledger, the Principal Ledger, the General Reserve Fund Ledger, the Class A and Class B Liquidity Reserve Fund Ledger, the Mortgage Margin Reserve Fund Ledger, the Mortgage MRF Discretionary Fund Ledger, the Conversion Margin Reserve Fund Ledger, the Conversion MRF Discretionary Fund Ledger, the MFA Pre-Funding Reserve Ledger, the Class S VFN Drawdown Ledger, the Retained Principal Ledger, the Interest Shortfall Ledger and the Issuer Profit Ledger in accordance with the terms of this Agreement all amounts received by or on behalf of the Issuer or the Trustee and all payments made by or on behalf of the Issuer or the Trustee.
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