Disposition Surplus definition
Disposition Surplus means the amount determined by subtracting (i) the sum of (a) the actual, reasonable costs and expenses incurred or paid by Bank upon a Securitization of the Pool Assets or upon a sale or transfer of the Pool Assets to a third party, (b) other amounts, fees or expenses, including without limitation any unpaid Option Margin Premium, owed by CLF to Bank, (c) the Imputed Exercise Price for all Pool Assets and (d) the Profit Participation Amount from (ii) the gross proceeds received by Bank upon a securitization of the Pool Assets or a sale or transfer of the Pool Assets to a third party. Notwithstanding the foregoing, if a Disposition Surplus is being determined after the occurrence of an Event of Default, then such Disposition Surplus shall not include any amount attributable to any gain (if any) resulting from any hedging strategy used by Bank after the occurrence of such Event of Default.
Examples of Disposition Surplus in a sentence
Upon any Securitization or any sale or transfer to a third party of Pool Assets by Grantor, Grantor shall remit the Disposition Surplus to Buyer.
If the deceased Owner's spouse is the sole Designated Beneficiary, the spouse shall become the sole Owner of the Contract.