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 Fund Amount. Not applicable.
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 aggregate Class Principal Amount of the Offered Certificates immediately prior to such Distribution Date exceeds (b) the amount on deposit in the 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 $1,000 exceeds the amount on deposit in the Reserve Fund immediately prior to such date; provided, however, that on any Distribution Date on which the Class Principal Amounts of each of the Offered Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.
Examples of Required Reserve Fund Amount in a sentence
On the Initial Closing Date, an initial deposit shall be made in the Reserve Fund by the Seller in the amount of the Initial Required Reserve Fund Amount in accordance with Section 2.7 of the Mortgage Loan Purchase and Servicing Agreement.
The Collateral Agent shall have received evidence that the Reserve Fund has been established and funded in an amount equal to the Initial Required Reserve Fund Amount.
The Collateral Agent shall have received evidence not later than the date on which the Issuer first purchases a Mortgage Loan under the Mortgage Loan Purchase and Servicing Agreement that the Reserve Fund has been established and funded in an amount equal to the Required Reserve Fund Amount.
On each Closing Date thereafter, the Seller shall deposit such amount as required to cause the amount on deposit in the Reserve Fund to equal the Required Reserve Fund Amount on such Closing Date in accordance with Section 2.7 of the Mortgage Loan Purchase and Servicing Agreement.
On the first Closing Date pursuant to this Purchase Agreement and on each date that any Mortgage Loans are sold to the Purchaser in connection with an increase in the Outstanding Program Amount, the Purchaser shall deposit an amount into the Reserve Fund from the proceeds of the commitment fees paid to the Purchaser pursuant to Section 15.1, so that the amount on deposit in the Reserve Fund equals the Initial Required Reserve Fund Amount.
More Definitions of Required Reserve Fund Amount
Required Reserve Fund Amount. With respect to any Distribution Date on which the Net Excess Spread for such date is less than 0.25%, the excess, if any, of (i) the product of 0.50% and the aggregate Scheduled Principal Balance of the Mortgage Loans over (ii) the amount of funds on deposit in the Basis Risk Reserve Fund prior to deposits thereto on such Distribution Date. With respect to any Distribution Date on which the Net Excess Spread for such date 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 Fund Amount. With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the greater of (a) $15,000 and (b) the product of 0.50% and the Aggregate Loan Balance. With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, $5,000.
Required Reserve Fund Amount. With respect to any Distribution Date on which the Net Excess Spread Percentage is less than 0.25%, the amount, if any by which (a) the product of 1.00% and the aggregate Class Principal Amount of the Offered Certificates immediately prior to such Distribution 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 Percentage is equal to or greater than 0.25%, the amount, if any, by which $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 Amounts of each Class of the Offered Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.
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 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 Publicly-Offered Certificates (other than the Class A-IO and Class A-SIO Certificates) and the Class B Certificates has been reduced to zero, the Required Reserve Fund Amount shall be zero.
Required Reserve Fund Amount. With respect to any Distribution Date the amount, if any, by which $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 Certificate Principal Amount of each class of LIBOR Certificates and Fixed Rate Certificates has been reduced to zero, the Required Reserve Fund Deposit shall be zero.
Required Reserve Fund Amount means, for any Distribution Date, an amount equal to 0.50% of the Cutoff Date Pool Balance; provided, however, that the Required Reserve Fund Amount (i) may not exceed the Note Balance and (ii) will be zero if the Pool Balance as of the last day of the related Collection Period is zero.
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) $1000 exceeds (ii) the amount on deposit in the Basis Risk Reserve Fund immediately prior to such date.