PRESECURITIZATION RESERVES

PRESECURITIZATION RESERVES. Shall mean with respect to any GATE Conforming Loan that amount established as such by the Program Lender in its discretion; provided, however, that Pre-Securitization Reserves shall not in any event exceed the sum of the Expected Securitization Reserves plus the Program Lender's Origination Fee therefor (as the term "Origination Fee" is defined in the Loan Packaging and Funding Agreement).