Examples of Delinquency Test in a sentence
If the Servicer elects to exercise such option, then on each Distribution Date the Servicer shall deposit into the Spread Account the amount necessary to maintain the Cash Collateral Deposit until such time as the Delinquency Ratio (without taking into account any reduction for Cash Collateralized Receivables) is at a level that does not violate the Level 1 Delinquency Test or Level 2 Delinquency Test.
The Delinquency Test will be failed on a Distribution Date if the Rolling Sixty-Day Delinquency Rate for such Distribution Date is greater than 50% of the Current Class A Enhancement Level as of such Distribution Date.
A Trigger Event will be in effect on a Distribution Date if either the Delinquency Test or the Cumulative Loss Test is failed.
SERVICER TERMINATION DELINQUENCY TEST: The Servicer Termination Delinquency Test is satisfied for any Payment Date if the three month rolling average of the 90 plus day delinquencies (including foreclosures and REOs) exceeds 49% of the Senior Enhancement Percentage.
In the event that the Servicer is in default under the terms of the Pooling and Servicing Agreement, or if the Servicer Termination Delinquency Test or Servicer Termination Cumulative Realized Losses Test are not satisfied, the servicing of the mortgages will be transferred to the Back-up Servicer.