Group II Subordination Deficit definition

Group II Subordination Deficit. As of any Distribution Date, the amount, if any, by which (a) the aggregate Certificate Principal Balance of the Class A-2 Certificates (after taking into account the payment of the Group II Class A Principal Distribution Amount (other than payments made with respect thereto pursuant to clause (vi) of the definition of Group II Class A Principal Distribution Amount from amounts drawn under the Group II Certificate Insurance Policy)) on such date exceeds (b) the Group II Pool Principal Balance determined as of the end of the immediately preceding Due Period.
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Group II Subordination Deficit. With respect to Group II and any Payment Date, the amount, if any, by which (x) the Class A-2 Certificate Principal Balance, after taking into account the payment of the Group II Principal Distribution Amount on such Payment Date (except any payment to be made as to principal from the proceeds of the Variable Rate Certificate Insurance Policy), exceeds (y) the sum of (a) the aggregate Loan Balances of the Mortgage Loans in Group II as of the close of business on the last day of the related Due Period and (b) the amount, if any, on deposit in the Pre-Funding Account exclusive of any Pre-Funding Account Earnings related to Group II as of the close of business on the last day of the related Remittance Period; provided that for the purpose of calculating Loan Balances to determine if a Subordination Deficit exists, the aggregate amount of the principal component of all unreimbursed Delinquency Advances shall be deducted from the related actual Loan Balances.
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Group II Subordination Deficit. As of any Payment Date, the excess, if any, of (x) the Class A-6 Group II Principal Balance after taking into account the amount otherwise payable as the Group II Principal Distribution Amount on such Payment Date (i.e., the sum of (i) the Base Group II Principal Distribution Amount and (ii) the Group II Subordination Increase Amount), over (y) the Group II Pool Principal Balance as of the close of business on the last day of the preceding Remittance Period.
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Examples of Group II Subordination Deficit in a sentence

  • In each case above, Liquidated Loan Losses after the Certificate Principal Balances of the Certificates described above have been reduced to zero shall not be allocated to any specific class of related Certificates, but shall increase the Group I Subordination Deficit or Group II Subordination Deficit, as applicable, in the manner described in this Agreement.

  • Liquidated Loan Losses after the Certificate Principal Balance of the Class II S Certificates has been reduced to zero shall not be allocated to any specific class of Certificates, but shall increase the Group II Subordination Deficit in the manner described in this Agreement.

  • Please be advised that the amount set forth in (a) (iv) above is not sufficient to pay all of the following amounts in full: the Group I Interest Distribution Amount, the Group II Interest Distribution amount, the Group I Subordination Deficit, the Group II Subordination Deficit, the unpaid Group I Preference Amount and the unpaid Group II Preference Amount in respect of the Payment Date set forth above.


More Definitions of Group II Subordination Deficit

Group II Subordination Deficit. With respect to any Payment Date, the amount, if any, by which (x) the Class A-2 Certificate Principal Balance, after taking into account the payment of the Group II Principal Distribution Amount on such Payment Date (except any payment to be made as to principal on such Payment Date from the proceeds of the Group II Certificate Insurance Policy), exceeds the sum of (y) the aggregate Loan Balance of the Mortgage Loans in Group II as of the close of business on the last day of the preceding Remittance Period after taking into account payments of scheduled principal on such Mortgage Loans due on the Due Date in the calendar month in which such Payment Date occurs and (z) the portion of the Pre-Funded Amount related to Group II as of the close of business on the last day of the related Remittance Period; provided that for the purpose of calculating Loan Balances to determine if a Group II Subordination Deficit exists, the aggregate amount of the principal component of all unreimbursed Delinquency Advances relating to Group II shall be deducted from the related actual Loan Balances.
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Group II Subordination Deficit. With respect to Mortgage Loan Group II as of any Payment Date, the amount, if any, by which (x) the Group II Certificate Principal Balance, after taking into account the payment of the Group II Principal Distribution Amount (calculated for this purpose only without regard to clause (ii)(f) thereof) on such Payment Date, exceeds (y) the aggregate Loan Balances of the Mortgage Loans in Mortgage Loan Group II as of the close of business on the last day of the prior Remittance Period.
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Group II Subordination Deficit. As of any Payment Date, the excess, if any, of (x) the Group II Certificate Principal Balance, after taking into account the payment of principal made pursuant to clause (a) through clause (e) of the Group II Principal Distribution Amount to the Holders of the Group II Certificates on such Payment Date (other than the principal portion of any Group II Insured Payment), over (y) the Group II Aggregate Loan Balance as of the close of business on the last day of the prior Remittance Period; provided that, with respect to the Payment Date occurring in December 2027 for the Group II Certificates, the Group II Subordination Deficit shall be the aggregate outstanding Class A-5 Certificate Principal Balance if the Servicer has not purchased all remaining Mortgage Loans in Group II as of the preceding Remittance Date at the Loan Purchase Price thereof.
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Group II Subordination Deficit. With respect to Group II and any Distribution Date, the excess of (x) the Group II Certificate Principal Balance, after taking into account the payment of the Group II Principal Distribution Amount on such Distribution Date (except any payments as to principal from the proceeds of the Group II Certificate Insurance Policy to be made on such Distribution Date) over (y) the sum of (i) the aggregate Scheduled Principal Balances of the Mortgage Loans in Group II as of the close of business on the last day of the related Due Period and (ii) the Group II Pre-Funded Amount less any Pre- Funding Account Earnings with respect thereto.
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Related to Group II Subordination Deficit

  • Class Subordination Percentage With respect to any Distribution Date and each Class of Subordinated Certificates, the quotient (expressed as a percentage) of (a) the Class Certificate Balance of such Class of Certificates immediately prior to such Distribution Date divided by (b) the aggregate of the Class Certificate Balances immediately prior to such Distribution Date of all Classes of Certificates.

  • Subordination Deficiency With respect to any Distribution Date, the excess, if any, of (a) the Specified Subordinated Amount applicable to such Distribution Date over (b) the Subordinated Amount applicable to such Distribution Date.

  • Initial Subordinate Class Percentage As defined in the Series Supplement.

  • Subordination Depletion Date The Distribution Date preceding the first Distribution Date on which the Class A Percentage (determined pursuant to clause (ii) of the definition thereof) equals or exceeds 100%.

  • Subordination Reduction Amount With respect to any Distribution Date, an amount equal to the lesser of (a) the Excess Subordinated Amount and (b) the Net Monthly Excess Cash Flow.

  • Excess Subordinated Amount With respect to any Distribution Date, the excess, if any, of (a) the Subordinated Amount on such Distribution Date over (b) the Specified Subordinated Amount for such Distribution Date.

  • Encumbered Required Subordinated Amount of Class D Notes means, for the Class C( - ) Notes, an amount equal to the product of

  • Group II Subordinate Percentage For any Distribution Date, the excess of 100% over the Group II Senior Percentage for such date.

  • Available Subordinated Amount if there is a Subordinate Class with respect to Class A, shall mean, on a Distribution Date, the sum of

  • REMIC II Subordinated Balance Ratio The ratio among the Uncertificated Balances of each REMIC II Regular Interest ending with the designation “SUB,”, equal to the ratio between, with respect to each such REMIC II Regular Interest, the excess of (x) the aggregate Stated Principal Balance of the Group I Mortgage Loans or Group II Mortgage Loans, as applicable over (y) the current Certificate Principal Balance of related Class A Certificates.

  • Unencumbered Required Subordinated Amount of Class D Notes means, for the Class C( - ) Notes, an amount equal to the product of

  • Required Subordinated Amount means, as of a date, the sum of:

  • REMIC II Overcollateralization Amount With respect to any date of determination, (i) 0.50% of the aggregate Uncertificated Balances of the REMIC II Regular Interests (other than REMIC II Regular Interest P) minus (ii) the aggregate of the Uncertificated Balances of REMIC II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II Regular Interest M-11, in each case as of such date of determination.

  • Aggregate Class B Interest Distributable Amount With respect to any Distribution Date, the sum of (i) the Note Class Interest Distributable Amount for the Class B Notes as of such Distribution Date and (ii) the Class B Interest Carryover Shortfall as of the close of the preceding Distribution Date.

  • REMIC I Subordinated Balance Ratio The ratio among the Uncertificated Principal Balances of each of the REMIC I Regular Interests ending with the designation "A," equal to the ratio among, with respect to each such REMIC I Regular Interest, the excess of (x) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group over (y) the Current Principal Amount of the Senior Certificates in the related Group.

  • Group I Subordinate Percentage For any Distribution Date, the excess of 100% over the Group I Senior Percentage for such date.

  • Note Class Interest Distributable Amount With respect to any class of Notes and any Distribution Date, the product of (i) the outstanding principal balance of such class of Notes as of the close of the preceding Distribution Date (or, in the case of the first Distribution Date, the outstanding principal balance of such class of Notes on the Closing Date) and (ii) (a) in the case of the Notes, other than the Class A-1 Notes, one-twelfth of the Interest Rate for such class (or, in the case of the first Distribution Date, the Interest Rate for such class multiplied by a fraction, the numerator of which is 15 and the denominator of which is 360) and (b) in the case of the Class A-1 Notes, the product of the Interest Rate for such class of Notes for such Distribution Date and a fraction, the numerator of which is the number of days elapsed from and including the prior Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date), to but excluding that Distribution Date and the denominator of which is 360. Note Depository: The depository from time to time selected by the Indenture Trustee on behalf of the Issuing Entity in whose name the Notes are registered prior to the issue of Definitive Notes. The first Note Depository shall be Cede & Co., the nominee of the initial Clearing Agency.

  • Aggregate Class C Interest Distributable Amount With respect to any Distribution Date, the sum of (i) the Note Class Interest Distributable Amount for the Class C Notes as of such Distribution Date and (ii) the Class C Interest Carryover Shortfall as of the close of the preceding Distribution Date.

  • Overcollateralization Deficiency For any Distribution Date will be equal to the amount, if any, by which (x) the Targeted Overcollateralization Amount for such Distribution Date exceeds (y) the Overcollateralization Amount for such Distribution Date, calculated for this purpose after giving effect to the reduction on such Distribution Date of the aggregate Class Principal Balance of the Certificates resulting from the payment of the Principal Payment Amount on such Distribution Date, but prior to allocation of any Applied Loss Amount on such Distribution Date.

  • REMIC II Principal Loss Allocation Amount With respect to any Distribution Date, an amount equal to (a) the product of (i) 50% of the aggregate Stated Principal Balance of the Mortgage Loans and REO Properties then outstanding and (ii) 1 minus a fraction, the numerator of which is two times the aggregate of the Uncertificated Balances of REMIC II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest M-11 and the denominator of which is the aggregate of the Uncertificated Balances of REMIC II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest M-11 and REMIC II Regular Interest ZZ.

  • Overcollateralization Deficiency Amount With respect to any Distribution Date, the amount, if any, by which the Overcollateralization Target Amount exceeds the Overcollateralized Amount on such Distribution Date (assuming that 100% of the Principal Remittance Amount is applied as a principal distribution on such Distribution Date).

  • Excess Subordinate Principal Amount With respect to any Distribution Date on which the aggregate Certificate Principal Balance of the Class of Subordinate Certificates then outstanding with the Lowest Priority is to be reduced to zero and on which Realized Losses are to be allocated to such class or classes, the excess, if any, of (i) the amount that would otherwise be distributable in respect of principal on such class or classes of Certificates on such Distribution Date over (ii) the excess, if any, of the aggregate Certificate Principal Balance of such class or classes of Certificates immediately prior to such Distribution Date over the aggregate amount of Realized Losses to be allocated to such classes of Certificates on such Distribution Date as reduced by any amount calculated pursuant to Section 4.02(b)(i)(E). With respect to any Mortgage Pool that is comprised of two or more Loan Groups, the Excess Subordinate Principal Amount will be allocated between each Loan Group on a pro rata basis in accordance with the amount of Realized Losses attributable to each Loan Group and allocated to the Certificates on such Distribution Date.

  • Class A/B Interest Coverage Test means the test which will apply as of any Measurement Date occurring on and after the Determination Date immediately preceding the second Payment Date and which will be satisfied on such Measurement Date if the Class A/B Interest Coverage Ratio is at least equal to 120.0 per cent.

  • Original Subordinated Principal Balance The aggregate of the Class Certificate Balances of the Subordinated Certificates as of the Closing Date.

  • Required Subordinated Amount of Class C Notes means, for the Class A( - ) Notes for any date of determination, an amount equal to the product of

  • REMIC I Overcollateralized Amount With respect to any date of determination, (i) 1% of the aggregate Uncertificated Balance of the REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP) minus (ii) the aggregate Uncertificated Balance of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10, in each case as of such date of determination.