Overcollateralization definition
Overcollateralization means, with respect to any Payment Date, an amount that, if deposited to the Overcollateralization Subaccount, would cause the balance in such subaccount to equal the Scheduled Overcollateralization Level for such Payment Date, without regard to investment earnings.
Overcollateralization means, for any date of determination other than the Closing Date, the amount by which (x) the sum of (i) the Adjusted Pool Balance as of the last day of the related Collection Period, and (ii) the amount on deposit in the Acquisition Account after giving effect to the acquisition of Receivables on that date exceeds (y) the aggregate Note Balance.
Overcollateralization means, as of any date of determination for any Person, the excess of (i) the collateral value of assets pledged by that Person to a lender under a committed warehouse or repurchase facility (after taking into account required haircuts) over (ii) the aggregate amount of the advances or loans made by the lender to the borrower under any such committed warehouse or repurchase facility.
Examples of Overcollateralization in a sentence
Any Excess Spread to the extent necessary to meet a level of overcollateralization equal to the Overcollateralization Target Amount will be the Extra Principal Distribution Amount and will be included as part of the Principal Distribution Amount.
Realized Losses allocated to the Overcollateralization Amount pursuant to paragraph (b) of this Section shall be deemed first to reduce the principal balance of the REMIC II Regular Interest SB-PO until such principal balance shall have been reduced to zero and thereafter to reduce accrued and unpaid interest on the REMIC II Regular Interest SB-IO.
Any Remaining Excess Spread together with any Overcollateralization Release Amount will be applied as Excess Cashflow and distributed pursuant to clauses (3)(A) through (H) below.
Realized Losses shall be allocated first against the Overcollateralization Amount, until the Overcollateralization Amount has been reduced to zero.
Realized Losses allocated to the Overcollateralization Amount pursuant to paragraph (b) of this Section shall be deemed first to reduce the principal balance of the REMIC III Regular Interest SB-PO until such principal balance shall have been reduced to zero and thereafter to reduce accrued and unpaid interest on the REMIC III Regular Interest SB-IO.
More Definitions of Overcollateralization
Overcollateralization. Subject to certain floors, caps and triggers, the required level of overcollateralization may increase or decrease over time.
Overcollateralization. On any day, the difference between the (i) the ADCB on such day and (ii) the aggregate Capital on such day.
Overcollateralization. Commencing in March 2005, any Excess Cashflow will be applied as principal on the Offered Certificates. This will cause the principal balance of the Mortgage Loans to exceed the Class Principal Balance of the Certificates, resulting in Overcollateralization. Any realized losses on the Mortgage Loans will be applied first to Excess Cashflow and then to Overcollateralization. In the event that the Overcollateralization is so reduced, Excess Cashflow will be directed to pay principal on the Certificates, resulting in the limited acceleration of the Certificates relative to the amortization of the Mortgage Loans, until the Overcollateralization reaches the Overcollateralization Target. Upon this event, the acceleration feature will cease, unless the amount of Overcollateralization is reduced by realized losses. -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Securities LLC. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the informati on herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be supersede d by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Securities LLC. -------------------------------------------------------------------------------- ==================================================== MASTR Adjustable Rate Mortgages Trust SERIES 2004-11 ==================================================== -------------------------------------------------------------------------------- THE INFORMATION CONTAINED HEREIN WILL BE SUPERSEDED BY THE DESCRIPTION OF THE MORTGAGE LOANS CONTAINED IN THE PROSPECTUS SUPPLEMENT --------------------------------------------------------------------------------
Overcollateralization means an amount equal to the difference between (i) the total aggregate amount of the outstanding balances of all previous, current and future receivables sold by Triad or its Successor that are not recognized for accounting purposes on a GAAP balance sheet of Triad or its Successor, less (ii) the total aggregate amount of outstanding balances of all "AAA" rated insured securities and securities rated "BBB" or above issued for a senior subordinate asset backed securitization transaction previously, currently or hereafter issued by Triad or its Successor, that are not recognized for accounting purposes on a GAAP balance sheet of Triad or its Successor.
Overcollateralization the required amount of overcollateralization for Group I and Group II Mortgage Loans is based on certain minimum and maximum levels of overcollateralization and on the performance of the Mortgage Loans, for each respective loan group. FIXED RATE (GROUP I): ADJUSTABLE RATE (GROUP II): Initial: 0.00% Initial: 0.00% Target: 1.75% Target: 3.50% Stepdown: 3.50% Stepdown: 7.00% Floor: 0.50% Floor: 0.50% Cross-collateralization: On each Payment Date, excess interest from one loan group will be available to fund payment priorities (ii), (iii) and (iv) under "Payment Priority" below with respect to the other loan group.
Overcollateralization. With respect to any Distribution Date, the excess, if any, of (a) the aggregate Stated Principal Balances of the Mortgage Loans and REO Properties immediately following such Distribution Date over (b) the sum of the aggregate Certificate Principal Balances of the Certificates at the time of the allocation of any Realized Loss or Extraordinary Trust Expense.
Overcollateralization. The required application of the cashflow from the pool results in a limited acceleration of the Notes relative to the amortization of the Home Equity Loans in the early months of the transaction. The accelerated amortization is achieved by the application of certain excess interest to the payment in reduction of the Note Principal Balance. This acceleration feature creates overcollateralization (i.e., the excess of the aggregate outstanding Loan Balance of the Home Equity Loans over the Note Principal Balance). Once the required level of overcollateralization is reached, and subject to the provisions below, the acceleration feature will cease unless necessary to maintain the required level of overcollateralization. The Sale and Servicing Agreement provides that, subject to certain floors, caps and triggers, the required level of overcollateralization may increase or decrease over time.