Overcollateralization Target definition

Overcollateralization Target. Prior to the Distribution Date in March 2005, the Overcollateralization Target will be zero. For any Distribution thereafter, the Overcollateralization Target will be equal to [0.75%]* of the Cut-off Date Balance (the "Overcollateralization Target"). On or after the Stepdown Date, the Overcollateralization Target will be equal to [1.50%]* of the aggregate principal balance of the Mortgage Loans for the related Distribution Date, subject to a floor of [0.75%]* (the " O/C Floor") of the Cut-off Date Balance of the Mortgage Loans; provided, however, that if a Trigger Event (as described herein) is in effect on the related Distribution Date, the Overcollateralization Target will be equal to the Overcollateralization Target on the Distribution Date immediately preceding the Distribution Date on which such Trigger Event is in effect.

Overcollateralization Target. Amount: $2,843,323. Pass-Through Rate: As to each Class of Certificates, the REMIC I Regular Interests and the REMIC II Regular Interests, the rate of interest determined as provided with respect thereto in Section 5.01(c).

Overcollateralization Target. Amount: Prior to the Stepdown Date, an amount equal to 0.50% of the Cut-off Date Pool Principal Balance. On and after the Stepdown Date, an amount equal to the greater of (i) 1.00% of the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (ii) $3,158,334; provided, however, that if, on any Distribution Date, a Trigger Event exists, the Overcollateralization Target Amount shall not be reduced to the applicable percentage of the then current aggregate Stated Principal Balance of the Mortgage Loans until the Distribution Date on which a Trigger Event no longer exists. When the Class Certificate Balance of each Class of LIBOR Certificates has been reduced to zero, the Overcollateralization Target Amount will thereafter equal zero.

Examples of Overcollateralization Target 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.

• Event of DefaultAll Tests Passed Servicer DefaultAll Tests Passed Overcollateralization Target reached?YES Initial Overcollateralization2,119,380.05 Current Overcollateralization5,306,396.90 Overcollateralization Target5,306,396.90 There have been no material modifications, extensions or waivers relating to the terms of or fees, penalties or payments on, pool assets during the distribution period or that, cumulatively, have become material over time.

• Event of DefaultAll Tests Passed Servicer DefaultAll Tests Passed Overcollateralization Target reached?YES Initial Overcollateralization2,718,336.93 Current Overcollateralization13,586,683.37 Overcollateralization Target13,586,683.37 There have been no material modifications, extensions or waivers relating to the terms of or fees, penalties or payments on, pool assets during the distribution period or that, cumulatively, have become material over time.

• Event of DefaultAll Tests Passed Servicer DefaultAll Tests Passed Overcollateralization Target reached?YES Initial Overcollateralization2,682,170.50 Current Overcollateralization13,435,621.71 Overcollateralization Target13,435,621.71 There have been no material modifications, extensions or waivers relating to the terms of or fees, penalties or payments on, pool assets during the distribution period or that, cumulatively, have become material over time.

• Event of DefaultAll Tests Passed Servicer DefaultAll Tests Passed Overcollateralization Target reached?YES Initial Overcollateralization2,270,212.09 Current Overcollateralization15,231,802.12 Overcollateralization Target15,231,802.12 There have been no material modifications, extensions or waivers relating to the terms of or fees, penalties or payments on, pool assets during the distribution period or that, cumulatively, have become material over time.

More Definitions of Overcollateralization Target

Overcollateralization Target. Amount: Prior to the Stepdown Date, an amount equal to 3.70% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date. On and after the Stepdown Date provided a Trigger Event is not in effect, an amount equal to the greater of (i) 7.40% of the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (ii) 0.50% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date; provided, however, that if, on any Distribution Date a Trigger Event exists, the Overcollateralization Target Amount shall not be reduced to the applicable percentage of then current aggregate Stated Principal Balance of the Mortgage Loans until the Distribution Date on which a Trigger Event no longer exists but rather shall remain the Overcollateralization Target Amount as determined for the immediately preceding Distribution Date. When the Class Certificate Balance of each Class of LIBOR Certificates has been reduced to zero, the Overcollateralization Target Amount will thereafter equal zero.

Overcollateralization Target. Amount: 1,998,670.

Overcollateralization Target. Amount: $2,114,704.

Overcollateralization Target. Amount: Prior to the Stepdown Date, an amount equal to 0.60% of the Cut-off Date Pool Principal Balance. On and after the Stepdown Date, an amount equal to the greater of (i) 1.20% of the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (ii) 0.50% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date; provided, however, that if, on any Distribution Date, a Trigger Event exists, the Overcollateralization Target Amount shall not be reduced to the applicable percentage of the then current aggregate Stated Principal Balance of the Mortgage Loans until the Distribution Date on which a Trigger Event no longer exists, but rather shall remain the Overcollateralization Target Amount as determined for the immediately preceding Distribution Date. When the Class Certificate Balance of each Class of LIBOR Certificates has been reduced to zero, the Overcollateralization Target Amount will thereafter equal zero.

Overcollateralization Target. Amount: Prior to the Stepdown Date, an amount equal to 1.15% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date. On and after the Stepdown Date, an amount equal to the greater of (i) 2.30% of the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (ii) $4,777,539; provided, however, that if, on any Distribution Date, a Trigger Event exists, the Overcollateralization Target Amount shall not be reduced to the applicable percentage of then current aggregate Stated Principal Balance of the Mortgage Loans until the Distribution Date on which a Trigger Event no longer exists but rather shall remain the Overcollateralization Target Amount as determined for the immediately preceding Distribution Date. When the Class Certificate Balance of each Class of LIBOR Certificates has been reduced to zero, the Overcollateralization Target Amount will thereafter equal zero.

Overcollateralization Target. Amount for the immediately preceding Distribution Date. Notwithstanding the foregoing, on and after any Distribution Date following the reduction of the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class B Certificates to zero, the Overcollateralization Target Amount shall be zero.

Overcollateralization Target. Amount" for each Payment Date o before the Stepdown Date is _.__% of the sum of the aggregate Loan Pool Balance as of the Initial Cut-off Date and any funds deposited in the Additional Loan Account on the Closing Date, o on or after the Stepdown Date is the greater of (i) _.__% of the aggregate Note Principal Balance of all Classes of Principal Amount Notes for that Payment Date (after giving effect to the payment of all amounts actually paid on the Principal Amount Notes on that Payment Date) and (ii) the OC Floor. If a Trigger Event is in effect on any Payment Date, then the Overcollateralization Target Amount will be the Overcollateralization Target Amount in effect for the prior Payment Date.