Overcollateralization Target Amount definition

Overcollateralization Target Amount means 0.85% of the Adjusted Pool Balance as of the Cutoff Date.

Overcollateralization Target Amount. As of any Distribution Date, 1.30% of the Initial Aggregate Receivables Principal Balance.

Overcollateralization Target Amount means, with respect to any Payment Date, an amount equal to 1.15% of the aggregate Principal Balance of the Receivables as of the end of the related Collection Period less the Yield Supplement Overcollateralization Amount of those Receivables as of the last day of the related Collection Period, but not less than the result of 0.50% of the Aggregate Starting Principal Balance of the Receivables minus the Yield Supplement Overcollateralization Amount as of the Closing Date.

Examples of Overcollateralization Target Amount 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.

• On any date of determination where the pool of Receivables does not satisfy all of the Pool Composition Tests, the Administrator may identify Receivables in the pool as Temporarily Excluded Receivables as long as the Overcollateralization Target Amount is reached as of the close of business on such date without taking into account the Temporarily Excluded Receivables, so that the remaining Receivables in the pool will satisfy all of the Pool Composition Tests.

• As of any Distribution Date during the Revolving Period, the excess, if any, of the sum of (i) the Aggregate Note Principal Balance as of the preceding Distribution Date or the Initial Closing Date, as applicable, and (ii) the Overcollateralization Target Amount, over the Aggregate Receivables Principal Balance as of the last day of the Monthly Period related to such Distribution Date.

• Any Excess Spread to the extent necessary to meet a level of overcollateralization equal to the Overcollateralization Target Amount shall be the Extra Principal Distribution Amount and shall be included as part of the Principal Distribution Amount.

• Any Excess Spread with respect to Loan Group I to the extent necessary to meet a level of overcollateralization equal to the Group I Overcollateralization Target Amount shall be the Group I Extra Principal Distribution Amount and will be included as part of the related Principal Distribution Amount.

More Definitions of Overcollateralization Target Amount

Overcollateralization Target Amount means, with respect to any Distribution Date, 4.75% of the Pool Balance as of the Cutoff Date.

Overcollateralization Target Amount. With respect to any Distribution Date (a) prior to the Stepdown Date, 4.70% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown Date and if a Trigger Event is not in effect, the greater of (i) the lesser of (1) 4.70% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date and (2) 9.40% of the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the prior calendar month) and (ii) the Overcollateralization Floor or (c) on or after the Stepdown Date and if a Trigger Event is in effect, the Overcollateralization Target Amount for the immediately preceding Distribution Date.

Overcollateralization Target Amount. With respect to any Distribution Date (1) prior to the Stepdown Date, 3.20% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (2) on or after the Stepdown Date provided a Trigger Event is not in effect, the greater of (x) 6.40% of the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (y) the Overcollateralization Floor, and (3) on or after the Stepdown Date if a Trigger Event is in effect, the Overcollateralization Target Amount for the immediately preceding Distribution Date.

Overcollateralization Target Amount means, for any Distribution Date, the greater of (i) 0.60% of the Pool Balance as of the last day of the preceding Collection Period and (ii) 0.50% of the Pool Balance as of the Cutoff Date.

Overcollateralization Target Amount. With respect to any Distribution Date (i) prior to the Stepdown Date, [_]% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (ii) on or after the Stepdown Date provided a Trigger Event is not in effect, the greater of (x) [_]% of the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced and unscheduled collections of principal received during the related Prepayment Period) and (y) $[_], or (iii) on or after the Stepdown Date and if a Trigger Event is in effect, the 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 and the Mezzanine Certificates to zero, the Overcollateralization Target Amount shall be zero.

Overcollateralization Target Amount. With respect to any Distribution Date (a) prior to the Stepdown Date, an amount equal to 1.75% of the sum of the aggregate Cut-off Date Principal Balance of the Initial Mortgage Loans and the Pre-Funded Amount and (b) on or after the Stepdown Date, the greater of (i) an amount equal to 3.50% of the aggregate Stated Principal Balance of the Mortgage Loans for the current Distribution Date and (ii) the OC Floor; provided, however, that if a Trigger Event is in effect on any Distribution Date, the Overcollateralization Target Amount will be the Overcollateralization Target Amount as in effect for the prior Distribution Date.

Overcollateralization Target Amount. With respect to any Distribution Date (i) prior to the Stepdown Date, 2.10% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (ii) on or after the Stepdown Date provided a Trigger Event is not in effect, the greater of (x) the lesser of (I) 2.10% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date and (II) 4.20% of the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) and (y) 0.50% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, and (iii) on or after the Stepdown Date if a Trigger Event is in effect, the 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 will be zero.