Overcollateralization Target Percentage definition

Overcollateralization Target Percentage. For any Distribution Date, a percentage equal to (a) the Overcollateralization Target Amount divided by (b) 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 related Prepayment Period).
Sample 1Sample 2Sample 3
Overcollateralization Target Percentage means (a) 13.50%; provided that, if no Spread Cap Event (as defined in the Insurance Agreement) and no Insurance Agreement Event of Default shall have occurred on the 18th Distribution Date, the Overcollateralization Target Percentage shall decline to 12.50%, beginning on such Distribution Date; provided further that, if no Spread Cap Event (as defined in the Insurance Agreement) and no Insurance Agreement Event of Default shall have occurred on the 24th Distribution Date, the Overcollateralization Target Percentage shall decline to 11.50%, beginning on such Distribution Date; and provided further that, if no Spread Cap Event (as defined in the Insurance Agreement) and no Insurance Agreement Event of Default shall have occurred on the 30th Distribution Date, the Overcollateralization Target Percentage shall decline to 10.50%, beginning on such Distribution Date.
Sample 1Sample 2
Overcollateralization Target Percentage means 13.00%; provided, however, that, if no Spread Cap Event (as defined in the Insurance Agreement) and no Insurance Agreement Event of Default shall have occurred on the 12th Distribution Date and the Cumulative Net Losses are equal to or less than 4.00% of the Original Pool Balance on such Distribution Date, the Overcollateralization Target Percentage shall decline to 12.00%, beginning on such Distribution Date; provided, further, that, if no Spread Cap Event (as defined in the Insurance Agreement) and no Insurance Agreement Event of Default shall have occurred on the 18th Distribution Date and the Cumulative Net Losses are equal to or less than 6.75% of the Original Pool Balance on such Distribution Date, the Overcollateralization Target Percentage shall decline to 11.00%, beginning on such Distribution Date; provided, further, that, if no Spread Cap Event (as defined in the Insurance Agreement) and no Insurance Agreement Event of Default shall have occurred on the 24th Distribution Date and the Cumulative Net Losses are equal to or less than 8.75% of the Original Pool Balance on such Distribution Date, the Overcollateralization Target Percentage shall decline to 10.00%, beginning on such Distribution Date; provided, further, that, if no Spread Cap Event (as defined in the Insurance Agreement) and no Insurance Agreement Event of Default shall have occurred on the 30th Distribution Date and the Cumulative Net Losses are equal to or less than 10.75% of the Original Pool Balance on such Distribution Date, the Overcollateralization Target Percentage shall decline to 9.00%, beginning on such Distribution Date.
Sample 1

Examples of Overcollateralization Target Percentage in a sentence

  • Initial Overcollateralization Target Percentage: Approximately 2.50%.


More Definitions of Overcollateralization Target Percentage

Overcollateralization Target Percentage means (a) ____%; provided that, if no Spread Cap Event (as defined in the Insurance Agreement) and no Insurance Agreement Event of Default shall have occurred on the __th Distribution Date, the Overcollateralization Target Percentage shall decline to ____%, beginning on such Distribution Date; provided further that, if no Spread Cap Event (as defined in the Insurance Agreement) and no Insurance Agreement Event of Default shall have occurred on the __th Distribution Date, the Overcollateralization Target Percentage shall decline to ____%, beginning on such Distribution Date; and provided further that, if no Spread Cap Event (as defined in the Insurance Agreement) and no Insurance Agreement Event of Default shall have occurred on the __th Distribution Date, the Overcollateralization Target Percentage shall decline to ____%, beginning on such Distribution Date.
Sample 1
Overcollateralization Target Percentage means 12.00%; provided, however, that, if no Spread Cap Event (as defined in the Insurance Agreement) and no Insurance Agreement Event of Default shall have occurred on the 18th Distribution Date and the Cumulative Net Losses are equal to or less than 6.50% of the Original Pool Balance on such Distribution Date, the Overcollateralization Target Percentage shall decline to 11.00%, beginning on such Distribution Date; provided, further, that, if no Spread Cap Event (as defined in the Insurance Agreement) and no Insurance Agreement Event of Default shall have occurred on the 24th Distribution Date and the Cumulative Net Losses are equal to or less than 8.50% of the Original Pool Balance on such Distribution Date, the Overcollateralization Target Percentage shall decline to 10.00%, beginning on such Distribution Date; provided, further, that, if no Spread Cap Event (as defined in the Insurance Agreement) and no Insurance Agreement Event of Default shall have occurred on the 30th Distribution Date the Cumulative Net Losses are equal to or less than 10.50% of the Original Pool Balance on such Distribution Date, the Overcollateralization Target Percentage shall decline to 9.00%, beginning on such Distribution Date.
Sample 1
Overcollateralization Target Percentage means, initially 0%, and for any Payment Date on or after the Crossover Date, 100% minus the percentage calculated on the Crossover Date by dividing the aggregate Note Balance immediately prior to the Crossover Date by the Pool Balance on the last day of the second Collection Period preceding the Crossover Date.
Sample 1

Related to Overcollateralization Target Percentage

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

  • REMIC 2 Overcollateralization Target Amount 1.00% of the Overcollateralization Target Amount.

  • Target Overcollateralization Amount means, with respect to any Payment Date, 3.00% of the Adjusted Pool Balance as of the Cut-off Date. Notwithstanding the foregoing, the Target Overcollateralization Amount shall not exceed the Adjusted Pool Balance on such Payment Date.

  • Overcollateralization Amount With respect to any Distribution Date, the excess, if any, of (a) the aggregate Stated Principal Balance of the Mortgage Loans before giving effect to distributions of principal to be made on such Distribution Date over (b) the aggregate Certificate Principal Balance of the Class A Certificates and Class M Certificates immediately prior to such date.

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

  • Overcollateralization Reduction Amount With respect to any Distribution Date on which the Excess Overcollateralization Amount is, after taking into account all other distributions to be made on such Distribution Date, greater than zero, the Overcollateralization Reduction Amount shall be equal to the lesser of (i) the Excess Overcollateralization Amount for that Distribution Date and (ii) the Principal Remittance Amount on such Distribution Date.

  • Overcollateralization Floor With respect to any Distribution Date, 0.50% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date.

  • Targeted Overcollateralization Amount means, for a Payment Date, an amount equal to:

  • Overcollateralized Amount As of any Distribution Date, the excess, if any, of (a) the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date over (b) the aggregate of the Class Certificate Balances of the LIBOR Certificates as of such Distribution Date (after giving effect to the payment of the Principal Remittance Amount on such Certificates on such Distribution Date).

  • Excess Overcollateralized Amount With respect to the Class A Certificates and the Mezzanine Certificates and any Distribution Date, the excess, if any, of (i) the Overcollateralized Amount for such Distribution Date (calculated for this purpose only after assuming that 100% of the Principal Remittance Amount on such Distribution Date has been distributed) over (ii) the Overcollateralization Target Amount for such Distribution Date.

  • 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.

  • Overcollateralization Increase Amount With respect to any Distribution Date, the lesser of (a) the Overcollateralization Deficiency Amount as of such Distribution Date and (b) the Net Monthly Excess Cashflow for such Distribution Date.

  • Overcollateralization Ratio means, as of any Measurement Date, the ratio (expressed as a percentage) obtained by dividing:

  • Overcollateralized Group As defined in Section 4.03.

  • Specified Overcollateralization Amount means for any Distribution Date, the greater of:

  • Required Overcollateralization Amount With respect to any Distribution Date, (a) prior to the Stepdown Date, an amount equal to 1.80% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown Date if a Trigger Event is not in effect, the greater of (i) an amount equal to 3.60% of the aggregate outstanding Stated Principal Balance of the Mortgage Loans after giving effect to distributions made on that Distribution Date and (ii) the Overcollateralization Floor and (c) on or after the Stepdown Date if a Trigger Event is in effect, an amount equal to the Required Overcollateralization Amount from the immediately preceding Distribution Date. The Required Overcollateralization Amount may be reduced so long as written confirmation is obtained from each Rating Agency that such reduction shall not reduce the ratings assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency. Residential Funding: Residential Funding Corporation, a Delaware corporation, in its capacity as seller of the Mortgage Loans to the Depositor and any successor thereto.

  • 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.

  • 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).

  • Aggregate Overcollateralization Release Amount With respect to any Distribution Date, the lesser of (x) the aggregate of the Principal Remittance Amounts for each Mortgage Pool for such Distribution Date and (y) the amount, if any, by which (i) the Overcollateralization Amount for such date, calculated for this purpose on the basis of the assumption that 100% of the aggregate of the Principal Remittance Amounts for such Distribution Date is applied on such date in reduction of the aggregate Certificate Principal Amount of the Certificates, exceeds (ii) the Targeted Overcollateralization Amount for such Distribution Date.

  • Overcollateralization Release Amount With respect to any Distribution Date, the lesser of (x) the Principal Remittance Amount for such Distribution Date and (y) the Excess Overcollateralized Amount.

  • Undercollateralized Amount As defined in Section 4.01(b)(iii).

  • 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.

  • Undercollateralized Group As defined in Section 4.03.

  • Yield Supplement Overcollateralization Amount means, with respect to any calendar month and the related Payment Date, or with respect to the Closing Date, the aggregate amount by which the Principal Balance as of the last day of the related Collection Period or the Cutoff Date, as applicable, of each of the related Receivables with an APR as stated in the related contract of less than the Required Rate, other than Defaulted Receivables, exceeds the present value, calculated by using a discount rate equal to the Required Rate, of each scheduled payment of each such Receivables assuming such scheduled payment is made on the last day of each month and each month has 30 days.

  • Class B-6 Percentage As to any Distribution Date, except as set forth in the next sentence, the percentage calculated by multiplying (i) the Subordinated Percentage by (ii) a fraction, the numerator of which is the Class B-6 Principal Balance (determined as of the Determination Date preceding such Distribution Date) and the denominator of which is the sum of the Principal Balances of the Classes of Class B Certificates eligible to receive principal distributions for such Distribution Date in accordance with the provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii), in the event that the Class B-6 Certificates are not eligible to receive distributions of principal in accordance with Section 4.01(d)(i), the Class B-6 Percentage for such Distribution Date will be zero.

  • Group I Allocation Percentage With respect to any Distribution Date, the percentage equivalent of a fraction, the numerator of which is (i) the Group I Principal Remittance Amount for such Distribution Date, and the denominator of which is (ii) the Principal Remittance Amount for such Distribution Date.