POOL II SPECIFIED SUBORDINATED AMOUNT definition
POOL II SPECIFIED SUBORDINATED AMOUNT means (as such amount may be changed in accordance with the provisions of Section 2.09(f) hereof) the greater of (i) the Pool II Initial Specified Subordinated Amount or (ii) two times the difference between (x) one-half of the aggregate Principal Balances of all Pool II Mortgage Loans that are 90 or more days delinquent (including REO Properties) minus (y) the Pool Projected Net Monthly Excess Cashflow for Pool II as of such date, until the later of the date upon which principal in the amount of one-half of the Pool Maximum Collateral Amount for Pool II has been received in respect of the Pool II Mortgage Loans and the 30th Remittance Date following the Closing Date, and with respect to each Remittance Date thereafter, the greatest of:
POOL II SPECIFIED SUBORDINATED AMOUNT means (a) prior to the Pool Spread Amount Stepdown Date for Pool II, 2.5% of the Pool Original Collateral Amount for Pool II and (b) on and after the Pool Spread Amount Stepdown Date for Pool II, the greater of (A) 5.0% of the then aggregate Principal Balance of the Pool II Mortgage Loans as of the last day of the related Due Period and (B) 0.5% of the Pool Original Collateral Amount for Pool II; provided that upon the occurrence and during the continuance of (x) a Trigger Event or a Pool II Cumulative Loss Trigger, no stepdown may occur and (y) an S&P Trigger Event, the Pool II Specified Subordinated Amount will equal 5.25% of the Pool Original Collateral Amount for Pool II on or prior to January 2001 and 10.50% of the then current aggregate Principal Balance of the Pool II Mortgage Loans as of the last day of the related Due Period thereafter, and in any event the Pool II Specified Subordinated Amount shall never exceed the then Class Principal Balance of the Pool II Certificates; PROVIDED, HOWEVER, that following the Funding Period, the Pool II Specified Subordinated Amount may be revised with the consent of the Rating Agencies.
POOL II SPECIFIED SUBORDINATED AMOUNT means the greater of (i) the Pool II Initial Specified Subordinated Amount or (ii) two times the difference between (x) one-half of the aggregate Principal Balances of all Pool II Mortgage Loans that are 90 or more days delinquent (including REO Properties) minus (y) the Pool Projected Net Monthly Excess Cashflow for Pool II as of such date, until the later of the date upon which principal in the amount of one-half of the Pool Maximum Collateral Amount for Pool II has been received in respect of the Pool II Mortgage Loans and the 30th Remittance Date following the Closing Date, and with respect to each Remittance Date thereafter, the greatest of: