REQUIRED SUBORDINATION AMOUNT. With respect to any Payment Date occurring from the initial Payment Date and ending on the later of (i) the date on which the aggregate Principal Balance of the Mortgage Loans is 50% of the initial aggregate Principal Balance of the Mortgage Loans and (ii) the 30th Payment Date, the greater of:
REQUIRED SUBORDINATION AMOUNT. For any Payment Date, an amount equal to the Base Specified Overcollateralization Amount, subject to the following: (i) if, with respect to such Payment Date, the Step Up Trigger has occurred, the Required Subordination Amount for such Payment Date will be an amount equal to the entire aggregate Principal Balance of the Mortgage Loans as of such Payment Date; (ii) if, with respect to such Payment Date, the Step Up Trigger has not occurred but the Step Up Spread Squeeze Test is met, the Required Subordination Amount for such Payment Date will be an amount equal to the sum of (A) the Required Subordination Amount for such Payment Date determined as though the Step Up Spread Squeeze Test were not met plus (B) the Spread Squeeze Subordination Increase Amount; or (iii) if, with respect to such Payment Date, neither the Step Up Trigger has occurred nor the Step Up Spread Squeeze Test is met but the Step Down Trigger has occurred, the Required Subordinated Amount for such Payment Date will be an amount equal to the greatest of (A) 0.50% of the Original Pool Balance, (B) three times the Principal Balance of the Mortgage Loan with the largest Principal Balance as of such Payment Date, and (C) the Stepped Down Required Subordinated Percentage of the aggregate Principal Balance of the Mortgage Loans as of such Payment Date. Notwithstanding the above, the Required Subordination Amount shall not step-down pursuant to clause (iii) above, (i) if a claim on the Note Insurance Policy has occurred, (ii) if a Servicer Default has occurred which has not been waived by the Note Insurer or (iii) if the Required Subordination Amount after the step-down would equal or exceed the Delinquency Amount. The Required Subordination Amount may be reduced or eliminated by the Note Insurer in its sole discretion. Upon any such reduction or elimination, the Seller, in its capacity as Master Servicer, shall give written notice thereof to each Rating Agency and the Indenture Trustee. The Required Subordination Amount may be adjusted by mutual agreement of the Note Insurer and the Seller under the circumstances set forth in Section 2.3(e) of this Agreement.
REQUIRED SUBORDINATION AMOUNT. The Required Subordination Amount determined pursuant to the Indenture, which amount may be adjusted thereunder by mutual agreement of the Note Insurer and the Seller, under the circumstances set forth in Section 2.3(e) of this Agreement.
More Definitions of REQUIRED SUBORDINATION AMOUNT
REQUIRED SUBORDINATION AMOUNT means, on any date, such minimum First Loss Balance that satisfies both the S&P SROC Test and the Fitch Dynamic Portfolio Guidelines Test on such date.
REQUIRED SUBORDINATION AMOUNT means, on any date and in respect of the relevant Class of Notes, such minimum First Loss Balance that satisfies the S&P SROC Test and/or the Moody's CDOROM Test (as applicable) on such date.
REQUIRED SUBORDINATION AMOUNT. With respect to any Payment Date, an amount equal to (i) 2.40% of the aggregate Principal Balance of the Mortgage Loans as of the Cut-off Date, or (ii) if the Step-Up Trigger has occurred and is continuing, an amount equal to the greater of (A) the greater of (x) 2.40% of the aggregate Principal Balance of the Mortgage Loans as of the Cut-off Date and (y) 4.80% of the aggregate Principal Balance of the Mortgage Loans as of the close of business on the last day of the related Due Period and (B) 50% of the aggregate Principal Balance of the Mortgage Loans that are 90 or more days delinquent or in foreclosure (including REO Properties) as of the close of business on the last day of the related Due Period, or (iii) if the Step-Up Trigger has not occurred, but the Step-Down Trigger has occurred and is continuing, an amount equal to the greater of (A) 0.50% of the aggregate Principal Balance of the Mortgage Loans as of the Cut-off Date and (B) the lesser of (x) 2.40% of the aggregate Principal Balance of the Mortgage Loans as of the Cut-off Date and (y) 4.80% of the aggregate Principal Balance of the Mortgage Loans as of the close of business on the last day of the related Due Period; PROVIDED, HOWEVER, that if a claim has been made on the Bond Insurance Policy by the Indenture Trustee, the Required Subordination Amount shall not decrease on any Payment Date.
REQUIRED SUBORDINATION AMOUNT means the minimum First Loss Balance in respect of the relevant Class of Notes that satisfies the S&P SROC Test on the relevant date.
REQUIRED SUBORDINATION AMOUNT means, on any date, such minimum First Loss Balance that satisfies the S&P SROC Test on such date.
REQUIRED SUBORDINATION AMOUNT. For any Payment Date occurring during any of the following periods, the Subordination Amount specified below for such period: Period I - For any Payment Date occurring during the period commencing on the Closing Date and ending on the first Payment Date on which the Subordination Amount equals or exceeds the Target Overcollateralization Amount, the Required Subordination Amount is the Target Overcollateralization Amount; provided, however, that if on or prior to any such Payment Date either (i) a PMI Insurer Insolvency Event has occurred and is continuing and the Bond Insurer has not obtained an additional or a replacement PMI Policy with the consent of the Servicer pursuant to Section 3.22(e)(ii) of the Servicing Agreement or (ii) a Bond Insurer Default has occurred and is continuing, then the Required Subordination Amount is the amount specified under Period III below;
REQUIRED SUBORDINATION AMOUNT. (a) For any Payment Date occurring during the period commencing on the Closing Date and ending on the later of the thirtieth Payment Date following the Closing Date and the date upon which the principal in the amount of one-half of the Original Pool Balance has been received by the Bondholders, the greater of: (i) the Base Specified Overcollateralization Amount and (ii) 100% of the Delinquency Amount and (b) for any Payment Date occurring after the end of the period in clause (a) above, the greatest of (i) two times the product of the Target Percentage and the Pool Balance as of the close of business as of the last day of the related Due Period, (ii) 100% of the Delinquency Amount, (iii) 0.50% of the Original Pool Balance and (iv) an amount equal to the sum of the Principal Balances of the three Mortgage Loans with the largest Principal Balances. On or prior to the day the Funding Period ends, the Bond Insurer may adjust the Required Subordinated Amount. The Required Subordinated Amount may be increased by the Rating Agencies at the time of the delivery of any Subsequent Mortgage Loans. Notwithstanding the above, the Required Subordination Amount shall not step-down pursuant to clause (b) above, (i) if a claim on the Bond Insurance Policy has occurred, (ii) if a Servicing Default has occurred which has not been waived by the Bond Insurer or (iii) if the Delinquency Amount equals or exceeds 8% of the aggregate of the Principal Balance of the Mortgage Loans as of the close of business on the last day of the related Due Period. Upon the end of the Funding Period, the Required Subordination Amount may be reduced or eliminated by the Bond Insurer in its sole discretion. Upon any such reduction or elimination, the Servicer shall give written notice thereof to each Rating Agency.