Reserve Amount Target definition

Reserve Amount Target. On any Payment Date prior to the Stepdown Date, the Reserve Amount Target will be 2.00% of the Pool Balance as of the Cut-off Date. On or after the Stepdown Date, the Reserve Amount Target will be equal to the lesser of:
View Source
Reserve Amount Target. As to any Payment Date prior to the Payment Date in _____________, [_]% of the greater of (i) the Pool Balance as of the Cut-Off Date and (ii) the Maximum Pool Balance as of the end of the Related Collection Period (the "Initial Reserve Amount Target"). As to any Payment Date on or after the Payment Date in __________, the greater of (A) the lesser of (x) the Initial Reserve Amount Target and (y) [_]% of the Pool Balance as of the end of the related Collection Period and (B) [_]% of the greater of (i) the Pool Balance as of the Cut-Off Date and (ii) the Maximum Pool Balance; provided, any scheduled reduction to the Reserve Amount Target described above shall not be made as of any Payment Date unless (i) the outstanding Principal Balance of the Mortgage Loans delinquent 60 days or more averaged over the last 12 months as a percentage of the aggregate outstanding Principal Balance of all Mortgage Loans averaged over the last 12 months does not exceed [_]% (or if the Pool Balance is less than [ %] of the Maximum Pool Balance, [_]%) and (ii) aggregate Liquidated Loss Amounts on the Mortgage Loans to date for such Payment Date occurring during the first two years after the Closing Date or occurring during the 3rd, 4th, 5th, or 6th (or any year thereafter) after the Closing Date, are less than [_], [_], [_], [_] or [_]% respectively, of the Maximum Pool Balance and (iii) there has been no draw on the Credit Enhancement Instrument. The Reserve Amount Target may be reduced with the prior written consent of the Credit Enhancer and the Rating Agencies.
View Source

Examples of Reserve Amount Target in a sentence

  • On each Payment Date, there shall be distributed by the Master Servicer to the Class B Members, to the extent of available funds in the Distribution Account and after the Distributions described in paragraphs (a)(i) through (a)(vi) of this Section 9.5 have been made, an amount equal to 90% of the excess on such Payment Date, if any, of the Outstanding Reserve Amount (as reduced in connection with any Liquidation Loss Amount on such Payment Date) over the Reserve Amount Target.

  • Notwithstanding the foregoing and to the fullest extent permitted by law, no transfer of the Owner Trust Certificates shall be made to any entity other than to an affiliate of the initial holder (other than the Depositor) unless the Note Balance of the Notes has been reduced to zero or the amount on deposit in the Reserve Account is equal to the Required Reserve Amount Target.

  • On each Payment Date, there shall be distributed by the Master Servicer to the Class B Members, to the extent of available funds in the Distribution Account and after the Distributions described in paragraphs (a)(i) through (a)(vii) of this Section 9.5 have been made, an amount equal to 90% of the excess on such Payment Date, if any, of the Outstanding Reserve Amount (as reduced in connection with any Liquidation Loss Amount on such Payment Date) over the Reserve Amount Target.

Related to Reserve Amount Target

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

  • Reserve Amount means, for any Payment Date, the amount of cash or other immediately available funds in the Reserve Account on that Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account on such Payment Date.

  • 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.

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

  • 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.