Step Down Cumulative Loss Test. The Step Down Cumulative Loss Test will be met with respect to a Distribution Date as follows: (i) for the 31st through the 42nd Distribution Dates, if the Loss Percentage for such Distribution Date is 1.75% or less; (ii) for the 43rd through the 54th Distribution Dates, if the Loss Percentage for such Distribution Date is 2.50% or less; (iii) for the 55th through the 66th Distribution Dates, if the Loss Percentage for such Distribution Date is 3.15% or less; and (iv) for any Distribution Date after the 66th Distribution Date, if the Loss Percentage for such Distribution Date is 3.50% or less.
Step Down Cumulative Loss Test. The Step Down Cumulative Loss Test will be met with respect to a Distribution Date as follows: (i) for the ____ through the ____ Distribution Dates, if the Cumulative Loss Percentage for such Distribution Date is ____% or less; (ii) for the ____ through the ---- Distribution Dates, if the Cumulative Loss Percentage for such Distribution Date is ____% or less; (iii) for the ____ through the ____ Distribution Dates, if the Cumulative Loss Percentage for such Distribution Date is ____% or less; (iv) for any Distribution Date after the ____ Distribution Date, if the Cumulative Loss Percentage for such Distribution Date is ____% or less.
Step Down Cumulative Loss Test. The Step Down Cumulative Loss Test will be met with respect to a Payment Date as follows: (i) for the 31st through the 41st Payment Dates, if the Cumulative Loss Percentage for such Payment Date is 1.65% or less; (ii) for the 42nd through the 53rd Payment Dates, if the Cumulative Loss Percentage for such Payment Date is 2.15% or less; (iii) for the 54th through the 65th Payment Dates, if the Cumulative Loss Percentage for such Payment Date is 2.55% or less; (iv) for 66th through the 77th Payment Dates, if the Cumulative Loss Percentage for such Payment Date is 2.90% or less; and (v) after the 77th Payment Date, if the Cumulative Loss Percentage for such Payment Date is 3.50% or less.
Examples of Step Down Cumulative Loss Test in a sentence
For any Payment Date after the 30th Payment Date, the Step Down Trigger for both Groups will have occurred if each of the Step Down Cumulative Loss Test, the Step Down Rolling Delinquency Test and the Step Down Rolling Loss Test for such Group is met.
More Definitions of Step Down Cumulative Loss Test
Step Down Cumulative Loss Test. As such term is defined in the Insurance and Indemnity Agreement.
Step Down Cumulative Loss Test. The Step-Down Cumulative Loss Test will be met with respect to a Distribution Date as follows: (i) for the 30th through the 41st Distribution Dates, if the Cumulative Loss Percentage for such Distribution Date is 1.00% or less, (ii) for the 42nd through the 53rd Distribution Dates, if the Cumulative Loss Percentage for such Distribution Date is 1.75% or less, (iii) for the 54th through the 65th Distribution Dates, if the Cumulative Loss Percentage for such Distribution Date is 2.25% or less and (iv) for the 66th Distribution Date and any Distribution Date thereafter, if the Cumulative Loss Percentage for such Distribution Date is 2.90% or less.
Step Down Cumulative Loss Test. The Step Down Cumulative Loss Test will be met with respect to a Payment Date as follows: (i) for the through the Payment Dates, if the Cumulative Loss Percentage for such Payment Date is % or less; (ii) for the through the Payment Dates, if the Cumulative Loss Percentage for such Payment Date is % or less; (iii) for the through the Payment Dates, if the Cumulative Loss Percentage for such Payment Date is % or less; and (iv) for any Payment Date after the Payment Date, if the Cumulative Loss Percentage for such Payment Date is % or less.
Step Down Cumulative Loss Test. With respect to any Distribution Date and the Adjustable Rate Group, a determination as to whether: (i) for the Distribution Dates occurring in January 2000 through and including December 2000, the Loss Percentage for such Mortgage Loan Group and Distribution Date is 1.00% or less, (ii) for the Distribution Dates occurring in January 2001 through and including December 2001, the Loss Percentage for such Mortgage Loan Group and such Distribution Date is 1.50% or less, (iii) for the Distribution Dates occurring in January 2002 through and including December 2002, the Loss Percentage for such Mortgage Loan Group and such Distribution Date is 2.00% or less, (iv) for any Distribution Date occurring in or January 2003 through and including December 2003, the Loss Percentage for such Mortgage Loan Group and such Distribution Date is 2.50% or less and (v) for any Distribution Date occurring in or after January 2004, the Loss Percentage for such Mortgage Loan Group and such Distribution Date is 2.75% or less.
Step Down Cumulative Loss Test. With respect to any Distribution Date and the Fixed Rate Group, a determination as to whether: (i) for the Distribution Dates occurring in July 2001 through and including June 2002, the Loss Percentage for such Mortgage Loan Group and such Distribution Date is 1.25% or less, (ii) for the Distribution Dates occurring in July 2002 through and including June 2003, the Loss Percentage for such Mortgage Loan Group and such Distribution Date is 1.75% or less, (iii) for any Distribution Date occurring in or July 2003 through and including June 2004, the Loss Percentage for such Mortgage Loan Group and such Distribution Date is 2.25% or less and (iv) for any Distribution Date occurring in or after July 2004, the Loss Percentage for such Mortgage Loan Group and such Distribution Date is 2.50% or less, for any Distribution Date occurring before July 2001, the Step Down Cumulative Loss Test will not apply .
Step Down Cumulative Loss Test. With respect to any Distribution Date and either Mortgage Loan Group, a determination as to whether: (i) for the Distribution Dates occurring in January 1999 through and including December 1999, the Loss Percentage for such Mortgage Loan
Step Down Cumulative Loss Test. With respect to any Distribution Date and either Mortgage Loan Group, a determination as to whether: (i) for the Distribution Dates occurring in November 1998 through and including September 1999, the Loss Percentage for such Mortgage Loan Group and Distribution Date is 0.75% or less, (ii) for the Distribution Dates occurring in October 1999 through and including September 2000, the Loss Percentage for such Mortgage Loan Group and such Distribution Date is 1.25% or less, (iii) for the Distribution Dates occurring in October 2000 through and including September 2001, the Loss Percentage for such Mortgage Loan Group and such Distribution Date is 1.50% or less and (iv) for any Distribution Date occurring in or after October 2001, the Loss Percentage for such Mortgage Loan Group and such Distribution Date is 1.75% or less.