Step Down Requirement definition

Step Down Requirement. The Step Down Requirement is satisfied on or after the later of (a) the 37th Payment Date or (b) the Payment Date upon which the Aggregate Principal Balance of the Mortgage Loans is equal to or less than 50% of the initial aggregate Maximum Collateral Amount.
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Step Down Requirement. The Stepdown Requirement is satisfied for any date of determination thereof if as of such date of determination (x) the Rolling Six Month Delinquency Rate is less than 9.75%, (y) the Cumulative Loss Test is satisfied and (z) the Twelve Month Loss Amount is not greater than or equal to 0.75% of the Pool Principal Balance as of the first day of the twelfth preceding calendar month.
Sample 1Sample 2Sample 3
Step Down Requirement. The Stepdown Requirement is satisfied for any date of determination thereof if as of such date of determination either (i) (x) the Rolling Six Month Delinquency Rate is less than 9.75%, (y) the Cumulative Loss Test is satisfied and (z) the Twelve Month Loss Amount is not greater than or equal to 0.75% of the Pool Principal Balance as of the first day of the twelfth preceding calendar month or (ii) the Note Insurer, by notice to each of the parties hereto in accordance with Section 10.06 of the Sale and Servicing Agreement, expressly waives in writing compliance with the foregoing tests for such Distribution Date.
Sample 1Sample 2Sample 3

More Definitions of Step Down Requirement

Step Down Requirement. The Step Down Requirement is satisfied on or after the later of (a) the [ ]th Payment Date or (b) the Payment Date upon which the Aggregate Principal Balance of the Mortgage Loans is equal to or less than 50% of the initial aggregate Maximum Collateral Amount.
Sample 1Sample 2Sample 3
Step Down Requirement. The Stepdown Requirement is satisfied for any date of determination thereof if as of such date of determination (x) the Rolling Three Month Delinquency Rate is less than 8.50%, (y) the Cumulative Loss Test is satisfied and (z) the Twelve Month Loss Amount is not greater than or equal to 1.00% of the Aggregate Loan Balance as of the first day of the twelfth preceding calendar month.
Sample 1
Step Down Requirement. The Stepdown Requirement is satisfied for any Payment Date on or after the Step Down Date if as of such date of determination either (i) (x) the Rolling Three Month Delinquency Rate is less than 11.5%, (y) the Cumulative Loss Test is satisfied and (z) the Twelve Month Loss Amount is not greater than or equal to 1.00% of the Aggregate Principal Balance of the Mortgage Loans as of the first day of the twelfth preceding Collection Period or (ii) the Note Insurer, by notice to each of the parties specified in Section 10.06 of the Sale and Servicing Agreement, expressly waives in writing compliance with the foregoing tests for such Payment Date. In no event may the Step Down Requirement be satisfied prior to the Step Down Date.
Sample 1

Related to Step Down Requirement

  • Margin Requirement means the amount of money and/ or assets that the Client is required to deposit and/ or hold with the Firm as consideration for entering into a Transaction and/ or maintaining an Open Position on its Account;

  • Perfection Requirement or “Perfection Requirements” shall have the meaning set forth in Section 4(j) of this Agreement.

  • Certification Requirements means those requirements specified or referenced in this Agreement that you must meet in order to use and maintain the Certification Designation and use the Logo in accordance with the terms of this Agreement.

  • Step Down Conditions As of any Distribution Date on which any decrease in any Senior Prepayment Percentage may apply, (i) the outstanding Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure), averaged over the preceding six month period, as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to all of the Mortgage Loans do not exceed: · for any Distribution Date on or after the seventh anniversary until the eighth anniversary of the first Distribution Date, 30% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the eighth anniversary until the ninth anniversary of the first Distribution Date, 35% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the ninth anniversary until the tenth anniversary of the first Distribution Date, 40% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the tenth anniversary until the eleventh anniversary of the first Distribution Date, 45% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, and · for any Distribution Date on or after the eleventh anniversary of the first Distribution Date, 50% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date.

  • Design requirements means the written description of the infrastructure facility to be procured pursuant to this article, including:

  • Storage Injection Requirements means all volumes required by the Seller for injection into underground storage, including cushion gas, and for liquification, including fuel used for injection and in liquification plants, or for such other storage projects that may be developed expressly for the protection of supply to high priority users.

  • Risk Retention Requirements means the credit risk retention requirements of Section 15G of the Exchange Act (15 U.S.C. §78o-11), as added by Section 941 of the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act.

  • Reporting Requirement By January 31, 2017, the District will provide for OCR’s review and approval the Web Accessibility Policy drafted consistent with Item 1.

  • Minimum Requirements means the minimum requirements for available commercial structures. The minimum requirements may be found at this link: https://portlandgeneral.com/energy- choices/renewable-power/green-future-impact The minimum requirements may be updated from time to time to reflect PGE’s criteria from its latest Commission accepted renewable request for proposals.

  • Bid Submission Requirement means a task a Prospective Contractor must complete when submitting a bid response. These requirements will be distinguished by using the term “shall” or “must” in the requirement.

  • Default Requirement means the amount specified as being applicable to the Reference Entity in the Standard, or its equivalent in the relevant Obligation Currency (or, if no such amount is specified, U.S.$ 10,000,000 or its equivalent in the relevant Obligation Currency) in either case, as of the occurrence of the relevant Credit Event.

  • Day-ahead Scheduling Reserves Requirement means the sum of Base Day-ahead Scheduling Reserves Requirement and Additional Day-ahead Scheduling Reserves Requirement.

  • Minimum Participation Requirements means a set of minimum training, risk management, communication and capital or collateral requirements required for Participants in the PJM Markets, as set forth herein and in the Form of Annual Certification set forth as Tariff, Attachment Q, Appendix 1. Participants transacting in FTRs in certain circumstances will be required to demonstrate additional risk management procedures and controls as further set forth in the Annual Certification found in Tariff, Attachment Q, Appendix 1.

  • Qualification Requirements means the qualification requirements as set forth in Section-2, Clause 2.1 of this RFP;

  • Base Day-ahead Scheduling Reserves Requirement means the thirty-minute reserve requirement for the PJM Region established consistent with the Applicable Standards, plus any additional thirty-minute reserves scheduled in response to an RTO-wide Hot or Cold Weather Alert or other reasons for conservative operations.

  • Additional Day-ahead Scheduling Reserves Requirement means the portion of the Day- ahead Scheduling Reserves Requirement that is required in addition to the Base Day-ahead Scheduling Reserves Requirement to ensure adequate resources are procured to meet real-time load and operational needs, as specified in the PJM Manuals.

  • Perfection Requirements means the making or procuring of filings, stampings, registrations, notarisations, endorsements, translations and/or notifications of any Finance Document (and/or any Security created under it) necessary for the validity, enforceability (as against the relevant Obligor or any relevant third party) and/or perfection of that Finance Document.

  • Minimum Balance Requirements The minimum balance to open the account is $5.00. If the balance falls below $5 at any time, the account may be closed. See Balance Computation Method above. Fees and Charges; Other Requirements: See our Schedule of Fees at xxxxxxx.xxx/xxxx. Dividends: See Disclosures Concerning Dividends above. Current rates are disclosed on the Credit Union’s website.

  • Data Protection Requirements means all applicable (i) Data Protection Laws, (ii) Privacy Policies and (iii) those terms of any Contracts imposing obligations on the Company or its Subsidiaries with respect to the Company’s collection, use, storage, disclosure, or cross-border transfer of Personal Data.

  • Contract Minimum Investment Requirement means, with respect to the Project, investment by the Company and any Sponsor Affiliates of at least $4,000,000 in Economic Development Property subject (non-exempt) to ad valorem taxation (in the absence of this Fee Agreement).

  • FILOT Act Minimum Investment Requirement means, with respect to the Project, an investment of at least $2,500,000 by the Company, or of at least $5,000,000 by the Company and any Sponsor Affiliates in the aggregate, in Economic Development Property.

  • Periodic Billing Requirement means, for any Remittance Period, the aggregate amount of Charges calculated by the Servicer as necessary to be billed during such period in order to collect the Periodic Payment Requirement on a timely basis.

  • MREL Requirement means the minimum requirement for own funds and eligible liabilities which is or, as the case may be, will be applicable to the Issuer;

  • Mandatory City Requirements means those City laws set forth in the San Francisco Municipal Code, including the duly authorized rules, regulations, and guidelines implementing such laws that impose specific duties and obligations upon Contractor.

  • Program Requirements means certain minimum program entry requirements as well as ongoing program requirements, to be fulfilled by Partner, some of which are general PartnerEdge requirements, some of which are specific for the “Sell Engagement” and some of which are specific for the different “Cloud” Product Families, including, without limitation payment of the Program Fee(s), meeting certain minimum annual revenue requirements, upholding a Sell Authorization for at least one “Cloud” Product Family and other requirements as set out in detail in the PartnerEdge Program Guide and the RSPI.

  • Listing Requirements means the Main Market Listing Requirements of Bursa Securities.