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.
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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 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.
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More Definitions of Step Down Requirement

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.
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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;

  • 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:

  • 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.

  • Default Requirement means the amount specified as being applicable to the Reference Entity in the relevant Standard applicable to such Reference Entity 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 Credit Event.

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

  • Perfection Requirements means the making or procuring of appropriate registrations, filings, endorsements, notarisations, stampings and/or notifications of the Security Documents and/or the security expressed to be created under the Security Documents determined by the legal advisers to the Lender to be necessary in any Pertinent Jurisdiction for the enforceability or production in evidence of the relevant Security Document to the extent such matters are complied with within any timeframe specified by law or the relevant Security Document;

  • Minimum Balance Requirements You must maintain a minimum daily balance of $2,000.00 in your Money Market Savings account to obtain the disclosed annual percentage yield. We impose a monthly maintenance fee if the balance falls below $500 any day of the month. Basic Checking Account Rate Information: This account does not pay interest.

  • Data Protection Requirements means all applicable (i) Data Protection Laws; (ii) Seller Privacy Policies; (iii) terms of any Contracts relating to the collection, use, storage, disclosure, or cross-border transfer of Personal Data; and (iv) the Payment Card Industry Data Security Standards.

  • 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.

  • Program Requirements means that Partner has to fulfill certain program requirements as described in detail in the applicable SAP PartnerEdge Model and the PartnerEdge Program Guide.

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

  • Reporting Requirements As defined in Section 11.12.