Two Times Test. As to any Distribution Date, (i) the Aggregate Subordinate Percentage is at least two times the Aggregate Subordinate Percentage as of the Closing Date; (ii) the aggregate of the Principal Balances of all Mortgage Loans Delinquent 60 days or more (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 Subordinate Certificates, does not equal or exceed 50%; and (iii) on or after the Distribution Date in January 2008, cumulative Realized Losses do not exceed 30% of the Original Subordinated Principal Balance or prior to the Distribution Date in January 2008, cumulative Realized Losses do not exceed 20% of the Original Subordinated Principal Balance.
Two Times Test. A test that is satisfied with respect to a Certificate Group and any Distribution Date if the related Senior Prepayment Percentage for such Distribution Date is determined in accordance with clause (ii) and (iii) of the proviso in the definition of "Senior Prepayment Percentage."
Two Times Test. As to any Distribution Date, (i) the Aggregate Subordinate Percentage is at least two times the Aggregate Subordinate Percentage as of the Closing Date; (ii) the aggregate of the Stated Principal Balances of all Mortgage Loans Delinquent 60 days or more (including Mortgage Loans in REO and foreclosure) (averaged over the preceding six-month period), as a percentage of the aggregate of the Class Principal Amount of the Subordinate Certificates on such Distribution Date, does not equal or exceed 50%; and (iii) on or prior to the Distribution Date in November 2006, cumulative Realized Losses with respect to the Mortgage Loans do not exceed 20% of the Original Subordinate Principal Amount, and thereafter, cumulative Realized Losses with respect to the Mortgage Loans do not exceed 30% of the Original Subordinate Principal Amount.
Examples of Two Times Test in a sentence
The Senior Percentage for any Distribution Date occurring (i) before the Distribution Date in December 2014 but in or after December 2007 on which the Two Times Test is satisfied, or (ii) in or after December 2014, is the related Pro Rata Senior Percentage.
Notwithstanding the foregoing, if the Two Times Test is satisfied on a Distribution Date, the Senior Prepayment Percentage for each Senior Certificate Group will equal (x) if such Distribution Date is on or prior to the Distribution Date in February 2009, the related Senior Percentage for such Distribution Date plus 50% of the related Subordinated Percentage for that Distribution Date and (y) if such Distribution Date is after the Distribution Date in February 2009, the related Senior Percentage.
If the Two Times Test is satisfied with respect to any Distribution Date prior to the Distribution Date in September 2009, the Senior Percentage is the related Pro Rata Senior Percentage plus 50% of an amount equal to 100% minus the related Pro Rata Senior Percentage.
The Senior Percentage for any Distribution Date occurring (i) before the Distribution Date in September 2012 but in or after September 2005 on which the Two Times Test is satisfied, or (ii) in or after September 2012, is the Pro Rata Senior Percentage.
If the Two Times Test is satisfied with respect to any Distribution Date prior to the Distribution Date in December 2007, the Senior Percentage is the related Pro Rata Senior Percentage plus 50% of an amount equal to 100% minus the related Pro Rata Senior Percentage.
More Definitions of Two Times Test
Two Times Test. As to any Distribution Date, (i) the Aggregate Subordinate Percentage is at least two times the Aggregate Subordinate Percentage as of the Closing Date; (ii) the aggregate of the Stated Principal Balances of all Mortgage Loans Delinquent 60 days or more (including Mortgage Loans in bankruptcy, REO and foreclosure) (averaged over the preceding six-month period), as a percentage of the aggregate of the Class Principal Amount of the Subordinate Certificates on such Distribution Date, does not equal or exceed 50%; and (iii) cumulative Realized Losses with respect to the Mortgage Loans do not exceed 20% of the Original Subordinate Principal Amount.
Two Times Test. As to any Distribution Date, if (i) the Aggregate Subordinated Percentage is at least 200% of the Aggregate Subordinated Percentage as of the Closing Date, (ii) the outstanding aggregate Stated Principal Balance of all Mortgage Loans delinquent 60 days or more (averaged over the preceding six month period), as a percentage of the aggregate Class Certificate Balance of the Subordinated Certificates, does not equal or exceed 50% and (ii) the cumulative Realized Losses on all the Mortgage Loans do not exceed (x) with respect to any Distribution Date on or prior to August 2006, 20% of the Original Subordinate Principal Balance or (y) with respect to any Distribution Date after August 2006, 30% of the Original Subordinate Principal Balance.
Two Times Test. As to any Distribution Date and the Subordinated Certificates, if (i) the Subordinated Percentage is at least 200% of the Subordinated Percentage as of the Closing Date, (ii) clause (i) of the Senior Step Down Conditions is satisfied and (iii) the cumulative Realized Losses on all the Mortgage Loans do not exceed (x) with respect to any Distribution Date on or prior to May 2010, 20% of the aggregate Class Certificate Balance of the Subordinated Certificates as of the Closing Date or (y) with respect to any Distribution Date after May 2010, 30% of the aggregate Class Certificate Balance of the Subordinated Certificates as of the Closing Date.
Two Times Test. As to any Distribution Date and the Group 1 Subordinated Certificates, if (i) the Aggregate Subordinated Percentage for the Group 1 Subordinated Certificates is at least 200% of the related Aggregate Subordinated Percentage as of the Closing Date, (ii) the outstanding aggregate Stated Principal Balance of all Mortgage Loans in Loan Group 1 delinquent 60 days or more (averaged over the preceding six month period), as a percentage of the aggregate Class Principal Balance of the Group 1 Subordinated Certificates, does not equal or exceed 50% and (ii) the cumulative Realized Losses on all the Mortgage Loans in Loan Group 1 do not exceed (x) with respect to any Distribution Date on or prior to November 2008, 20% of the related Original Subordinate Principal Balance or (y) with respect to any Distribution Date after November 2008, 30% of the related Original Subordinate Principal Balance. As to any Distribution Date and the Aggregate Group II Subordinated Certificates, if (i) the Aggregate Subordinated Percentage for the Aggregate Group II Subordinated Certificates is at least 200% of the related Aggregate Subordinated Percentage as of the Closing Date, (ii) the outstanding aggregate Stated Principal Balance of all Mortgage Loans in Aggregate Loan Group II delinquent 60 days or more (averaged over the preceding six month period), as a percentage of the aggregate Class Principal Balance of the Aggregate Group II Subordinated Certificates, does not equal or exceed 50% and (ii) the cumulative Realized Losses on all the Mortgage Loans in Aggregate Loan Group II do not exceed (x) with respect to any Distribution Date on or prior to November 2008, 20% of the related Original Subordinate Principal Balance or (y) with respect to any Distribution Date after November 2008, 30% of the related Original Subordinate Principal Balance.
Two Times Test. With respect to any Distribution Date, the satisfaction of all of the following conditions: (i) the Aggregate Subordinate Percentage is at least two times the Aggregate Subordinate Percentage as of the Closing Date; (ii) the aggregate of the Stated Principal Balances of all Mortgage Loans Delinquent 60 days or more (including Mortgage Loans in REO and foreclosure) (averaged over the preceding six-month period), as a percentage of the aggregate of the Certificate Principal Balances of the Subordinate Certificates, does not exceed 50%; and (iii) after the 36th Distribution Date, cumulative Realized Losses do not exceed 30% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date or on or prior to the 36th Distribution Date, cumulative Realized Losses do not exceed 20% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date.
Two Times Test. As to any Distribution Date and the Subordinate Certificates, (x) on or prior to the Distribution Date in December 2009, (i) the Aggregate Subordinate Percentage for the Subordinate Certificates is at least two times the Aggregate Subordinate Percentage as of the Closing Date, (ii) the condition described in clause first of the definition of “Step-Down Test” is satisfied with respect to each Mortgage Pool and (iii) cumulative Realized Losses with respect to the Mortgage Loans in the Aggregate Pool do not exceed 20% of the aggregate Class Principal Amount of the Subordinate Certificates as of the Closing Date or (y) on or after the Distribution Date in January 2010, (i) the Aggregate Subordinate Percentage for the Subordinate Certificates is at least two times the Aggregate Subordinate Percentage as of the Closing Date, (ii) the condition described in clause first of the definition of “Step-Down Test” is satisfied with respect to each Mortgage Pool in the Aggregate Pool and (iii) cumulative Realized Losses with respect to the Mortgage Loans do not exceed 30% of the aggregate Class Principal Amount of the Subordinate Certificates as of the Closing Date.
Two Times Test. As to any Distribution Date, if (i) the Aggregate Subordinated Percentage is at least two times the Aggregate Subordinated Percentage as of the Closing Date, (ii) the outstanding aggregate Stated Principal Balance of all Mortgage Loans delinquent 60 days or more (averaged over the preceding six month period), as a percentage of the aggregate Class Certificate Balance of the Subordinated Certificates, does not equal or exceed 50% and (ii) the cumulative Realized Losses on all the Mortgage Loans do not exceed 30% of the Original Subordinate Principal Balance.