Undercollateralization Amount definition

Undercollateralization Amount. With respect to any Payment Date, the amount by which the aggregate Bond Principal Balance of the Class A Bonds exceeds the aggregate Stated Principal Balance of the Mortgage Loans and the Pre-Funded Amount immediately following such Payment Date.

Undercollateralization Amount. As to any Distribution Date and Group, the amount by which the aggregate Note Principal Balance of the Notes in the related Class of Notes (after giving effect to distributions in respect of principal on such Notes, other than any portion thereof in respect of Cross-Collateralization Payments and Insured Payments, on such Distribution Date) exceeds the Group Principal Balance at the end of the related Remittance Period.

Undercollateralization Amount. For any Distribution Date prior to the Cross-Over Date and any Senior Certificate Group, the amount, if any, by which, after giving effect to distributions on such Distribution Date pursuant to clauses (i) through (iii) of Section 6.01(a), the Current Principal Amount of the Senior Principal Certificates in such Senior Certificate Group would exceed the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Mortgage Loan Group.

Examples of Undercollateralization Amount in a sentence

• In the event that there is more than one Undercollateralized Group on a Distribution Date, such Available Funds will be allocated pro rata among each such Undercollateralized Group, based on the Undercollateralization Amount or Undercollateralization Interest, as applicable, for each such Undercollateralized Group as a percentage of the aggregate Undercollateralization Amount or Undercollateralization Interest, respectively, for all such Undercollateralized Groups.

• In addition to the foregoing, on the Insured Undercollateralization Payment Date, if there is any Undercollateralization Amount remaining, the Noteholders shall be entitled to an additional principal payment (to be allocated to the Class II Notes on a pro rata basis) equal to the Undercollateralization Amount, if any, which shall be payable from the Group II Credit Enhancement Draw Amount pursuant to Section 3.28.

• On or prior to 12:00 p.m. on the second Business Day before the Insured Undercollateralization Payment Date, the Indenture Trustee shall make a draw on the Group II Policy in an amount equal to the Undercollateralization Amount, if any, remaining after payment of all other amounts to be paid pursuant to Section 3.05(a) on such Payment Date.

• On each Distribution Date the Trustee shall transfer an amount equal, as to each Mortgage Pool, to the lesser of (x) the Undercollateralization Amount immediately prior to such date, and (y) the amount of interest accrued but unpaid on the Class X Certificate related to such Mortgage Pool as of such Distribution Date, from the Collateralization Account for such Mortgage Pool to the Certificate Account for distribution as part of the applicable Principal Distribution Amount pursuant to Section 5.02(c).

• At any time of determination, any ------------------------- Certificate Group for which an Undercollateralization Amount greater than zero is calculated.

More Definitions of Undercollateralization Amount

Undercollateralization Amount. With respect to any Payment Date, an amount (not less than zero) equal to the excess, if any, of (a) the aggregate of the Class Principal Balances of all Classes of Notes, after giving effect to payments in respect of the Notes and the Residual Interest Certificates on such Payment Date, over (b) the sum of (i) the Pool Principal Balance as of the end of the preceding Due Period and (ii) the amount, if any, on deposit in the Pre-Funding Account as of the end of such Due Period. Notwithstanding the foregoing, on any date after the Payment Date on which the Undercollateralization Amount is first reduced to zero, such amount shall be deemed to be zero.

Undercollateralization Amount. With respect to any Payment Date, an amount (not less than zero) equal to the excess, if any, of (a) the aggregate of the Class Principal Balances of all Classes of Notes, after giving effect to payments in respect of the Notes and the Residual Interest Certificates on such Payment Date, over (b) the Pool Principal Balance as of the end of the preceding Due Period. Notwithstanding the foregoing, on any date after the Payment Date on which the Undercollateralization Amount is first reduced to zero, such amount shall be deemed to be zero.

Undercollateralization Amount. With respect to any Payment Date, the amount by which the aggregate Bond Principal Balance of the Class A Bonds exceeds the aggregate Stated Principal Balance of the Mortgage Loans immediately following such Payment Date. Underwriter: Countrywide Securities Corporation, or its successors.

Undercollateralization Amount. An amount initially equal to $2,625,145.73. For each Class and the related Pool on any Payment Date up to and including the Insured Undercollateralization Payment Date for such Class and the related Pool, the Undercollateralization Amount shall equal the excess, if any, (but only up to a maximum of $2,625,145.73) of the related Security Principal Balance over the related Pool Balance (after taking into account all payments of principal through and including such Payment Date, other than payments made with funds drawn from the Demand Note, the Policy or (with respect to the Class A-1 Certificates only) the Guarantee).

Undercollateralization Amount. With respect to any Payment Date will be equal to the amount, if any, by which (x) the sum of (i) the aggregate Class Principal Amount of the Class A1, Class A2, Class M1, Class M2 and Class B1 Notes after giving effect to payments on such Payment Date, and (ii) the Minimum Overcollateralization Amount for such Payment Date exceeds (y) the Pool Balance for such Payment Date.

Undercollateralization Amount. As to any Distribution Date and any ----------------------------- Certificate Group, the excess, if any, of the sum of the Class Certificate Principal Amounts and Component Principal Amounts of the Classes and Components of such Certificate Group immediately prior to such Distribution Date over the aggregate of the Scheduled Principal Balances of the Mortgage Loans in the related Mortgage Pool as of the first day of the month of such Distribution Date.

Undercollateralization Amount. As to any Distribution Date and Loan Group I, the excess, if any, of the Certificate Principal Balances of the Class A-1 Certificates immediately prior to such Distribution Date over the sum of (i) the aggregate of the Non-Class PO Percentage of the Scheduled Principal Balance of each of the Mortgage Loans in such Loan Group plus (ii) the aggregate of the Non-Class PO Percentage of the Scheduled Principal Balance of each of the REO Properties in such Loan Group, in each case before reduction for any Realized Losses on such Distribution Date. As to any Distribution Date and Loan Group II, the excess, if any, of the Certificate Principal Balances of the Class A-2 Certificates immediately prior to such Distribution Date over the sum of (i) the aggregate of the Non-Class PO Percentage of the Scheduled Principal Balance of each of the Mortgage Loans in such Loan Group plus (ii) the aggregate of the Non-Class PO Percentage of the Scheduled Principal Balance of each of the REO Properties in such Loan Group, in each case before reduction for any Realized Losses on such Distribution Date.