VOLATILITY CUSHION definition
VOLATILITY CUSHION means the applicable percentage determined in accordance with Appendix 2 to Fitch's Structured Finance Criteria Report entitled "Counterparty Risk in Structured Finance Transactions: Swap Criteria" dated 13th September, 2004, as amended and supplemented from time to time.
VOLATILITY CUSHION means the percentage specified in Appendix 2 to the Fitch Criteria for a weighted average life that is equal to (or closest to) the weighted average of the weighted average life of each series and class of Notes rated by Fitch. For these purposes, the Valuation Agent shall utilize the weighted average life of each series and class of Notes rated by Fitch in relation to which the Counterparty is the swap counterparty provided by the Administrator (1) an assumed constant prepayment rate of 0.0%, default rate of 0.0% and such assumptions as will reflect the then current expectations of Administrator and/or be based upon such circumstances as Administrator may, in good faith, determine applicable; and, notwithstanding for the avoidance of doubt (1) above, assuming (2) that the Issuer will not redeem the Notes other than on the maturity date in respect of such Notes.
VOLATILITY CUSHION means the percentage specified in Appendix 2 to Fitch's Structured Finance Criteria Report entitled "Counterparty Risk in Structured Finance Transactions: Swap Criteria" dated 13th September, 2004 for a weighted average life that is equal to (or closest to) the weighted average of the weighted average life of each series and class of Issuer Notes. For these purposes, Party A will calculate the weighted average life of each series and class of Issuer Notes using (1) such assumptions as will reflect the then current expectations of Party A and/or be based upon such circumstances as Party A may, in good faith, determine applicable; and, notwithstanding for the avoidance of doubt (1) above, assuming (2) that the relevant Issuer will not exercise its call option to redeem such Issuer Notes in full on the Step-up Date, if any, in respect of such Issuer Notes.
More Definitions of VOLATILITY CUSHION
VOLATILITY CUSHION means the percentage specified in Appendix 2 to the Fitch Criteria for a weighted average life that is equal to (or closest to) the weighted average of the weighted average life of each series and class of Notes rated by Fitch in respect of which Transactions have been entered into. For these purposes, Party A will calculate the weighted average life of each series of Notes rated by Fitch in respect of which Transactions have been entered into using (1) an assumed constant prepayment rate of 0.0%, default rate of 0.0% and such assumptions as will reflect the then current expectations of Party A and/or be based upon such circumstances as Party A may, in good faith, determine applicable; and, notwithstanding for the avoidance of doubt (1) above, assuming (2) that the Issuer will not redeem the Notes other than on the maturity date in respect of such Notes (unless the Notes are scheduled to amortise prior to the maturity date).
VOLATILITY CUSHION means, in respect of each outstanding Transaction, the percentage specified in Appendix 2 to the Fitch Report for a weighted average life that is equal to (or closest to) the weighted average life of such Transaction (assuming zero prepayment and zero default of the Mortgage loans in the Mortgage Pool).