Adjustable Rate Group Specified Subordinated Amount definition

Adjustable Rate Group Specified Subordinated Amount. As defined in Exhibit L.

Adjustable Rate Group Specified Subordinated Amount. As of (i) any Distribution Date occurring less than 30 months after the Startup Day, 3.00% of the aggregate Loan Balance of all Mortgage Loans in the Adjustable Rate Group as of the Startup Day and (ii) any Distribution Date occurring 30 months or more after the Startup Day, the lesser of (x) the amount described in clause (i) above and (y) the sum of (I) 6% of the aggregate Loan Balance of all Mortgage Loans in the Adjustable Rate Group as of such Distribution Date, and (II) the product of (A) the positive difference, if any, between the amount described in clause (i) above and the amount described in clause (ii)(y)(I) above and (B) the percentage equivalent of a fraction, the numerator of which equals 12 minus the number of immediately preceding consecutive months (not to exceed 12) for which all of the Step Down Conditions have been satisfied and the denominator of which equals 12, provided, however, that the Adjustable Rate Group Specified Subordinated Amount shall not be less than 0.50% of the aggregate Loan Balance of all Mortgage Loans in the Adjustable Rate Group as of the Startup Day.