Delinquency Test definition

Delinquency Test means, for any Payment Date, a test that will be satisfied if:
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Delinquency Test means, for any Payment Date, a test that will be satisfied if
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Delinquency Test. With respect to any Payment Date, a test that will be satisfied if (a) the sum of the Distressed Principal Balance for the current Payment Date and each of the preceding five Payment Dates, divided by six or, in the case of any Payment Date prior to the sixth Payment Date after the Closing Date, the sum of the Distressed Principal Balance for the current Payment Date and each of the preceding Payment Dates since the Closing Date, divided by the number of Payment Dates since the Closing Date is less than (b) 50% of the amount by which (i) the product of (x) the Subordinate Percentage and (y) the aggregate UPB of the Reference Obligations as of the preceding Payment Date; exceeds (ii) the Principal Loss Amount for the current Payment Date. Depository: DTC or any successor.
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Examples of Delinquency Test in a sentence

  • If the Servicer elects to exercise such option, then on each Distribution Date the Servicer shall deposit into the Spread Account the amount necessary to maintain the Cash Collateral Deposit until such time as the Delinquency Ratio (without taking into account any reduction for Cash Collateralized Receivables) is at a level that does not violate the Level 1 Delinquency Test or Level 2 Delinquency Test.

  • The Delinquency Test will be failed on a Distribution Date if the Rolling Sixty-Day Delinquency Rate for such Distribution Date is greater than 50% of the Current Class A Enhancement Level as of such Distribution Date.

  • A Trigger Event will be in effect on a Distribution Date if either the Delinquency Test or the Cumulative Loss Test is failed.

  • The Trustee shall compute the Special Servicer Delinquency Test monthly based upon the information contained within the computer tape it receives from the Master Servicer pursuant to Section 4.03(a).

  • If such computation confirms that the Special Servicer Delinquency Test has been met, the Trustee shall notify the Master Servicer and the Special Servicer on or promptly following the Distribution Date for which the computer tape was delivered.


More Definitions of Delinquency Test

Delinquency Test. With respect to any Payment Date, a test that will be satisfied if (a) the sum of the Distressed Principal Balance for the current Payment Date and each of the preceding five Payment Dates, divided by six is less than (b) 50% of the amount by which (i) the product of
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Delinquency Test means with respect to any Distribution Date, a test that will be satisfied if:
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Delinquency Test means with respect to each Distribution Date, a test that will be satisfied if, for each Mortgage Pool:
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Delinquency Test. The Delinquency Test will be met with respect to any Distribution Date, if the Delinquency Percentage for such Distribution Date is greater than 12.0%.
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Delinquency Test. The Delinquency Test will have been satisfied for any Distribution Date if, as of the close of business on the last day of the related Due Period, (i) the aggregate Scheduled Principal Balance of the Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the aggregate Current Principal Amount of the Subordinate Certificates, does not exceed 50%. Depositor: Structured Asset Mortgage Investments II Inc., a Delaware corporation, or its successors in interest. Depository: The Depository Trust Company, the nominee of which is Cede & Co., or any successor thereto.
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Delinquency Test means for any Premium Payment Date on and after the Rate Recalculation Date, a test that will be satisfied if:
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Delinquency Test. The determination on any Distribution Date that the percentage obtained by dividing (x) the sum of the principal amount of (1) Mortgage Loans delinquent 60 days or more (other than Charged Off Loans), (2) Mortgage Loans in foreclosure, (3) REO Properties and (4) Mortgage Loans discharged due to bankruptcy by (y) the aggregate principal balance of the Mortgage Loans, in each case, as of the last day of the previous calendar month, exceeds [4.50%].
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