Overcollateralization Target definition

Overcollateralization Target. Amount: $2,843,323. Pass-Through Rate: As to each Class of Certificates, the REMIC I Regular Interests and the REMIC II Regular Interests, the rate of interest determined as provided with respect thereto in Section 5.01(c).

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Overcollateralization Target. Prior to the Distribution Date in March 2005, the Overcollateralization Target will be zero. For any Distribution thereafter, the Overcollateralization Target will be equal to [0.75%]* of the Cut-off Date Balance (the "Overcollateralization Target"). On or after the Stepdown Date, the Overcollateralization Target will be equal to [1.50%]* of the aggregate principal balance of the Mortgage Loans for the related Distribution Date, subject to a floor of [0.75%]* (the " O/C Floor") of the Cut-off Date Balance of the Mortgage Loans; provided, however, that if a Trigger Event (as described herein) is in effect on the related Distribution Date, the Overcollateralization Target will be equal to the Overcollateralization Target on the Distribution Date immediately preceding the Distribution Date on which such Trigger Event is in effect.

Overcollateralization Target. Amount: Prior to the Stepdown Date, an amount equal to 2.45% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date. On and after the Stepdown Date, an amount equal to the greater of (i) 4.90% of the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (ii) 0.50% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date; provided, however, that if, on any Distribution Date, a Trigger Event exists, the Overcollateralization Target Amount shall not be reduced to the applicable percentage of then current aggregate Stated Principal Balance of the Mortgage Loans until the Distribution Date on which a Trigger Event no longer exists but rather shall remain the Overcollateralization Target Amount as determined for the immediately preceding Distribution Date. When the Class Certificate Balance of each Class of LIBOR Certificates has been reduced to zero, the Overcollateralization Target Amount will thereafter equal zero.

Examples of Overcollateralization Target in a sentence

Any Excess Spread to the extent necessary to meet a level of overcollateralization equal to the Overcollateralization Target Amount will be the Extra Principal Distribution Amount and will be included as part of the Principal Distribution Amount.
On any date of determination where the pool of Receivables does not satisfy all of the Pool Composition Tests, the Administrator may identify Receivables in the pool as Temporarily Excluded Receivables as long as the Overcollateralization Target Amount is reached as of the close of business on such date without taking into account the Temporarily Excluded Receivables, so that the remaining Receivables in the pool will satisfy all of the Pool Composition Tests.
As of any Distribution Date during the Revolving Period, the excess, if any, of the sum of (i) the Aggregate Note Principal Balance as of the preceding Distribution Date or the Initial Closing Date, as applicable, and (ii) the Overcollateralization Target Amount, over the Aggregate Receivables Principal Balance as of the last day of the Monthly Period related to such Distribution Date.
Any Excess Spread to the extent necessary to meet a level of overcollateralization equal to the Overcollateralization Target Amount shall be the Extra Principal Distribution Amount and shall be included as part of the Principal Distribution Amount.
Any Excess Spread with respect to Loan Group I to the extent necessary to meet a level of overcollateralization equal to the Group I Overcollateralization Target Amount shall be the Group I Extra Principal Distribution Amount and will be included as part of the related Principal Distribution Amount.

More Definitions of Overcollateralization Target

Overcollateralization Target. Amount: Prior to the Stepdown Date, an amount equal to 0.50% of the Cut-off Date Pool Principal Balance. On and after the Stepdown Date, an amount equal to the greater of (i) 1.00% of the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (ii) $3,158,334; provided, however, that if, on any Distribution Date, a Trigger Event exists, the Overcollateralization Target Amount shall not be reduced to the applicable percentage of the then current aggregate Stated Principal Balance of the Mortgage Loans until the Distribution Date on which a Trigger Event no longer exists. When the Class Certificate Balance of each Class of LIBOR Certificates has been reduced to zero, the Overcollateralization Target Amount will thereafter equal zero.

Overcollateralization Target. Amount: 1,998,670.

Overcollateralization Target. Amount: $2,114,704.

Overcollateralization Target. Amount: (i) For any Distribution Date prior to the Stepdown Date, 1.25% of the aggregate Stated Principal Balance of the Mortgage Loans as of the applicable Cut-off Date, and (ii) for any Distribution Date on or after the Stepdown Date, the greater of (1) the lesser of (a) 1.25% of the aggregate principal balance of the Mortgage Loans as of the applicable Cut-off Date, and (b) 2.50% of the Stated Principal Balance of the Mortgage Loans and (2) the Overcollateralization Floor; provided, however, in either case, for any Distribution Date on which a Stepdown Trigger Event is in effect, an amount equal to the Overcollateralization Target Amount for the immediately preceding Distribution Date.

Overcollateralization Target. Amount for the immediately preceding Distribution Date. Notwithstanding the foregoing, on and after any Distribution Date following the reduction of the aggregate Certificate Principal Balance of the Class A Certificates, the Mezzanine Certificates and the Class B Certificates to zero, the Overcollateralization Target Amount shall be zero.

Overcollateralization Target. Amount" for each Payment Date o before the Stepdown Date is _.__% of the sum of the aggregate Loan Pool Balance as of the Initial Cut-off Date and any funds deposited in the Additional Loan Account on the Closing Date, o on or after the Stepdown Date is the greater of (i) _.__% of the aggregate Note Principal Balance of all Classes of Principal Amount Notes for that Payment Date (after giving effect to the payment of all amounts actually paid on the Principal Amount Notes on that Payment Date) and (ii) the OC Floor. If a Trigger Event is in effect on any Payment Date, then the Overcollateralization Target Amount will be the Overcollateralization Target Amount in effect for the prior Payment Date.

Overcollateralization Target. Amount: Prior to the Stepdown Date, an amount equal to 1.15% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date. On and after the Stepdown Date, an amount equal to the greater of (i) 2.30% of the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (ii) $4,777,539; provided, however, that if, on any Distribution Date, a Trigger Event exists, the Overcollateralization Target Amount shall not be reduced to the applicable percentage of then current aggregate Stated Principal Balance of the Mortgage Loans until the Distribution Date on which a Trigger Event no longer exists but rather shall remain the Overcollateralization Target Amount as determined for the immediately preceding Distribution Date. When the Class Certificate Balance of each Class of LIBOR Certificates has been reduced to zero, the Overcollateralization Target Amount will thereafter equal zero.

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