Pool II Specified Overcollateralization Amount definition

Pool II Specified Overcollateralization Amount. With respect to any Payment Date, the amount equal to the greater of: (I) the sum of (a) the related Spread Squeeze Amount, (b) 90.00% of the Principal Balance of Mortgage Loans in Pool II which are 180 or more days Delinquent as of the close of business of the last day of the related Collection Period, plus (c)(i) prior to the 31st Payment Date, the greater of (x) 2.25% of the Initial Pool II Balance and (y) the Pool II Step-Up Overcollateralization Amount, (ii) on or after the 31st Payment Date, the greater of (x) the lesser of 2.25% of the Initial Pool II Balance and 4.50% of the Pool II Balance as of the current Payment Date, and (y) the Pool II Step-Up Overcollateralization Amount, or (II) the sum of the related Spread Squeeze Amount and 0.50% of the Initial Pool II Balance; provided, however, that no reduction in clause (c)(ii) shall occur unless (i) aggregate cumulative Liquidation Loss Amounts with respect to Pool II as a percentage of the Initial Pool II Balance are less than 3.75% and (ii) the Six Month Rolling Pool Delinquency Rate for Pool II is less than 3.00%. Notwithstanding the foregoing (a) such Pool II Specified Overcollateralization Amount may also be decreased with the consent of the Insurer and (b) in no case will the Pool II Specified Overcollateralization Amount exceed 4.50% of the Initial Pool II Balance prior to the 31st Payment Date or the lesser of 4.50% of the Initial Pool II Balance and 9.00% of the Pool II Balance on or after the 31st Payment Date.
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Pool II Specified Overcollateralization Amount. With respect to any Payment Date, the amount equal to the greater of: (I) the sum of (a) ____% of the Principal Balance of Mortgage Loans in Pool II which are 180 or more days Delinquent as of the close of business of the last day of the related Collection Period plus (b)(i) prior to the 31st Payment Date, ____% of the Initial Pool II Balance and (ii) on or after the 31st Payment Date, ____% of the Pool II Balance as of the current Payment Date; or (II) the related Excess Spread Step-Up Amount, if any; provided, however, that no reduction in clause (b)(ii) shall occur unless the Six Month Rolling Pool Delinquency Rate for Pool II is less than ____%. Notwithstanding the foregoing (a) such Pool II Specified Overcollateralization Amount may also be decreased with the consent of the Insurer and (b) in no case will the Pool II Specified Overcollateralization Amount be less than ____% of the Initial Pool II Balance.
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Pool II Specified Overcollateralization Amount. With respect to any Payment Date, the amount equal to the greater of (I) the sum of (a) the related Spread Squeeze Amount, (b) 90% of the Principal Balance of Mortgage Loans in Pool II which are 180 or more days Delinquent as of the close of business of the last day of the related Collection Period and (c)(i) prior to the Payment Date in January 2003, 3.50% of the Pool II Balance as of the Closing Date and (ii) on or after the Payment Date in January 2003 the lesser of (x) 3.50% of the Pool II Balance as of the Closing Date and (y) 7.00% of the Pool II Balance as of the current Payment Date and (II) the sum of (a) the related Spread Squeeze Amount and (b) 0.50% of the Pool II Balance as of the Closing Date; provided, however, that no such reduction described in clause (c)(ii) shall occur unless (x) as of any such Payment Date, the aggregate cumulative Liquidation Loss Amounts, with respect to the Pool II Mortgage Loans, are less than 3.75% of the Pool II Balance as of the Closing Date and (y) as of any such Payment Date, the related Six Month Rolling Pool Delinquency Rate for Pool II is less than 2.50%.
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Examples of Pool II Specified Overcollateralization Amount in a sentence

  • As applicable, the Pool I Specified Overcollateralization Amount or the Pool II Specified Overcollateralization Amount.


More Definitions of Pool II Specified Overcollateralization Amount

Pool II Specified Overcollateralization Amount. With respect to a Payment Date the sum of (1) (x) prior to the Stepdown Date, the amount which is equal to 3.40% of the Pool II Maximum Collateral Amount and (y) after the Stepdown Date (i) if the Stepdown Requirement is satisfied, the lesser of (A) the greater of (i) an amount equal to 6.80% of the then outstanding aggregate Loan Balance of the Home Equity Loans and (ii) 0.50% of the Pool II Maximum Collateral Amount and (B) an amount equal to 3.40% of the Pool II Maximum Collateral Amount or (ii) if the Stepdown Requirement is not satisfied, the amount which is equal to 3.40% of the Pool II Maximum Collateral Amount; provided, however, that if on any Payment Date the Mortgage Portfolio Performance Test is not satisfied, then unless such Payment Date is also a Limited Release Date the Pool II Specified Overcollateralization Amount will be unlimited during the period that the Mortgage Portfolio Performance is not satisfied and (2) the Pool II Specified Overcollateralization Additional Amount.
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Pool II Specified Overcollateralization Amount. With respect to (I) any Payment Date occurring prior to the Stepdown Date, an amount equal to the sum of (a) 100.00% of the Principal Balance of Mortgage Loans in Pool II that are 270 or more days Delinquent as of the close of business of the last day of the related Collection Period (including all foreclosures and REO properties 270 or more days Delinquent as of the close of business of the last day of the related Collection Period) plus (b) 2.75% of the sum of (i) the Initial Pool II Balance plus (ii) the Original Class A-2 Pre-Funded Amount; or (II) any Payment Date occurring on or after the Stepdown Date, the greater of (a) the sum of (i) 100.00% of the Principal Balance of Mortgage Loans in Pool II that are 270 or more days Delinquent as of the close of business of the last day of the related Collection Period (including all foreclosures and REO properties 270 or more days Delinquent as of the close of business of the last day of the related Collection Period) plus (ii) 5.50% of the Pool II Balance, and (b) 0.50% of the sum of (i) the Initial Pool II Balance plus (ii) the Original Class A-2 Pre-Funded Amount; provided, however, that if on any Payment Date on or after the Stepdown Date either (a) cumulative Realized Losses on Pool II are greater than or equal to 3.0% of the sum of (i) the Initial Pool II Balance plus (ii) the Original Class A-2 Pre-Funded Amount or (b) the Excess Spread Amount with respect to Pool II is less than 0.70%, then the "Pool II Specified Overcollateralization Amount" on such Payment Date shall in no event be less than the Pool II Specified Overcollateralization Amount for the immediately preceding Payment Date.
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Pool II Specified Overcollateralization Amount. With respect to any Payment Date, the amount equal to the greater of: (I) the sum of (a) the related Spread Squeeze Amount, (b) 90% of the Principal Balance of Mortgage Loans in Pool II which are 180 or more days Delinquent as of the close of business of the last day of the related Collection Period, plus (c)(i) prior to the Payment Date in July 2003, the greater of (x) 2.25% of the Initial Pool II Balance and (y) the Pool II Step-Up Overcollateralization Amount, (ii) on or after the Payment Date in July 2003 the greater of (x) the lesser of 2.25% of the Initial Pool II Balance and 5.00% of the Pool II Balance as of the current Payment Date, (y) the Pool II Step-Up Overcollateralization Amount, (II) the sum of the related Spread Squeeze Amount and 0.50% of the Initial Pool II Balance; provided, however, that no reduction in clause (c)(ii) shall occur unless (i) aggregate cumulative Liquidation Loss Amounts with respect to Pool II as a percentage of the Initial Pool II Balance are less than 3.75% and (ii) the Six Month Rolling Pool Delinquency Rate for Pool II is less than 3.00%.
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Related to Pool II Specified Overcollateralization Amount

  • Specified Overcollateralization Amount means for any Distribution Date, the greater of:

  • REMIC II Overcollateralization Amount With respect to any date of determination, (i) 0.50% of the aggregate Uncertificated Balances of the REMIC II Regular Interests (other than REMIC II Regular Interest P) minus (ii) the aggregate of the Uncertificated Balances of REMIC II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II Regular Interest M-11, in each case as of such date of determination.

  • Required Overcollateralization Amount With respect to any Distribution Date, (a) prior to the Stepdown Date, an amount equal to 1.80% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown Date if a Trigger Event is not in effect, the greater of (i) an amount equal to 3.60% of the aggregate outstanding Stated Principal Balance of the Mortgage Loans after giving effect to distributions made on that Distribution Date and (ii) the Overcollateralization Floor and (c) on or after the Stepdown Date if a Trigger Event is in effect, an amount equal to the Required Overcollateralization Amount from the immediately preceding Distribution Date. The Required Overcollateralization Amount may be reduced so long as written confirmation is obtained from each Rating Agency that such reduction shall not reduce the ratings assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency. Residential Funding: Residential Funding Corporation, a Delaware corporation, in its capacity as seller of the Mortgage Loans to the Depositor and any successor thereto.

  • Targeted Overcollateralization Amount means, for a Payment Date, an amount equal to:

  • Target Overcollateralization Amount means, with respect to any Payment Date, 3.00% of the Adjusted Pool Balance as of the Cut-off Date. Notwithstanding the foregoing, the Target Overcollateralization Amount shall not exceed the Adjusted Pool Balance on such Payment Date.