Delinquency Test Sample Clauses
A Delinquency Test clause establishes criteria to determine whether a borrower or obligor is considered delinquent on their financial obligations. Typically, this clause outlines specific thresholds, such as the number of days a payment is overdue or the percentage of overdue accounts in a loan portfolio, that trigger a delinquency status. By clearly defining what constitutes delinquency, the clause helps lenders or counterparties monitor credit risk and take appropriate remedial actions, such as initiating collection procedures or enforcing default remedies, thereby protecting their financial interests.
Delinquency Test. For 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, 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
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.
Delinquency Test. For 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.
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 Stated 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 Fund), averaged over the last six months, as a percentage of the aggregate Certificate Principal Balance of the Subordinated Certificates, does not exceed 50%.
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.
Delinquency Test. The Delinquency Test for Group 1 will be failed on a Distribution Date if the Current Class A Enhancement Level of Group 1 (expressed as a dollar amount) is less than or equal to [***] times the aggregate Loan Balances of Pool 1 Mortgage Loans Delinquent 60 days or more (without regard to any grace period and including, for this purpose, Mortgage Loans in foreclosure or subject to Mortgagor bankruptcy proceedings and REO Properties). The Delinquency Test for Group 2 will be failed on a Distribution Date if the Current Class A Enhancement Level of Group 2 (expressed as a dollar amount) is less than or equal to [***] times the aggregate Loan Balances of Pool 2 Mortgage Loans Delinquent 60 days or more (without regard to any grace period and including, for this purpose, Mortgage Loans in foreclosure or subject to Mortgagor bankruptcy proceedings and REO Properties).
Delinquency Test. 11 Depositor......................................................................................11 Depository.....................................................................................11
Delinquency Test. The Three Month Rolling Average Delinquency Rate exceeds 12% of the Stated Principal Balance of the Group II Mortgage Loans;