Common use of Targeted Overcollateralization Amount Clause in Contracts

Targeted Overcollateralization Amount. As to any Distribution Date, (x) prior to the Stepdown Date, [ ]% of the Cut-Off Date Pool Balance, and (y) on and after the Stepdown Date and assuming a Trigger Event is not in effect, the greater of (i) [ ]% of the Pool Balance as of the last day of the related Collection Period and (ii) [ ]% of the Cut-Off Date Pool Balance. If a Trigger Event is in effect on and after the Stepdown Date, the Targeted Overcollateralization Amount shall be equal to the Targeted Overcollateralization Amount for the immediately preceding Distribution Date.