Eligible AAA Securities definition

Eligible AAA Securities means securities that are (i) rated AAA by one or more rating agencies, (ii) backed solely by Included Mortgage Loans that are Forward Eligible Assets, for which the Initial Purchaser has issued a Confirmation and with respect to which all the related conditions to purchase have been satisfied, (iii) sized by the Rating Agency at no more than the Maximum Senior Sizing and no less than the Minimum Sizing and (iv) not AAA IO Securities.
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Examples of Eligible AAA Securities in a sentence

  • If the Initial Purchaser defaults in its obligation to purchase Eligible AAA Securities hereunder that are issued in a Securitization or defaults in its obligations under Section 1A, this Agreement will terminate without liability on the part of the Seller, except as provided in Section 7.

  • In reliance on the representations and warranties contained herein and subject to the terms and conditions set forth herein, and as long as the Senior Securities are Eligible AAA Securities, the Initial Purchaser shall purchase Eligible AAA Securities at the AAA Securities Purchase Price.

  • A Confirmation will serve as a commitment by the Initial Purchaser to purchase Eligible AAA Securities collateralized by the related Forward Eligible Assets, subject to all the terms and conditions set forth in this Agreement and in the related Confirmation.

  • Alternatively, if Eligible AAA Securities are not delivered on or before May 17, 2012 because of a Failure Reason, the Seller will have the option to proceed with the Securitization based upon actual Rating Agency sizing.

  • One twelfth (1/12th) of the Forward AAA Securities Commitment Fee shall be paid monthly by the Seller to the Initial Purchaser, until the earliest of Securitization of such Forward Eligible Asset, the termination of this Agreement, loss of status (for any reason) as a Forward Eligible Asset or the failure of the Seller to deliver Eligible AAA Securities pursuant to Section 1A.

  • The Forward AAA Securities Commitment Fee shall be paid monthly by the Seller to the Initial Purchaser, until the earliest of Securitization of such Forward Eligible Asset, the termination of this Agreement or the failure of the Seller to deliver Eligible AAA Securities pursuant to Section 1A.