Overcollateralization Deficiency definition

Overcollateralization Deficiency. For any Distribution Date will be equal to the amount, if any, by which (x) the Targeted Overcollateralization Amount for such Distribution Date exceeds (y) the Overcollateralization Amount for such Distribution Date, calculated for this purpose after giving effect to the reduction on such Distribution Date of the aggregate Class Principal Balance of the Certificates resulting from the payment of the Principal Payment Amount on such Distribution Date, but prior to allocation of any Applied Loss Amount on such Distribution Date.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Overcollateralization Deficiency. With respect to any Distribution Date, the excess, if any, of (a) the Specified Overcollateralized Amount applicable to such Distribution Date over (b) the Overcollateralized Amount applicable to such Distribution Date.

Overcollateralization Deficiency. As of any Distribution Date, the excess, if any, of (x) the Targeted Overcollateralization Amount for such Distribution Date over (y) the Overcollateralization Amount for such Distribution Date, calculated for this purpose after taking into account the reduction on such Distribution Date of the Certificate Principal Balances of all Classes of Offered Certificates and the Class B Certificates resulting from the distribution of the Principal Distribution Amount (but not the Extra Principal Distribution Amount) on such Distribution Date, but prior to taking into account any Applied Realized Loss Amounts on such Distribution Date.

Examples of Overcollateralization Deficiency in a sentence

• Extra Principal Distribution Amount ----------------------------------- As of any Distribution Date, the lesser of (a) the Monthly Excess Interest Amount for that Distribution Date and (b) the Overcollateralization Deficiency for that Distribution Date.

• As to any Payment Date, the lesser of (x) the Monthly Excess Cashflow for such Payment Date and (y) the Interim Overcollateralization Deficiency, if any, for such Payment Date.

• The amount demanded by the Indenture Trustee in that instance shall equal the lesser of (i) the Maximum Available Amount (as defined below) or (ii) the Overcollateralization Deficiency Amount, in each case calculated on the date of the downgrade.

• In addition, in the event that the Servicer exercises its option to call one Class of Notes, the Servicer shall deliver to the Trustee, and the Trustee shall deposit to the Reserve Account, the full amount of the Overcollateralization Deficiency, if any, with respect to the still-outstanding Class of Notes, calculated as of the date on which the Servicer exercises such option.

• The amount demanded by the Indenture Trustee in that instance shall equal the lesser of (i) the Maximum Available Amount (as defined below) or (ii) the product of (A) 1.33 multiplied by (B) the sum of the Pool I Overcollateralization Deficiency Amount, if any, plus the Pool II Overcollateralization Deficiency Amount, if any, in each case as calculated on the date of the downgrade.

More Definitions of Overcollateralization Deficiency

Overcollateralization Deficiency. As of any Payment Date, the excess, if any, of (x) the Targeted Overcollateralization Amount for such Payment Date over (y) the Overcollateralization Amount for such Payment Date, calculated for this purpose after taking into account the reduction on such Payment Date of the Aggregate Certificate Principal Balance resulting from the distribution of the Principal Remittance Amount (but not the Extra Principal Distribution Amount) on such Payment Date, but prior to taking into account any Applied Realized Loss Amount on such Payment Date.

Overcollateralization Deficiency. For any Payment Date will be equal to the amount, if any, by which (x) the Targeted Overcollateralization Amount for such Payment Date exceeds (y) the Overcollateralization Amount for such Payment Date, calculated for this purpose after giving effect to the reduction on such Payment Date of the aggregate Class Principal Balance of the Notes resulting from the payment of the Principal Payment Amount on such Payment Date, but prior to allocation of any Applied Loss Amount on such Payment Date.

Overcollateralization Deficiency. With respect to any Distribution Date, the excess, if any, of (a) the Overcollateralization Target Amount applicable to such Distribution Date over (b) the Overcollateralization Amount (for purposes of this calculation only, assuming 100% of the Principal Remittance Amount is applied as a principal payment to the LIBOR Certificates on such Distribution Date, but before giving effect to any other distributions on the LIBOR Certificates in reduction of their respective Class Certificate Balances on such Distribution Date) applicable to such Distribution Date.

Overcollateralization Deficiency. As of any Distribution Date, the excess, if any, of (x) the Targeted Overcollateralization Amount for such Distribution Date over (y) the Overcollateralization Amount for such Distribution Date, calculated for this purpose after taking into account the reduction on such Distribution Date of the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates resulting from the distribution of the Principal Remittance Amount on such Distribution Date, but prior to taking into account any Applied Realized Loss Amounts on such Distribution Date.

Overcollateralization Deficiency. For any Distribution Date and Floater Loan Group, the amount, if any, by which (x) the related Targeted Overcollateralization Amount for such Distribution Date exceeds (y) the related Overcollateralization Amount for such Distribution Date, calculated for this purpose after giving effect to the reduction on such Distribution Date of the aggregate Class Principal Balance of the related Floater Certificates (other than the related Economic Residual Floater Certificates) resulting from the payment of the Principal Payment Amount on such Distribution Date but prior to allocation of any Applied Loss Amount on the related Floater Certificates on such Distribution Date.

Overcollateralization Deficiency. As of any Distribution Date, the excess, if any, of (x) the Targeted Overcollateralization Amount for such Distribution Date over (y) the difference (which may be negative) between (i) the aggregate Stated Principal Balance of the Group T2 Mortgage Loans as of the last day of the related Collection Period and (ii) the aggregate Class Certificate Balance of all Classes of Overcollateralized Certificates (after taking into account the reduction on such Distribution Date of the Class Certificate Balances of all Classes of Overcollateralized Certificates resulting from the distribution of the Principal Distribution Amount (but not the Extra Principal Distribution Amount) on such Distribution Date, but prior to taking into account any Applied Realized Loss Amounts on such Distribution Date).

Overcollateralization Deficiency. Not applicable.