POOL III SPECIFIED SUBORDINATED AMOUNT definition

POOL III SPECIFIED SUBORDINATED AMOUNT means (as such amount may be changed in accordance with the provisions of Section 2.09(f) hereof) the Pool III Initial Specified Subordinated Amount until the later of the date upon which principal in the amount of one-half of the Pool Maximum Collateral Amount for Pool III has been received in respect of the Pool III Mortgage Loans and the 30th Remittance Date following the Closing Date, and with respect to each Remittance Date thereafter, the greatest of:
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POOL III SPECIFIED SUBORDINATED AMOUNT means (a) prior to the Pool Spread Amount Stepdown Date for Pool III, 5.75% of the Original Collateral Amount for Pool III and (b) on and after the Pool Spread Amount Stepdown Date for Pool III, the greater of (i) 11.50% of the then aggregate Principal Balance of the Pool III Mortgage Loans as of the last day of the related Due Period and (ii) 0.5% of the Pool Original Collateral Amount for Pool III; provided that upon the occurrence and during the continuance of a Trigger Event, the Pool III Specified Subordinated Amount will equal 6.5% of the Pool Original Collateral Amount for Pool III and in any event, the Pool III Specified Subordinated Amount shall never exceed the then Class Principal Balance of the Pool III Certificates; PROVIDED, HOWEVER, that following the Funding Period, the Pool III Specified Subordinated Amount may be revised with the consent of the Rating Agencies.
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POOL III SPECIFIED SUBORDINATED AMOUNT means (a) prior to the Pool Spread Amount Stepdown Date for Pool III, 6.2% of the Original Collateral Amount for Pool III and (b) on and after the Pool Spread Amount Stepdown Date for Pool III, the greater of (i) 12.4% of the then aggregate Principal Balance of the Pool III Mortgage Loans as of the last day of the related Due Period and (ii) 0.5% of the Pool Original Collateral Amount for Pool III; provided that upon the occurrence and during the continuance of a Trigger Event, the Pool III Specified Subordinated Amount will equal the Pool III Specified Subordinated Amount as of the immediately preceding Remittance Date and in any event, the Pool III Specified Subordinated Amount shall never exceed the then Class Principal Balance of the Pool III Certificates.
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Related to POOL III SPECIFIED SUBORDINATED AMOUNT

  • Specified Subordinated Amount Prior to the Stepdown Date, an amount equal to 0.50% of the Cut-off Date Pool Principal Balance. On and after the Stepdown Date, an amount equal to 1.00% of the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date, subject, until the Class Certificate Balance of each Class of LIBOR Certificates has been reduced to zero, to a minimum amount equal to 0.50% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date; provided, however, that if, on any Distribution Date, a Trigger Event exists, the Specified Subordinated Amount shall not be reduced to the applicable percentage of the then current aggregate Stated Principal Balance of the Mortgage Loans until the Distribution Date on which a Trigger Event no longer exists. When the Class Certificate Balance of each Class of LIBOR Certificates has been reduced to zero, the Specified Subordinated Amount will thereafter equal zero. Sponsor: Sutton Funding LLC, a Delaware limited liability company, and its succexxxxx in interest.

  • Required Subordinated Amount means, as of a date, the sum of:

  • Unencumbered Required Subordinated Amount of Class D Notes means, for the Class B(2020-2) Notes, an amount equal to the product of

  • Excess Subordinated Amount With respect to any Distribution Date, the excess, if any, of (a) the Subordinated Amount on such Distribution Date over (b) the Specified Subordinated Amount for such Distribution Date.

  • Available Subordinated Amount means (a) for the first Determination Date after the Closing Date, an amount equal to the Required Subordinated Amount for the first Determination Date and (b) for any later Determination Date, an amount equal to the lesser of (i) the Required Subordinated Amount for that Determination Date and (ii) an amount equal to:

  • Encumbered Required Subordinated Amount of Class D Notes means, for the Class C(2020-5) Notes, the product of

  • Pool Subordinate Amount As to each Mortgage Pool and any Distribution Date, the excess of the Pool Balance for such Mortgage Pool as of the first day of the immediately preceding Collection Period over (i) the Class Principal Amount of the Group 1 Senior Certificates (in the case of Pool 1) or (ii) the aggregate Class Principal Amounts of the Group 2 Senior Certificates (in the case of Pool 2) immediately prior to the related Distribution Date.

  • Group II Subordinate Percentage For any Distribution Date, the excess of 100% over the Group II Senior Percentage for such date.

  • Group I Subordinate Percentage For any Distribution Date, the excess of 100% over the Group I Senior Percentage for such date.

  • Original Subordinated Percentage The Subordinated Percentage as of the Cut-Off Date, as set forth in Section 11.07.

  • Required Subordinated Percentage of Class B Notes means, for the Class A(2022-1) Notes, 6.96202532%, subject to adjustment in accordance with Section 2.02.

  • Required Subordinated Percentage of Class C Notes means, for the Class A(2022-2) Notes, 8.86075950%, subject to adjustment in accordance with Section 2.02.

  • Initial Subordinate Class Percentage As defined in the Series Supplement.

  • Required Subordinated Amount of Class C Notes means, for the Class A(2022-1) Notes for any date of determination, an amount equal to the product of

  • Required Subordinated Amount of Class B Notes means, for the Class A(2022-1) Notes for any date of determination, an amount equal to the product of

  • First Liquidation Target Amount has the meaning assigned to such term in Section 6.1(c)(i)(D).

  • Excess Subordinate Principal Amount With respect to any Distribution Date on which the aggregate Certificate Principal Balance of the Class of Subordinate Certificates then outstanding with the Lowest Priority is to be reduced to zero and on which Realized Losses are to be allocated to such class or classes, the excess, if any, of (i) the amount that would otherwise be distributable in respect of principal on such class or classes of Certificates on such Distribution Date over (ii) the excess, if any, of the aggregate Certificate Principal Balance of such class or classes of Certificates immediately prior to such Distribution Date over the aggregate amount of Realized Losses to be allocated to such classes of Certificates on such Distribution Date as reduced by any amount calculated pursuant to Section 4.02(b)(i)(E). With respect to any Mortgage Pool that is comprised of two or more Loan Groups, the Excess Subordinate Principal Amount will be allocated between each Loan Group on a pro rata basis in accordance with the amount of Realized Losses attributable to each Loan Group and allocated to the Certificates on such Distribution Date.

  • REMIC I Overcollateralized Amount With respect to any date of determination, (i) 1% of the aggregate Uncertificated Balance of the REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP) minus (ii) the aggregate Uncertificated Balance of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10, in each case as of such date of determination.

  • Required Subordinated Percentage of Class D Notes means, for the Class A(2022-2) Notes, 10.75949368%, subject to adjustment in accordance with Section 2.02.

  • Permitted Subordinated Debt means Indebtedness of any of the Borrowers which has been subordinated and made junior to the Full Payment of the Obligations, and evidenced as such by a subordination agreement containing subordination provisions substantially in the form of Exhibit I, or otherwise in form and substance reasonably satisfactory to the Administrative Agent; provided that (a) at the time such Permitted Subordinated Debt is incurred, no Default or Event of Default has occurred or would occur as a result of such incurrence, and (b) the documentation evidencing such Permitted Subordinated Debt shall have been delivered to the Administrative Agent and shall contain all of the following characteristics: (i) it shall be unsecured, (ii) it shall bear interest at a rate not to exceed the market rate as determined in good faith by the applicable Borrower, (iii) it shall not require unscheduled principal repayments thereof prior to the maturity date of such debt, (iv) if it has any covenants, such covenants (including covenants relating to incurrence of indebtedness) shall be less restrictive than those set forth herein, (v) it shall have no restrictions on the Borrowers’ ability to grant liens securing indebtedness ranking senior to such Permitted Subordinated Debt, (vi) it shall permit the incurrence of senior indebtedness under this Agreement, (vii) it may be cross-accelerated with the Obligations and other senior indebtedness of the Borrowers (but shall not be cross-defaulted except for payment defaults which the senior lenders have not waived) and may be accelerated upon bankruptcy, and (viii) it shall provide for the complete, automatic and unconditional release of any and all guarantees of such Permitted Subordinated Debt granted by any Borrower in the event of the sale by any Person of such Borrower or the sale by any Person of all or substantially all of such Borrower’s assets (including in the case of a foreclosure).

  • Class Subordination Percentage With respect to any Distribution Date and each Class of Subordinated Certificates, the quotient (expressed as a percentage) of (a) the Class Certificate Balance of such Class of Certificates immediately prior to such Distribution Date divided by (b) the aggregate of the Class Certificate Balances immediately prior to such Distribution Date of all Classes of Certificates.

  • Required Subordinated Amount of Class D Notes means, for the Class A(2022-1) Notes for any date of determination, an amount equal to the product of

  • Group Subordinate Amount For a Mortgage Pool and any Distribution Date; the excess of (a) the Pool Principal Balance of such Mortgage Pool for the immediately preceding Distribution Date, over (b) the aggregate Class Certificate Balance of the Senior Certificates of the related Certificate Group immediately prior to that Distribution Date. Index: Not applicable.

  • Subordinated Amount As of any Distribution Date, the excess, if any, of (a) the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date over (b) the aggregate of the Class Certificate Balances of the LIBOR Certificates as of such Distribution Date (after giving effect to the payment of the Principal Remittance Amount on such Certificates on such Distribution Date).

  • Permitted Subordinated Indebtedness means Indebtedness incurred after the Closing Date by the Borrower or the Subsidiaries that is (i) subordinated to the Obligations and all other Indebtedness owing from the Borrower or the Subsidiaries to the Lender pursuant to a written subordination agreement satisfactory to the Lender in its sole discretion and (ii) in an amount and on terms approved by the Lender in its sole discretion.

  • Second Liquidation Target Amount has the meaning assigned to such term in Section 6.1(c)(i)(E).