Required Overcollateralization Amount definition
Required Overcollateralization Amount. With respect to any Distribution Date, (a) prior to the Stepdown Date, an amount equal to 1.80% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown Date if a Trigger Event is not in effect, the greater of (i) an amount equal to 3.60% of the aggregate outstanding Stated Principal Balance of the Mortgage Loans after giving effect to distributions made on that Distribution Date and (ii) the Overcollateralization Floor and (c) on or after the Stepdown Date if a Trigger Event is in effect, an amount equal to the Required Overcollateralization Amount from the immediately preceding Distribution Date. The Required Overcollateralization Amount may be reduced so long as written confirmation is obtained from each Rating Agency that such reduction shall not reduce the ratings assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency. Residential Funding: Residential Funding Corporation, a Delaware corporation, in its capacity as seller of the Mortgage Loans to the Depositor and any successor thereto.
Required Overcollateralization Amount. With respect to any Distribution Date (i) prior to the Stepdown Date, the product of (A) 1.75% and (B) the aggregate principal balance of the Mortgage Loans as of the Cut-off Date, (ii) on or after the Stepdown Date provided a Trigger Event is not in effect, the greater of (x) 3.50% of the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (y) an amount equal to the product of (A) 0.50% and (B) the aggregate principal balance of the Mortgage Loans as of the Cut-off Date, and (iii) on or after the Stepdown Date and a Trigger Event is in effect, the Required Overcollateralization Amount for the immediately preceding Distribution Date. Notwithstanding the foregoing, on and after any Distribution Date following the reduction of the aggregate Certificate Principal Balance of the Class A Certificates and Mezzanine Certificates to zero, the Required Overcollateralization Amount shall be zero.
Required Overcollateralization Amount. With respect to any Distribution Date (i) prior to the Stepdown Date, an amount equal to 0.75% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date; (ii) on or after the Stepdown Date but prior to the Distribution Date in December 2012, provided a Trigger Event is not in effect, the greater of (x) 1.875% of the outstanding aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions made on that Distribution Date and (y) the Overcollateralization Floor; (iii) on or after the Stepdown Date and on or after the Distribution Date in December 2012, provided a Trigger Event is not in effect, the greater of (x) 1.50% of the outstanding aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions made on that Distribution Date and (y) the Overcollateralization Floor; and (iv) on or after the Stepdown Date if a Trigger Event is in effect, the Required Overcollateralization Amount for the immediately preceding Distribution Date; provided that the Required Overcollateralization Amount may be reduced so long as written confirmation is obtained from each rating agency that the reduction will not reduce the ratings assigned to the Class A Certificates and Class M Certificates by that rating agency (without regard to the Certificate Policy) below the lower of the then-current ratings or the ratings assigned to those certificates as of the closing date by that rating agency. Senior Certificate: Any one of the Class A Certificates.
Examples of Required Overcollateralization Amount in a sentence
As to any other Distribution Date, the Required Overcollateralization Amount.
As to any Distribution Date on which a Delinquency Event does not exist, the Required Overcollateralization Amount without giving effect to the OC Floor calculation.
The Issuer will meet the “Overcollateralization Test” if, on any date of determination, the sum of the Outstanding Receivables Balance of all Eligible Receivables plus the amount on deposit in the Collection Account equals or exceeds the sum of the outstanding principal amount of the Notes plus the Required Overcollateralization Amount.
In addition, the Required Overcollateralization Amount may be reduced with the prior written consent of the Rating Agencies.
In addition, on each Transfer Date, the Depositor agrees to offer for sale to the Issuer and the Issuer agrees to purchase from the Depositor additional Loans in an amount sufficient to maintain the Required Overcollateralization Amount.
More Definitions of Required Overcollateralization Amount
Required Overcollateralization Amount. For any Distribution Date is equal to:
Required Overcollateralization Amount. As to any Distribution Date (a) prior to the Stepdown Date, the product of (i) 3.15% and (ii) the Pool Balance as of the Cut Off Date; and (b) on and after the Stepdown Date, the greater of (i) the lesser of (x) the product of 3.15% of the Pool Balance as of the Cut Off Date and (y) the product of 6.30% of the Pool Balance as of the end of the related Collection Period and (ii) the OC Floor; provided, however, that on each Distribution Date during the continuance of a Trigger Event, the Required Overcollateralization Amount will equal the Required Overcollateralization Amount in effect as of the Distribution Date immediately preceding the date on which such Delinquency Event or Cumulative Loss Event first occurred.
Required Overcollateralization Amount has the meaning specified in the related Series Supplement.
Required Overcollateralization Amount. As defined in the Insurance Agreement.
Required Overcollateralization Amount. With respect to any Distribution Date, (a) if such Distribution Date is prior to the Stepdown Date, 0.35% of the sum of the aggregate Scheduled Principal Balance of the Initial Loans as of the Cut-Off Date and the amount on deposit in the Pre-Funding Account on the Closing Date, or (b) if such Distribution Date is on or after the Stepdown Date, the greater of (i) 0.70% of the aggregate Scheduled Principal Balance of the Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses on the Loans incurred during the related Prepayment Period), plus, during the Pre-Funding Period, the amount on deposit in the Pre-Funding Account, and (ii) 0.35% of the sum of the aggregate Scheduled Principal Balance of the Initial Loans as of the Cut-Off Date and the amount on deposit in the Pre-Funding Account on the Closing Date. If a Trigger Event is in effect on any Distribution Date, the Required Overcollateralization Amount will be the same as the Required Overcollateralization Amount for the previous Distribution Date.
Required Overcollateralization Amount. With respect to any Distribution Date (i) prior to the Stepdown Date, $3,618,294.65, (ii) on or after the Stepdown Date provided a Trigger Event is not in effect, the greater of (x) 1.00% of the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period and (y) $3,618,294.65, and (iii) on or after the Stepdown Date and a Trigger Event is in effect, the Required Overcollateralization Amount for the immediately preceding Distribution Date.
Required Overcollateralization Amount. With respect to any Distribution Date (i) prior to the Stepdown Date, an amount equal to 0.65% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date; (ii) on or after the Stepdown Date, the greater of (x) 1.30% of the outstanding aggregate Stated Principal Balance of the Mortgage Loans after giving effect to distributions made on that Distribution Date and (y) the Overcollateralization Floor; and (iii) on or after the Stepdown Date if a Trigger Event is in effect, the Required Overcollateralization Amount for the immediately preceding Distribution Date; provided that the Required Overcollateralization Amount may be reduced so long as written confirmation is obtained from each rating agency that the reduction will not reduce the ratings assigned to the Class A Certificates and Class M Certificates by that rating agency below the lower of the then-current ratings or the ratings assigned to those certificates as of the closing date by that rating agency. Rule 144A: Rule 144A under the Securities Act of 1933, as in effect from time to time.