Servicer Loss Test. The Servicer Loss Test for any period set out below is satisfied, if the Cumulative Loss Percentage for such period does not exceed the percentage set out for such period below (provided, that for purposes of the calculation of the Servicer Loss Test, Realized Losses attributable solely to Cram Down Losses should be excluded from the calculation of Cumulative Loss Percentage): Cumulative Loss Period Percentage ------ ---------- January 2, 1997 - January 1, 1998 1.00% January 2, 1998 - January 1, 1999 1.50% January 2, 1999 - January 1, 2000 2.25% January 2, 2000 - January 1, 2001 3.00% January 2, 2001 - and thereafter 3.75%
Servicer Loss Test. The Servicer Loss Test for any period set out below is satisfied, if the Cumulative Loss Percentage for such period does not exceed the percentage set out for such period below: Period Cumulative Loss Percentage ------ -------------------------- April 2000 - March 2001 1.65% April 2001 - March 2002 2.30% April 2002 - March 2003 3.20% April 2003 - March 2004 4.10% April 2004 - March 2005 4.95% April 2005 and thereafter 6.25%
Servicer Loss Test. The Servicer Loss Test for any period set out below is satisfied, if the Cumulative Loss Percentage for such period does not exceed the percentage set out for such period below (provided, that for purposes of the calculation of the Servicer Loss Test, Realized Losses attributable solely to Cram Down Losses should be excluded from the calculation of Cumulative Loss Percentage): Cumulative Loss Period Percentage
Examples of Servicer Loss Test in a sentence
The Servicer Termination Test is satisfied for any date of determination thereof if (x) as of the immediately preceding Determination Date, the Rolling Six Month Delinquency Rate is less than ____%, (y) the Servicer Loss Test is satisfied and (z) as of the immediately preceding Determination Date, the Rolling Twelve Month Loss Rate is not greater than ____%.
More Definitions of Servicer Loss Test
Servicer Loss Test. The Servicer Loss Test for any period set out below is satisfied, if the Cumulative Loss Percentage for such period does not exceed the percentage set out for such period below (provided, that for purposes of the Servicer Loss Test, Realized Losses attributable solely to Cram Down Losses should be excluded from the calculation of Cumulative Loss Percentage): Cumulative Loss Period Percentage [_________ ____ - _________ ____ ____%] [_________ ____ - _________ ____ ____%] [_________ ____ - _________ ____ ____%] [_________ ____ - _________ ____ ____%] [_________ ____ - _________ ____ ____%] [_________ ____ and thereafter ____%]
Servicer Loss Test. The Servicer Loss Test for any period set out below is satisfied, if the Cumulative Loss Percentage for such period does not exceed the percentage set out for such period below (provided, that for purposes of the calculations of the Servicer Loss Test, Realized Losses attributable solely to Cram Down Losses should be excluded from the calculation of Cumulative Loss Percentage). Cumulative Loss Period Percentage ------ --------------- June 2, 1998 - June 1, 1999 1.00% June 2, 1999 - June 1, 2000 1.50% June 2, 2000 - June 1, 2001 2.25% June 2, 2001 - June 1, 2002 3.00% June 2, 2002 - and thereafter 3.75%
Servicer Loss Test. The Servicer Loss Test for each Servicer and with respect to its related Mortgage Loan Servicing Group for any period set out below is satisfied if the Cumulative Loss Percentage as it relates to such Mortgage Loan Servicing Group and such period does not exceed the percentage set out for such period below (provided, that for purposes of the calculation of the Servicer Loss Test, Realized Losses attributable solely to Cram Down Losses shall be excluded from the calculation of Cumulative Loss Percentage): Cumulative Loss Period Percentage --------------------- --------------- September 2, 1997 - September 1, 1998 0.75% September 2, 1998 - September 1, 1999 1.25% September 2, 1999 - September 1, 2000 1.80% September 2, 2000 - September 1, 2001 2.25% September 2, 2001 and thereafter 2.75%
Servicer Loss Test. With respect to any Distribution Date, a test that is satisfied if the Cumulative Loss Percentage for such Distribution Date does not exceed the percentage below that corresponds to the period (including the beginning and ending dates thereof) in which the last day of the calendar month preceding such Distribution Date falls: Cumulative Loss Period Percentage ------ --------------- June 1, 1999 - June 1, 2000 1.25% June 2, 2000 - June 1, 2001 2.25% June 2, 2001 - June 1, 2002 2.50% June 2, 2002 - June 1, 2003 2.85% June 2, 2003 and thereafter 3.45%
Servicer Loss Test. The Servicer Loss Test for any period set out below is satisfied if the Cumulative Loss Percentage for such period does not exceed the percentage set out for such period below (provided, that for purposes of the Servicer Loss Test, Realized Losses attributable solely to Cram Down Losses shall be excluded from the calculation of Cumulative Loss Percentage): Period Cumulative Loss Percentage ------ -------------------------- April 2001 - March 2002 0.75% April 2002 - March 2003 2.00% April 2003 - March 2004 3.00% April 2004 - March 2005 4.00% April 2005 - March 2006 5.00% April 2006 and thereafter 6.00% Notwithstanding anything contained herein to the contrary, the Certificate Insurer may, in its sole discretion, without the giving of notice to or the receipt of the consent of the Owners modify this definition of Servicer Loss Test for the purpose of raising the percentages set out above for any period or periods or eliminating, in whole or in part, the definition hereof, provided, that the Trustee and the Rating Agencies shall have been notified in writing of such modification prior to the effective date of such modification and such modification shall not have resulted in a downgrading of the then-current ratings of the Class A Certificates, without regard to the Certificate Insurance Policies.
Servicer Loss Test. The Servicer Loss Test for each Servicer and with respect to its related Mortgage Loan Servicing Group for any period set out below is satisfied if the Cumulative Loss Percentage as it relates to such Mortgage Loan Servicing Group and such period does not exceed the percentage set out for such period below (provided, that for purposes of the calculation of the Servicer Loss Test, Realized Losses attributable solely to Cram Down Losses shall be excluded from the calculation of Cumulative Loss Percentage): Cumulative Loss Period Percentage ------ ---------------
Servicer Loss Test. The Servicer Loss Test for any period set out below is satisfied, if the Cumulative Loss Percentage for such period does not exceed the percentage set out for such period below (provided, that for purposes of the Servicer Loss Test, Realized Losses attributable solely to Cram Down Losses should be excluded from the calculation of Cumulative Loss Percentage): PERIOD CUMULATIVE LOSS PERCENTAGE ------ -------------------------- January 20__ - December 20__ ____% January 20__ - December 20__ ____% January 20__ - December 20__ ____% January 20__ - December 20__ ____% January 20__ - December 20__ ____% January 20__ and thereafter ____%