Delinquency Test definition

Delinquency Test means, for any Payment Date, a test that will be satisfied if:

Delinquency Test means, for any Payment Date, a test that will be satisfied if

Delinquency Test. With respect to any Payment Date, a test that will be satisfied if (a) the sum of the Distressed Principal Balance for the current Payment Date and each of the preceding five Payment Dates, divided by six or, in the case of any Payment Date prior to the sixth Payment Date after the Closing Date, the sum of the Distressed Principal Balance for the current Payment Date and each of the preceding Payment Dates since the Closing Date, divided by the number of Payment Dates since the Closing Date is less than (b) 50% of the amount by which (i) the product of (x) the Subordinate Percentage and (y) the aggregate UPB of the Reference Obligations as of the preceding Payment Date; exceeds (ii) the Principal Loss Amount for the current Payment Date. Depository: DTC or any successor.

Examples of Delinquency Test in a sentence

• With respect to each Payment Date, if the Minimum Credit Enhancement Test and the Delinquency Test are both satisfied, the sum of: (a) the Senior Percentage of the Scheduled Principal for such Payment Date;(b) the Senior Percentage of the Unscheduled Principal for such Payment Date; and(c) 100% of the Excess Credit Event Amount for such Payment Date.

• With respect to each Payment Date, if either of the Minimum Credit Enhancement Test or the Delinquency Test is not satisfied, the sum of: (a) 100% of the Scheduled Principal for such Payment Date;(b) 100% of the Unscheduled Principal for such Payment Date; and(c) 100% of the Excess Credit Event Amount for such Payment Date.

• In addition to any other damages that might be due to Town hereunder in connection with the breach of this Agreement by Professional, Professional shall reimburse Town, as described in Article 10 hereof, for costs, damages and expenses that are the result of errors, omissions or delays of the Professional or the Professional’s Consultants.

• With respect to each Payment Date, if the Minimum Credit Enhancement Test and the Delinquency Test are satisfied, the sum of: (a) the Senior Percentage of the Scheduled Principal for such Payment Date;(b) the Senior Percentage of the Unscheduled Principal for such Payment Date; and Subordinate Reduction Amount Allocation of Senior Reduction Amount Allocation of Subordinate Reduction Amount(c) 100% of the Recovery Principal for such Payment Date.

• The "Test Cure Amount" means, for any Payment Date with respect to which the Delinquency Test or the Minimum Credit Enhancement Test is not satisfied, the amount, if any, by which the Class Notional Amount of the Senior Reference Tranche would need to be reduced to cause both the Delinquency Test and the Minimum Credit Enhancement Test to be satisfied for such Subordinate Reduction Amount Allocation of Senior Reduction Amount Allocation of Subordinate Reduction AmountPayment Date.

More Definitions of Delinquency Test

Delinquency Test. With respect to any Payment Date, a test that will be satisfied if (a) the sum of the Distressed Principal Balance for the current Payment Date and each of the preceding five Payment Dates, divided by six is less than (b) 50% of the amount by which (i) the product of

Delinquency Test means with respect to any Distribution Date, a test that will be satisfied if:

Delinquency Test means, for any Payment Date and Loan Group, a test that will be satisfied if:

Delinquency Test means with respect to each Distribution Date, a test that will be satisfied if, for each Mortgage Pool:

Delinquency Test. The Delinquency Test will be met with respect to any Distribution Date, if the Delinquency Percentage for such Distribution Date is greater than 12.0%.

Delinquency Test means for any Premium Payment Date on and after the Rate Recalculation Date, a test that will be satisfied if:

Delinquency Test. The Delinquency Test will have been satisfied for any Distribution Date if, as of the close of business on the last day of the related Due Period, (i) the aggregate Scheduled Principal Balance of the Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the aggregate Current Principal Amount of the Subordinate Certificates, does not exceed 50%. Depositor: Structured Asset Mortgage Investments II Inc., a Delaware corporation, or its successors in interest. Depository: The Depository Trust Company, the nominee of which is Cede & Co., or any successor thereto.