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Prepayment penalties are pledged to overcollateralize Ocwen's securities to reduce the impact of runoff.
5 million, which would overcollateralize the bonds' $4.
Alliance Capital will mark the underlying portfolios to their market value on a weekly basis to determine if Triumph's collateral value is sufficient to overcollateralize the investors in the `AAA' debt.
Under the SRF program's cash flow structure, pledged loan repayments significantly overcollateralize the SRF bonds allowing the program to withstand 100% loan repayment defaults over the first, middle and last four years (incorporating a 90% loan recovery assumption by Fitch).
However, over the past few years, the agency has begun to transition to a cash flow/hybrid model, where federal capitalization grant moneys are used to fund loans that will overcollateralize debt service instead of solely funding sizable reserve funds that are used to cure loan defaults.
Under this model federal capitalization grant moneys are used to fund loans that will overcollateralize debt service instead of solely funding sizable reserve funds that are used to cure loan defaults.
By pledging all loan repayments to debt service, the program's structure significantly overcollateralizes the SRF bonds.
By making loans to each borrower from bond proceeds and SRF federal capitalization moneys, including the SRF's required state matching funds, and pledging all loan repayments to debt service, the authority's program structure overcollateralizes the SRF bonds.