Scheduled Principal Payments The Borrower shall make payments of principal to Holder as follows: (i) on the first anniversary of this Note, the sum of $279,500, which represents 10% of original principal amount of this Note, (ii) on the second anniversary of this Note, the sum of $1,118,000, which represents 40% of original principal amount of this Note, and (iii) on May 18, 2010 (the “Maturity Date”), a final payment of the sum of the outstanding principal balance of this Note, including the amount of any PIK Interest, together with accrued and unpaid interest thereon, and all other obligations and indebtedness owing hereunder, if not sooner paid.
Remaining Principal Balance At the Cutoff Date the Principal Balance of each Receivable set forth in the Schedule of Receivables is true and accurate in all material respects.
Principal Balance Each Receivable had a remaining Principal Balance as of the Cutoff Date of not less than $500.
ORIGINAL CLASS A NON-PO PRINCIPAL BALANCE The Original Class A Non-PO Principal Balance is $170,009,500.00.
Outstanding Principal Balance Each Receivable has an outstanding principal balance of at least $500.
Original Class B Principal Balance The Original Class B Principal Balance is $12,493,405.52.
Cut-Off Date Aggregate Principal Balance The Cut-Off Date Aggregate Principal Balance is $850,069,757.10
Pool Balance 1. Pool Balance on the close of the last day of the preceding Collection Period $
Minimum Monthly Principal Payments Amortizing payments of the aggregate principal amount outstanding under this Note at any time (the “Principal Amount”) shall begin on December 1, 2004 and shall recur on the first business day of each succeeding month thereafter until the Maturity Date (each, an “Amortization Date”). Subject to Article 3 below, beginning on the first Amortization Date, the Borrower shall make monthly payments to the Holder on each Repayment Date, each in the amount of $187,500, together with any accrued and unpaid interest to date on such portion of the Principal Amount plus any and all other amounts which are then owing under this Note, the Purchase Agreement or any other Related Agreement but have not been paid (collectively, the “Monthly Amount”). Any Principal Amount that remains outstanding on the Maturity Date shall be due and payable on the Maturity Date.
Scheduled Payment The scheduled monthly payment on a Mortgage Loan due on any Due Date allocable to principal and/or interest on such Mortgage Loan which, unless otherwise specified in the related Purchase and Servicing Agreement, Purchase Agreement or Servicing Agreement, as applicable, shall give effect to any related Debt Service Reduction and any Deficient Valuation that affects the amount of the monthly payment due on such Mortgage Loan.
