Senior Prepayment Percentage. See the definition of “Group 1 Senior Prepayment Percentage or Group 2 Senior Prepayment Percentage”.
Senior Prepayment Percentage. As to a Senior Certificate Group and any Distribution Date during the seven years beginning on the first Distribution Date, 100%. The related Senior Prepayment Percentage for any Distribution Date occurring on or after the seventh anniversary of the first Distribution Date will, except as provided in this Agreement, be as follows: for any Distribution Date in the first year thereafter, the related Senior Percentage plus 70% of the related Subordinated Percentage for such Distribution Date; for any Distribution Date in the second year thereafter, the related Senior Percentage plus 60% of the related Subordinated Percentage for such Distribution Date; for any Distribution Date in the third year thereafter, the related Senior Percentage plus 40% of the related Subordinated Percentage for such Distribution Date; for any Distribution Date in the fourth year thereafter, the related Senior Percentage plus 20% of the related Subordinated Percentage for such Distribution Date; and for any Distribution Date thereafter, the related Senior Percentage for such Distribution Date (unless on any Distribution Date the Senior Percentage of a Senior Certificate Group exceeds the initial Senior Percentage for such Senior Certificate Group in which case the Senior Prepayment Percentage for each Senior Certificate Group for such Distribution Date will once again equal 100%). Notwithstanding the foregoing, no decrease in any Senior Prepayment Percentage will occur unless both Senior Step Down Conditions are satisfied with respect to all of the Mortgage Loans. Notwithstanding the preceding paragraphs, if (x) on or before the Distribution Date in June 2010, the Aggregate Subordinated Percentage is at least 200% of the Aggregate Subordinated Percentage as of the Closing Date, the delinquency test set forth in the definition of Senior Step Down Conditions is satisfied and cumulative Realized Losses do not exceed 20% of the aggregate Class Certificate Balance of the Subordinated Certificates as of the Closing Date, the Senior Prepayment Percentage for each Senior Certificate Group will equal the related Senior Percentage for that Distribution Date plus 50% of an amount equal to 100% minus the related Senior Percentage for that Distribution Date and (y) after the Distribution Date in June 2010, the Aggregate Subordinated Percentage is at least 200% of the Aggregate Subordinated Percentage as of the Closing Date, the delinquency test set forth in the definition of Senior Step Down Cond...
Senior Prepayment Percentage. See the definition of “Group 2 Senior Prepayment Percentage and Group 3 Senior Prepayment Percentage.”
Senior Prepayment Percentage. Subject to the immediately succeeding paragraph, (A) for any Distribution Date prior to the tenth anniversary of the first Distribution Date, the Senior Prepayment Percentage shall equal 100% and (B) for any Distribution Date on or after the tenth anniversary of the first Distribution Date, the Senior Prepayment Percentage shall be calculated as follows:
Senior Prepayment Percentage. 100.00000000% 100.00000000%
Senior Prepayment Percentage. On any Distribution Date occurring during the periods set forth below, as follows: Period (dates inclusive) Group I-2 Senior Prepayment Percentage -------------------------------- --------------------------------------------- August 25, 2003 - July 25, 2010 100% August 25, 2010 - July 25, 2011 Group I-2 Senior Percentage plus 70% of the Group I-2 Subordinate Percentage. August 25, 2011 - July 25, 2012 Group I-2 Senior Percentage plus 60% of the Group I-2 Subordinate Percentage. August 25, 2012 - July 25, 2013 Group I-2 Senior Percentage plus 40% of the Group I-2 Subordinate Percentage. August 25, 2013 - July 25, 2014 Group I-2 Senior Percentage plus 20% of the Group I-2 Subordinate Percentage. August 25, 2014 and thereafter Group I-2 Senior Percentage. In addition, no reduction of the Group I-2 Senior Prepayment Percentage shall occur on any Distribution Date unless, as of the last day of the month preceding such Distribution Date, (A) the aggregate Scheduled Principal Balance of the Group I Mortgage Loans delinquent 60 days or more (including for this purpose any such Group I Mortgage Loans in foreclosure and Group I 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 Group I Subordinate Certificates does not exceed 50%; and (B) cumulative Realized Losses on the Group I Mortgage Loans do not exceed (a) 30% of the Group I Original Subordinate Principal Balance if such Distribution Date occurs between and including August 2010 and July 2011, (b) 35% of the Group I Original Subordinate Principal Balance if such Distribution Date occurs between and including August 2011 and July 2012, (c) 40% of the Group I Original Subordinate Principal Balance if such Distribution Date occurs between and including August 2012 and July 2013, (d) 45% of the Group I Original Subordinate Principal Balance if such Distribution Date occurs between and including August 2013 and July 2014, and (e) 50% of the Group I Original Subordinate Principal Balance if such Distribution Date occurs during or after August 2014. In addition, if on any Distribution Date the current weighted average of the Group I Subordinate Percentages is equal to or greater than two times the initial weighted average of the Group I Subordinate Percentages, and (a) the aggregate Scheduled Principal Balance of the Group I Mortgage Loans delinquent 60 days or more (in...
Senior Prepayment Percentage. On any Distribution Date occurring during the periods set forth below, and as to each Certificate Group, the Senior Prepayment Percentages described below: July 2007 – June 2012 100% July 2012 – June 2013 The related Senior Percentage plus 70% of the related Subordinated Percentage. July 2013 – June 2014 The related Senior Percentage plus 60% of the related Subordinated Percentage. July 2014 – June 2015 The related Senior Percentage plus 40% of the related Subordinated Percentage. July 2015 – June 2016 The related Senior Percentage plus 20% of the related Subordinated Percentage. July 2016 and thereafter The related Senior Percentage. provided, however, if on any Distribution Date, the Aggregate Senior Percentage exceeds such percentage calculated as of the Closing Date, then the Senior Prepayment Percentage for both Certificate Groups for such Distribution Date will equal 100%. The reductions in the Senior Prepayment Percentage for each Certificate Group described above will not occur and will remain at the level in effect for the most recent prior period specified in the table above, unless both of the following step-down conditions are satisfied with respect to each Mortgage Pool, as of the last day of the month preceding the Distribution Date:
Senior Prepayment Percentage. (i) On any Distribution Date ------------------------------------- occurring before the Distribution Date in the month of the fifth anniversary of the first Distribution Date, 100%; (ii) on any other Distribution Date on which the Group II Senior Percentage for such Distribution Date exceeds the Group II Senior Percentage as of the Closing Date, 100%; and (iii) on any other Distribution Date in each of the months of the fifth anniversary of the first Distribution Date and thereafter, 100%, unless:
(a) the mean aggregate Principal Balance of Group II Loans which are 60 or more days delinquent (including loans in foreclosure and property held by REMIC I) for each of the immediately preceding six calendar months is less than or equal to 50% of the aggregate Class Principal Balances of the Group II-B Certificates as of such Distribution Date, and (b) cumulative Realized Losses on the Group II Loans allocated to the Group II-B Certificates are less than or equal to (1) for any Distribution Date before the month of the sixth anniversary of the month of the first Distribution Date, 30% of the sum of the Class Principal Balances of the Group II-B Certificates as of the Cut-Off Date, (2) for any Distribution Date in or after the month of the sixth anniversary of the month of the first Distribution Date but before the seventh anniversary of the month of the first Distribution Date, 35% of the sum of the Class Principal Balances of the Group II-B Certificates as of the Cut-Off Date, (3) for any Distribution Date in or after the month of the seventh anniversary of the month of the first Distribution Date but before the eighth anniversary of the month of the first Distribution Date, 40% of the sum of the Class Principal Balances of the Group II-B Certificates as of the Cut-Off Date, (4) for any Distribution Date in or after the month of the eighth anniversary of the month of the first Distribution Date but before the ninth anniversary of the month of the first Distribution Date, 45% of the sum of the Class Principal Balances of the Group II-B Certificates as of the Cut-Off Date, and (5) for any Distribution Date in or after the month of the ninth anniversary of the month of the first Distribution Date, 50% of the sum of the Class Principal Balances of the Group II-B Certificates as of the Cut-Off Date,
Senior Prepayment Percentage. Subgroup 1-2 Senior Prepayment Percentage, Group 2 Senior Prepayment Percentage or Group 3 Senior Prepayment Percentage: For any Distribution Date, each of the Subgroup 1-1 Senior Prepayment Percentage, Subgroup 1-2 Senior Prepayment Percentage, Group 2 Senior Prepayment Percentage and Group 3 Senior Prepayment Percentage shall equal 100%, unless (i) the Subgroup 1-1 Senior Percentage for such Distribution Date is less than or equal to the Subgroup 1-1 Senior Percentage as of the Closing Date, the Subgroup 1-2 Senior Percentage for such Distribution Date is less than or equal to the Subgroup 1-2 Senior Percentage as of the Closing Date, the Group 2 Senior Percentage for such Distribution Date is less than or equal to the Group 2 Senior Percentage as of the Closing Date and the Group 3 Senior Percentage for such Distribution Date is less than or equal to the Group 3 Senior Percentage as of the Closing Date, (ii) such Distribution Date occurs on or after the fifth anniversary of the first Distribution Date and (iii) the following tests specified in clauses (a) through (h) are met with respect to each of Subgroup 1-1, Subgroup 1-2, Loan Group 2 and Loan Group 3:
Senior Prepayment Percentage. October 2006 - September 2013 100% October 2013 - September 2014 The related Senior Percentage plus 70% of the related Subordinated Percentage. October 2014 - September 2015 The related Senior Percentage plus 60% of the related Subordinated Percentage. October 2015 - September 2016 The related Senior Percentage plus 40% of the related Subordinated Percentage. October 2016 - September 2017 The related Senior Percentage plus 20% of the related Subordinated Percentage. October 2017 and thereafter The related Senior Percentage. provided however, (i) if on any Distribution Date, the Aggregate Senior Percentage exceeds such percentage calculated as of the Closing Date, then the Senior Prepayment Percentage for all Certificate Groups for such Distribution Date will equal 100%, (ii) if on any Distribution Date prior to the October 2009 Distribution Date, the Aggregate Subordinated Percentage is greater than or equal to twice such percentage calculated as of the Closing Date, then the Senior Prepayment Percentage for each Certificate Group for such Distribution Date will equal the Senior Percentage for such Certificate Group plus 50% of the Subordinated Percentage for such Certificate Group and (iii) if on or after the October 2009 Distribution Date, the Aggregate Subordinated Percentage is greater than or equal to twice such percentage calculated as of the Closing Date, then the Senior Prepayment Percentage for each Certificate Group for such Distribution Date will equal the Senior Percentage for such Certificate Group. The reductions in the Senior Prepayment Percentage for each Certificate Group described above will not occur, and the Senior Prepayment Percentage or each Certificate Group for such prior period will be calculated without regard to clause (ii) or (iii) of the paragraph above, unless both of the following step-down conditions are satisfied with respect to each Mortgage Pool as of the last day of the month preceding the Distribution Date:
