Class M-2 Optimal Principal Balance. With respect to any Payment Date prior to the Stepdown Date, zero; with respect to any other Payment Date, the Pool Principal Balance as of the related Determination Date minus the sum of (i) the aggregate Class Principal Balance of the Class A Notes (after taking into account any payments made on such Payment Date in reduction of the Class Principal Balances of the Classes of Class A Notes) plus the Class Principal Balance of the Class M-1 Notes (after taking into account any payments made on such Payment Date in reduction of the Class Principal Balance of the Class M-1 Notes) and (ii) the greater of (x) the sum of (1) 21.21% of the Pool Principal Balance as of the related Determination Date and (2) the Overcollateralization Target Amount for such Payment Date (without giving effect to the proviso in the definition thereof) and (y) 0.50% of the Maximum Collateral Amount; provided, however, that such amount shall never be less than zero or greater than the Original Class Principal Balance of the Class M-2 Notes.
Class M-2 Optimal Principal Balance. With respect to any Distribution Date prior to the Stepdown Date, zero; with respect to any other Distribution Date, the Pool Principal Balance as of the preceding Determination Date minus the sum of (i) the aggregate Class Principal Balance of the Senior Notes (after taking into account any distributions made on such Distribution Date in reduction of the Class Principal Balances of the Classes of Senior Notes prior to such determination) plus the Class Principal Balance of the Class M-1 Notes (after taking into account any distributions made on such Distribution Date in reduction of the Class Principal Balance of the Class M-1 Notes prior to such determination) and (ii) the greater of (x) the sum of (1) 11.00% of the Pool Principal Balance as of the preceding Determination Date and (2) the Overcollateralization Target Amount for such Distribution Date (without giving effect to the proviso in the definition thereof) or (y) 0.50% of the Original Pool Principal Balance; provided, however, that the Class M-2 Optimal Principal Balance shall never be less than zero or greater than the Original Class Principal Balance of the Class M-2 Notes.
Class M-2 Optimal Principal Balance means, with respect to any payment date prior to the Step-down Date, zero; and with respect to any other payment date, the Pool Balance as of the preceding Determination Date minus the sum of (a) the aggregate principal balances of the Class A notes and the Class M-1 notes (after taking into account payments made on such payment date in reduction of such principal balances), (b) approximately [13.00]% of the Pool Balance as of the preceding Determination Date, and (c) the Overcollateralization Target Amount for such payment date; PROVIDED, HOWEVER, that the Class M-2 Optimal Principal Balance will not be reduced below the Class M-2 Optimal Principal Balance on the prior payment date unless the loss and delinquency tests are satisfied.
More Definitions of Class M-2 Optimal Principal Balance
Class M-2 Optimal Principal Balance. With respect to any Payment Date ----------------------------------- prior to the Overcollateralization Stepdown Date, zero; and with respect to any other Payment Date, the Pool Principal Balance as of the immediately preceding Determination Date minus the sum of (a) the aggregate of the Class Principal Balances of the Senior Notes and the Class M-1 Notes (after taking into account any payments made on such Payment Date) and (b) the greater of (i) 14.645% of the Pool Principal Balance as of the immediately preceding Determination Date plus the Required Overcollateralization Amount for such Payment Date (calculated without giving effect to the proviso in the definition thereof) and (ii) 0.50% of the Assumed Pool Principal Balance.
Class M-2 Optimal Principal Balance. With respect to any Payment Date prior to the Step-down Date, zero; and with respect to any other Payment Date, the Pool Balance as of the end of the preceding Collection Period minus the sum of (a) the aggregate of the Note Balances of the Class A Notes and the Class M-1 Notes (after taking into account payments to be made on such Payment Date in reduction of such Note Balances), (b) 12.00% of the Pool Balance as of the end of the preceding Collection Period, and (c) the Required Overcollateralization Amount for such Payment Date; provided, however, that the Class M-2 Optimal Principal Balance for any Payment Date will not be reduced below the Class M-2 Optimal Principal Balance for the prior Payment Date unless the Delinquency Test and the Lockout Cumulative Loss Test are satisfied. Closing Date: November 29, 2001.
Class M-2 Optimal Principal Balance means, with respect to any Payment Date prior to the Step-down Date or on or after the Step-down Date if the Loss and Delinquency Tests have not been satisfied, zero. With respect to any other Payment Date on or after the Step-down Date if the Loss and Delinquency Tests have been satisfied, an amount equal to (i) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Collection Period less the Overcollateralization Floor minus (ii) the sum of (a) the aggregate Note Balance of the Senior Notes and Class M-1 Notes as of such Payment Date after any distributions on such Notes and (b) 23.60% of the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Collection Period.
Class M-2 Optimal Principal Balance means, with respect to any Payment Date prior to the Step-down Date, $0; and with respect to any other Payment Date, the aggregate Principal Balance of the Mortgage Loans as of the preceding Determination Date minus the sum of (a) the aggregate Note Balances of the Senior Notes and the Class M-1 Notes (after taking into account payments made on such Payment Date in reduction of such Note Balances), (b) approximately 13.00% of the aggregate Principal Balance of the Mortgage Loans as of the preceding Determination Date, and (c) the Overcollateralization Target Amount for such Payment Date; PROVIDED, HOWEVER, that the Class M-2 Optimal Principal Balance will not be reduced below the Class M-2 Optimal Principal Balance on the prior Payment Date unless (i) the Loss and Delinquency Tests are satisfied or (ii) the Note Balance of the Class M-1 Notes has been reduced to $0.
Class M-2 Optimal Principal Balance means, with respect to any Payment Date prior to the Step-down Date, $0; and with respect to any other Payment Date, the aggregate Principal Balance of the Mortgage Loans as of the preceding Determination Date minus the sum of (a) the aggregate Note Balances of the Senior Notes and the Class M-1 Notes (after taking into account payments made on such Payment Date in reduction of such Note Balances), (b) approximately 14.00% of the aggregate Principal Balance of the Mortgage Loans as of the preceding Determination Date, and (c) the Overcollateralization Target Amount for such Payment Date; PROVIDED, HOWEVER, that the Class M-2 Optimal Principal Balance will not be reduced below the Class M-2 Optimal Principal Balance on the prior Payment Date unless the Loss and Delinquency Tests are satisfied.
Class M-2 Optimal Principal Balance. With respect to each Group and any Distribution Date prior to the Stepdown Date or any Distribution Date on which a Trigger Event has occurred and is continuing, zero. With respect to each Group and any other Distribution Date, the related Group Principal Balance as of such Distribution Date minus the sum of (i) the aggregate of the Class Certificate Principal Balances of the Senior Certificates and the Class M-1 Certificates of such Group (after taking into account any distributions made on such Distribution Date in reduction of such Class Certificate Principal Balances prior to such determination) and (ii) the greater of (a) the sum of (1)(x) in the case of Group I, 7% of such Group Principal Balance or (y) in the case of Group II, 16.874% of such Group Principal Balance and (2) the Overcollateralization Target Amount for such Group for such Distribution Date (calculated without giving effect to the proviso in the definition thereof) and (b) 0.50% of the related Maximum Collateral Amount; provided, however, that any Group's Class M-2 Optimal Principal Balance shall never be less than zero or greater than the Original Class Certificate Principal Balance of the Class M-2 Certificates of such Group.
Class M-2 Optimal Principal Balance. With respect to any Payment Date prior to the Stepdown Date, zero; with respect to any other Payment Date, the Pool Principal Balance as of the related Determination Date minus the sum of (i) the aggregate Class Principal Balance of the Class A Notes (after taking into account any payments made on such Payment Date in reduction of the Class Principal Balances of the Classes of Class A Notes) plus the Class Principal Balance of the Class M-1 Notes (after taking into account any payments made on such Payment Date in reduction of the Class Principal Balance of the Class M-1 Notes) and (ii) the greater of (x) the sum of (1) 23.230% of the Pool Principal Balance as of the related Determination Date and (2) the Overcollateralization Target Amount for such Payment Date (without giving effect to the proviso in the definition thereof) and (y) 0.50% of the Original Pool Principal Balance; provided, however, that such amount shall never be less than zero or greater than the Original Class Principal Balance of the Class M-2 Notes. Class Notional Balance: With respect to each Payment Date and the Class A-IO Notes, through and including August 25, 2000, the Class Principal Balance of the Class M-1 Notes on the immediately preceding Payment Date, or, in the case of the first Payment Date, on the Closing Date; with respect to each Payment Date after August 25, 2000, zero.