Group 1 Stepdown Date definition

Group 1 Stepdown Date. The earlier to occur of (1) the Distribution Date following the Distribution Date on which the aggregate Class Principal Amount of the Class AF Certificates has been reduced to zero and (2) the later to occur of (x) the Distribution Date occurring in March 2010, and (y) the first Distribution Date on which the Group 1 Senior Enhancement Percentage is greater than or equal to 30.50%.
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Group 1 Stepdown Date. The earlier of (i) the first Distribution Date on which the Certificate Principal Balances of the Class 1-A Certificates have been reduced to zero and (ii) the later to occur of (x) the Distribution Date occurring in April 2009 and (y) the first Distribution Date on which the aggregate Certificate Principal Balance of the Class 1-A Certificates (calculated for this purpose only after taking into account the receipt of principal on the related Mortgage Loans, but prior to any distribution of principal to the holders of the related certificates) is less than or equal to approximately 86.00% of the aggregate principal balance of the Group 1 Loans, calculated after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period.
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Group 1 Stepdown Date. With respect to the Group 1 Certificates, the later to occur of (i) the Distribution Date in March 2004 or (ii) the first Distribution Date on which the Group 1 Class A Certificate Principal Balance is less than or equal to 90.00% of the Stated Principal Balances for such Distribution Date of the Group 1 Mortgage Loans.
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Examples of Group 1 Stepdown Date in a sentence

  • On and after the Group 1 Stepdown Date and with respect to which a related Trigger Event is not in effect, the required overcollateralization amount is [6.90]% of the Group 1 outstanding pool balance.

  • As to any Payment Date and the Group 1 Mortgage Loans, (x) prior to the Group 1 Stepdown Date, 13.75% of the Group 1 Cut-Off Date Pool Balance and (y) on and after the Group 1 Stepdown Date and assuming a Trigger Event for the Group 1 Mortgage Loans is not in effect, the greater of (i) 27.50% of the Pool Balance of the Group 1 Mortgage Loans as of the end of the related Collection Period and (ii) 1.00% of the Group 1 Cut-Off Date Pool Balance.

  • If a Trigger Event for the Group 1 Mortgage Loans is in effect on and after the Group 1 Stepdown Date, the Group 1 Targeted Overcollateralization Amount for any Payment Date shall be equal to the Group 1 Targeted Overcollateralization Amount for the immediately preceding Payment Date.


More Definitions of Group 1 Stepdown Date

Group 1 Stepdown Date. The later to occur of (x) the Payment Date occurring in February 2006 and (y) the first Payment Date for which the aggregate Stated Principal Balance of the Group 1 Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) is less than or equal to 50.00% of the Group 1 Cut-off Date Balance.
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Group 1 Stepdown Date. The earlier to occur of:
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Group 1 Stepdown Date. For any Payment Date, the later to occur of (x) the Payment Date occurring in June 2008 and (y) the first Payment Date on which the Group 1 Senior Enhancement Percentage, calculated for this purpose only after taking into account payments of principal on the Loans, but prior to any payment of the Group 1 Principal Payment Amount to the Group 1 Notes then entitled to payments of principal on that Payment Date, is greater than or equal to 62.80%.
Sample 1
Group 1 Stepdown Date. As to the Group 1 Mortgage Loans, the later to occur of:
Sample 1
Group 1 Stepdown Date. The earlier to occur of: (1) the Distribution Date on which the aggregate Class Certificate Balance of the Group 1 Senior Certificates is reduced to zero, and (2) the later to occur of (x) the Distribution Date in February 2009 and (y) the first Distribution Date on which a fraction, the numerator of which is the excess of the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 1 as of the Due Date in the month preceding the month in which that Distribution Date occurs (after giving effect to Principal Prepayments, the principal portion of any Liquidation Proceeds and any Subsequent Recoveries received in the Prepayment Period related to that prior Due Date) over the aggregate Class Certificate Balance of the Group 1 Senior Certificates immediately prior to that Distribution Date, and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 1 as of the Due Date in the month of the current Distribution Date (after giving effect to Principal Prepayments, the principal portion of any Liquidation Proceeds and any Subsequent Recoveries received in the Prepayment Period related to that Due Date) is greater than or equal to (a) on any Distribution Date prior to the Distribution Date in February 2012, 22.2500171067% and (b) on any Distribution Date on or after the Distribution Date in February 2012, 17.8000136853%.
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Related to Group 1 Stepdown Date

  • Group I Stepdown Date The later to occur of (i) the Distribution Date occurring in April 2005 and (ii) the first Distribution Date on which the sum of the aggregate Certificate Principal Balance of the Class M-I Certificates and the Group I Overcollateralization Amount immediately prior to that Distribution Date is equal to or greater than 16.50% of the aggregate Stated Principal Balance of the Group I Loans as of the end of the preceding Due Period.

  • Group II Stepdown Date The later to occur of (i) the Distribution Date in [Month/Year] or (ii) the first Distribution Date on which (A) the Group II Class A Certificate Principal Balance (reduced by the Group II Principal Funds with respect to such Distribution Date) is less than or equal to (B) ___% of the Stated Principal Balances of the Group II Mortgage Loans plus the Pre-Funded Amount allocable to Loan Group II, in each case, as of such Distribution Date.

  • Stepdown Date The earlier to occur of, (I) the first Distribution Date following the Distribution Date for which the Certificate Principal Balance for each of the Class A Certificates has been reduced to zero, and (II) the later to occur of (a) the Distribution Date in November 2009 or (b) the first Distribution Date on which the Current Specified Enhancement Percentage is greater than or equal to 58.90%.

  • Loan Group I Cap With respect to the Group I Mortgage Loans as of any Distribution Date, the product of (i) the weighted average of the Adjusted Net Mortgage Rates then in effect on the beginning of the related Due Period on the Group I Mortgage Loans and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Interest Accrual Period related to such Distribution Date.

  • Group 1 Senior Certificates As specified in the Preliminary Statement.

  • Group II Senior Certificates As specified in the Preliminary Statement.

  • Group 2 Senior Certificates As specified in the Preliminary Statement.

  • Loan Group II Cap With respect to the Group II Mortgage Loans as of any Distribution Date, the product of (i) the weighted average of the Adjusted Net Mortgage Rates then in effect on the beginning of the related Due Period on the Group II Mortgage Loans and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Interest Accrual Period related to such Distribution Date.

  • Group I Senior Certificates As specified in the Preliminary Statement.

  • Loan Group 5 The Group 5 Mortgage Loans.

  • Loan Group Cap The Loan Group I Cap or the Loan Group II Cap, as applicable.

  • Loan Group 4 The Group 4 Mortgage Loans.

  • Loan Group 3 The Group 3 Mortgage Loans.

  • Group 3 Senior Certificates As specified in the Preliminary Statement.

  • Overcollateralization Target Amount As of any Distribution Date, 1.30% of the Initial Aggregate Receivables Principal Balance.

  • Overcollateralized Group As defined in Section 4.03.

  • REMIC I Overcollateralized Amount With respect to any date of determination, (i) 1% of the aggregate Uncertificated Balance of the REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP) minus (ii) the aggregate Uncertificated Balance of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10, in each case as of such date of determination.

  • Step-Down Date The earliest of the Distribution Date in [MONTH/YEAR] or any succeeding Distribution Date on which the following conditions are satisfied as of the last day of the month preceding such Distribution Date:

  • Required Overcollateralization Amount With respect to any Distribution Date, (a) prior to the Stepdown Date, an amount equal to 1.80% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown Date if a Trigger Event is not in effect, the greater of (i) an amount equal to 3.60% of the aggregate outstanding Stated Principal Balance of the Mortgage Loans after giving effect to distributions made on that Distribution Date and (ii) the Overcollateralization Floor and (c) on or after the Stepdown Date if a Trigger Event is in effect, an amount equal to the Required Overcollateralization Amount from the immediately preceding Distribution Date. The Required Overcollateralization Amount may be reduced so long as written confirmation is obtained from each Rating Agency that such reduction shall not reduce the ratings assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency. Residential Funding: Residential Funding Corporation, a Delaware corporation, in its capacity as seller of the Mortgage Loans to the Depositor and any successor thereto.

  • Senior Certificates As specified in the Preliminary Statement.

  • Overcollateralization Deficiency Amount With respect to any Distribution Date, the amount, if any, by which the Overcollateralization Target Amount exceeds the Overcollateralized Amount on such Distribution Date (assuming that 100% of the Principal Remittance Amount is applied as a principal distribution on such Distribution Date).

  • Targeted Overcollateralization Amount means, for a Payment Date, an amount equal to:

  • REMIC II Overcollateralization Amount With respect to any date of determination, (i) 0.50% of the aggregate Uncertificated Balances of the REMIC II Regular Interests (other than REMIC II Regular Interest P) minus (ii) the aggregate of the Uncertificated Balances of REMIC II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II Regular Interest M-11, in each case as of such date of determination.

  • Group 1 Certificates As specified in the Preliminary Statement.

  • Target Overcollateralization Amount means, with respect to any Payment Date, 3.00% of the Adjusted Pool Balance as of the Cutoff Date. Notwithstanding the foregoing, the Target Overcollateralization Amount shall not exceed the Adjusted Pool Balance on such Payment Date.

  • Excess Overcollateralized Amount With respect to the Class A Certificates and the Mezzanine Certificates and any Distribution Date, the excess, if any, of (i) the Overcollateralized Amount for such Distribution Date (calculated for this purpose only after assuming that 100% of the Principal Remittance Amount on such Distribution Date has been distributed) over (ii) the Overcollateralization Target Amount for such Distribution Date.