Group 2 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 AV 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 2 Senior Enhancement Percentage is greater than or equal to 42.50% (for the purpose of this definition only, the Group 2 Senior Enhancement Percentage shall be calculated prior to the distribution of Group 2-A Principal Distribution Amount and Group 2-B Principal Distribution Amounts on the Class MV Certificates).

Group 2 Stepdown Date. The later to occur of (x) the Payment Date occurring in April 2006 and (y) the first Payment Date for which the aggregate Stated Principal Balance of the Group 2 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 2 Cut-off Date Balance.

Group 2 Stepdown Date. With respect to the Group 2 Certificates, the later to occur of (i) the Distribution Date in March 2004 or (ii) the first Distribution Date on which the Group 2 Class A Certificate Principal Balance is less than or equal to 88.80% of the Stated Principal Balances for such Distribution Date of the Group 2 Mortgage Loans.

Examples of Group 2 Stepdown Date in a sentence

If a Trigger Event for Group 2 Mortgage Loans is in effect on and after the Group 2 Stepdown Date, the Group 2 Targeted Overcollateralization Amount for any Payment Date shall be equal to the Group 2 Targeted Overcollateralization Amount for the immediately preceding Payment Date.
As to any Payment Date and the Group 2 Mortgage Loans, (x) prior to the Group 2 Stepdown Date, 13.75% of the Group 2 Cut-Off Date Pool Balance, and (y) on and after the Group 2 Stepdown Date and assuming a Trigger Event for the Group 2 Mortgage Loans is not in effect, the greater of (i) 27.50% of the Pool Balance of the Group 2 Mortgage Loans as of the end of the related Collection Period and (ii) 1.00% of the Group 2 Cut-Off Date Pool Balance.

More Definitions of Group 2 Stepdown Date

Group 2 Stepdown Date. The earlier of (i) the first Distribution Date on which the Certificate Principal Balances of the Class 2-A Certificates have been reduced to zero and (ii) the later to occur of (x) the Distribution Date occurring in April 2013 and (y) the first Distribution Date on which the aggregate Certificate Principal Balance of the Class 2-A Certificates (calculated for this purpose only after taking into account the receipt of principal on the Mortgage Loans, but prior to any distribution of principal to the holders of the certificates) is less than or equal to approximately 61.90% of the aggregate principal balance of the Group 2 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.

Group 2 Stepdown Date. The earlier to occur of:

Group 2 Stepdown Date. The later to occur of (x) the Payment Date occurring in August 2006 and (y) the first Payment Date for which the aggregate Stated Principal Balance of the Group 2 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 2 Cut-off Date Balance. HAZARDOUS MATERIALS: Any dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances, including, without limitation, those so identified pursuant to the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq., or any other environmental laws now existing, and specifically including, without limitation, asbestos and asbestos-containing materials, polychlorinated biphenyls, radon gas, petroleum and petroleum products, urea formaldehyde and any substances classified as being "in inventory", "usable work in progress" or similar classification which would, if classified unusable, be included in the foregoing definition. IMPAC HOLDINGS: Impac Mortgage Holdings, Inc., a Maryland corporation, and its successors and assigns.

Group 2 Stepdown Date. The later to occur of (x) the Distribution Date occurring in [ ]and (y) the first Distribution Date on which the aggregate Certificate Principal Balance of the Class 2-A Certificates (calculated, for this purpose only, prior to any distribution of principal to the holders of the certificates) is less than or equal to [ ]% of the aggregate principal balance of the Group 2 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.

Group 2 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 2 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 2 Principal Payment Amount to the Group 2 Notes then entitled to payments of principal on that Payment Date, is greater than or equal to 44.11%.

Group 2 Stepdown Date. The earlier to occur of: (1) the Distribution Date on which the aggregate Class Certificate Balance of the Group 2 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 Group 2 Mortgage Loans 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 2 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 2 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, 30.9985510542% and (b) on any Distribution Date on or after the Distribution Date in February 2012, 24.7988408434%.