Initial Pool Principal Balance definition
Examples of Initial Pool Principal Balance in a sentence
The aggregate of the principal balances of the Home Loans being contributed and conveyed pursuant to this Agreement as of the close of business on the Cut-off Date, after application of all payments of principal received in respect of such Home Loans before the Cut-off Date (the "Initial Pool Principal Balance"), is set forth on the Cross Receipt executed concurrently herewith in the form of Exhibit F attached hereto (the "Cross Receipt").
Such option may be exercised by the Master Servicer (or if the Master Servicer fails to exercise such option, by MBIA) on any Payment Date after the Payment Date with respect to which the Pool Principal Balance is equal to 10% or less of the Initial Pool Principal Balance.
As of any Determination Date, the aggregate of the Principal Balances of all Credit Support Multiple Defaulted Loans (immediately prior to such Home Loans becoming Credit Support Multiple Defaulted Loans) as of the prior Monthly Cut-Off Date since the Closing Date, divided by the aggregate of the Initial Pool Principal Balance.
Initial Pool Principal Balance: $89,696,622, which is the Pool Principal Balance as of the Cut-Off Date.
Each Obligor (i) is located in the United States, and (ii) is not (a) the United States of America or any State or local government or any agency, department, subdivision or instrumentality thereof (except for Leases representing no more than 3% of the Initial Pool Principal Balance) or (b) Vendor Services or any Affiliate thereof .
Notwithstanding the foregoing, at no time shall the aggregate of the Principal Balances of Home Loans modified, waived or amended without the prior or subsequent approval of the Securities Insurer exceed 3% of the aggregate of the Initial Pool Principal Balance and no modification or amendment of a Home Loan shall involve the execution by the Obligor of a new Debt Instrument or, with respect to any Mortgage Loan, of a new Mortgage.
Pursuant to the restrictions set forth in the preceding paragraph, the Servicer shall have the right to modify, waive or amend any provisions of the Home Loans, in an aggregate amount (as measured by the Principal Balances of such Home Loans) not to exceed 3.0% of the Initial Pool Principal Balance of the Home Loans without the consent of the Note Insurer.
Prior to the overcollateralization step down date, overcollateralization is expected to build to [2.0]% of the sum of (i) the Initial Pool Principal Balance, (ii) the Cut-off Date Principal Balance of each Subsequent Home Equity Loan and (iii) the amount, if any, on deposit in the Pre-funding Account (net of investment income) (the "Assumed Pool Principal Balance").
The aggregate of the principal balances of the Home Loans being contributed and conveyed pursuant to this Agreement as of the close of business on the Cut-off Date, after application of all payments of principal received in respect of such Home Loans before and on the Cut-off Date (the "Initial Pool Principal Balance"), is set forth on the Cross Receipt executed concurrently herewith in the form of Exhibit F attached hereto (the "Cross Receipt").
The Master Servicer shall have the option to purchase all of the remaining Pledged Mortgages on any Payment Date after the Payment Date with respect to which the Pool Principal Balance is equal to 10% or less of the Initial Pool Principal Balance at a price equal to the aggregate Purchase Price of the Pledged Mortgages as of such Payment Date; provided, however, such option shall be subject to the provisions of Section 10.01 of the Indenture.