Principal Paydown definition
Principal Paydown means any payment or other recovery of principal on the Asset (other than Payoff Proceeds), which is received by or on behalf of Borrower, including, without limitation, any proceeds from the Transfer of a portion of the Asset pursuant to a Permitted Transfer.
Principal Paydown. Prior to the Stepdown Date or if a Trigger Event is in effect on any Distribution Date, 100% of the available principal funds from the Mortgage Loans minus the Overcollateralization released amount will be paid to the Senior Certificates, provided, however, that if the Senior Certificates have been retired, such amounts will be applied sequentially, to the Class M-1, Class M-2, Class B-1 and the Class B-2 Certificates. On any Distribution Date on or after the Stepdown Date, and if a Trigger Event is not in effect on such Distribution Date, all of the Senior, Mezzanine and Subordinate Certificates will be entitled to receive payments of principal in the following order of priority: (i) first, to the Senior Certificates (as described under "Senior Certificates Principal Distributions" below) such that the Senior Certificates in the aggregate will have [15.50%]* subordination, (ii) second, to the Class M-1 Certificates such that the Class M-1 Certificates will have [9.00%]* subordination, (iii) third, to the Class M-2 Certificates such that the Class M-2 Certificates will have [4.30%]* subordination, (iv) fourth, to the Class B-1 Certificates such that the Class B-1 Certificates will have [3.10%]* subordination and (v) fifth, to the Class B-2 Certificates such that the Class B-2 Certificates will have [1.50%]* subordination; each subject to the required Overcollateralization Target. *Subject to change based on final approval by rating agencies. -------------------------------------------------------------------------------- The information herein has been provided solely by UBS Securities LLC. Neither the issuer of certificates nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein. The information herein is preliminary, and will be superseded by the applicable prospectus supplement and by any other information subsequently filed with the Securities and Exchange Commission. The information contained herein will be superseded by the description of the mortgage loans contained and/or incorporated by reference in the Prospectus Supplement relating to the Certificates and supersedes all information contained in any collateral term sheets relating to the mortgage pool previously provided by UBS Securities LLC. -------------------------------------------------------------------------------- 8 ==================================================== MASTR Adjustable Rate Mortgages Trust SERIES 2004-11 ============...
Principal Paydown means, as of any Determination Date, for the Collection Period then ended, the difference between (i) the sum of the Discounted Principal Balance for each Facility Receivable as of the beginning of such Collection Period, in each case, multiplied by the applicable Advance Rate for each such Facility Receivable as of the beginning of such Collection Period, minus (ii) for each Facility Receivable included in the calculation set forth in clause (i) above, the sum of the Discounted Principal Balance for each such Facility Receivable as of the beginning of such Collection Period, in each case, multiplied by the applicable Advance Rate for each such Facility Receivable as of the end of such Collection Period.
More Definitions of Principal Paydown
Principal Paydown. Prior to the Stepdown Date or if a Trigger Event is in effect on any Distribution Date, 100% of the available principal funds from the Mortgage Loans minus the OC released amount will be paid to the Senior Certificates, provided, however, that if the Senior Certificates have been retired, such amounts will be applied sequentially, to the Class M-1, Class M-2 and the Class M-3 Certificates. On any Distribution Date on or after the Stepdown Date, and if a Trigger Event is not in effect on such Distribution Date, all of the Senior and Mezzanine Certificates will be entitled to receive payments of principal in the following order of priority: (i) first, to the Senior Certificates (as described under "Senior Certificates Principal Distribution" below) such that the Senior Certificates in the aggregate will have 12.60% subordination, (ii) second, to the Class M-1 Certificates such that the Class M-1 Certificates will have 7.40% subordination, (iii) third, to the Class M-2 Certificates such that the Class M-2 Certificates will have 3.60% subordination and (iv) fourth, to the Class M-3 Certificates such that the Class M-3 Certificates will have 1.30% subordination; each subject to the required Overcollateralization Target.
Principal Paydown. Principal will be distributed to the Class I-A1 Certificates from principal received on the Group I Mortgage Loans and the Class II-A1, Class II-A2, Class II-A3 and Class II-A4 Certificates, sequentially, from principal received from the Group II Mortgage Loans, in each case, until the certificate principal balance thereof has been reduced to zero. In certain limited circumstances described in the prospectus supplement, principal will be distributed to the Senior Certificates from the unrelated loan group, to the extent not received from the related loan group. Prior to the Stepdown Date or if a Trigger Event is in effect, 100% of principal will be paid to the Class A Certificates generally pro rata, based on principal collected in the related loan group, and within Loan Group II, sequentially, to the Class II-A1, Class II-A2, Class II-A3 and Class II-A4 Certificates, in that order, provided, however if the Class A Certificates have been retired, principal will be applied sequentially in the following order of priority: 1) Class M-1 Certificates, 2) Class M-2 Certificates, 3) Class M-3 Certificates, 4) Class M-4 Certificates, 5) Class M-5 Certificates, 6) Class M-6 Certificates, 7) Class M-7 Certificates, 8) Class M-8 Certificates, and 9) Class M-9 Certificates. On or after the Stepdown Date and if a Trigger Event is not in effect, the Certificates will be entitled to receive payments of principal in the following order of priority: first to the Class A Certificates, generally pro rata based on the principal collected in the related loan group, such that the Class A Certificates will have at least 33.00% credit enhancement, second to the Class M-1, Class M-2 and Class M-3 Certificates, sequentially, such that the Class M-1, Class M-2 and Class M-3 Certificates in the aggregate will have at least 18.20% credit enhancement, third, to the Class M-4 Certificates such that the Class M-4 Certificates will have at least 15.30% credit enhancement, fourth, to the Class M-5 Certificates such that the Class M-5 Certificates will have at least 12.40% credit enhancement, fifth, to the Class M-6 Certificates such that the Class M-6 Certificates will have at least 9.70% credit enhancement, sixth, to the Class M-7 Certificates such that the Class M-7 Certificates will have at least 7.40% credit enhancement, seventh, to the Class M-8 Certificates such that the Class M-8 Certificates will have at least 6.00% credit enhancement, eighth, to the Class M-9 Certificates such tha...
Principal Paydown means, as of any Determination Date, for the Collection Period then ended, the difference between (i) the sum of the Discounted PrincipalReceivable Balance for each Facility Receivable as of the beginning of such Collection Period, in each case, multiplied by the applicable Advance Rate for each such Facility Receivable as of the beginning of such Collection Period, minus (ii) for each Facility Receivable included in the calculation set forth in clause (i) above, the sum of the Discounted PrincipalReceivable Balance for each such Facility Receivable as of the beginning of such Collection Period, in each case, multiplied by the applicable Advance Rate for each such Facility Receivable as of the end of such Collection Period.