Security Balance definition

Security Balance. The Principal Balance of the Notes, or the Certificate Balance, as the case may be.

Security Balance means, as of the last day of each calendar quarter following the date hereof, the aggregate Fair Value as of such date of the Eligible Assets maintained in the Reinsurance Trust Accounts.

Security Balance. With respect to any Payment Date and each Class of Term Notes, the Initial Security Balance thereof prior to such Payment Date reduced by all payments of principal thereon prior to such Payment Date and, in the case of the Class I Notes, Liquidation Loss Amounts allocated thereto prior to such Payment Date. With respect to any Payment Date and the Variable Funding Notes, the Initial Security Balance thereof prior to such Payment Date (i) increased by the Aggregate Additional Balance Differential immediately prior to such Payment Date and (ii) reduced by all payments of principal thereon and Liquidation Loss Amounts allocated thereto prior to such Payment Date. With respect to any Payment Date and the Certificates, the Certificate Principal Balance thereof.

Examples of Security Balance in a sentence

• The Security Balance hereof will be reduced to the extent of the distributions allocable to principal.

• Except as expressly provided herein, any action that may be taken by the Certificateholders under this Trust Agreement may be taken by the Certificateholders evidencing not less than a majority of the outstanding Security Balance of the Certificates.

• Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Trust Agreement shall be effective if signed by Certificateholders evidencing not less than a majority of the outstanding Security Balance of the Certificates at the time of the delivery of such notice.

• The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by Certificateholders evidencing not less than a majority of the outstanding Security Balance of the Certificates and with the consent of the Credit Enhancer.

• The Owner Trustee shall not have the power, except upon the direction of Certificateholders evidencing not less than a majority of the outstanding Security Balance of the Certificates, and with the consent of the Credit Enhancer, to (a) remove the Master Servicer under the Servicing Agreement pursuant to Section 7.01 thereof or (b) except as expressly provided in the Basic Documents, sell the Home Equity Loans after the termination of the Indenture.

More Definitions of Security Balance

Security Balance. With respect to any Payment Date and each Class of Term Notes, the Initial Security Balance thereof prior to such Payment Date reduced by all payments of principal thereon prior to such Payment Date. With respect to any Payment Date and the Variable Funding Notes, the Initial Security Balance thereof prior to such Payment Date (i) increased by the Aggregate Additional Balance Differential for such Variable Funding Note immediately prior to such Payment Date and (ii) reduced by all payments of principal thereon and Liquidation Loss Amounts allocated thereto prior to such Payment Date. With respect to any Payment Date and the Certificates, the Certificate Principal Balance thereof.

Security Balance shall have the meaning assigned to such term in the Indenture.

Security Balance. The Principal Balance of the Bonds or the Certificates, as the case may be.

Security Balance. Owner Trustee", "Overcollateralization Amount", "Initial Overcollateralization Percentage", "Payment Date" and "Indenture Trustee".

Security Balance. With respect to any Payment Date and the Term Notes, the Initial Security Balance thereof prior to such Payment Date reduced by all payments of principal thereon prior to such Payment Date. With respect to any Payment Date and the Variable Funding Notes, the Initial Security Balance thereof prior to such Payment Date (i) increased by the Aggregate Additional Balance Differential immediately prior to such Payment Date and (ii) reduced by all payments of principal thereon and Liquidation Loss Amounts allocated thereto prior to such Payment Date. With respect to any Payment Date and the Certificates, the Certificate Principal Balance thereof. Securityholder or Holder: Any Noteholder or a Certificateholder. Seller: Residential Funding Corporation, a Delaware corporation, and its successors and assigns. Seller's Agreement: The agreement between the Seller, as purchaser, and the related Program Seller, as seller.

Security Balance. With respect to any Payment Date and each Class of Term Notes, the Initial Security Balance thereof prior to such Payment Date reduced by all payments of principal thereon prior to such Payment Date and, in the case of the Class I Notes, Liquidation Loss Amounts allocated thereto prior to such Payment Date. With respect to any Payment Date and the Variable Funding Notes, the Initial Security Balance thereof prior to such Payment Date (i) increased by the Aggregate Additional Balance Differential immediately prior to such Payment Date and (ii) reduced by all payments of principal thereon and Liquidation Loss Amounts allocated thereto prior to such Payment Date. With respect to any Payment Date and the Certificates, the Certificate Principal Balance thereof. Securityholder or Holder: Any Noteholder or a Certificateholder. Seller: Residential Funding Corporation, a Delaware corporation, and its successors and assigns. Seller's Agreement: The agreement between the Seller, as purchaser, and the related Program Seller, as seller.

Security Balance. With respect to each Class of Class A Certificates, as determined separately, as of any time of determination, the related Original Security Balance less any amounts distributed in reduction of the Security Balance thereof pursuant to Section 6.05 on all prior Distribution Dates. The Class R Certificates do not have a "Security Balance".