Senior Optimal Principal Balance. With respect to any Payment Date prior to the Stepdown Date, zero; with respect to any other Payment Date, an amount equal to the Pool Principal Balance as of the related Determination Date minus the greater of (a) the sum of (1) 58.075 % of the Pool Principal Balance as of the related Determination Date and (2) the Overcollateralization Target Amount for such Payment Date (without giving effect to the proviso in the definition thereof) and (b) 0.50% of the Original Pool Principal Balance; provided, however, that such amount shall never be less than zero or greater than the sum of the Original Class Principal Balances of the Notes. Series or Series 1998-2: Empire Funding Home Loan Asset Backed Notes, Series 1998-2.
Senior Optimal Principal Balance. With respect to any Payment Date -------------------------------- prior to the Overcollateralization Stepdown Date, zero; with respect to any other Payment Date, an amount equal to the Pool Principal Balance as of the immediately preceding Determination Date minus the greater of (a) 48.48% of the Pool Principal Balance as of such immediately preceding Determination Date plus the Required Overcollateralization Amount for such Payment Date (calculated without giving effect to the proviso in the definition thereof) and (b) 0.50% of the Assumed Pool Principal Balance.
Senior Optimal Principal Balance. With respect to any Distribution Date prior to the Stepdown Date, zero; with respect to any other Distribution Date, an amount equal to the Pool Principal Balance as of the preceding Determination Date minus the greater of (a) the sum of (1) 56.50% of the Pool Principal Balance as of the preceding Determination Date and (2) the Overcollateralization Target Amount for such Distribution Date (without giving effect to the proviso in the definition thereof) or (b) 0.50% of the Original Pool Principal Balance; provided however, that the Senior Optimal Principal Balance shall never be less than zero or greater than the Aggregate Note Principal Balance as of the Closing Date. Series or Series 1997-3: Mego Mortgage Home Loan Asset Backed Securities, Series 1997-3.
Examples of Senior Optimal Principal Balance in a sentence
Notwithstanding the foregoing, on any Payment Date on which a Trigger Event has occurred and is continuing, any Excess Spread applied pursuant to clause (i)(A) above will be retained in the Note Payment Account for payment to the holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Notes, in that order, without regard to the Senior Optimal Principal Balance, until the respective Class Principal Balances thereof have been reduced to zero.
Notwithstanding the foregoing, on any Payment Date on which a Trigger Event has occurred and is continuing, any Excess Spread applied pursuant to clause (A)(1) above will be paid to the holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8, in that order, without regard to the Senior Optimal Principal Balance, until the respective Class Principal Balances thereof have been reduced to zero.
Notwithstanding the foregoing, on any Payment Date on which a Trigger Event has occurred and is continuing, any Regular Payment Amount applied pursuant to clause (vi) above will be retained in the Note Payment Account for payment to the holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class A-8 Notes, in that order, without regard to the Senior Optimal Principal Balance, until the respective Class Principal Balances thereof have been reduced to zero.
More Definitions of Senior Optimal Principal Balance
Senior Optimal Principal Balance. With respect to any Distribution Date prior to the Stepdown Date, zero; with respect to any other Distribution Date, an amount equal to the Pool Principal Balance as of the preceding Determination Date minus the greater of (a) the sum of (1) ________% of the Pool Principal Balance as of the preceding Determination Date and (2) the Overcollateralization Target Amount for such Distribution Date (without giving effect to the proviso in the definition thereof) and (b) ________% of the Maximum Collateral Amount; provided, however, that the Senior Optimal Principal Balance shall never be less than zero or greater than the aggregate Note Principal Balance of the Senior Notes as of the Closing Date. Series or Series ______: First Union Home Loan Asset Backed Notes, Series _______.
Senior Optimal Principal Balance means, with respect to any Payment Date prior to the Step-down Date or after the Step-down Date if the Loss and Delinquency Tests have not been satisfied, $0; and with respect to any other Payment Date, an amount equal to the aggregate Principal Balance of the Mortgage Loans as of the preceding Determination Date minus the sum of (a) approximately 43.60% of the aggregate Principal Balance of the Mortgage Loans as of the preceding Determination Date and (b) the Overcollateralization Target Amount for such Payment Date.
Senior Optimal Principal Balance means, with respect to any Payment Date prior to the Step-down Date or on or after the Step-down Date if the Loss and Delinquency Tests have not been satisfied, zero. With respect to any other Payment Date on or after the Step-down Date if the Loss and Delinquency Tests have been satisfied, an amount equal to (i) the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Collection Period minus (ii) 46.10% of the aggregate Principal Balance of the Mortgage Loans as of the last day of the related Collection Period.
Senior Optimal Principal Balance means, with respect to any Payment Date prior to the Step-down Date or after the Step-down Date if the Loss and Delinquency Tests have not been satisfied, $0; and with respect to any other Payment Date, an amount equal to the aggregate Principal Balance of the Mortgage Loans as of the preceding Determination Date minus the sum of (a) approximately 26.50% of the aggregate Principal Balance of the Mortgage Loans as of the preceding Determination Date and (b) the Overcollateralization Target Amount for such Payment Date.
Senior Optimal Principal Balance. With respect to any Distribution Date prior to the Stepdown Date, zero; with respect to any other Distribution Date, an amount equal to the Pool Principal Balance as of the preceding Determination Date minus the greater of (a) the sum of (1) 47.0% of the Pool Principal Balance as of the preceding Determination Date and (2) the Overcollateralization Target Amount for such Distribution Date (without giving effect to the proviso in the definition thereof) and (b) 0.50% of the Maximum Collateral Amount; provided, however, that the Senior Optimal Principal Balance shall never be less than zero or greater than the aggregate Note Principal Balance of the Senior Notes as of the Closing Date. Series or Series 199 - : Cityscape Mortgage Loan Asset Backed Notes, Series 199_-_. Servicer: Cityscape, in its capacity as the servicer hereunder, or any successor appointed as herein provided.
Senior Optimal Principal Balance. With respect to any Payment Date prior to the Overcollateralization Stepdown Date, zero; with respect to any other Payment Date, an amount equal to the Pool Principal Balance as of the immediately preceding Determination Date minus the greater of (a) 49.49% of the Pool Principal Balance as of such immediately preceding Determination Date plus the Required Overcollateralization Amount for such Payment Date (calculated without giving effect to the proviso in the definition thereof) and (b) 0.50% of the Assumed Pool Principal Balance. Series or Series 1998-5: FIRSTPLUS Asset Backed Securities, Series 1998-5. Servicer: FFI, in its capacity as the servicer hereunder, or any successor appointed as herein provided.
Senior Optimal Principal Balance. With respect to each Group and any Distribution Date prior to the Stepdown Date or any Distribution Date on which a Trigger Event has occurred and is continuing, zero. With respect to each Group and any other Distribution Date, the related Group Principal Balance as of such Distribution Date minus the greater of (a) the sum of (1)(x) in the case of Group I, 26% of such Group Principal Balance or (y) in the case of Group II, 54.372% of such Group Principal Balance and (2) the Overcollateralization Target Amount for such Group for such Distribution Date (calculated without giving effect to the proviso in the definition thereof) and (b) 0.50% of the related Maximum Collateral Amount; provided however, that any Group's Senior Optimal Principal Balance shall never be less than zero or greater than the Aggregate Senior Certificate Principal Balance for such Group as of the Closing Date.