Senior Prepayment Percentage. For any Distribution Date during the five years beginning on the first Distribution Date, 100%. The Senior Prepayment Percentage for any Distribution Date occurring on or after the fifth anniversary of the first Distribution Date will, except as provided herein, be as follows: for any Distribution Date in the first year thereafter, the Senior Percentage plus 70% of the Subordinated Percentage for such Distribution Date; for any Distribution Date in the second year thereafter, the Senior Percentage plus 60% of the Subordinated Percentage for such Distribution Date; for any Distribution Date in the third year thereafter, the Senior Percentage plus 40% of the Subordinated Percentage for such Distribution Date; for any Distribution Date in the fourth year thereafter, the Senior Percentage plus 20% of the Subordinated Percentage for such Distribution Date; and for any Distribution Date thereafter, the Senior Percentage for such Distribution Date (unless on any Distribution Date the Senior Percentage exceeds the initial Senior Percentage, in which case the Senior Prepayment Percentage for such Distribution Date will once again equal 100%). Notwithstanding the foregoing, no decrease in the Senior Prepayment Percentage will occur unless both of the Senior Step Down Conditions are satisfied.
Senior Prepayment Percentage. With respect to any Certificate Group, and for any Distribution Date during the five years beginning on the first Distribution Date, 100%. The Senior Prepayment Percentage for any Certificate Group and any Distribution Date occurring on or after the fifth anniversary of the first Distribution Date will, except as provided herein, be as follows: for any Distribution Date in the first year thereafter, the Senior Percentage for such Certificate Group plus 70% of the related Subordinate Percentage for such Certificate Group for such Distribution Date; for any Distribution Date in the second year thereafter, the Senior Percentage for such Certificate Group plus 60% of the related Subordinate Percentage for such Certificate Group for such Distribution Date; for any Distribution Date in the third year thereafter, the Senior Percentage for such Certificate Group plus 40% of the related Subordinate Percentage for such Certificate Group for such Distribution Date; for any Distribution Date in the fourth year thereafter, the Senior Percentage for such Certificate Group plus 20% of the related Subordinate Percentage for such Certificate Group for such Distribution Date; and for any Distribution Date thereafter, the Senior Percentage for such Certificate Group for such Distribution Date (unless on any Distribution Date the Senior Percentage for any Certificate Group exceeds the initial Senior Percentage for such Certificate Group, in which case the Senior Prepayment Percentage for each Certificate Group for such Distribution Date will once again equal 100%). Notwithstanding the foregoing, no decrease in the Senior Prepayment Percentage for any Certificate Group will occur unless both of the related Senior Stepdown Conditions are satisfied; provided, however, that if on any Distribution Date the Senior Prepayment Percentage is not permitted to decrease because one or both of the related Senior Stepdown Conditions are not satisfied, such Senior Stepdown Conditions shall be tested on each succeeding Distribution Date and if both Senior Stepdown Conditions are satisfied the Senior Prepayment Percentage for that Certificate Group shall decrease; and provided, further, that upon the occurrence of a decrease in the Senior Prepayment Percentage for any Certificate Group during one of the periods described in the definition of “Senior Stepdown Conditions,” such decrease shall remain in effect for the remainder of such period.
Senior Prepayment Percentage. The Senior Prepayment Percentage for any Group of Senior Certificates (other than the Group 1 Senior Certificates) for any Distribution Date occurring during the five years beginning on the first Distribution Date will equal 100%. The Senior Prepayment Percentage for any Group of Senior Certificates (other than the Group 1 Senior Certificates) for any Distribution Date occurring on or after the fifth anniversary of the first Distribution Date will be as follows: for any Distribution Date in the first year thereafter, the related Senior Percentage plus 70% of the related Subordinate Percentage for such Distribution Date; for any Distribution Date in the second year thereafter, the related Senior Percentage plus 60% of the related Subordinate Percentage for such Distribution Date; for any Distribution Date in the third year thereafter, the related Senior Percentage plus 40% of the related Subordinate Percentage for such Distribution Date; for any Distribution Date in the fourth year thereafter, the related Senior Percentage plus 20% of the related Subordinate Percentage for such Distribution Date; and for any Distribution Date thereafter, the related Senior Percentage for such Distribution Date (unless on any of the foregoing Distribution Dates the Senior Percentage for any of the Group 2, Group 3, Group 4 or Group 5 Certificates exceeds the initial Senior Percentage for such Group, in which case the Senior Prepayment Percentage for each of the Group 2, Group 3, Group 4 or Group 5 Certificates will once again equal 100%). Notwithstanding the foregoing, no decrease to the Senior Prepayment Percentage for either of the Group 2, Group 3, Group 4 or Group 5 Certificates will occur on any Distribution Date as to which that decrease applies if (i) the outstanding aggregate principal balance of the Mortgage Loans in the related Loan Group delinquent 60 days or more (including all related REO Property and Mortgage Loans in foreclosure) (averaged over the preceding six month period), as a percentage of the related Group C-B Component Balance as of such Distribution Date is equal to or greater than 50% or (ii) cumulative Realized Losses in the related Loan Group exceed (a) with respect to the Distribution Date on the fifth anniversary of the first Distribution Date, 30% of the related Group C-B Component Balance as of the Closing Date (the “Original Group C-B Component Balance”), (b) with respect to the Distribution Date on the sixth anniversary of the first Distribut...
Examples of Senior Prepayment Percentage in a sentence
See the definition of “Group 1 Senior Prepayment Percentage or Group 2 Senior Prepayment Percentage”.
If on any Distribution Date the allocation to the Group 1-A or Group 2-A Certificates of Principal Prepayments in the percentage required would reduce the aggregate Class Principal Balance of such Certificates below zero, the Group 1 Senior Prepayment Percentage or the Group 2 Senior Prepayment Percentage, as applicable, for such Distribution Date shall be limited to the percentage necessary to reduce such aggregate Class Principal Balance to zero.
If on any Distribution Date the allocation to the Senior Certificates (other than the Class A-P Certificates) of Principal Prepayments in the percentage required would reduce the sum of the Class Principal Balances of the Senior Certificates (other than the Class A-P Certificates) below zero, the Senior Prepayment Percentage for such Distribution Date shall be limited to the percentage necessary to reduce such sum to zero.
If on any Distribution Date the allocation to the Group 3-A Certificates of Principal Prepayments in the percentage required would reduce the aggregate Class Principal Balance of such Certificates below zero, the Group 3 Senior Prepayment Percentage for such Distribution Date shall be limited to the percentage necessary to reduce such aggregate Class Principal Balance to zero.
If on any Distribution Date the allocation to the Certificates (other than the Class A-P Certificates) of Principal Prepayments in the percentage required would reduce the sum of the Class Principal Balances of the Certificates (other than the Class A-P Certificates) below zero, the Senior Prepayment Percentage for such Distribution Date shall be limited to the percentage necessary to reduce such sum to zero.
More Definitions of Senior Prepayment Percentage
Senior Prepayment Percentage. For any Distribution Date and Loan Group during the five years beginning on the first Distribution Date, 100%. The Senior Prepayment Percentage for any Loan Group for any Distribution Date occurring on or after the fifth anniversary of the first Distribution Date will, except as provided herein, be as follows: for any Distribution Date in the first year thereafter, the Senior Percentage for such Loan Group plus 70% of the Subordinate Percentage for such Loan Group for such Distribution Date; for any Distribution Date in the second year thereafter, the Senior Percentage for such Loan Group plus 60% of the Subordinate Percentage for such Loan Group for such Distribution Date; for any Distribution Date in the third year thereafter, the Senior Percentage for such Loan Group plus 40% of the Subordinate Percentage for such Loan Group for such Distribution Date; for any Distribution Date in the fourth year thereafter, the Senior Percentage for such Loan Group plus 20% of the Subordinate Percentage for such Loan Group for such Distribution Date; and for any Distribution Date in the fifth or later years thereafter, the Senior Percentage for such Loan Group for such Distribution Date, unless on any of the foregoing Distribution Dates the Total Senior Percentage exceeds the initial Total Senior Percentage, in which case the Senior Prepayment Percentage for each Loan Group for such Distribution Date will once again equal 100%. Notwithstanding the foregoing, no decrease in the Senior Prepayment Percentage for any Loan Group will occur unless both of the Senior Step Down Conditions are satisfied.
Senior Prepayment Percentage. With respect to any Distribution Date occurring during the periods set forth below, as follows: December 2005 - November 2015 100% December 2015 – November 2016 Senior Percentage plus 70% of the Subordinate Percentage. December 2016 - November 2017 Senior Percentage plus 60% of the Subordinate Percentage. December 2017 - November 2018 Senior Percentage plus 40% of the Subordinate Percentage. December 2018 - November 2019 Senior Percentage plus 20% of the Subordinate Percentage. December 2019 and thereafter Senior Percentage. In addition, no reduction of the Senior Prepayment Percentage shall occur on any Distribution Date unless, as of the last day of the month preceding such Distribution Date, (A) the aggregate Scheduled Principal Balance of the Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Current Principal Amount of the Subordinate Certificates does not exceed 50%; and (B) cumulative Realized Losses on the Mortgage Loans do not exceed (a) 30% of the Original Subordinate Principal Balance if such Distribution Date occurs between and including December 2015 and November 2016, (b) 35% of the Original Subordinate Principal Balance if such Distribution Date occurs between and including December 2016 and November 2017, (c) 40% of the Original Subordinate Principal Balance if such Distribution Date occurs between and including December 2017 and November 2018, (d) 45% of the Original Subordinate Principal Balance if such Distribution Date occurs between and including December 2018 and November 2019, and (e) 50% of the Original Subordinate Principal Balance if such Distribution Date occurs during or after December 2019. In addition, if on any Distribution Date the Subordinate Percentage for such Distribution Date is equal to or greater than two times the initial Subordinate Percentage, and (a) the aggregate Scheduled Principal Balance of the Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and such Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the aggregate Current Principal Amount of the Subordinate Certificates does not exceed 50% and (b)(i) on or prio...
Senior Prepayment Percentage. With respect to each Loan Group and any Distribution Date before February 2010, 100%. Except as provided herein, the Senior Prepayment Percentage for each Loan Group for any Distribution Date occurring on or after the seventh anniversary of the first Distribution Date will be as follows: (i) from February 2010 through January 2011, the related Senior Percentage plus 70% of the related Subordinate Percentage for that Distribution Date; (ii) from February 2011 through January 2012, the related Senior Percentage plus 60% of the related Subordinate Percentage for that Distribution Date; (iii) from February 2012 through January 2013, the related Senior Percentage plus 40% of the related Subordinate Percentage for that Distribution Date; (iv) from February 2013 through January 2014, the related Senior Percentage plus 20% of the related Subordinate Percentage for that Distribution Date; and (v) from and after February 2014, the related Senior Percentage for that Distribution Date; provided, however, that there shall be no reduction in the Senior Prepayment Percentage for any Loan Group unless the Step Down Conditions are satisfied; and provided, further, that if on any Distribution Date occurring on or after the Distribution Date in February 2010, the Senior Percentage for any Loan Group exceeds the initial Senior Percentage for such Loan Group, the related Senior Prepayment Percentage for that Distribution Date will again equal 100%. Notwithstanding the above, (i) if on any Distribution Date prior to February 2006 the Two Times Test is satisfied, the Senior Prepayment Percentage for each Loan Group will equal the related Senior Percentage for such Distribution Date plus 50% of an amount equal to 100% minus the related Senior Percentage for such Distribution Date and (ii) if on any Distribution Date in or after February 2006 the Two Times Test is satisfied, the Senior Prepayment Percentage for each Loan Group will equal the related Senior Percentage for such Distribution Date.
Senior Prepayment Percentage. With respect to any Mortgage Pool in Aggregate Pool A and any Distribution Date: · occurring before the Distribution Date in May 2013, 100%; · occurring in or after May 2013 but before May 2014, the related Senior Percentage plus 70% of the related Subordinate Percentage for that date; · occurring in or after May 2014 but before May 2015, the related Senior Percentage plus 60% of the related Subordinate Percentage for that date; · occurring in or after May 2015 but before May 2016, the related Senior Percentage plus 40% of the related Subordinate Percentage for that date; · occurring in or after May 2016 but before May 2017, the related Senior Percentage plus 20% of the related Subordinate Percentage for that date; or · occurring in May 2017 or thereafter, the related Senior Percentage for that date. Notwithstanding the foregoing, with respect to Aggregate Pool A: (i) no decrease in the Senior Prepayment Percentage for any Mortgage Pool in Aggregate Pool A will occur as described above unless the Aggregate Pool A Step-Down Test is satisfied with respect to each Mortgage Pool in Aggregate Pool A on such Distribution Date, (ii) if, on any Distribution Date, the Senior Percentage for a Mortgage Pool in Aggregate Pool A exceeds the related Senior Percentage on the Closing Date, in which case the Senior Prepayment Percentage for all Mortgage Pools in Aggregate Pool A for that Distribution Date will equal 100%, (iii) if the Two Times Test is met on any Distribution Date on or prior to the Distribution Date in April 2009, in which case the Senior Prepayment Percentage for each Mortgage Pool in Aggregate Pool A will equal the related Senior Percentage plus 50% of the related Subordinate Percentage for such Distribution Date, (iv) if the Two Times Test is met on any Distribution Date on or after to the Distribution Date in May 2009, in which case the Senior Prepayment Percentage for each Mortgage Pool in Aggregate Pool A will equal the related Senior Percentage for such Distribution Date and (v) if on any Distribution Date the allocation to the related Senior Certificates then entitled to distributions of principal of related full and partial principal prepayments and other amounts in the percentage required above would reduce the sum of the Class Principal Amounts of those Certificates below zero, the distribution to the class or classes of Certificates of the related Senior Prepayment Percentage of those amounts for such Distribution Date will be limited to the p...
Senior Prepayment Percentage. On any Distribution Date occurring during the periods set forth below, and as to each Certificate Group, the Senior Prepayment Percentages described below: ----------------------------------------------------------------------------------------------------------- Period (Dates Inclusive) Senior Prepayment Percentage ----------------------------------------------------------------------------------------------------------- December 2005 - November 2010 100% ----------------------------------------------------------------------------------------------------------- The related Senior Percentage plus 70% of the related December 2010 - November 2011 Subordinated Percentage. ----------------------------------------------------------------------------------------------------------- The related Senior Percentage plus 60% of the related December 2011 - November 2012 Subordinated Percentage. ----------------------------------------------------------------------------------------------------------- The related Senior Percentage plus 40% of the related December 2012 - November 2013 Subordinated Percentage. ----------------------------------------------------------------------------------------------------------- December 2013 - November 2014 The related Senior Percentage plus 20% of the related Subordinated Percentage. ----------------------------------------------------------------------------------------------------------- December 2014 and thereafter The related Senior Percentage. ----------------------------------------------------------------------------------------------------------- provided, however, if on any distribution date, the Aggregate Senior Percentage exceeds such percentage calculated as of the Closing Date, then the Senior Prepayment Percentage for both Certificate Groups for such Distribution Date will equal 100%. The reductions in the Senior Prepayment Percentage for each Certificate Group described above will not occur and will remain at the level in effect for the most recent prior period specified in the table above, unless both of the following step-down conditions are satisfied with respect to each Mortgage Pool, as of the last day of the month preceding the Distribution Date:
Senior Prepayment Percentage. On any Distribution Date occurring during the periods set forth below, and as to each Certificate Group, the Senior Prepayment Percentages, described below: July 2006 - June 2013 100% July 2013 - June 2014 The related Senior Percentage plus 70% of the related Subordinated Percentage. July 2014 - June 2015 The related Senior Percentage plus 60% of the related Subordinated Percentage. July 2015 - June 2016 The related Senior Percentage plus 40% of the related Subordinated Percentage. July 2016 - June 2017 The related Senior Percentage plus 20% of the related Subordinated Percentage. July 2017 and thereafter The related Senior Percentage. provided however, (i) if on any Distribution Date, the Aggregate Senior Percentage exceeds such percentage calculated as of the Closing Date, then the Senior Prepayment Percentage for all Certificate Groups for such Distribution Date will equal 100%, (ii) if on any Distribution Date prior to the July 2009 Distribution Date, the Aggregate Subordinated Percentage is greater than or equal to twice such percentage calculated as of the Closing Date, then the Senior Prepayment Percentage for each Certificate Group for such Distribution Date will equal the Senior Percentage for such Certificate Group plus 50% of the Subordinated Percentage for such Certificate Group and (iii) if on or after the July 2009 Distribution Date, the Aggregate Subordinated Percentage is greater than or equal to twice such percentage calculated as of the Closing Date, then the Senior Prepayment Percentage for each Certificate Group for such Distribution Date will equal the Senior Percentage for such Certificate Group. The reductions in the Senior Prepayment Percentage for each Certificate Group described above will not occur, and the Senior Prepayment Percentage or each Certificate Group for such prior period will be calculated without regard to clause (ii) or (iii) of the paragraph above, unless both of the following step-down conditions are satisfied with respect to each Mortgage Pool as of the last day of the month preceding the Distribution Date:
Senior Prepayment Percentage. The percentage, if any, calculated as set forth in the Trust Agreement.