Senior Step Down Conditions. As of the first Distribution Date as to which any decrease in the Senior Prepayment Percentage applies, (i) the outstanding principal balance of all Mortgage Loans delinquent 60 days or more (averaged over the preceding six month period), as a percentage of the aggregate principal balance of the Subordinated Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to the Mortgage Loans do not exceed (a) with respect to the Distribution Date on the fifth anniversary of the first Distribution Date, 30% of the Original Subordinated Principal Balance, (b) with respect to the Distribution Date on the sixth anniversary of the first Distribution Date, 35% of the Original Subordinated Principal Balance, (c) with respect to the Distribution Date on the seventh anniversary of the first Distribution Date, 40% of the Original Subordinated Principal Balance, (d) with respect to the Distribution Date on the eighth anniversary of the first Distribution Date, 45% of the Original Subordinated Principal Balance and (e) with respect to the Distribution Date on the ninth anniversary of the first Distribution Date, 50% of the Original Subordinated Principal Balance.
Senior Step Down Conditions. With respect to the Mortgage Loans in a Loan Group: (i) the aggregate Stated Principal Balance of all Mortgage Loans in that Loan Group delinquent 60 days or more (including Mortgage Loans in foreclosure, REO Property and Mortgage Loans the mortgagors of which are in bankruptcy) (averaged over the preceding six month period), as a percentage of (a) if such date is on or prior to the second Senior Termination Date, the Subordinated Percentage for such Loan Group of the aggregate of the applicable Non-PO Percentage of the aggregate Stated Principal Balance of the Mortgage Loans in that Loan Group, or (b) if such date is after the second Senior Termination Date, the aggregate Class Certificate Balance of the Subordinated Certificates, does not equal or exceed 50%, and (ii) cumulative Realized Losses on the Mortgage Loans in each Loan Group do not exceed: (a) commencing with the Distribution Date on the fifth anniversary of the first Distribution Date, 30% of the Original Subordinated Principal Balance, (b) commencing with the Distribution Date on the sixth anniversary of the first Distribution Date, 35% of the Original Subordinated Principal Balance, (c) commencing with the Distribution Date on the seventh anniversary of the first Distribution Date, 40% of the Original Subordinated Principal Balance, (d) commencing with the Distribution Date on the eighth anniversary of the first Distribution Date, 45% of the Original Subordinated Principal Balance, and (e) commencing with the Distribution Date on the ninth anniversary of the first Distribution Date, 50% of the Original Subordinated Principal Balance.
Senior Step Down Conditions. As of any Distribution Date and as to which any decrease in the Senior Prepayment Percentage applies, (i) the outstanding principal balance of all Group 1 Mortgage Loans (including, for this purpose, any Group 1 Mortgage Loans in foreclosure, any REO Property and any such Group 1 Mortgage Loan for which the Mortgagor has filed for bankruptcy after the Closing Date) delinquent 60 days or more (averaged over the preceding six month period), as a percentage of the aggregate Class Certificate Balance of the Class 1-B Certificates, is not equal to or greater than 50% or (ii) cumulative Realized Losses with respect to the Group 1 Mortgage Loans as of the applicable Distribution Date do not exceed the percentages of the related Original Class 1-B Certificate Balance set forth below: Percentage of Original Class 1-B Distribution Date Occurring Certificate Balance ----------------------------------------- ---------------------------- ----------------------------------------- ---------------------------- November 2011 through October 2012 30% November 2009 through October 2013 35% November 2014 through October 2014 40% November 2015 through October 2015 45% November 2015 and thereafter 50% Servicer: Any of BANA, SunTrust and Wells Fargo, each in their capacity as a servicer of the Mortgage Loanx, xx any successor servicer appointed as herein provided.
Examples of Senior Step Down Conditions in a sentence
At the elementary school, we will use our support staff to reach out to the online students as necessary to check progress.
More Definitions of Senior Step Down Conditions
Senior Step Down Conditions. As of the last day of the month preceding the applicable Distribution Date as to which any decrease in the Senior Prepayment Percentage applies, (i) the aggregate Scheduled Principal Balance of all Mortgage Loans delinquent 60 days or more, as a percentage of the aggregate principal balance of the Junior Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to the Mortgage Loans do not exceed (a) with respect to the Distribution Date on the fifth anniversary of the first Distribution Date, 30% of the Original Junior Principal Balance, (b) with respect to the Distribution Date on the sixth anniversary of the first Distribution Date, 35% of the Original Junior Principal Balance, (c) with respect to the Distribution Date on the seventh anniversary of the first Distribution Date, 40% of the Original Junior Principal Balance, (d) with respect to the Distribution Date on the eighth anniversary of the first Distribution Date, 45% of the Original Junior Principal Balance and (e) with respect to the Distribution Date on the ninth anniversary of the first Distribution Date, 50% of the Original Junior Principal Balance.
Senior Step Down Conditions. As of any Distribution Date and Loan Group 1 as to which any decrease in the Senior Prepayment Percentage for such Loan Group applies, (i) the outstanding principal balance of all Mortgage Loans in such Loan Group (including, for this purpose, any Mortgage Loans in foreclosure or any REO Property) delinquent 60 days or more (averaged over the preceding six month period), as a percentage of the aggregate Class Certificate Balance of the Group 1-B Certificates (averaged over the preceding six-month period), is not equal to or greater than 50% or (ii) cumulative Realized Losses with respect to the Mortgage Loans in such Loan Group as of the applicable Distribution Date do not exceed the percentages of the Original Subordinate Certificate Balance for the Group 1-B Certificates set forth below: Percentage of Original Subordinate Distribution Date Occurring Certificate Balance October 2007 through September 2008 30% October 2008 through September 2009 35% October 2009 through September 2010 40% October 2010 through September 2011 45% October 2011 and thereafter 50% As of any Distribution Date and Loan Group 2 or Loan Group 3 as to which any decrease in either the Senior Prepayment Percentage for Loan Group 2 or Loan Group 3 applies, (i) the outstanding principal balance of all Mortgage Loans in such Loan Groups (including, for this purpose, any Mortgage Loans in foreclosure or any REO Property) delinquent 60 days or more, as a percentage of the aggregate Class Certificate Balance of the Class CB Certificates (averaged over the preceding six-month period), is not equal to or greater than 50% or (ii) cumulative Realized Losses with respect to the Mortgage Loans in such Loan Groups as of the applicable Distribution Date do not exceed the percentages of the Original Subordinate Certificate Balance for the Class CB Certificates set forth below: Percentage of Original Subordinate Distribution Date Occurring Certificate Balance ----------------------------------- -------------------- October 2007 through September 2008 30% October 2008 through September 2009 35% October 2009 through September 2010 40% October 2010 through September 2011 45% October 2011 and thereafter 50% Servicer: Bank of America, N.A., a national banking association, or its successor in interest, in its capacity as servicer of the Mortgage Loans, or any successor servicer appointed as herein provided.
Senior Step Down Conditions. As to any Distribution Date: (i) the outstanding principal balance of all the Mortgage Loans 60 days or more Delinquent (averaged over the preceding six month period) (including any Mortgage Loans subject to foreclosure proceedings, REO Property (regardless of whether that Mortgage Loan is 60 days or more Delinquent) and Mortgage Loans the mortgagers of which are in bankruptcy), as a percentage of the aggregate of the Class Certificate Balances of the Subordinated Certificates, does not equal or exceed 50%, and (ii) cumulative Realized Losses do not exceed: (a) for the Distribution Date on the fifth anniversary of the first Distribution Date, 30% of the Original Subordinated Principal Balance, (b) for the Distribution Date on the sixth anniversary of the first Distribution Date, 35% of the Original Subordinated Principal Balance, (c) for the Distribution Date on the seventh anniversary of the first Distribution Date, 40% of the Original Subordinated Principal Balance, (d) for the Distribution Date on the eighth anniversary of the first Distribution Date, 45% of the Original Subordinated Principal Balance, and (e) for the Distribution Date on the ninth anniversary of the first Distribution Date, 50% of the Original Subordinated Principal Balance.
Senior Step Down Conditions. As of any Distribution Date as to which any decrease in the Senior Prepayment Percentage applies, (i) the outstanding principal balance of all Mortgage Loans (including, for this purpose, any Mortgage Loans in foreclosure or any REO Property) delinquent 60 days or more (averaged over the preceding six month period), as a percentage of the aggregate Class Certificate Balance of the Subordinate Certificates (averaged over the preceding six-month period), is not equal to or greater than 50% or (ii) cumulative Realized Losses with respect to the Mortgage Loans as of the applicable Distribution Date do not exceed the percentages of the Original Subordinate Certificate Balance set forth below: Percentage of Original Subordinate Distribution Date Occurring Certificate Balance --------------------------- ------------------- February 2005 through January 2006 30% February 2006 through January 2007 35% February 2007 through January 2008 40% February 2008 through January 2009 45% February 2009 and thereafter 50% Servicer: Bank of America, N.A., a national banking association, or its successor in interest, in its capacity as servicer of the Mortgage Loans, or any successor servicer appointed as herein provided.
Senior Step Down Conditions. As of any Distribution Date as to which any decrease in the Senior Prepayment Percentage applies, (i) the outstanding principal balance of all Mortgage Loans (including, for this purpose, any Mortgage Loans in foreclosure or any REO Property) delinquent 60 days or more, as a percentage of the aggregate Class Certificate Balance of the Subordinate Certificates (averaged over the preceding six-month period), is not equal to or greater than 50% or (ii) cumulative Realized Losses with respect to the Mortgage Loans as of the applicable Distribution Date do not exceed the percentages of the Original Subordinate Certificate Balance set forth below: Percentage of Original Distribution Date Occurring In Subordinate Certificate Balance ------------------------------ ------------------------------- June 2002 through May 2005 20% June 2005 through May 2010 30% June 2010 through May 2011 35% June 2011 through May 2012 40% June 2012 through May 2013 45% June 2013 and thereafter 50% Servicer: Bank of America, N.A., a national banking association, or its successor in interest, in its capacity as servicer of the Mortgage Loans, or any successor servicer appointed as herein provided.
Senior Step Down Conditions. As of the last day of the month preceding the applicable Distribution Date as to which any decrease in the Senior Prepayment Percentage applies, (i) the aggregate Scheduled Principal Balance of all Mortgage Loans delinquent 60 days or more (including delinquent Mortgage Loans in bankruptcy, and all Mortgage Loans in foreclosure and REO Properties), as a percentage of the aggregate Class Principal Balance of the Subordinate Certificates (other than the Class B-1-X Certificates) on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to the Mortgage Loans do not exceed (a) with respect to the Distribution Dates occurring between and including February 2004 and January 2007, 20% of the Original Subordinate Principal Balance, (b) with respect to the Distribution Date on or after February 2007, 30% of the Original Subordinate Principal Balance.
Senior Step Down Conditions. As of any Distribution Date and as to which any decrease in the Senior Prepayment Percentage for a Loan Group applies, (i) the outstanding principal balance of, in the case of Crossed Loan Group, all the Crossed Group Mortgage Loans, and in the case of Loan Group 3, all Group 3 Mortgage Loans (including, for this purpose, any Mortgage Loans in foreclosure, any REO Property and any Mortgage Loan for which the Mortgagor has filed for bankruptcy after the Closing Date) delinquent 60 days or more (averaged over the preceding six month period), as a percentage of the aggregate Class Certificate Balance of, in the case of the Crossed Loan Group, the Crossed Group Subordinate Certificates and, in the case of the Loan Group 3, the Class B Certificates, is not equal to or greater than 50% or (ii) cumulative Realized Losses with respect to such Mortgage Loans as of the applicable Distribution Date do not exceed the percentages of the Original Subordinate Certificate Balance set forth below: PERCENTAGE OF ORIGINAL SUBORDINATE DISTRIBUTION DATE OCCURRING CERTIFICATE BALANCE --------------------------- -------------------- March 2011 through February 2012 30% March 2012 through February 2013 35% March 2013 through February 2014 40% March 2014 through February 2015 45% March 2015 and thereafter 50%