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 (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 the aggregate Class Certificate 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) commencing with the Distribution Date on the fifth anniversary of the first Distribution Date, 30% of the Original Subordinate Principal Balance, (b) commencing with the Distribution Date on the sixth anniversary of the first Distribution Date, 35% of the Original Subordinate Principal Balance, (c) commencing with the Distribution Date on the seventh anniversary of the first Distribution Date, 40% of the Original Subordinate Principal Balance, (d) commencing with the Distribution Date on the eighth anniversary of the first Distribution Date, 45% of the Original Subordinate Principal Balance, and (e) commencing with the Distribution Date on the ninth anniversary of the first Distribution Date, 50% of the Original Subordinate Principal Balance.
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 Subordinate Principal Balance, (b) with respect to the Distribution Date on the sixth anniversary of the first Distribution Date, 35% of the Original Subordinate Principal Balance, (c) with respect to the Distribution Date on the seventh anniversary of the first Distribution Date, 40% of the Original Subordinate Principal Balance, (d) with respect to the Distribution Date on the eighth anniversary of the first Distribution Date, 45% of the Original Subordinate Principal Balance and (e) with respect to the Distribution Date on the ninth anniversary of the first Distribution Date, 50% of the Original Subordinate Principal Balance.
Senior Step Down Conditions. As of any Distribution Date and a Crossed Loan Group as to which any decrease in the Senior Prepayment Percentage for any Crossed Loan Group applies, (i) the outstanding principal balance of all Mortgage Loans in such Loan Groups (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 the Class X-B Certificates, 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 X-B Certificates set forth below: Percentage of Original Subordinate Distribution Date Occurring Certificate Balance --------------------------- ------------------- January 2010 through December 2010 30% January 2011 through December 2011 35% January 2012 through December 2012 40% January 2013 through December 2013 45% January 2014 and thereafter 50% As of any Distribution Date and Loan Group 2 as to which any decrease in the Senior Prepayment Percentage for Loan Group 2 applies, (i) the outstanding principal balance of all Mortgage Loans in such Loan Group (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 the Class 2-B Certificates, 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 Class 2-B Certificates set forth below: Percentage of Original Subordinate Distribution Date Occurring Certificate Balance --------------------------- ------------------- January 2010 through December 2010 30% January 2011 through December 2011 35% January 2012 through December 2012 40% January 2013 through December 2013 45% January 2014 and thereafter 50% As of any Distribution Date and Loan Group 5 as to which any decrease in the Senior Prepayment Percentage for Loan Group 5 applies, (i) the outstanding prin...
Examples of Senior Step Down Conditions in a sentence
Notwithstanding the foregoing, no decrease in any Senior Prepayment Percentage will occur unless both Senior Step Down Conditions are satisfied with respect to all of the Mortgage Loans.
Notwithstanding the foregoing, no decrease in the Senior Prepayment Percentage will occur unless both Senior Step Down Conditions are satisfied.
Notwithstanding the foregoing, no decrease in the Senior Prepayment Percentage will occur unless both Senior Step Down Conditions are satisfied with respect to the Mortgage Loans.
Notwithstanding the foregoing, no decrease in the related Senior Prepayment Percentage will occur unless both of the Senior Step Down Conditions are satisfied with respect to all Loan Groups.
More Definitions of Senior Step Down Conditions
Senior Step Down Conditions. As of any Distribution Date as to which any decrease in the Senior Prepayment Percentage for any Loan Group applies, (i) the outstanding principal balance of all 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 the Subordinate Certificates, 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 Class Certificate Balance set forth below: Percentage of Original Subordinate Class Distribution Date Occurring Certificate Balance ---------------------------------- ---------------------------- October 2010 through 30% September 2011 October 2011 through 35% September 2012 October 2012 through 40% September 2013 October 2013 through 45% September 2014 October 2014 and thereafter 50% Servicer: Bank of America 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 and Loan Group 1CB or Loan Group 1NC as to which any decrease in either the Senior Prepayment Percentage for Loan Group 1CB or Loan Group 1NC 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 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 Groups as of the applicable Distribution Date do not exceed the percentages of the Original Subordinate Certificate Balance for the Class 1-B Certificates set forth below: Percentage of Original Subordinate Distribution Date Occurring Certificate Balance --------------------------- -------------------- July 2008 through June 2009 30% July 2009 through June 2010 35% July 2010 through June 2011 40% July 2011 through June 2012 45% July 2012 and thereafter 50% As of any Distribution Date and Loan Group 2 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 Class 2-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 Class 2-B Certificates set forth below: Percentage of Original Subordinate Distribution Date Occurring Certificate Balance --------------------------- -------------------- July 2008 through June 2009 30% July 2009 through June 2010 35% July 2010 through June 2011 40% July 2011 through June 2012 45% July 2012 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 (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 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 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 October 2004 and September 2007, 20% of the Original Subordinate Principal Balance, (b) with respect to the Distribution Date on or after October 2007, 30% of the Original Subordinate 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 --------------------------- --------------------- December 2004 through November 2005 30% December 2005 through November 2006 35% December 2006 through November 2007 40% December 2007 through November 2008 45% December 2008 and thereafter 50%
Senior Step Down Conditions. As of any Distribution Date and as to which any decrease in the Group 1 Senior Prepayment Percentage applies, (i) the outstanding principal balance of all 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 the Subordinate Certificates, 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 --------------------------- -------------------- June 2010 through May 2011 30% June 2011 through May 2012 35% June 2012 through May 2013 40% June 2013 through May 2014 45% June 2014 and thereafter 50% Servicer: Any of BANA, National City Mortgage, SunTrust, XX Xxxxxx Xxxxx Bank, N.A., Washington Mutual, RFC or Xxxxx Fargo Bank, each in their capacity as a 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 for any Loan Group applies, (i) the outstanding principal balance of all Mortgage Loans (including, for this purpose, any Mortgage Loans in foreclosure, REO Property and any Mortgage Loan for which the Mortgagor has filed for bankruptcy after the Closing Date and any Mortgage Loans that were the subject of a Servicer Modification within twelve months prior to such Distribution Date) 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, 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 Class Certificate Balance set forth below: Percentage of Original Subordinate Class Certificate Distribution Date Occurring Balance -------------------------------------------------------------------------------- December 2012 through November 2013 30% December 2013 through November 2014 35% December 2014 through November 2015 40% December 2015 through November 2016 45% December 2016 and thereafter 50% Servicer: Bank of America, 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.