Senior Target Amount definition

Senior Target Amount. With respect to each Distribution Date, an amount equal to the lesser of (a) the product of (i) 77.30% and (ii) the Aggregate Loan Balance for such Distribution Date determined as of the last day of the related Collection Period and (b) the amount, if any, by which (i) the Aggregate Loan Balance for such Distribution Date determined as of the last day of the Collection Period exceeds (ii) 0.50% of the Cut-off Date Balance.

Senior Target Amount. With respect to each Distribution Date, an amount equal to the lesser of (a) the product of (i) 49.30% and (ii) the Pool Balance for such Distribution Date and (b) the amount, if any, by which (i) the Pool Balance for such Distribution Date exceeds (ii) 0.50% of the Cut-off Date Balance. Servicer: Ocwen Federal Bank, FSB, or any of its successors in interest.

Senior Target Amount. With respect to any Payment Date, an amount equal to the lesser of (a) the product of (i) approximately 51.50% and (ii) the Aggregate Collateral Balance for such Payment Date determined as of the last day of the related Due Period and (b) the amount, if any, by which (i) the Aggregate Collateral Balance for such Payment Date determined as of the last day of the related Due Period exceeds (ii) approximately 0.50% of the Aggregate Collateral Balance as of the Closing Date.

Examples of Senior Target Amount in a sentence

• For any Payment Date (a) prior to the Stepdown Date or if a Trigger Event is in effect with respect to such Payment Date, an amount equal to 100% of the Principal Payment Amount and (b) on or after the Stepdown Date and as long as a Trigger Event is not in effect with respect to such Payment Date, the excess, if any, of (x) the Class Principal Amount of the Class A1 and Class A2 Notes immediately prior to such Payment Date over (y) the Senior Target Amount.

• On any Distribution Date, prior to the distribution date in April 2007: 1) Pay PO% of PDA4 to Class 4-A4 (up to the PO% of the Allocated Senior Target Amount), until reduced to zero.

• SPDA is allocated among the Senior Certificates of a Group based on the related Mortgage Pool contribution to the overall PDA associated with that Group ("Allocated Senior Target Amount").

• For any Payment Date (a) prior to the Stepdown Date or if a Trigger Event is in effect with respect to such Payment Date, an amount equal to 100% of the Principal Payment Amount and (b) on or after the Stepdown Date and as long as a Trigger Event is not in effect with respect to such Payment Date, the lesser of (x) the principal Payment Amount and (y) excess, if any, of (A) the Class Principal Amount of the Class A Notes immediately prior to such Payment Date over (B) the Senior Target Amount.

• SPDA2 (Mortgage Pool 2 senior distribution amount "SPDA2"): 1) Pay to Class 2-A up to the Allocated Senior Target Amount, until reduced to zero SPDA3 (Mortgage Pool 3 senior distribution amount "SPDA3"): 1) Pay to Class 3-A up to the Allocated Senior Target Amount, until reduced to zero.

More Definitions of Senior Target Amount

Senior Target Amount. With respect to each Distribution Date, an amount equal to the lesser of (a) the product of (i) 56.50% and (ii) the Pool Balance for such Distribution Date and (b) the amount, if any, by which (i) the Pool Balance for such Distribution Date exceeds (ii) 0.50% of the Cut-off Date Balance. Servicer: Chase Manhattan Mortgage Corporation or any successor in interest.

Senior Target Amount. With respect to each Distribution Date, an amount equal to the lesser of (a) the product of (i) 54.50% and (ii) the Pool Balance for such Distribution Date and (b) the amount, if any, by which (i) the Pool Balance for such Distribution Date exceeds (ii) 0.50% of the Cut-off Date Balance. Servicers: Household Finance Corporation and Fairbanks Capital Corp. or any successors in interest.

Senior Target Amount. With respect to each Payment Date, an amount equal to the lesser of (a) the product of (i) [ ]% and (ii) the Pool Balance for such Payment Date and (b) the amount, if any, by which (i) the Pool Balance for such Payment Date exceeds (ii) 0.50% of the Cut-off Date Balance. Servicer: [ ] or any successor in interest, or if any successor servicer shall be appointed as herein provided, then such successor servicer.

Senior Target Amount. For any Distribution Date, (x) after the Stepdown Date and if a Trigger Event is not in effect, an amount equal to the lesser of (a) the product of (1) 87.30% and (2) the Pool Principal Balance as of the Due Date in the month of that Distribution Date (after giving effect to Principal Prepayments received in the related Prepayment Period) and (b) the amount, if any, by which (1) the Pool Principal Balance as of the Due Date in the month of that Distribution Date (after giving effect to Principal Prepayments received in the related Prepayment Period) exceeds (2) the OC Floor, and (y) for any Distribution Date after the Stepdown Date on which a Trigger Event is in effect, the Senior Target Amount for the immediately preceding Distribution Date.

Senior Target Amount. With respect to each Distribution Date, an amount equal to the lesser of (a) the product of (i) 85.00% and (ii) the Pool Balance for such Distribution Date and (b) the amount, if any, by which (i) the Pool Balance for such Distribution Date exceeds (ii) $3,312,743.25.

Senior Target Amount. Not applicable.

Senior Target Amount. With respect to any Payment Date, an amount equal to the lesser of (a) the product of (i) approximately 59.00% and (ii) the Aggregate Collateral Balance for such Payment Date determined as of the last day of the related Due Period and (b) the amount, if any, by which (i) the Aggregate Collateral Balance for such Payment Date determined as of the last day of the related Due Period exceeds (ii) approximately 0.50% of the Aggregate Collateral Balance as of the Cut-off Date. Servicer: FSC or its successor in interest or assigns or any successor to the Servicer under this Agreement as herein provided.