Step Down Conditions. As of any Distribution Date on which any decrease in any Senior Prepayment Percentage may apply, (i) the outstanding Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure), averaged over the preceding six month period, as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to all of the Mortgage Loans do not exceed: · for any Distribution Date on or after the seventh anniversary until the eighth anniversary of the first Distribution Date, 30% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the eighth anniversary until the ninth anniversary of the first Distribution Date, 35% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the ninth anniversary until the tenth anniversary of the first Distribution Date, 40% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the tenth anniversary until the eleventh anniversary of the first Distribution Date, 45% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, and · for any Distribution Date on or after the eleventh anniversary of the first Distribution Date, 50% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date.
Step Down Conditions. As of the first Distribution Date as to which any decrease in any Senior Prepayment Percentage applies, (i) the outstanding Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure) (averaged over the preceding six month period), as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to all of the Mortgage Loans do not exceed: · for any Distribution Date on or after the tenth anniversary of the first Distribution Date, 30% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the eleventh anniversary of the first Distribution Date, 35% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the twelfth anniversary of the first Distribution Date, 40% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the thirteenth anniversary of the first Distribution Date, 45% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, and · for any Distribution Date on or after the fourteenth anniversary of the first Distribution Date, 50% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date.
Step Down Conditions. As of the first Distribution Date as to which any decrease in any Senior Prepayment Percentage applies, (i) the outstanding Stated Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure) (averaged over the preceding six month period), as a percentage of the aggregate of the Class Principal Amounts of the Classes of 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 each Distribution Date from March 2013 through February 2014, 30% of the Original Subordinate Principal Amount, (b) with respect to each Distribution Date from March 2014 through February 2015, 35% of the Original Subordinate Principal Amount, (c) with respect to each Distribution Date from March 2015 through February 2016, 40% of the Original Subordinate Principal Amount, (d) with respect to each Distribution Date from March 2016 through February 2017, 45% of the Original Subordinate Principal Amount and (e) with respect to each Distribution Date from and after March 2017, 50% of the Original Subordinate Principal Amount.
Examples of 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.
Prior to enforcement of the Charge: the Class C Notes will be subordinated to the Class B Notes, the Class A Notes and the Redraw Notes; the Class B Notes will be subordinated to the Class A Notes and the Redraw Notes; and the Class A Notes will be subordinated to the Redraw Notes,in their right to receive principal payments on a Distribution Date unless the Step Down Conditions are satisfied on the immediately preceding Determination Date.
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 Step Down Conditions
Step Down Conditions. As of the first Distribution Date as to which any decrease in any Senior Prepayment Percentage applies, (i) the outstanding Stated Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in bankruptcy, REO and foreclosure) (averaged over the preceding six month period), as a percentage of the aggregate of the Class Principal Amounts of the Classes of 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 each Distribution Date from June 2014 through May 2015, 30% of the Original Subordinate Principal Amount, (b) with respect to each Distribution Date from June 2015 through May 2016, 35% of the Original Subordinate Principal Amount, (c) with respect to each Distribution Date from June 2016 through May 2017, 40% of the Original Subordinate Principal Amount, (d) with respect to each Distribution Date from June 2017 through May 2018, 45% of the Original Subordinate Principal Amount and (e) with respect to each Distribution Date from and after June 2018, 50% of the Original Subordinate Principal Amount.
Step Down Conditions. As of the first Distribution Date as to which any decrease in any Senior Prepayment Percentage applies, with respect to each Mortgage Pool (i) the outstanding Stated Principal Balance of all Mortgage Loans in a Mortgage Pool 60 days or more Delinquent (including Mortgage Loans in REO, foreclosure or bankruptcy status) (averaged over the preceding six month period), as a percentage of (a) if such date is on or prior to the fourth Senior Termination Date, the portion of the aggregate of the Class Principal Amounts of the Classes of Subordinate Certificates related to that Mortgage Pool on such Distribution Date, or (b) if such date is after the fourth Senior Termination Date, the aggregate of the Class Principal Amounts of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to the Mortgage Loans in each Mortgage Pool do not exceed (a) with respect to each Distribution Date from November 2011 through October 2012, 30% of the Original Subordinate Principal Amount, (b) with respect to each Distribution Date from November 2012 through October 2013, 35% of the Original Subordinate Principal Amount, (c) with respect to each Distribution Date from November 2013 through October 2014, 40% of the Original Subordinate Principal Amount, (d) with respect to each Distribution Date from November 2014 through October 2015, 45% of the Original Subordinate Principal Amount and (e) with respect to each Distribution Date from and after November 2015, 50% of the Original Subordinate Principal Amount.
Step Down Conditions shall be satisfied as of each Distribution Date if each of the following conditions are met on such Distribution Date: (a) no Insurance Agreement Event of Default shall have occurred; (b) all amounts owed to the Insurer under the Basic Documents have been paid in full; (c) immediately prior to and after giving effect to any reduction in the Overcollateralization Amount, (i) the Spread Account is at the Requisite Amount and (ii) the Pro Forma Note Balance is less than or equal to the Required Pro Forma Note Balance; (d) with respect any Distribution Date in the table below, (i) MBIA, upon its request to the Rating Agencies, shall have received adequate evidence that the initial underlying credit rating and capital charge with respect to the notes has not decreased since the Closing Date and will not decrease upon giving effect to such reduction in the Overcollateralization Amount, (ii) the arithmetic average of the monthly Delinquency Ratios for the three immediately preceding Collection Periods is less than the percentage set forth opposite such Distribution Date, (iii) the Cumulative Net Loss Ratio for the related Collection Period is less than the percentage set forth opposite such Distribution Date, and (iv) the Gross Default Ratio for the related Collection Period is less than the percentage set forth opposite such Distribution Date; and (e) the arithmetic average of the Monthly Extension Rates for the three immediately preceding consecutive calendar months is less than 3.00%: November 2008 4.00 % 7.50 % 13.00 % May 2009 4.50 % 9.50 % 16.50 % November 2009 5.00 % 10.50 % 18.25 %
Step Down Conditions. As of any Distribution Date on which any decrease in any Senior Prepayment Percentage may apply, (i) the outstanding Principal Balance of all Mortgage Loans that are 60 days or more Delinquent (including for this purpose any such Mortgage Loan in foreclosure, in bankruptcy, any related REO Property, and any Mortgage Loan that has been modified for the 12-month period following the modification of such Mortgage Loan and thereafter calculated at its current delinquency status), averaged over the preceding six month period, as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses (including for this purpose the amount of principal or interest which has been forgiven in connection with a modification of terms of a Mortgage Loan made between the related Servicer and the Mortgagor as part of a loss mitigation strategy in the related Due Period) with respect to all of the Mortgage Loans do not exceed: · for any Distribution Date on or after the seventh anniversary until the eighth anniversary of the first Distribution Date, 30% of the aggregate Class Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the eighth anniversary until the ninth anniversary of the first Distribution Date, 35% of the aggregate Class Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the ninth anniversary until the tenth anniversary of the first Distribution Date, 40% of the aggregate Class Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the tenth anniversary until the eleventh anniversary of the first Distribution Date, 45% of the aggregate Class Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, and · for any Distribution Date on or after the eleventh anniversary of the first Distribution Date, 50% of the aggregate Class Certificate Principal Balance of the Subordinate Certificates as of the Closing Date.
Step Down Conditions. As of the first Distribution Date as to which any decrease in any Senior Prepayment Percentage applies, (i) the outstanding Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure) (averaged over the preceding six month period), as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to all of the Mortgage Loans do not exceed:
Step Down Conditions. As of the first Distribution Date as to which any decrease in any Senior Prepayment Percentage applies, (i) the outstanding Principal Balance of all Mortgage Loans 60 days or more Delinquent, including Mortgage Loans in respect of REO Properties (averaged over the preceding six month period), as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of 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 each Distribution Date from December 2010 through November 2011, 30% of the Original Subordinated Principal Balance, (b) with respect to each Distribution Date from December 2011 through November 2012, 35% of the Original Subordinated Principal Balance, (c) with respect to each Distribution Date from December 2012 through November 2013, 40% of the Original Subordinated Principal Balance, (d) with respect to each Distribution Date from December 2013 through November 2014, 45% of the Original Subordinated Principal Balance and (e) with respect to each Distribution Date from and after December 2014, 50% of the Original Subordinated Principal Balance.
Step Down Conditions. As of the first Distribution Date as to which any decrease in any Senior Prepayment Percentage applies, with respect to the related Mortgage Group (i) the outstanding Stated Principal Balance of all Mortgage Loans or Mortgage Components, as applicable, in a Mortgage Group 60 days or more Delinquent (including Mortgage Loans or Mortgage Components, as applicable, in REO and foreclosure) (averaged over the preceding six month period), as a percentage of the related Subgroup Subordinate Amounts or Pool Subordinate Amount, as applicable, related to that Mortgage Group on such Distribution Date does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to the Mortgage Loans or Mortgage Components, as applicable, in each Mortgage Group do not exceed (a) with respect to each Distribution Date from September 2009 through August 2010, 30% of the original related Subgroup Subordinate Amount or Pool Subordinate Amount, (b) with respect to each Distribution Date from September 2010 through August 2011, 35% of the original related Subgroup Subordinate Amount or Pool Subordinate Amount, (c) with respect to each Distribution Date from September 2011 through August 2012, 40% of the original related Subgroup Subordinate Amount or Pool Subordinate Amount, (d) with respect to each Distribution Date from September 2012 through August 2013, 45% of the original related Subgroup Subordinate Amount or Pool Subordinate Amount and (e) with respect to each Distribution Date from and after September 2013, 50% of the original related Subgroup Subordinate Amount or Pool Subordinate Amount.