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. 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 (i) the Senior Percentage for Loan Group 1 exceeds the initial Senior Percentage for such Loan Group, in which case the Senior Prepayment Percentage for such Loan Group for such Distribution Date will once again equal 100%, (ii) the Total Senior Percentage exceeds the initial Total Senior Percentage, in which case the Senior Prepayment Percentage for Loan Group 2 and Loan Group 4 for such Distribution Date will once again equal 100%, (iii) the Senior Percentage for Loan Group 3 exceeds the initial Senior Percentage for such Loan Group, in which case the Senior Prepayment Percentage for such Loan Group for such Distribution Date will once again equal 100%) and (iv) the Senior Percentage for Loan Group 5 exceeds the initial Senior Percentage for such Loan Group, in which case the Senior Prepayment Percentage for such Loan Group for such Distribution Date will once again equal 100%. Notwithstanding the foregoing, no decrease in the Senior Prepayment Percentage for Loan Group 1 will occur unless both of the Senior Step Down Conditions for Loan Group 1 are satisfied, no decrease in the Senior Prepayment Percentage for either Loan Group 2 or Loan Group 4 will occur unless both of the Senior Step Down Conditions for Loan Group 2 and Loan Group...
Examples of Senior Prepayment Percentage in a sentence
Senior Prepayment Percentage for such Distribution Date: ............................................
Group II Senior Prepayment Percentage for such Distribution Date: ...............................
Group I Senior Prepayment Percentage for such Distribution Date: ...............................
The Senior Prepayment Percentage for such Distribution Date; ...............................
See the definition of “Group 1 Senior Prepayment Percentage or Group 2 Senior Prepayment Percentage”.
More Definitions of Senior Prepayment Percentage
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 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. 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. On any Distribution Date occurring during the periods set forth below, and as to each Mortgage Pool, the Senior Prepayment Percentages, described below: ------------------------ ----------------------------------------------------- Period (Dates Inclusive) Senior Prepayment Percentage ------------------------ ----------------------------------------------------- June 2003 - May 2008 100% ------------------------ ----------------------------------------------------- June 2008 - May 2009 the related Senior Percentage plus 70% of the related Subordinated Percentage ------------------------ ----------------------------------------------------- June 2009 - May 2010 the related Senior Percentage plus 60% of the related Subordinated Percentage ------------------------ ----------------------------------------------------- June 2010 - May 2011 the related Senior Percentage plus 40% of the related Subordinated Percentage ------------------------ ----------------------------------------------------- June 2011 - May 2012 the related Senior Percentage plus 20% of the related Subordinated Percentage ------------------------ ----------------------------------------------------- June 2012 and thereafter the related Senior Percentage ------------------------ ----------------------------------------------------- Notwithstanding the foregoing, if the Senior Percentage for a Certificate Group on any Distribution Date exceeds the initial Senior Percentage for that Certificate Group, the Senior Prepayment Percentage for each Certificate Group for that Distribution Date will equal 100%. In addition, no reduction of the Senior Prepayment Percentage for any Certificate Group below the level in effect for the most recent prior period specified in the table above shall be effective on any Distribution Date unless, as of the last day of the month preceding such Distribution Date:
Senior Prepayment Percentage. With respect to each Mortgage Pool and any Distribution Date occurring during the five years beginning on the first Distribution Date, 100%. With respect to each Mortgage Pool and for any Distribution Date occurring on or after the fifth anniversary of the first Distribution Date, the related Senior Percentage plus the following percentage of the related Subordinate Percentage for such Distribution Date: for any Distribution Date in the first year thereafter, 70%; for any Distribution Date in the second year thereafter, 60%; for any Distribution Date in the third year thereafter, 40%; for any Distribution Date in the fourth year thereafter, 20%; and for any subsequent Distribution Date, 0%; provided, however, that if on any of the foregoing Distribution Dates the Senior Percentage for any Mortgage Pool exceeds the initial Senior Percentage for such Mortgage Pool, the Senior Prepayment Percentage for each Mortgage Pool on such Distribution Date shall once again equal 100% for such Distribution Date. Notwithstanding the foregoing, no decrease in the Senior Prepayment Percentage for any Mortgage Pool below the level in effect for the most recent prior period set forth in the paragraph above shall be effective on any Distribution Date if, as of the first Distribution Date as to which any such decrease applies, (i) the average outstanding principal balance on such Distribution Date and for the preceding five Distribution Dates of all Mortgage Loans in such Mortgage Pool that were delinquent 60 days or more (including for this purpose any Mortgage Loans in foreclosure and the Scheduled Payments that would have been due on Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust Fund if the related Mortgage Loan had remained in existence) is greater than or equal to 50% of the applicable Group Subordinate Amount immediately prior to such Distribution Date or (ii) cumulative Realized Losses with respect to the Mortgage Loans in any Mortgage Pool exceed (a) with respect to the Distribution Date on the fifth anniversary of the first Distribution Date, 30% of the related Original Group Subordinate Amount, (b) with respect to the Distribution Date on the sixth anniversary of the first Distribution Date, 35% of the related Original Group Subordinate Amount, (c) with respect to the Distribution Date on the seventh anniversary of the first Distribution Date, 40% of the related Original Group Subordinate Amount, (d) with respect t...
Senior Prepayment Percentage. With respect to each Loan Group and any Distribution Date before the Distribution Date in December 2015, 100%. Except as provided herein, the Senior Prepayment Percentage for each Loan Group for any Distribution Date occurring on or after the tenth anniversary of the first Distribution Date will be as follows: (i) from December 2015 through November 2016, the related Senior Percentage plus 70% of the related Subordinate Percentage for that Distribution Date; (ii) from December 2016 through November 2017, the related Senior Percentage plus 60% of the related Subordinate Percentage for that Distribution Date; (iii) from December 2017 through November 2018, the related Senior Percentage plus 40% of the related Subordinate Percentage for that Distribution Date; (iv) from December 2018 through November 2019, the related Senior Percentage plus 20% of the related Subordinate Percentage for that Distribution Date; and (v) from and after December 2019, 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 December 2019, 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 December 2008 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 December 2008 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. The percentage, if any, calculated as set forth in the Trust Agreement.
Senior Prepayment Percentage. The Group I Senior Prepayment Percentage, Group II Senior Prepayment Percentage, Group III Senior Prepayment Percentage or Group IV Senior Prepayment Percentage, as applicable.