Senior Percentage. If on any Distribution Date the allocation to the Senior Certificates (other than the Class A-P Certificates) of Principal Prepayments in the percentage required would reduce the sum of the Class Principal Balances of the Senior Certificates (other than the Class A-P Certificates) below zero, the Senior Prepayment Percentage for such Distribution Date shall be limited to the percentage necessary to reduce such sum to zero. Notwithstanding the foregoing, however, on each Distribution Date, the Class A-P Certificates will receive the Discount Fraction of all principal payments, including, without limitation, Principal Prepayments, received in respect of each Discount Loan.
Senior Percentage provided, however, (i) that any scheduled reduction to the Senior Accelerated Distribution Percentage described above shall not occur as of any Distribution Date unless either (a)(1)(X) the outstanding principal balance of the Mortgage Loans delinquent 60 days or more averaged over the last six months, as a percentage of the aggregate outstanding Certificate Principal Balance of the Class M and Class B Certificates, is less than 50% or (Y) the outstanding principal balance of Mortgage Loans delinquent 60 days or more averaged over the last six months, as a percentage of the aggregate outstanding principal balance of all Mortgage Loans averaged over the last six months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans to date for such Distribution Date if occurring during the sixth, seventh, eighth, ninth or tenth year (or any year thereafter) after the Closing Date are less than 30%, 35%, 40%, 45% or 50%, respectively, of the sum of the Initial Certificate Principal Balances of the Class M Certificates and Class B Certificates or (b)(1) the outstanding principal balance of Mortgage Loans delinquent 60 days or more averaged over the last six months, as a percentage of the aggregate outstanding principal balance of all Mortgage Loans averaged over the last six months, does not exceed 4% and (2) Realized Losses on the Mortgage Loans to date for any Distribution Date are less than 10% of the sum of the Initial Certificate Principal Balances of the Class M Certificates and Class B Certificates and (ii) that for any Distribution Date on which the Senior Percentage is greater than the Original Senior Percentage, the Senior Accelerated Distribution Percentage for such Distribution Date shall be 100%. Notwithstanding the foregoing, upon the reduction of the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class A-2 Certificates) to zero, the Senior Accelerated Distribution Percentage shall thereafter be 0%.
Senior Percentage. 94.90450000% 97.18190000%
Senior Percentage. As of any Distribution Date, the lesser of 100% and a fraction, expressed as a percentage, the numerator of which is the aggregate Certificate Principal Balance of the Senior Certificates (other than the Class A-P Certificates) immediately prior to such Distribution Date and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO Properties) (other than the related Discount Fraction of each Discount Mortgage Loan) immediately prior to such Distribution Date.
Senior Percentage. Initially 95.245145%. On any Distribution Date, the lesser of (i) 100% and (ii) the percentage obtained by dividing the aggregate Current Principal Amounts of all Group 2 Senior P&I Certificates immediately preceding such Distribution Date by the aggregate Scheduled Principal Balance of the Mortgage Loans (other than the PO Percentage) in the related Mortgage Loan Group immediately preceding such Distribution Date.
Senior Percentage. With respect to any Payment Date is the percentage equivalent of a fraction, the numerator of which is the Class Notional Amount of the Class A-H Reference Tranche immediately prior to such Payment Date and the denominator of which is the aggregate unpaid principal balance of the Reference Obligations at the end of the previous Reporting Period.
Senior Percentage plus 40% of the difference between the Senior Percentage and 100%
Senior Percentage. Initially 95.25
Senior Percentage. Notwithstanding the foregoing, the Senior Prepayment Percentage with respect to the Group I Loans and Group II Loans will be equal to 100% on any Distribution Date on which (i) the Aggregate Senior Percentage for that Distribution Date exceeds the Aggregate Senior Percentage as of the Closing Date or (ii) the aggregate Scheduled Principal Balance of the Group I Loans and Group II Loans (including Group I Loans and Group II Loans in bankruptcy, foreclosure and related REO Property) which are 60 or more days delinquent for each of the immediately preceding six calendar months is greater than 50% of the Aggregate Subordinate Amount as of such Distribution Date, or cumulative Group I/II Realized Losses on the Group I Loans and Group II Loans allocated to the Group I/II Subordinate Certificates are greater than the following amounts: PERCENTAGE OF THE AGGREGATE SUBORDINATE DISTRIBUTION DATE OCCURRING IN AMOUNT AS OF THE CUT-OFF DATE ------------------------------ ----------------------------- February 2008 through January 2009........................... 30% February 2009 through January 2010........................... 35% February 2010 through January 2011........................... 40% February 2011 through January 2012........................... 45% February 2012 and thereafter................................. 50% If on any Distribution Date the allocation to the Group I Senior Certificates or Group II Senior Certificates (other than the related Principal Only Certificates and Group I/II Interest Only Certificates) of Principal Prepayments in the percentage required would reduce the sum of the Class Principal Balances of the Group I Senior Certificates or Group II Senior Certificates (other than the related Principal Only Certificates and Group I/II Interest Only Certificates) below zero, the Senior Prepayment Percentage for such Distribution Date shall be limited to the percentage necessary to reduce such sum to zero. Notwithstanding the foregoing, however, on each Distribution Date, the Principal Only Certificates shall receive the related Discount Fraction of all principal payments, including, without limitation, Principal Prepayments, received in respect of each Discount Loan.
Senior Percentage plus 60% of the difference between the Senior Percentage and 100% December 2002 through November 2003.............
