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, no reduction to the Senior Prepayment Percentage described above shall be made as of any Distribution Date unless either (a)(i) 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 (ii) Realized Losses on the Mortgage Loans to date are less than 30% of the sum of the initial Certificate Principal Balance of the Class B Certificates or (b)(i) 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 (ii) Realized Losses on the Mortgage Loans to date are less than 10% of the sum of the initial Certificate Principal Balance of the Class B Certificates. Notwithstanding the foregoing, upon the reduction of the aggregate Certificate Principal Balance of the Class A Certificates to zero, the Senior Prepayment Percentage shall thereafter be 0%. In addition, on any Distribution Date on which the Senior Percentage exceeds the Senior Percentage for the first Distribution Date, the Senior Prepayment Percentage shall be 100%.
Senior Percentage. 94.65850000% 97.02900000%
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. 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. 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 70% of the Subordinate Percentage
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) (averaged over the preceding six month period) as a percentage of the Aggregate Subordinate Amount is equal to or greater than 50% as of such Distribution Date, or cumulative Realized Losses on the Group I Loans and Group II Loans allocated to the 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 2010 through January 2011........................... 30% February 2011 through January 2012........................... 35% February 2012 through January 2013........................... 40% February 2013 through January 2014........................... 45% February 2014 and thereafter................................. 50% - 34 - If on any Distribution Date the allocation to the Group I Senior Certificates (other than the Class I-A-2 Certificates) or Group II Senior Certificates of Principal Prepayments in the percentage required would reduce the sum of the aggregate Certificate Principal Balances of the Group I Senior Certificates (other than the Class I-A-2 Certificates) or Group II Senior Certificates below zero, the Senior Prepayment Percentage for such Distribution Date shall be limited to the percentage necessary to reduce such sum to zero.
Senior Percentage plus 60% of the difference between the Senior Percentage and 100% December 2002 through November 2003.............
