Common use of Senior Percentage Clause in Contracts

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. provided, however, no (i) that any scheduled reduction to the Senior Prepayment Accelerated Distribution Percentage described above shall be made not occur as of any Distribution Date unless either (a)(ia)(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 (ii2) 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 Initial Certificate Principal Balance Balances of the Class M Certificates and Class B Certificates or (b)(ib)(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 (ii2) Realized Losses on the Mortgage Loans to date for any Distribution Date are less than 10% of the sum of the initial Initial Certificate Principal Balance Balances of the Class M Certificates and Class B CertificatesCertificates 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 Certificates A-2 Certificates) to zero, the Senior Prepayment Accelerated Distribution 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. provided, however, no (i) that any scheduled reduction to the Senior Prepayment Accelerated Distribution Percentage described above shall be made not occur as of any Distribution Date unless either (a)(ia)(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 (ii2) Realized Losses on the Mortgage Loans to date for such NY1-208988.4 34 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 Initial Certificate Principal Balance Balances of the Class M Certificates and Class B Certificates or (b)(ib)(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 (ii2) Realized Losses on the Mortgage Loans to date for such Distribution Date are less than 10% of the sum of the initial Initial Certificate Principal Balance Balances of the Class M Certificates and Class B CertificatesCertificates 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 Certificates A-6 Certificates) to zero, the Senior Prepayment Accelerated Distribution 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. provided, however, no (i) that any scheduled reduction to the Senior Prepayment Accelerated Distribution Percentage described above shall be made not occ ur as of any Distribution Date unless either (a)(ia)(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 (ii2) Realized Losses on the Mortgage Loans to date for such Distribution Date if occurring duri ng 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 Initial Certificate Principal Balance Balances of the Class M Certificates and Class B Certificates or (b)(ib)(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 (ii2) Realized Losses on the Mortgage Loans to date for any Distribution Date are less than 10% of the sum of the initial Initial Certificate Principal Balance Balances of the Class M Certificates and Class B CertificatesCertificates 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 Certificates A-2 Certificates) to zero, the Senior Prepayment Accelerated Distribution 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. provided, however, no (i) that any scheduled reduction to the Senior Prepayment Accelerated Distribution Percentage described above shall be made not occur as of any Distribution Date unless either (a)(ia)(1) the outstanding principal balance of Mortgage Loans delinquent 60 [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 [six] months, does not exceed [2% %] and (ii2) 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 Initial Certificate Principal Balance of the Class B Certificates or (b)(ib)(1) the outstanding principal balance of the Mortgage Loans delinquent 60 [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 [six] months, does not exceed [4% %] and (ii2) Realized Losses on the Mortgage Loans to date for such Distribution Date are less than [10% %] of the sum of the initial Initial Certificate Principal Balance of the Class B CertificatesCertificates 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 Class A Certificates to zero, the Senior Prepayment Accelerated Distribution 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. provided, however, no (i) that any scheduled reduction to the Senior Prepayment Accelerated Distribution Percentage described above shall be made not occur as of any Distribution Date unless either (a)(ia)(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 (ii2) 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 Initial Certificate Principal Balance Balances of the Class M Certificates and Class B Certificates or (b)(ib)(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 (ii2) 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) are less than 10% , 15%, 20%, 25% or 30%, respectively, of the sum of the initial Initial Certificate Principal Balance Balances of the Class M Certificates and Class B CertificatesCertificates and (ii) that for any Distribution Date on which the Senior Percentage is greater than the Senior Percentage as of the Closing Date, the Senior Accelerated Distribution Percentage for such Distribution Date shall be 100%. Notwithstanding the foregoing, upon the reduction of the aggregate Certificate Principal Balance Balances of the Class A Certificates Senior Certificates, to zero, the Senior Prepayment Accelerated Distribution 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. provided, however, no (i) that any scheduled reduction to the Senior Prepayment Accelerated Distribution Percentage described above shall be made not occur as of any Distribution Date unless either (a)(ia)(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 (ii2) 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 Initial Certificate Principal Balance Balances of the Class M Certificates and Class B Certificates or (b)(ib)(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 (ii2) Realized Losses on the Mortgage Loans to date for any Distribution Date are less than 10% of the sum of the initial Initial Certificate Principal Balance Balances of the Class M Certificates and Class B CertificatesCertificates 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 Certificates A-9 Certificates) to zero, the Senior Prepayment Accelerated Distribution 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. provided, however, no (i) that any scheduled reduction to the Senior Prepayment Accelerated Distribution Percentage described above shall be made not occur as of any Distribution Date unless either (a)(ia)(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 Certificate Principal Balance of the Class M and Class B Certificates averaged over the last six months, 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 (ii2) 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 Initial Certificate Principal Balance Balances of the Class M Certificates and Class B Certificates or (b)(ib)(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 (ii2) Realized Losses on the Mortgage Loans to date for any Distribution Date are less than 10% of the sum of the initial Initial Certificate Principal Balance Balances of the Class M Certificates and Class B CertificatesCertificates 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 Class A Certificates and Class R Certificates to zero, the Senior Prepayment Accelerated Distribution 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. provided, however, no (i) that any scheduled reduction to the Senior Prepayment Accelerated Distribution Percentage described above shall be made not occur as of any Distribution Date unless either (a)(ia)(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 (ii2) Realized Losses on the Mortgage Loans to date for such NY1-214364.4 34 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 Initial Certificate Principal Balance Balances of the Class M Certificates and Class B Certificates or (b)(ib)(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 (ii2) Realized Losses on the Mortgage Loans to date for such Distribution Date are less than 10% of the sum of the initial Initial Certificate Principal Balance Balances of the Class M Certificates and Class B CertificatesCertificates 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 Certificates A-6 Certificates) to zero, the Senior Prepayment Accelerated Distribution 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. provided, however, no (i) that any scheduled reduction to the Senior Prepayment Accelerated Distribution Percentage described above shall be made not occur as of any Distribution Date unless either (a)(ia)(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 (ii2) 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 Initial Certificate Principal Balance Balances of the Class M Certificates and Class B Certificates or (b)(ib)(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 (ii2) Realized Losses on the Mortgage Loans to date for any Distribution Date are less than 10% of the sum of the initial Initial Certificate Principal Balance Balances of the Class M Certificates and Class B CertificatesCertificates 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 Certificates A-8 Certificates) to zero, the Senior Prepayment Accelerated Distribution 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%.