Group 3 Senior definition

Group 3 Senior. Certificates: Class 3-A-1 Certificates.

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Group 3 Senior. PERCENTAGE: Initially, 98.00%. On any Distribution Date, the lesser of (i) 100% and (ii) the percentage (carried to six places rounded up) obtained by dividing the Current Principal Amount of the Group 3 Senior Certificates immediately preceding such Distribution Date by the aggregate Scheduled Principal Balance of the Group 3 Mortgage Loans as of the beginning of the related Due Period.

Group 3 Senior. Certificates: Class 3-A-1, Class 3-A-2, Class 3-A-3 and Class 3-A-4 Certificates.

Examples of Group 3 Senior in a sentence

• If on any Distribution Date the allocation to the Group 3-A Certificates of Principal Prepayments in the percentage required would reduce the aggregate Class Principal Balance of such Certificates below zero, the Group 3 Senior Prepayment Percentage for such Distribution Date shall be limited to the percentage necessary to reduce such aggregate Class Principal Balance to zero.

• If the proceeds with respect to the Group 3 Mortgage Loans are not sufficient to pay all of the Group 3 Certificates in full, any such deficiency will be allocated first, to the Subordinate Certificates, in inverse order of their numerical designation, and then to the Group 3 Senior Certificates on a pro rata basis.

• The Group 1 Senior Certificates, the Group 2 Senior Certificates or the Group 3 Senior Certificates, as applicable.

• The Group 1 Senior Certificates, the Group 2 Senior Certificates, the Group 3 Senior Certificates or the Group 4 Senior Certificates, as applicable.

• Senior Certificate Group....................The Group 1 Senior Certificates, the Group 2 Senior Certificates or the Group 3 Senior Certificates, as applicable.

• Group 3 Senior Certificates and the portions of the Subordinated Certificates related to Loan Group 3.

• If the proceeds with respect to the Group 3 Mortgage Loans are not sufficient to pay all of the Group 3 Senior Certificates in full, any such deficiency will be allocated first, to the Subordinate Certificates, in inverse order of their numerical designation and then to the Group 3 Senior Certificates on a pro rata basis.

• Senior Certificate Group....................The Group 1 Senior Certificates, the Group 2 Senior Certificates, the Group 3 Senior Certificates or the Group 4 Senior Certificates, as applicable.

• The Group 1 Senior Certificates, the Group 2 Senior Certificates and the Group 3 Senior Certificates, as applicable.

• On any Distribution Date, the lesser of (i) 100% and (ii) the percentage (carried to six places rounded up) obtained by dividing the aggregate Current Principal Amount of the Group 3 Senior Certificates immediately preceding such Distribution Date by the aggregate Scheduled Principal Balance of the Group 3 Mortgage Loans as of the beginning of the related Due Period.

More Definitions of Group 3 Senior

Group 3 Senior. Percentage: Initially, 94.10

Group 3 Senior. PERCENTAGE: Initially 97.75%. On any Distribution Date, the lesser of (i) 100% and (ii) the percentage obtained by dividing the aggregate Current Principal Amounts of all the Group 3 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. GROUP 1 SENIOR PREPAYMENT PERCENTAGE, GROUP 2 SENIOR PREPAYMENT PERCENTAGE OR GROUP 3 SENIOR PREPAYMENT PERCENTAGE: On any Distribution Date occurring during the periods set forth below, as follows: Period (dates inclusive) Senior Prepayment Percentage ------------------------------------------------------------------------------ March 25, 1998 - February 25, 2003 100% March 25, 2003 - February 25, 2004 Applicable Senior Percentage for the related Certificate Group plus 70% of the applicable Subordinate Percentage for such Certificate Group March 25, 2004 - February 25, 2005 Applicable Senior Percentage for the related Certificate Group plus 60% of the applicable Subordinate Percentage for such Certificate Group March 25, 2005 - February 25, 2006 Applicable Senior Percentage for the related Certificate Group plus 40% of the applicable Subordinate Percentage for such Certificate Group March 25, 2006 - February 25, 2007 Applicable Senior Percentage for the related Certificate Group plus 20% of the applicable Subordinate Percentage for such Certificate Group March 25, 2007 and thereafter Applicable Senior Percentage Notwithstanding the foregoing, if on any Distribution Date the applicable Senior Percentage for a Certificate Group exceeds the applicable Senior Percentage for such Certificate Group as of the Cut-Off Date, the Senior Prepayment Percentage for such Certificate Group for such Distribution Date will equal 100%. On the Distribution Date on which the Current Principal Amounts of the Senior Certificates of a Certificate Group are reduced to zero, the Senior Prepayment Percentage for such Certificate Group shall be the minimum percentage sufficient to effect such reduction and thereafter shall be zero. In addition, no reduction of the applicable Senior Prepayment Percentage for a Certificate Group shall occur on any Distribution Date unless, as of the last day of the month preceding such Distribution Date, (i) the aggregate Scheduled Principal Balance of Mortgage Loans in the related Mortgage Loan Group delinquent 60 days or more...