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% and (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%. 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 4 are satisfied, and no decrease in the Senior Prepayment Percentage for Loan Group 3 will occur unless both of the Senior Step Down Conditions for Loan Group 3 are satisfied.
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, the Senior Prepayment Percentages described below: ------------------------------------------------------------------------------------- Period (Dates Inclusive) Senior Prepayment Percentage ------------------------------------------------------------------------------------- May 2000 - April 2005 100% ------------------------------------------------------------------------------------- May 2005 - April 2006 Senior Percentage plus 70% of the Subordinated Percentage ------------------------------------------------------------------------------------- May 2006 - April 2007 Senior Percentage plus 60% of the Subordinated Percentage ------------------------------------------------------------------------------------- May 2007 - April 2008 Senior Percentage plus 40% of the Subordinated Percentage ------------------------------------------------------------------------------------- May 2008 - April 2009 Senior Percentage plus 20% of the Subordinated Percentage ------------------------------------------------------------------------------------- May 2009 and thereafter Senior Percentage ------------------------------------------------------------------------------------- Notwithstanding the foregoing, if the Senior Percentage on any Distribution Date exceeds the initial Senior Percentage, the Senior Prepayment Percentage for such Distribution Date will equal 100%. In addition, no reduction of the Senior Prepayment Percentage 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, either:
Senior Prepayment Percentage. As to any Certificate Group and for any Distribution Date occurring during the five years beginning on the first Distribution Date, 100%. The Senior Prepayment Percentage for any Distribution Date and Certificate Group 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 related Senior Percentage plus 70% of the related Subordinated Percentage for such Distribution Date; for any Distribution Date in the second year thereafter, the related Senior Percentage plus 60% of the related Subordinated Percentage for such Distribution Date; for any Distribution Date in the third year thereafter, the related Senior Percentage plus 40% of the related Subordinated Percentage for such Distribution Date; for any Distribution Date in the fourth year thereafter, the related Senior Percentage plus 20% of the related Subordinated Percentage for such Distribution Date; and for any Distribution Date thereafter, the related Senior Percentage for such Distribution Date (unless on any of the foregoing Distribution Dates the related 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 if, as of the first Distribution Date as to which any such decrease applies, (i) the outstanding principal balance of all Mortgage Loans in the related Loan Group delinquent 60 days or more (averaged over the preceding six month period), as a percentage of the aggregate principal balance of the Subordinate Certificates of the related Certificate Group (averaged over the preceding six month period), is equal to or greater than 50% or (ii) cumulative Realized Losses with respect to the Mortgage Loans in the related Loan Group exceed (a) with respect to the Distribution Date on the fifth anniversary of the first Distribution Date, 30% of the related Original Subordinated Principal Balance, (b) with respect to the Distribution Date on the sixth anniversary of the first Distribution Date, 35% of the related Original Subordinated Principal Balance, (c) with respect to the Distribution Date on the seventh anniversary of the first Distribution Date, 40% of the related Original Subordinated Principal Balance, (d) with respect to the Distribution Date on the eighth anniversary of the first...
Senior Prepayment Percentage. With respect to any Distribution Date before the Distribution Date in August 2008, 100%. Except as provided herein, the Senior Prepayment Percentage for any Distribution Date occurring on or after the fifth anniversary of the first Distribution Date will be as follows: (i) from August 2008 through July 2009, the related Senior Percentage plus 70% of the related Subordinate Percentage for that Distribution Date; (ii) from August 2009 through July 2010, the related Senior Percentage plus 60% of the related Subordinate Percentage for that Distribution Date; (iii) from August 2010 through July 2011, the related Senior Percentage plus 40% of the related Subordinate Percentage for that Distribution Date; (iv) from August 2011 through July 2012, the related Senior Percentage plus 20% of the related Subordinate Percentage for that Distribution Date; and (v) from and after August 2012, the related Senior Percentage for that Distribution Date; provided, however, that there shall be no reduction in the Senior Prepayment Percentage unless the Step Down Conditions are satisfied. Notwithstanding the above, if on any Distribution Date the Two Times Test is satisfied, the Senior Prepayment Percentage will equal (a) prior to the Distribution Date in August 2006, the Senior Percentage plus 50% of the Subordinate Percentage and (b) on or after the Distribution Date in August 2006, the related Senior Percentage for such Distribution Date. However, if, on any distribution date occurring on or after the distribution date in August 2008, the Senior Percentage exceeds the Senior Percentage on the closing date, the Senior Prepayment Percentage for that date will once again equal 100%.
Senior Prepayment Percentage. With respect to any Distribution Date, the percentage indicated below: Distribution Date Senior Prepayment Percentage May 2007 through April 2012 100% May 2012 through April 2013 Senior Percentage, plus 70% of the Subordinate Percentage May 2013 through April 2014 Senior Percentage, plus 60% of the Subordinate Percentage May 2014 through April 2015 Senior Percentage, plus 40% of the Subordinate Percentage May 2015 through April 2016 Senior Percentage, plus 20% of the Subordinate Percentage May 2016 and thereafter Senior Percentage provided, however, (i) that any scheduled reduction to the Senior Prepayment Percentage described above shall not occur as of any Distribution Date unless either (a)(1)(x) the outstanding principal balance of Mortgage Loans Delinquent 60 days or more (including Mortgage Loans in foreclosure and REO Property) averaged over the last six months as a percentage of the aggregate outstanding Certificate Principal Balance of the Class B Certificates as of such Distribution Date, is less than 50%, or (y) the outstanding principal balance of Mortgage Loans Delinquent 60 days or more (including Mortgage Loans in foreclosure and REO Property) averaged over the last six months, as a percentage of the aggregate outstanding principal balance of all Mortgage Loans as of such Distribution Date, 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 B Certificates or (b) (1) the aggregate outstanding principal balance of the Mortgage Loans Delinquent 60 days or more (including Mortgage Loans in foreclosure and REO Property) averaged over the last six months, as a percentage of the aggregate outstanding principal balance of all Mortgage Loans as of such Distribution Date, does not exceed 4% 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 10%, 15%, 20%, 25% or 30%, respectively, of the sum of the Initial Certificate Principal Balances of the Class B Certificates and (ii) that for any Distribution Date on which the Senior Percentage is greater than the Original Senior Percentage, the Senior Prepayment Percent...
Senior Prepayment Percentage. The percentage, if any, calculated as set forth in the Trust Agreement.