Senior Step Down Conditions. As of the first Distribution Date as to which any decrease in the Senior Prepayment Percentage applies, (i) the outstanding principal balance of all Mortgage Loans delinquent 60 days or more (including Mortgage Loans in foreclosure, REO Property and Mortgage Loans the mortgagors of which are in bankruptcy) (averaged over the preceding six month period), as a percentage of the aggregate Class Certificate Balance of the Subordinated Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to the Mortgage Loans do not exceed (a) commencing with the Distribution Date on the fifth anniversary of the first Distribution Date, 30% of the Original Subordinate Principal Balance, (b) commencing with the Distribution Date on the sixth anniversary of the first Distribution Date, 35% of the Original Subordinate Principal Balance, (c) commencing with the Distribution Date on the seventh anniversary of the first Distribution Date, 40% of the Original Subordinate Principal Balance, (d) commencing with the Distribution Date on the eighth anniversary of the first Distribution Date, 45% of the Original Subordinate Principal Balance, and (e) commencing with the Distribution Date on the ninth anniversary of the first Distribution Date, 50% of the Original Subordinate Principal Balance.
Senior Step Down Conditions. As to any Distribution Date: (i) the aggregate Stated Principal Balance of all the Mortgage Loans in a Loan Group that are either (x) 60 days or more Delinquent (averaged over the preceding six month period) (including any Mortgage Loans subject to foreclosure proceedings, REO Property (regardless of whether that Mortgage Loan is 60 days or more Delinquent) and Mortgage Loans the Mortgagors of which are in bankruptcy but excluding Mortgage Loans referred to in clause (y)) or (y) the subject of a modification during the preceding 12-month period other than a modification in lieu of refinancing, as a percentage of (a) if such date is on or prior to second Senior Termination Date, the Subordinated Percentage for that Loan Group of the aggregate Stated Principal Balance of the Mortgage Loans in that Loan Group, or (b) if such date is after the second Senior Termination Date, the aggregate Class Certificate Balance of the Subordinated Certificates immediately prior to such Distribution Date, does not equal or exceed 50%, and (ii) the sum of (x) the cumulative Realized Losses for such Loan Group and (y) the aggregate amount of accrued interest that has been forgiven in connection with modifications of the Mortgage Loans in such Loan Group, in each case from the Cut-off Date through the last day of the related Due Period, do not exceed: (a) commencing with the Distribution Date on the seventh anniversary of the first Distribution Date, 30% of the Original Subordinated Principal Balance, (b) commencing with the Distribution Date on the eighth anniversary of the first Distribution Date, 35% of the Original Subordinated Principal Balance, (c) commencing with the Distribution Date on the ninth anniversary of the first Distribution Date, 40% of the Original Subordinated Principal Balance, (d) commencing with the Distribution Date on the tenth anniversary of the first Distribution Date, 45% of the Original Subordinated Principal Balance, and (e) commencing with the Distribution Date on the eleventh anniversary of the first Distribution Date and thereafter, 50% of the Original Subordinated Principal Balance.
Senior Step Down Conditions. As of any Distribution Date as to which any decrease in the Senior Prepayment Percentage for any Loan Group applies, (i) the outstanding principal balance of all Mortgage Loans (including, for this purpose, any Mortgage Loans in foreclosure, any REO Property and any Mortgage Loan for which the Mortgagor has filed for bankruptcy after the Closing Date) delinquent 60 days or more (averaged over the preceding six-month period), as a percentage of the aggregate Class Certificate Balance of the Subordinate Certificates, is not equal to or greater than 50% or (ii) cumulative Realized Losses with respect to the Mortgage Loans as of the applicable Distribution Date do not exceed the percentages of the Original Subordinate Class Certificate Balance set forth below: Percentage of Original Subordinate Class Distribution Date Occurring Certificate Balance ---------------------------------- ---------------------------- October 2010 through 30% September 2011 October 2011 through 35% September 2012 October 2012 through 40% September 2013 October 2013 through 45% September 2014 October 2014 and thereafter 50% Servicer: Bank of America or its successor in interest, in its capacity as servicer of the Mortgage Loans, or any successor servicer appointed as herein provided.
Examples of Senior Step Down Conditions in a sentence
At the elementary school, we will use our support staff to reach out to the online students as necessary to check progress.
More Definitions of Senior Step Down Conditions
Senior Step Down Conditions. As of the last day of the month preceding the applicable Distribution Date as to which any decrease in the Senior Prepayment Percentage applies, (i) the aggregate Scheduled Principal Balance of all Mortgage Loans delinquent 60 days or more, as a percentage of the aggregate principal balance of the Junior Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to the Mortgage Loans do not exceed (a) with respect to the Distribution Date on the fifth anniversary of the first Distribution Date, 30% of the Original Junior Principal Balance, (b) with respect to the Distribution Date on the sixth anniversary of the first Distribution Date, 35% of the Original Junior Principal Balance, (c) with respect to the Distribution Date on the seventh anniversary of the first Distribution Date, 40% of the Original Junior Principal Balance, (d) with respect to the Distribution Date on the eighth anniversary of the first Distribution Date, 45% of the Original Junior Principal Balance and (e) with respect to the Distribution Date on the ninth anniversary of the first Distribution Date, 50% of the Original Junior Principal Balance.
Senior Step Down Conditions. As of any Distribution Date and either 30 Year Crossed Loan Group as to which any decrease in the Senior Prepayment Percentage for either 30 Year Crossed Loan Group applies, (i) the outstanding principal balance of all Mortgage Loans in such Loan Groups (including, for this purpose, any Mortgage Loans in foreclosure, any REO Property and any Mortgage Loan for which the Mortgagor has filed for bankruptcy after the Closing Date) delinquent 60 days or more (averaged over the preceding six-month period), as a percentage of the aggregate Class Certificate Balance of the Class 30-B Certificates, is not equal to or greater than 50% or (ii) cumulative Realized Losses with respect to the Mortgage Loans in such Loan Groups as of the applicable Distribution Date do not exceed the percentages of the Original Subordinate Certificate Balance for the Class 30-B Certificates set forth below: Percentage of Original Subordinate Distribution Date Occurring Certificate Balance --------------------------- ------------------- August 2009 through July 2010 30% August 2010 through July 2011 35% August 2011 through July 2012 40% August 2012 through July 2013 45% August 2013 and thereafter 50% As of any Distribution Date and either California Crossed Loan Group as to which any decrease in the Senior Prepayment Percentage for either California Crossed Loan Group applies, (i) the outstanding principal balance of all Mortgage Loans in such Loan Groups (including, for this purpose, any Mortgage Loans in foreclosure, any REO Property and any Mortgage Loan for which the Mortgagor has filed for bankruptcy after the Closing Date) delinquent 60 days or more (averaged over the preceding six-month period), as a percentage of the aggregate Class Certificate Balance of the Class X-B Certificates, is not equal to or greater than 50% or (ii) cumulative Realized Losses with respect to the Mortgage Loans in such Loan Groups as of the applicable Distribution Date do not exceed the percentages of the Original Subordinate Certificate Balance for the Class X-B Certificates set forth below: Percentage of Original Subordinate Distribution Date Occurring Certificate Balance --------------------------- ------------------- August 2009 through July 2010 30% August 2010 through July 2011 35% August 2011 through July 2012 40% August 2012 through July 2013 45% August 2013 and thereafter 50% As of any Distribution Date and any 15 Year Crossed Loan Group as to which any decrease in the Senior Prepayment Percentag...
Senior Step Down Conditions. As to any Distribution Date: (i) the outstanding principal balance of all the Mortgage Loans 60 days or more Delinquent (averaged over the preceding six month period) (including any Mortgage Loans subject to foreclosure proceedings, REO Property (regardless of whether that Mortgage Loan is 60 days or more Delinquent) and Mortgage Loans the mortgagers of which are in bankruptcy), as a percentage of the aggregate of the Class Certificate Balances of the Subordinated Certificates, does not equal or exceed 50%, and (ii) cumulative Realized Losses do not exceed: (a) for the Distribution Date on the fifth anniversary of the first Distribution Date, 30% of the Original Subordinated Principal Balance, (b) for the Distribution Date on the sixth anniversary of the first Distribution Date, 35% of the Original Subordinated Principal Balance, (c) for the Distribution Date on the seventh anniversary of the first Distribution Date, 40% of the Original Subordinated Principal Balance, (d) for the Distribution Date on the eighth anniversary of the first Distribution Date, 45% of the Original Subordinated Principal Balance, and (e) for the Distribution Date on the ninth anniversary of the first Distribution Date, 50% of the Original Subordinated Principal Balance.
Senior Step Down Conditions. As of any Distribution Date as to which any decrease in the Senior Prepayment Percentage applies, (i) the outstanding principal balance of all Mortgage Loans (including, for this purpose, any Mortgage Loans in foreclosure or any REO Property) delinquent 60 days or more (averaged over the preceding six month period), as a percentage of the aggregate Class Certificate Balance of the Subordinate Certificates (averaged over the preceding six-month period), is not equal to or greater than 50% or (ii) cumulative Realized Losses with respect to the Mortgage Loans as of the applicable Distribution Date do not exceed the percentages of the Original Subordinate Certificate Balance set forth below: Percentage of Original Subordinate Distribution Date Occurring Certificate Balance --------------------------- ------------------- February 2005 through January 2006 30% February 2006 through January 2007 35% February 2007 through January 2008 40% February 2008 through January 2009 45% February 2009 and thereafter 50% Servicer: Bank of America, N.A., a national banking association, or its successor in interest, in its capacity as servicer of the Mortgage Loans, or any successor servicer appointed as herein provided.
Senior Step Down Conditions. As of any Distribution Date as to which any decrease in the Senior Prepayment Percentage applies, (i) the outstanding principal balance of all Mortgage Loans (including, for this purpose, any Mortgage Loans in foreclosure or any REO Property) delinquent 60 days or more (averaged over the preceding six month period), as a percentage of the aggregate Class Certificate Balance of the Subordinate Certificates (averaged over the preceding six-month period), is not equal to or greater than 50% or (ii) cumulative Realized Losses with respect to the Mortgage Loans as of the applicable Distribution Date do not exceed the percentages of the Original Subordinate Certificate Balance set forth below: Percentage of Original Subordinate Distribution Date Occurring Certificate Balance --------------------------- ------------------- July 2004 through June 2005 30% July 2005 through June 2006 35% July 2006 through June 2007 40% July 2007 through June 2008 45% July 2008 and thereafter 50% Servicer: With respect to the BA Mortgage Loans, the BA Servicer and, with respect to the NMC Mortgage Loans, the NMC Servicer.
Senior Step Down Conditions. As of the last day of the month preceding the applicable Distribution Date as to which any decrease in the Senior Prepayment Percentage applies, (i) the aggregate Scheduled Principal Balance of all Mortgage Loans delinquent 60 days or more (including delinquent Mortgage Loans in bankruptcy, and all Mortgage Loans in foreclosure and REO Properties), as a percentage of the aggregate Class Principal Balance of the Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to the Mortgage Loans do not exceed (a) with respect to the Distribution Dates occurring between and including December 2004 and November 2007, 20% of the Original Subordinate Principal Balance, (b) with respect to the Distribution Date on or after December 2007, 30% of the Original Subordinate Principal Balance.
Senior Step Down Conditions. As of any Distribution Date as to which any decrease in the Senior Prepayment Percentage for any Loan Group applies, (i) the outstanding principal balance of all Mortgage Loans (including, for this purpose, any Mortgage Loans in foreclosure, any REO Property and any Mortgage Loan for which the Mortgagor has filed for bankruptcy after the Closing Date) delinquent 60 days or more (averaged over the preceding six-month period), as a percentage of the aggregate Class Certificate Balance of the Subordinate Certificates, is not equal to or greater than 50% or (ii) cumulative Realized Losses with respect to the Mortgage Loans as of the applicable Distribution Date do not exceed the percentages of the Original Subordinate Class Certificate Balance set forth below: ------------------------------------------------------------------------ Percentage of Original Distribution Date Occurring Subordinate Certificate Balance ------------------------------------------------------------------------ January 2011 through December 2011 30% January 2012 through December 2012 35% January 2013 through December 2013 40% January 2014 through December 2014 45% January 2015 and thereafter 50% ------------------------------------------------------------------------ Servicer: Bank of America, a national banking association, or its successor in interest, in its capacity as servicer of the Mortgage Loans, or any successor servicer appointed as herein provided.