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 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 Distribution Date Occurring In Subordinate Certificate Balance March 2002 through February 2010 30% March 2010 through February 2011 35% March 2011 through February 2012 40% March 2012 through February 2013 45% March 2013 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 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
Notwithstanding the foregoing, no decrease in any Senior Prepayment Percentage will occur unless both Senior Step Down Conditions are satisfied with respect to all of the Mortgage Loans.
Notwithstanding the foregoing, no decrease in the Senior Prepayment Percentage will occur unless both Senior Step Down Conditions are satisfied with respect to the Mortgage Loans.
At the elementary school, we will use our support staff to reach out to the online students as necessary to check progress.
Notwithstanding the foregoing, no decrease in the related Senior Prepayment Percentage will occur unless both of the Senior Step Down Conditions are satisfied with respect to all Loan Groups.
Notwithstanding the foregoing, no decrease in the Senior Prepayment Percentage will occur unless both Senior Step Down Conditions are satisfied.
More Definitions of Senior Step Down Conditions
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, 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 Distribution Date Occurring In Subordinate Certificate Balance ------------------------------ ------------------------------- June 2002 through May 2005 20% June 2005 through May 2010 30% June 2010 through May 2011 35% June 2011 through May 2012 40% June 2012 through May 2013 45% June 2013 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 the last day of the month preceding the applicable Distribution Date as to which any decrease in the Group II Senior Prepayment Percentage applies, (i) the aggregate Scheduled Principal Balance of all Group II Mortgage Loans delinquent 60 days or more (including delinquent Group II Mortgage Loans in bankruptcy, and all Group II Mortgage Loans in foreclosure and REO Properties), as a percentage of the aggregate Class Principal Balance of the Group II Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to the Group II Mortgage Loans do not exceed (a) with respect to the Distribution Dates occurring between and including January 2007 and December 2009, 20% of the Group II Original Subordinate Principal Balance, (b) with respect to the Distribution Date on or after January 2010, 30% of the Group II 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 Subordinate Class Distribution Date Occurring Certificate Balance --------------------------- ------------------- May 2010 through April 2011 30% May 2011 through April 2012 35% May 2012 through April 2013 40% May 2013 through April 2014 45% May 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.
Senior Step Down Conditions. As to any Distribution Date: (i) the aggregate Stated 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 Mortgagors of which are in bankruptcy), as a percentage (a) if such date is on or prior to fifth 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 a 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) cumulative Realized Losses 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 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 Class 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 Dates occurring between and including October 2002 and September 2005, 20% of the Original Junior Principal Balance, and (b) with respect to the Distribution Dates occurring on and after October 2005, 30% of the Original Junior Principal Balance. Servicer: Each of Countrywide Servicing and Nexstar, as applicable.
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 20 through 20 % 20 through 20 % 20 through 20 % 20 through 20 % 20 and thereafter % Servicer: , a , 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. The Group I Senior Step Down Conditions or the Group II Senior Step Down Conditions.