Senior Target Amount definition

Senior Target Amount. With respect to each Distribution Date, an amount equal to the lesser of (a) the product of (i) 77.30% and (ii) the Aggregate Loan Balance for such Distribution Date determined as of the last day of the related Collection Period and (b) the amount, if any, by which (i) the Aggregate Loan Balance for such Distribution Date determined as of the last day of the Collection Period exceeds (ii) 0.50% of the Cut-off Date Balance.

Senior Target Amount. With respect to each Distribution Date, an amount equal to the lesser of (a) the product of (i) 85.00% and (ii) the Pool Balance for such Distribution Date and (b) the amount, if any, by which (i) the Pool Balance for such Distribution Date exceeds (ii) $3,312,743.25.

Senior Target Amount. With respect to any Payment Date, an amount equal to the lesser of (a) the product of (i) 58.20% and (ii) the Aggregate Collateral Balance for such Payment Date determined as of the last day of the related Collection Period and (b) the amount, if any, by which (i) the Aggregate Collateral Balance for such Payment Date determined as of the last day of the related Collection Period exceeds (ii) 0.50% of the Aggregate Collateral Balance as of the Cut-off Date.

Examples of Senior Target Amount in a sentence

• SPDA is allocated among the Senior Certificates of a Group based on the related Mortgage Pool contribution to the overall PDA associated with that Group ("Allocated Senior Target Amount").

• For any Payment Date (a) prior to the Stepdown Date or if a Trigger Event is in effect with respect to such Payment Date, an amount equal to 100% of the Principal Payment Amount and (b) on or after the Stepdown Date and as long as a Trigger Event is not in effect with respect to such Payment Date, the excess, if any, of (x) the Class Principal Amount of the Class A1 and Class A2 Notes immediately prior to such Payment Date over (y) the Senior Target Amount.

• On any Distribution Date, prior to the distribution date in April 2007: 1) Pay PO% of PDA4 to Class 4-A4 (up to the PO% of the Allocated Senior Target Amount), until reduced to zero.

• For any Payment Date (a) prior to the Stepdown Date or if a Trigger Event is in effect with respect to such Payment Date, an amount equal to 100% of the Principal Payment Amount and (b) on or after the Stepdown Date and as long as a Trigger Event is not in effect with respect to such Payment Date, the lesser of (x) the principal Payment Amount and (y) excess, if any, of (A) the Class Principal Amount of the Class A Notes immediately prior to such Payment Date over (B) the Senior Target Amount.

• The "Senior Target Amount" for any Distribution Date will be equal to the lesser of (a) the product of (i) approximately 87.30% and (ii) the Pool Balance for such Distribution Date and (b) the amount, if any, by which (i) the Pool Balance for such Distribution Date exceeds (ii) approximately 0.35% of the Cut-Off Date Balance.

More Definitions of Senior Target Amount

Senior Target Amount. With respect to each Distribution Date, an amount equal to the lesser of (a) the product of (i) 54.50% and (ii) the Pool Balance for such Distribution Date and (b) the amount, if any, by which (i) the Pool Balance for such Distribution Date exceeds (ii) 0.50% of the Cut-off Date Balance. Servicers: Household Finance Corporation and Fairbanks Capital Corp. or any successors in interest.

Senior Target Amount. With respect to each Distribution Date, an amount equal to the lesser of (a) the product of (i) [ ]% and (ii) the Aggregate Pool Balance for such Distribution Date and (b) the amount, if any, by which (i) the Aggregate Pool Balance for such Distribution Date exceeds (ii) 0.50% of the Cut-off Date Balance. Servicer: [ ] or any successor in interest, or if any successor servicer shall be appointed as herein provided, then such successor servicer.

Senior Target Amount. With respect to each Distribution Date, an amount equal to the lesser of (a) the product of (i) 56.50% and (ii) the Pool Balance for such Distribution Date and (b) the amount, if any, by which (i) the Pool Balance for such Distribution Date exceeds (ii) 0.50% of the Cut-off Date Balance. Servicer: Chase Manhattan Mortgage Corporation or any successor in interest.

Senior Target Amount. For any Distribution Date, (x) after the Stepdown Date and when a Trigger Event is not in effect, an amount equal to the lesser of (a) the product of (1) 82.90% and (2) the Pool Principal Balance as of the Due Date in the month of that Distribution Date (after giving effect to Principal Prepayments received in the related Prepayment Period) and (b) the amount, if any, by which (1) the Pool Principal Balance as of the Due Date in the month of that Distribution Date (after giving effect to Principal Prepayments received in the related Prepayment Period) exceeds (2) the OC Floor, and (y) for any Distribution Date after the Stepdown Date on which a Trigger Event is in effect, the Senior Target Amount for the immediately preceding Distribution Date.

Senior Target Amount. Not applicable.

Senior Target Amount. With respect to any Distribution Date an amount equal to the lesser of (a) the product of (1) (i) for each distribution prior to the Distribution Date in September 2012, 71.88%; and (ii) thereafter, 77.50% and (2) the Aggregate Loan Balance for such Distribution Date determined as of the last day of the related Collection Period and (b) the amount, if any, by which (1) the Aggregate Loan Balance for such Distribution Date determined as of the last day of the related Collection Period exceeds (2) the Overcollateralization Floor. Servicer: Each Servicer that has entered into one of the Servicing Agreements attached as Exhibit E hereto, or any successor in interest. Initially, the Servicers are GreenPoint and GMACM. As of September 1, 2006 the servicing for certain of the Mortgage Loans will transfer to GMACM. As of October 1, 2006 the servicing for the remainder of the Mortgage Loans will transfer to GMACM. Service(s)(ing): In accordance with Regulation AB, the act of managing or collecting payments on the Mortgage Loans or any other assets of the Trust Fund by an entity that meets the definition of “servicer” set forth in Item 1101 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this term shall have the meaning commonly understood by participants in the residential mortgage-backed securitization market.

Senior Target Amount. With respect to any Payment Date, an amount equal to the lesser of (a) the product of (i) 49.50% and (ii) the Aggregate Loan Balance for such Payment Date determined as of the last day of the related Collection Period and (b) the amount, if any, by which (i) the Aggregate Loan Balance for such Payment Date determined as of the last day of the related Collection Period exceeds (ii) 0.50% of the Cut-off Date Balance. Servicer: Aames Funding Corporation, or its successor in interest or assigns or any successor to the Servicer under this Agreement as herein provided.