Stated Principal definition

Stated Principal. Balance As to any Loan, the unpaid principal balance of such Loan as of its most recent Due Date as specified in the amortization schedule at the time relating thereto (before any adjustment to such amortization schedule by reason of any moratorium or similar waiver or grace period) after giving effect to any previous partial Principal Prepayments and Liquidation Proceeds allocable to principal (other than with respect to any Liquidated Loan) and to the payment of principal due on such Due Date and irrespective of any delinquency in payment by the related Mortgagor. Stepdown Date The earlier of (a) the Distribution Date on which the Class Certificate Balances of the Senior Certificates have been reduced to zero or (b) the later to occur of (i) the Distribution Date in ____________ 20___ (the 37th Distribution Date) or (ii) the first Distribution Date on which the Senior Enhancement Percentage is greater than or equal to the Senior Specified Enhancement Percentage. Subordinate Certificates The Class []-[], Class []-[], Class []-[], Class []-[], Class []-[], Class []-[], Class []-[], Class []-[] and Class []-[] Certificates. Subservicer Any person to whom the Servicer has contracted for the servicing of all or a portion of the Loans pursuant to Section 3.02. Substitute Loan A Loan substituted by a Seller for a Deleted Loan(s) which must, on the date of such substitution, as confirmed in a Request for Release, substantially in the form of Exhibit J, (a) have a Stated Principal Balance not in excess of, and not more than 10% less than, the Stated Principal Balance(s) of the Deleted Loans (such Stated Principal Balances to be measured as of the respective Due Dates in the month of substitution); (b) have an interest rate that is determined in the same manner as that of the Deleted Loans(s); (c) have a Mortgage Rate not lower than, and not more than 1% per annum higher than, that of the Deleted Loan(s); (d) have a Combined Loan-to-Value Ratio not higher than that of the Deleted Loan(s); (e) have a debt to income ratio not higher than that of the Deleted Loan(s); (f) have been originated pursuant to the same underwriting standards as the Deleted Loan(s); (g) have a remaining term to maturity not greater than, and not more than one year less than, that of the Deleted Loan(s); and (h) comply, as of the date of substitution, with each representation and warranty set forth or referred to in Section 2.03. Substitution Adjustment Amount The meaning ascribed to such ter...
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Stated Principal. Balance: $_______________________ Closing Date: _______________________ Transfer Date: _______________________ Cut-off Date: _______________________ Purchase Price Percentage: ________% Servicing Fee Rate: ________%
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Stated Principal. Balance As to any Loan, the unpaid principal balance of such Loan as of its most recent Due Date as specified in the amortization schedule at the time relating thereto (before any adjustment to such amortization schedule by reason of any moratorium or similar waiver or grace period) after giving effect to any previous partial Principal Prepayments and Liquidation Proceeds allocable to principal (other than with respect to any Liquidated Loan) and to the payment of principal due on such Due Date and irrespective of any delinquency in payment by the related Mortgagor. Stepdown Date The earlier of (a) the Distribution Date on which the Class Certificate Balances of the Senior Certificates have been reduced to zero or (b) the later to occur of (i) the Distribution Date in February 2008 (the 37th Distribution Date) or (ii) the first Distribution Date on which the Senior Enhancement Percentage is greater than or equal to the Senior Specified Enhancement Percentage. Subordinate Certificates The Class M-1, Class M-2, Class M-3, Class M-4, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates. Subsequent Group I Loans The Loans to be sold to the Trust Fund pursuant to Section 2.09 of this Agreement and the related Subsequent Transfer Agreement, which shall be listed as such on the mortgage loan schedule attached to such Subsequent Transfer Agreement.
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Examples of Stated Principal in a sentence

  • The exercise of such right will effect early retirement of the Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date.

  • The exercise of such right will effect early retirement of the Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans at the time of purchase being less than 10% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date.

  • The exercise of such right will effect early retirement of the Certificates relating to such Collateral Pool; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans in such Collateral Pool at the time of purchase being less than 10% of the aggregate principal balance of the Mortgage Loans in such Collateral Pool as of the Cut-off Date.

  • The exercise of such right will effect early retirement of the Certificates; however, such right to purchase is subject to the aggregate Stated Principal Balance of the Mortgage Loans and REO Properties remaining in the Trust Fund at the time of purchase being less than or equal to 10% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date.

  • The Master Servicer shall be entitled to cancel or permit the discontinuation of any Primary Insurance Policy as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is reduced below an amount equal to 80% of the appraised value of the related Mortgaged Property as determined in any appraisal thereof after the Closing Date, or if the Loan-to-Value Ratio is reduced below 80% as a result of principal payments on the Mortgage Loan after the Closing Date.

  • The right of the Master Servicer to purchase all the assets of the Trust Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal Balance as of the Final Distribution Date, prior to giving effect to distributions to be made on such Distribution Date, being less than ten percent of the Cut-off Date Principal Balance of the Mortgage Loans.

  • For any month in which the Company substitutes a Qualified Substitute Mortgage Loan for a Deleted Mortgage Loan, the Company shall determine the amount (if any) by which the aggregate principal balance of all Qualified Substitute Mortgage Loans as of the date of substitution is less than the aggregate Stated Principal Balance of all Deleted Mortgage Loans (after application of scheduled principal payments due in the month of substitution).

  • The costs incurred by the Master Servicer, if any, in effecting the timely payments of taxes and assessments on the Mortgaged Properties and related insurance premiums shall not, for the purpose of calculating monthly distributions to the Certificateholders, be added to the Stated Principal Balances of the related Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.

  • For any month in which the Seller substitutes a Qualified Substitute Mortgage Loan for a Deleted Mortgage Loan, the Seller shall determine the amount (if any) by which the aggregate principal balance of all Qualified Substitute Mortgage Loans as of the date of substitution is less than the aggregate Stated Principal Balance of all Deleted Mortgage Loans (after application of scheduled principal payments due in the month of substitution).

  • For any month in which the Seller substitutes one or more Substitute Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer will determine the amount (if any) by which the aggregate principal balance of all such Substitute Mortgage Loans as of the date of substitution is less than the aggregate Stated Principal Balance of all such Deleted Mortgage Loans (after application of the scheduled principal portion of the monthly payments due in the month of substitution).


More Definitions of Stated Principal

Stated Principal. Balance: $ Purchase Price Percentage: %
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Related to Stated Principal

  • Stated Principal Amount means $1,000,000,000 or such higher amount as is specified in any Notice of Additional Issuance under Section 2.09.

  • Accreted Principal Amount for the Class A-2 Certificates means for each six-month period from and including each date specified in Schedule II hereof to but excluding the next such date, the amount specified in Schedule II as the "Ending Balance" for such beginning date.

  • Stated Principal Balance As to each Mortgage Loan, (i) the principal balance of the Mortgage Loan at the related Cut-off Date after giving effect to payments of principal due on or before such date, whether or not received, minus (ii) all amounts previously distributed to the Purchaser with respect to the related Mortgage Loan representing payments or recoveries of principal or advances in lieu thereof.

  • Required Principal As determined for any Distribution Date for a given Series (or Class within such Series), unless otherwise specified in the related Supplement, the amounts on deposit in the Certificate Account allocable to principal payments on the Underlying Securities (including from Credit Support, if any, and Advances, if any, but excluding amounts in respect of principal payments to the extent that Advances with respect thereto were distributed as Required Principal on a prior Distribution Date) and required to be distributed in respect of the Certificates of such Series (or Class) in accordance with the terms of such Certificates and such related Supplement.

  • Called Principal means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.