Step Down Conditions. As of any Distribution Date on which any decrease in any Senior Prepayment Percentage may apply, (i) the outstanding Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure), averaged over the preceding six month period, as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to all of the Mortgage Loans do not exceed: · for any Distribution Date on or after the seventh anniversary until the eighth anniversary of the first Distribution Date, 30% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the eighth anniversary until the ninth anniversary of the first Distribution Date, 35% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the ninth anniversary until the tenth anniversary of the first Distribution Date, 40% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the tenth anniversary until the eleventh anniversary of the first Distribution Date, 45% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, and · for any Distribution Date on or after the eleventh anniversary of the first Distribution Date, 50% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date.
Step Down Conditions. As of the first Distribution Date as to which any decrease in any Senior Prepayment Percentage applies, (i) the outstanding Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure) (averaged over the preceding six month period), as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to all of the Mortgage Loans do not exceed: · for any Distribution Date on or after the tenth anniversary of the first Distribution Date, 30% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the eleventh anniversary of the first Distribution Date, 35% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the twelfth anniversary of the first Distribution Date, 40% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the thirteenth anniversary of the first Distribution Date, 45% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, and · for any Distribution Date on or after the fourteenth anniversary of the first Distribution Date, 50% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date.
Step Down Conditions. As of the first Distribution Date as to which any decrease in any Senior Prepayment Percentage applies, (i) the outstanding Stated Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure) (averaged over the preceding six month period), as a percentage of the aggregate of the Class Principal Amounts of the Classes of 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 each Distribution Date from July 2013 through June 2014, 30% of the Original Subordinate Principal Amount, (b) with respect to each Distribution Date from July 2014 through June 2015, 35% of the Original Subordinate Principal Amount, (c) with respect to each Distribution Date from July 2015 through June 2016, 40% of the Original Subordinate Principal Amount, (d) with respect to each Distribution Date from July 2016 through June 2017, 45% of the Original Subordinate Principal Amount and (e) with respect to each Distribution Date from and after July 2017, 50% of the Original Subordinate Principal Amount.
Examples of 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.
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.
At the elementary school, we will use our support staff to reach out to the online students as necessary to check progress.
Prior to enforcement of the Charge: the Class C Notes will be subordinated to the Class B Notes, the Class A Notes and the Redraw Notes; the Class B Notes will be subordinated to the Class A Notes and the Redraw Notes; and the Class A Notes will be subordinated to the Redraw Notes,in their right to receive principal payments on a Distribution Date unless the Step Down Conditions are satisfied on the immediately preceding Determination Date.
More Definitions of Step Down Conditions
Step Down Conditions. As of the first Distribution Date as to which any decrease in any Senior Prepayment Percentage applies, (i) the outstanding Stated Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure) (averaged over the preceding six month period), as a percentage of the aggregate of 125547 Sequoia 2004-11 Pooling and Servicing Agmt. the Class Principal Amounts of the Classes of 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 each Distribution Date from December 2014 through November 2015, 30% of the Original Subordinate Principal Amount, (b) with respect to each Distribution Date from December 2015 through November 2016, 35% of the Original Subordinate Principal Amount, (c) with respect to each Distribution Date from December 2016 through November 2017, 40% of the Original Subordinate Principal Amount, (d) with respect to each Distribution Date from December 2017 through November 2018, 45% of the Original Subordinate Principal Amount and (e) with respect to each Distribution Date from and after December 2018, 50% of the Original Subordinate Principal Amount.
Step Down Conditions. As of the first Distribution Date as to which any decrease in any Senior Prepayment Percentage applies, with respect to each Mortgage Pool (i) the outstanding Stated Principal Balance of all Mortgage Loans in a Mortgage Pool 60 days or more Delinquent (including Mortgage Loans in REO, foreclosure or bankruptcy status) (averaged over the preceding six month period), as a percentage of (a) if such date is on or prior to the fourth Senior Termination Date, the portion of the aggregate of the Class Principal Amounts of the Classes of Subordinate Certificates related to that Mortgage Pool on such Distribution Date, or (b) if such date is after the fourth Senior Termination Date, the aggregate of the Class Principal Amounts of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to the Mortgage Loans in each Mortgage Pool do not exceed (a) with respect to each Distribution Date from November 2011 through October 2012, 30% of the Original Subordinate Principal Amount, (b) with respect to each Distribution Date from November 2012 through October 2013, 35% of the Original Subordinate Principal Amount, (c) with respect to each Distribution Date from November 2013 through October 2014, 40% of the Original Subordinate Principal Amount, (d) with respect to each Distribution Date from November 2014 through October 2015, 45% of the Original Subordinate Principal Amount and (e) with respect to each Distribution Date from and after November 2015, 50% of the Original Subordinate Principal Amount.
Step Down Conditions shall be satisfied as of each Distribution Date in the following table if each of the following conditions are met on such Distribution Date: (a) no Insurance Agreement Event of Default shall have occurred; (b) all amounts owed to the Insurer under the Basic Documents have been paid in full; (c) immediately before and after giving effect to any reduction in the OC Level, (i) the Spread Account is at the Requisite Amount and (ii) the Pro Forma Note Balance is less than or equal to the Required Pro Forma Note Balance; (d) the arithmetic average of the monthly Delinquency Ratios for the three immediately preceding Collection Periods is less than the percentage set forth opposite such Distribution Date, (e) the Cumulative Net Loss Rate for the related Collection Period is less than the percentage set forth opposite such Distribution Date, (f) the Cumulative Default Rate for the related Collection Period is less than the percentage set forth opposite such Distribution Date and (g) the arithmetic average of the Monthly Extension Rates for the three immediately preceding consecutive calendar months is less than 3.00%: Distribution Date occurring in: Delinquency Ratio Cumulative Net Loss Rate Cumulative Default Rate October 2008 4.00 % 5.70 % 9.70 % April 2009 4.00 % 7.50 % 12.75 % October 2009 4.75 % 9.00 % 15.00 %
Step Down Conditions. As of the first Distribution Date as to which any decrease in any Senior Prepayment Percentage applies, with respect to each Mortgage Pool (i) the outstanding principal balance of all Mortgage Loans in a Mortgage Pool 60 days or more Delinquent (including Mortgage Loans in foreclosure, REO Property or bankruptcy status) (averaged over the preceding six month period), as a percentage of (a) if such date is on or prior to the third Senior Termination Date, the related Pool Subordinate Amount for such Distribution Date, or (b) if such date is after the third Senior Termination Date, the aggregate Class Principal Amount of the Subordinate Certificates on such Distribution Date (without giving effect to any payments on such Distribution Date), does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to the Mortgage Loans in each Mortgage Pool do not exceed (a) with respect to each Distribution Date from October 2012 to September 2013, 30% of the Original Subordinate Principal Amount, (b) with respect to each Distribution Date from October 2013 to September 2014, 35% of the Original Subordinate Principal Amount, (c) with respect to each Distribution Date from October 2014 to September 2015, 40% of the original related Pool Subordinate Amount, (d) with respect to each Distribution Date from October 2015 to September 2016, 45% of the Original Subordinate Principal Amount and (e) with respect to each Distribution Date from and after October 2016 and thereafter, 50% of the Original Subordinate Principal Amount. Subordinate Certificate: Any of the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 or Class B-6 Certificates.
Step Down Conditions. As of any Distribution Date on which any decrease in any Senior Prepayment Percentage may apply, (i) the outstanding Principal Balance of all Mortgage Loans in Loan Group 1, Loan Group 2 and Loan Group 3 that are 60 days or more Delinquent (including for this purpose any such Mortgage Loan in foreclosure, any related REO Property, and any such Mortgage Loans which have been subject to modification of their terms made between Cenlar and the Mortgagor in connection with a loss mitigation strategy in the last twelve months), averaged over the preceding six month period, as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses (including for this purpose the amount of principal or interest which has been forgiven in connection with a modification of terms of a Mortgage Loan in Loan Group 1, Loan Group 2 or Loan Group 3 made between Cenlar and the Mortgagor as part of a loss mitigation strategy in the related Due Period) with respect to all of the Mortgage Loans do not exceed: · for any Distribution Date on or after the seventh anniversary until the eighth anniversary of the first Distribution Date, 30% of the aggregate Class Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the eighth anniversary until the ninth anniversary of the first Distribution Date, 35% of the aggregate Class Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the ninth anniversary until the tenth anniversary of the first Distribution Date, 40% of the aggregate Class Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the tenth anniversary until the eleventh anniversary of the first Distribution Date, 45% of the aggregate Class Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, and · for any Distribution Date on or after the eleventh anniversary of the first Distribution Date, 50% of the aggregate Class Certificate Principal Balance of the Subordinate Certificates as of the Closing Date.
Step Down Conditions. As of the first Distribution Date as to which any decrease in any Senior Prepayment Percentage applies, (i) the outstanding Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure) (averaged over the preceding six month period), as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to all of the Mortgage Loans do not exceed:
Step Down Conditions. As of the first Distribution Date as to which any decrease in any Senior Prepayment Percentage applies, (i) the outstanding Principal Balance of all Mortgage Loans 60 days or more Delinquent, including Mortgage Loans in respect of REO Properties (averaged over the preceding six month period), as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of 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 each Distribution Date from January 2011 through December 2011, 30% of the Original Subordinated Principal Balance, (b) with respect to each Distribution Date from January 2012 through December 2012, 35% of the Original Subordinated Principal Balance, (c) with respect to each Distribution Date from January 2013 through December 2013, 40% of the Original Subordinated Principal Balance, (d) with respect to each Distribution Date from January 2014 through December 2014, 45% of the Original Subordinated Principal Balance and (e) with respect to each Distribution Date from and after January 2015, 50% of the Original Subordinated Principal Balance.