Step Down Conditions definition
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.
Notwithstanding the foregoing, no decrease in the Senior Prepayment Percentage will occur unless both Senior Step Down Conditions are satisfied.
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 bankruptcy, 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 August 2014 through July 2015, 30% of the Original Subordinate Principal Amount, (b) with respect to each Distribution Date from August 2015 through July 2016, 35% of the Original Subordinate Principal Amount, (c) with respect to each Distribution Date from August 2016 through July 2017, 40% of the Original Subordinate Principal Amount, (d) with respect to each Distribution Date from August 2017 through July 2018, 45% of the Original Subordinate Principal Amount and (e) with respect to each Distribution Date from and after August 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%: 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, (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 means the following conditions shall have been satisfied as of each Distribution Date in the following table: (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 prior to and after giving effect to any reduction in the Overcollateralization Amount, (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 Ratio for the related Collection Period is less than the percentage set forth opposite such Distribution Date; (f) the Gross Default Ratio 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 Three-Month Average Cumulative Net occurring in: Delinquency Ratio Loss Ratio Gross Default Ratio ----------------- ------------------- -------------- ------------------- July 2008 3.75% 5.25% 9.00% January 2009 3.75% 7.50% 12.00% July 2009 4.25% 9.00% 14.00% (and satisfaction of the Step-Down Conditions shall be satisfied as of each Distribution Date in the following table if each of the such conditions are met on such Distribution Date) .
Step Down Conditions. As of the first Payment 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 Bonds on such Payment 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 Payment Date from June 2012 through May 2013, 30% of the Original Subordinate Principal Balance, (b) with respect to each Payment Date from June 2013 through May 2014, 35% of the Original Subordinate Principal Balance, (c) with respect to each Payment Date from June 2014 through May 2015, 40% of the Original Subordinate Principal Balance, (d) with respect to each Payment Date from June 2015 through May 2016, 45% of the Original Subordinate Principal Balance and (e) with respect to each Payment Date from and after June 2016, 50% of the Original Subordinate Principal Balance.
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 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.