STEP DOWN PERCENTAGE definition
STEP DOWN PERCENTAGE. With respect to any Distribution Date, the percentage indicated below: Distribution Date Occurring in Step Down Percentage ------------------------------ --------------------
STEP DOWN PERCENTAGE. For any Distribution Date, the percentage indicated below: Distribution Date Occurring In Step Down Percentage ------------------------------ -------------------- November 2001 through October 2006 0% November 2006 through October 2007 30% November 2007 through October 2008 40% November 2008 through October 2009 60% November 2009 through October 2010 80% November 2010 and thereafter 100%
STEP DOWN PERCENTAGE. With respect to any Distribution Date, the percentage indicated below: Distribution Date Occurring in Step Down Percentage ------------------------------ -------------------- July 1998 through June 2003.......................... 0% July 2003 through June 2004.......................... 30% July 2004 through June 2005.......................... 40% July 2005 through June 2006.......................... 60% July 2006 through June 2007.......................... 80%
More Definitions of STEP DOWN PERCENTAGE
STEP DOWN PERCENTAGE. For any Distribution Date will be the following percentage: DISTRIBUTION DATE OCCURRING IN STEP DOWN PERCENTAGE July 1997 through June 2002 0% July 2002 through June 2003 30% July 2003 through June 2004 40% July 2004 through June 2005 60% July 2005 through June 2006 80% July 2006 and thereafter 100%
STEP DOWN PERCENTAGE. With respect to any Distribution Date, the percentage indicated below: Distribution Date Occurring in Step Down Percentage ------------------------------ -------------------- March 2004 through February 2009 0% March 2009 through February 2010 30% March 2010 through February 2011 40% March 2011 through February 2012 60% March 2012 through February 2013 80% March 2013 and thereafter 100% SUBORDINATED CERTIFICATES: The Class M and Class B Certificates, referred to collectively.
STEP DOWN PERCENTAGE. For any Distribution Date, the percentage indicated below: Distribution Date Occurring In Step Down Percentage April 1999 through March 2004 0% April 2004 through March 2005 30% April 2005 through March 2006 40% April 2006 through March 2007 60% April 2007 through March 2008 80% April 2008 and thereafter 100% Stripped Interest Rate: For each Group I Loan, the excess, if any, of the Pass-Through Rate for such Mortgage Loan over 6.500% per annum. For each Group II Loan, the excess, if any, of the Pass-Through Rate for such Mortgage Loan over 7.000% per annum. For each Group III Loan, the excess, if any, of the Pass-Through Rate for such Mortgage Loan over 6.250% per annum. For each Group IV Loan, the excess, if any, of the Pass-Through Rate for such Mortgage Loan over 6.750% per annum.
STEP DOWN PERCENTAGE. For any Distribution Date, the percentage indicated below: Distribution Date Occurring In Step Down Percentage June 2000 through May 2005 0% June 2005 through May 2006 30% June 2006 through May 2007 40% June 2007 through May 2008 60% June 2008 through May 2009 80% June 2009 and thereafter 100%
STEP DOWN PERCENTAGE. With respect to any Distribution Date, the percentage indicated below:]
STEP DOWN PERCENTAGE. For any Distribution Date, the percentage indicated below: Distribution Date Occurring In Step Down Percentage ------------------------------ -------------------- September 1998 through August 2003 0% September 2003 through August 2004 30% September 2004 through August 2005 40% September 2005 through August 2006 60% September 2006 through August 2007 80% September 2007 and thereafter 100% STRIPPED INTEREST RATE: For each Loan, the excess, if any, of the Pass- Through Rate for such Loan over 6.750%.
STEP DOWN PERCENTAGE. For any Distribution Date, the percentage indicated below: Distribution Date Occurring In Step Down Percentage ------------------------------ -------------------- May 2004 through April 2009 0% May 2009 through April 2010 30% May 2010 through April 2011 40% May 2011 through April 2012 60% May 2012 through April 2013 80% May 2013 and after 100% Tax Matters Person: A Holder of a Class R Certificate with a Percentage Interest of at least 0.01% or any Permitted Transferee of such Class R Certificateholder designated as succeeding to the position of Tax Matters Person in a notice to the Trustee signed by authorized representatives of the transferor and transferee of such Class R Certificate. The Company is hereby appointed to act as the Tax Matters Person for REMIC I so long as it holds a Class R Certificate with a Percentage Interest of at least 0.01%. The Company is hereby appointed to act as agent for the Tax Matters Person for REMIC I, to perform the functions of such Tax Matters Person as provided herein, so long as the Company is the Certificate Administrator hereunder, in the event that the Company ceases to hold a Class R Certificate with the required Percentage Interest. In the event that the Company ceases to be the Certificate Administrator hereunder, the successor Certificate Administrator is hereby appointed to act as agent for the Tax Matters Person for REMIC I, to perform the functions of such Tax Matters Person as provided herein. If the Tax Matters Person for REMIC I becomes a Disqualified Organization, the last preceding Holder, that is not a Disqualified Organization, of the Class R Certificate held by the Disqualified Organization shall be Tax Matters Person pursuant to and as permitted by Section 5.01(c). If any Person is appointed as tax matters person by the Internal Revenue Service pursuant to the Code, such Person shall be Tax Matters Person.