Step-Down Date definition

Step-Down Date. The earliest of the Distribution Date in [MONTH/YEAR] or any succeeding Distribution Date on which the following conditions are satisfied as of the last day of the month preceding such Distribution Date:

Step-Down Date. The later to occur of:

Step-Down Date has the meaning set forth in the form of the Security contained in Section 202.

Examples of Step-Down Date in a sentence

• The Company shall provide the Trustee with written notice of the date of any Registration Default and the Step-Down Date.

• Within five days after any Step-Up, Subsequent Step-Up, Step-Down Date or Subsequent Step-Down Date, the Company shall deliver an Officers' Certificate to the Trustee stating the new interest rate and the date on which it became effective.

• In the event of the occurrence of a Step-Down Date during the period between the date on which the Special Interest Notice is given and the next Interest Payment Date, the Company shall so notify the Trustee and shall provide the Trustee with the revised amount of Special Interest to be paid by the Company on such Interest Payment Date.

• Within five days after any Step-Up or Step-Down Date, the Issuer shall deliver an Officers' Certificate to the Trustee stating the new interest rate and the date on which it became effective.

• In the event of the occurrence of a Step-Down Date during the period between the date on which the Additional Interest Notice is given and the next Interest Payment Date, the Company shall so notify the Trustee and shall provide the Trustee with the revised amount of Additional Interest to be paid by the Company on such Interest Payment Date.

More Definitions of Step-Down Date

Step-Down Date. The earlier to occur of (1) the Distribution Date on which the aggregate Outstanding Certificate Principal Balance of the Class A Certificates has been reduced to zero and (2) the later to occur of (x) the Distribution Date occurring in May 2010 and (y) the first Distribution Date on which the Senior Enhancement Percentage is greater than or equal to 10.80% (for the purpose of this definition only, the Senior Enhancement Percentage shall be calculated prior to the distribution of the Principal Distribution Amount to the Class M and Class B Certificates).

Step-Down Date has the meaning set forth in the form of face of the Global Security in Section 2.02.

Step-Down Date the earlier of (A) the date on which the aggregate Class Note Balances of the Class A Notes have been reduced to zero and (B) the later to occur of:

Step-Down Date has the meaning set forth in the form of the Security contained in Section 2.02.

Step-Down Date. The later of (i) the Payment Date in September 2005 and (ii) the first Payment Date for which the aggregate Stated Principal Balance of the Mortgage Loans as of the last day of the related Due Period (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period, and after reduction for Realized Losses incurred during the related Prepayment Period) is equal to or less than 50% of the Cut-off Date Principal Balance.

Step-Down Date means the forty-eight (48) month anniversary of the Original Issuance Date.

Step-Down Date. The earliest of the Distribution Date in December 2003 or any succeeding Distribution Date on which the following conditions are satisfied as of the last day of the month preceding such Distribution Date: