![]() 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 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 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 tenth anniversary of the first Distribution Date, 30% 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: Milestone Events has the meaning set forth in Section 7.2.ĭrawdown Notice means a notice in the form set out in Schedule 2 (or in any other form which the Agent approves or reasonably requires) Sales Milestone Payment has the meaning set forth in Section 8.3.1.Ĭritical Milestones shall have the meaning set forth in Section 3.1 hereof.ĭevelopment Milestone Payment has the meaning set forth in Section 5.2.2. ![]() Milestone Dates means the dates for completion of specified Project activities as contained in the Project Schedule.ĭrawdown Period means, in relation to an Advance, the period commencing on the date of this Agreement and ending on the relevant Termination Date or the period ending on such earlier date (if any) on which (a) the aggregate amount of all Advances is equal to the Commitment or (b) the Commitment is reduced to zero pursuant to clauses 4.3, 10.2 or 12 or (c) Delivery of the Ship relevant to such Advance occurs Milestone Date means the target date set out against the relevant Milestone in the Implementation Plan by which the Milestone must be Achieved Milestone Event has the meaning set forth in Section 2.3.2(a).ĭevelopment Milestone has the meaning set forth in Section 7.3.3. Milestone means an event or task described in the Implementation Plan which must be completed by the corresponding date set out in such plan Milestone 2 means achievement of annual Net Sales of at least $35,000,000 during any Calendar Year ending on or before December 31, 2024. Project Milestones means the project milestones set forth in Schedule-G Performance Milestone means an act or event specified in section 5.1 and described in section 9 of the EPLA. Project Milestone means the milestone as set out in Article 2.8. ![]()
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