Common use of Allocation of Extraordinary Trust Fund Expenses and Realized Losses Clause in Contracts

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order to the related Subordinate Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses shall be allocated among the related Senior Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the related Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date as follows: first, to the Class 1-B6 Certificates; second, to the Class 1-B5 Certificates; third, to the Class 1-B4 Certificates; fourth, to the Class 1-B3 Certificates; fifth, to the Class 1-B2 Certificates; sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc. Series 2004 - HYB4), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc. Series 2004 - HYB4)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Propertydetermine: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses, Special Hazard Losses or Special Hazard Extraordinary Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Determination Date, the Master Servicer shall also determine as to each Mortgage Loandetermine: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (Losses, other than Excess Special Hazard Losses) , Extraordinary Losses, Excess Bankruptcy Losses, Excess Fraud Losses and Extraordinary Trust Fund Expenses, shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Certificates, in each case Class B Certificates until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, and thereafter, upon the reduction of the Certificate Principal Balances Balance of the related Subordinate Class B Certificates to zero, all Realized to the Class A Certificates. Any Excess Special Hazard Losses, Extraordinary Losses, Excess Bankruptcy Losses and Excess Fraud Losses attributable to any Mortgage Loan Expenses shall be allocated among the related Senior Class A Certificates and Class B Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan Extraordinary Trust Fund Expenses shall be allocated among all the related Classes of Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date as follows: first, to the Class 1-B6 Certificates; second, to the Class 1-B5 Certificates; third, to the Class 1-B4 Certificates; fourth, to the Class 1-B3 Certificates; fifth, to the Class 1-B2 Certificates; sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their its then outstanding Certificate Principal Balances Balance prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Salomon Brothers Mor Sec Vii Inc Mor Pa THR Cer Ser 1995 2), Pooling and Servicing Agreement (Salomon Brothers Mor Sec Vii Inc Mor Pa THR Cer Ser 1995 3)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient 104 Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be either included in the related Remittance Report or evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the Interest Distribution Amount for the Class CE Certificates for the related Subordinate Interest Accrual Period; second, to payments received under the cap contract, third, to the Class CE Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-11 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M-9 Certificates until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; thirteenth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and fourteenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as and any allocation of Realized Losses to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. (c) All Realized Losses on the Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC I Regular Interests in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date specified percentages, as follows: first, to Uncertificated Interest payable to the Class 1REMIC I Regular Interest I-B6 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal 105 to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Class 1Uncertificated Balances of the REMIC I Regular Interest I-B5 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM11 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B4 CertificatesLTM11 has been reduced to zero; fourth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B3 CertificatesLTM10 has been reduced to zero; fifth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B2 CertificatesLTM9 has been reduced to zero; sixth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98%, 1-B1 Certificates % and seventh1%, to the Class 1-M Certificatesrespectively, in each case until the Certificate Principal Uncertificated Balance of the related class REMIC I Regular Interest I-LTM8 has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first; seventh, to the Class 2Uncertificated Balances of REMIC I Regular Interest I-B6 Certificates; secondLTAA, to the Class 2REMIC I Regular Interest I-B5 Certificates; thirdLTM7 and REMIC I Regular Interest I-LTZZ, to the Class 2-B4 Certificates; fourth98%, to the Class 2-B3 Certificates; fifth1% and 1%, to the Class 2-B2 Certificates; and sixthrespectively, to the Class 2-B1 Certificates, in each case until the Certificate Principal Uncertificated Balance of the related class REMIC I Regular Interest I-LTM7 has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first; eighth, to the Class 3Uncertificated Balances of REMIC I Regular Interest I-B6 Certificates; secondLTAA, to the Class 3REMIC I Regular Interest I-B5 Certificates; thirdLTM6 and REMIC I Regular Interest I-LTZZ, to the Class 3-B4 Certificates; fourth98%, to the Class 3-B3 Certificates; fifth1% and 1%, to the Class 3-B2 Certificates; and sixthrespectively, to the Class 3-B1 Certificates, in each case until the Certificate Principal Uncertificated Balance of the related class REMIC I Regular Interest I-LTM6 has been reduced to zero. Thereafter; ninth, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method Uncertificated Balances of allocation of Realized Losses REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and Extraordinary Fund Expenses aboveREMIC I Regular Interest I-LTZZ, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated98%, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization1% and 1%, respectively, until the Overcollateralization is Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; tenth, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the priorities set forth above. As used herein, an allocation Uncertificated Balance of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specifiedREMIC I Regular Interest I-LTM4 has been reduced to zero; eleventh, to each such Class the Uncertificated Balances of Certificates on REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the basis Uncertificated Balance of their then outstanding Certificate Principal Balances prior REMIC I Regular Interest I-LTM3 has been reduced to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion zero; twelfth, to the Percentage Interests evidenced thereby. (c) Notwithstanding anything Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero and thirteenth, to the contrary hereinUncertificated Balances of REMIC I Regular Interest I-LTAA, in no event shall REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Certificate Principal Uncertificated Balance of a Class A Certificate be REMIC I Regular Interest I-LTM1 has been reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amountzero.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Wfhe1, Asset-Backed Pass-Through Certificates, Series 2006-Wfhe1), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Wfhe1, Asset-Backed Pass-Through Certificates, Series 2006-Wfhe1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trustee on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; and sixth, to the Class B-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all if Realized Losses shall are on a Mortgage Loan or Mortgage Loan Component (other than a Class PO Mortgage Loan), such Realized Losses will be allocated among on any Distribution Date first, to any amounts on deposit in the Excess Diverted Interest Reserve Account and second, to the Class IA-CB1 Certificates, if the Realized Loss is on a Group I Mortgage Loan or Group I Mortgage Loan Component in Subgroup IA-1, to the Class IA-CB2 Certificates, if the Realized Loss is on a Group I Mortgage Loan Component in Subgroup IA-2, to the Class IA-CB3 Certificates, if the Realized Loss is on a Group I Mortgage Loan or Group I Mortgage Loan Component in Subgroup IA-3, to the Class IIA-CB1 Certificates, if the Realized Loss is on a Group II Mortgage Loan or Group II Mortgage Loan Component in Subgroup IIA-1, to the Class IIA-CB2 Certificates, if the Realized Loss is on a Group II Mortgage Loan Component in Subgroup IIA-2, to the Class IIA-CB3 Certificates, if the Realized Loss is on a Group II Mortgage Loan or Group II Mortgage Loan Component in Subgroup IIA-3, to the Class IIIA-CB1 Certificates, if the Realized Loss is on a Group III Mortgage Loan or Group III Mortgage Loan Component in Subgroup IIIA-1, to the Class IIIA-CB2 Certificates, if the Realized Loss is on a Group III Mortgage Loan or Group III Mortgage Loan Component in Subgroup IIIA-2, to the Class IVA-1 Certificates, if the Realized Loss is on a Group IV Mortgage Loan or Group IV Mortgage Loan Component in Subgroup IVA-1, and to the Class IVA-2 Certificates, if the Realized Loss is on a Group IV Mortgage Loan or Group IV Mortgage Loan Component in Subgroup IVA-2, in each case, to the extent not covered by the Subordinate Certificates. If Realized Losses are on a Class PO Mortgage Loan, such Realized Losses will be allocated first, to any amounts on deposit in the Excess Diverted Interest Reserve Account, second, to the Class PO-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan, to the Class PO-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan, to the Class PO-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan, or to the Class PO-4 Certificates, if the Realized Loss is on a Group IV Mortgage Loan, in each case, in an amount equal to the related Senior Class PO Percentage of the Realized Losses and third, the remainder of the Realized Losses will be allocated on any Distribution Date to the Class IA-CB1 Certificates, if the Realized Loss is on a Group I Mortgage Loan or Group I Mortgage Loan Component in Subgroup IA-1, to the Class IA-CB2 Certificates, if the Realized Loss is on a Group I Mortgage Loan Component in Subgroup IA-2, to the Class IA-CB3 Certificates, if the Realized Loss is on a Group I Mortgage Loan or Group I Mortgage Loan Component in Subgroup IA-3, to the Class IIA-CB1 Certificates, if the Realized Loss is on a Group II Mortgage Loan or Group II Mortgage Loan Component in Subgroup IIA-1, to the Class IIA-CB2 Certificates, if the Realized Loss is on a Group II Mortgage Loan Component in Subgroup IIA-2, to the Class IIA-CB3 Certificates, if the Realized Loss is on a Group II Mortgage Loan or Group II Mortgage Loan Component in Subgroup IIA-3, to the Class IIIA-CB1 Certificates, if the Realized Loss is on a Group III Mortgage Loan or Group III Mortgage Loan Component in Subgroup IIIA-1, to the Class IIIA-CB2 Certificates, if the Realized Loss is on a Group III Mortgage Loan or Group III Mortgage Loan Component in Subgroup IIIA-2, to the Class IVA-1 Certificates, if the Realized Loss is on a Group IV Mortgage Loan or Group IV Mortgage Loan Component in Subgroup IVA-1, and to the Class IVA-2 Certificates, if the Realized Loss is on a Group IV Mortgage Loan or Group IV Mortgage Loan Component in Subgroup IVA-2, in each case, to the extent not covered by the Subordinate Certificates. If a Realized Loss is allocated to the Excess Diverted Interest Reserve Account or unpaid interest shortfalls exist on the Class A Certificates related to the Undercollateralizated Subgroup or Subgroups, the Trustee shall pay the sum of the Subgroup IA-1 Excess Diverted Interest Reserve Deposit, the Subgroup IA-2 Excess Diverted Interest Reserve Deposit, the Subgroup IA-3 Excess Diverted Interest Reserve Deposit, the Subgroup IIA-1 Excess Diverted Interest Reserve Deposit, the Subgroup IIA-2 Excess Diverted Interest Reserve Deposit, the Subgroup IIA-3 Excess Diverted Interest Reserve Deposit, the Subgroup IIIA-1 Excess Diverted Interest Reserve Deposit, the Subgroup IIIA-2 Excess Diverted Interest Reserve Deposit, the Subgroup IVA-1 Excess Diverted Interest Reserve Deposit and the Subgroup IVA-2 Excess Diverted Interest Reserve Deposit first, concurrently, on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all basis (based on the aggregate unpaid interest shortfall in the related Certificates Subgroups) to the Available Distribution Amount for the Subgroups to which the unpaid interest shortfall relates until the aggregate amount of such interest shortfalls are reduced to zero and second, concurrently, on a PRO RATA basis. Any allocation basis (based on the aggregate principal balance of a Realized Losses in the related Subgroups) to the Available Distribution Amount for the Subgroups to which the Realized Loss relates until the aggregate principal balance of such Realized Losses are reduced to zero. Excess Losses on a Certificate Mortgage Loan or Mortgage Loan Component (other than a Class PO Mortgage Loan) shall be allocated on any Distribution Date by allocating the related Senior Percentage of the Excess Loss to the Class IA-CB1 Certificates, if the Realized Loss is on a Group I Mortgage Loan or Group I Mortgage Loan Component in Subgroup IA-1, to the Class IA-CB2 Certificates, if the Realized Loss is on a Group I Mortgage Loan Component in Subgroup IA-2, to the Class IA-CB3 Certificates, if the Realized Loss is on a Group I Mortgage Loan or Group I Mortgage Loan Component in Subgroup IA-3, to the Class IIA-CB1 Certificates, if the Realized Loss is on a Group II Mortgage Loan or Group II Mortgage Loan Component in Subgroup IIA-1, to the Class IIA-CB2 Certificates, if the Realized Loss is on a Group II Mortgage Loan Component in Subgroup IIA-2, to the Class IIA-CB3 Certificates, if the Realized Loss is on a Group II Mortgage Loan or Group II Mortgage Loan Component in Subgroup IIA-3, to the Class IIIA-CB1 Certificates, if the Realized Loss is on a Group III Mortgage Loan or Group III Mortgage Loan Component in Subgroup IIIA-1, to the Class IIIA-CB2 Certificates, if the Realized Loss is on a Group III Mortgage Loan or Group III Mortgage Loan Component in Subgroup IIIA-2, to the Class IVA-1 Certificates, if the Realized Loss is on a Group IV Mortgage Loan or Group IV Mortgage Loan Component in Subgroup IVA-1, and to the Class IVA-2 Certificates, if the Realized Loss is on a Group IV Mortgage Loan or Group IV Mortgage Loan Component in Subgroup IVA-2, and the Subgroup IA-1 Subordinate Percentage, the Subgroup IA-2 Subordinate Percentage, the Subgroup IA-3 Subordinate Percentage, the Subgroup IIA-1 Subordinate Percentage, the Subgroup IIA-2 Subordinate Percentage, the Subgroup IIA-3 Subordinate Percentage, the Subgroup IIIA-1 Subordinate Percentage, the Subgroup IIIA-2 Subordinate Percentage, the Subgroup IVA-1 Subordinate Percentage or the Subgroup IVA-2 Subordinate Percentage, as applicable, of the Excess Loss to the Subordinate Certificates. Excess Losses on a Class PO Mortgage Loan will be made by reducing allocated to the Certificate Principal Balance thereof by Class PO-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan, to the Class PO-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan, to the Class PO-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan, and to the Class PO-4 Certificates, if the Realized Loss is on a Group IV Mortgage Loan, in an amount so allocated as equal to the related Class PO Percentage of the Excess Losses and the remainder of the Excess Losses will be allocated on any Distribution Date in (i) the month following related Senior Percentage of the calendar month in which such Excess Loss to the Class IA-CB1 Certificates, if the Realized Loss was incurredis on a Mortgage Loan or Mortgage Loan Component in Subgroup IA-1, to the Class IA-CB2 Certificates, if the Realized Loss is on a Mortgage Loan Component in Subgroup IA-2, to the Class IA-CB3 Certificates, if the Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup IA-3, to the Class IIA-CB1 Certificates, if the Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup IIA-1, to the Class IIA-CB2 Certificates, if the Realized Loss is on a Mortgage Loan Component in Subgroup IIA-2, to the Class IIA-CB3 Certificates, if the Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup IIA-3, to the Class IIIA-CB1 Certificates, if the Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup IIIA-1, to the Class IIIA-CB2 Certificates, if the Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup IIIA-2, to the Class IVA-1 Certificates, if the Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup IVA-1, and to the Class IVA-2 Certificates, if the Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup IVA-2 and (ii) the Subgroup IA-1 Subordinate Percentage, the Subgroup IA-2 Subordinate Percentage, the Subgroup IA-3 Subordinate Percentage, the Subgroup IIA-1 Subordinate Percentage, the Subgroup IIA-2 Subordinate Percentage, the Subgroup IIA-3 Subordinate Percentage, the Subgroup IIIA-1 Subordinate Percentage, the Subgroup IIIA-2 Subordinate Percentage, the Subgroup IVA-1 Subordinate Percentage or the Subgroup IVA-2 Subordinate Percentage, as applicable, of the Excess Loss to the Subordinate Certificates. Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated on any distribution date Distribution Date as follows: first, to the Class 1-B6 B-6 Certificates; second, to the Class 1-B5 B-5 Certificates; third, to the Class 1-B4 B-4 Certificates; fourth, to the Class 1-B3 B-3 Certificates; fifth, to the Class 1-B2 B-2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M B-1 Certificates, in each case until the Certificate Principal Balance of the related class Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date Distribution Date among the Group H I Senior Certificates (other than the Class A XS-1 Certificates), the Group II Senior Certificates (other than the Class XS-2 Certificates), the Group III Senior Certificates (other than the Class XS-3 Certificates) or the Group IV Senior Certificates (other than the Class XS-4 Certificates) , as applicable, on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth abovebasis. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the related Senior Principal Distribution Amount, the related Class PO Principal Distribution Amount or the Subordinate Principal Distribution Amount, as the case may be. (d) Allocation of Realized Losses and Extraordinary Trust Fund Expenses to REMIC I Regular Interests and REMIC II Regular Interests. Realized Losses and Excess Losses shall be applied after all distributions have been made on each Distribution Date to the REMIC I Regular Interests as follows: WITH RESPECT TO REALIZED LOSSES AND EXCESS LOSSES ON MORTGAGE LOANS IN LOAN GROUP I: (a) Realized Losses and Excess Losses on Class PO Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT-1 and REMIC I Regular Interest I-LT-PO1, in t▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇n as the Non-Class PO Percentage and the Class PO-Percentage, respectively; (b) Realized Losses and Excess Losses on Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 5.50% per annum and less than 6.75% per annum shall be allocated to REMIC I Regular Interest I-LT-1 and REMIC I Regular Interest I-LT-2, in the same proportion as the Applicable Fraction divides such Mortgage Loan; (c) Realized Losses and Excess Losses on Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 6.75% per annum and less than 7.50% per annum shall be allocated to REMIC I Regular Interest I-LT-2 and REMIC I Regular Interest I-LT-3, in the same proportion as the Applicable Fraction divides such Mortgage Loan; and (d) Realized Losses and Excess Losses on Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 7.50% per annum shall be allocated to REMIC I Regular Interest I-LT-3. WITH RESPECT TO REALIZED LOSSES AND EXCESS LOSSES ON MORTGAGE LOANS IN LOAN GROUP II: (a) Realized Losses and Excess Losses on Class PO Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT-4 and REMIC I Regular Interest I-LT-PO2, in t▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇n as the Non-Class PO Percentage and the Class PO-Percentage, respectively; (b) Realized Losses and Excess Losses on Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 5.50% per annum and less than 6.75% per annum shall be allocated to REMIC I Regular Interest I-LT-4 and REMIC I Regular Interest I-LT-5, in the same proportion as the Applicable Fraction divides such Mortgage Loan; (c) Realized Losses and Excess Losses on Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 6.75% per annum and less than 8.00% per annum shall be allocated to REMIC I Regular Interest I-LT-5 and REMIC I Regular Interest I-LT-6, in the same proportion as the Applicable Fraction divides such Mortgage Loan; and (d) WITH RESPECT TO REALIZED LOSSES AND EXCESS LOSSES ON MORTGAGE LOANS IN LOAN GROUP III: (a) Realized Losses and Exces

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc Series 2004-Ncm2)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; and sixth, to the Class B-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses shall be allocated among the related Senior Certificates on a PRO RATA basisas follows: the related Class PO Percentage of such Realized Losses shall be allocated to the Class PO Certificates and the related Non-Class PO Percentage of such Realized Losses shall be allocated to the Class A-1 Certificates. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the Certificates (other than the Class A-2 Certificates and the Class IO Certificates) as follows: the related Class PO Percentage of such Realized Losses shall be allocated to the Class PO Certificates and the related Non-Class PO Percentage of such Realized Losses shall be allocated among the Class A-1 Certificates and Subordinate Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated by the Trust Administrator on any distribution date each Distribution Date as follows: first, to the Class 1-B6 B-6 Certificates; second, to the Class 1-B5 B-5 Certificates; third, to the Class 1-B4 B-4 Certificates; fourth, to the Class 1-B3 B-3 Certificates; fifth, to the Class 1-B2 B-2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M B-1 Certificates, in each case until the Certificate Principal Balance of the related class thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the Subordinate Certificates to zero, such Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated on any distribution date among the Group H Senior Certificates (other than the Class A A-2 Certificates and the Class IO Certificates) on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificatesbasis. Notwithstanding the method of allocation of Realized Losses and Extraordinary Trust Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Mort Pas Th Ce Ser 2000-1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine determine, based on information provided to it by the Servicer, as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan, based on information provided to it by the Servicer: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; and sixth, to the Class B-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all such Realized Losses shall be allocated among the related Senior Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the related Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date as follows: Distribution Date first, to any amounts on deposit in the Class 1-B6 Certificates; Excess Diverted Interest Reserve Account and second, to the Class 1-B5 A-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan; third, to the Class 1-B4 A-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan; fourth, to the Class 1-B3 A-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan; fifth, and to the Class 1-B2 Certificates; sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M A-4 Certificates, in each case until if the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates Realized Loss is on a PRO RATA basis based on their Certificate Principal BalancesGroup IV Mortgage Loan. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of If a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses is allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to Excess Diverted Interest Reserve Account, the Percentage Interests evidenced thereby. (c) Notwithstanding anything to Trust Administrator shall pay the contrary hereinGroup I Excess Diverted Interest Reserve Deposit, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses Group II Excess Diverted Interest Reserve Deposit, the Group III Excess Diverted Interest Reserve Deposit or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.Group IV

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Series 2004-Hyb2)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Following all distributions to be made pursuant to Section 4.01 on a Distribution Date, all Realized Losses determined by the Master Servicer as described in (a) above on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date (i) first, to payments received under the Interest Rate Cap Agreement and (ii) second, in reverse sequential order to the related Subordinate Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, (i) with respect to Collateral Pool 1, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates relating to Collateral Pool 1 to zero, all such Realized Losses, other than Excess Losses, will be allocated on any Distribution Date to the Class 1-A1A Certificates and the Class 1-A1B Certificates as set forth below (if the Realized Loss is on a Group 1-1 Mortgage Loan), to the Class 1-A2A Certificates and the Class 1-A23B Certificates as set forth below (if the Realized Loss is on a Group 1-2 Mortgage Loan), to the Class 1-A3A Certificates and the Class 1-A23B Certificates as set forth below (if the Realized Loss is on a Group 1-3 Mortgage Loan) or to the Class 1-A4A Certificates and the Class 1-A4B Certificates as set forth below (if the Realized Loss is on a Group 1-4 Mortgage Loan) and (ii) with respect to Collateral Pool 2, upon the reduction of the Certificate Principal Balances of the Subordinate Certificates relating to Collateral Pool 2 to zero, the Non-PO Percentage of such Realized Losses, other than Excess Losses, will be allocated on any Distribution Date to the Class 2-1A Certificates (if the Realized Loss is on a Group 2-1 Mortgage Loan or Mortgage Loan Component) and the Class 2-2A Certificates as set forth below (if the Realized Loss is on a Subgroup 2-2 Mortgage Loan or Mortgage Loan Component. If Realized Losses shall are on a Class PO Mortgage Loan, the Class PO Percentage of such Realized Losses will be allocated among to the Class 2-PO Certificates). Excess Losses on the Group 1 Mortgage Loans will be allocated on any Distribution Date by allocating (i) the related Group 1 Senior Percentage of the Excess Loss to the Class 1-A1A Certificates and Class 1-A1B Certificates as set forth below (if the Excess Loss is on a Group 1-1 Mortgage Loan), to the Class 1-A2A Certificates and Class 1-A23B Certificates as set forth below (if the Excess Loss is on a Group 1-2 Mortgage Loan), to the Class 1-A3A Certificates and Class 1-A23B Certificates as set forth below (if the Excess Loss is on a Group 1-3 Mortgage Loan) or to the Class 1-A4A Certificates and Class 1-A4B Certificates as set forth below (if the Excess Loss is on a Group 1-4 Mortgage Loan) and (ii) the Group 1 Subordinate Percentage (related to the Loan Group in which the Mortgage Loan that suffered the Excess Loss is included) of the Excess Loss to the Group 1 Subordinate Certificates on a PRO RATA basispro rata basis based on their respective Certificate Principal Balances. Any Excess Losses attributable on the Group 2 Mortgage Loans will be allocated on any Distribution Date by allocating (i) the related Group 2 Senior Percentage of the Non-PO Percentage of the Excess Loss to any the Class 2-1A Certificates as described below (if the Excess Loss is on a Subgroup 2-2 Mortgage Loan shall be allocated among all or Mortgage Loan Component) and Class 2-2A Certificates as set forth below (if the Excess Loss is on a Subgroup 2-2 Mortgage Loan or Mortgage Loan Component) and (ii) the related Group 2 Subordinate Percentage (related to the Subgroup in which the Mortgage Loan or Mortgage Loan Component that suffered the Excess Loss is included) of the Non-PO Percentage of the Excess Loss to the Group 2 Subordinate Certificates on a PRO RATA basispro rata basis based on their respective Certificate Principal Balances. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H 1 will be allocated on any distribution date Distribution Date as follows: first, to the Class 1-B6 Certificates; second, to the Class 1-B5 Certificates; third, to the Class 1-B4 Certificates; fourth, to the Class 1-B3 Certificates; fifth, to the Class 1-B2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the any Extraordinary Trust Fund Expenses relating to Collateral Pool H 1 will be allocated on any distribution date Distribution Date among the Group H 1 Class A Certificates on a PRO RATA pro rata basis based on their respective Certificate Principal Balances. Any Extraordinary Trust Fund Expenses relating to Collateral Pool A 2 will be allocated on any distribution date Distribution Date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A 2 will be allocated on any 102 distribution date Distribution Date among the Group 2 Class A-A Certificates and the Class A2-X PO Certificates on a PRO RATA pro rata basis based on their respective Certificate Principal Balances. Notwithstanding the foregoing, with respect to Collateral Pool 1, (i) any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expenses relating Expense that is allocated to Collateral Pool W the Class 1-A1A Certificates and Class 1-A1B Certificates will be allocated between such classes on a pro rata basis; provided that any distribution date as follows: first, Realized Losses (other than any Excess Losses) so allocated to the Class 31-B6 Certificates; second, A1A Certificates and Class 1-A1B Certificates will be allocated first to the Class 31-B5 Certificates; third, A1B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 31-B4 A1A Certificates; fourth, . Any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class 31-B3 Certificates; fifth, to the A2A Certificates and Class 31-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until A23B Certificates will be allocated between such classes on a pro rata basis (based on the Certificate Principal Balance of the related class Class 1-A2A Certificates and the Component Principal Balance of the 1-A2B Component); provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 1-A2A Certificates and Class 1-A23B Certificates will be allocated first to the Class 1-A23B Certificates to the extent of the Component Principal Balance of the 1-A2B Component until the Component Principal Balance of the 1-A2B Component has been reduced to zerozero and then to the Class 1-A2A Certificates. Thereafter, the Any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expenses relating Expense that is allocated to the Class 1-A23A Certificates and Class 1-A3B Certificates will be allocated between such classes on a pro rata basis; provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 1-A3A Certificates and Class 1-A23B Certificates to the extent of the Component Principal Balance of the 1-A3B Component until the Component Principal Balance of the 1-A3B Component has been reduced to zero and then to the Class 1-A3A Certificates. Any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class 1-A4A Certificates and Class 1-A4B Certificates will be allocated between such classes on a pro rata basis; provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 1-A4A Certificates and Class 1-A4B Certificates will be allocated first to the Class 1-A4B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 1-A4A Certificates Notwithstanding the foregoing, with respect to Collateral Pool W 2, any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class 2-1A Certificates will be allocated between the Class 2-A1 Certificates and the Class 2-A3 Certificates on a pro rata basis; provided that any distribution date Realized Losses (other than any Excess Losses) so allocated to the Group W Class A 2-1A Certificates will be allocated first to the Class 2-A3 Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 2-A1 Certificates. Any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class 2-2A Certificates will be allocated between the Class 2-A4 Certificates and the Class 2-A6 Certificates on a pro rata basis; provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 2-2A Certificates will be allocated first to the Class 2-A6 Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 2-A4 Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralizationovercollateralization, until the Overcollateralization overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA “pro rata basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. Any allocation of a Realized Loss of Extraordinary Trust Fund Expense to a Certificate shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date following the Prepayment Period in which such Realized Loss was incurred. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-6)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order to the related Subordinate Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all (i) the Non-PO Percentage of Realized Losses shall be allocated among the related Senior Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the related Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H (other than Excess Losses) will be allocated on any distribution date Distribution Date to the Class 1-A1 Certificates, if the Realized Loss is on a Group 1 Mortgage Loan or to Group 2 Class A Certificates (in the manner described below) if the Realized Loss is on a Group 2 Mortgage Loan or (ii) if Realized Losses are on a Class PO Mortgage Loan, such Realized Losses will be allocated to the related Class PO Certificates in an amount equal to the related Class PO Percentage of the Realized Losses and the remainder of the Realized Losses will be allocated on any Distribution Date to the Class 1-A1 Certificates, if the Realized Loss is on a Group 1 Mortgage Loan or to Group 2 Class A Certificates (in the manner described below) if the Realized Loss is on a Group 2 Mortgage Loan. Excess Losses on the Mortgage Loans will be allocated on any Distribution Date by allocating (i) the related Senior Percentage of the Non-PO Percentage of the Excess Loss to the Class 1-A1 Certificates (if the Excess Loss is on a Group 1 Mortgage Loan) or to the Group 2 Class A Certificates in the manner described below (if the Excess Loss is on a Group 2 Mortgage Loan) and (ii) the related Subordinate Percentage (related to the loan group in which the Mortgage Loan that suffered the Excess Loss is included) of the Non-PO Percentage of the Excess Loss to the Subordinate Certificates on a pro rata basis based on their Certificate Principal Balances. Excess Losses on a Class PO Mortgage Loan will be allocated to the related Class PO Certificates in an amount equal to the related Class PO Percentage of the Excess Losses and the remainder of the Excess Losses will be allocated by allocating (i) the related Senior Percentage of the Non-PO Percentage of the Excess Loss to the Class 1-A1 Certificates (if the Excess Loss is on a Group 1 Mortgage Loan) or to the Group 2 Class A Certificates in the manner described below (if the Excess Loss is on a Group 2 Mortgage Loan) and (ii) the related Subordinate Percentage (related to the loan group in which the Mortgage Loan that suffered the Excess Loss is included) of the Non-PO Percentage of the Excess Loss to the Subordinate Certificates on a pro rata basis based on their Certificate Principal Balances. Any Extraordinary Trust Fund Expenses will be allocated on any Distribution Date as follows: first, to the Class 1-B6 Certificates; second, to the Class 1-B5 Certificates; third, to the Class 1-B4 Certificates; fourth, to the Class 1-B3 Certificates; fifth, to the Class 1-B2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Class A Certificates and the Class PO Certificates on a pro rata basis based on their respective Certificate Principal Balances. Notwithstanding the foregoing, any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Group H 2 Class A Certificates will be allocated among the classes of Group 2 Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be pro rata basis; provided that any Realized Losses (other than any Excess Losses) so allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, A1A Certificates and Class 2-A1B Certificates will be allocated first to the Class 2-B5 Certificates; third, A1B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A A1A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralizationovercollateralization, until the Overcollateralization overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA “pro rata basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. Any allocation of a Realized Loss of Extraordinary Trust Fund Expense to a Certificate shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date following the Prepayment Period in which such Realized Loss was incurred. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount).

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-4)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be either included in the related Remittance Report or evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the Interest Distribution Amount for the Class CE Certificates for the related Subordinate Interest Accrual Period; second, to payments received under the Interest Rate Cap Agreement and Net Swap Payments received under the Interest Rate Swap Agreement, third, to the Class CE Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-11 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M-9 Certificates until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; thirteenth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and fourteenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as and any allocation of Realized Losses to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Distribution Date in Class A Certificates or the month following Class P Certificates. (c) All Realized Losses on the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will Mortgage Loans shall be allocated on any distribution date each Distribution Date to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-26-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated pro rata between such REMIC I Regular Interests. (d) All Realized Losses on the Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the Class 1-B6 CertificatesREMIC II Regular Interest LTAA and REMIC II Regular Interest LTZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Class 1-B5 CertificatesUncertificated Balances of the REMIC II Regular Interest LTAA and REMIC II Regular Interest LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM11 and REMIC II Regular Interest LTZZ, 98%, 1-B4 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM11 has been reduced to zero; fourth, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM10 and REMIC II Regular Interest LTZZ, 98%, 1-B3 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM10 has been reduced to zero; fifth, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM9 and REMIC II Regular Interest LTZZ, 98%, 1-B2 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM9 has been reduced to zero; sixth, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM8 and REMIC II Regular Interest LTZZ, 98%, 1-B1 Certificates % and seventh1%, to the Class 1-M Certificatesrespectively, in each case until the Certificate Principal Uncertificated Balance of the related class REMIC II Regular Interest LTM8 has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first; seventh, to the Class 2-B6 Certificates; secondUncertificated Balances of REMIC II Regular Interest LTAA, to the Class 2-B5 Certificates; thirdREMIC II Regular Interest LTM7 and REMIC II Regular Interest LTZZ, to the Class 2-B4 Certificates; fourth98%, to the Class 2-B3 Certificates; fifth1% and 1%, to the Class 2-B2 Certificates; and sixthrespectively, to the Class 2-B1 Certificates, in each case until the Certificate Principal Uncertificated Balance of the related class REMIC II Regular Interest LTM7 has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first; eighth, to the Class 3-B6 Certificates; secondUncertificated Balances of REMIC II Regular Interest LTAA, to the Class 3-B5 Certificates; thirdREMIC II Regular Interest LTM6 and REMIC II Regular Interest LTZZ, to the Class 3-B4 Certificates; fourth98%, to the Class 3-B3 Certificates; fifth1% and 1%, to the Class 3-B2 Certificates; and sixthrespectively, to the Class 3-B1 Certificates, in each case until the Certificate Principal Uncertificated Balance of the related class REMIC II Regular Interest LTM6 has been reduced to zero. Thereafter; ninth, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method Uncertificated Balances of allocation of Realized Losses REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM5 and Extraordinary Fund Expenses aboveREMIC II Regular Interest LTZZ, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated98%, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization1% and 1%, respectively, until the Overcollateralization is Uncertificated Balance of REMIC II Regular Interest LTM5 has been reduced to zero; tenth, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM4 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the priorities set forth above. As used herein, an allocation Uncertificated Balance of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specifiedREMIC II Regular Interest LTM4 has been reduced to zero; eleventh, to each such Class the Uncertificated Balances of Certificates on REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM3 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the basis Uncertificated Balance of their then outstanding Certificate Principal Balances prior REMIC II Regular Interest LTM3 has been reduced to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion zero; twelfth, to the Percentage Interests evidenced thereby. (c) Notwithstanding anything Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM2 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM2 has been reduced to zero and thirteenth, to the contrary hereinUncertificated Balances of REMIC II Regular Interest LTAA, in no event shall REMIC II Regular Interest LTM1 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Certificate Principal Uncertificated Balance of a Class A Certificate be REMIC II Regular Interest LTM1 has been reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amountzero.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Wfhe4)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Following all distributions to be made pursuant to Section 4.01 on a Distribution Date, all Realized Losses determined by the Master Servicer as described in (a) above on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order to the related Subordinate Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses shall be allocated among the related Senior Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the related Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H Losses, other than Excess Losses, will be allocated on any distribution date Distribution Date to the Class A1A Certificates and the Class A134B Certificates as described below (if the Realized Loss is on a Group 1 Mortgage Loan), to the Class A2A Certificates and the Class A2B Certificates as described below (if the Realized Loss is on a Group 2 Mortgage Loan), to the Class A3A Certificates and the Class A134B Certificates as described below (if the Realized Loss is on a Group 3 Mortgage Loan), to the Class A4A Certificates and the Class A134B Certificates as described below (if the Realized Loss is on a Group 4 Mortgage Loan) or to the Class A5A Certificates and the Class A5B Certificates as described below (if the Realized Loss is on a Group 5 Mortgage Loan). Excess Losses on the Mortgage Loans will be allocated on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class A1A Certificates and Class A134B Certificates as described below (if the Excess Loss is on a Group 1 Mortgage Loan), to the Class A2A Certificates and Class A2B Certificates as described below (if the Excess Loss is on a Group 2 Mortgage Loan), to the Class A3A Certificates and Class A134B Certificates as described below (if the Excess Loss is on a Group 3 Mortgage Loan), to the Class A4A Certificates and the Class A134B Certificates as described below (if the Realized Loss is on a Group 4 Mortgage Loan) or to the Class A5A Certificates and the Class A5B Certificates as described below (if the Realized Loss is on a Group 5 Mortgage Loan), and (ii) the Subordinate Percentage (related to the loan group in which the mortgage loan that suffered the Excess Loss is included) of the Excess Loss to the Subordinate Certificates on a pro rata basis based on their respective Certificate Principal Balances. Any Extraordinary Trust Fund Expenses will be allocated on any Distribution Date as follows: first, to the Class 1-B6 Certificates; second, to the Class 1-B5 Certificates; third, to the Class 1-B4 Certificates; fourth, to the Class 1-B3 Certificates; fifth, to the Class 1-B2 Certificates; sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the any Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date Distribution Date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA pro rata basis based on their respective Certificate Principal BalancesBalance. Notwithstanding the foregoing, any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expenses relating Expense that is allocated to Collateral Pool W the Class A1A Certificates and Class A134B Certificates will be allocated between such classes on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until a pro rata basis (based on the Certificate Principal Balance of the related class Class A1A Certificates and the Component Principal Balance of the A1B Component); provided that any Realized Losses (other than any Excess Losses) so allocated to the Class A1A Certificates and Class A134B Certificates will be allocated first to the Class A134B Certificates to the extent of the Component Principal Balance of the A1B Component until the Component Principal Balance of the A1B Component has been reduced to zerozero and then to the Class A1A Certificates. Thereafter, the Any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expenses relating Expense that is allocated to Collateral Pool W the Class A2A Certificates and Class A2B Certificates will be allocated between such classes on a pro rata basis (based on the Certificate Principal Balance of the Class A2A Certificates and the Class A2B Certificates); provided that any distribution date Realized Losses (other than any Excess Losses) so allocated to the Group W Class A A2A Certificates and Class A2B Certificates will be allocated first to the Class A2B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class A2A Certificates. Any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class A3A Certificates and Class A134B Certificates will be allocated between such classes on a pro rata basis (based on the Certificate Principal Balance of the Class A3A Certificates and the Component Principal Balance of the A3B Component); provided that any Realized Losses (other than any Excess Losses) so allocated to the Class A3A Certificates and Class A134B Certificates will be allocated first to the Class A134B Certificates to the extent of the Component Principal Balance of the A3B Component until the Component Principal Balance of the A3B Component has been reduced to zero and then to the Class A3A Certificates. Any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class A4A Certificates and Class A134B Certificates will be allocated between such classes on a pro rata basis (based on the Certificate Principal Balance of the Class A4A Certificates and the Component Principal Balance of the A4B Component); provided that any Realized Losses (other than any Excess Losses) so allocated to the Class A4A Certificates and Class A134B Certificates will be allocated first to the Class A134B Certificates to the extent of the Component Principal Balance of the A4B Component until the Component Principal Balance of the A4B Component has been reduced to zero and then to the Class A4A Certificates. Any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class A5A Certificates and Class A5B Certificates will be allocated between such classes on a pro rata basis; provided that any Realized Losses (other than any Excess Losses) so allocated to the Class A5A Certificates and Class A5B Certificates will be allocated first to the Class A5B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class A5A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralizationovercollateralization, until the Overcollateralization overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA “pro rata basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. Any allocation of a Realized Loss of Extraordinary Trust Fund Expense to a Certificate shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date following the Prepayment Period in which such Realized Loss was incurred. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2007-Ar7)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be either included in the related Remittance Report or evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the Interest Distribution Amount for the Class CE Certificates for the related Subordinate Interest Accrual Period; second, to payments received under the cap contract, third, to the Class CE Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-13 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-12 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M-11 Certificates until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; thirteenth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourteenth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifteenth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and sixteenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as and any allocation of Realized Losses to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. (c) The REMIC I Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC I Regular Interests in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date specified percentages, as follows: first, to Uncertificated Interest payable to the Class 1REMIC I Regular Interest I-B6 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Class 1Uncertificated Balances of the REMIC I Regular Interest I-B5 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM13 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B4 CertificatesLTM13 has been reduced to zero; fourth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM12 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B3 CertificatesLTM12 has been reduced to zero; fifth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM11 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B2 CertificatesLTM11 has been reduced to zero; sixth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B1 Certificates and LTM10 has been reduced to zero; seventh, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LTZZ, 98%, 1-M Certificates% and 1%, in each case respectively, until the Certificate Principal Uncertificated Balance of REMIC I Regular Interest I-LTM9 has been reduced to zero; eighth, to the related class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM8 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM7 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM7 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM6 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; thirteenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; fourteenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero and fifteenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will The REMIC I Sub WAC Allocation Percentage of all Realized Losses shall be allocated applied after all distributions have been made on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: each Distribution Date first, so as to keep the Class 2-B6 CertificatesUncertificated Balance of each REMIC I Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the Class 2-B5 Certificates; third, designation “SUB,” so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the Class 2-B4 Certificates; fourth, to excess of (x) the Class 2-B3 Certificates; fifth, to aggregate Stated Principal Balance of the Class 2-B2 Certificates; and sixth, to Mortgage Loans in the Class 2-B1 Certificates, in each case until related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related class has been reduced to zero. ThereafterLoan Group (except that if any such excess is a larger number than in the preceding distribution period, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and Extraordinary Fund Expenses abovethird, if any Overcollateralization exists when remaining Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will shall be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced therebyREMIC I Regular Interest I-LTXX. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2005-He4)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; and sixth, to the Class B-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses shall be allocated among the related Senior Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the related Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. 77 Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated by the Trust Administrator on any distribution date each Distribution Date as follows: first, to the Class 1-B6 B-6 Certificates; second, to the Class 1-B5 B-5 Certificates; third, to the Class 1-B4 B-4 Certificates; fourth, to the Class 1-B3 B-3 Certificates; fifth, to the Class 1-B2 B-2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M B-1 Certificates, in each case until the Certificate Principal Balance of the related class thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the Subordinate Certificates to zero, such Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated on any distribution date among the Group H Class A Senior Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificatesbasis. Notwithstanding the method of allocation of Realized Losses and Extraordinary Trust Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Salo Mort Ln Tr Ser 2001-Cpb1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order to the related Subordinate Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, (i) with respect to Collateral Pool I, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated among to the Class I-A1 Certificates and the Class I-AB Certificates as described below (if such Realized Loss is on a Group I-1 Mortgage Loan) or to the Class I-A2 Certificates and the Class I-AB Certificates as described below (if such Realized Loss is on a Group I-2 Mortgage Loan) and (ii) with respect to Collateral Pool II, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated to the Group II Class A Certificates on a pro rata basis. Excess Losses on the Group I Mortgage Loans will be allocated on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class I-A1 Certificates and the Class I-AB Certificates as described below (if such Excess Loss is on a Group I-1 Mortgage Loan) or to the Class I-A2 Certificates and the Class I-AB Certificates as described below (if such Excess Loss is on a Group I-2 Mortgage Loan) and (ii) the related Group I Subordinate Percentage of the Excess Loss to the Group I Subordinate Certificates on a PRO RATA pro rata basis. Excess Losses on the Mortgage Loans in Collateral Pool II will be allocated on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Group II Class A Certificates on a pro rata basis and (ii) the Group II Subordinate Percentage of the Excess Loss to the Group II Subordinate Certificates on a pro rata basis. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the related Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H I will be allocated on any distribution date Distribution Date as follows: first, to the Class 1I-B6 Certificates; second, to the Class 1I-B5 Certificates; third, to the Class 1I-B4 Certificates; fourth, to the Class 1I-B3 Certificates; fifth, to the Class 1I-B2 Certificates; and sixth, to the Class 1I-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of such Class has been reduced to zero. Thereafter, any Extraordinary Trust Fund Expenses relating to Collateral Pool I will be allocated on any Distribution Date among the related class Group I Class A Certificates on a pro rata basis. Any Extraordinary Trust Fund Expenses relating to Collateral Pool II will be allocated on any Distribution Date as follows: first, to the Class II-B6 Certificates; second, to the Class II-B5 Certificates; third, to the Class II-B4 Certificates; fourth, to the Class II-B3 Certificates; fifth, to the Class II-B2 Certificates; and sixth, to the Class II-B1 Certificates, in each case until the Certificate Principal Balance of such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H II will be allocated on any distribution date Distribution Date among the Group H II Class A Certificates on a PRO RATA basis based on their Certificate Principal Balancespro rata basis. Extraordinary Trust Fund Expenses relating Notwithstanding the foregoing, any Realized Loss (including any Excess Loss) that is allocated to Collateral Pool A the Class I-A1 Certificates and Class I-AB Certificates will be allocated between such classes on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until a pro rata basis (based on the Certificate Principal Balance of the related class Class I-A1 Certificates and the Component Principal Balance of the I-A1 Component); provided that any Realized Losses (other than any Excess Losses) so allocated to the Class I-A1 Certificates and Class I-AB Certificates will be allocated first to the Class I-AB Certificates to the extent of the Component Principal Balance of the I-A1 Component until the Component Principal Balance of the I-A1 Component has been reduced to zerozero and then to the Class I-A1 Certificates. Thereafter, the Any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expenses relating Expense that is allocated to Collateral Pool A the Class I-A2 Certificates and Class I-AB Certificates will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates between such classes on a PRO RATA pro rata basis (based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class Class I-A2 Certificates and the Component Principal Balance of the I-A2 Component); provided that any Realized Losses other than any Excess Losses) so allocated to the Class I-A2 Certificates and Class I-AB Certificates will be allocated first to the Class I-AB Certificates to the extent of the Component Principal Balance of the I-A2 Component until the Component Principal Balance of the I-A2 Component has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date zero and then to the Group W Class A I-A2 Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralizationovercollateralization, until the Overcollateralization overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA “pro rata basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. Any allocation of a Realized Loss of Extraordinary Trust Fund Expense to a Certificate shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date following the Prepayment Period in which such Realized Loss was incurred. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2006-Ar2)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trustee on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; and sixth, to the Class B-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all if Realized Losses shall are on a Class IO Mortgage Loan, such Realized Losses will be allocated among on any Distribution Date first, to any amounts on deposit in the Excess Diverted Interest Reserve Account and second, to the Class A-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan, to the Class A-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan and to the Class A-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan, in each case, to the extent not covered by the Subordinate Certificates. If Realized Losses are on a Class PO Mortgage Loan, such Realized Losses will be allocated first, to any amounts on deposit in the Excess Diverted Interest Reserve Account, second, to the Class PO-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan, to the Class PO-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan and third, to the Class PO-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan, in each case, in an amount equal to the related Senior Certificates Class PO Percentage of the Realized Losses and third, the remainder of the Realized Losses will be allocated on any Distribution Date to the Class A-1 Certificates, if the Realized Loss is on a PRO RATA basisGroup I Mortgage Loan, to the Class A-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan and to the Class A-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan, in each case, to the extent not covered by the Subordinate Certificates. Any If a Realized Loss is allocated to the Excess Diverted Interest Reserve Account, the Trustee shall pay the Group I Excess Diverted Interest Reserve Deposit, the Group II Excess Diverted Interest Reserve Deposit or the Group III Excess Diverted Interest Reserve Deposit, as applicable, to the Available Distribution Amount to which the Realized Loss relates. Excess Losses attributable to any on a Class IO Mortgage Loan shall be allocated among all on any Distribution Date by allocating the related Certificates Senior Percentage of the Excess Loss to the Class A-1 Certificates, if the Realized Loss is on a PRO RATA basis. Any allocation of a Group I Mortgage Loan, to the Class A-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan and to the Class A-3 Certificates, if the Realized Loss is on a Certificate Group III Mortgage Loan, and the Group I Subordinate Percentage, the Group II Subordinate Percentage or the Group III Subordinate Percentage, as applicable, of the Excess Loss to the Subordinate Certificates. Excess Losses on a Class PO Mortgage Loan will be made by reducing allocated to the Certificate Principal Balance thereof by Class PO-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan, to the Class PO-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan and to the Class PO-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan, in an amount so allocated as equal to the related Class PO Percentage of the Excess Losses and the remainder of the Excess Losses will be allocated on any Distribution Date in to the month following Class A Certificates by allocating the calendar month in which such related Senior Percentage of the Excess Loss to the Class A-1 Certificates, if the Realized Loss was incurredis on a Group I Mortgage Loan, to the Class A-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan and to the Class A-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan, and the Group I Subordinate Percentage, the Group II Subordinate Percentage or the Group III Subordinate Percentage, as applicable, of the Excess Loss to the Subordinate Certificates. Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated on any distribution date Distribution Date as follows: first, to the Class 1-B6 B-6 Certificates; second, to the Class 1-B5 B-5 Certificates; third, to the Class 1-B4 B-4 Certificates; fourth, to the Class 1-B3 B-3 Certificates; fifth, to the Class 1-B2 B-2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M B-1 Certificates, in each case until the Certificate Principal Balance of the related class Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date Distribution Date among the Group H I Senior Certificates (other than the Class A IO-1 Certificates), the Group II Senior Certificates (other than the Class IO-2 Certificates) or the Group III Senior Certificates (other than the Class IO-3 Certificates), as applicable, on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth abovebasis. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the related Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgag Loan Trust Series 2003-Up3)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be either included in the related Remittance Report or evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the Interest Distribution Amount for the Class CE Certificates for the related Subordinate Interest Accrual Period; second, to payments received under the Interest Rate Cap Agreement and Net Swap Payments received under the Interest Rate Swap Agreement, third to amounts on deposit in the Reserve Fund, fourth, to the Class CE Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; fifth, to the Class M-11 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M-10 Certificates until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; thirteenth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourteenth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and fifteenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as and any allocation of Realized Losses to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Distribution Date in Class A Certificates or the month following Class P Certificates. (c) Realized Losses on the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will Mortgage Loans shall be allocated on any distribution date each Distribution Date to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-49-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated pro rata between such REMIC I Regular Interests. (d) All Realized Losses on the Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the Class 1-B6 CertificatesREMIC II Regular Interest LTAA and REMIC II Regular Interest LTZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Class 1-B5 CertificatesUncertificated Balances of the REMIC II Regular Interest LTAA and REMIC II Regular Interest LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM11 and REMIC II Regular Interest LTZZ, 98%, 1-B4 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM11 has been reduced to zero; fourth, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM10 and REMIC II Regular Interest LTZZ, 98%, 1-B3 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM10 has been reduced to zero; fifth, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM9 and REMIC II Regular Interest LTZZ, 98%, 1-B2 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM9 has been reduced to zero; sixth, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM8 and REMIC II Regular Interest LTZZ, 98%, 1-B1 Certificates % and seventh1%, to the Class 1-M Certificatesrespectively, in each case until the Certificate Principal Uncertificated Balance of the related class REMIC II Regular Interest LTM8 has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first; seventh, to the Class 2-B6 Certificates; secondUncertificated Balances of REMIC II Regular Interest LTAA, to the Class 2-B5 Certificates; thirdREMIC II Regular Interest LTM7 and REMIC II Regular Interest LTZZ, to the Class 2-B4 Certificates; fourth98%, to the Class 2-B3 Certificates; fifth1% and 1%, to the Class 2-B2 Certificates; and sixthrespectively, to the Class 2-B1 Certificates, in each case until the Certificate Principal Uncertificated Balance of the related class REMIC II Regular Interest LTM7 has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first; eighth, to the Class 3-B6 Certificates; secondUncertificated Balances of REMIC II Regular Interest LTAA, to the Class 3-B5 Certificates; thirdREMIC II Regular Interest LTM6 and REMIC II Regular Interest LTZZ, to the Class 3-B4 Certificates; fourth98%, to the Class 3-B3 Certificates; fifth1% and 1%, to the Class 3-B2 Certificates; and sixthrespectively, to the Class 3-B1 Certificates, in each case until the Certificate Principal Uncertificated Balance of the related class REMIC II Regular Interest LTM6 has been reduced to zero. Thereafter; ninth, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method Uncertificated Balances of allocation of Realized Losses REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM5 and Extraordinary Fund Expenses aboveREMIC II Regular Interest LTZZ, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated98%, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization1% and 1%, respectively, until the Overcollateralization is Uncertificated Balance of REMIC II Regular Interest LTM5 has been reduced to zero; tenth, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM4 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the priorities set forth above. As used herein, an allocation Uncertificated Balance of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specifiedREMIC II Regular Interest LTM4 has been reduced to zero; eleventh, to each such Class the Uncertificated Balances of Certificates on REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM3 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the basis Uncertificated Balance of their then outstanding Certificate Principal Balances prior REMIC II Regular Interest LTM3 has been reduced to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion zero; twelfth, to the Percentage Interests evidenced thereby. (c) Notwithstanding anything Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM2 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM2 has been reduced to zero and thirteenth, to the contrary hereinUncertificated Balances of REMIC II Regular Interest LTAA, in no event shall REMIC II Regular Interest LTM1 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Certificate Principal Uncertificated Balance of a Class A Certificate be REMIC II Regular Interest LTM1 has been reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amountzero.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Wfhe3)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) With respect to the REMIC I Regular Interests: all Realized Losses on the Group I/IV Mortgage Loans shall be applied after all distributions pursuant to Section 4.08 have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation "A," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group over (y) the Certificate Principal Balance of the Senior Certificates in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses shall be allocated to REMIC I Regular Interest LT-1/4ZZ; With respect to REMIC II Regular Interests: all Realized Losses on the Group V Mortgage Loans shall be applied after all distributions pursuant to Section 4.08 have been made on each Distribution Date to REMIC II Regular Interest LT-5 (except that if a Realized Loss is recognized with respect to a Class PO Mortgage Loan, the Class PO Percentage of such Realized Loss will be allocated to REMIC II Regular Interest LT-PO). All Realized Losses on the Group I/IV Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trustee on each Distribution Date in reverse sequential order as follows: first, to the Class BV-6 Certificates; second, to the Class BV-5 Certificates; third, to the Class BV-4 Certificates; fourth, to the Class BV-3 Certificates; fifth, to the Class BV-2 Certificates; and sixth, to the Class BV-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. 106 Thereafter, upon the reduction of the Certificate Principal Balances of the Group I/IV Subordinate Certificates to zero, all Realized Losses will be allocated on any Distribution Date first, to any amounts on deposit in the related Subordinate Excess Diverted Interest Reserve Account and second, to the Class AV-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan, to the Class AV-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan, to the Class AV-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan and to the Class AV-4 Certificates, if the Realized Loss is on a Group IV Mortgage Loan. If a Realized Loss is allocated to the Excess Diverted Interest Reserve Account, the Trustee shall pay the Group I Excess Diverted Interest Reserve Deposit, the Group II Excess Diverted Interest Reserve Deposit, the Group III Excess Diverted Interest Reserve Deposit or the Group IV Excess Diverted Interest Reserve Deposit, as applicable, to the Group I/IV Available Distribution Amount to which the Realized Loss relates. All Realized Losses on the Group V Mortgage Loans (other than Excess Losses) shall be allocated by the Trustee on each Distribution Date as follows: first, to the Class BF-6 Certificates; second, to the Class BF-5 Certificates; third, to the Class BF-4 Certificates; fourth, to the Class BF-3 Certificates; fifth, to the Class BF-2 Certificates; and sixth, to the Class BF-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Group V Subordinate Certificates to zero, all if Realized Losses shall are on a Class IO Mortgage Loan, such Realized Losses will be allocated on any Distribution Date to the Class AF Certificates. If Realized Losses are on a Class PO Mortgage Loan, such Realized Losses will be allocated to the Class PO Certificates in an amount equal to the Class PO Percentage of the Realized Losses and the remainder of the Realized Losses will be allocated on any Distribution Date to the Class AF. With respect to the Mortgage Loans in any Loan Group I, Loan Group II, Loan Group III or Loan Group IV, Excess Losses will be allocated on any Distribution Date among all the related Senior Classes of Regular Certificates on a PRO RATA basis. Any With respect to the Group V Mortgage Loans, Excess Losses attributable to any on a Class IO Mortgage Loan shall will be allocated among all on any Distribution Date by allocating the related Group V Senior Percentage of the Excess Loss to the Class AF Certificates and the Group V Subordinate Percentage of the Excess Loss to the Group V Subordinate Certificates. With respect to the Group V Mortgage Loans, Excess Losses on a PRO RATA basis. Any allocation Class PO Mortgage Loan will be allocated to the Class PO Certificates in an amount equal to the related Class PO Percentage of a Realized the Excess Losses and the remainder of the Excess Losses will be allocated on any Distribution Date to the Group V Senior Certificates by allocating the related Group V Senior Percentage of the Excess Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by related Group V Senior Certificates and the amount so allocated as Group V Subordinate Percentage of the Distribution Date in Excess Loss to the month following the calendar month in which such Realized Loss was incurredGroup V Subordinate Certificates. Extraordinary Trust Fund Expenses relating to Collateral Pool H will Loan Group I, Loan Group II, Loan Group III and Loan Group IV shall be allocated by the Trustee on any distribution date each Distribution Date as follows: first, to the Class 1-B6 BV-6 Certificates; second, to the Class 1-B5 BV-5 Certificates; third, to the Class 1-B4 BV-4 Certificates; fourth, to the Class 1-B3 BV-3 Certificates; fifth, to the Class 1-B2 BV-2 Certificates; and sixth, to the Class 1-B1 Certificates and seventhBV-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the Group 107 Extraordinary Trust Fund Expenses relating to Loan Group I will be allocated on any Distribution Date as follows: first, to the Class 1-M BF-6 Certificates; second, to the Class BF-5 Certificates; third, to the Class BF-4 Certificates; fourth, to the Class BF-3 Certificates; fifth, to the Class BF-2 Certificates; and sixth, to the Class BF-1 Certificates, in each case until the Certificate Principal Balance of the related class Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date Distribution Date among the Group H Class A V Senior Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth abovebasis. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Salomon Mortgage Loan Trust Series 2003-Nbc1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order as follows: first, to the Interest Distribution Amount for the Class CE Certificates for the related Subordinate Interest Accrual Period; second, to the Class CE Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; third, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fourth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-2 Certificates until the Certificate Principal Balance thereof has been reduced to zero; and sixth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on and any distribution date as follows: first, to the Class 1-B6 Certificates; second, to the Class 1-B5 Certificates; third, to the Class 1-B4 Certificates; fourth, to the Class 1-B3 Certificates; fifth, to the Class 1-B2 Certificates; sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to shall be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first made to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Dateof the Class A Certificates or the Class P Certificates. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything . All Realized Losses on the Mortgage Loans shall be allocated by the Paying Agent on each Distribution Date to the contrary hereinfollowing REMIC I Regular Interests in the specified percentages, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable as follows: first, to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) Uncertificated Interest payable to the Holder of such Certificate pursuant REMIC I Regular Interest I-LTA1 and REMIC I Regular Interest I-LTZZ up to Section 4.01(a) as a portion an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the Senior REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Distribution Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM10 has been reduced to zero; fourth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc. Asset-Backed Pass-Through Certificates, Series 2005-Wf1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order to the related Subordinate Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, (i) with respect to Collateral Pool I, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated among to the Group I Class A Certificates as set forth below; (ii) with respect to Collateral Pool II, upon the reduction of the Certificate Principal Balances of the related Senior Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated to the Class II-A1 Certificates (if such Realized Loss is on a Group II-1 Mortgage Loan); to the Class II-A2 Certificates, the Class II-A2A Certificates and the Class II-A2B Certificates on a PRO RATA pro rata basis. Any Excess Losses attributable , subject to any Mortgage Loan shall be allocated among all the related Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which Section 4.04(c) (if such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated is on any distribution date as follows: first, a Group II-2 Mortgage Loan); to the Class 1II-B6 CertificatesA3 Certificates (if such Realized Loss is on a Group II-3 Mortgage Loan); second, and to the Class 1II-B5 Certificates; third, to the Class 1-B4 Certificates; fourth, to the Class 1-B3 Certificates; fifth, to the Class 1-B2 Certificates; sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M A4 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.Class

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trustee on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; and sixth, to the Class B-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all if Realized Losses shall are on a Mortgage Loan or Mortgage Loan Component (other than a Class PO Mortgage Loan), such Realized Losses will be allocated among on any Distribution Date first, to any amounts on deposit in the Excess Diverted Interest Reserve Account and second, to the Class IA-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan or Group I Mortgage Loan Component in Subgroup IA-1, to the Class IA-2 Certificates, if the Realized Loss is on a Group I Mortgage Loan Component in Subgroup IA-2, to the Class IA-3 Certificates, if the Realized Loss is on a Group I Mortgage Loan or Group I Mortgage Loan Component in Subgroup IA-3, to the Class IIA-1 Certificates, if the Realized Loss is on a Group II Mortgage Loan or Group II Mortgage Loan Component in Subgroup IIA-1, to the Class IIA-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan Component in Subgroup IIA-2, to the Class IIA-3 Certificates, if the Realized Loss is on a Group II Mortgage Loan or Group II Mortgage Loan Component in Subgroup IIA-3, to the Class IIIA-1 Certificates, if the Realized Loss is on a Group III Mortgage Loan or Group III Mortgage Loan Component in Subgroup IIIA-1, to the Class IIIA-2 Certificates, if the Realized Loss is on a Group III Mortgage Loan or Group III Mortgage Loan Component in Subgroup IIIA-2, and to the Class IVA-1 Certificates, if the Realized Loss is on a Group IV Mortgage Loan, in each case, to the extent not covered by the Subordinate Certificates. If Realized Losses are on a Class PO Mortgage Loan, such Realized Losses will be allocated first, to any amounts on deposit in the Excess Diverted Interest Reserve Account, second, to the Class PO-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan, to the Class PO-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan, to the Class PO-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan, or to the Class PO-4 Certificates, if the Realized Loss is on a Group IV Mortgage Loan, in each case, in an amount equal to the related Senior Class PO Percentage of the Realized Losses and third, the remainder of the Realized Losses will be allocated on any Distribution Date to the Class IA-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan or Group I Mortgage Loan Component in Subgroup IA-1, to the Class IA-2 Certificates, if the Realized Loss is on a Group I Mortgage Loan Component in Subgroup IA-2, to the Class IA-3 Certificates, if the Realized Loss is on a Group I Mortgage Loan or Group I Mortgage Loan Component in Subgroup IA-3, to the Class IIA-1 Certificates, if the Realized Loss is on a Group II Mortgage Loan or Group II Mortgage Loan Component in Subgroup IIA-1, to the Class IIA-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan Component in Subgroup IIA-2, to the Class IIA-3 Certificates, if the Realized Loss is on a Group II Mortgage Loan or Group II Mortgage Loan Component in Subgroup IIA-3, to the Class IIIA-1 Certificates, if the Realized Loss is on a Group III Mortgage Loan or Group III Mortgage Loan Component in Subgroup IIIA-1, to the Class IIIA-2 Certificates, if the Realized Loss is on a Group III Mortgage Loan or Group III Mortgage Loan Component in Subgroup IIIA-2, and to the Class IVA-1 Certificates, if the Realized Loss is on a Group IV Mortgage Loan, in each case, to the extent not covered by the Subordinate Certificates. If a Realized Loss is allocated to the Excess Diverted Interest Reserve Account or unpaid interest shortfalls exist on the Class A Certificates related to the Undercollateralizated Subgroup or Subgroups, the Trustee shall pay the sum of the Subgroup IA-1 Excess Diverted Interest Reserve Deposit, the Subgroup IA-2 Excess Diverted Interest Reserve Deposit, the Subgroup IA-3 Excess Diverted Interest Reserve Deposit, the Subgroup IIA-1 Excess Diverted Interest Reserve Deposit, the Subgroup IIA-2 Excess Diverted Interest Reserve Deposit, the Subgroup IIA-3 Excess Diverted Interest Reserve Deposit, the Subgroup IIIA-1 Excess Diverted Interest Reserve Deposit, the Subgroup IIIA-2 Excess Diverted Interest Reserve Deposit and the Group IV Excess Diverted Interest Reserve Deposit first, concurrently, on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all basis (based on the aggregate unpaid interest shortfall in the related Certificates Subgroups) to the Available Distribution Amount for the Subgroups to which the unpaid interest shortfall relates until the aggregate amount of such interest shortfalls are reduced to zero and second, concurrently, on a PRO RATA basis. Any allocation basis (based on the aggregate principal balance of a Realized Losses in the related Subgroups) to the Available Distribution Amount for the Subgroups to which the Realized Loss relates until the aggregate principal balance of such Realized Losses are reduced to zero. Excess Losses on a Certificate Mortgage Loan or Mortgage Loan Component (other than a Class PO Mortgage Loan) shall be allocated on any Distribution Date by allocating the related Senior Percentage of the Excess Loss to the Class IA-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan or Group I Mortgage Loan Component in Subgroup IA-1, to the Class IA-2 Certificates, if the Realized Loss is on a Group I Mortgage Loan Component in Subgroup IA-2, to the Class IA-3 Certificates, if the Realized Loss is on a Group I Mortgage Loan or Group I Mortgage Loan Component in Subgroup IA-3, to the Class IIA-1 Certificates, if the Realized Loss is on a Group II Mortgage Loan or Group II Mortgage Loan Component in Subgroup IIA-1, to the Class IIA-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan Component in Subgroup IIA- 2, to the Class IIA-3 Certificates, if the Realized Loss is on a Group II Mortgage Loan or Group II Mortgage Loan Component in Subgroup IIA-3, to the Class IIIA-1 Certificates, if the Realized Loss is on a Group III Mortgage Loan or Group III Mortgage Loan Component in Subgroup IIIA-1, to the Class IIIA-2 Certificates, if the Realized Loss is on a Group III Mortgage Loan or Group III Mortgage Loan Component in Subgroup IIIA-2, and to the Class IVA-1 Certificates, if the Realized Loss is on a Group IV Mortgage Loan, and the Subgroup IA-1 Subordinate Percentage, the Subgroup IA-2 Subordinate Percentage, the Subgroup IA-3 Subordinate Percentage, the Subgroup IIA-1 Subordinate Percentage, the Subgroup IIA-2 Subordinate Percentage, the Subgroup IIA-3 Subordinate Percentage, the Subgroup IIIA-1 Subordinate Percentage, the Subgroup IIIA-2 Subordinate Percentage or the Group IV Subordinate Percentage, as applicable, of the Excess Loss to the Subordinate Certificates. Excess Losses on a Class PO Mortgage Loan will be made by reducing allocated to the Certificate Principal Balance thereof by Class PO-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan, to the Class PO-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan, to the Class PO-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan, and to the Class PO-4 Certificates, if the Realized Loss is on a Group IV Mortgage Loan, in an amount so allocated as equal to the related Class PO Percentage of the Excess Losses and the remainder of the Excess Losses will be allocated on any Distribution Date in (i) the month following related Senior Percentage of the calendar month in which such Excess Loss to the Class IA-1 Certificates, if the Realized Loss was incurredis on a Mortgage Loan or Mortgage Loan Component in Subgroup IA-1, to the Class IA-2 Certificates, if the Realized Loss is on a Mortgage Loan Component in Subgroup IA-2, to the Class IA-3 Certificates, if the Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup IA-3, to the Class IIA-1 Certificates, if the Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup IIA-1, to the Class IIA-2 Certificates, if the Realized Loss is on a Mortgage Loan Component in Subgroup IIA-2, to the Class IIA-3 Certificates, if the Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup IIA-3, to the Class IIIA-1 Certificates, if the Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup IIIA-1, to the Class IIIA-2 Certificates, if the Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup IIIA-2 and to the Class IVA-1 Certificates, if the Realized Loss is on a Group IV Mortgage Loan and (ii) the Subgroup IA-1 Subordinate Percentage, the Subgroup IA-2 Subordinate Percentage, the Subgroup IA-3 Subordinate Percentage, the Subgroup IIA-1 Subordinate Percentage, the Subgroup IIA-2 Subordinate Percentage, the Subgroup IIA-3 Subordinate Percentage, the Subgroup IIIA-1 Subordinate Percentage, the Subgroup IIIA-2 Subordinate Percentage or the Group IV Subordinate Percentage, as applicable, of the Excess Loss to the Subordinate Certificates. Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated on any distribution date Distribution Date as follows: first, to the Class 1-B6 B-6 Certificates; second, to the Class 1-B5 B-5 Certificates; third, to the Class 1-B4 B-4 Certificates; fourth, to the Class 1-B3 B-3 Certificates; fifth, to the Class 1-B2 B-2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M B-1 Certificates, in each case until the Certificate Principal Balance of the related class Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date Distribution Date among the Group H I Senior Certificates (other than the Class A XS-1 Certificates), the Group II Senior Certificates (other than the Class XS-2 Certificates), the Group III Senior Certificates (other than the Class XS-3 Certificates) or the Group IV Senior Certificates (other than the Class XS-4 Certificates) , as applicable, on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth abovebasis. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the related Senior Principal Distribution Amount, the related Class PO Principal Distribution Amount or the Subordinate Principal Distribution Amount, as the case may be. (d) Allocation of Realized Losses and Extraordinary Trust Fund Expenses to REMIC I Regular Interests and REMIC II Regular Interests. Realized Losses and Excess Losses shall be applied after all distributions have been made on each Distribution Date to the REMIC I Regular Interests as follows: WITH RESPECT TO REALIZED LOSSES AND EXCESS LOSSES ON MORTGAGE LOANS IN LOAN GROUP I: (a) Realized Losses and Excess Losses on Class PO Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT-1 and REMIC I Regular Interest I-LT-PO1, in t▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇n as the Non-Class PO Percentage and the Class PO-Percentage, respectively; (b) Realized Losses and Excess Losses on Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 5.50% per annum and less than 6.50% per annum shall be allocated to REMIC I Regular Interest I-LT-1 and REMIC I Regular Interest I-LT-2, in the same proportion as the Applicable Fraction divides such Mortgage Loan; (c) Realized Losses and Excess Losses on Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 6.50% per annum and less than 6.75% per annum shall be allocated to REMIC I Regular Interest I-LT-2 and REMIC I Regular Interest I-LT-3, in the same proportion as the Applicable Fraction divides such Mortgage Loan; and (d) Realized Losses and Excess Losses on Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 6.75% per annum shall be allocated to REMIC I Regular Interest I-LT-3. WITH RESPECT TO REALIZED LOSSES AND EXCESS LOSSES ON MORTGAGE LOANS IN LOAN GROUP II: (a) Realized Losses and Excess Losses on Class PO Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT-4 and REMIC I Regular Interest I-LT-PO2, in t▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇n as the Non-Class PO Percentage and the Class PO-Percentage, respectively; (b) Realized Losses and Excess Losses on Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 5.50% per annum and less than 6.00% per annum shall be allocated to REMIC I Regular Interest I-LT-4 and REMIC I Regular Interest I-LT-5, in the same proportion as the Applicable Fraction divides such Mortgage Loan; (c) Realized Losses and Excess Losses on Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 6.00% per annum and less than 6.75% per annum shall be allocated to REMIC I Regular Interest I-LT-5 and REMIC I Regular Interest I-LT-6, in the same proportion as the Applicable Fraction divides such Mortgage Loan; and (d) Realized Losses and Excess Losses on Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 6.75% per annum shall be allocated to REMIC I Regular Interest I-LT-6. WITH RESPECT TO REALIZED LOSSES AND EXCESS LOSSES ON MORTGAGE LOANS IN LOAN GROUP III: (a) Realized Losses and Excess Losses on Class PO Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT-7 and REMIC I Regular Interest I-LT-PO3, in t▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇n as the Non-Class PO Percentage and the Class PO-Percentage, respectively; (b) Realized Losses and Excess Losses on Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 5.00% per annum and less than 5.50% per annum shall be allocated to REMIC I Regular Interest I-LT-7 and REMIC I Regular Interest I-LT-8, in the same proportion as the Applicable Fraction divides such Mortgage Loan; and (c) Realized Losses and Excess Losses on Mortgage Loans with an Expense Adjusted Mortgage Rate greater than or equal to 5.50% per annum shall be allocated to REMIC I Regular Interest I-LT-8. WITH RESPECT TO REALIZED L

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc. Mortgage Pass-Through Certificates, Series 2004-Ncm1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be either included in the related Remittance Report (in form and format reasonably required and mutually agreed upon by the Servicer) or evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the Interest Distribution Amount for the Class CE Certificates for the related Subordinate Interest Accrual Period; second, Net Swap Payments received under the Interest Rate Swap Agreement; third, to the Class CE Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M-8 Certificates until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and thirteenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as and any allocation of Realized Losses to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Distribution Date in Class A Certificates or the month following Class P Certificates. (c) All Realized Losses on the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will Group I Mortgage Loans shall be allocated on any distribution date each Distribution Date to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-56-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated pro rata between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated on each Distribution Date to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-56-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated pro rata between such REMIC I Regular Interests. All Realized Losses on the Group III Mortgage Loans shall be allocated on each Distribution Date to REMIC I Regular Interest III-1-A through REMIC I Regular Interest III-56-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated pro rata between such REMIC I Regular Interests. (d) The REMIC II Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the Class 1-B6 CertificatesREMIC II Regular Interest LTAA and REMIC II Regular Interest LTZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Class 1-B5 CertificatesUncertificated Balances of the REMIC II Regular Interest LTAA and REMIC II Regular Interest LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM10 and REMIC II Regular Interest LTZZ, 98%, 1-B4 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM10 has been reduced to zero; fourth, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM9 and REMIC II Regular Interest LTZZ, 98%, 1-B3 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM9 has been reduced to zero; fifth, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM8 and REMIC II Regular Interest LTZZ, 98%, 1-B2 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM8 has been reduced to zero; sixth, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM7 and REMIC II Regular Interest LTZZ, 98%, 1-B1 Certificates % and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM7 has been reduced to zero; seventh, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM6 and REMIC II Regular Interest LTZZ, 98%, 1-M Certificates% and 1%, in each case respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM6 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM5 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM5 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM4 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM4 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM3 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM3 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM2 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM2 has been reduced to zero and twelfth, to the Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM1 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM1 has been reduced to zero. (e) The REMIC II Sub WAC Allocation Percentage of all Realized Losses shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC II Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC II Regular Interest ending with the designation “SUB,” so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related class has been reduced to zero. ThereafterLoan Group (except that if any such excess is a larger number than in the preceding distribution period, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation least amount of Realized Losses shall be applied to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and Extraordinary Fund Expenses abovethird, if any Overcollateralization exists when remaining Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will shall be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced therebyREMIC II Regular Interest LTXX. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ahl2)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master each Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master each Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master each Servicer shall be either included in the related Remittance Report (in form and format reasonably required and mutually agreed upon by Servicers) or evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master related Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the Interest Distribution Amount for the Class CE Certificates for the related Subordinate Interest Accrual Period; second, to payments received under the Interest Rate Cap Agreement, third, to the Class CE Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M-8 Certificates until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and thirteenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as and any allocation of Realized Losses to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. (c) The REMIC I Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC I Regular Interests in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date specified percentages, as follows: first, to Uncertificated Interest payable to the Class 1REMIC I Regular Interest I-B6 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Class 1Uncertificated Balances of the REMIC I Regular Interest I-B5 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B4 CertificatesLTM10 has been reduced to zero; fourth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B3 CertificatesLTM9 has been reduced to zero; fifth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B2 CertificatesLTM8 has been reduced to zero; sixth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM7 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B1 Certificates and LTM7 has been reduced to zero; seventh, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1-M Certificates% and 1%, in each case respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM6 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero and twelfth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero. (d) The REMIC I Sub WAC Allocation Percentage of all Realized Losses shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation “SUB,” so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related class has been reduced to zero. ThereafterLoan Group (except that if any such excess is a larger number than in the preceding distribution period, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and Extraordinary Fund Expenses abovethird, if any Overcollateralization exists when remaining Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will shall be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced therebyREMIC I Regular Interest I-LTXX. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-He3)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order to the related Subordinate Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, (i) with respect to Collateral Pool 1, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated among to the Class 1-A1 Certificates (if such Realized Loss is on a Group 1-1 Mortgage Loan), to the Class 1-A2 Certificates (if such Realized Loss is on a Group 1-2 Mortgage Loan), to the Class 1-A3 Certificates (if such Realized Loss is on a Group 1-3 Mortgage Loan), to the Class 1-A4 Certificates (if such Realized Loss is on a Group 1-4 Mortgage Loan); (ii) with respect to Collateral Pool 2, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, (A) all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated to the Class 2-A1A Certificates and the Class 2-A1B Certificates as described below (if the Excess Loss is on a Group 2-1 Mortgage Loan), to the Class 2-A2A Certificates and the Class 2-A2B Certificates as described below (if the Excess Loss is on a Group 2-2 Mortgage Loan), to the Class 2-A3A Certificates and the Class 2-A3B Certificates as described below (if the Excess Loss is on a Group 2-3 Mortgage Loan), or to the Class 2-A4 Certificates (if the Excess Loss is on a Group 2-4 Mortgage Loan), or to the Class 2-A5A Certificates and the Class 2-A5B Certificates as described below (if the Excess Loss is on a Group 2-5 Mortgage Loan). Excess Losses on the Group 1 Mortgage Loans will be allocated on any Distribution Date by allocating (i) the related Group 1 Senior Percentage of the Excess Loss to the Class 1-A1 Certificates (if such Excess Loss is on a Group 1-1 Mortgage Loan), to the Class 1-A2 Certificates (if such Excess Loss is on a Group 1-2 Mortgage Loan), to the Class 1-A3 Certificates Certificates (if such Excess Loss is on a Group 1-3 Mortgage Loan) and to the Class 1-A4 Certificates (if such Excess Loss is on a Group 1-4 Mortgage Loan) and (ii) the related Group 1 Subordinate Percentage of the Excess Loss to the Group 1 Subordinate Certificates on a PRO RATA basispro rata basis based on their Certificate Principal Balances. Any Excess Losses attributable to any on the Group 2 Mortgage Loan shall Loans will be allocated among all on any Distribution Date by allocating (i) the related Group 2 Senior Percentage of the Excess Loss to the Class 2-A1A Certificates and the Class 2-A1B Certificates as described below (if the Excess Loss is on a Group 2-1 Mortgage Loan), to the Class 2-A2A Certificates and the Class 2-A2B Certificates as described below (if the Excess Loss is on a Group 2-2 Mortgage Loan), to the Class 2-A3A Certificates and the Class 2-A3B Certificates as described below (if the Excess Loss is on a Group 2-3 Mortgage Loan), to the Class 2-A4 Certificates (if the Excess Loss is on Group 2-4 Mortgage Loan) or to the Class 2-A5A Certificates and the Class 2-A5B Certificates as described below (if the Excess Loss is on a Group 2-5 Mortgage Loan); and (ii) the related Group 2 Subordinate Percentage of the Excess Loss to the Group 2 Subordinate Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the pro rata basis based on their Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurredBalances. Extraordinary Trust Fund Expenses relating to Collateral Pool H 1 will be allocated on any distribution date Distribution Date as follows: first, to the Class 1-B6 Certificates; second, to the Class 1-B5 Certificates; third, to the Class 1-B4 Certificates; fourth, to the Class 1-B3 Certificates; fifth, to the Class 1-B2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H 1 will be allocated on any distribution date Distribution Date among the Group H 1 Class A Certificates on a PRO RATA pro rata basis based on their respective Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A 2 will be allocated on any distribution date Distribution Date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A 2 will be allocated on any 102 distribution date Distribution Date among the Group 2 Class A-A Certificates and Class A-X Certificates on a PRO RATA pro rata basis based on their respective Certificate Principal Balances. Extraordinary Trust Fund Expenses relating , subject to Collateral Pool W will be allocated on any distribution date reallocation as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificatesdescribed below. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralizationovercollateralization, until the Overcollateralization overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class 2-A1A Certificates and Class 2-A1B Certificates shall be allocated first to the Class 2-A1B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 2-A1-A Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class 2-A2A Certificates and Class 2-A2B Certificates shall be allocated first to the Class 2-A2B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 2-A2A Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class 2-A3A Certificates and Class 2-A3B Certificates shall be allocated first to the Class 2-A3B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 2-A3A Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class 2-A5A and the Class 2-A5B Certificates shall be allocated first to the Class 2-A5B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 2-A5A Certificates. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA “pro rata basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. Any allocation of a Realized Loss of Extraordinary Trust Fund Expense to a Certificate shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date following the Prepayment Period in which such Realized Loss was incurred. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc. 2005-7)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations Determination made during the related Prepayment Period; (ii) whether and to the extent to which such Realized Losses constituted constitued Fraud Losses or Special Hazard Losses; and (iii) the respective portions portion of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations Valuation made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with any Debt Service Reductions Reduction in respect of Monthly Payments scheduled payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) and all Extraordinary Trust Fund Expenses shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; sixth, to the Class B-1 Certificates, in each case case, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances Balance of the related Subordinate Certificates to zero, all Realized Losses and Extraordinary Trust Fund Expenses shall be allocated among to the related Senior Class A Certificates and, with respect to Sub-Pool 2, to the Class PO Certificates on a PRO RATA basis. To the extent of a Prepayment Diversion Event, Realized Losses allocated to the Class B-6 Certificates shall be allocated to the Class B-6 Certificate's entitlement in Sub-Pool 2. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the related Certificates (other than the Class XS Certificates) on a PRO RATA basisbasis including in the event of a Cross- Collateralization Event, to the extent of the Class A-2 Cross-Collateralization Entitlement Amount and Class PO Cross-Collateralization Entitlement Amount and in the event of any Prepayment Diversion Event, to the extent of the Class B-6 Certificates' entitlement to principal in Sub-Pool 2. Any allocation of a Realized Loss to a Certificate will be made by reducing the Class Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date as follows: first, to the Class 1-B6 Certificates; second, to the Class 1-B5 Certificates; third, to the Class 1-B4 Certificates; fourth, to the Class 1-B3 Certificates; fifth, to the Class 1-B2 Certificates; sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Class Certificate Principal Balances and after a Cross-Collateralization Event, the Class A-2 Cross- Collateralization Entitlement Amount and Class PO Cross-Collateralization Entitlement Amount and after a Prepayment Diversion Event, to the extent of the Class B-6 Certificates' entitlement to principal in Sub-Pool 2 prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything On each Distribution Date, prior to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate distributions deemed to be reduced more than once made in respect of the REMIC I Regular Interests on such date pursuant to Section 4.01(g), the Trustee shall, with respect to any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant allocated to Section 4.04 and (ii) payable any Class of Certificates, allocate such Realized Losses or Extraordinary Trust Fund Expenses to the Holder REMIC I Regular Interest bearing the same alphanumeric designation as such Class by reducing the Uncertificated Balance of such Certificate pursuant REMIC I Regular Interest. All such reductions shall be deemed to Section 4.01(a) as a portion be an allocation of the Senior Principal Distribution AmountRealized Losses and Extraordinary Trust Fund Expenses.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Mort Pa THR Cert Ser 1998-Wfc1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Group I Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order as follows: first, to the Interest Distribution Amount for the Class CE-1 Certificates for the related Subordinate Interest Accrual Period; second, to the Class CE-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; third, to each class of Group I Mezzanine Certificates in reverse numerical order, until the Certificate Principal Balance of each such class has been reduced to zero. ThereafterAll Realized Losses on the Group II Mortgage Loans shall be allocated by the Paying Agent on each Distribution Date as follows: first, upon to the reduction Interest Distribution Amount for the Class CE-2 Certificates for the related Interest Accrual Period; second, to the Class CE-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; third, to each class of Group II Mezzanine Certificates in reverse numerical order, until the Certificate Principal Balance of each such class has been reduced to zero. All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on and any distribution date as follows: first, to the Class 1-B6 Certificates; second, to the Class 1-B5 Certificates; third, to the Class 1-B4 Certificates; fourth, to the Class 1-B3 Certificates; fifth, to the Class 1-B2 Certificates; sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to shall be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first made to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Dateof the Class A Certificates or the Class P Certificates. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything . All Realized Losses on the Group I Mortgage Loans shall be allocated by the Paying Agent on each Distribution Date to the contrary hereinfollowing REMIC I-A Regular Interests in the specified percentages, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable as follows: first, to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) Uncertificated Interest payable to the Holder of such Certificate pursuant REMIC I-A Regular Interest I-LTAA and REMIC I-A Regular Interest I-LTZZ up to Section 4.01(a) as a portion an aggregate amount equal to the REMIC I-A Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the Senior REMIC I-A Regular Interest I-LTAA and REMIC I-A Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I-A Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC I-A Regular Interest I-LTAA, REMIC I-A Regular Interest I-LTMF5 and REMIC I-A Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I-A Regular Interest I-LTMF5 has been reduced to zero; fourth, to the Uncertificated Balances of REMIC I-A Regular Interest I-LTAA, REMIC I-A Regular Interest I-LTMF4 and REMIC I-A Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I-A Regular Interest I-LTMF4 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC I-A Regular Interest I-LTAA, REMIC I-A Regular Interest I-LTMF3 and REMIC I-A Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I-A Regular Interest I-LTMF3 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC I-A Regular Interest I-LTAA, REMIC I-A Regular Interest I-LTMF2 and REMIC I-A Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I-A Regular Interest I-LTMF2 has been reduced to zero; and seventh, to the Uncertificated Balances of REMIC I-A Regular Interest I-LTAA, REMIC I-A Regular Interest I-LTMF1 and REMIC I-A Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I-A Regular Interest I-LTMF1 has been reduced to zero. All Realized Losses on the Group II Mortgage Loans shall be allocated by the Paying Agent on each Distribution Date to the following REMIC II-A Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the REMIC II-A Regular Interest II-LTAA and REMIC II-A Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II-A Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Balances of the REMIC II-A Regular Interest I-LTAA and REMIC II-A Regular Interest II-LTZZ up to an aggregate amount equal to the REMIC II-A Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Balances of REMIC II-A Regular Interest II-LTAA, REMIC II-A Regular Interest II-LTMV7 and REMIC II-A Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II-A Regular Interest II-LTMV7 has been reduced to zero; fourth, to the Uncertificated Balances of REMIC II-A Regular Interest II-LTAA, REMIC II-A Regular Interest II-LTMV6 and REMIC II-A Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II-A Regular Interest II-LTMV6 has been reduced to zero; fifth, to the Uncertificated Balances of REMIC II-A Regular Interest II-LTAA, REMIC II-A Regular Interest II-LTMV5 and REMIC II-A Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II-A Regular Interest II-LTMV5 has been reduced to zero; sixth, to the Uncertificated Balances of REMIC II-A Regular Interest II-LTAA, REMIC II-A Regular Interest II-LTMV4 and REMIC II-A Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II-A Regular Interest II-LTMV4 has been reduced to zero; seventh, to the Uncertificated Balances of REMIC II-A Regular Interest II-LTAA, REMIC II-A Regular Interest II-LTMV3 and REMIC II-A Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II-A Regular Interest II-LTMV3 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC II-A Regular Interest II-LTAA, REMIC II-A Regular Interest II-LTMV2 and REMIC II-A Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II-A Regular Interest II-LTMV2 has been reduced to zero; and ninth, to the Uncertificated Balances of REMIC II-A Regular Interest II-LTAA, REMIC II-A Regular Interest II-LTMV1 and REMIC II-A Regular Interest II-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II-A Regular Interest II-LTMV1 has been reduced to zero.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc. Asset-Backed Pass-Through Certificates, Series 2005-Wf2)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order to the related Subordinate Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, (i) with respect to Collateral Pool I, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated among to the Class I-A1 Certificates (if such Realized Loss is on a Group I-1 Mortgage Loan), to the Class I-A2 Certificates (if such Realized Loss is on a Group I-2 Mortgage Loan), to the Class I-A3 Certificates (if such Realized Loss is on a Group I-3 Mortgage Loan), to the Class I-A4 Certificates (if such Realized Loss is on a Group I-4 Mortgage Loan) and to the Class I-A5 Certificates (if such Realized Loss is on a Group I-5 Mortgage Loan); (ii) with respect to Collateral Pool II, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, (A) all Realized Losses on the Mortgage Loans (other than Class PO Mortgage Loans) and Mortgage Loan Components related to such Collateral Pool (other than Excess Losses) shall be allocated to the Class II-1-1A Certificates as described below (if the Excess Loss is on a Subgroup II-1-1 Mortgage Loan or Mortgage Loan Component), to the Class II-1-2A Certificates as described below (if the Excess Loss is on a Subgroup II-1-2 Mortgage Loan or Mortgage Loan Component), to the Class II-A2 Certificates (if the Excess Loss is on a Group II-2 Mortgage Loan or Mortgage Loan Component) and to the Class II-A3 Certificates (if the Excess Loss is on a Group II-3 Mortgage Loan or Mortgage Loan Component), and (B) all Realized Losses on the Class PO Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated first, to the Class II-PO1 Certificates in an amount equal to the Class PO Percentage of each such Realized Loss and second, to the Class II-1-1 Certificates (if such Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1) or first, to the Class II-PO2 Certificates in an amount equal to the Class PO Percentage of each such Realized Loss and second, to the Class II-A2 Certificates (if such Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Loan Group II-2) or first, to the Class II-PO3 Certificates in an amount equal to the Class PO Percentage of each such Realized Loss and second, to the Class II-A3 Certificates (if such Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Loan Group II-3); and with respect to Collateral Pool III, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated to the Class III-A1A Certificates and Class III-A1B Certificates as described below (if such Realized Loss is on a Group III-1 Mortgage Loan), to the Class III-A2A Certificates and Class I-A2B Certificates as described below (if such Realized Loss is on a Group III-2 Mortgage Loan), to the Class III-A3A Certificates and Class III-A3B Certificates as described below (if such Realized Loss is on a Group III-3 Mortgage Loan), to the Class III-A4A Certificates and Class III-A4B Certificates as described below (if such Realized Loss is on a Group III-4 Mortgage Loan) and to the Class III-A5 Certificates (if such Realized Loss is on a Group III-5 Mortgage Loan); Excess Losses on the Group I Mortgage Loans will be allocated on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class I-A1 Certificates (if such Excess Loss is on a Group I-1 Mortgage Loan), to the Class I-A2 Certificates (if such Excess Loss is on a Group I-2 Mortgage Loan), to the Class I-A3 Certificates (if such Excess Loss is on a Group I-3 Mortgage Loan), to the Class I-A4 Certificates (if such Excess Loss is on a Group I-4 Mortgage Loan) and to the Class I-A5 Certificates (if such Excess Loss is on a Group I-5 Mortgage Loan) and (ii) the related Group I Subordinate Percentage of the Excess Loss to the Group I Subordinate Certificates on a PRO RATA basispro rata basis based on their Certificate Principal Balances. Any Excess Losses attributable to any on the Mortgage Loans (other than Class PO Mortgage Loans) and Mortgage Loan shall Components in Collateral Pool II will be allocated among all on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class II-1-1A Certificates as described below (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1), to the Class II-1-2A Certificates as described below (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-2) and to the Class II-A2 Certificates (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Loan Group II-2) and to the Class II-A3 Certificates (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Loan Group II-3) and (ii) the related Group II Subordinate Percentage of the Excess Loss to the Group II Subordinate Certificates on a PRO RATA basispro rata basis based on their Certificate Principal Balances. Any allocation Excess Losses on the Class PO Mortgage Loans in Collateral Pool II will be allocated to the related Class PO Certificates in an amount equal to the related Class PO Percentage of a Realized the Excess Losses and the remainder of the Excess Losses will be allocated by allocating (i) the related Group II Senior Percentage of the remainder of such Excess Loss to the Class II-1-1A Certificates as described below (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1), to the Class II-1-2A Certificates as described below (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-2) and to the Class II-A2 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-2) and to the Class II-A3 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-3), as applicable and (ii) the Subgroup II-1-1 Subordinate Percentage of the Excess Loss to the Group II Subordinate Certificates on a pro rata basis (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1), to the Class II-1-2A Certificates as described below (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-2) and to the Class II-A2 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-2) and to the Class II-A3 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-3) on a pro rata basis based on their Certificate Principal Balances (if such Excess Loss is on a Mortgage Loan in Loan Group II-2). Excess Losses on the Group III Mortgage Loans will be made allocated on any Distribution Date by reducing allocating (i) the related Senior Percentage of the Excess Loss to the Class III-A1A Certificates and the Class III-A2B Certificates as described below (if the Excess Loss is on a Group III-1 Mortgage Loan), to the Class III-A2A Certificates and the Class III-A2B Certificates as described below (if the Excess Loss is on a Group III-2 Mortgage Loan), to the Class III-A3A Certificates and the Class III-A3B Certificates as described below (if the Excess Loss is on a Group III-3 Mortgage Loan), to the Class III-A4A Certificates and the Class III-A4B Certificates as described below (if the Excess Loss is on Group III-4 Mortgage Loan) or to the Class III-A5 Certificates (if the Excess Loss is on a Group III-5 Mortgage Loan); and (ii) the related Group III Subordinate Percentage of the Excess Loss to the Group III Subordinate Certificates on a pro rata basis based on their Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurredBalances. Extraordinary Trust Fund Expenses relating to Collateral Pool H I will be allocated on any distribution date Distribution Date as follows: first, to the Class 1I-B6 Certificates; second, to the Class 1-I- B5 Certificates; third, to the Class 1I-B4 Certificates; fourth, to the Class 1I-B3 Certificates; fifth, to the Class 1I-B2 Certificates; and sixth, to the Class 1I-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H I will be allocated on any distribution date Distribution Date among the Group H I Class A Certificates on a PRO RATA pro rata basis based on their respective Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A II will be allocated on any distribution date Distribution Date as follows: first, to the Class 2II-B6 Certificates; second, to the Class 2II-B5 Certificates; third, to the Class 2II-B4 Certificates; fourth, to the Class 2II-B3 Certificates; fifth, to the Class 2II-B2 Certificates; and sixth, to the Class 2II-B1 Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A II will be allocated on any 102 distribution date Distribution Date among the Group II Class A-A Certificates (other than the Class II-XS1 Certificates, the Class II-XS2 Certificates, the Class II-XS3 Certificates, the Class II-1-1A2 Certificates and the Class AII-1-X 2A2 Certificates) and the Class PO Certificates on a PRO RATA pro rata basis based on their respective Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W III will be allocated on any distribution date Distribution Date as follows: first, to the Class 3III-B6 Certificates; second, to the Class 3III-B5 Certificates; third, to the Class 3III-B4 Certificates; fourth, to the Class 3III-B3 Certificates; fifth, to the Class 3III-B2 Certificates; and sixth, to the Class 3III-B1 Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W III will be allocated on any distribution date to Distribution Date among the Group W III Class A CertificatesCertificates on a pro rata basis based on their respective Certificate Principal Balances. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralizationovercollateralization, until the Overcollateralization overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class II-1-1A Certificates will be allocated among the classes of Class II-1-1A Certificates (other than the Class II-1-1A2 Certificates) on a pro rata basis; provided that any Realized Losses so allocated to the Class II-1-1A5 Certificates and Class II-1-1A6 Certificates will be allocated first to the Class II-1-1A6 Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class II-1-1A5 Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class II-1-2A Certificates will be allocated among the classes of Class II-1-2A Certificates (other than the Class II-1-2A2 Certificates and the Class II-1-2A5 Certificates) on a pro rata basis; provided that any Realized Losses so allocated to the Class II-1-2A6 Certificates and Class II-1-2A7 Certificates will be allocated first to the Class II-1-2A7 Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class II-1-2A6 Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class III-A1A Certificates and Class III-A1B Certificates shall be allocated first to the Class III-A1B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class III-A1A Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class III-A2A Certificates and Class III-A2B Certificates shall be allocated first to the Class III-A2B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class III-A2A Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class III-A3A Certificates and Class III-A3B Certificates shall be allocated first to the Class III-A3B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class III-A3A Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class III-A4A Certificates and Class III-A4B Certificates shall be allocated first to the Class III-A4B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class III-A4A Certificates. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA “pro rata basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. Any allocation of a Realized Loss of Extraordinary Trust Fund Expense to a Certificate shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date following the Prepayment Period in which such Realized Loss was incurred. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2005-5)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine determine, based on information provided to it by the Servicer, as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan, based on information provided to it by the Servicer: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; sixth, to the Class B-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero and seventh, to the Class M-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all such Realized Losses will be allocated on any Distribution Date first, to any amounts on deposit in the Excess Diverted Interest Reserve Account and second, to the Class A-1 Certificates (if the Realized Loss is on a Group I Mortgage Loan); to the Class A-2 Certificates (if the Realized Loss is on a Group II Mortgage Loan) and to the Class A-3 Certificates (if the Realized Loss is on a Group III Mortgage Loan). If a Realized Loss is allocated to the Excess Diverted Interest Reserve Account, the Trust Administrator shall pay the Group I Excess Diverted Interest Reserve Deposit, the Group II Excess Diverted Interest Reserve Deposit or the Group III Excess Diverted Interest Reserve Deposit, as applicable, to the Available Distribution Amount to which the Realized Loss relates. Excess Losses shall be allocated among on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class A-1 Certificates (if the Realized Loss is on a PRO RATA basis. Any Excess Losses attributable Group I Mortgage Loan); to any Mortgage Loan shall be allocated among all the related Class A-2 Certificates (if the Realized Loss is on a PRO RATA basis. Any allocation of a Group II Mortgage Loan); and to the Class A-3 Certificates (if the Realized Loss to is on a Certificate will be made by reducing Group III Mortgage Loan) and (ii) the Certificate Principal Balance thereof by Group I Subordinate Percentage, the amount so allocated Group II Subordinate Percentage or the Group III Subordinate Percentage, as applicable, of the Distribution Date in Excess Loss to the month following the calendar month in which such Realized Loss was incurredSubordinate Certificates. Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated on any distribution date Distribution Date as follows: first, to the Class 1-B6 B-6 Certificates; second, to the Class 1-B5 B-5 Certificates; third, to the Class 1-B4 B-4 Certificates; fourth, to the Class 1-B3 B-3 Certificates; fifth, to the Class 1-B2 B-2 Certificates; sixth, to the Class 1-B1 B-1 Certificates and seventh, to the Class 1-M M-1 Certificates, in each case until the Certificate Principal Balance of the related class Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date Distribution Date among the Group H Class A A-1 Certificates, the Class A-2 Certificates and the Class A-3 Certificates, as applicable, on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth abovebasis. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc Series 2004-Hyb3)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be either included in the related Remittance Report (in form and format reasonably required and mutually agreed upon by the Servicer) or evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the Interest Distribution Amount for the Class CE Certificates for the related Subordinate Interest Accrual Period; second, Net Swap Payments received under the Interest Rate Swap Agreement; third, to the Class CE Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M-8 Certificates until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and thirteenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as and any allocation of Realized Losses to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Distribution Date in Class A Certificates or the month following Class P Certificates. (c) All Realized Losses on the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will Group I Mortgage Loans shall be allocated on any distribution date each Distribution Date to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-58-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated pro rata between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated on each Distribution Date to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-58-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated pro rata between such REMIC I Regular Interests. All Realized Losses on the Group III Mortgage Loans shall be allocated on each Distribution Date to REMIC I Regular Interest III-1-A through REMIC I Regular Interest III-58-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated pro rata between such REMIC I Regular Interests. (d) The REMIC II Marker Allocation Percentage of all Realized Losses allocated to the REMIC I Regular Interests on the Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the Class 1-B6 CertificatesREMIC II Regular Interest LTAA and REMIC II Regular Interest LTZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Class 1-B5 CertificatesUncertificated Balances of the REMIC II Regular Interest LTAA and REMIC II Regular Interest LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM10 and REMIC II Regular Interest LTZZ, 98%, 1-B4 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM10 has been reduced to zero; fourth, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM9 and REMIC II Regular Interest LTZZ, 98%, 1-B3 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM9 has been reduced to zero; fifth, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM8 and REMIC II Regular Interest LTZZ, 98%, 1-B2 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM8 has been reduced to zero; sixth, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM7 and REMIC II Regular Interest LTZZ, 98%, 1-B1 Certificates % and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM7 has been reduced to zero; seventh, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM6 and REMIC II Regular Interest LTZZ, 98%, 1-M Certificates% and 1%, in each case respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM6 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM5 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM5 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM4 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM4 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM3 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM3 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM2 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM2 has been reduced to zero and twelfth, to the Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM1 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM1 has been reduced to zero. (e) The REMIC II Sub WAC Allocation Percentage of all Realized Losses allocated to the REMIC I Regular Interests shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC II Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC II Regular Interest ending with the designation “SUB,” so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related class has been reduced to zero. ThereafterLoan Group (except that if any such excess is a larger number than in the preceding distribution period, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation least amount of Realized Losses shall be applied to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and Extraordinary Fund Expenses abovethird, if any Overcollateralization exists when remaining Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will shall be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced therebyREMIC II Regular Interest LTXX. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Ahl3)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be either included in the related Remittance Report or evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the Interest Distribution Amount for the Class CE Certificates for the related Subordinate Interest Accrual Period; second, to payments received under the cap contract, third, to the Class CE Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-13 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-12 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M-11 Certificates until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; thirteenth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourteenth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifteenth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and sixteenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as and any allocation of Realized Losses to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. (c) The REMIC I Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC I Regular Interests in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date specified percentages, as follows: first, to Uncertificated Interest payable to the Class 1REMIC I Regular Interest I-B6 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, [__]% and [__]%, respectively; second, to the Class 1Uncertificated Balances of the REMIC I Regular Interest I-B5 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, [__]% and [__]%, respectively; third, to the Class 1Uncertificated Balances of REMIC I Regular Interest I-B4 CertificatesLTAA, REMIC I Regular Interest I-LTM13 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM13 has been reduced to zero; fourth, to the Class 1Uncertificated Balances of REMIC I Regular Interest I-B3 CertificatesLTAA, REMIC I Regular Interest I-LTM12 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM12 has been reduced to zero; fifth, to the Class 1Uncertificated Balances of REMIC I Regular Interest I-B2 CertificatesLTAA, REMIC I Regular Interest I-LTM11 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM11 has been reduced to zero; sixth, to the Class 1Uncertificated Balances of REMIC I Regular Interest I-B1 Certificates LTAA, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM10 has been reduced to zero; seventh, to the Class 1Uncertificated Balances of REMIC I Regular Interest I-M CertificatesLTAA, in each case REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LTZZ, 165 I-LTM4 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Certificate Principal Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; thirteenth, to the related class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; fourteenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero and fifteenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will The REMIC I Sub WAC Allocation Percentage of all Realized Losses shall be allocated applied after all distributions have been made on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: each Distribution Date first, so as to keep the Class 2-B6 CertificatesUncertificated Balance of each REMIC I Regular Interest ending with the designation "GRP" equal to [__]% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the Class 2-B5 Certificates; third, designation "SUB," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to [__]% of the Class 2-B4 Certificates; fourth, to excess of (x) the Class 2-B3 Certificates; fifth, to aggregate Stated Principal Balance of the Class 2-B2 Certificates; and sixth, to Mortgage Loans in the Class 2-B1 Certificates, in each case until related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related class has been reduced to zero. ThereafterLoan Group (except that if any such excess is a larger number than in the preceding distribution period, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and Extraordinary Fund Expenses abovethird, if any Overcollateralization exists when remaining Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will shall be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced therebyREMIC I Regular Interest I-LTXX. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine determine, based on information provided to it by the Servicer, as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan, based on information provided to it by the Servicer: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each any Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; and sixth, to the Class B-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all such Realized Losses shall be allocated on any Distribution Date to the Class A Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Excess Losses shall be allocated by the Trust Administrator on any Distribution Date among all the related Senior Classes of Regular Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the related Certificates basis based on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which each such Realized Loss was incurredClass. Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated on any distribution date Distribution Date as follows: first, to the Class 1-B6 B-6 Certificates; second, to the Class 1-B5 B-5 Certificates; third, to the Class 1-B4 B-4 Certificates; fourth, to the Class 1-B3 B-3 Certificates; fifth, to the Class 1-B2 B-2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M B-1 Certificates, in each case until the Certificate Principal Balance of the related class Class has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the Subordinate Certificates to zero, such Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, Distribution Date to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 A Certificates, in each case until the Certificate Principal Balance of the related class thereof has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the related Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Salomon Brots Mort Sec Vii Inc Citigroup Mort Ln Tr 03 Hyb1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Following all distributions to be made pursuant to Section 4.01 on a Distribution Date, all Realized Losses determined by the Master Servicer as described in (a) above on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order to the related Subordinate Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. . (c) Thereafter, (i) with respect to Collateral Pool 1, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all such Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated among on any Distribution Date, to the Class 1A1A Certificates and the Class 1A1B Certificates as described below, (ii) with respect to Collateral Pool 2, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all such Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated on any Distribution Date to the Class 2A1A Certificates and the Class 212B Certificates as described below (if the Realized Loss is on a Group 2-1 Mortgage Loan), to the Class 22AA Certificates, the Class 2A2A Certificates, the Class 2A2B Certificates and the Class 212B Certificates as described below (if the Realized Loss is on a Group 2-2 Mortgage Loan), to the Class 2A3A Certificates and the Class 2A3B Certificates as described below (if the Realized Loss is on a Group 2-3 Mortgage Loan), to the Class 2A4A Certificates and the Class 2A4B Certificates as described below (if the Realized Loss is on a Group 2-4 Mortgage Loan) and to the Class 2A5A Certificates and the Class 2A5B Certificates as described below (if the Realized Loss is on a Group 2-5 Mortgage Loan) and (iii) with respect to Collateral Pool 3, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all such Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated on any Distribution Date to the Class 3A11 Underlying Interest, the Class 3A1A Underlying Interest, the Class 3A1B Underlying Interest, the Class 3A1C Underlying Interest and the Class 31AB Underlying Interest as described below (if the Realized Loss is on a Group 3-1 Mortgage Loan), to the Class 3A2A Certificates and the Class 3A2B Certificates as described below (if the Realized Loss is on a Group 3-2 Mortgage Loan) and to the Class 3A3A Certificates and the Class 3A3B Certificates as described below (if the Realized Loss is on a Group 3-3 Mortgage Loan). Excess Losses on the Group 1 Mortgage Loans incurred during any Prepayment Period will be allocated on the related Distribution Date by allocating (i) the Group 1 Senior Percentage of the Excess Loss to the Class 1A1A Certificates and Class 1A1B Certificates as described below (if the Excess Loss is on a Group 1 Mortgage Loan) and (ii) the related Group 1 Subordinate Percentage of the Excess Loss to the Group 1 Subordinate Certificates on a PRO RATA pro rata basis. Excess Losses on the Group 2 Mortgage Loans incurred during any Prepayment Period will be allocated on the related Distribution Date by allocating (i) the related Group 2 Senior Percentage (related to the Loan Group in which the Mortgage Loan that suffered the Excess Loss is included) of the Excess Loss to the Class 2A1A Certificates and the Class 212B Certificates as described below (if the Excess Loss is on a Group 2-1 Mortgage Loan), to the Class 22AA Certificates, the Class 2A2A Certificates, the Class 2A2B Certificates and the Class 212B Certificates as described below (if the Excess Loss is on a Group 2-2 Mortgage Loan), to the Class 2A3A Certificates and Class 2A3B Certificates as described below (if the Excess Loss is on a Group 2-3 Mortgage Loan), to the Class 2A4A Certificates and Class 2A4B Certificates as described below (if the Excess Loss is on a Group 2-4 Mortgage Loan) and to the Class 2A5A Certificates and Class 2A5B Certificates as described below (if the Excess Loss is on a Group 2-5 Mortgage Loan) and (ii) the related Group 2 Subordinate Percentage (related to the Loan Group in which the Mortgage Loan that suffered the Excess Loss is included) of the Excess Loss to the Group 2 Subordinate Certificates on a pro rata basis. Excess Losses on the Group 3 Mortgage Loans incurred during any Prepayment Period will be allocated on the related Distribution Date by allocating (i) the related Group 3 Senior Percentage (related to the Loan Group in which the Mortgage Loan that suffered the Excess Loss is included) of the Excess Loss to the Class 31AA Underlying Interest, the Class 3A1A Underlying Interest, the Class 3A1B Underlying Interest, the Class 3A1C Underlying Interest and the Class 31AB Underlying Interest as described below (if the Excess Loss is on a Group 3-1 Mortgage Loan), to the Class 3A2A Certificates and Class 3A2B Certificates as described below (if the Excess Loss is on a Group 3-2 Mortgage Loan) and to the Class 3A3A Certificates and Class 3A3B Certificates as described below (if the Excess Loss is on a Group 3-3 Mortgage Loan), and (ii) the related Group 2 Subordinate Percentage (related to the Loan Group in which the Mortgage Loan that suffered the Excess Loss is included) of the Excess Loss to the Group 2 Subordinate Certificates on a pro rata basis. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the related Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H 1 incurred during any Prepayment Period will be allocated on any distribution date the related Distribution Date as follows: first, to the Class 1-B6 1B6 Certificates; second, to the Class 1-B5 1B5 Certificates; third, to the Class 1-B4 1B4 Certificates; fourth, to the Class 1-B3 1B3 Certificates; fifth, to the Class 1-B2 1B2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M 1B1 Certificates, in each case until the Certificate Principal Balance of such Class has been reduced to zero. Thereafter, any Extraordinary Trust Fund Expenses relating to Collateral Pool 1 will be allocated on any Distribution Date among the Group 1 Class A Certificates on a pro rata basis. Any Extraordinary Trust Fund Expenses relating to Collateral Pool 2 incurred during any Prepayment Period will be allocated on the related class Distribution Date as follows: first, to the Class 2B6 Certificates; second, to the Class 2B5 Certificates; third, to the Class 2B4 Certificates; fourth, to the Class 2B3 Certificates; fifth, to the Class 2B2 Certificates; and sixth, to the Class 2B1 Certificates, in each case until the Certificate Principal Balance of such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H 2 will be allocated on any distribution date Distribution Date among the Group H 2 Class A Certificates on a PRO RATA basis based on their Certificate Principal Balancespro rata basis. Any Extraordinary Trust Fund Expenses relating to Collateral Pool A 3 incurred during any Prepayment Period will be allocated on any distribution date the related Distribution Date as follows: first, to the Class 2-B6 3B6 Certificates; second, to the Class 2-B5 3B5 Certificates; third, to the Class 2-B4 3B4 Certificates; fourth, to the Class 2-B3 3B3 Certificates; fifth, to the Class 2-B2 3B2 Certificates; and sixth, to the Class 2-B1 3B1 Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A 3 will be allocated on any 102 distribution date Distribution Date among the Group 3 Class A-A Certificates on a pro rata basis. Notwithstanding any of the foregoing, with respect to Collateral Pool 1, any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class 1A1A Certificates and Class A-X 1A1B Certificates will be allocated between such Classes on a PRO RATA basis based on their pro rata basis; provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 1A1A Certificates and Class 1A1B Certificates will be allocated first to the Class 1A1B Certificates until the Certificate Principal BalancesBalance thereof has been reduced to zero and then to the Class 1A1A Certificates. Notwithstanding any of the foregoing, with respect to Collateral Pool 2, (i) any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expenses relating Expense that is allocated to Collateral Pool W the Class 2A1A Certificates and Class 212B Certificates will be allocated between such Classes on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until a pro rata basis (based on the Certificate Principal Balance of the related class Class 2A1A Certificates and the Component Principal Balance of the 2A1B Component); provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 2A1A Certificates and Class 212B Certificates will be allocated first to the Class 212B Certificates to the extent of the Component Principal Balance of the 2A1B Component until the Component Principal Balance of the 2A1B Component has been reduced to zero and then to the Class 2A1A Certificate, (ii) any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class 22AA Certificates, the Class 2A2A Certificates, the Class 2A2B Certificates and the Class 212B Certificates will be allocated among such Classes on a pro rata basis (based on the Certificate Principal Balance of the Class 22AA Certificates, the Class 2A2A Certificates, the Class 2A2B Certificates and the Component Principal Balance of the 22AB Component); provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 22AA Certificates, the Class 2A2A Certificates, the Class 2A2B Certificates and the Class 212B Certificates will be allocated first to the Class 212B Certificates to the extent of the Component Principal Balance of the 22AB Component until the Component Principal Balance of the 22AB Component has been reduced to zero, and then on a pro rata basis to (a) the Class 22AA Certificates and (b) the Class 2A2A Certificates and the Class 2A2B Certificates; provided that that any such losses so allocated to the Class 2A2A Certificates and the Class 2A2B Certificates will be allocated first to the Class 2A2B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 2A2A Certificates, (iii) any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class 2A3A Certificates and Class 2A3B Certificates will be allocated between such Classes on a pro rata basis; provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 2A3A Certificates and Class 2A3B Certificates will be allocated first to the Class 2A3B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 2A3A Certificates, (iv) any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class 2A4A Certificates and Class 2A4B Certificates will be allocated between such Classes on a pro rata basis; provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 2A4A Certificates and Class 2A4B Certificates will be allocated first to the Class 2A4B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 2A4A Certificates, and (v) any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class 2A5A Certificates and Class 2A5B Certificates will be allocated between such Classes on a pro rata basis; provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 2A5A Certificates and Class 2A5B Certificates will be allocated first to the Class 2A5B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 2A5A Certificates. ThereafterNotwithstanding any of the foregoing, with respect to Collateral Pool 3, (i) any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class 31AA Underlying Interest, the Class 3A1A Underlying Interest, the Class 3A1B Underlying Interest, the Class 3A1C Underlying Interest and the Class 31AB Underlying Interest will be allocated among such Underlying Interests on a pro rata basis; provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 31AA Underlying Interest, the Class 3A1A Underlying Interest, the Class 3A1B Underlying Interest and the Class 3A1C Underlying Interest will be allocated first to the Class 31AB Underlying Interest until the Certificate Principal Balance thereof has been reduced to zero, and then on a pro rata basis to (a) the Class 31AA Underlying Interest and (b) the Class 3A1A Underlying Interest, the Class 3A1B Underlying Interest and the Class 3A1C Underlying Interest; provided that that any such losses so allocated to the Class 3A1A Underlying Interest, the Class 3A1B Underlying Interest and the Class 3A1C Underlying Interest will be allocated first to the Class 3A1C Underlying Interest until the Certificate Principal Balance thereof has been reduced to zero, second to the Class 3A1B Underlying Interest until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 3A1A Underlying Interest, (ii) any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class 3A2A Certificates and Class 3A2B Certificates will be allocated between such Classes on a pro rata basis; provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 3A2A Certificates and Class 3A2B Certificates will be allocated first to the Class 3A2B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 3A2A Certificates and (iii) any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class 3A3A Certificates and Class 3A3B Certificates will be allocated between such Classes on a pro rata basis; provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 3A3A Certificates and Class 3A3B Certificates will be allocated first to the Class 3A3B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 3A3A Certificates. Any amounts in respect of any Realized Losses or Extraordinary Trust Fund Expenses relating allocated to Collateral Pool W the Class 31AA Underlying Interest, the Class 3A1A Underlying Interest, the Class 3A1B Underlying Interest, the Class 3A1C Underlying Interest and the Class 31AB Underlying Interest will be allocated on any distribution date to the Group W Class A Certificatesclass with the same alphanumeric designation. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.Extr

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-10)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order to the related Subordinate Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans (other than Excess Losses) shall be allocated among to the related Class A Certificates. Excess Losses on the Mortgage Loans will be allocated on any Distribution Date by allocating (i) the Senior Percentage of the Excess Loss to the Class A Certificates as set forth below and (ii) the Subordinate Percentage of the Excess Loss to the Subordinate Certificates on a PRO RATA pro rata basis. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the related Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date Distribution Date as follows: first, to the Class 1-B6 B-6 Certificates; second, to the Class 1-B5 B-5 Certificates; third, to the Class 1-B4 B-4 Certificates; fourth, to the Class 1-B3 B-3 Certificates; fifth, to the Class 1-B2 B-2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M B-1 Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, Distribution Date to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA “pro rata basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. Any allocation of a Realized Loss of Extraordinary Trust Fund Expense to a Certificate shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date following the Prepayment Period in which such Realized Loss was incurred. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc. 2005-4)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order to the related Subordinate Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, (i) with respect to Collateral Pool I, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated among to the Class I-A1 Certificates (if such Realized Loss is on a Group I-1 Mortgage Loan), to the Class I-A2A Certificates and the Class I-A2B Certificates as set forth below (if such Realized Loss is on a Group I-2 Mortgage Loan), to the Class I-A3 Certificates, the Class I-A3A Certificates and the Class I-A3B Certificates (if such Realized Loss is on a Group I-3 Mortgage Loan), to the Class I-A4 Certificates (if such Realized Loss is on a Group I-4 Mortgage Loan) and to the Class I-A5A Certificates and the Class I-A5B Certificates (if such Realized Loss is on a Group I-5 Mortgage Loan); and (ii) with respect to Collateral Pool II, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, (A) all Realized Losses on the Mortgage Loans (other than Class PO Mortgage Loans) and Mortgage Loan Components related to such Collateral Pool (other than Excess Losses) shall be allocated to the Class II-A1-1 Certificates (if such Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1), to the Class II-A1-2 Certificates (if such Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-2) and to the Class II-A2 Certificates (if such Realized Loss is on a Mortgage Loan in Loan Group II-2) and (B) all Realized Losses on the Class PO Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated first, to the Class II-PO1 Certificates in an amount equal to the Class PO Percentage of each such Realized Loss and second, to the Class II-A1-1 Certificates (if such Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1) or first, to the Class II-PO2 Certificates in an amount equal to the Class PO Percentage of each such Realized Loss and second, to the Class II-A2 Certificates (if such Realized Loss is on a Mortgage Loan in Loan Group II-2). Excess Losses on the Group I Mortgage Loans will be allocated on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class I-A1 Certificates (if such Excess Loss is on a Group I-1 Mortgage Loan), to the Class I-A2A Certificates and the Class I-A2B Certificates as set forth below (if such Excess Loss is on a Group I-2 Mortgage Loan), to the Class I-A3 Certificates, the Class I-A3A Certificates and the Class I-A3B Certificates (if such Excess Loss is on a Group I-3 Mortgage Loan), to the Class I-A4 Certificates (if such Excess Loss is on a Group I-4 Mortgage Loan) and to the Class I-A5A Certificates and the Class I-A5B Certificates (if such Excess Loss is on a Group I-5 Mortgage Loan) and (ii) the Group I-1 Subordinate Percentage, Group I-2 Subordinate Percentage, Group I-3 Subordinate Percentage, Group I-4 Subordinate Percentage or Group I-5 Subordinate Percentage, as applicable, of the Excess Loss to the Group I Subordinate Certificates on a PRO RATA pro rata basis. Any Excess Losses attributable to any on the Mortgage Loans (other than Class PO Mortgage Loans) and Mortgage Loan shall Components in Collateral Pool II will be allocated among all on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class II-A1-1 Certificates (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1), to the Class II-A1-2 Certificates (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-2) and to the Class II-A2 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-2) and (ii) the Subgroup II-1-1 Subordinate Percentage, Subgroup II-1-2 Subordinate Percentage or Group II-2 Subordinate Percentage, as applicable, of the Excess Loss to the Group II Subordinate Certificates on a PRO RATA pro rata basis. Any allocation Excess Losses on the Class PO Mortgage Loans in Collateral Pool II will be allocated on any Distribution Date by first, allocating the Class PO Percentage of a Realized each such Excess Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by Class II-PO1 Certificates, and second, allocating (i) the amount so allocated as Subgroup II-1-1 Senior Percentage of the Distribution Date remainder of such Excess Loss to the Class II-A1-1 Certificates and (ii) the Subgroup II-1-1 Subordinate Percentage of the Excess Loss to the Group II Subordinate Certificates on a pro rata basis (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1) or first, allocating the month following Class PO Percentage of each such Excess Loss to the calendar month Class II-PO2 Certificates, and second, allocating (i) the Group II-2 Senior Percentage of the remainder of such Excess Loss to the Class II-A2 Certificates and (ii) the Group II-2 Subordinate Percentage of the Excess Loss to the Group II Subordinate Certificates on a pro rata basis (if such Excess Loss is on a Mortgage Loan in which such Realized Loss was incurredLoan Group II-2). Extraordinary Trust Fund Expenses relating to Collateral Pool H I will be allocated on any distribution date Distribution Date as follows: first, to the Class 1I-B6 Certificates; second, to the Class 1I-B5 Certificates; third, to the Class 1I-B4 Certificates; fourth, to the Class 1I-B3 Certificates; fifth, to the Class 1I-B2 Certificates; and sixth, to the Class 1I-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H I will be allocated on any distribution date Distribution Date among the Group H I Class A Certificates on a PRO RATA basis based on their Certificate Principal Balancespro rata basis. Extraordinary Trust Fund Expenses relating to Collateral Pool A II will be allocated on any distribution date Distribution Date as follows: first, to the Class 2II-B6 Certificates; second, to the Class 2II-B5 Certificates; third, to the Class 2II-B4 Certificates; fourth, to the Class 2II-B3 Certificates; fifth, to the Class 2II-B2 Certificates; and sixth, to the Class 2II-B1 Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A II will be allocated on any 102 distribution date Distribution Date among the Group II Senior Certificates (other than the Class AII-A XS1 Certificates and the Class AII-X Certificates XS2 Certificates) on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificatespro rata basis. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralizationovercollateralization, until the Overcollateralization overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class I-A2A Certificates and the Class I-A2B Certificates shall be allocated first to the Class I-A2B Certificates and then to the Class I-A2A Certificates. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA “pro rata basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. Any allocation of a Realized Loss of Extraordinary Trust Fund Expense to a Certificate shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date following the Prepayment Period in which such Realized Loss was incurred. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc. Mortgage Pass-Through Certificates, Series 2005-2)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order as follows: first, to the Interest Distribution Amount for the Class CE Certificates for the related Subordinate Interest Accrual Period; second, to the Class CE Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; third, to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fourth, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-7 Certificates until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and eleventh, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as and any allocation of Realized Losses to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. (c) The REMIC I Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Paying Agent on each Distribution Date to the following REMIC I Regular Interests in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date specified percentages, as follows: first, to Uncertificated Interest payable to the Class 1REMIC I Regular Interest I-B6 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Class 1Uncertificated Balances of the REMIC I Regular Interest I-B5 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B4 CertificatesLTM9 has been reduced to zero; fourth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B3 CertificatesLTM8 has been reduced to zero; fifth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM7 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B2 CertificatesLTM7 has been reduced to zero; sixth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B1 Certificates and LTM6 has been reduced to zero; seventh, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1-M Certificates% and 1%, in each case respectively, until the Certificate Principal Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; eighth, to the related class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero and eleventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will The REMIC I Sub WAC Allocation Percentage of all Realized Losses shall be allocated applied after all distributions have been made on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: each Distribution Date first, so as to keep the Class 2-B6 CertificatesUncertificated Balance of each REMIC I Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the Class 2-B5 Certificates; third, designation "SUB," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the Class 2-B4 Certificates; fourth, to excess of (x) the Class 2-B3 Certificates; fifth, to aggregate Stated Principal Balance of the Class 2-B2 Certificates; and sixth, to Mortgage Loans in the Class 2-B1 Certificates, in each case until related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related class has been reduced to zero. ThereafterLoan Group (except that if any such excess is a larger number than in the preceding distribution period, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and Extraordinary Fund Expenses abovethird, if any Overcollateralization exists when remaining Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will shall be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced therebyREMIC I Regular Interest I-LTXX. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Asset Backed Pass-Through Certificates, Series 2005-He 1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master related Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master related Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master related Servicer shall be either included in the related Remittance Report or evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master related Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the Interest Distribution Amount for the Class CE Certificates for the related Subordinate Interest Accrual Period; second, to the Class CE Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; third, to the Class M-13 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fourth, to the Class M-12 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-11 Certificates until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; thirteenth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourteenth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and fifteenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as and any allocation of Realized Losses to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates, the Class P Certificates or the Class X Certificates. (c) The REMIC I Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC I Regular Interests in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date specified percentages, as follows: first, to Uncertificated Interest payable to the Class 1REMIC I Regular Interest I-B6 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Class 1Uncertificated Balances of the REMIC I Regular Interest I-B5 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM13 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B4 CertificatesLTM13 has been reduced to zero; fourth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM12 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B3 CertificatesLTM12 has been reduced to zero; fifth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM11 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B2 CertificatesLTM11 has been reduced to zero; sixth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B1 Certificates and LTM10 has been reduced to zero; seventh, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LTZZ, 98%, 1-M Certificates% and 1%, in each case respectively, until the Certificate Principal Uncertificated Balance of REMIC I Regular Interest I-LTM9 has been reduced to zero; eighth, to the related class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM8 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM7 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM7 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM6 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; thirteenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; fourteenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero and fifteenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will The REMIC I Sub WAC Allocation Percentage of all Realized Losses shall be allocated applied after all distributions have been made on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: each Distribution Date first, so as to keep the Class 2-B6 CertificatesUncertificated Balance of each REMIC I Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the Class 2-B5 Certificates; third, designation “SUB,” so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the Class 2-B4 Certificates; fourth, to excess of (x) the Class 2-B3 Certificates; fifth, to aggregate Stated Principal Balance of the Class 2-B2 Certificates; and sixth, to Mortgage Loans in the Class 2-B1 Certificates, in each case until related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related class has been reduced to zero. ThereafterLoan Group (except that if any such excess is a larger number than in the preceding distribution period, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and Extraordinary Fund Expenses abovethird, if any Overcollateralization exists when remaining Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will shall be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced therebyREMIC I Regular Interest I-LTXX. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2005-He3)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations Determination made during the related Prepayment Period; and (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions portion of such Realized Losses allocable to interest and allocable to principalprincipal and Arrearage. Prior to each Distribution Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations Valuation made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with any Debt Service Reductions Reduction in respect of Monthly Payments scheduled payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) and all Extraordinary Trust Fund Expenses shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order as follows: first to the related Subordinate Net Monthly Excess Cashflow; second in reduction of the Overcollateralized Amount, third to the Class M-6 Certificates; fourth to the Class M-5 Certificates; fifth to the Class M-4 Certificates; sixth to the Class M-3 Certificates; seventh to the Class M-2 Certificates; and eighth to the Class M-1 Certificates, in each case case, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as allocated. No allocations of the Distribution Date in the month following the calendar month in which such any Realized Loss was incurred. Extraordinary Trust Fund Expenses relating Losses shall be made to Collateral Pool H will be allocated on any distribution date as follows: first, to the Class 1-B6 Certificates; second, to the Class 1-B5 Certificates; third, to the Class 1-B4 Certificates; fourth, to the Class 1-B3 Certificates; fifth, to the Class 1-B2 Certificates; sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance Balances of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Salomon Brothers Mor Sec Vii Inc Mor Pa THR Ce Se 2001-2)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred.. 98 (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; and sixth, to the Class B-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all such Realized Losses will be allocated on any Distribution Date first, to any amounts on deposit in the Excess Diverted Interest Reserve Account and second, to the Class A-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan, to the Class A-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan, to the Class A-3 Certificates (on a PRO RATA basis based on the Certificate Principal Balance of each such Class), if the Realized Loss is on a Group III Mortgage Loan and to the Class A-4 Certificates (allocated first, to the Class A-4-2 Certificates, until the Certificate Principal Balance of the Class A-4-2 Certificates has been reduced to zero and second, to the Class A-4-1 Certificates, until the Certificate Principal Balance of the Class A-4-1 Certificates has been reduced to zero), if the Realized Loss is on a Group IV Mortgage Loan. If a Realized Loss is allocated to the Excess Diverted Interest Reserve Account, the Trust Administrator shall pay the Group I Excess Diverted Interest Reserve Deposit, the Group II Excess Diverted Interest Reserve Deposit, the Group III Excess Diverted Interest Reserve Deposit or the Group IV Excess Diverted Interest Reserve Deposit, as applicable, to the Available Distribution Amount to which the Realized Loss relates. Excess Losses shall be allocated among on any Distribution Date by allocating the related Senior Percentage of the Excess Loss to the Class A-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan, to the Class A-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan, to the Class A-3 Certificates (on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the related Certificates basis based on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by of each such Class), if the amount so Realized Loss is on a Group III Mortgage Loan and to the Class A-4 Certificates (allocated as first, to the Class A-4-2 Certificates, until the Certificate Principal Balance of the Distribution Date in Class A-4-2 Certificates has been reduced to zero and second, to the month following Class A-4-1 Certificates, until the calendar month in which such Certificate Principal Balance of the Class A-4-1 Certificates has been reduced to zero), if the Realized Loss was incurredis on a Group IV Mortgage Loan, and the Group I Subordinate Percentage, the Group II Subordinate Percentage, the Group III Subordinate Percentage or the Group IV Subordinate Percentage, as applicable, of the Excess Loss to the Subordinate Certificates. Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated on any distribution date Distribution Date as follows: first, to the Class 1-B6 B-6 Certificates; second, to the Class 1-B5 B-5 Certificates; third, to the Class 1-B4 B-4 Certificates; fourth, to the Class 1-B3 B-3 Certificates; fifth, to the Class 1-B2 B-2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M B-1 Certificates, in each case until the Certificate Principal Balance of the related class Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date Distribution Date among the Group H Class A A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates and the Class A-4 Certificates, as applicable, on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth abovebasis. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Series 2004-Hyb1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order to the related Subordinate Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, (i) with respect to Collateral Pool I, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated among first to the Class I-A1 Certificates and then to the Class I-A2 Certificates, (ii) with respect to Collateral Pool II, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, (A) all Realized Losses on the Mortgage Loans (other than Class PO Mortgage Loans) and Mortgage Loan Components related to such Collateral Pool (other than Excess Losses) shall be allocated to the the Class II-1-1A Certificates as described below (if the Excess Loss is on a Subgroup II-1-1 Mortgage Loan or Mortgage Loan Component), to the Class II-1-2A Certificates as described below (if the Excess Loss is on a Subgroup II-1-2 Mortgage Loan or Mortgage Loan Component), to the Class II-A2 Certificates (if the Excess Loss is on a Group II-2 Mortgage Loan) and to the Class II-A3 Certificates (if the Excess Loss is on a Group II-3 Mortgage Loan), and (B) all Realized Losses on the Class PO Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated first, to the Class II-PO1 Certificates in an amount equal to the Class PO Percentage of each such Realized Loss and second, to the Class II-1-1A Certificates as described below (if such Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1) or first, to the Class II-PO2 Certificates in an amount equal to the Class PO Percentage of each such Realized Loss and second, to the Class II-A2 Certificates (if such Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Loan Group II-2) or first, to the Class II-PO3 Certificates in an amount equal to the Class PO Percentage of each such Realized Loss and second, to the Class II-A3 Certificates (if such Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Loan Group II-3). Excess Losses on the Group I Mortgage Loans will be allocated on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class I-A1 Certificates and the Class I-A2 Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all pro rata basis based on their respective Certificate Principal Balances and (ii) the related Group I Subordinate Percentage of the Excess Loss to the Group I Subordinate Certificates on a PRO RATA basispro rata basis based on their respective Certificate Principal Balances. Excess Losses on the Mortgage Loans (other than Class PO Mortgage Loans) and Mortgage Loan Components in Collateral Pool II will be allocated on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class II-1-1A Certificates as described below (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1), to the Class II-1-2A Certificates as described below (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-2) and to the Class II-A2 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-2) and to the Class II-A3 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-3), as applicable and (ii) the related Group II Subordinate Percentage of the Excess Loss to the Group II Subordinate Certificates on a pro rata basis based on their Certificate Principal Balances. Excess Losses on the Class PO Mortgage Loans in Collateral Pool II will be allocated on any Distribution Date to the related Class PO Certificates in an amount equal to the related Class PO Percentage of the Excess Losses and the remainder of the Excess Losses will be allocated by allocating (i) the related Group II Senior Percentage of the remainder of such Excess Loss to the Class II-1-1A Certificates as described below (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1), and to the Class II-A2 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-2) and to the Class II-A3 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-3), as applicable and (ii) the Subgroup II-1-1 Subordinate Percentage of the Excess Loss to the Group II Subordinate Certificates (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1), and to the Class II-A2 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-2) and to the Class II-A3 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-3) on a pro rata basis based on their Certificate Principal Balances. Any allocation of a Realized an Excess Loss to a Certificate will be made by reducing allocated to the Class II-1-1A1 Certificates, Class II-1-1A2 Certificates and the Class II-1-1A3 Certificates pro rata, based on their respective Certificate Principal Balance thereof by Balances. Any allocation of an Excess Loss will be allocated to the amount so allocated as of Class II-1-2A1 Certificates, Class II-1-2A2 Certificates and the Distribution Date in the month following the calendar month in which such Realized Loss was incurredClass II-1-2A3 Certificates pro rata, based on their respective Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool H I will be allocated on any distribution date Distribution Date as follows: first, to the Class 1I-B6 Certificates; second, to the Class 1I-B5 Certificates; third, to the Class 1I-B4 Certificates; fourth, to the Class 1I-B3 Certificates; fifth, to the Class 1I-B2 Certificates; and sixth, to the Class 1I-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H I will be allocated on any distribution date Distribution Date among the Group H I Class A Certificates on a PRO RATA pro rata basis based on their respective Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A II will be allocated on any distribution date Distribution Date as follows: first, to the Class 2II-B6 Certificates; second, to the Class 2II-B5 Certificates; third, to the Class 2II-B4 Certificates; fourth, to the Class 2II-B3 Certificates; fifth, to the Class 2II-B2 Certificates; and sixth, to the Class 2II-B1 Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A II will be allocated on any 102 distribution date Distribution Date among the Group II Class A-A Certificates (other than the Class I-IOP Certificates, the Class II-XS1 Certificates, the Class II-XS2 Certificates and the Class AII-X XS3 Certificates) and the Class PO Certificates on a PRO RATA pro rata basis based on their respective Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralizationovercollateralization, until the Overcollateralization overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA “pro rata basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. Any allocation of a Realized Loss of Extraordinary Trust Fund Expense to a Certificate shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date following the Prepayment Period in which such Realized Loss was incurred. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2005-9)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be either included in the related Remittance Report or evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the Interest Distribution Amount for the Class CE Certificates for the related Subordinate Interest Accrual Period; second, to payments received under the Interest Rate Cap Agreement, third, to the Class CE Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-9 Certificates until the Certificate Principal Balance thereof has been reduced to zero; sixth, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and thirteenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as and any allocation of Realized Losses to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. (c) All Realized Losses on the Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC I Regular Interests in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date specified percentages, as follows: first, to Uncertificated Interest payable to the Class 1-B6 CertificatesREMIC I Regular Interest LTAA and REMIC I Regular Interest LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Class 1-B5 CertificatesUncertificated Balances of the REMIC I Regular Interest LTAA and REMIC I Regular Interest LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Class Uncertificated Balances of REMIC I Regular Interest LTAA, REMIC I Regular Interest LTM10 and REMIC I Regular Interest LTZZ, 98%, 1-B4 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest LTM10 has been reduced to zero; fourth, to the Class Uncertificated Balances of REMIC I Regular Interest LTAA, REMIC I Regular Interest LTM9 and REMIC I Regular Interest LTZZ, 98%, 1-B3 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest LTM9 has been reduced to zero; fifth, to the Class Uncertificated Balances of REMIC I Regular Interest LTAA, REMIC I Regular Interest LTM8 and REMIC I Regular Interest LTZZ, 98%, 1-B2 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest LTM8 has been reduced to zero; sixth, to the Class Uncertificated Balances of REMIC I Regular Interest LTAA, REMIC I Regular Interest LTM7 and REMIC I Regular Interest LTZZ, 98%, 1-B1 Certificates % and seventh1%, to the Class 1-M Certificatesrespectively, in each case until the Certificate Principal Uncertificated Balance of the related class REMIC I Regular Interest LTM7 has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first; seventh, to the Class 2-B6 Certificates; secondUncertificated Balances of REMIC I Regular Interest LTAA, to the Class 2-B5 Certificates; thirdREMIC I Regular Interest LTM6 and REMIC I Regular Interest LTZZ, to the Class 2-B4 Certificates; fourth98%, to the Class 2-B3 Certificates; fifth1% and 1%, to the Class 2-B2 Certificates; and sixthrespectively, to the Class 2-B1 Certificates, in each case until the Certificate Principal Uncertificated Balance of the related class REMIC I Regular Interest LTM6 has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first; eighth, to the Class 3-B6 Certificates; secondUncertificated Balances of REMIC I Regular Interest LTAA, to the Class 3-B5 Certificates; thirdREMIC I Regular Interest LTM5 and REMIC I Regular Interest LTZZ, to the Class 3-B4 Certificates; fourth98%, to the Class 3-B3 Certificates; fifth1% and 1%, to the Class 3-B2 Certificates; and sixthrespectively, to the Class 3-B1 Certificates, in each case until the Certificate Principal Uncertificated Balance of the related class REMIC I Regular Interest LTM5 has been reduced to zero. Thereafter; ninth, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method Uncertificated Balances of allocation of Realized Losses REMIC I Regular Interest LTAA, REMIC I Regular Interest LTM4 and Extraordinary Fund Expenses aboveREMIC I Regular Interest LTZZ, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated98%, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization1% and 1%, respectively, until the Overcollateralization is Uncertificated Balance of REMIC I Regular Interest LTM4 has been reduced to zero; tenth, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with Uncertificated Balances of REMIC I Regular Interest LTAA, REMIC I Regular Interest LTM3 and REMIC I Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the priorities set forth above. As used herein, an allocation Uncertificated Balance of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specifiedREMIC I Regular Interest LTM3 has been reduced to zero; eleventh, to each such Class the Uncertificated Balances of Certificates on REMIC I Regular Interest LTAA, REMIC I Regular Interest LTM2 and REMIC I Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the basis Uncertificated Balance of their then outstanding Certificate Principal Balances prior REMIC I Regular Interest LTM2 has been reduced to giving effect to distributions to be made on such Distribution Date. All Realized Losses zero and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion twelfth, to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to Uncertificated Balances of REMIC I Regular Interest LTAA, REMIC I Regular Interest LTM1 and REMIC I Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the contrary herein, in no event shall the Certificate Principal Uncertificated Balance of a Class A Certificate be REMIC I Regular Interest LTM1 has been reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amountzero.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2007-Wfhe2)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trustee on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; and sixth, to the Class B-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses shall be allocated among the related Senior Certificates as follows: the related Class PO Percentage of such Realized Losses shall be allocated to the Class PO Certificates and the related Non-Class PO Percentage of such Realized Losses shall be allocated to the Class A-1 Certificates, if such Realized Loss is on a PRO RATA basisGroup I Mortgage Loan and the Class A-2 Certificates, if such Realized Loss is on a Group II Mortgage Loan. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the Regular Certificates (other than the Class IO Certificates) as follows: the related Class PO Percentage of such Realized Losses shall be allocated to the Class PO Certificates on a PRO RATA basisand the related Non-Class PO Percentage of such Realized Losses shall be allocated by allocating the related Senior Percentage of such Realized Loss to the related Senior Certificates and the related Group Subordinate Percentage of such Realized Loss to the Subordinate Certificates. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated by the Trustee on any distribution date each Distribution Date as follows: first, to the Class 1-B6 B-6 Certificates; second, to the Class 1-B5 B-5 Certificates; third, to the Class 1-B4 B-4 Certificates; fourth, to the Class 1-B3 B-3 Certificates; fifth, to the Class 1-B2 B-2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M B-1 Certificates, in each case until the Certificate Principal Balance of the related class thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the Subordinate Certificates to zero, such Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated on any distribution date among the Group H Senior Certificates (other than the Class A Certificates IO Certificates) on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth abovebasis. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the related Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Union Planters Mort Pass THR Cert Ser 2000-Up1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; and sixth, to the Class B-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all if Realized Losses shall are on a Class IO Mortgage Loan, such Realized Losses will be allocated among on any Distribution Date to the Class A-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan and to the Class A-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan. If Realized Losses are on a Class PO Mortgage Loan, such Realized Losses will be allocated to the Class PO Certificates in an amount equal to the Class PO Percentage of the Realized Losses and the remainder of the Realized Losses will be allocated on any Distribution Date to the Class A-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan and to the Class A-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan. With respect to the Group I Mortgage Loans, Excess Losses on a Class IO Mortgage Loan will be allocated on any Distribution Date by allocating the Group I Senior Percentage of the Excess Loss to the Class A-1 Certificates and the Group I Subordinate Percentage of the Excess Loss to the Subordinate Certificates. With respect to the Group II Mortgage Loans, Excess Losses on a Class IO Mortgage Loan will be allocated on any Distribution Date by allocating the Group II Senior Percentage of the Excess Loss to the Class A-2 Certificates and the Group II Subordinate Percentage of the Excess Loss to the Subordinate Certificates. With respect to the Group I Mortgage Loans, Excess Losses on a Class PO Mortgage Loan will be allocated to the Class PO Certificates in an amount equal to the related Senior Certificates on a PRO RATA basis. Any Class PO Percentage of the Excess Losses attributable to any Mortgage Loan shall and the remainder of the Excess Losses will be allocated among all on any Distribution Date to the related Class A-1 Certificates on a PRO RATA basis. Any allocation or the Class A-2 Certificates by allocating the Group I Senior Percentage or the Group II Senior Percentage, as applicable, of a Realized the Excess Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by Class A-1 Certificates or the amount so allocated Class A-2 Certificates and the Group I Subordinate Percentage or the Group II Subordinate Percentage, as applicable, of the Distribution Date in Excess Loss to the month following the calendar month in which such Realized Loss was incurredSubordinate Certificates. Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated by the Trust Administrator on any distribution date each Distribution Date as follows: first, to the Class 1-B6 B-6 Certificates; second, to the Class 1-B5 B-5 Certificates; third, to the Class 1-B4 B-4 Certificates; fourth, to the Class 1-B3 B-3 Certificates; fifth, to the Class 1-B2 B-2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M B-1 Certificates, in each case until the Certificate Principal Balance of the related class thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the Subordinate Certificates to zero, such Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth abovebasis. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Salomon Mortgage Loan Trust Ser 2002-Ust1 Mort Pass-THR Cert)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; and sixth, to the Class B-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all if Realized Losses shall are on a Class IO Mortgage Loan, such Realized Losses will be allocated among on any Distribution Date first, to any amounts on deposit in the Excess Diverted Interest Reserve Account and second, to the Class A-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan, to the Class A-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan and to the Class A-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan. If Realized Losses are on a Class PO Mortgage Loan, such Realized Losses will be allocated first, to any amounts on deposit in the Excess Diverted Interest Reserve Account, second, to the Class PO-1 Certificates if the Realized Loss is on a Group I Mortgage Loan, to the Class PO-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan and third, to the Class PO-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan, in each case, in an amount equal to the related Senior Certificates Class PO Percentage of the Realized Losses and third, the remainder of the Realized Losses will be allocated on any Distribution Date to the Class A-1 Certificates, if the Realized Loss is on a PRO RATA basisGroup I Mortgage Loan, to the Class A-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan and to the Class A-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan, in each case, to the extent not covered by the Subordinate Certificates. Any If a Realized Loss is allocated to the Excess Diverted Interest Reserve Account, the Trust Administrator shall pay the Group I Excess Diverted Interest Reserve Deposit, the Group II Excess Diverted Interest Reserve Deposit or the Group III Excess Diverted Interest Reserve Deposit, as applicable, to the Available Distribution Amount to which the Realized Loss relates. Excess Losses attributable to any on a Class IO Mortgage Loan shall be allocated among all on any Distribution Date by allocating the related Certificates Senior Percentage of the Excess Loss to the Class A-1 Certificates, if the Realized Loss is on a PRO RATA basis. Any allocation of a Group I Mortgage Loan, to the Class A-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan and to the Class A-3 Certificates, if the Realized Loss is on a Certificate Group III Mortgage Loan, and the Group I Subordinate Percentage, the Group II Subordinate Percentage or the Group III Subordinate Percentage, as applicable, of the Excess Loss to the Subordinate Certificates. Excess Losses on a Class PO Mortgage Loan will be made by reducing allocated to the Certificate Principal Balance thereof by Class PO-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan, to the Class PO-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan and to the Class PO-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan, in an amount so allocated as equal to the related Class PO Percentage of the Excess Losses and the remainder of the Excess Losses will be allocated on any Distribution Date in to the month following Class A Certificates by allocating the calendar month in which such related Senior Percentage of the Excess Loss to the Class A-1 Certificates, if the Realized Loss was incurredis on a Group I Mortgage Loan, to the Class A-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan and to the Class A-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan, and the Group I Subordinate Percentage, the Group II Subordinate Percentage or the Group III Subordinate Percentage, as applicable, of the Excess Loss to the Subordinate Certificates. Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated on any distribution date Distribution Date as follows: first, to the Class 1-B6 B-6 Certificates; second, to the Class 1-B5 B-5 Certificates; third, to the Class 1-B4 B-4 Certificates; fourth, to the Class 1-B3 B-3 Certificates; fifth, to the Class 1-B2 B-2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M B-1 Certificates, in each case until the Certificate Principal Balance of the related class Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date Distribution Date among the Group H I Senior Certificates (other than the Class A IO-1 Certificates), the Group II Senior Certificates (other than the Class IO-2 Certificates) or the Group III Senior Certificates (other than the Class IO-3 Certificates), as applicable, on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth abovebasis. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Series 2003 Ust-1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order to the related Subordinate Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, (i) with respect to Collateral Pool 1, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated among on any Distribution Date to the Class 1-A1A Certificates and the Class 1-A1B Certificates as described below (if the Realized Loss is on a Group 1-1 Mortgage Loan), to the Class 1-A2A Certificates and the Class 1-23B Certificates as described below (if the Realized Loss is on a Group 1-2 Mortgage Loan), to the Class 1-A3A Certificates and the Class 1-23B Certificates as described below (if the Realized Loss is on a Group 1-3 Mortgage Loan), to the Class 1-A4A Certificates and the Class 1-45B Certificates as described below (if the Realized Loss is on a Group 1-4 Mortgage Loan), to the Class 1-A5A Certificates and the Class 1-45B Certificates as described below (if the Realized Loss is on a Group 1-5 Mortgage Loan), to the Class 1-A6A Certificates and the Class 1-67B Certificates as described below (if the Realized Loss is on a Group 1-6 Mortgage Loan) and to the Class 1-A7A Certificates and the Class 1-67B Certificates as described below (if the Realized Loss is on a Group 1-7 Mortgage Loan) and (ii) with respect to Collateral Pool 2, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated on any Distribution Date to the Class 2-A1A Certificates and the Class 2-A1B Certificates as described below (if the Realized Loss is on a Group 2-1 Mortgage Loan), to the Class 2-A2A Certificates and the Class 2-23B Certificates as described below (if the Realized Loss is on a Group 2-2 Mortgage Loan), to the Class 2-A3A Certificates and the Class 2-23B Certificates as described below (if the Realized Loss is on a Group 2-3 Mortgage Loan), to the Class 2-A4A Certificates and the Class 2-45B Certificates as described below (if the Realized Loss is on a Group 2-4 Mortgage Loan), to the Class 2-A5A Certificates and the Class 2-45B Certificates as described below (if the Realized Loss is on a Group 2-5 Mortgage Loan), to the Class 2-A6A Certificates and the Class 2-67B Certificates as described below (if the Realized Loss is on a Group 2-6 Mortgage Loan) and to the Class 2-A7A Certificates and the Class 2-67B Certificates as described below (if the Realized Loss is on a Group 2-7 Mortgage Loan). Excess Losses on the Group 1 Mortgage Loans will be allocated on any Distribution Date by allocating (i) the related Group 1 Senior Percentage of the Excess Loss to the Class 1-A1A Certificates and Class 1-A1B Certificates as described below (if the Excess Loss is on a Group 1-1 Mortgage Loan), to the Class 1-A2A Certificates and Class 1-23B Certificates as described below (if the Excess Loss is on a Group 1-2 Mortgage Loan), to the Class 1-A3A Certificates and Class 1-23B Certificates as described below (if the Excess Loss is on a Group 1-3 Mortgage Loan), to the Class 1-A4A Certificates and Class 1-45B Certificates as described below (if the Excess Loss is on a Group 1-4 Mortgage Loan), to the Class 1-A5A Certificates and Class 1-45B Certificates as described below (if the Excess Loss is on a Group 1-5 Mortgage Loan), to the Class 1-A6A Certificates and Class 1-67B Certificates as described below (if the Excess Loss is on a Group 1-6 Mortgage Loan), to the Class 1-A7A Certificates and Class 1-67B Certificates as described below (if the Excess Loss is on a Group 1-7 Mortgage Loan) and (ii) the related Group 1 Subordinate Percentage (related to the Loan Group in which the Mortgage Loan that suffered the Excess Loss is included) of the Excess Loss to the Group 1 Subordinate Certificates on a PRO RATA pro rata basis. Excess Losses on the Group 2 Mortgage Loans will be allocated on any distribution date by allocating (i) the related Group 2 Senior Percentage of the Excess Loss to the Class 2-A1A Certificates and Class 2-A1B Certificates as described below (if the Excess Loss is on a Group 2-1 Mortgage Loan), to the Class 2-A2A Certificates and Class 2-23B Certificates as described below (if the Excess Loss is on a Group 2-2 Mortgage Loan), to the Class 2-A3A Certificates and Class 2-23B Certificates as described below (if the Excess Loss is on a Group 2-3 Mortgage Loan), to the Class 2-A4A Certificates and Class 2-45B Certificates as described below (if the Excess Loss is on a Group 2-4 Mortgage Loan), to the Class 2-A5A Certificates and Class 2-45B Certificates as described below (if the Excess Loss is on a Group 2-5 Mortgage Loan), to the Class 2-A6A Certificates and Class 2-67B Certificates as described below (if the Excess Loss is on a Group 2-6 Mortgage Loan), to the Class 2-A7A Certificates and Class 2-67B Certificates as described below (if the Excess Loss is on a Group 2-7 Mortgage Loan) and (ii) the related Group 2 Subordinate Percentage (related to the Loan Group in which the Mortgage Loan that suffered the Excess Loss is included) of the Excess Loss to the Group 2 Subordinate Certificates on a pro rata basis. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the related Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H 1 will be allocated on any distribution date Distribution Date as follows: first, to the Class 1-B6 Certificates; second, to the Class 1-B5 Certificates; third, to the Class 1-B4 Certificates; fourth, to the Class 1-B3 Certificates; fifth, to the Class 1-B2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the any Extraordinary Trust Fund Expenses relating to Collateral Pool H 1 will be allocated on any distribution date Distribution Date among the Group H 1 Class A Certificates on a PRO RATA basis based on their Certificate Principal Balancespro rata basis. Any Extraordinary Trust Fund Expenses relating to Collateral Pool A 2 will be allocated on any distribution date Distribution Date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A 2 will be allocated on any 102 distribution date Distribution Date among the Group 2 Class AA Certificates on a pro rata basis. Notwithstanding the foregoing, with respect to Collateral Pool 1, (i) any Realized Loss (including any Excess Loss) that is allocated to the Class 1-A A1A Certificates and Class A1-X A1B Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated between such Classes on a pro rata basis; provided that any distribution date as follows: first, Realized Losses (other than any Excess Losses) so allocated to the Class 31-B6 Certificates; second, A1A Certificates and Class 1-A1B Certificates will be allocated first to the Class 31-B5 Certificates; third, A1B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 31-B4 A1A Certificates; fourth, (ii) any Realized Loss (including any Excess Loss) that is allocated to the Class 31-B3 Certificates; fifth, to the A2A Certificates and Class 31-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until 23B Certificates will be allocated between such Classes on a pro rata basis (based on the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, Class 1-A2A Certificates and the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be Component Principal Balance of the 1-A2B Component); provided that any Realized Losses (other than any Excess Losses) so allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses 1-A2A Certificates and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses Class 1-23B Certificates will be allocated first to the Overcollateralization, Class 1-23B Certificates to the extent of the Component Principal Balance of the 1-A2B Component until the Overcollateralization is Component Principal Balance of the 1-A2B Component has been reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses zero and then to the Certificates in accordance with the priorities set forth above. As used hereinClass 1-A2A Certificates, an allocation of a (iii) any Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses (including any Excess Loss) that is allocated to a the Class of 1-A3A Certificates hereunder and Class 1-23B Certificates will be allocated among the Certificates of between such Class in proportion to the Percentage Interests evidenced thereby. Classes on a pro rata basis (c) Notwithstanding anything to the contrary herein, in no event shall based on the Certificate Principal Balance of the Class 1-A3A Certificates and the Component Principal Balance of the 1-A2B Component); provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 1-A3A Certificates and Class 1-23B Certificates will be allocated first to the Class 1-23B Certificates to the extent of the Component Principal Balance of the 1-A3B Component until the Component Principal Balance of the 1-A3B Component has been reduced to zero and then to the Class 1-A3A Certificates, (iv) any Realized Loss (including any Excess Loss) that is allocated to the Class 1-A4A Certificates and Class 1-45B Certificates will be allocated between such Classes on a pro rata basis (based on the Certificate Principal Balance of the Class A 1-A4A Certificates and the Component Principal Balance of the 1-A4B Component); provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 1-A4A Certificates and Class 1-45B Certificates will be allocated first to the Class 1-45B Certificates to the extent of the Component Principal Balance of the 1-A4B Component until the Component Principal Balance of the 1-A4B Component has been reduced to zero and then to the Class 1-A4A Certificates, (v) any Realized Loss (including any Excess Loss) that is allocated to the Class 1-A5A Certificates and Class 1-45B Certificates will be allocated between such Classes on a pro rata basis (based on the Certificate Principal Balance of the Class 1-A5A Certificates and the Component Principal Balance of the 1-A5B Component); provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 1-A5A Certificates and Class 1-45B Certificates will be allocated first to the Class 1-45B Certificates to the extent of the Component Principal Balance of the 1-A5B Component until the Component Principal Balance of the 1-A5B Component has been reduced more to zero and then to the Class 1-A5A Certificates, (vi) any Realized Loss (including any Excess Loss) that is allocated to the Class 1-A6A Certificates and Class 1-67B Certificates will be allocated between such Classes on a pro rata basis (based on the Certificate Principal Balance of the Class 1-A6A Certificates and the Component Principal Balance of the 1-A6B Component); provided that any Realized Losses (other than once in any Excess Losses) so allocated to the Class 1-A6A Certificates and Class 1-67B Certificates will be allocated first to the Class 1-67B Certificates to the extent of the Component Principal Balance of the 1-A6B Component until the Component Principal Balance of the 1-A6B Component has been reduced to zero and then to the Class 1-A6A Certificates and (vii) any Realized Loss (including any Excess Loss) that is allocated to the Class 1-A7A Certificates and Class 1-67B Certificates will be allocated between such Classes on a pro rata basis (based on the Certificate Principal Balance of the Class 1-A7A Certificates and the Component Principal Balance of the 1-A7B Component); provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 1-A7A Certificates and Class 1-67B Certificates will be allocated first to the Class 1-67B Certificates to the extent of the Component Principal Balance of the 1-A7B Component until the Component Principal Balance of the 1-A7B Component has been reduced to zero and then to the Class 1-A7A Certificates. Notwithstanding the foregoing, with respect of any particular amount both to Collateral Pool 2, (i) allocable any Realized Loss (including any Excess Loss) that is allocated to the Class 2-A1A Certificates and Class 2-A1B Certificates will be allocated between such Certificate in respect of Classes on a pro rata basis; provided that any Realized Losses or Extraordinary Trust Fund Expenses pursuant (other than any Excess Losses) so allocated to Section 4.04 the Class 2-A1A Certificates and Class 2-A1B Certificates will be allocated first to the Class 2-A1B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class 2-A1A Certificates, (ii) payable any Realized Loss (including any Excess Loss) that is allocated to the Holder of Class 2-A2A Certificates and Class 2-23B Certificates will be allocated between such Classes on a pro rata basis (based on the Certificate pursuant to Section 4.01(a) as a portion Principal Balance of the Senior Class 2-A2A Certificates and the Component Principal Distribution Amount.Balance of the 2-A2B Component); provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 2-A2A Certificates and Class 2-23B Certificates will be allocated first to the Class 2-23B Certificates to the extent of the Component Principal Balance of the 2-A2B Component until the Component Principal Balance of the 2-A2B Component has been reduced to zero and then to the Class 2-A2A Certificates, (iii) any Realized Loss (including any Excess Loss) that is allocated to the Class 2-A3A Certificates and Class 2-23B Certificates will be allocated between such Classes on a pro rata basis (based on the Certificate Principal Balance of the Class 2-A3A Certificates and the Component Principal Balance of the 2-A3B Component); provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 2-A3A Certificates and Class 2-23B Certificates will be allocated first to the Class 2-23B Certificates to the extent of the Component Principal Balance of the 2-A3B Component until the Component Principal Balance of the 2-A3B Component has been reduced to zero and then to the Class 2-A3A Certificates, (iv) any Realized Loss (including any Excess Loss) that is allocated to the Class 2-A4A Certificates and Class 2-45B Certificates will be allocated between such Classes on a pro rata basis (based on the Certificate Principal Balance of the Class 2-A4A Certificates and the Component Principal Balance of the 2-A4B Component); provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 2-A4A Certificates and Class 2-45B Certificates will be allocated first to the Class 2-45B Certificates to the extent of the Component Principal Balance of the 2-A4B Component until the Component Principal Balance of the 2-A4B Component has been reduced to zero and then to the Class 2-A4A Certificates, (v) any Realized Loss (including any Excess Loss) that is allocated to the Class 2-A5A Certificates and Class 2-45B Certificates will be allocated between such Classes on a pro rata basis (based on the Certificate Principal Balance of the Class 2-A5A Certificates and the Component Principal Balance of the 2-A5B Component); provided that any Realized Losses (other than any Excess Losses) so allocated to the Class 2-A5A Certificates and Class 2-45B Certificates will be allocat

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Ar5)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; and sixth, to the Class B-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all such Realized Losses will be allocated on any Distribution Date first, to any amounts on deposit in the Excess Diverted Interest Reserve Account and second, to the Class A-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan, to the Class A-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan, to the Class A-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan, to the Class A-4 Certificates, if the Realized Loss is on a Group IV Mortgage Loan, to the Class A-5 Certificates, if the Realized Loss is on a Group V Mortgage Loan and to the Class A-6 Certificates, if the Realized Loss is on a Group VI Mortgage Loan. If a Realized Loss is allocated to the Excess Diverted Interest Reserve Account, the Trust Administrator shall pay the Group I Excess Diverted Interest Reserve Deposit, the Group II Excess Diverted Interest Reserve Deposit, the Group III Excess Diverted Interest Reserve Deposit, the Group IV Excess Diverted Interest Reserve Deposit, the Group V Excess Diverted Interest Reserve Deposit or the Group VI Excess Diverted Interest Reserve Deposit, as applicable, to the Available Distribution Amount to which the Realized Loss relates. Excess Losses shall be allocated among on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class A-1 Certificates (if the Realized Loss is on a PRO RATA basis. Any Excess Losses attributable Group I Mortgage Loan), to any Mortgage Loan shall be allocated among all the related Class A-2 Certificates (if the Realized Loss is on a PRO RATA basis. Any allocation of a Group II Mortgage Loan), to the Class A-3 Certificates (if the Realized Loss is on a Group III Mortgage Loan), to the Class A-4 Certificates (if the Realized Loss is on a Certificate will be made by reducing Group IV Mortgage Loan), to the Certificate Principal Balance thereof by Class A-5 Certificates (if the amount so allocated Realized Loss is on a Group V Mortgage Loan) and to the Class A-6 Certificates (if the Realized Loss is on a Group VI Mortgage Loan) and (ii) and the Group I Subordinate Percentage, the Group II Subordinate Percentage, the Group III Subordinate Percentage, the Group IV Subordinate Percentage, the Group V Subordinate Percentage or the Group VI Subordinate Percentage, as applicable, of the Distribution Date in Excess Loss to the month following the calendar month in which such Realized Loss was incurredSubordinate Certificates. Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated on any distribution date Distribution Date as follows: first, to the Class 1-B6 B-6 Certificates; second, to the Class 1-B5 B-5 Certificates; third, to the Class 1-B4 B-4 Certificates; fourth, to the Class 1-B3 B-3 Certificates; fifth, to the Class 1-B2 B-2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M B-1 Certificates, in each case until the Certificate Principal Balance of the related class Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date Distribution Date among the Group H Class A A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class A-5 Certificates or the Class A-6 Certificates, as applicable, on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth abovebasis. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other -103- losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc Series 2004-Ust1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order to the related Subordinate Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, (i) with respect to Collateral Pool I, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated among to the related Class A Certificates as set forth below; (ii) with respect to Collateral Pool II, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than 114 Excess Losses) shall be allocated to the Class II-A1A Certificates and the Class II-A1B Certificates as set forth below (if such Realized Loss is on a Group II-1 Mortgage Loan) and to the Class II-A2A Certificates and the Class II-A2B Certificates as set forth below (if such Realized Loss is on a Group II-2 Mortgage Loan); and (iii) with respect to Collateral Pool III, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, (A) all Realized Losses on the Mortgage Loans (other than Class PO Mortgage Loans) and Mortgage Loan Components related to such Collateral Pool (other than Excess Losses) shall be allocated to the Class III-A1 Certificates (if such Realized Loss is on a Mortgage Loan in Subgroup III-A1) and to the Class III-A2 Certificates (if such Realized Loss is on a Mortgage Loan in Subgroup III-A2) and (B) all Realized Losses on the Class PO Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated first, to the Class III-PO Certificates in an amount equal to the Class PO Percentage of each such Realized Loss and second, to the Class III-A1 Certificates. Excess Losses on the Group I Mortgage Loans will be allocated on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class I-A1A Certificates and Class I-A1B Certificates on as set forth below and (ii) the Group I Subordinate Percentage of the Excess Loss to the Group I Subordinate Certificates on a PRO RATA pro rata basis. Any Excess Losses attributable to any on the Group II Mortgage Loan shall Loans will be allocated among all on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class II-A1A Certificates and Class II-A1B Certificates as set forth below (if such Excess Loss is on a Group II-1 Mortgage Loan) and to the Class II-A2A Certificates and the Class II-A2B Certificates as set forth below (if such Excess Loss is on a Group II-2 Mortgage Loan) and (ii) the Group II-1 Subordinate Percentage or the Group II-2 Subordinate Percentage, as applicable, of the Excess Loss to the Group II Subordinate Certificates on a PRO RATA pro rata basis. Any allocation Excess Losses on the Mortgage Loans (other than Class PO Mortgage Loans) and Mortgage Loan Components in Collateral Pool III will be allocated on any Distribution Date by allocating (i) the related Senior Percentage of a Realized the Excess Loss to the Class III-A1 Certificates (if such Excess Loss is on a Certificate Mortgage Loan or Mortgage Loan Component in Subgroup III-A1) and to the Class III-A2 Certificates (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup III-A2) and (ii) the Group III-A1 Subordinate Percentage or the Group III-A2 Subordinate Percentage, as applicable, of the Excess Loss to the Group III Subordinate Certificates on a pro rata basis. Excess Losses on the Class PO Mortgage Loans in Collateral Pool III will be made allocated on any Distribution Date by reducing first, allocating the Certificate Principal Balance thereof by Class PO Percentage of each such Excess Loss to the amount so allocated as Class PO Certificates, and second, allocating (i) the related Senior Percentage of the Distribution Date in remainder of such Excess Loss to the month following Class III-A1 Certificates and (ii) the calendar month in which such Realized Group III-A1 Subordinate Percentage or the Group III-A2 Subordinate Percentage, as applicable, of the Excess Loss was incurredto the Group III Subordinate Certificates on a pro rata basis. Extraordinary Trust Fund Expenses relating to Collateral Pool H I will be allocated on any distribution date Distribution Date as follows: first, to the Class 1I-B6 Certificates; second, to the Class 1I-B5 Certificates; third, to the Class 1I-B4 Certificates; fourth, to the Class 1I-B3 Certificates; fifth, to the Class 1I-B2 Certificates; and sixth, to the Class 1I-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H I will be allocated on any distribution date among Distribution Date to the Group H I Class A Certificates on a PRO RATA basis based on their Certificate Principal Balancesas set forth below. Extraordinary Trust Fund Expenses relating to Collateral Pool A II will be allocated on any distribution date Distribution Date as follows: first, to the Class 2II-B6 Certificates; second, to the Class 2II-B5 Certificates; third, to the Class 2II-B4 Certificates; fourth, to the Class 2II-B3 Certificates; fifth, to the Class 2II-B2 Certificates; and sixth, to the Class 2II-B1 Certificates, in each case until the Certificate Principal Balance of such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool II will be allocated on any Distribution Date to the Class II-A1A Certificates and the Class II-A1B Certificates, on the one hand, and to the Class II-A2A Certificates and the Class II-A2B Certificates, on the other hand, on a pro rata basis based on the aggregate Certificate Principal Balance of the Class II-A1A Certificates and the Class II-A1B Certificates, on the one hand, and of the Class II-A2A Certificates and the Class II-A2B Certificates, on the other hand. Extraordinary Trust Fund Expenses relating to Collateral Pool III will be allocated on any Distribution Date as follows: first, to the Class III-B2 Certificates; and second, to the Class III-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A III will be allocated on any 102 distribution date Distribution Date among the Group III Senior Certificates (other than the Class AIII-A Certificates and Class A-X Certificates XS Certificates) on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificatespro rata basis. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralizationovercollateralization, until the Overcollateralization overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Group I Class A Certificates shall be allocated first to the Class I-A1B Certificates and then to the Class I-A1A Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class II-A1A Certificates and Class II-A1B Certificates shall be allocated first to the Class II-A1B Certificates and then to the Class II-A1A Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class II-A2A Certificates and Class II-A2B Certificates shall be allocated first to the Class II-A2B Certificates and then to the Class II-A2A Certificates. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. Any allocation of a Realized Loss of Extraordinary Trust Fund Expense to a Certificate shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date following the Prepayment Period in which such Realized Loss was incurred. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or 116 Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc, Mortgage Pass-Through Certificates, Series 2005-1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be either included in the related Remittance Report or evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the Interest Distribution Amount for the Class CE Certificates for the related Subordinate Interest Accrual Period; second, to payments received under the Cap Contract and Net Swap Payments received under the Interest Rate Swap Agreement, third, to the Class CE Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-11 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M-9 Certificates until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; thirteenth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and fourteenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as and any allocation of Realized Losses to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Distribution Date in Class A Certificates or the month following Class P Certificates. (c) All Realized Losses on the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will Group I Mortgage Loans shall be allocated on any distribution date each Distribution Date to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-24-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated pro rata between such REMIC I Regular Interests. All Realized Losses on the Group II Mortgage Loans shall be allocated on each Distribution Date to REMIC I Regular Interest II-1-A through REMIC I Regular Interest II-24-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated pro rata between such REMIC I Regular Interests. (d) The REMIC II Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Interest payable to the Class 1-B6 CertificatesREMIC II Regular Interest LTAA and REMIC II Regular Interest LTZZ up to an aggregate amount equal to the REMIC II Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Class 1-B5 CertificatesUncertificated Balances of the REMIC II Regular Interest LTAA and REMIC II Regular Interest LTZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM11 and REMIC II Regular Interest LTZZ, 98%, 1-B4 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM11 has been reduced to zero; fourth, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM10 and REMIC II Regular Interest LTZZ, 98%, 1-B3 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM10 has been reduced to zero; fifth, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM9 and REMIC II Regular Interest LTZZ, 98%, 1-B2 Certificates% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM9 has been reduced to zero; sixth, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM8 and REMIC II Regular Interest LTZZ, 98%, 1-B1 Certificates % and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM8 has been reduced to zero; seventh, to the Class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM7 and REMIC II Regular Interest LTZZ, 98%, 1-M Certificates% and 1%, in each case respectively, until the Certificate Principal Uncertificated Balance of REMIC II Regular Interest LTM7 has been reduced to zero; eighth, to the related class Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM6 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM6 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM5 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM5 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM4 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM4 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM3 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM3 has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM2 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM2 has been reduced to zero and thirteenth, to the Uncertificated Balances of REMIC II Regular Interest LTAA, REMIC II Regular Interest LTM1 and REMIC II Regular Interest LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC II Regular Interest LTM1 has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will The REMIC II Sub WAC Allocation Percentage of all Realized Losses shall be allocated applied after all distributions have been made on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: each Distribution Date first, so as to keep the Class 2-B6 CertificatesUncertificated Balance of each REMIC II Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC II Regular Interest ending with the Class 2-B5 Certificates; third, designation “SUB,” so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to 0.01% of the Class 2-B4 Certificates; fourth, to excess of (x) the Class 2-B3 Certificates; fifth, to aggregate Stated Principal Balance of the Class 2-B2 Certificates; and sixth, to Mortgage Loans in the Class 2-B1 Certificates, in each case until related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related class has been reduced to zero. ThereafterLoan Group (except that if any such excess is a larger number than in the preceding distribution period, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation least amount of Realized Losses shall be applied to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and Extraordinary Fund Expenses abovethird, if any Overcollateralization exists when remaining Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will shall be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced therebyREMIC II Regular Interest LTXX. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Nc1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) in Sub-Pool 1 shall be allocated by the Paying Agent Trustee on each Distribution Date as follows: first, to Component B-6PO-1; second, to Component B-6PO-2; third, to Component B-5-1; fourth, to Component B-5-2; fifth, to Component B-4-1; sixth, to Component B-4-2; seventh, to Component B-3-1; eighth, to Component B-3-2; ninth, to Component B-2-1; tenth, to Component B-2-2; eleventh, to Component B-1-1; and twelfth, to Component B-1-2, in reverse sequential order each case until the Component Balance thereof has been reduced to zero. All Realized Losses on the Mortgage Loans (other than Excess Losses) in Sub-Pool 2 shall be allocated by the Trustee on each Distribution Date as follows: first, to Component B-6PO-2; second, to Component B-6PO-1; third, to Component B-5-2; fourth, to Component B-5-1; fifth, to Component B-4-2; sixth, to Component B-4-1; seventh, to Component B-3-2; eighth, to Component B-3-1; ninth, to Component B-2-2; tenth, to Component B-2-1; eleventh, to Component B-1-2; and twelfth, to Component B-1-1, in each case until the Component Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the Subordinate Certificates to zero, all Realized Losses shall be allocated among the Senior Certificates as follows: the related Class PO Percentage of such Realized Losses shall be allocated to the Class PO Certificates and the related Non-Class PO Percentage of such Realized Losses shall be allocated to the related Subordinate Class A Certificates in the related Sub-Pool; provided, however, that all such Realized Losses otherwise allocable to the Super Senior Certificates will be allocated to the Senior Support Lockout Certificates until the Certificate Principal Balance of Senior Support Lockout Certificates is reduced to zero. Extraordinary Trust Fund Expenses shall be allocated by the Trustee on each Distribution Date as follows: first, to the Class B-6PO Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; and sixth, to the Class B-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses such Extraordinary Trust Fund Expenses shall be allocated among the related Senior Certificates (other than the Class IO Certificates) on a PRO RATA basis; provided, however, that all such Extraordinary Trust Fund Expenses otherwise allocable to the Super Senior Certificates will be allocated to the Senior Support Lockout Certificates until the Certificate Principal Balance of Senior Support Lockout Certificates is reduced to zero. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the Certificates (other than the Class IO Certificates) as follows: the related Class PO Percentage of such Realized Losses shall be allocated to the Class PO Certificates and the related Non-Class PO Percentage of such Realized Losses in a Sub-Pool shall be allocated among the related Class A Certificates and the related Components on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate or Component will be made by reducing the Certificate Principal Balance or Component Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date as follows: first, to the Class 1-B6 Certificates; second, to the Class 1-B5 Certificates; third, to the Class 1-B4 Certificates; fourth, to the Class 1-B3 Certificates; fifth, to the Class 1-B2 Certificates; sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates or Components means an allocation on a PRO RATA basis, among the various Classes or Component so specified, to each such Class of Certificates or Component on the basis of their then outstanding Certificate Principal Balances or Component Balances, as applicable, prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior related Class A Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Salomon Brothers MRT Sec Vii Inc MRT Ps THR Cert 1999-2)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be either included in the related Remittance Report or evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the Interest Distribution Amount for the Class CE Certificates for the related Subordinate Interest Accrual Period; second, to payments received under the cap contract, third, to the Class CE Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-13 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-12 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M-11 Certificates until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; thirteenth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fourteenth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; fifteenth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and sixteenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as and any allocation of Realized Losses to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. (c) The REMIC I Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC I Regular Interests in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date specified percentages, as follows: first, to Uncertificated Interest payable to the Class 1REMIC I Regular Interest I-B6 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, [__]% and [__]%, respectively; second, to the Class 1Uncertificated Balances of the REMIC I Regular Interest I-B5 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, [__]% and [__]%, respectively; third, to the Class 1Uncertificated Balances of REMIC I Regular Interest I-B4 CertificatesLTAA, REMIC I Regular Interest I-LTM13 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM13 has been reduced to zero; fourth, to the Class 1Uncertificated Balances of REMIC I Regular Interest I-B3 CertificatesLTAA, REMIC I Regular Interest I-LTM12 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM12 has been reduced to zero; fifth, to the Class 1Uncertificated Balances of REMIC I Regular Interest I-B2 CertificatesLTAA, REMIC I Regular Interest I-LTM11 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM11 has been reduced to zero; sixth, to the Class 1Uncertificated Balances of REMIC I Regular Interest I-B1 Certificates LTAA, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM10 has been reduced to zero; seventh, to the Class 1Uncertificated Balances of REMIC I Regular Interest I-M CertificatesLTAA, in each case REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Certificate Principal Uncertificated Balance of REMIC I Regular Interest I-LTM9 has been reduced to zero; eighth, to the related class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM8 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM7 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM7 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM6 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; thirteenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; fourteenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero and fifteenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, [__]%,[__]% and [__]%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will The REMIC I Sub WAC Allocation Percentage of all Realized Losses shall be allocated applied after all distributions have been made on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: each Distribution Date first, so as to keep the Class 2-B6 CertificatesUncertificated Balance of each REMIC I Regular Interest ending with the designation "GRP" equal to [__]% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the Class 2-B5 Certificates; third, designation "SUB," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to [__]% of the Class 2-B4 Certificates; fourth, to excess of (x) the Class 2-B3 Certificates; fifth, to aggregate Stated Principal Balance of the Class 2-B2 Certificates; and sixth, to Mortgage Loans in the Class 2-B1 Certificates, in each case until related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related class has been reduced to zero. ThereafterLoan Group (except that if any such excess is a larger number than in the preceding distribution period, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and Extraordinary Fund Expenses abovethird, if any Overcollateralization exists when remaining Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will shall be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced therebyREMIC I Regular Interest I-LTXX. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) With respect to the REMIC I Regular Interests, all Realized Losses shall be applied after all distributions pursuant to Section 4.08 have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation "A," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group over (y) the Certificate Principal Balance of the Senior Certificates in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining Realized Losses shall be allocated to REMIC I Regular Interest LT-ZZ. All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; and sixth, to the Class B-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses shall will be allocated on any Distribution Date first, to any amounts on deposit in the Excess Diverted Interest Reserve Account and second, to the Class A-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan, to the Class A-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan, to the Class A-3 Certificates, if the Realized Loss is on a Group III Mortgage Loan and to the Class A-4 Certificates, if the Realized Loss is on a Group IV Mortgage Loan. If a Realized Loss is allocated to the Excess Diverted Interest Reserve Account, the Trustee shall pay the Group I Excess Diverted Interest Reserve Deposit, the Group II Excess Diverted Interest Reserve Deposit, the Group III Excess Diverted Interest Reserve Deposit or the Group IV Excess Diverted Interest Reserve Deposit, as applicable, to the Available Distribution Amount to which the Realized Loss relates. With respect to the Mortgage Loans in any Loan Group, Excess Losses will be allocated on any Distribution Date among all the related Senior Classes of Regular Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the related Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated by the Trust Administrator on any distribution date each Distribution Date as follows: first, to the Class 1-B6 B-6 Certificates; second, to the Class 1-B5 B-5 Certificates; third, to the Class 1-B4 B-4 Certificates; fourth, to the Class 1-B3 B-3 Certificates; fifth, to the Class 1-B2 B-2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M B-1 Certificates, in each case until the Certificate Principal Balance of the related class thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the Subordinate Certificates to zero, such Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth abovebasis. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Sov Bk MRT Ln Tr Se 2002-1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) With respect to the REMIC I Regular Interests, all Realized Losses shall be applied in the same manner and in the same priority as such Realized Losses are applied to the Corresponding Certificates as set forth in (c) below. (c) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trustee on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; and sixth, to the Class B-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all if Realized Losses shall are on a Class IO Mortgage Loan, such Realized Losses will be allocated among on any Distribution Date first, to any amounts on deposit in the related Senior Excess Diverted Interest Reserve Account and second, to the Class A-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan and to the Group II Class A Certificates (on a PRO RATA basisbasis based on the Certificate Principal Balance of each such Class), if the Realized Loss is on a Group II Mortgage Loan. Any If Realized Losses are on a Class PO Mortgage Loan, such Realized Losses will be allocated first, to any amounts on deposit in the Excess Diverted Interest Reserve Account, second, to the Class PO-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan and to the Class PO-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan, in each case, in an amount equal to the related Class PO Percentage of the Realized Losses and third, the remainder of the Realized Losses will be allocated on any Distribution Date to the Class A-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan and to the Group II Class A Certificates (on a PRO RATA basis based on the Certificate Principal Balance of each such Class), if the Realized Loss is on a Group II Mortgage Loan. If a Realized Loss is allocated to the Excess Diverted Interest Reserve Account, the Trustee shall pay the Group I Excess Diverted Interest Reserve Deposit or the Group II Excess Diverted Interest Reserve Deposit, as applicable, to the Available Distribution Amount to which the Realized Loss relates. Excess Losses attributable to any on a Class IO Mortgage Loan shall be allocated among all on any Distribution Date by allocating the related Senior Percentage of the Excess Loss to the Class A-1 Certificates, if the Realized Loss is on a Group I Mortgage Loan and to the Group II Class A Certificates (on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing basis based on the Certificate Principal Balance thereof by of each such Class), if the amount so allocated Realized Loss is on a Group II Mortgage Loan, and the Group I Subordinate Percentage or the Group II Subordinate Percentage, as applicable, of the Excess Loss to the Subordinate Certificates. Excess Losses on a Class PO Mortgage Loan will be allocated to the Class PO-1 Certificates, if the Realized Loss is on a Group II Mortgage Loan and to the Class PO-2 Certificates, if the Realized Loss is on a Group II Mortgage Loan, in an amount equal to the related Class PO Percentage of the Excess Losses and the remainder of the Excess Losses will be allocated on any Distribution Date in to the month following Class A Certificates by allocating the calendar month in which such related Senior Percentage of the Excess Loss to the Class A-1 Certificates, if the Realized Loss was incurredis on a Group I Mortgage Loan and to the Group II Class A Certificates (on a PRO RATA basis based on the Certificate Principal Balance of each such Class), if the Realized Loss is on a Group II Mortgage Loan, and the Group I Subordinate Percentage or the Group II Subordinate Percentage, as applicable, of the Excess Loss to the Subordinate Certificates. Extraordinary Trust Fund Expenses relating to Collateral Pool H will shall be allocated on any distribution date Distribution Date as follows: first, to the Class 1-B6 B-6 Certificates; second, to the Class 1-B5 B-5 Certificates; third, to the Class 1-B4 B-4 Certificates; fourth, to the Class 1-B3 B-3 Certificates; fifth, to the Class 1-B2 B-2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M B-1 Certificates, in each case until the Certificate Principal Balance of the related class Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date Distribution Date among the Group H I Senior Certificates (other than the Class A S-1 Certificates and the Class IO-1 Certificates) or the Group II Senior Certificates (other than the Class S-1 Certificates and the Class IO-2 Certificates), as applicable, on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth abovebasis. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (cd) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the related Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Salomon Bro Mor Sec Vii Inc Citigroup Mor Ln Tr Ser 2003-Up2)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order to the related Subordinate Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, (i) with respect to Collateral Pool I, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated among to the Class I-A1 Certificates (if such Realized Loss is on a Group I-1 Mortgage Loan), to the Class I-A2 Certificates (if such Realized Loss is on a Group I-2 Mortgage Loan), to the Class I-A3 Certificates (if such Realized Loss is on a Group I-3 Mortgage Loan), to the Class I-A4 Certificates (if such Realized Loss is on a Group I-4 Mortgage Loan) and to the Class I-A5 Certificates (if such Realized Loss is on a Group I-5 Mortgage Loan); (ii) with respect to Collateral Pool II, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, (A) all Realized Losses on the Mortgage Loans (other than Class PO Mortgage Loans) and Mortgage Loan Components related to such Collateral Pool (other than Excess Losses) shall be allocated to the the Class II-1-1A Certificates as described below (if the Excess Loss is on a Subgroup II-1-1 Mortgage Loan), to the Class II-1-2A Certificates as described below (if the Excess Loss is on a Subgroup II-1-2 Mortgage Loan or mortgage loan component), to the Class II-A2 Certificates (if the Excess Loss is on a Group II-2 Mortgage Loan or mortgage loan component) or to the Class II-A3 Certificates (if the Excess Loss is on a Group II-3 Mortgage Loan or mortgage loan component), and (B) all Realized Losses on the Class PO Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated first, to the Class II-PO1 Certificates in an amount equal to the Class PO Percentage of each such Realized Loss and second, to the Class II-1-1 Certificates (if such Realized Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1) or first, to the Class II-PO2 Certificates in an amount equal to the Class PO Percentage of each such Realized Loss and second, to the Class II-A2 Certificates (if such Realized Loss is on a Mortgage Loan in Loan Group II-2) or first, to the Class II-PO3 Certificates in an amount equal to the Class PO Percentage of each such Realized Loss and second, to the Class II-A3 Certificates (if such Realized Loss is on a Mortgage Loan in Loan Group II-3); and with respect to Collateral Pool III, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated to the Class III-A1A Certificates and Class III-A1B Certificates as described below(if such Realized Loss is on a Group III-1 Mortgage Loan), to the Class III-A2 Certificates and Class I-A2B Certificates as described below (if such Realized Loss is on a Group III-2 Mortgage Loan), to the Class III-A3 Certificates and Class III-A3B Certificates as described below (if such Realized Loss is on a Group III-3 Mortgage Loan), to the Class III-A4 Certificates and Class III-A4B Certificates as described below (if such Realized Loss is on a Group III-4 Mortgage Loan) and to the Class III-A5 Certificates as described below (if such Realized Loss is on a Group III-5 Mortgage Loan); Excess Losses on the Group I Mortgage Loans will be allocated on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class I-A1 Certificates (if such Excess Loss is on a Group I-1 Mortgage Loan), to the Class I-A2 Certificates (if such Excess Loss is on a Group I-2 Mortgage Loan), to the Class I-A3 Certificates Certificates (if such Excess Loss is on a Group I-3 Mortgage Loan), to the Class I-A4 Certificates (if such Excess Loss is on a Group I-4 Mortgage Loan) and to the Class I-A5 Certificates (if such Excess Loss is on a Group I-5 Mortgage Loan) and (ii) the related Group III Subordinate Percentage of the Excess Loss to the Group I Subordinate Certificates on a PRO RATA basispro rata basis based on their Certificate Principal Balances. Any Excess Losses attributable to any on the Mortgage Loans (other than Class PO Mortgage Loans) and Mortgage Loan shall Components in Collateral Pool II will be allocated among all on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class II-1-1A Certificates as described below (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1), to the Class II-1-2A Certificates as described below (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-2) and to the Class II-A2 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-2) and to the Class II-A3 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-3) and (ii) the related Group II Subordinate Percentage of the Excess Loss to the Group II Subordinate Certificates on a PRO RATA basispro rata basis based on their Certificate Principal Balances. Any allocation Excess Losses on the Class PO Mortgage Loans in Collateral Pool II will be allocated to the related Class PO Certificates in an amount equal to the related Class PO Percentage of a Realized the Excess Losses and the remainder of the Excess Losses will be allocated by allocating (i) the related Group II Senior Percentage of the remainder of such Excess Loss to the Class II-1-1A Certificates as described below and (ii) the Subgroup II-1-1 Subordinate Percentage of the Excess Loss to the Group II Subordinate Certificates on a pro rata basis (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-1), to the Class II-1-2A Certificates as described below (if such Excess Loss is on a Mortgage Loan or Mortgage Loan Component in Subgroup II-1-2) and to the Class II-A2 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-2) and to the Class II-A3 Certificates (if such Excess Loss is on a Mortgage Loan in Loan Group II-3) or first, allocating the Class PO Percentage of each such Excess Loss to the Class II-PO2 Certificates, and second, allocating (i) the related Group II Senior Percentage of the remainder of such Excess Loss to the Class II-A2 Certificates or first, allocating the Class PO Percentage of each such Excess Loss to the Class II-PO3 Certificates, and second, allocating (i) the related Group II Senior Percentage of the remainder of such Excess Loss to the Class II-A3 Certificates and (ii) the related Group II Subordinate Percentage of the Excess Loss to the Group II Subordinate Certificates on a pro rata basis based on their Certificate Principal Balances (if such Excess Loss is on a Mortgage Loan in Loan Group II-2). Excess Losses on the Group III Mortgage Loans will be made allocated on any Distribution Date by reducing allocating (i) the related Senior Percentage of the Excess Loss to the Class III-A1A Certificates and the Class III-A2B Certificates as described below (if the Excess Loss is on a Group III-1 Mortgage Loan), to the Class III-A2A Certificates and the Class III-A2B Certificates as described below (if the Excess Loss is on a Group III-2 Mortgage Loan), to the Class III-A3A Certificates and the Class III-A3B Certificates as described below (if the Excess Loss is on a Group III-3 Mortgage Loan), to the Class III-A4A Certificates and the Class III-A4B Certificates as described below (if the Excess Loss is on Group III-4 Mortgage Loan) or to the Class III-A5 Certificates (if the Excess Loss is on a Group III-5 Mortgage Loan); and (ii) the related Group III Subordinate Percentage of the Excess Loss to the Group III Subordinate Certificates on a pro rata basis based on their Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurredBalances. Extraordinary Trust Fund Expenses relating to Collateral Pool H I will be allocated on any distribution date Distribution Date as follows: first, to the Class 1I-B6 Certificates; second, to the Class 1I-B5 Certificates; third, to the Class 1I-B4 Certificates; fourth, to the Class 1I-B3 Certificates; fifth, to the Class 1I-B2 Certificates; and sixth, to the Class 1I-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H I will be allocated on any distribution date Distribution Date among the Group H I Class A Certificates on a PRO RATA pro rata basis based on their respective Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A II will be allocated on any distribution date Distribution Date as follows: first, to the Class 2II-B6 Certificates; second, to the Class 2II-B5 Certificates; third, to the Class 2II-B4 Certificates; fourth, to the Class 2II-B3 Certificates; fifth, to the Class 2II-B2 Certificates; and sixth, to the Class 2II-B1 Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A II will be allocated on any 102 distribution date Distribution Date among the Group II Class A-A Certificates (other than the Class II-XS1 Certificates, the Class II-XS2 Certificates, the Class II-XS3 Certificates, the Class II-1-1A2 Certificates and the Class AII-1-X 2A2 Certificates) and the Class PO Certificates on a PRO RATA pro rata basis based on their respective Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W III will be allocated on any distribution date Distribution Date as follows: first, to the Class 3III-B6 Certificates; second, to the Class 3III-B5 Certificates; third, to the Class 3III-B4 Certificates; fourth, to the Class 3III-B3 Certificates; fifth, to the Class 3III-B2 Certificates; and sixth, to the Class 3III-B1 Certificates, in each case until the Certificate Principal Balance of the related class such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W III will be allocated on any distribution date to Distribution Date among the Group W III Class A CertificatesCertificates on a pro rata basis based on their respective Certificate Principal Balances. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralizationovercollateralization, until the Overcollateralization overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class II-1-1A Certificates will be allocated among the classes of Class II-1-1A Certificates (other than the Class II-1-1A2 Certificates) on a pro rata basis; provided that any Realized Losses so allocated to the Class II-1-1A5 Certificates and Class II-1-1A6 Certificates will be allocated first to the Class II-1-1A6 Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class II-1-1A5 Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class II-1-2A Certificates will be allocated among the classes of Class II-1-2A Certificates (other than the Class II-1-2A2 Certificates and the Class II-1-2A5 Certificates) on a pro rata basis; provided that any Realized Losses so allocated to the Class II-1-2A6 Certificates and Class II-1-2A7 Certificates will be allocated first to the Class II-1-2A7 Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class II-1-2A6 Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class III-A1A Certificates and Class III-A1B Certificates shall be allocated first to the Class III-A1B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class III-A1A Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class III-A2A Certificates and Class III-A2B Certificates shall be allocated first to the Class III-A2B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class III-A2A Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class III-A3A Certificates and Class III-A3B Certificates shall be allocated first to the Class III-A3B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class III-A3A Certificates. Any allocation of a Realized Loss or Extraordinary Trust Fund Expense to the Class III-A4A Certificates and Class III-A4B Certificates shall be allocated first to the Class III-A4B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class III-A4A Certificates. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA “pro rata basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. Any allocation of a Realized Loss of Extraordinary Trust Fund Expense to a Certificate shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date following the Prepayment Period in which such Realized Loss was incurred. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc., Series 2005-5)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order to the related Subordinate Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, (i) with respect to Collateral Pool I, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated among to the Class I-A1A Certificates and the Class I-A12B Certificates as described below (if such Realized Loss is on a Group I-1 Mortgage Loan), to the Class I-A2A Certificates Certificates and the Class I-A12B Certificates as described below (if such Realized Loss is on a Group I-2 Mortgage Loan), to the Class I-A3A Certificates and the Class I-A34B Certificates as described below (if such Realized Loss is on a Group I-3 Mortgage Loan), to the Class I-A4A Certificates and the Class I-A34B Certificates as described below (if such Realized Loss is on a Group I-4 Mortgage Loan) and to the Class I-A5A Certificates and the Class I-A5B Certificates as described below (if such Realized Loss is on a Group I-5 Mortgage Loan) and (ii) with respect to Collateral Pool II, upon the reduction of the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses on the Mortgage Loans related to such Collateral Pool (other than Excess Losses) shall be allocated to the Group II Class A Certificates on a pro rata basis. Excess Losses on the Group I Mortgage Loans will be allocated on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Class I-A1A Certificates and the Class I-A12B Certificates as described below (if such Excess Loss is on a Group I-1 Mortgage Loan), to the Class I-A2A Certificates and the Class I-A12B Certificates as described below (if such Excess Loss is on a Group I-2 Mortgage Loan), to the Class I-A3A Certificates and the Class I-A34B Certificates as described below (if such Excess Loss is on a Group I-3 Mortgage Loan), to the Class I-A4A Certificates and the Class I-A34B Certificates on as described below (if such Excess Loss is on a Group I-4 Mortgage Loan) or to the Class I-A5A Certificates and the Class I-A5B Certificates as described below (if such Excess Loss is on a Group I-5 Mortgage Loan) and (ii) the related Group I Subordinate Percentage of the Excess Loss to the Group I Subordinate Certificates on a PRO RATA pro rata basis. Excess Losses on the Mortgage Loans in Collateral Pool II will be allocated on any Distribution Date by allocating (i) the related Senior Percentage of the Excess Loss to the Group II Class A Certificates on a pro rata basis and (ii) the Group II Subordinate Percentage of the Excess Loss to the Group II Subordinate Certificates on a pro rata basis. Any Excess Losses attributable to any Mortgage Loan shall be allocated among all the related Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H I will be allocated on any distribution date Distribution Date as follows: first, to the Class 1I-B6 Certificates; second, to the Class 1I-B5 Certificates; third, to the Class 1I-B4 Certificates; fourth, to the Class 1I-B3 Certificates; fifth, to the Class 1I-B2 Certificates; and sixth, to the Class 1I-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of such Class has been reduced to zero. Thereafter, any Extraordinary Trust Fund Expenses relating to Collateral Pool I will be allocated on any Distribution Date among the related class Group I Class A Certificates on a pro rata basis. Any Extraordinary Trust Fund Expenses relating to Collateral Pool II will be allocated on any Distribution Date as follows: first, to the Class II-B6 Certificates; second, to the Class II-B5 Certificates; third, to the Class II-B4 Certificates; fourth, to the Class II-B3 Certificates; fifth, to the Class II-B2 Certificates; and sixth, to the Class II-B1 Certificates, in each case until the Certificate Principal Balance of such Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H II will be allocated on any distribution date Distribution Date among the Group H II Class A Certificates on a PRO RATA basis based on their Certificate Principal Balancespro rata basis. Notwithstanding the foregoing, any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expenses relating Expense that is allocated to Collateral Pool A the Class I-A1A Certificates and Class I-A12B Certificates will be allocated between such classes on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until a pro rata basis (based on the Certificate Principal Balance of the related class Class I-A1A Certificates and the Component Principal Balance of the I-A1B Component); provided that any Realized Losses so allocated to the Class I-A1A Certificates and Class I-A12B Certificates will be allocated first to the Class I-A12B Certificates to the extent of the Component Principal Balance of the I-A1B Component until the Component Principal Balance of the I-A1B Component has been reduced to zerozero and then to the Class I-A1A Certificates. Thereafter, the Any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expenses relating Expense that is allocated to Collateral Pool A the Class I-A2A Certificates and Class I-A12B Certificates will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates between such classes on a PRO RATA pro rata basis (based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class Class I-A2A Certificates and the Component Principal Balance of the I-A2B Component); provided that any Realized Losses so allocated to the Class I-A2A Certificates and Class I-A12B Certificates will be allocated first to the Class I-A12B Certificates to the extent of the Component Principal Balance of the I-A2B Component until the Component Principal Balance of the I-A2B Component has been reduced to zerozero and then to the Class I-A2A Certificates. Thereafter, the Any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expenses relating Expense that is allocated to Collateral Pool W the Class I-A3A Certificates and Class I-A34B Certificates will be allocated between such classes on a pro rata basis (based on the Certificate Principal Balance of the Class I-A3A Certificates and the Component Principal Balance of the I-A3B Component); provided that any distribution date Realized Losses so allocated to the Group W Class A I-A3A Certificates and Class I-A34B Certificates will be allocated first to the Class I-A34B Certificates to the extent of the Component Principal Balance of the I-A3B Component until the Component Principal Balance of the I-A3B Component has been reduced to zero and then to the Class I-A3A Certificates. Any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class I-A4A Certificates and Class I-A34B Certificates will be allocated between such classes on a pro rata basis (based on the Certificate Principal Balance of the Class I-A4A Certificates and the Component Principal Balance of the I-A4B Component); provided that any Realized Losses so allocated to the Class I-A4A Certificates and Class I-A34B Certificates will be allocated first to the Class I-A34B Certificates to the extent of the Component Principal Balance of the I-A4B Component until the Component Principal Balance of the I-A4B Component has been reduced to zero and then to the Class I-A4A Certificates. Any Realized Loss (including any Excess Loss) or any Extraordinary Trust Fund Expense that is allocated to the Class I-A5A Certificates and Class I-A5B Certificates will be allocated between such classes on a pro rata basis; provided that any Realized Losses so allocated to the Class I-A5A Certificates and Class I-A5B Certificates will be allocated first to the Class I-A5B Certificates until the Certificate Principal Balance thereof has been reduced to zero and then to the Class I-A5A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralizationovercollateralization, until the Overcollateralization overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA “pro rata basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA pro rata basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. Any allocation of a Realized Loss of Extraordinary Trust Fund Expense to a Certificate shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date following the Prepayment Period in which such Realized Loss was incurred. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust, Series 2005-10)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Determination Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations Determination made during the related Prepayment Period; and (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions portion of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Determination Date, the Master Servicer shall also determine as to each Mortgage Loan: (Ai) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations Valuation made during the related Prepayment Period; and (Bii) the total amount of Realized Losses, if any, incurred in connection with any Debt Service Reductions Reduction in respect of Monthly Payments scheduled payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (xi) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (yii) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) and all Extraordinary Trust Fund Expenses shall be allocated by the Paying Agent on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class B-6 Certificates; second, to the Class B-5 Certificates; third, to the Class B-4 Certificates; fourth, to the Class B-3 Certificates; fifth, to the Class B-2 Certificates; sixth, to the Class B-1 Certificates, in each case case, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter; and seventh, upon the reduction of the Certificate Principal Balances of the related Subordinate Class B Certificates to zero, all Realized Losses shall be allocated among to the related Senior P&I Certificates and Class A-WAC Certificates on a PRO RATA basis. Any Excess such allocation of Realized Losses attributable to any Mortgage Loan shall be allocated among all the related a Class of Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will any Distribution Date shall be made by reducing the Class Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date as follows: first, to the Class 1-B6 Certificates; second, to the Class 1-B5 Certificates; third, to the Class 1-B4 Certificates; fourth, to the Class 1-B3 Certificates; fifth, to the Class 1-B2 Certificates; sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Class Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything On each Distribution Date, prior to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate distributions deemed to be reduced more than once made in respect of the REMIC II Regular Interests on such date pursuant to Section 4.01(g), the Trustee shall, with respect to any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses allocated to any Class of Certificates, allocate such Realized Losses or Extraordinary Trust Fund Expenses to the REMIC II Regular Interest bearing the same alphanumeric designation as such Class by reducing the Uncertificated Balance of such REMIC II Regular Interest. All such reductions shall be deemed to be an allocation of Realized Losses and Extraordinary Trust Fund Expenses. (d) On each Distribution Date, prior to the distributions deemed to be made in respect of the REMIC I Regular Interests on such date pursuant to Section 4.04 4.01(i), the Trustee shall (i) with respect to any Realized Losses or Extraordinary Trust Fund Expenses allocated to REMIC II Regular Interest A, allocate such Realized Losses or Extraordinary Trust Fund Expenses to REMIC I Regular Interest A by reducing the Uncertificated Balance of such REMIC I Regular Interest and (ii) payable with respect to any Realized Losses or Extraordinary Trust Fund Expenses allocated to any REMIC II Regular Interest other than REMIC II Regular Interest A, allocate such Realized Losses or Extraordinary Trust Fund Expenses to among the Holder of such Certificate pursuant to Section 4.01(aREMIC I Regular Interest (other than REMIC I Regular Interest A) as a portion by reducing the Uncertificated Balances of the Senior Principal Distribution AmountREMIC I Regular Interests on a PRO RATA basis. All such reductions shall be deemed to be an allocation of Realized Losses and Extraordinary Trust Fund Expenses.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Mor Pa THR Cert Se 1997 Hud2)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be either included in the related Remittance Report or evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to Net Monthly Excess Cashflow, second, to the Interest Distribution Amount for the Class CE Certificates for the related Subordinate Interest Accrual Period; third, to the Class CE Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M-3 Certificates until the Certificate Principal Balance thereof has been reduced to zero, seventh, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and eighth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as and any allocation of Realized Losses to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. (c) The REMIC I Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC I Regular Interests in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date specified percentages, as follows: first, to Uncertificated Interest payable to the Class 1REMIC I Regular Interest I-B6 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Class 1Uncertificated Balances of the REMIC I Regular Interest I-B5 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B4 CertificatesLTM5 has been reduced to zero; fourth, the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to the Class 1-B3 Certificateszero; fifth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B2 CertificatesLTM3 has been reduced to zero; sixth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B1 Certificates LTM2 has been reduced to zero and seventh, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1-M Certificates% and 1%, in each case respectively, until the Certificate Principal Uncertificated Balance of the related class REMIC I Regular Interest I-LTM1 has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will The REMIC I Sub WAC Allocation Percentage of all Realized Losses shall be allocated applied after all distributions have been made on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: each Distribution Date first, so as to keep the Class 2-B6 CertificatesUncertificated Balance of each REMIC I Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the Class 2-B5 Certificates; third, designation “SUB,” so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the Class 2-B4 Certificates; fourth, to excess of (x) the Class 2-B3 Certificates; fifth, to aggregate Stated Principal Balance of the Class 2-B2 Certificates; and sixth, to Mortgage Loans in the Class 2-B1 Certificates, in each case until related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related class has been reduced to zero. ThereafterLoan Group (except that if any such excess is a larger number than in the preceding distribution period, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and Extraordinary Fund Expenses abovethird, if any Overcollateralization exists when remaining Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will shall be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced therebyREMIC I Regular Interest I-LTXX. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Wf2)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Bankruptcy Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be either included in the related Remittance Report (in form and format reasonably required and mutually agreed upon by the Servicer) or evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent Administrator and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trust Administrator on each Distribution Date in reverse sequential order as follows: first, to the Interest Distribution Amount for the Class CE Certificates for the related Subordinate Interest Accrual Period; second, to payments received under the Cap Contract, third, to the Class CE Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero; fourth, to the Class M-11 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, fifth, to the Class M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, sixth, to the Class M-9 Certificates until the Certificate Principal Balance thereof has been reduced to zero; seventh, to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eighth, to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; ninth, to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; tenth, to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; eleventh, to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; twelfth, to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; thirteenth, to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and fourteenth, to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of All Realized Losses to be allocated to the Certificate Principal Balances of the related Subordinate Certificates to zero, all Realized Losses Classes on any Distribution Date shall be so allocated among after the related Senior actual distributions to be made on such date as provided above. All references above to the Certificate Principal Balance of any Class of Certificates on a PRO RATA basis. Any Excess Losses attributable to any Mortgage Loan shall be to the Certificate Principal Balance of such Class immediately prior to the relevant Distribution Date, before reduction thereof by any Realized Losses, in each case to be allocated among all the related Certificates to such Class of Certificates, on a PRO RATA basissuch Distribution Date. Any allocation of a Realized Loss Losses to a Mezzanine Certificate will on any Distribution Date shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated as and any allocation of Realized Losses to a Class CE Certificates shall be made by reducing the amount otherwise payable in respect thereof pursuant to Section 4.01(a)(3). No allocations of any Realized Losses shall be made to the Certificate Principal Balances of the Class A Certificates or the Class P Certificates. (c) The REMIC I Marker Allocation Percentage of all Realized Losses on the Mortgage Loans shall be allocated by the Trust Administrator on each Distribution Date to the following REMIC I Regular Interests in the month following the calendar month in which such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date specified percentages, as follows: first, to Uncertificated Interest payable to the Class 1REMIC I Regular Interest I-B6 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Class 1Uncertificated Balances of the REMIC I Regular Interest I-B5 CertificatesLTAA and REMIC I Regular Interest I-LTZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM11 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B4 CertificatesLTM11 has been reduced to zero; fourth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B3 CertificatesLTM10 has been reduced to zero; fifth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B2 CertificatesLTM9 has been reduced to zero; sixth, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-B1 Certificates and LTM8 has been reduced to zero; seventh, to the Class Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM7 and REMIC I Regular Interest I-LTZZ, 98%, 1-M Certificates% and 1%, in each case respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM7 has been reduced to zero; eighth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM6 has been reduced to zero; ninth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM5 has been reduced to zero; tenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM4 has been reduced to zero; eleventh, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM3 has been reduced to zero; twelfth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM2 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM2 has been reduced to zero and thirteenth, to the Uncertificated Balances of REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTM1 and REMIC I Regular Interest I-LTZZ, 98%, 1% and 1%, respectively, until the Uncertificated Balance of REMIC I Regular Interest I-LTM1 has been reduced to zero. (d) The REMIC I Sub WAC Allocation Percentage of all Realized Losses shall be applied after all distributions have been made on each Distribution Date first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation “SUB,” so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related class has been reduced to zero. ThereafterLoan Group (except that if any such excess is a larger number than in the preceding distribution period, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date among the Group H Class A Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation least amount of Realized Losses shall be applied to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and Extraordinary Fund Expenses abovethird, if any Overcollateralization exists when remaining Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will shall be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth above. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced therebyREMIC I Regular Interest I-LTXX. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust 2006-Amc1)

Allocation of Extraordinary Trust Fund Expenses and Realized Losses. (a) Prior to each Distribution Date, the Master Servicer shall determine as to each Mortgage Loan and REO Property: (i) the total amount of Realized Losses, if any, incurred in connection with any Final Recovery Determinations made during the related Prepayment Period; (ii) whether and the extent to which such Realized Losses constituted Fraud Losses or Special Hazard Losses; and (iii) the respective portions of such Realized Losses allocable to interest and allocable to principal. Prior to each Distribution Date, the Master Servicer shall also determine as to each Mortgage Loan: (A) the total amount of Realized Losses, if any, incurred in connection with any Deficient Valuations made during the related Prepayment Period; and (B) the total amount of Realized Losses, if any, incurred in connection with Debt Service Reductions in respect of Monthly Payments due during the related Due Period. The information described in the two preceding sentences that is to be supplied by the Master Servicer shall be evidenced by an Officers' Certificate delivered to the Trust Administrator, the Paying Agent and the Trustee by the Master Servicer prior to the Determination Date immediately following the end of (x) in the case of Bankruptcy Losses allocable to interest, the Due Period during which any such Realized Loss was incurred, and (y) in the case of all other Realized Losses, the Prepayment Period during which any such Realized Loss was incurred. (b) All Realized Losses on the Group I Mortgage Loans related to each Collateral Pool (other than Excess Losses) shall be allocated by the Paying Agent Trustee on each Distribution Date in reverse sequential order as follows: first, to the related Subordinate Class BF- 6 Certificates; second, to the Class BF-5 Certificates; third, to the Class BF-4 Certificates; fourth, to the Class BF-3 Certificates; fifth, to the Class BF-2 Certificates; and sixth, to the Class BF-1 Certificates, in each case until the Certificate Principal Balance thereof has been reduced to zero. Thereafter, upon the reduction of the Certificate Principal Balances of the related Group I Subordinate Certificates to zero, all if Realized Losses shall be allocated among the related Senior Certificates are on a PRO RATA basis. Any Excess Losses attributable to any Class IO Mortgage Loan shall be allocated among all the related Certificates on a PRO RATA basis. Any allocation of a Realized Loss to a Certificate will be made by reducing the Certificate Principal Balance thereof by the amount so allocated as of the Distribution Date in the month following the calendar month in which Loan, such Realized Loss was incurred. Extraordinary Trust Fund Expenses relating to Collateral Pool H Losses will be allocated on any distribution date Distribution Date to the Class AF-1 Certificates, if the Realized Loss is on a Group I-A Mortgage Loan and to the Class AF-2 Certificates, if the Realized Loss is on a Group I-B Mortgage Loan. If Realized Losses are on a Class PO Mortgage Loan, such Realized Losses will be allocated to the Class PO Certificates in an amount equal to the Class PO Percentage of the Realized Losses and the remainder of the Realized Losses will be allocated on any Distribution Date to the Class AF-1 Certificates, if the Realized Loss is on a Group I-A Mortgage Loan and to the Class AF-2 Certificates, if the Realized Loss is on a Group I-B Mortgage Loan. Realized Losses on the Group II Mortgage Loans (other than Excess Losses), will be allocated on any Distribution Date as follows: first, to the Class 1-B6 BV-6 Certificates; second, to the Class 1-B5 BV-5 Certificates; third, to the Class 1-B4 BV-4 Certificates; fourth, to the Class 1-B3 BV-3 Certificates; fifth, to the Class 1-B2 BV-2 Certificates; and sixth, to the Class 1-B1 Certificates and seventh, to the Class 1-M BV-1 Certificates, in each case until the Certificate Principal Balance of the related class Class has been reduced to zero. Thereafter, the remainder of the Realized Losses will be allocated on any Distribution Date to the Class AV-1 Certificates, if the Realized Loss is on a Group II-A Mortgage Loan and to the Class AV-2 Certificates, if the Realized Loss is on a Group II-B Mortgage Loan. With respect to the Group I-A Mortgage Loans, Excess Losses on a Class IO Mortgage Loan will be allocated on any Distribution Date by allocating the related Group I Senior Percentage of the Excess Loss to the Class AF-1 Certificates and the Group I-A Subordinate Percentage of the Excess Loss to the Group I Subordinate Certificates. With respect to the Group I-B Mortgage Loans, Excess Losses on a Class IO Mortgage Loan will be allocated on any Distribution Date by allocating the related Group I Senior Percentage of the Excess Loss to the Class AF-2 Certificates and the Group I-B Subordinate Percentage of the Excess Loss to the Group I Subordinate Certificates. With respect to the Group I Mortgage Loans, Excess Losses on a Class PO Mortgage Loan will be allocated to the Class PO Certificates in an amount equal to the related Class PO Percentage of the Excess Losses and the remainder of the Excess Losses will be allocated on any Distribution Date to the Group I Senior Certificates by allocating the related Group I Senior Percentage of the Excess Loss to the related Group I Senior Certificates and the Group I-A Subordinate Percentage or the Group I-B Subordinate Percentage, as applicable, of the Excess Loss to the Group I Subordinate Certificates. With respect to the Group II-A Mortgage Loans, Excess Losses will be allocated on any Distribution Date by allocating the related Group II Senior Percentage of the Excess Loss to the Class AV-1 Certificates and the Group II-A Subordinate Percentage of the Excess Loss to the Group II Subordinate Certificates on a PRO RATA basis. With respect to the Group II-B Mortgage Loans, Excess Losses will be allocated on any Distribution Date by allocating the related Group II Senior Percentage of the Excess Loss to the Class AV-2 Certificates and the Group II-B Subordinate Percentage of the Excess Loss to the Group II Subordinate Certificates on a PRO RATA basis. Extraordinary Trust Fund Expenses relating to Loan Group I or Loan Group II, as applicable, will be allocated on any Distribution Date as follows: first, to the Class BF-6 Certificates or the Class BV-6 Certificates, as applicable; second, to the Class BF-5 Certificates or the Class BV- 5 Certificates, as applicable; third, to the Class BF-4 Certificates or the Class BV-5 Certificates, as applicable; fourth, to the Class BF-3 Certificates or the Class BV-3 Certificates, as applicable; fifth, to the Class BF-2 Certificates or the Class BV-2 Certificates, as applicable; and sixth, to the Class BF-1 Certificates or the Class BV-1 Certificates, as applicable, in each case until the Certificate Principal Balance of the related Class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool H will be allocated on any distribution date Distribution Date among the Group H Class A I Senior Certificates or the Group II Senior Certificates, as applicable, on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any distribution date as follows: first, to the Class 2-B6 Certificates; second, to the Class 2-B5 Certificates; third, to the Class 2-B4 Certificates; fourth, to the Class 2-B3 Certificates; fifth, to the Class 2-B2 Certificates; and sixth, to the Class 2-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool A will be allocated on any 102 distribution date among the Class A-A Certificates and Class A-X Certificates on a PRO RATA basis based on their Certificate Principal Balances. Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date as follows: first, to the Class 3-B6 Certificates; second, to the Class 3-B5 Certificates; third, to the Class 3-B4 Certificates; fourth, to the Class 3-B3 Certificates; fifth, to the Class 3-B2 Certificates; and sixth, to the Class 3-B1 Certificates, in each case until the Certificate Principal Balance of the related class has been reduced to zero. Thereafter, the Extraordinary Trust Fund Expenses relating to Collateral Pool W will be allocated on any distribution date to the Group W Class A Certificates. Notwithstanding the method of allocation of Realized Losses and Extraordinary Fund Expenses above, if any Overcollateralization exists when Realized Losses or Extraordinary Trust Fund Expenses are to be allocated, such Realized Losses or Extraordinary Trust Fund Expenses will be allocated first to the Overcollateralization, until the Overcollateralization is reduced to zero, prior to allocating such Realized Losses or Extraordinary Trust Fund Expenses to the Certificates in accordance with the priorities set forth abovebasis. As used herein, an allocation of a Realized Loss or Extraordinary Trust Fund Expense on a "PRO RATA basis" among two or more specified Classes of Certificates means an allocation on a PRO RATA basis, among the various Classes so specified, to each such Class of Certificates on the basis of their then outstanding Certificate Principal Balances prior to giving effect to distributions to be made on such Distribution Date. All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby. (c) Notwithstanding anything to the contrary herein, in no event shall the Certificate Principal Balance of a Class A Certificate be reduced more than once in respect of any particular amount both (i) allocable to such Certificate in respect of Realized Losses or Extraordinary Trust Fund Expenses pursuant to Section 4.04 and (ii) payable to the Holder of such Certificate pursuant to Section 4.01(a) as a portion of the related Senior Principal Distribution Amount.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Union Planters Mortgage Loan Trust Series 2001-Up1)