Common use of Allocation of Liquidation Loss Amounts Clause in Contracts

Allocation of Liquidation Loss Amounts. The subordination provided to the Senior Notes by the Class M Notes and the subordination provided to each class of Class M Notes by any class of Class M Notes subordinate thereto will cover Liquidation Loss Amounts on the Home Loans. On each Payment Date, any Liquidation Loss Amounts will be allocated as follows: first, by a payment of the Liquidation Loss Payment Amount, second by a reduction in the Outstanding Reserve Amount, third, to the Class M-9 Notes, until the Note Balance thereof has been reduced to zero; fourth, to the Class M-8 Notes, until the Note Balance thereof has been reduced to zero; fifth, to the Class M-7 Notes, until the Note Balance thereof has been reduced to zero; sixth, to the Class M-6 Notes, until the Note Balance thereof has been reduced to zero; seventh, to the Class M-5 Notes, until the Note Balance thereof has been reduced to zero; eighth, to the Class M-4 Notes, until the Note Balance thereof has been reduced to zero; ninth, to the Class M-3 Notes, until the Note Balance thereof has been reduced to zero; tenth, to the Class M-2 Notes, until the Note Balance thereof has been reduced to zero; and eleventh, to the Class M-1 Notes, until the Note Balance thereof has been reduced to zero. Liquidation Loss Amounts will not be allocated to the Senior Notes. Any allocation of Liquidation Loss Amounts to a Class of Notes, shall be made by reducing the Note Balance thereof, by the amount so allocated, which allocation shall be deemed to have occurred on such Payment Date. All Liquidation Loss Amounts and all other losses allocated to a Class of Notes hereunder, will be allocated among the Notes, of such Class in proportion to the Percentage Interests evidenced thereby.

Allocation of Liquidation Loss Amounts. The subordination provided to the Senior Notes by the Class M Notes and the B Component and the subordination provided to each class of Class M Notes by the B Component and by any class of Class M Notes subordinate thereto will cover Liquidation Loss Amounts on the Home Loans. On each Payment Date, any Liquidation Loss Amounts will be allocated as follows: first, by a payment of the Liquidation Loss Payment Distribution Amount, second by a reduction in the Outstanding Reserve Amount, third, to the Class M-9 Notes, B Component until the Note Component Principal Balance thereof has been reduced to zero; fourth, to the Class M-8 Notes, until the Note Balance thereof has been reduced to zero; fifth, to the Class M-7 Notes, until the Note Balance thereof has been reduced to zero; sixth, to the Class M-6 Notes, until the Note Balance thereof has been reduced to zero; seventh, to the Class M-5 Notes, until the Note Balance thereof has been reduced to zero; eighth, to the Class M-4 Notes, until the Note Balance thereof has been reduced to zero; ninth, to the Class M-3 Notes, until the Note Balance thereof has been reduced to zero; tenthfifth, to the Class M-2 Notes, until the Note Balance thereof has been reduced to zero; and eleventhsixth, to the Class M-1 Notes, until the Note Balance thereof has been reduced to zero. Liquidation Loss Amounts will not be allocated to the Senior Notes. Any allocation of Liquidation Loss Amounts to a Class of NotesNotes or the Certificate in respect of the B Component, shall be made by reducing the Note Balance or Component Principal Balance thereof, as applicable, by the amount so allocated, which allocation shall be deemed to have occurred on such Payment Date. All Liquidation Loss Amounts and all other losses allocated to a Class of Notes or to the Certificate in respect of the B Component hereunder, as applicable, will be allocated among the NotesNotes or the Certificate, as applicable, of such Class in proportion to the Percentage Interests evidenced thereby.

Allocation of Liquidation Loss Amounts. The subordination provided Commencing on the sixth Payment Date, and each Payment Date thereafter, following the application of all amounts distributable on such date, to the Senior Notes by extent the Class M Notes aggregate Loan Balance is less than the aggregate Note Balance and the subordination provided Component Principal Balance due to each class of Class M Notes by any class of Class M Notes subordinate thereto will cover Liquidation Loss Amounts (other than Excess Loss Amounts) on the Home Loans. On each Payment Date, any Liquidation Loss Amounts will the Note Balances of the Notes and the Component Principal Balance of the B Component, as applicable, shall be allocated reduced as follows, until such deficiency is fully allocated: first, by a payment of the Liquidation Loss Payment AmountDistribution Amount pursuant to Section 3.05(e)(i) of this Agreement, second by a reduction in the Outstanding Reserve Amount, third, to the Class M-9 Notes, Component Principal Balance of the B Component until the Note Balance thereof has been reduced to zero; fourth, to the Class M-8 Notes, until the Note Balance thereof has been reduced to zero; fifth, to the Class M-7 Notes, until the Note Balance thereof has been reduced to zero; sixth, to the Class M-6 Notes, until the Note Balance thereof has been reduced to zero; seventh, to the Class M-5 Notes, until the Note Balance thereof has been reduced to zero; eighth, to the Class M-4 Notes, until the Note Balance thereof has been reduced to zero; ninth, to the Class M-3 Notes, until the Note Balance thereof has been reduced to zero; tenthfifth, to the Class M-2 Notes, until the Note Balance thereof has been reduced to zero; and eleventhsixth, to the Class M-1 Notes, until the Note Balance thereof has been reduced to zero. Liquidation Loss Amounts (other than Excess Loss Amount) will not be allocated to the Senior Notes. The principal portion of Excess Loss Amounts will be allocated to the Notes and the B Component of the Certificate on a pro rata basis, based on the Note Balance or Component Principal Balance thereof, as applicable, and in an aggregate amount equal to the percentage of the loss equal to the then aggregate Note Balance of the Notes and Component Principal Balance of the B Component of the Certificate divided by the then aggregate Loan Balance of the Home Loans. The interest portion of Excess Loss Amounts will be allocated to the Notes and the B Component as described in the definitions of Accrued Note Interest and Accrued Component Interest set forth in Appendix A to this Indenture. Any allocation of Liquidation Loss Amounts to a Class of NotesNotes or Certificate in respect of the B Component, as applicable, shall be made by reducing the Note Balance thereof, or Component Principal Balance thereof by the amount so allocated, which allocation shall be deemed to have occurred on such Payment Date. All Liquidation Loss Amounts and all other losses allocated to a Class of Notes hereunderor the Certificate, as applicable, hereunder will be allocated among the NotesNotes or the Certificate, as applicable, of such Class in proportion to the Percentage Interests evidenced thereby.

Allocation of Liquidation Loss Amounts. The subordination provided to the Senior Notes by the Class M Notes and the B Component and the subordination provided to each class of Class M Notes by the B Component and by any class of Class M Notes subordinate thereto will cover Liquidation Loss Amounts on the Home Loans. On each Payment Date, any Liquidation Loss Amounts will be allocated as follows: first, by a payment of the Liquidation Loss Payment Distribution Amount, second by a reduction in the Outstanding Reserve Amount, third, to the Class M-9 Notes, B Component until the Note Component Principal Balance thereof has been reduced to zero; fourth, to the Class M-8 M-5 Notes, until the Note Balance thereof has been reduced to zero; fifth, to the Class M-7 M-4 Notes, until the Note Balance thereof has been reduced to zero; sixth, to the Class M-6 M-3 Notes, until the Note Balance thereof has been reduced to zero; seventh, to the Class M-5 Notes, until the Note Balance thereof has been reduced to zero; eighth, to the Class M-4 Notes, until the Note Balance thereof has been reduced to zero; ninth, to the Class M-3 Notes, until the Note Balance thereof has been reduced to zero; tenth, to the Class M-2 Notes, until the Note Balance thereof has been reduced to zero; and eleventheighth, to the Class M-1 Notes, until the Note Balance thereof has been reduced to zero. Liquidation Loss Amounts will not be allocated to the Senior Notes. Any allocation of Liquidation Loss Amounts to a Class of NotesNotes or the Certificate in respect of the B Component, shall be made by reducing the Note Balance or Component Principal Balance thereof, as applicable, by the amount so allocated, which allocation shall be deemed to have occurred on such Payment Date. All Liquidation Loss Amounts and all other losses allocated to a Class of Notes or to the Certificate in respect of the B Component hereunder, as applicable, will be allocated among the NotesNotes or the Certificate, as applicable, of such Class in proportion to the Percentage Interests evidenced thereby.

Allocation of Liquidation Loss Amounts. The subordination provided to the Senior Notes by the Class M Notes and the B Component and the subordination provided to each class of Class M Notes by the B Component and by any class of Class M Notes subordinate thereto will cover Liquidation Loss Amounts (other than Excess Loss Amounts) on the Home Loans. On each Payment Date, any Liquidation Loss Amounts which are not Excess Loss Amounts will be allocated as follows: first, by a payment of the Liquidation Loss Payment Distribution Amount, second by a reduction in the Outstanding Reserve Amount, third, to the Class M-9 Notes, B Component until the Note Component Principal Balance thereof has been reduced to zero; fourth, to the Class M-8 Notes, until the Note Balance thereof has been reduced to zero; fifth, to the Class M-7 Notes, until the Note Balance thereof has been reduced to zero; sixth, to the Class M-6 Notes, until the Note Balance thereof has been reduced to zero; seventh, to the Class M-5 Notes, until the Note Balance thereof has been reduced to zero; eighth, to the Class M-4 Notes, until the Note Balance thereof has been reduced to zero; ninth, to the Class M-3 Notes, until the Note Balance thereof has been reduced to zero; tenthfifth, to the Class M-2 Notes, until the Note Balance thereof has been reduced to zero; and eleventhsixth, to the Class M-1 Notes, until the Note Balance thereof has been reduced to zero. Liquidation Loss Amounts (other than Excess Loss Amounts) will not be allocated to the Senior Notes. On each Payment Date, the principal portion of Excess Loss Amounts will be allocated to the Notes (other than the Class A-IO Notes) and the B Component on a pro rata basis, based on the Note Balance or Component Principal Balance thereof, as applicable, prior to application of principal payments on that Payment Date, and in an aggregate amount equal to the percentage of the loss equal to the then aggregate Note Balance of the Notes and Component Principal Balance of the B Component divided by the then aggregate Loan Balance of the Home Loans. The interest portion of Excess Loss Amounts will be allocated to the Notes and the B Component as described in the definitions of Accrued Note Interest and Accrued Component Interest set forth in Appendix A to this Indenture. Any allocation of Liquidation Loss Amounts to a Class of NotesNotes or the Certificate in respect of the B Component, shall be made by reducing the Note Balance or Component Principal Balance thereof, as applicable, by the amount so allocated, which allocation shall be deemed to have occurred on such Payment Date. All Liquidation Loss Amounts and all other losses allocated to a Class of Notes or to the Certificate in respect of the B Component hereunder, as applicable, will be allocated among the NotesNotes or the Certificate, as applicable, of such Class in proportion to the Percentage Interests evidenced thereby.

Allocation of Liquidation Loss Amounts. The subordination provided to the Senior Notes by the Class M Notes and the subordination provided to each class of Class M Notes by any class of Class M Notes subordinate thereto will cover Liquidation Loss Amounts on the Home Loans. On each Payment Date, any Liquidation Loss Amounts will be allocated as follows: first, by a payment of the Liquidation Loss Payment Distribution Amount, second by a reduction in the Outstanding Reserve Amount, third, to the Class M-9 Notes, until the Note Balance thereof has been reduced to zero; fourth, to the Class M-8 Notes, until the Note Balance thereof has been reduced to zero; fifth, to the Class M-7 Notes, until the Note Balance thereof has been reduced to zero; sixth, to the Class M-6 Notes, until the Note Balance thereof has been reduced to zero; seventh, to the Class M-5 Notes, until the Note Balance thereof has been reduced to zero; eighth, to the Class M-4 Notes, until the Note Balance thereof has been reduced to zero; ninth, to the Class M-3 Notes, until the Note Balance thereof has been reduced to zero; tenth, to the Class M-2 Notes, until the Note Balance thereof has been reduced to zero; and eleventh, to the Class M-1 Notes, until the Note Balance thereof has been reduced to zero. Liquidation Loss Amounts will not be allocated to the Senior Notes. Any allocation of Liquidation Loss Amounts to a Class of Notes, shall be made by reducing the Note Balance thereof, by the amount so allocated, which allocation shall be deemed to have occurred on such Payment Date. All Liquidation Loss Amounts and all other losses allocated to a Class of Notes hereunder, will be allocated among the Notes, of such Class in proportion to the Percentage Interests evidenced thereby.

Allocation of Liquidation Loss Amounts. The subordination provided to the Senior Notes by the Class M Notes and the B Component and the subordination provided to each class of Class M Notes by the B Component and by any class of Class M Notes subordinate thereto will cover Liquidation Loss Amounts (other than Excess Loss Amounts) on the Home Loans. On each Payment Date, any Liquidation Loss Amounts which are not Excess Loss Amounts will be allocated as follows: first, by a payment of the Liquidation Loss Payment Distribution Amount, second by a reduction in the Outstanding Reserve Amount, third, to the Class M-9 Notes, Component Principal Balance of the B Component until the Note Balance thereof has been reduced to zero; fourth, to the Class M-8 Notes, until the Note Balance thereof has been reduced to zero; fifth, to the Class M-7 Notes, until the Note Balance thereof has been reduced to zero; sixth, to the Class M-6 Notes, until the Note Balance thereof has been reduced to zero; seventh, to the Class M-5 Notes, until the Note Balance thereof has been reduced to zero; eighth, to the Class M-4 Notes, until the Note Balance thereof has been reduced to zero; ninth, to the Class M-3 Notes, until the Note Balance thereof has been reduced to zero; tenthfifth, to the Class M-2 Notes, until the Note Balance thereof has been reduced to zero; and eleventhsixth, to the Class M-1 Notes, until the Note Balance thereof has been reduced to zero. Liquidation Loss Amounts (other than Excess Loss Amounts) will not be allocated to the Senior Notes. On each Payment Date, the principal portion of Excess Loss Amounts will be allocated to the Notes and the B Component on a pro rata basis, based on the Note Balance or Component Principal Balance thereof, as applicable, prior to application of principal payments on that Payment Date, and in an aggregate amount equal to the percentage of the loss equal to the then aggregate Note Balance of the Notes and Component Principal Balance of the B Component divided by the then aggregate Loan Balance of the Home Loans. The interest portion of Excess Loss Amounts will be allocated to the Notes and the B Component as described in the definitions of Accrued Note Interest and Accrued Component Interest set forth in Appendix A to this Indenture. Any allocation of Liquidation Loss Amounts to a Class of NotesNotes or the Certificate in respect of the B Component, shall be made by reducing the Note Balance or Component Principal Balance thereof, as applicable, by the amount so allocated, which allocation shall be deemed to have occurred on such Payment Date. All Liquidation Loss Amounts and all other losses allocated to a Class of Notes or to the Certificate in respect of the B Component hereunder, as applicable, will be allocated among the NotesNotes or the Certificate, as applicable, of such Class in proportion to the Percentage Interests evidenced thereby.