Allocation of Losses on the Shifting Interest Certificates. (i) On each Distribution Date, the Class Certificate Balance of the Class 30-PO Certificates shall be reduced on each Distribution Date by the amount, if any, by which the Class Certificate Balance of the Class 30-PO Certificates (after giving effect to the amounts to be distributed as a distribution of principal and the allocation of Realized Losses with respect to the Group 1 Mortgage Loans on such Distribution Date) exceeds the Adjusted Pool Amount (PO Portion) for such Distribution Date. The Class Certificate Balance of the Class of Class 1-B Certificates then outstanding with the highest numerical Class designation shall be reduced or increased on each Distribution Date by the amount, if any, necessary such that the aggregate of the Class Certificate Balances of all outstanding Classes of Senior Non-PO Shifting Interest Certificates and Class 1-B Certificates (after giving effect to the amount to be distributed as distributions of principal and the allocation of PO Deferred Amounts on such Distribution Date) equals the Adjusted Pool Amount (Non-PO Portion) for such Distribution Date. After the Senior Credit Support Depletion Date, the Class Certificate Balances of the Senior Non-PO Shifting Interest Certificates in the aggregate shall be reduced or increased on each Distribution Date by the amount, if any, necessary such that the aggregate of the Class Certificate Balances of all outstanding Classes of Senior Non-PO Shifting Interest Certificates (after giving effect to the amount to be distributed as distributions of principal on such Distribution Date) equals the Adjusted Pool Amount (Non-PO Portion) for such Distribution Date. Any such reduction or increase shall be allocated among the Senior Non-PO Certificates based on their Class Certificate Balances immediately prior to such Distribution Date, or in the case of the Class 1-A-5 and Class 1-A-6 Certificates, their respective Initial Class Certificate Balances, if lower, until the Class Certificate Balances thereof have been reduced to zero. Realized Losses allocated to the Class 1-A-1 and Class 1-A-2 Certificates will reduce the Class 1-A-3 Notional Amount. (ii) Any reduction or increase in the Class Certificate Balance of a Class of Certificates pursuant to Section 5.04(b)(i) above shall be allocated among the Certificates of such Class in proportion to their respective Percentage Interests. (iii) The calculation of the amount to be distributed as principal to any Class of Class 1-B Certificates with respect to a Distribution Date (the "Calculated Principal Distribution") shall be made prior to the allocation of any Realized Losses with respect to the Group 1 Mortgage Loans for such Distribution Date; provided, however, the actual payment of principal to the Classes of Class 1-B Certificates shall be made subsequent to the allocation of Realized Losses with respect to the Group 1 Mortgage Loans for such Distribution Date. In the event that after the allocation of Realized Losses with respect to the Group 1 Mortgage Loans for a Distribution Date, the Calculated Principal Distribution for a Class of Class 1-B Certificates is greater than the Class Certificate Balance of such Class, the excess shall be distributed (i) first, sequentially, to the Classes of Class 1-B Certificates then outstanding (beginning with the Class of Class 1-B Certificates then outstanding with the lowest numerical designation) until the respective Class Certificate Balance of each such Class is reduced to zero and (ii) then to the Senior Non-PO Shfiting Interset Certificates, pro rata, on the basis of their respective Class Certificate Balances. (iv) After the Senior Credit Support Depletion Date: (A) On any Distribution Date on which the Class 1-A-8 Loss Allocation Amount is greater than zero, the Class Certificate Balance of the Class 1-A-8 Certificates will be reduced by the Class 1-A-8 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balance of the Class 1-A-7 Certificates will not be reduced by the Class 1-A-8 Loss Allocation Amount. Notwithstanding the foregoing, on any Distribution Date in which the Class 1-A-7 Loss Amount exceeds the Class Certificate Balance of the Class 1-A-8 Certificates prior to any reduction for the Class 1-A-8 Loss Allocation Amount, such excess will be distributed in reduction of the Class Certificate Balance of the Class 1-A-7 Certificates. Any increase in the Class Certificate Balance allocated to the Class 1-A-7 Certificates pursuant to Section 5.04(b)(i) will instead increase the Class Certificate Balance of the Class 1-A-8 Certificates. (B) On any Distribution Date on which the Class 1-A-10 Loss Allocation Amount is greater than zero, the Class Certificate Balance of the Class 1-A-10 Certificates will be reduced by the Class 1-A-10 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balances of the Class 1-A-1 and Class 1-A-4 Certificates will not be reduced by the Class 1-A-10 Loss Allocation Amount. Notwithstanding the foregoing, on any Distribution Date in which the sum of the Class 1-A-1 Loss Amount and Class 1-A-4 Loss Amount exceeds the Class Certificate Balance of the Class 1-A-10 Certificates prior to any reduction for the Class 1-A-10 Loss Allocation Amount, such excess will be distributed, pro rata, based on the Class Certificate Balances of the Class 1-A-1 and Class 1-A-4 Certificates, in reduction of the Class Certificate Balances of the Class 1-A-1 and Class 1-A-4 Certificates. Any increase in the Class Certificate Balance allocated to the Class 1-A-1 or Class 1-A-4 Certificates pursuant to Section 5.04(b)(i) will instead increase the Class Certificate Balance of the Class 1-A-10 Certificates. (v) With respect to any Distribution Date, Realized Losses allocated pursuant to this Section 5.04(b) to each Uncertificated Shifting Interest Lower-Tier Interest as described in Section 5.02 and to each Uncertificated Shifting Interest Middle-Tier Interest in an amount equal to the Realized Losses allocated to such Uncertificated Middle-Tier Interest's Corresponding Shifting Interest Upper-Tier Class or Classes. (vi) Notwithstanding any other provision of this Section 5.04(b), no Class Certificate Balance of a Class of Shifting Interest Certificates will be increased on any Distribution Date such that the Class Certificate Balance of such Class exceeds its Initial Class Certificate Balance (plus, in the case of the Class 1-A-5 and Class 1-A-6 Certificates, any Class 1-A-5 Accrual Distribution Amounts and Class 1-A-6 Accrual Distribution Amounts, respectively, previously added thereto) less all distributions of principal previously distributed in respect of such Class on prior Distribution Dates (excluding in the case of any Class of Class 1-B Certificates any principal otherwise payable to such Class of Class 1-B Certificates but used to pay any PO Deferred Amount).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Banc of America Funding 2006-7 Trust), Pooling and Servicing Agreement (Banc of America Funding 2006-7 Trust)
Allocation of Losses on the Shifting Interest Certificates. (i) On each Distribution Date, the The Class Certificate Balance of the Class 301-PO Certificates shall be reduced on each Distribution Date by the amount, if any, by which the Class Certificate Balance of the Class 301-PO Certificates (after giving effect to the amounts amount to be distributed as a distribution of principal and the allocation of Realized Losses with respect to the Group 1 Mortgage Loans on such Distribution Date) exceeds the Adjusted Pool Amount (PO Portion) for Loan Group 1 for such Distribution Date and the Component Balance of the PO Component of each Group, if any, shall be reduced on each Distribution Date by the amount, if any, by which the Component Balance of such PO Component (after giving effect to the amount to be distributed as a distribution of principal on such Distribution Date) exceeds the Adjusted Pool Amount (PO Portion) for the Related Loan Group for such Distribution Date. The Class Certificate Balance of the Class of Class 1N-M or Class N-B Certificates then outstanding with the highest numerical Class designation lowest payment priority shall be reduced or increased on each Distribution Date by the amount, if any, necessary such that the aggregate of the Class Certificate Balances of all outstanding Classes of Senior Non-PO Shifting Interest Certificates of the Group N and Class 1N-M and Class N-B Certificates (after giving effect to the amount to be distributed as distributions of principal and the allocation of PO Deferred Amounts on such Distribution Date) equals the aggregate Adjusted Pool Amount (Non-PO Portion) for Loan Group N for such Distribution Date. After the Senior Credit Support Depletion Date, The Class Certificate Balance of the Class Certificate Balances of Class S-B Certificates then outstanding with the Senior Non-PO Shifting Interest Certificates in the aggregate lowest payment priority shall be reduced or increased on each Distribution Date by the amount, if any, necessary such that the aggregate of the Class Certificate Balances of all outstanding Classes of Senior Non-PO Shifting Interest Certificates of Group S and Class S-B Certificates (after giving effect to the amount to be distributed as distributions of principal and the allocation of PO Deferred Amounts on such Distribution Date) equals the aggregate Adjusted Pool Amount (Non-PO Portion) for Loan Group S for such Distribution Date. After the Senior Credit Support Depletion Date for the Group N, the sum of the aggregate Class Certificate Balances of all classes of Senior Non-PO Shifting Interest Certificates of a Group in Group N shall be reduced or increased on each Distribution Date by the amount, if any, necessary such that the aggregate of the Class Certificate Balances of all classes of Senior Non-PO Shifting Interest Certificates (after giving effect to the amount to be distributed as distributions of principal on such Distribution Date) in such Group equals the Adjusted Pool Amount (Non-PO Portion) for the Related Loan Group for such Distribution Date. After the Senior Credit Support Depletion Date for the Group S, the sum of the aggregate Class Certificate Balances of all classes of Senior Non-PO Shifting Interest Certificates of a Group in Group S shall be reduced or increased on each Distribution Date by the amount, if any, necessary such that the aggregate of the Class Certificate Balances of all classes of Senior Non-PO Shifting Interest Certificates (after giving effect to the amount to be distributed as distributions of principal on such Distribution Date) in such Group equals the Adjusted Pool Amount (Non-PO Portion) for the Related Loan Group for such Distribution Date. Any such reduction or increase shall be allocated among the Senior Non-PO Certificates Certificates, based on their Class Certificate Balances immediately prior to such Distribution DateDate or, or in the case of the Class 1-A-5 and A-11 or Class 1-A-6 A-12 Certificates, their the respective Initial Class Certificate BalancesBalance, if lower, until the Class Certificate Balances thereof have been reduced to zero. Realized Losses allocated to the Class 1-A-1 and Class 1-A-2 Certificates will reduce the Class 1-A-3 Notional Amount.
(ii) Any reduction or increase in the Class Certificate Balance of a Class of Certificates or Component Balance pursuant to Section 5.04(b)(i) above shall be allocated among the Certificates of such Class in proportion to their respective Percentage Interests.
(iii) The calculation of the amount to be distributed as principal to any the Class of N-M and Class 1N-B or Class S-B Certificates with respect to a Distribution Date (the "Calculated Principal Distribution") shall be made prior to the allocation of any Realized Losses with respect to the Group 1 related Shifting Interest Mortgage Loans for such Distribution Date; provided, however, the actual payment of principal to the Classes of Class 1N-M and Class N-B or Class S-B Certificates shall be made subsequent to the allocation of Realized Losses with respect to the Group 1 related Shifting Interest Mortgage Loans for such Distribution Date. In the event that after the allocation of Realized Losses with respect to the Group 1 Shifting Interest Mortgage Loans in Loan Group N or Loan Group S for a Distribution Date, the Calculated Principal Distribution for a Class of Class 1N-M and Class N-B Certificates or Class S-B Certificates, as applicable, is greater than the Class Certificate Balance of such Class, the excess shall be distributed (i) first, sequentially, to the Classes of Class 1N-M and Class N-B Certificates or Class S-B Certificates, as applicable, then -176- outstanding (beginning with the Class of Class 1N-M and Class N-B Certificates or Class S-B Certificates, as applicable, then outstanding with the lowest numerical designationhighest payment priority) until the respective Class Certificate Balance of each such Class is reduced to zero and (ii) then to (x) the Senior Non-PO Shfiting Interset CertificatesShifting Interest Certificates of the Group N, pro rata, on the basis of their respective Class Certificate BalancesBalances (in the case of the Class N-M and Class N-B Certificates) or (y) the the Senior Non-PO Shifting Interest Certificates of the Group S, pro rata, on the basis of the their respective Class Certificate Balances (in the case of the Class N-M and Class N-B Certificates).
(iv) After the Senior Credit Support Depletion DateDate for Group N:
(A) On any Distribution Date on which the Class 1-A-2 Loss Allocation Amount is greater than zero, the Class Certificate Balance of the Class 1-A-2 Certificates will be reduced by the Class 1-A-2 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balance of the Class 1-A-1 Certificates will not be reduced by the Class 1-A-2 Loss Allocation Amount. Notwithstanding the foregoing, on any Distribution Date in which the Class 1-A-1 Loss Amount exceeds the Class Certificate Balance of the Class 1-A-2 Certificates prior to any reduction for the Class 1-A-2 Loss Allocation Amount, such excess will be distributed in reduction of the Class Certificate Balance of the Class 1-A-1 Certificates. Any increase in the Class Certificate Balance allocated to the Class 1-A-1 Certificates pursuant to Section 5.04(b)(i) will instead increase the Class Certificate Balance of the Class 1-A-2 Certificates.
(B) On any Distribution Date on which the Class 2-A-2 Loss Allocation Amount is greater than zero, the Class Certificate Balance of the Class 2-A-2 Certificates will be reduced by the Class 2-A-2 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balance of the Class 2-A-10 Certificates will not be reduced by the Class 2-A-2 Loss Allocation Amount. Notwithstanding the foregoing, on any Distribution Date in which the Class 2-A-10 Loss Amount exceeds the Class Certificate Balance of the Class 2-A-2 Certificates prior to any reduction for the Class 2-A-2 Loss Allocation Amount, such excess will be distributed in reduction of the Class Certificate Balance of the Class 2-A-10 Certificates. Any increase in the Class Certificate Balance allocated to the Class 2-A-10 Certificates pursuant to Section 5.04(b)(i) will instead increase the Class Certificate Balance of the Class 2-A-2 Certificates.
(C) On any Distribution Date on which the Class 2-A-5 Loss Allocation Amount is greater than zero, the Class Certificate Balance of the Class 2-A-5 Certificates will be reduced by the Class 2-A-5 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balance of the Class 2-A-3 Certificates will not be reduced by the Class 2-A-5 Loss Allocation Amount. Notwithstanding the foregoing, on any Distribution Date in which the Class 2-A-3 Loss Amount exceeds the Class Certificate Balance of the Class 2-A-5 Certificates prior to any reduction for the Class 2-A-5 Loss Allocation Amount, such excess will be distributed in reduction of the Class Certificate Balance of the Class 2-A-3 Certificates. Any increase in the Class Certificate Balance allocated to the Class 2-A-3 Certificates pursuant to Section 5.04(b)(i) will instead increase the Class Certificate Balance of the Class 2-A-5 Certificates.
(D) On any Distribution Date on which the Class 2-A-8 Loss Allocation Amount is greater than zero, the Class Certificate Balance of the Class 12-A-8 Certificates will be reduced by the Class 12-A-8 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balance of the Class 12-A-7 Certificates will not be reduced by the Class 12-A-8 Loss Allocation Amount. Notwithstanding the foregoing, on any Distribution Date in which the Class 12-A-7 Loss Amount exceeds the Class Certificate Balance of the Class 12-A-8 Certificates prior to any reduction for the Class 12-A-8 Loss Allocation Amount, such excess will be distributed in reduction of the Class Certificate Balance of the Class 12-A-7 Certificates. Any increase in the Class Certificate Balance allocated to the Class 12-A-7 Certificates pursuant to Section 5.04(b)(i) will instead increase the Class Certificate Balance of the Class 12-A-8 Certificates.
(BE) On any Distribution Date on which the Class 13-A-10 A-2 Loss Allocation Amount is greater than zero, the Class Certificate Balance of the Class 13-A-10 A-2 Certificates will be reduced by the Class 13-A-10 A-2 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balances Balance of the Class 13-A-1 and Class 1-A-4 Certificates will not be reduced by the Class 13-A-10 A-2 Loss Allocation Amount. Notwithstanding the foregoing, on any Distribution Date in which the sum of the Class 13-A-1 Loss Amount and Class 1-A-4 Loss Amount exceeds the Class Certificate Balance of the Class 13-A-10 A-2 Certificates prior to any reduction for the Class 13-A-10 A-2 Loss Allocation Amount, such excess will be distributed, pro rata, based on the Class Certificate Balances of the Class 1-A-1 and Class 1-A-4 Certificates, distributed in reduction of the Class Certificate Balances Balance of the Class 13-A-1 and Class 1-A-4 Certificates. Any increase in the Class Certificate Balance allocated to the Class 13-A-1 or Class 1-A-4 Certificates pursuant to Section 5.04(b)(i) will instead increase the Class Certificate Balance of the Class 13-A-10 A-2 Certificates.
(v) With respect to any Distribution Date, Realized Losses allocated pursuant to this Section 5.04(b) will be allocated to each Uncertificated Shifting Interest Lower-Tier Interest as described in Section 5.02 and to each Uncertificated Shifting Interest Middle-Tier Interest in an amount equal to the Realized Losses allocated to such Uncertificated Shifting Interest Middle-Tier Interest's Corresponding Shifting Interest Upper-Tier Class or ClassesClasses of Certificates.
(vi) Notwithstanding any other provision of this Section 5.04(b), no Class Certificate Balance of a Class of Shifting Interest Certificates or Component Balance of a Component will be increased on any Distribution Date such that the Class Certificate Balance of such Class or Component Balance of such Component exceeds its Initial Class Certificate Balance (or Initial Component Balance plus, in the case of the Class 1-A-5 A-11 and Class 1-A-6 A-12 Certificates, any Class 1-A-5 A-11 Accrual Distribution Amounts and Class 1-A-6 A-12 Accrual Distribution Amounts, respectively, previously added thereto) less all distributions of principal previously distributed in respect of such Class or Component on prior Distribution Dates (excluding in the case of any Class of Class 1N-M, Clsss N-B Certificates or Class S-B Certificates, any principal otherwise payable to such Class of Class 1-B Certificates but used to pay any PO Deferred Amount).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Funding 2007-4 Trust)
Allocation of Losses on the Shifting Interest Certificates. (i) On each Distribution Date, the Class Certificate Component Balance of the Class 30-PO Certificates Component of each Group, if any, shall be reduced on each Distribution Date by the amount, if any, by which the Class Certificate Component Balance of the Class 30-such PO Certificates Component (after giving effect to the amounts to be distributed as a distribution of principal and the allocation of Realized Losses with respect to the Group 1 Mortgage Loans on such Distribution Dateprincipal) exceeds the Adjusted Pool Amount (PO Portion) for the Related Loan Group for such Distribution Date. The Class Certificate Balance of the Class of Class 1X-B Certificates then outstanding with the highest numerical Class designation lowest payment priority shall be reduced or increased on each Distribution Date by the amount, if any, necessary such that the aggregate of the Class Certificate Balances of all outstanding Classes of Senior Non-PO Shifting Interest Certificates of the Crossed Groups and Class 1X-B Certificates (after giving effect to the amount to be distributed as distributions of principal and the allocation of PO Deferred Amounts on such Distribution Date) equals the aggregate Adjusted Pool Amount (Non-PO Portion) for Crossed Loan Groups for such Distribution Date. After the Senior Credit Support Depletion Date, The Class Certificate Balance of the Class Certificate Balances of Class 3-B Certificates then outstanding with the Senior Non-PO Shifting Interest Certificates in the aggregate lowest payment priority shall be reduced or increased on each Distribution Date by the amount, if any, necessary such that the aggregate of the Class Certificate Balances of all outstanding Classes of Senior Non-PO Shifting Interest Certificates of Group 3 and Class 3-B Certificates (after giving effect to the amount to be distributed as distributions of principal on such Distribution Date) equals the aggregate Adjusted Pool Amount for Loan Group 3 for such Distribution Date. After the Senior Credit Support Depletion Date for the Crossed Groups, the sum of the aggregate Class Certificate Balances of all classes of Senior Non-PO Shifting Interest Certificates and the Component Balances of the Non-PO Components (if any) of a Crossed Group shall be reduced or increased on each Distribution Date by the amount, if any, necessary such that the aggregate of the Class Certificate Balances of all classes of Senior Non-PO Shifting Interest Certificates and the Component Balances of the Non-PO Components (if any) (after giving effect to the amount to be distributed as distributions of principal on such Distribution Date) in such Crossed Group equals the Adjusted Pool Amount (Non-PO Portion) for the Related Loan Group for such Distribution Date. After the Senior Credit Support Depletion Date for Group 3, the sum of the aggregate Class Certificate Balance of the Group 3 Senior Certificates shall be reduced or increased on each Distribution Date by the amount, if any, necessary such that the aggregate Class Certificate Balance of the Group 3 Senior Certificates (after giving effect to the amount to be distributed as distributions of principal on such Distribution Date) equals the Adjusted Pool Amount (Non-PO Portion) for the Loan Group 3 for such Distribution Date. Any such reduction or increase shall be allocated among the Senior Non-PO Certificates and Non-PO Components, if any, based on their Class Certificate Balances or Component Balances, as the case may be, immediately prior to such Distribution Date, or in the case of the Class 1-A-5 and Class 1-A-6 Certificates, their respective Initial Class Certificate Balances, if lower, until the Class Certificate Balances or Component Balances, as the case may be, thereof have been reduced to zero. Realized Losses allocated to the Class 1-A-1 and Class 1-A-2 Certificates will reduce the Class 1-A-3 Notional Amount.
(ii) Any reduction or increase in the Class Certificate Balance of a Class of Certificates or Component Balance pursuant to Section 5.04(b)(i) above shall be allocated among the Certificates of such Class in proportion to their respective Percentage Interests.
(iii) The calculation of the amount to be distributed as principal to any the Class of X-B or Class 13-B Certificates with respect to a Distribution Date (the "Calculated Principal Distribution") shall be made prior to ----------------------------------- the allocation of any Realized Losses with respect to the Group 1 related Shifting Interest Mortgage Loans for such Distribution Date; provided, however, the actual payment of principal to the Classes of Class 1X-B or Class 3-B Certificates shall be made subsequent to the allocation of Realized Losses with respect to the Group 1 related Shifting Interest Mortgage Loans for such Distribution Date. In the event that after the allocation of Realized Losses with respect to the Group 1 Shifting Interest Mortgage Loans in the Crossed Loan Groups or Loan Group 3 for a Distribution Date, the Calculated Principal Distribution for a Class of Class 1X-B Certificates or Class 3-B Certificates, as applicable, is greater than the Class Certificate Balance of such Class, the excess shall be distributed (i) first, sequentially, to the Classes of Class 1X-B Certificates or Class 3-B Certificates, as applicable, then outstanding (beginning with the Class of Class 1X-B Certificates or Class 3-B Certificates, as applicable, then outstanding with the lowest numerical designation) until the respective Class Certificate Balance of each such Class is reduced to zero and (ii) then to (x) the Senior Non-PO Shfiting Interset CertificatesShifting Interest Certificates and Non-PO Components of the Crossed Groups, pro rata, on the basis of their respective Class Certificate Balances or Component Balances (in the case of the Class X-B Certificates) or (y) the Group 3 Senior Certificates, pro rata, on the basis of the their respective Class Certificate Balances.
(iv) After the Senior Credit Support Depletion Date:
(A) On any Distribution Date on which the Class 1-A-8 Loss Allocation Amount is greater than zero, the Class Certificate Balance of the Class 1-A-8 Certificates will be reduced by the Class 1-A-8 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balance of the Class 1-A-7 Certificates will not be reduced by the Class 1-A-8 Loss Allocation Amount. Notwithstanding the foregoing, on any Distribution Date in which the Class 1-A-7 Loss Amount exceeds the Class Certificate Balance of the Class 1-A-8 Certificates prior to any reduction for the Class 1-A-8 Loss Allocation Amount, such excess will be distributed in reduction of the Class Certificate Balance of the Class 1-A-7 Certificates. Any increase in the Class Certificate Balance allocated to the Class 1-A-7 Certificates pursuant to Section 5.04(b)(i) will instead increase the Class Certificate Balance of the Class 1-A-8 Certificates.
(B) On any Distribution Date on which the Class 1-A-10 Loss Allocation Amount is greater than zero, the Class Certificate Balance of the Class 1-A-10 Certificates will be reduced by the Class 1-A-10 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balances of the Class 1-A-1 and Class 1-A-4 Certificates will not be reduced by the Class 1-A-10 Loss Allocation Amount. Notwithstanding the foregoing, on any Distribution Date in which the sum of the Class 1-A-1 Loss Amount and Class 1-A-4 Loss Amount exceeds the Class Certificate Balance of the Class 1-A-10 Certificates prior to any reduction for the Class 1-A-10 Loss Allocation Amount, such excess will be distributed, pro rata, based on the Class Certificate Balances of the Class 1-A-1 and Class 1-A-4 Certificates, in reduction of the Class Certificate Balances of the Class 1-A-1 and Class 1-A-4 Certificates. Any increase in the Class Certificate Balance allocated to the Class 1-A-1 or Class 1-A-4 Certificates pursuant to Section 5.04(b)(i) will instead increase the Class Certificate Balance of the Class 1-A-10 Certificates.
(v) With respect to any Distribution Date, Realized Losses allocated pursuant to this Section 5.04(b) will be allocated to each Uncertificated Shifting Interest Lower-Tier Interest as described in Section 5.02 and to each Uncertificated Shifting Interest Middle-Tier Interest in an amount equal to the Realized Losses allocated to such Uncertificated Shifting Interest Middle-Tier Interest's Corresponding Shifting Interest Upper-Tier Class or ClassesClasses of Certificates.
(viv) Notwithstanding any other provision of this Section 5.04(b), no Class Certificate Balance of a Class of Shifting Interest Certificates or Component Balance of a Component will be increased on any Distribution Date such that the Class Certificate Balance of such Class or Component Balance of such Component exceeds its Initial Class Certificate Balance (plus, in the case of the Class 1-A-5 and Class 1-A-6 Certificates, any Class 1-A-5 Accrual Distribution Amounts and Class 1-A-6 Accrual Distribution Amounts, respectively, previously added thereto) or Initial Component Balance less all distributions of principal previously distributed in respect of such Class or Component on prior Distribution Dates (excluding in the case of any Class of Class 1X-B Certificates Certificates, any principal otherwise payable to such Class of Class 1X-B Certificates but used to pay any PO Deferred Amount).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Funding 2007-3 Trust)
Allocation of Losses on the Shifting Interest Certificates. (i) On each Distribution Date, the Class Certificate Balance of the Class 30-PO Certificates shall be reduced on each Distribution Date by the amount, if any, by which the Class Certificate Balance of the Class 30-PO Certificates (after giving effect to the amounts to be distributed as a distribution of principal and the allocation of Realized Losses with respect to the Group 1 Mortgage Loans on such Distribution Date) exceeds the Adjusted Pool Amount (PO Portion) for such Distribution Date. The Class Certificate Balance of the Class of Class 1-B Certificates then outstanding with the highest numerical Class designation shall be reduced or increased on each Distribution Date by the amount, if any, necessary such that the aggregate of the Class Certificate Balances of all outstanding Classes of Senior Non-PO Shifting Interest Certificates and Class 1-B Certificates (after giving effect to the amount to be distributed as distributions of principal and the allocation of PO Deferred Amounts on such Distribution Date) equals the Adjusted Pool Amount (Non-PO Portion) for such Distribution Date. 147 After the Senior Credit Support Depletion Date, the aggregate of the Class Certificate Balances or, in the case of the Exchangeable REMIC Certificates, the Calculation Balances, of all classes of Senior Non-PO Shifting Interest Certificates in (other than the aggregate Exchangeable Certificates) shall be reduced or increased on each Distribution Date by the amount, if any, necessary such that the aggregate of the Class Certificate Balances or, in the case of the Exchangeable REMIC Certificates, the Calculation Balances, of all outstanding Classes classes of Senior Non-PO Shifting Interest Certificates (after giving effect to the amount to be distributed as distributions of principal on such Distribution Date) equals the Adjusted Pool Amount (Non-PO Portion) for such Distribution Date. Any such reduction or increase shall be allocated among the Senior Non-PO Certificates (other than the Exchangeable Certificates) based on their Class Certificate Balances or, in the case of the Exchangeable REMIC Certificates, their Calculation Balances, immediately prior to such Distribution Date, or in the case of the Class 1-A-5 A-10 and Class 1-A-6 A-11 Certificates, their respective Initial Class Certificate Balances, if lower, until the Class Certificate Balances or, in the case of the Exchangeable REMIC Certificates, the Calculation Balances, thereof have been reduced to zero. In the event that all or a portion of a Class of Exchangeable REMIC Certificates in any Exchangeable REMIC Combination is exchanged for a proportionate portion of the Class or Classes of Exchangeable Certificates in the related Combination, the Class or Classes of such Exchangeable Certificates will be allocated a proportionate share of Realized Losses allocated to the Class of Exchangeable REMIC Certificates in the related Combination. Realized Losses allocated to the Class 1-A-1 and Class 1-A-2 Certificates will reduce the Class 1-A-3 A-9 Notional Amount. Realized Losses allocated to the Class 1-A-6 Certificates will reduce the Class 1-A-7 Notional Amount. Realized Losses allocated to the Class 1-A-15 and Class 1-A-16 Certificates will reduce the Class 1-A-12 Notional Amount. Realized Losses allocated to the Class 1-A-22 Certificates will reduce the Class 1-A-21 Notional Amount. Realized Losses allocated to the Class 1-A-25 Certificates will reduce the Class 1-A-24 Notional Amount. Realized Losses allocated to the Class 1-A-27 Certificates will reduce the Class 1-A-26 Notional Amount.
(ii) Any reduction or increase in the Class Certificate Balance of a Class of Certificates pursuant to Section 5.04(b)(i) above shall be allocated among the Certificates of such Class in proportion to their respective Percentage Interests.
(iii) The calculation of the amount to be distributed as principal to any Class of Class 1-B Certificates with respect to a Distribution Date (the "Calculated Principal Distribution") shall be made prior to the ----------------------------------- allocation of any Realized Losses with respect to the Group 1 Mortgage Loans for such Distribution Date; provided, however, the actual payment of principal to the Classes of Class 1-B Certificates shall be made subsequent to the allocation of Realized Losses with respect to the Group 1 Mortgage Loans for such Distribution Date. In the event that after the allocation of Realized Losses with respect to the Group 1 Mortgage Loans for a Distribution Date, the Calculated Principal Distribution for a Class of Class 1-B Certificates is greater than the Class Certificate Balance of such Class, the excess shall be distributed (i) first, sequentially, to the Classes of Class 1-B Certificates then 148 outstanding (beginning with the Class of Class 1-B Certificates then outstanding with the lowest numerical designation) until the respective Class Certificate Balance of each such Class is reduced to zero and (ii) then to the Senior Non-PO Shfiting Interset Certificates, pro rata, on the basis of their respective Class Certificate Balances.
(iv) After the Senior Credit Support Depletion Date:
(A) On any Distribution Date on which the Class 1-A-8 A-5 Loss Allocation Amount is greater than zero, the Class Certificate Balance of the Class 1-A-8 A-5 Certificates will be reduced by the Class 1-A-8 A-5 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balance of the ------------------ Class 1-A-7 A-1 Certificates will not be reduced by the Class 1-A-8 A-5 Loss Allocation Amount. Notwithstanding the foregoing, on any Distribution Date in which the Class 1-A-7 A-1 Loss Amount exceeds the Class Certificate Balance of the Class 1-A-8 A-5 Certificates prior to any reduction for the Class 1-A-8 A-5 Loss Allocation Amount, such excess will be distributed in reduction of the Class Certificate Balance of the Class 1-A-7 A-1 Certificates. Any increase in the Class Certificate Balance allocated to the Class 1-A-7 A-1 Certificates pursuant to Section 5.04(b)(i) ------------------- will instead increase the Class Certificate Balance of the Class 1-A-8 A-5 Certificates.
(B) On any Distribution Date on which the Class 1-A-10 A-16 Loss Allocation Amount is greater than zero, the Class Certificate Balance of the Class 1-A-10 A-16 Certificates will be reduced by the Class 1-A-10 A-16 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balances Balance ------------------- of the Class 1-A-1 and Class 1-A-4 A-15 Certificates will not be reduced by the Class 1-A-10 A-16 Loss Allocation Amount. Notwithstanding the foregoing, on any Distribution Date in which the sum of the Class 1-A-1 Loss Amount and Class 1-A-4 A-15 Loss Amount exceeds the Class Certificate Balance of the Class 1-A-10 A-16 Certificates prior to any reduction for the Class 1-A-10 A-16 Loss Allocation Amount, such excess will be distributed, pro rata, based on the Class Certificate Balances of the Class 1-A-1 and Class 1-A-4 Certificates, distributed in reduction of the Class Certificate Balances Balance of the Class 1-A-1 and Class 1-A-4 A-15 Certificates. Any increase in the Class Certificate Balance allocated to the Class 1-A-1 or Class 1-A-4 A-15 Certificates pursuant to Section -------- 5.04(b)(i) will instead increase the Class Certificate Balance of the Class 1-A-10 A-16 Certificates.. ----------
(vC) With respect to any Distribution Date, Realized Losses allocated pursuant to this Section 5.04(b) to each Uncertificated Shifting Interest Lower-Tier Interest as described in Section 5.02 and to each Uncertificated Shifting Interest Middle-Tier Interest in an amount equal to the Realized Losses allocated to such Uncertificated Middle-Tier Interest's Corresponding Shifting Interest Upper-Tier Class or Classes.
(vi) Notwithstanding any other provision of this Section 5.04(b), no Class Certificate Balance of a Class of Shifting Interest Certificates will be increased on On any Distribution Date such that on which the Class 1-A-18 Loss Allocation Amount is greater than zero, the Class Certificate Balance of such the Class exceeds its Initial 1-A-18 Certificates will be reduced by the Class 1-A-18 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balance (plus, in the case ------------------- of the Class 1-A-5 and A-17 Certificates will not be reduced by the Class 1-A-6 CertificatesA-18 Loss Allocation Amount. Notwithstanding the foregoing, on any Distribution Date in which the Class 1-A-5 Accrual Distribution Amounts and A-17 Loss Amount exceeds the Class Certificate Balance of the Class 1-A-6 Accrual Distribution Amounts, respectively, previously added thereto) less all distributions of principal previously distributed in respect of such Class on A-18 Certificates prior Distribution Dates (excluding in to any reduction for the case of any Class of Class 1-B Certificates any principal otherwise payable to A-18 Loss Allocation Amount, such excess will be distributed in reduction of the Class Certificate Balance of the Class 1-B A-17 Certificates. Any increase in the Class Certificate Balance allocated to the Class 1-A-17 Certificates but used pursuant to pay Section -------- 5.04(b)(i) will instead increase the Class Certificate Balance of the Class 1-A-18 Certificates.
(D) On any PO Deferred Distribution Date on which the Class 1-A-20 Loss Allocation Amount is greater than zero, the Class Certificate Balance of the Class 1-A-20 Certificates will be reduced by the Class 1-A-20 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balance ------------------- of the Class 1-A-19 Certificates will not be reduced by the Class 1-A-20 Loss Allocation Amount).. Notwithstanding the foregoing, on any Distribution Date in which the Class 1-A-19 Loss Amount exceeds the Class Certificate Balance of the Class 1-A-20 Certificates prior to any reduction for the Class 1-A-20 Loss Allocation Amount, such excess will be distributed in reduction of the Class Certificate Balance of the Class 1-A-19 Certificates. Any increase in the Class Certificate Balance allocated to the Class 1-A-19 Certificates pursuant to Section -------- 5.04(b)(i) will instead increase the Class Certificate Balance of the Class 1-A-20 Certificates. ----------
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Funding 2007-1 Trust)
Allocation of Losses on the Shifting Interest Certificates. (i) On each Distribution Date, the Class Certificate Balance of the Class 30-PO Certificates shall be reduced on each Distribution Date by the amount, if any, by which the Class Certificate Balance of the Class 30-PO Certificates (after giving effect to the amounts to be distributed as a distribution of principal and the allocation of Realized Losses with respect to the Group 1 Mortgage Loans on such Distribution Dateprincipal) exceeds the Adjusted Pool Amount (PO Portion) for Loan Group 1 for such Distribution Date. The Class Certificate Balance of the Class of Class 1-M-1 and Class B Certificates then outstanding with the highest numerical Class designation lowest payment priority shall be reduced or increased on each Distribution Date by the amount, if any, necessary such that the aggregate of the Class Certificate Balances of all outstanding Classes of Senior Non-PO Shifting Interest Certificates, Class M-1 Certificates and Class 1-B Certificates (after giving effect to the amount to be distributed as distributions of principal and the allocation of PO Deferred Amounts on such Distribution Date) equals the aggregate Adjusted Pool Amount (Non-PO Portion) for both Shifting Interest Loan Groups for such Distribution Date. After the Senior Credit Support Depletion Date, the aggregate of the Class Certificate Balances or, in the case of the Exchangeable REMIC Certificates, the Calculation Balances, of all classes of Senior Non-PO Shifting Interest Certificates in (other than the aggregate Exchangeable Certificates) of each Shifting Interest Group shall be reduced or increased on each Distribution Date by the amount, if any, necessary such that the aggregate of the Class Certificate Balances or, in the case of the Exchangeable REMIC Certificates, the Calculation Balances, of all outstanding Classes classes of Senior Non-PO Shifting Interest Certificates (after giving effect to the amount to be distributed as distributions of principal on such Distribution Date) in such Shifting Interest Group equals the Adjusted Pool Amount (Non-PO Portion) for the Related Loan Group for such Distribution Date. Any such reduction or increase shall be allocated among the Senior Non-PO Certificates (other than the Exchangeable Certificates) based on their Class Certificate Balances or, in the case of the Exchangeable REMIC Certificates, their Calculation Balances, immediately prior to such Distribution Date, or in the case of the Class 1-A-5 A-20 and Class 1-A-6 A-21 Certificates, their respective Initial Class Certificate Balances, if lower, until the Class Certificate Balances or, in the case of the Exchangeable REMIC Certificates, the Calculation Balances, thereof have been reduced to zero. In the event that all or a portion of a Class of Exchangeable REMIC Certificates in any Exchangeable REMIC Combination is exchanged for a proportionate portion of the Class of Exchangeable Certificates in the related Combination, the Class of such Exchangeable Certificates will be allocated a proportionate share of Realized Losses allocated to the Classes of Exchangeable REMIC Certificates in the related Combination. Realized Losses allocated to the Class 1-A-1 A-3 Certificates and any Exchangeable Certificates for which Class 1-A-2 A-3 Certificates have been exchanged will reduce the Class 1-A-3 A-4 Notional Amount.
(ii) Any reduction or increase in the Class Certificate Balance of a Class of Certificates pursuant to Section 5.04(b)(i) above shall be allocated among the Certificates of such Class in proportion to their respective Percentage Interests.
(iii) The calculation of the amount to be distributed as principal to any Class of Class 1-B Certificates with respect to a Distribution Date (the "Calculated Principal Distribution") shall be made prior Amount to the allocation of any extent outstanding. Realized Losses with respect allocated to the Group 1 Mortgage Loans for such Distribution Date; provided, however, the actual payment of principal to the Classes of Class 1-B Certificates shall be made subsequent to the allocation of Realized Losses with respect to the Group 1 Mortgage Loans for such Distribution Date. In the event that after the allocation of Realized Losses with respect to the Group 1 Mortgage Loans for a Distribution Date, the Calculated Principal Distribution for a Class of Class 1-B Certificates is greater than the Class Certificate Balance of such Class, the excess shall be distributed (i) first, sequentially, to the Classes of Class 1-B Certificates then outstanding (beginning with the Class of Class 1-B Certificates then outstanding with the lowest numerical designation) until the respective Class Certificate Balance of each such Class is reduced to zero and (ii) then to the Senior Non-PO Shfiting Interset Certificates, pro rata, on the basis of their respective Class Certificate Balances.
(iv) After the Senior Credit Support Depletion Date:
(A) On any Distribution Date on which the Class 1-A-8 Loss Allocation Amount is greater than zero, the A-5 Certificates and any Exchangeable Certificates for which Class Certificate Balance of 1-A-5 Certificates have been exchanged will reduce the Class 1-A-8 Certificates will be reduced by A-6 Notional Amount to the Class 1-A-8 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balance of the Class 1-A-7 Certificates will not be reduced by the Class 1-A-8 Loss Allocation Amountextent outstanding. Notwithstanding the foregoing, on any Distribution Date in which the Class 1-A-7 Loss Amount exceeds the Class Certificate Balance of the Class 1-A-8 Certificates prior to any reduction for the Class 1-A-8 Loss Allocation Amount, such excess will be distributed in reduction of the Class Certificate Balance of the Class 1-A-7 Certificates. Any increase in the Class Certificate Balance Realized Losses allocated to the Class 1-A-7 Certificates pursuant to Section 5.04(b)(i) will instead increase the Class Certificate Balance of the and any Exchangeable Certificates for which Class 1-A-8 Certificates.
(B) On any Distribution Date on which A-7 Certificates have been exchanged will reduce the Class 1-A-10 Loss Allocation 1 A-8 Notional Amount is greater than zero, to the Class Certificate Balance of the Class 1-A-10 Certificates will be reduced by the Class 1-A-10 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balances of the Class 1-A-1 and Class 1-A-4 Certificates will not be reduced by the Class 1-A-10 Loss Allocation Amountextent outstanding. Notwithstanding the foregoing, on any Distribution Date in which the sum of the Class 1-A-1 Loss Amount and Class 1-A-4 Loss Amount exceeds the Class Certificate Balance of the Class 1-A-10 Certificates prior to any reduction for the Class 1-A-10 Loss Allocation Amount, such excess will be distributed, pro rata, based on the Class Certificate Balances of the Class 1-A-1 and Class 1-A-4 Certificates, in reduction of the Class Certificate Balances of the Class 1-A-1 and Class 1-A-4 Certificates. Any increase in the Class Certificate Balance Realized Losses allocated to the Class 1-A-1 or A-9 Certificates and any Exchangeable Certificates for which Class 1-A-4 A-9 Certificates pursuant to Section 5.04(b)(i) have been exchanged will instead increase the Class Certificate Balance of reduce the Class 1-A-10 Certificates.
(v) With respect to any Distribution Date, Realized Losses allocated pursuant to this Section 5.04(b) to each Uncertificated Shifting Interest Lower-Tier Interest as described in Section 5.02 and to each Uncertificated Shifting Interest Middle-Tier Interest in an amount equal Notional Amount to the extent outstanding. Realized Losses allocated to such Uncertificated Middle-Tier Interest's Corresponding Shifting Interest Upper-Tier Class or Classes.
(vi) Notwithstanding any other provision of this Section 5.04(b), no Class Certificate Balance of a Class of Shifting Interest Certificates will be increased on any Distribution Date such that the Class Certificate Balance of such Class exceeds its Initial Class Certificate Balance (plus, in the case of the Class 1-A-5 A-11 Certificates and any Exchangeable Certificates for which Class 1-A-6 Certificates, any A-11 Certificates have been exchanged will reduce the Class 1-A-5 Accrual Distribution Amounts and A-12 Notional Amount to the extent outstanding. Realized Losses allocated to the Class 1-A-6 Accrual Distribution Amounts, respectively, previously added thereto) less all distributions of principal previously distributed in respect of such Class on prior Distribution Dates (excluding in the case of A-13 Certificates and any Class of Exchangeable Certificates for which Class 1-B A-13 Certificates any principal otherwise payable to such Class of have been exchanged will reduce the Class 1-B Certificates but used A-14 Notional Amount to pay any PO Deferred Amount).the extent
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Funding 2007-2 Trust)
Allocation of Losses on the Shifting Interest Certificates. (i) On each Distribution Date, the Class Certificate Balance of the Class 30-PO Certificates shall be reduced on each Distribution Date by the amount, if any, by which the Class Certificate Balance of the Class 30-PO Certificates (after giving effect to the amounts to be distributed as a distribution of principal and the allocation of Realized Losses with respect to the Group 1 Mortgage Loans on such Distribution Date) exceeds the Adjusted Pool Amount (PO Portion) for such Distribution Date. The Class Certificate Balance of the Class of Class 1X-B Certificates then outstanding with the highest numerical Class designation shall be reduced or increased on each Distribution Date by the amount, if any, necessary such that the aggregate of the Class Certificate Balances of all outstanding Classes of Senior Non-PO Shifting Interest Certificates and the Class 1X-B Certificates (after giving effect to the amount to be distributed as distributions a distribution of principal and the allocation of PO Deferred Amounts on such Distribution Date) equals the sum of the Adjusted Pool Amount (Non-PO Portion) Amounts for all the Shifting Interest Loan Groups for such Distribution Date. After the Senior Credit Support Depletion Date, the Class Certificate Balances or, in the case of the Exchangeable REMIC Certificates, the Calculation Balances, of the Senior Non-PO Shifting Interest Certificates of each Shifting Interest Group (other than the Exchangeable Certificates) in the -110- aggregate shall be reduced or increased on each Distribution Date by the amount, if any, necessary such that the aggregate of the Class Certificate Balances or, in the case of the Exchangeable REMIC Certificates, the Calculation Balances, of all outstanding Classes of Senior Non-PO Shifting Interest Certificates of such Group (after giving effect to the amount to be distributed as distributions a distribution of principal on such Distribution Date) equals the Adjusted Pool Amount (Non-PO Portion) for the Related Loan Group for such Distribution Date. Any such reduction or increase shall be allocated among the Senior Non-PO Certificates of such Shifting Interest Group (other than the Exchangeble Certificates) pro rata based on their the Class Certificate Balances or, in the case of the Exchangeable REMIC Certificates, the Calculation Balances, immediately prior to such Distribution Date, or until the Class Certificate Balances or, in the case of the Class 1-A-5 and Class 1-A-6 Exchangeable REMIC Certificates, their respective Initial Class Certificate the Calculation Balances, if lower, until the Class Certificate Balances thereof have been reduced to zero. In the event that all or a portion of the Classes of Exchangeable REMIC Certificates are exchanged for a proportionate portion of the Class of Exchangeable Certificates, the Class of such Exchangeable Certificates will be allocated a proportionate share of Realized Losses allocated to the Class 1-A-1 and Class 1-A-2 Certificates will reduce the Class 1-A-3 Notional Amount.
(ii) Any reduction or increase in the Class Certificate Balance of a Class of Certificates pursuant to Section 5.04(b)(i) above shall be allocated among the Certificates of such Class in proportion to their respective Percentage Interests.
(iii) The calculation of the amount to be distributed as principal to any Class of Class 1-B Certificates with respect to a Distribution Date (the "Calculated Principal Distribution") shall be made prior to the allocation of any Realized Losses with respect to the Group 1 Mortgage Loans for such Distribution Date; provided, however, the actual payment of principal to the Classes of Class 1-B Certificates shall be made subsequent to the allocation of Realized Losses with respect to the Group 1 Mortgage Loans for such Distribution Date. In the event that after the allocation of Realized Losses with respect to the Group 1 Mortgage Loans for a Distribution Date, the Calculated Principal Distribution for a Class of Class 1-B Certificates is greater than the Class Certificate Balance of such Class, the excess shall be distributed (i) first, sequentially, to the Classes of Class 1-B Certificates then outstanding (beginning with the Class of Class 1-B Certificates then outstanding with the lowest numerical designation) until the respective Class Certificate Balance of each such Class is reduced to zero and (ii) then to the Senior Non-PO Shfiting Interset Certificates, pro rata, on the basis of their respective Class Certificate Balances.
(iv) After the Senior Credit Support Depletion Date:
(A) On any Distribution Date on which the Class 1-A-8 Loss Allocation Amount is greater than zero, the Class Certificate Balance of the Class 1-A-8 Certificates will be reduced by the Class 1-A-8 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balance of the Class 1-A-7 Certificates will not be reduced by the Class 1-A-8 Loss Allocation Amount. Notwithstanding the foregoing, on any Distribution Date in which the Class 1-A-7 Loss Amount exceeds the Class Certificate Balance of the Class 1-A-8 Certificates prior to any reduction for the Class 1-A-8 Loss Allocation Amount, such excess will be distributed in reduction of the Class Certificate Balance of the Class 1-A-7 Certificates. Any increase in the Class Certificate Balance allocated to the Class 1-A-7 Certificates pursuant to Section 5.04(b)(i) will instead increase the Class Certificate Balance of the Class 1-A-8 Exchangeable REMIC Certificates.
(B) On any Distribution Date on which the Class 1-A-10 Loss Allocation Amount is greater than zero, the Class Certificate Balance of the Class 1-A-10 Certificates will be reduced by the Class 1-A-10 Loss Allocation Amount and, notwithstanding Section 5.04(b)(i), the Class Certificate Balances of the Class 1-A-1 and Class 1-A-4 Certificates will not be reduced by the Class 1-A-10 Loss Allocation Amount. Notwithstanding the foregoing, on any Distribution Date in which the sum of the Class 1-A-1 Loss Amount and Class 1-A-4 Loss Amount exceeds the Class Certificate Balance of the Class 1-A-10 Certificates prior to any reduction for the Class 1-A-10 Loss Allocation Amount, such excess will be distributed, pro rata, based on the Class Certificate Balances of the Class 1-A-1 and Class 1-A-4 Certificates, in reduction of the Class Certificate Balances of the Class 1-A-1 and Class 1-A-4 Certificates. Any increase in the Class Certificate Balance allocated to the Class 1-A-1 or Class 1-A-4 Certificates pursuant to Section 5.04(b)(i) will instead increase the Class Certificate Balance of the Class 1-A-10 Certificates.
(v) With respect to any Distribution Date, Realized Losses allocated pursuant to this Section 5.04(b) to each Uncertificated Shifting Interest Lower-Tier Interest as described in Section 5.02 and to each Uncertificated Shifting Interest Middle-Tier Interest in an amount equal to the Realized Losses allocated to such Uncertificated Middle-Tier Interest's Corresponding Shifting Interest Upper-Tier Class or Classes.
(vi) Notwithstanding any other provision of this Section 5.04(b), no Class Certificate Balance of a Class of Shifting Interest Certificates will be increased on any Distribution Date such that the Class Certificate Balance of such Class exceeds its Initial Class Certificate Balance (plus, in the case of the Class 1-A-5 and Class 1-A-6 Certificates, any Class 1-A-5 Accrual Distribution Amounts and Class 1-A-6 Accrual Distribution Amounts, respectively, previously added thereto) less all distributions of principal previously distributed in respect of such Class on prior Distribution Dates (excluding in the case of any Class of Class 1-B Certificates any principal otherwise payable to such Class of Class 1-B Certificates but used to pay any PO Deferred Amount).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Funding Corp)
