Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows: (i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and (ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V and the Group C-B Certificates, pro rata based on their respective Class Principal Balances. (b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding. (c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances. (d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.” (B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass THR Certs Ser 2004-Ar3), Pooling and Servicing Agreement (CSFB Mortgage Back Pass THR Cer Ser 2003-Ar2), Pooling and Servicing Agreement (CSFB Mortgage Backed Pass THR Certs Ser 2004-Ar1)
Allocation of Losses. (a) The Group 1, Group 2, Group 3, Group 4, Group 5, Group C-B and Class A-P Certificates. Realized Losses on the Group 1, Group 2, Group 3, Group 4 and Group 5 Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Group 1, Group 2, Group 3, Group 4 and Group 5, Group C-B and Class A-P Certificates on the Distribution Date in the next calendar month as follows:
(i) except as provided in the parenthetical below, any Realized LossLoss on a Group 1, Group 2, Group 3, Group 4 or Group 5 Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of (other than the Class A-P and Notional Amount Certificates) related Certificate to such Loan Group, pro rata, on the basis of their respective Class Principal Balances; andBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class A-P Certificates, as applicable, and the remainder of the loss will be allocated as described above).
(ii) except as provided in parenthetical below, Excess Losses for the Group 1, Group 2, Group 3, Group 4 and Group 5 Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Classes of Group I1, Group II2, Group III3, Group IV, 4 and Group V 5 Certificates (other than the Notional Amount Certificates and the Class A-P Certificates) and the Group C-B Certificates, pro rata rata, based on their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class A-P Certificates and the remainder of the loss will be allocated as described above).
(b) On each Distribution Date, if the sum of (a) the aggregate Class Principal Balance of all Group I1, Group II2, Group III3, Group IV4, Group V and 5, Group C-B and Class A-P Certificates exceeds the aggregate Stated Principal Balance of the Group 1, Group 2, Group 3, Group 4 and Group 5 Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will shall be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding, in reduction of its Class Principal Balance.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to this Section 4.02(A)(b) 4.02 shall be accomplished by reducing the its Certificate Balance thereofBalance, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CSMC 2006-8), Pooling and Servicing Agreement (CSMC 2006-8)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if Realized Loss Shortfalls for the aggregate Class Principal Balance of all Group I1 Certificates will be applied, Group IIpro rata, Group III, Group IV, Group V and Group C-B Certificates exceeds the aggregate Stated Principal Balance in reduction of the Mortgage Loans in Loan Class Balances thereof, Realized Loss Shortfalls for the Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such 2 Certificates on such Distribution Date), such excess will be deemed a principal loss applied, pro rata, in reduction of the Class Balances thereof, and Realized Loss Shortfalls for the Group 3 Certificates will be allocated by the Trust Administrator to the most junior Class applied, pro rata, in reduction of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance Balances thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) . On each Distribution Date, the Trust Administrator shall determine the total Class Balances of the Applied Loss Amount with respect to Group 1 Certificates will be increased, pro rata, by the amount of any Recoveries for the Group VI 1 Certificates, if any, for such . On each Distribution Date. The Applied Loss Amount with respect to , the Class Balances of the Group VI 2 Certificates will be increased, pro rata, by the amount of any Recoveries for the Group 2 Certificates. On each Distribution Date, the Class Balances of the Group 3 Certificates will be increased, pro rata, by the amount of any Recoveries for the Group 3 Certificates.
(b) (i) On any Distribution Date shall be applied by reducing on which the Class Principal 1-A-3 Loss Allocation Amount is greater than zero, the Class Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate 1-A-3 Certificates then outstanding, other than will be reduced by the Class VI1-X CertificatesA-3 Loss Allocation Amount and, with notwithstanding Section 3.03(a), the lowest relative payment priorityClass Balances of the Class 1-A-1 and Class 1-A-2 Certificates will not be reduced by the Class 1-A-3 Loss Allocation Amount. Notwithstanding the foregoing and subject to Section 3.03(b)(ii) below, on any Distribution Date on which the Class 1-A-1 Loss Amount or the Class 1-A-2 Loss Amount exceeds the Class Balance of the Class 1-A-3 Certificates prior to any reduction for the Class 1-A-3 Loss Allocation Amount, such excess will be allocated, pro rata, in each case until reduction of the respective Class Principal Balance thereof is reduced to zeroBalances of the Class 1-A-1 or Class 1-A-2 Certificates. Any Applied Loss Amount with respect increase in the Class Balance allocated to the Group VI Class 1-A-1 and Class 1-A-2 Certificates allocated pursuant to a Section 3.03(a) will instead increase the Class Balance of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests1-A-3 Certificates.
Appears in 2 contracts
Samples: Trust Agreement (Banc of America Funding 2008-R3 Trust), Trust Agreement (Banc of America Funding 2008-R3 Trust)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV I and Loan Group V II incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances, provided, however, that (i) Realized Losses, other than Excess Losses, that would have been allocated to the Class I-A-1 Certificates will instead be allocated to the Class I-A-2 Certificates until its Class Principal Balance has been reduced to zero and (ii) Realized Losses, other than Excess Losses, that would have been allocated to the Class II-A-1 Certificates will instead be allocated to the Class II-A-3 Certificates until its Class Principal Balance has been reduced to zero; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV I and Loan Group V II will be allocated pro rata among all Group I, I and Group II, Group III, Group IV, Group V II Certificates and the Group C-B Certificates, pro rata Certificates based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, I and Group II, Group III, Group IV, Group V II and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV I and Loan Group V II (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b4.02(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI III Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI III Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI III Subordinate Certificates beginning with the Class of Group VI III Subordinate Certificates then outstanding, other than the Class VIIII-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI III Certificates allocated to a Class of Group VI III Subordinate Certificates shall be allocated among the Group VI III Subordinate Certificates of such Class in proportion to their respective Percentage Interests. SECTION 4.03 Reserved.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CSFB Mort Sec Corp Mort Backed Pass THR Certs Ser 2003 Ar5), Pooling and Servicing Agreement (CSFB Mort Sec Corp Mort Backed Pass THR Certs Ser 2003 Ar5)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate GroupGroup (other than the Notional Amount Certificates), pro rata, on the basis of their respective Class Principal Balances; provided, however, that (a) any Realized Loss, other than an Excess Loss, that would have been allocated to the Class II-A-1 Certificates will instead be allocated to the Class II-A-3 Certificates, (b) any Realized Loss, other than an Excess Loss, that would have been allocated to the Class II-A-2 Certificates will instead be allocated to the Class II-A-4 Certificates and (c) any Realized Loss, other than an Excess Loss, that would have been allocated to the Class III-A-1 Certificates will instead be allocated to the Class III-A-2 Certificates; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III will be allocated pro rata among all Group I, Group II, II and Group III, Group IV, Group V III Certificates (other than the Notional Amount Certificates) and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V III and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b4.02(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI IV Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI IV Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI IV Subordinate Certificates beginning with the Class of Group VI IV Subordinate Certificates then outstanding, other than the Class VIIV-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI IV Certificates allocated to a Class of Group VI IV Subordinate Certificates shall be allocated among the Group VI IV Subordinate Certificates of such Class in proportion to their respective Percentage Interests.. SECTION 4.03
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certs Series 2002 Ar27)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances, provided, however, that Realized Losses, other than Excess Losses, that would have been allocated to the Class II-A-1 Certificates will instead be allocated to the Class II-A-2 Certificates until its Class Principal Balance has been reduced to zero; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V III and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V III and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI IV Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI IV Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI IV Subordinate Certificates beginning with the Class of Group VI IV Subordinate Certificates then outstanding, other than the Class VIIV-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI IV Certificates allocated to a Class of Group VI IV Subordinate Certificates shall be allocated among the Group VI IV Subordinate Certificates of such Class in proportion to their respective Percentage Interests. SECTION 4.03 Reserved.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates Ser Ar15)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I1, Loan Group II2, Loan Group III, Loan Group IV 3 and Loan Group V 4 incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group Class C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 B-9 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses in respect of principal for Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III, Loan Group IV 3 and Loan Group V 4 will be allocated pro rata among all Group I1, Group II2, Group III3, Group IV, Group V 4 and the Group Class C-B Certificates, pro rata based on their respective Class Principal Balances.. 131
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I1, Group II2, Group III3, Group IV, Group V 4 and Group Class C-B Certificates exceeds the sum of (i) the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III, Loan Group IV 3 and Loan Group V 4 (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date)) and (ii) the aggregate amounts on deposit in the Group 1 Prefunding Account and Group 2 Prefunding Account as of such Distribution Date, such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group Class C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Balance.”"
(Be) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI 5 Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI 5 Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI 5 Subordinate Certificates beginning with the Class of Group VI 5 Subordinate Certificates then outstanding, other than the Class VI5-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI 5 Certificates allocated to a Class of Group VI 5 Subordinate Certificates shall be allocated among the Group VI 5 Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
(f) All Realized Losses on the Group 1, Group 2, Group 3 and Group 4 Mortgage Loans shall be allocated on each Distribution Date to the REMIC I Regular Interests and REMIC III Regular Interests as provided in the definitions of REMIC I Realized Losses and REMIC III Realized Losses.
(g) All Realized Losses on the Group 5 Mortgage Loans shall be allocated on each Distribution Date to the REMIC II Regular Interests and REMIC III Regular Interests as provided in the definitions of REMIC II Realized Losses and REMIC III Realized Losses.
(h) Realized Losses on the Group 5 Mortgage Loans that are not Applied Loss Amounts shall be deemed allocated to the Class 5-X Certificates. Realized Losses allocated to the Class 5-X Certificates shall, be allocated between the REMIC IV Regular Interests 5-X-IO and 5-X-PO as provided in the definition of Realized Losses.
(i) Realized Losses shall be allocated among the REMIC I, REMIC II, REMIC III and REMIC IV Regular Interests as specified in the definition of Realized Losses and, as to REMIC I, REMIC II and REMIC III Regular Interests, in the definitions of REMIC I Realized Losses, REMIC II Realized Losses and REMIC III Realized Losses, respectively. 132
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Adjustable Rate Mortgage Trust 2005-1)
Allocation of Losses. A. On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group I Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group I Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of the Class of Group I Subordinate Certificates then outstanding with the lowest relative payment priority, until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group I Certificates allocated to a Class of Group I Subordinate Certificates shall be allocated among the Certificates of such Class in proportion to their respective Percentage Interests.
(a) Realized Losses on the Group II Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, Loss shall be allocated first, to the Group C-B Certificates, II Subordinate Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class CII-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Group II Senior Certificates of the related Certificate GroupCertificates, pro rata, on the basis of their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class II-P Mortgage Loan, in which case the applicable Class II-P Fraction of such loss will first be allocated to the Class II-P Certificates and the remainder for the loss will be allocated as described above); and
(ii) On each Distribution Date, Excess Losses for the Group II Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Classes of Group I, Group II Certificates (other than the Class II, Group III, Group IV, Group V -P and the Group C-B Notional Amount Certificates), pro rata rata, based on their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class II-P Mortgage Loan, in which case the applicable Class II-P Fraction of such loss will first be allocated to the Class II-P Certificates and the remainder of the loss will be allocated as described above).
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V and Group C-B II Certificates exceeds the aggregate Stated Principal Balance of the Group II Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B II Subordinate Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02B.(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) 4.02B. shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests."
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certificates Ser 2002 10)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized LossLoss on a Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of related to such Loan Group (other than the related Certificate GroupNotional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal Balances; provided, however, Realized Losses which would otherwise be allocated to the Class I-A-1 Certificates will instead be allocated to the Class I-A-23 Certificates, until the Class Principal Balance of the Class I-A-23 Certificates is reduced to zero (except if the loss is recognized with respect to a Class I-P Mortgage Loan, in which case the Class I-P Fraction of such loss will first be allocated to the Class I-P Certificates and the remainder for the loss will be allocated as described above); and
(ii) Excess Losses for the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Classes of Group I, I and Group II, Group III, Group IV, Group V II Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group C-B Certificates, pro rata rata, based on their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder of the loss will be allocated as described above).
(b) On each Distribution Date, if the sum of (i) the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will shall be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding, in reduction of its Class Principal Balance.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to this Section 4.02(A)(b) 4.02 shall be accomplished by reducing the its Certificate Balance thereofBalance, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certs Series 2003 19)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4 and Loan Group V 5 incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 B 6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses for Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4 and Loan Group V 5 will be allocated pro rata among all Group I1, Group II2, Group III3, Group IV4, Group V 5 and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I1, Group II2, Group III3, Group IV4, Group V 5 and Group C-B Certificates exceeds the sum of (x) the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4 and Loan Group V 5 (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date)) and (y) the amount, if any, on deposit in the Prefunding Account on such Distribution Date net of investment income, such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI 6 Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI 6 Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI 6 Subordinate Certificates beginning with the Class of Group VI 6 Subordinate Certificates then outstanding, other than the Class VI6-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI 6 Certificates allocated to a Class of Group VI 6 Subordinate Certificates shall be allocated among the Group VI 6 Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-Ar7)
Allocation of Losses. (a) On or prior to each Distribution Date, the Securities Administrator shall aggregate the information provided by each Servicer with respect to the total amount of Realized Losses experienced on the Aggregate Group I Mortgage Loans in each of Loan and Group I3 Mortgage Loans, Loan respectively, for the related Distribution Date.
(1) Applied Loss Amounts with respect to the Aggregate Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month I Mortgage Loans on any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, Applied Loss Amounts on the Aggregate Group I Mortgage Loans shall be allocated firstfirst to the Class I-OC Certificates, until its Class Principal Balance is reduced to zero, and second, to the Aggregate Group C-B Certificates, I Subordinated Certificates in decreasing reverse order of their alphanumerical Class designations respective priorities of payment (beginning with the Class C-B-6 Certificates)of Class B Certificates then outstanding with the highest numerical Class designation or, if no Classes of Class B Certificates are outstanding, then beginning with the Class of Class M Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate The Class Principal Balance of the Class of Aggregate Group I Subordinated Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Aggregate Group I, I Certificates (after giving effect to the distribution of principal and the allocation of Applied Loss Amounts on the Aggregate Group II, Group III, Group IV, Group V and Group C-B Certificates I Mortgage Loans on such Distribution Date) exceeds the aggregate Stated Principal Balance of the Aggregate Group I Mortgage Loans for the following Distribution Date. For the avoidance of doubt, no reductions will be made in Loan the Class Principal Balance of the Aggregate Group II Senior Certificates in respect of Realized Losses on the Aggregate Group I Mortgage Loans.
(2) Applied Loss Amounts with respect to the Group 3 Mortgage Loans on any Distribution Date shall be allocated as follows:
(i) any Applied Loss Amounts on the Group 3 Mortgage Loans shall be allocated first to the Class 3-OC Certificates, Loan until its Class Principal Balance is reduced to zero, and second, to the Group II3 Subordinated Certificates in reverse order of their respective priorities of payment (beginning with the Class of Class 3-B Certificates then outstanding with the highest numerical Class designation or, Loan if no Classes of Class 3-B Certificates are outstanding, then beginning with the Class of Class 3-M Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero; and
(ii) The Class Principal Balance of the Class of Group III3 Subordinated Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the amount, Loan if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group IV and Loan Group V 3 Certificates (after giving effect to distributions the distribution of principal and the allocation of all losses to such Certificates Applied Loss Amounts on the Group 3 Mortgage Loans on such Distribution Date)) exceeds the aggregate Stated Principal Balance of the Group 3 Mortgage Loans for the following Distribution Date. For the avoidance of doubt, such excess no reductions will be deemed a principal loss and will be allocated by made in the Trust Administrator to Class Principal Balance of the most junior Class Group 3 Senior Certificates in respect of Realized Losses on the Group C-B Certificates then outstanding3 Mortgage Loans.
(c) Any Realized Applied Loss Amounts allocated to a Class of Subordinated Certificates or any reduction in the Class Principal Balance of a Class of Subordinated Certificates pursuant to Section 4.02(A)(b5.04(b) above shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or to any Component or any reduction in the Certificate Balance of a Certificate Certificate, pursuant to Section 4.02(A)(b5.04(b) above shall be accomplished by reducing the Certificate Balance or Component Balance thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Balance.”
(B) On each Distribution Date, " or "Component Balance," as the Trust Administrator shall determine the total of the case may be. All Realized Losses or Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates Amounts allocated to a Class of Component Certificates will be allocated, pro rata, to the related Components. 105
(e) For the avoidance of doubt, no Realized Losses on the Aggregate Group VI Subordinate Certificates I Mortgage Loans shall be allocated among to the Class I-P Certificates and no Realized Losses on the Group VI Subordinate Certificates of such 3 Mortgage Loans shall be allocated to the Class in proportion to their respective Percentage Interests3-P Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-16ax)
Allocation of Losses. (a) The Group IV Certificates. Realized Losses and Excess Losses on the Group IV Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Group IV Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess LossLosses, shall be allocated first, to the Group IV-B Certificates in decreasing order of their numerical Class designations (beginning with the Class IV-B-7 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Class IV-A-1 Certificates provided, however, the Class IV-P Fraction of any such Realized Loss on a Class IV-P Mortgage Loan not subject to a Prepayment Penalty at origination shall be allocated to the Class IV-P Certificates and the Class IV-P Fraction of any such Realized Loss on a Class IV-P Mortgage Loan subject to a Prepayment Penalty at origination shall be allocated to the Class P-P Certificate, in each case prior to any other allocation pursuant to this subparagraph, and
(ii) Excess Losses for the Group IV Mortgage Loans will be allocated pro rata among all Classes of Group IV-B Certificates and the Class IV-A-1 Certificates, based on 106 their respective Class Principal Balances, provided, however, the Class IV-P Fraction of any such Realized Loss on a Class IV-P Mortgage Loan not subject to a Prepayment Penalty at origination shall be allocated to the Class IV-P Certificates and the Class IV-P Fraction of any such Realized Loss on a Class IV-P Mortgage Loan subject to a Prepayment Penalty at origination shall be allocated to the Class P-P Certificate, in each case prior to any other allocation pursuant to this subparagraph.
(b) The Group I, Group II, Group III and Group C-B Certificates. Realized Losses and Excess Losses on Mortgage Loans in each of Loan Group I, Loan Group II and Loan Group III with respect to any Distribution Date shall be allocated by the Trust Administrator to the Classes of Certificates as follows:
(i) any Realized Loss shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical numerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related such Certificate Group, other than the Notional Amount and Class P Certificates, pro rata, according to, and in reduction of their Class Principal Balance; provided however in the case of the Class I-A-21 or Class I-A-48 Certificates, Realized Losses will be allocated on the basis of their respective the lesser of its related Class Principal BalancesBalance on that date and its related Class Principal Balance on the Closing Date and provided, further, that Realized Losses which would otherwise be allocated to the Class I-A-3 and Class I-A-54 Certificates will instead be allocated pro rata to the Class I-A-44 Certificates, until the Class Principal Balance of the Class I-A-44 Certificates is reduced to zero; and provided further that the applicable Class P Fraction of any Realized Loss on a Class I-P or Class II-P Mortgage Loan shall be allocated to the Class C-P Certificates and the Class III-P Fraction of any Realized Loss on a Class III-P Mortgage Loan shall be allocated to the Class P-P Certificates, in each case prior to any other allocation pursuant to this subparagraph; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III will be allocated pro rata among all Group IClasses of Senior Certificates (other than the Class C-P, Group II, Group III, Group IV, Group V Class P-P and Notional Amount Certificates) and the Group C-B Certificates, pro rata in each case, relating to Loan Group I, Loan Group II and Loan Group III, based on their respective Class Principal Balances.
(b) On each Distribution DateBalances provided, if however, that in the aggregate case of the Class I-A-21 or Class I-A-48 Certificates, Realized Losses will be allocated on the basis of the lesser of its related Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V on that date and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the its related Class Principal Balance on the Closing Date; and provided further that the applicable Class P Fraction of any Realized Loss on a Class of Certificates pursuant to Section 4.02(A)(b) I-P or Class II-P Mortgage Loan shall be allocated by to the Trust Administrator among Class C-P Certificates and the Certificates Class III-P Fraction of such any Realized Loss on a Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) III-P Mortgage Loan shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect allocated to the Group VI Class P-P Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced prior to zero. Any Applied Loss Amount with respect any other allocation pursuant to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Intereststhis subparagraph.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mort Accept Corp Series 2002-5)
Allocation of Losses. (a) Realized Losses on the Group I and Group II Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group CD-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class CD-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of related to such Loan Group (other than the related Certificate GroupNotional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder for the loss will be allocated as described above); and
(ii) Excess Losses for the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Classes of Group I, I and Group II, Group III, Group IV, Group V II Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group CD-B Certificates, pro rata rata, based on their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder of the loss will be allocated as described above).
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V II and Group CD-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will shall be allocated by the Trust Administrator to the most junior Class of Group CD-B Certificates then outstanding, in reduction of its Class Principal Balance.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to this Section 4.02(A)(b) 4.02 shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass THR Cert Ser 2002-30)
Allocation of Losses. (a) The Group I, Group II, Group VII, Group XI, Group XII, Group C-B and Class C-P Certificates. Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group IIIVII, Loan Group IV XI and Loan Group V incurred during a calendar month XII Mortgage Loans with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Group I, Group II, Group VII, Group XI, Group XII, Group C-B and Class C-P Certificates on the Distribution Date in the next calendar month as follows:
(i) except as provided in the parenthetical below, any Realized LossLoss on a Group I, Group II, Group VII, Group XI or Group XII Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of related to such Loan Group (other than the related Certificate GroupNotional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal Balances; andBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class C-P Certificates and the remainder for the loss will be allocated as described above);
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all the Group I, Group II, Group IIIVII, Group IVXI and Group XII Mortgage Loans will be allocated among all Classes of Group I, Group V II, Group VII, Group XI and Group XII Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group C-B Certificates, pro rata rata, based on their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class C-P Certificates and the remainder of the loss will be allocated as described above).
(b) The Group III, Group IV, Group V, Group VIII, Group IX, Group X, Group D-B and Class A-P Certificates. Realized Losses on the Group III, Group IV, Group V, Group VIII, Group IX and Group X Mortgage Loans with respect to any Distribution Date shall be allocated by the Trust Administrator to the Classes of Group III, Group IV, Group V, Group VIII, Group IX, Group X, Group D-B and Class A-P Certificates as follows:
(i) except as provided in the parenthetical below, any Realized Loss on a Group III, Group IV, Group V, Group VIII, Group IX or Group X Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group D-B Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class D-B-7 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates related to such Loan Group (other than the Notional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class A-P Certificates and the remainder for the loss will be allocated as described above); provided, however, that (A) Realized Losses which would otherwise be allocated to the Class III-A-1 and Class III-A-2 Certificates, up to an amount equal to 89.44% and 10.56%, respectively, of the Class Principal Balance of the Class III-A-4 Certificates for such Distribution Date, and up to a maximum of $10,959,978 and $1,294,022, respectively, will instead be allocated to the Class III-A-4 Certificates, until the Class Principal Balance of the Class III-A-4 Certificates is reduced to zero, (B) Realized Losses which would otherwise be allocated to the Class IV-A-1 Certificates will instead be allocated to the Class IV-A-2 Certificates, until the Class Principal Balance of the Class IV-A-2 Certificates is reduced to zero, (C) Realized Losses which would otherwise be allocated to the Class V-A-4 Certificates will instead be allocated to the Class V-A-10 Certificates, until the Class Principal Balance of the Class V-A-10 Certificates is reduced to zero, (D) Realized Losses which would otherwise be allocated to the Class VIII-A-3 Certificates will instead be allocated to the Class VIII-A-4 Certificates, until the Class Principal Balance of the Class VIII-A-4 Certificates is reduced to zero, and (E) Realized Losses which would otherwise be allocated to the Class X-A-3 Certificates will instead be allocated to the Class X-A-5 Certificates, until the Class Principal Balance of the Class X-A-5 Certificates is reduced to zero;
(ii) Excess Losses for the Group III, Group IV, Group V, Group VIII, Group IX and Group X Mortgage Loans will be allocated among all Classes of Group III, Group IV, Group V, Group VIII, Group IX and Group X Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group D-B Certificates, pro rata, based on their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class A-P Certificates and the remainder of the loss will be allocated as described above).
(c) The Group VI, Group VI-B and Class A-P Certificates. Realized Losses on the Group VI Mortgage Loans with respect to any Distribution Date shall be allocated by the Trust Administrator to the Classes of Group VI, Group VI-B and Class A-P Certificates as follows:
(i) except as provided in the parenthetical below, any Realized Loss on a Group VI Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group VI-B Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class VI-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates related to such Loan Group (other than the Notional Amount Certificates and the Class P Certificates) on the basis of their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class A-P Certificates and the remainder for the loss will be allocated as described above); provided, however, Realized Losses which would otherwise be allocated to the Class VI-A-14 Certificates will instead be allocated to the Class VI-A-15 Certificates, until the Class Principal Balance of the Class VI-A-15 Certificates is reduced to zero,
(ii) Excess Losses for the Group VI Mortgage Loans will be allocated among all Classes of Group VI Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group VI-B Certificates, pro rata, based on their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class A-P Certificates and the remainder of the loss will be allocated as described above).
(d) On each Distribution Date, if the sum of (i) the aggregate Class Principal Balance of all Group I, Group II, Group IIIVII, Group IVXI, Group V XII and Group C-B Certificates exceeds and (ii) the aggregate Stated Principal Balance Class P Fraction of the each Class P Mortgage Loans Loan in Loan Group I, Loan Group II, Loan Group IIIVII, Loan Group IV XI and Loan Group V XII exceeds the aggregate Stated Principal Balance of the Group I, Group II, Group VII, Group XI and Group XII Mortgage Loans (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will shall be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
, in reduction of its Class Principal Balance. On each Distribution Date, if the sum of (ci) Any Realized Loss allocated to a Class of Certificates or any reduction in the aggregate Class Principal Balance of all Group III, Group IV, Group V, Group VIII, Group IX, Group X and Group D-B Certificates and (ii) the Class P Fraction of each Class P Mortgage Loan in Loan Group III, Loan Group IV, Loan Group V and Loan Group VIII, exceeds the aggregate Stated Principal Balance of the Group III, Group IV, Group V, Group VIII, Group IX and Group X Mortgage Loans (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a Class of Certificates pursuant to Section 4.02(A)(b) principal loss and shall be allocated by the Trust Administrator among to the most junior Class of Group D-B Certificates then outstanding, in reduction of its Class Principal Balance. On each Distribution Date, if the sum of (i) the aggregate Class Principal Balance of all Group VI and Group VI-B Certificates and (ii) the Class P Fraction of each Class P Mortgage Loan in Loan Group VI exceeds the aggregate Stated Principal Balance of the Group VI Mortgage Loans (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and shall be allocated by the Trust Administrator to the most junior Class of Group VI-B Certificates then outstanding, in proportion to their respective Certificate Balancesreduction of its Class Principal Balance.
(de) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to this Section 4.02(A)(b) 4.02 shall be accomplished by reducing the its Certificate Balance thereofBalance, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV IV, Loan Group V, Loan Group VI, Loan Group VII and Loan Group V VIII incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV IV, Loan Group V, Loan Group VI, Loan Group VII and Loan Group V VIII will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V V, Group VI, Group VII, Group VIII and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V V, Group VI, Group VII, Group VIII and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV IV, Loan Group V, Loan Group VI, Loan Group VII and Loan Group V VIII (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI IX Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI IX Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI IX Subordinate Certificates beginning with the Class of Group VI IX Subordinate Certificates then outstanding, other than the Class VIIX-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI IX Certificates allocated to a Class of Group VI IX Subordinate Certificates shall be allocated among the Group VI IX Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass THR Certs Ser 2003-Ar26)
Allocation of Losses. (a) On or prior to each Distribution Date, the Trustee shall aggregate the information provided by each Servicer with respect to the total amount of Realized Losses and Special Hazard Losses experienced on the Mortgage Loans in for the related Distribution Date.
(b) With respect to the Group 1 Mortgage Loans and related Certificates and each Distribution Date, the principal portion of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month Realized Losses with respect to such Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized LossLosses for the related Mortgage Group or Mortgage Subgroup, other than an Excess Lossas applicable, shall be allocated in the following order: first, to the Classes of Group C-B Certificates, 1 Subordinate Certificates in decreasing reverse order of their alphanumerical respective numerical Class designations (beginning with the Class C-B-6 Certificates), of Group 1 Subordinate Certificates with the highest numerical Class designation) until the respective Class Principal Balance Amount of each such Class is reduced to zero, ; and second, to the each Class of Group 1 Senior Certificates of the related Certificate GroupMortgage Subgroup that sustained such loss (allocated among the related Senior Classes on a pro rata basis), pro ratain each case, on until the basis of their respective Class Principal Balances; andAmount of each Class of Group 1 Senior Certificates is reduced to zero;
(ii) Excess Losses for Mortgage Loans in Loan The Class Principal Amount of the Class of Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will 1 Subordinate Certificates then outstanding with the highest numerical Class designation shall be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V and reduced on each Distribution Date by the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V and Group C-B 1 Subordinate Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on Writedown Amount for such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any With respect to the Group 2 Mortgage Loans and related Certificates and each Distribution Date, the principal portion of Realized Losses with respect to such Distribution Date shall be allocated as follows:
(i) Realized Losses for the related Mortgage Group shall be allocated in the following order: first, to the Classes of Group 2 Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Group 1 Subordinate Certificates with the highest numerical Class designation) until the Class Principal Amount of each such Class is reduced to zero; second, to the Class of Group 2 Senior Mezzanine Certificates until the Class Principal Amount of each such Class is reduced to zero; third, to each Class of Group 2 Senior Certificates (allocated on a pro rata basis), in each case, until the Class Principal Amount of each Class of Group 2 Senior Certificates is reduced to zero;
(ii) The Class Principal Amount of the Group 2 Senior Mezzanine Certificates or Class of Group 2 Subordinate Certificates then outstanding with the highest numerical Class designation, as applicable, shall be reduced on each Distribution Date by the Group 2 Subordinate Certificates Writedown Amount for such Distribution Date.
(d) On any Distribution Date for which the current aggregate Class Principal Amount of the Group 1 Subordinate Certificates or Group 2 Senior Mezzanine and Group 2 Subordinate Certificates has been reduced to zero, as the case may be, and a Realized Loss that is a Special Hazard Loss is to be allocated to the related Senior Certificates, such loss instead will be allocated among such Senior Certificates and the most subordinate Class of Group 1 or Group 2 Subordinate Certificates or Group 2 Senior Mezzanine Certificates, as applicable, related to the other Mortgage Group then-outstanding on a pro rata basis, based on the related Class Principal Amounts thereof.
(e) Any allocation of a loss pursuant to this section to a Class of Certificates shall be achieved by reducing the Class Principal Amount thereof by the amount of such loss. In the event that there is a recovery of an amount in respect of principal of a Mortgage Loan, which amount had previously been allocated as a Realized Loss to one or more Classes of Certificates, each outstanding Class to which any portion of such Realized Loss had previously been allocated shall be entitled to receive, on the Distribution Date in the month following the month in which such recovery is received, its pro rata share (based on the amount of Realized Losses previously allocated thereto) of such recovery, up to the amount of the portion of such Realized Loss previously allocated to such Class. Any such recovery allocated to a Class of Certificates or shall not further reduce the Certificate Principal Amount of such Certificate. Any such amounts not otherwise allocated to any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) this subsection shall be allocated by the Trust Administrator among the Certificates treated as Principal Prepayments for purposes of such Class in proportion to their respective Certificate Balancesthis Agreement.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Sequoia Residential Funding Inc)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V III and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V III and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI IV Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI IV Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI IV Subordinate Certificates beginning with the Class of Group VI IV Subordinate Certificates then outstanding, other than the Class VIIV-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI IV Certificates allocated to a Class of Group VI IV Subordinate Certificates shall be allocated among the Group VI IV Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mort Backed Pass Through Certs Series 2003 Ar22)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Loan Group 5, Loan Group 6, Loan Group 7, Loan Group 8, Loan Group 9 and Loan Group V 10 incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, with respect to Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4, Loan Group 5, Loan Group 6 and Loan Group 7, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, or, with respect to Loan Group 8, Loan Group 9 and Loan Group 10, to the Group I-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class I-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; provided, however, that Realized Losses, other than Excess Losses, that would otherwise be allocated to the Class 10-A-1 Certificates will instead be allocated to the Class 10-A-2 Certificates, until its Class Principal Balance has been reduced to zero; and
(ii) Excess Losses for Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Loan Group 5, Loan Group 6 and Loan Group V 7 will be allocated pro rata among all Group I1, Group II2, Group III3, Group IV4, Group V 5, Group 6, Group 7 and the Group C-B Certificates, pro rata based on their respective Class Principal Balances; and Excess Losses for Mortgage Loans in Loan Group 8, Loan Group 9 and Loan Group 10 will be allocated pro rata among all Group 8, Group 9, Group 10 and Group I-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I1, Group II2, Group III3, Group IV4, Group V 5, Group 6, Group 7 and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Group 5, Group 6 and Loan Group V 7 (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding. On each Distribution Date, if the aggregate Class Principal Balance of all Group 8, Group 9, Group 10 and Group I-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Group 8, Group 9 and Group 10 (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group I-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI 11 Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI 11 Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI 11 Subordinate Certificates beginning with the Class of Group VI 11 Subordinate Certificates then outstanding, other than the Class VI11-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI 11 Certificates allocated to a Class of Group VI 11 Subordinate Certificates shall be allocated among the Group VI 11 Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mort Sec Corp Mort Backed Pass THR Certs Ser 2003 Ar5)
Allocation of Losses. (a) The Group I, Group VIII, Group C-B and Class A-P Certificates. Realized Losses on the Group I and Group VIII Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Group I, Group VIII, Group C-B and Class A-P Certificates on the Distribution Date in the next calendar month as follows:
(i) except as provided in the parenthetical below, any Realized LossLoss on a Group I or Group VIII Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of related to such Loan Group (other than the related Certificate GroupNotional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class A-P Certificates and the remainder for the loss will be allocated as described above); andprovided, however, that (A) Realized Losses which would otherwise be allocated to the Class I-A-4 Certificates will instead be allocated to the Class I-A-7 Certificates, until the Class Principal Balance of the Class I-A-7 Certificates is reduced to zero, and (B) Realized Losses which would otherwise be allocated to the Class VIII-A-4 Certificates will instead be allocated to the Class VIII-A-3 Certificates, until the Class Principal Balance of the Class VIII-A-3 Certificates is reduced to zero;
(ii) Excess Losses for the Group I and Group VIII Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Classes of Group I, I and Group II, Group III, Group IV, Group V VIII Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group C-B Certificates, pro rata rata, based on their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class A-P Certificates and the remainder of the loss will be allocated as described above).
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, The Group II, Group IIIIV, Group V, Group VII, Group D-B, Class A-P and Class D-P Certificates. Realized Losses on the Group II, Group IV, Group V and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the VII Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect with respect to distributions of principal and the allocation of all losses to such Certificates on such any Distribution Date), such excess will be deemed a principal loss and will Date shall be allocated by the Trust Administrator to the most junior Class Classes of Group CII, Group IV, Group V, Group VII, Group D-B, Class A-P and Class D-P Certificates as follows:
(i) except as provided in the parenthetical below, any Realized Loss on a Group II, Group IV, Group V or Group VII Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group D-B Certificates then outstandingin decreasing order of their alphanumerical Class designations (beginning with the Class D-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates related to such Loan Group (other than the Notional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder for the loss will be allocated as described above); provided, however, that (A) Realized Losses which would otherwise be allocated to the Class IV-A-1 Certificates will instead be allocated to the Class IV-A-4 Certificates, until the Class Principal Balance of the Class IV-A-4 Certificates is reduced to zero, and (B) Realized Losses which would otherwise be allocated to the Class V-A-1 Certificates will instead be allocated to the Class V-A-2 Certificates, until the Class Principal Balance of the Class V-A-2 Certificates is reduced to zero;
(ii) Excess Losses for the Group II, Group IV, Group V and Group VII Mortgage Loans will be allocated among all Classes of Group II, Group IV, Group V and Group VII Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group D-B Certificates, pro rata, based on their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder of the loss will be allocated as described above).
(c) Any The Group III, Group VI, Group B and Class A-P Certificates. Realized Loss allocated Losses on the Group III and Group VI Mortgage Loans with respect to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) Distribution Date shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class Classes of Group VI Subordinate III, Group VI, Group B and Class A-P Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.as follows:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-8)
Allocation of Losses. (A) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group II Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group II Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of the Class of Group II Subordinate Certificates then outstanding with the lowest relative payment priority, until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group II Certificates allocated to a Class of Group II Subordinate Certificates shall be allocated among the Certificates of such Class in proportion to their respective Percentage Interests. (B) (a) Realized Losses on the Group I and Group III Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, Loss shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of related to such Loan Group (other than the related Certificate GroupNotional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder for the loss will be allocated as described above); provided, however that Realized Losses which would otherwise be allocated to the Class I-A-4 and Class I-A-19 Certificates will instead be allocated to the Class I-A-18 Certificates, until the Class Principal Balance of the Class I-A-18 Certificates has been reduced to zero; and
(ii) On each Distribution Date, Excess Losses for the Group I and Group III Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Classes of Group I, I and Group II, Group III, Group IV, Group V III Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group C-B Certificates, pro rata rata, based on their respective Class Principal Balances.
Balances (b) On each Distribution Date, except if the aggregate loss is recognized with respect to a Class Principal Balance P Mortgage Loan, in which case the applicable Class P Fraction of all Group I, Group II, Group III, Group IV, Group V such loss will first be allocated to the applicable Class P Certificates and Group C-B Certificates exceeds the aggregate Stated Principal Balance remainder of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstandingas described above).
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, III and Loan Group IV and Loan Group V incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, III and Loan Group IV and Loan Group V will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V IV and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V IV and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, III and Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI V Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI V Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI V Subordinate Certificates beginning with the Class of Group VI V Subordinate Certificates then outstanding, other than the Class VIV-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI V Certificates allocated to a Class of Group VI V Subordinate Certificates shall be allocated among the Group VI V Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-Ar4)
Allocation of Losses. (a) On or prior to each Distribution Date, the Securities Administrator shall aggregate the information provided by each Servicer with respect to the total amount of Realized Losses, including Excess Losses, experienced on the Mortgage Loans or Mortgage Components, as applicable, for the related Distribution Date.
(b) Realized Losses on the Pool 1, Pool 2 and Pool 3 Mortgage Loans or, in each the case of Loan subparagraph (b)(1)(i) second, below, Mortgage Components in a Group I, Loan 1 or Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month 2 Subgroup with respect to any Distribution Date shall be allocated by the Trust Securities Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Class 1A, Class 2A, Class 3A and Aggregate Pool I Subordinate Certificates on the Distribution Date in the next calendar month as follows:
(i) any On each Distribution Date, the Realized Loss, Losses (other than an Excess Loss, Losses) (other than the Class P Fraction of Realized Losses on Class P Mortgage Components or Class P Mortgage Loans) shall be allocated as follows: first, to the Group C-B Certificates, Classes of Aggregate Pool I Subordinate Certificates in decreasing reverse order of their alphanumerical respective numerical Class designations (beginning with the Class C-B-6 Certificates), of Aggregate Pool I Subordinate Certificates with the highest numerical Class designation) until the respective Class Principal Balance Amount of each such Class is reduced to zero, ; and second, to the Senior Certificates of the related Certificate GroupGroup (other than the Interest-Only and Principal-Only Certificates) related to the Group 1 Subgroup, Group 2 Subgroup or Pool 3 sustaining such loss, pro rata, based on Class Principal Amounts, until the Class Principal Amount of each such Class of Senior Certificates is reduced to zero; provided, however; Realized Losses that would otherwise be allocated to the Class 2-A-4 Certificates will instead be allocated to the Class 2-A-5 Certificates until the Class Principal Balance of the Class 2-A-5 Certificates is reduced to zero.
(ii) On each Distribution Date, the applicable Class P Fraction of any Realized Loss, including any Excess Loss will be allocated to the related Principal-Only Certificates, until the Class Principal Amount of each such Class is reduced to zero.
(2) With respect to the Class 1A, Class 2A, Class 3A and Aggregate Pool I Subordinate Certificates, on each Distribution Date, any Excess Losses on the Mortgage Components or Mortgage Loans in a Mortgage Group shall be allocated to the Classes of related Senior Certificates (other than the Interest-Only and Principal-Only Certificates) and the Aggregate Pool I Subordinate Certificates, as applicable, then outstanding, pro rata, on the basis of of, with respect to such Senior Certificates, their respective Class Principal Balances; Amounts and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V and the Group C-B with respect to each Class of Aggregate Pool I Subordinate Certificates, pro rata based on their respective the applicable Apportioned Principal Balance for each such Class Principal Balancesrelating to the Mortgage Group in which such Excess Loss occurs.
(bc) Realized Losses on the Pool 4 Mortgage Loans or, in the case of subparagraph (c)(1)(i), second, below, Mortgage Components in a Group 4 Subgroup with respect to any Distribution Date shall be allocated by the Securities Administrator to the Classes of Group 4 Certificates as follows:
(i) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V Realized Losses (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
other than Excess losses) (c) Any Realized Loss allocated to a Class of Certificates or any reduction in other than the Class Principal Balance P Fraction of a Realized Losses on Class of Certificates pursuant to Section 4.02(A)(bP Mortgage Components) shall be allocated by as follows: first, to the Trust Administrator among Classes of Pool 4 Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Pool 4 Subordinate Certificates with the highest numerical Class designation) until the Class Principal Amount of each such Class in proportion is reduced to their respective Certificate Balances.zero; and second, to each Class of Class 4A Certificates (other than the Interest-Only and Class 4-A-P Certificates) relating to the Group 4 Subgroup sustaining such loss, pro rata, based on Class Principal Amount, until the Class Principal Amount of each such Class of Class 4A Certificates is reduced to zero;
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(Bii) On each Distribution Date, the Trust Administrator applicable Class P Fraction of any Realized Loss, including any Excess Loss will be allocated to the Class 4-A-P Certificates, until the Class Principal Amount of such Class is reduced to zero.
(2) On each Distribution Date, any Excess Losses on the Mortgage Components in a Group 4 Subgroup shall determine be allocated to the total Classes of related Senior Certificates (other than the Interest-Only and Principal-Only Certificates) and the Pool 4 Subordinate Certificates then outstanding, pro rata, on the basis of, with respect to such Class 4A Certificates, their respective Class Principal Amounts and, with respect to each Class of Pool 4 Subordinate Certificates, the applicable Apportioned Principal Balance for each such Class relating to the Group 4 Subgroup in which such Excess Loss occurs.
(d) [reserved]
(e) [reserved]
(f) On each Distribution Date, the Class Principal Amount of the Applied Loss Amount Class of Aggregate Pool I or Pool 4 Subordinate Certificates, as applicable, then outstanding with the highest numerical Class designation shall be reduced by the amount, if any, by which (a) with respect to the Group VI Aggregate Pool I Subordinate Certificates, if anythe aggregate of the Class Principal Amounts of all outstanding Classes of Class 1A, for Class 2A, Class 3A, Class AP and Aggregate Pool I Subordinate Certificates (after giving effect to the distribution of principal and allocation of Realized Losses on such Distribution Date. The Applied Loss Amount ) exceeds the Aggregate Stated Principal Balance of Pool 1, Pool 2 and Pool 3 in the aggregate for the following Distribution Date and (b) with respect to the Pool 4 Subordinate Certificates, the aggregate of the Class Principal Amounts of all outstanding Classes of Group VI 4 Certificates (after giving effect to the distribution of principal and allocation of Realized Losses on such Distribution Date) exceeds the Aggregate Stated Principal Balance of Pool 4 for the following Distribution Date (such amount for any Distribution Date Date, the “Subordinate Certificate Write-down Amount”).
(g) Any allocation of a loss pursuant to this Section 5.03 to a Class of Certificates shall be applied achieved by reducing the Class Principal Balance Amount thereof by the amount of such loss.
(h) If Subsequent Recoveries have been received with respect to a Liquidated Mortgage Loan, the amount of such Subsequent Recoveries will be applied sequentially, in the order of payment priority, to increase the Class Principal Amount of each Class of Group VI Subordinate Certificates beginning with to which Realized Losses have been allocated in respect of the Class of Group VI Subordinate Certificates then outstandingrelated Liquidated Mortgage Loan, other than the Class VI-X Certificates, with the lowest relative payment priority, but in each case until by not more than the respective amount of Realized Losses previously allocated to that Class Principal Balance thereof is reduced of Certificates pursuant to zerothis Section 5.03. Holders of such Certificates will not be entitled to any payment in respect of the Interest Distribution Amount on the amount of such increases for any Accrual Period preceding the Distribution Date on which such increase occurs. Any Applied Loss Amount with respect such increases shall be applied pro rata to the Group VI Certificates allocated to a Class Principal Amount of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates each Certificate of such Class in proportion to their respective Percentage InterestsClass.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Trust 2005-S2)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Loan Group 5, Loan Group 6 and Loan Group V 7 incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group Class C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 B-9 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; provided, however, that with respect to the Group 1 Certificates, Realized Losses on the Mortgage Loans in Loan Group 1 shall be allocated first, to the Class 1-A-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, and second, to the Class 1-A-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and
(ii) Excess Losses in respect of principal for Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Loan Group 5, Loan Group 6 and Loan Group V 7 will be allocated pro rata among all Group I1, Group II2, Group III3, Group IV4, Group V 5, Group 6, Group 7 and the Group Class C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I1, Group II2, Group III3, Group IV4, Group V 5, Group 6, Group 7 and Group Class C-B Certificates exceeds the aggregate Stated Principal Aggregate Groups 1-7 Collateral Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group Class C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(Be) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI 8 Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI 8 Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI 8 Subordinate Certificates and with respect to the Group 8B Mortgage Loans only, to the Class 8-A-4 Certificates, beginning with the Class of Group VI 8 Subordinate Certificates then outstandingCertificates, other than the Class VI8-X Certificates, or with respect to the Group 8B Mortgage Loans only, to Class 8-A-4 Certificates, then outstanding with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI 8 Certificates allocated to a Class of Group VI 8 Subordinate Certificates or the Class 8-A-4 Certificates shall be allocated among the Group VI 8 Subordinate Certificates of such Class or the Class 8-A-4 Certificates, as applicable, in proportion to their respective Percentage Interests.
(f) All Realized Losses on the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 and Group 7 Mortgage Loans shall be allocated on each Distribution Date to the REMIC I Regular Interests and REMIC III Regular Interests as provided in the definitions of REMIC I Realized Losses and REMIC III Realized Losses.
(g) All Realized Losses on the Group 8 Mortgage Loans shall be allocated on each Distribution Date to the REMIC II Regular Interests and REMIC III Regular Interests as provided in the definitions of REMIC II Realized Losses and REMIC III Realized Losses.
(h) Realized Losses on the Group 8 Mortgage Loans that are not Applied Loss Amounts shall be deemed allocated to the Class 8-X Certificates. Realized Losses allocated to the Class 8-X Certificates shall, be allocated between the REMIC IV Regular Interests 8-X-IO and 8-X-PO as provided in the definition of Realized Losses.
(i) Realized Losses shall be allocated among the REMIC I, REMIC II, REMIC III and REMIC IV Regular Interests as specified in the definition of Realized Losses and, as to REMIC I, REMIC II and REMIC III Regular Interests, in the definitions of REMIC I Realized Losses, REMIC II Realized Losses and REMIC III Realized Losses, respectively.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Adjustable Rate Mortgage Trust 2005-3)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V incurred during a calendar month III with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, Loss shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical numerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of such Certificate Group (other than the related Certificate GroupNotional Amount Certificates), pro rata, on the basis of their respective Class Principal Balances; provided, however, such losses on Loan Group I, Loan Group II and Loan Group III will only be allocated to the respective Senior Certificates; and
(ii) On each Distribution Date, Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V Classes of Senior Certificates (other than the Notional Amount Certificates) and the Group C-B Certificates, pro rata in each case, relating to Loan Group I, Loan Group II and Loan Group III, based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group II Certificates, Group II, Group III, Group IV, Group V II Certificates and Group C-B III Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b4.02(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI IV Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI IV Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI IV Subordinate Certificates beginning with the Class of Group VI IV Subordinate Certificates then outstanding, other than the Class VIIV-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI IV Certificates allocated to a Class of Group VI IV Subordinate Certificates shall be allocated among the Group VI IV Subordinate Certificates of such Class in proportion to their respective Percentage Interests. SECTION 4.03 [Reserved].
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Allocation of Losses. (a) The Group 3, Group 4 and Group C-B Certificates. Realized Losses on the Group 3 and Group 4 Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Group 3, Group 4 and Group C-B Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized LossLoss on a Group 3 or Group 4 Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of related to such Loan Group (other than the related Certificate GroupNotional Amount Certificates), pro rata, on the basis of their respective Class Principal Balances; and;
(ii) Excess Losses for the Group 3 and Group 4 Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Classes of Group I, 3 and Group II, Group III, Group IV, Group V 4 Certificates (other than the Notional Amount Certificates) and the Group C-B Certificates, pro rata rata, based on their respective Class Principal Balances.
(b) The Group 1, Group 2, Group 5, Group D-B and Class A-P Certificates. Realized Losses on the Group 1, Group 2 and Group 5 Mortgage Loans with respect to any Distribution Date shall be allocated by the Trust Administrator to the Classes of Group 1, Group 2, Group 5, Group D-B and Class A-P Certificates as follows:
(i) except as provided in the parenthetical below, any Realized Loss on a Group 1, Group 2 or Group 5 Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group D-B Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class D-B-7 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates related to such Loan Group (other than the Notional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class A-P Certificates and the remainder for the loss will be allocated as described above); provided, however, that Realized Losses which would otherwise be allocated to the Class 1-A-4 Certificates will instead be allocated to the Class 1-A-7 Certificates, until the Class Principal Balance of the Class 1-A-7 Certificates is reduced to zero; provided, further, that Realized Losses which would otherwise be allocated to the Class 2-A-1 Certificates will instead be allocated to the Class 2-A-2 Certificates, until the Class Principal Balance of the Class 2-A-2 Certificates is reduced to zero; provided, further, that Realized Losses which would otherwise be allocated to the Class 5-A-1 Certificates will instead be allocated to the Class 5-A-2 Certificates, until the Class Principal Balance of the Class 5-A-2 Certificates is reduced to zero;
(ii) Excess Losses for the Group 1, Group 2 and Group 5 Mortgage Loans will be allocated among all Classes of Group 1, Group 2 and Group 5 Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group D-B Certificates, pro rata, based on their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class A-P Certificates and the remainder of the loss will be allocated as described above).
(c) On each Distribution Date, if the aggregate Class Principal Balance of all Group I3, Group II, Group III, Group IV, Group V 4 and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Group 3 and Group 4 Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will shall be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a , in reduction of its Class of Certificates or any reduction in Principal Balance. On each Distribution Date, if the aggregate Class Principal Balance of all Group 1, Group 2, Group 5 and Group D-B Certificates exceeds the aggregate Stated Principal Balance of the Group 1, Group 2 and Group 5 Mortgage Loans (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a Class of Certificates pursuant to Section 4.02(A)(b) principal loss and shall be allocated by the Trust Administrator among to the most junior Class of Group D-B Certificates then outstanding, in reduction of such its Class in proportion to their respective Certificate BalancesPrincipal Balance.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to this Section 4.02(A)(b) 4.02 shall be accomplished by reducing the its Certificate Balance thereofBalance, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSMC Mortgage-Backed Pass-Through Certificates, Series 2006-1)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, III and Loan Group IV and Loan Group V incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, III and Loan Group IV and Loan Group V will be allocated pro rata among all Group I, Group II, Group III, III and Group IV, Group V IV Certificates and the Group C-B Certificates, pro rata Certificates based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V IV and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, III and Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b4.02(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(BA) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI V Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI V Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI V Subordinate Certificates beginning with the Class of Group VI V Subordinate Certificates then outstanding, other than the Class VIV-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI V Certificates allocated to a Class of Group VI V Subordinate Certificates shall be allocated among the Group VI V Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Back Pass THR Cer Ser 2003-Ar2)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances, provided, however, that Realized Losses, other than Excess Losses, that would have been allocated to the Class II-A-3 Certificates will instead be allocated to the Class II-A-4 Certificates until its Class Principal Balance has been reduced to zero; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V III and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V III and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI IV Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI IV Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI IV Subordinate Certificates beginning with the Class of Group VI IV Subordinate Certificates then outstanding, other than the Class VIIV-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI IV Certificates allocated to a Class of Group VI IV Subordinate Certificates shall be allocated among the Group VI IV Subordinate Certificates of such Class in proportion to their respective Percentage Interests. SECTION 4.03 Reserved.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Sec Corp CSFB Mort Backed Pass THR Certs Ser 2003 Ar18)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV I and Loan Group V II incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances, provided, however, that Realized Losses, other than Excess Losses, that would have been allocated to the Class I-A-2 Certificates will instead be allocated to the Class I-A-3 Certificates until its Class Principal Balance has been reduced to zero; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV I and Loan Group V II will be allocated pro rata among all Group I, I and Group II, Group III, Group IV, Group V II Certificates and the Group C-B Certificates, pro rata Certificates based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, I and Group II, Group III, Group IV, Group V II and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV I and Loan Group V II (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b4.02(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI III Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI III Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI III Subordinate Certificates beginning with the Class of Group VI III Subordinate Certificates then outstanding, other than the Class VIIII-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI III Certificates allocated to a Class of Group VI III Subordinate Certificates shall be allocated among the Group VI III Subordinate Certificates of such Class in proportion to their respective Percentage Interests. SECTION 4.03 Reserved.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certs Ser 2003-Ar9)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V incurred during a calendar month III with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, Loss shall be allocated first, to the Group Class C-B Certificates, Certificates in decreasing order of their alphanumerical numerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of such Certificate Group (other than the related Certificate GroupNotional Amount Certificates), pro rata, on the basis of their respective Class Principal Balances; provided, however, such losses on Loan Group I, Loan Group II and Loan Group III will only be allocated to the respective Senior Certificates; and
(ii) On each Distribution Date, Excess Losses and Extraordinary Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V Classes of Senior Certificates (other than the Notional Amount Certificates) and the Group C-B Certificates, pro rata in each case, relating to Loan Group I, Loan Group II and Loan Group III, based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group II Certificates, Group II, Group III, Group IV, Group V II Certificates and Group C-B III Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b4.02(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Balance.”"
(B) B. On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI IV Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI IV Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI IV Subordinate Certificates beginning with the Class of Group VI IV Subordinate Certificates then outstanding, other than the Class VIIV-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI IV Certificates allocated to a Class of Group VI IV Subordinate Certificates shall be allocated among the Group VI IV Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Allocation of Losses. (a) The Group I Certificates. Realized Losses on the Group I Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Group I Certificates on the Distribtuion Date in the next calendar month as follows:
(i) Any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group I Subordinate Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class I-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Group I Senior Certificates (other than the Class I-P Certificates), pro rata, on the basis of their respective Class Principal Balances (except if the loss is recognized with respect to a Class I-P Mortgage Loan, in which case the Class I-P Fraction of such loss will first be allocated to the Class I-P Certificates and the remainder for the loss will be allocated as described above); and
(ii) Excess Losses for the Group I Mortgage Loans will be allocated among all Classes of Group I Certificates (other than the Class I-P Certificates), pro rata, based on their respective Class Principal Balances (except if the loss is recognized with respect to a Class I-P Mortgage Loan, in which case the Class I-P Fraction of such loss will first be allocated to the Class I-P Certificates and the remainder of the loss will be allocated as described above).
(b) The Group II, Group III, Group C-B and Class A-P Certificates. Realized Losses on the Group II and Group III Mortgage Loans incurred during a calendar month shall be allocated by the Trust Administrator to the Classes of Group II, Group III and Group C-B Certificates and the Class A-P Certificates on the Distribution Date in the next calendar month as follows:
(i) any Any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of related to such Loan Group (other than the related Certificate GroupNotional Amount Certificates and the Class A-P Certificates, as applicable), pro rata, on the basis of their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class II-P or Class III-P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class A-P Certificates and the remainder for the loss will be allocated as described above); and
(ii) Excess Losses for the Group II and Group III Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Classes of Group III and Group III Certificates (other than the Notional Amount Certificates, Group II, Group III, Group IV, Group V as applicable) and the Group C-B Certificates, pro rata rata, based on their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class I-P or Class II-P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class A-P Certificates and the remainder of the loss will be allocated as described above).
(bi) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V and Group C-B I Certificates exceeds the aggregate Stated Principal Balance of the Group I Mortgage Loans (after giving effect to distributions of principal and the allocation of all Realized Losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and shall be allocated by the Trust Administrator to the most junior Class of Group I Subordinate Certificates then outstanding, in Loan Group Ireduction of its Class Principal Balance.
(ii) On each Distribution Date, Loan if the aggregate Class Principal Balance of all Group II, Loan Group III, Loan Group IV C-B and Loan Class A-P Certificates exceeds the aggregate Stated Principal Balance of the Group V II and Group III Mortgage Loans (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will shall be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding, in reduction of its Class Principal Balance.
(cd) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02(B)(a) or (b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(de) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b4.02(B) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, III and Loan Group IV and Loan Group V incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate GroupGroup (other than the Notional Amount Certificates), pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, III and Loan Group IV and Loan Group V will be allocated pro rata among all Group I, Group II, Group III, III and Group IV, Group V IV Certificates (other than the Notional Amount Certificates) and the Group C-B Certificates, pro rata Certificates based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V IV and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, III and Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b4.02(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI V Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI V Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI V Subordinate Certificates beginning with the Class of Group VI V Subordinate Certificates then outstanding, other than the Class VIV-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI V Certificates allocated to a Class of Group VI V Subordinate Certificates shall be allocated among the Group VI V Subordinate Certificates of such Class in proportion to their respective Percentage Interests.. SECTION 4.03
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass THR Certs Series 2002-Ar33)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Loan Group 5, Loan Group 6, Loan Group 7 and Loan Group V 8 incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses for Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Loan Group 5, Loan Group 6, Loan Group 7 and Loan Group V 8 will be allocated pro rata among all Group I1, Group II2, Group III3, Group IV4, Group V 5, Group 6, Group 7, Group 8 and the Group C-B Certificates (other than the Class C-B-1X Certificates), pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I1, Group II2, Group III3, Group IV4, Group V 5, Group 6, Group 7, Group 8 and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Loan Group 5, Loan Group 6, Loan Group 7 and Loan Group V 8 (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date)) net of investment income, such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates (other than the Class C-B-1X Certificates) then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI 9 Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI 9 Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI 9 Subordinate Certificates beginning with the Class of Group VI 9 Subordinate Certificates then outstanding, other than the Class VI9-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI 9 Certificates allocated to a Class of Group VI 9 Subordinate Certificates shall be allocated among the Group VI 9 Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-Ar6)
Allocation of Losses. (a) On or prior to each Distribution Date, the Securities Administrator shall aggregate the information provided by each Servicer with respect to the total amount of Realized Losses Losses, including Excess Losses, experienced on the Mortgage Loans for the related Distribution Date.
(b) Realized Losses with respect to the Mortgage Loans in each of any Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month on any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) [Reserved]; and
(ii) (A) any Realized Loss, Loss with respect to any Loan Group of Aggregate Group I Mortgage Loans (other than an Excess Loss, ) shall be allocated first, first to the Aggregate Group C-B I Subordinated Certificates, in decreasing the reverse order of their alphanumerical numerical Class designations (beginning with the Class C-B-6 Certificatesof Aggregate Group I Subordinated Certificates then outstanding with the highest numerical Class designation), in each case until the Class Principal Balance of the respective Class of Certificates has been reduced to zero, and second to the Senior Certificates (other than any Notional Amount Certificates, if applicable), of the related Senior Certificate Group, pro rata, on the basis of their respective Class Principal Balances or, in the case of any Class of Accrual Certificates or Accrual Component, on the basis of the lesser of their Class Principal Balance or Component Balance, as applicable, in each case immediately prior to the related Distribution Date until the respective Class Principal Balance of each such Class is reduced to zero; provided, and second, that (i) any Realized Losses on the Group 1 Mortgage Loans that would otherwise be allocated to the Senior Class 1-A-1 Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will instead be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V and to the Group CClass 1-B A-2 Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate until its Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect , (ii) any Realized Losses on the Group 2 Mortgage Loans that would otherwise be allocated to the Group VI Class 2-A-5 Certificates will instead be allocated to a the Class of 2-A-2 Certificates, until its Class Principal Balance is reduced to zero, (iii) any Realized Losses on the Group VI Subordinate Certificates shall 3 Mortgage Loans that would otherwise be allocated among to the Class 3-A-1 Certificates will instead be allocated to the Class 3-A-2 Certificates, until its Class Principal Balance is reduced to zero, and (iv) any Realized Losses on the Group VI Subordinate 4 Mortgage Loans that would otherwise be allocated to the Class 4-A-1 Certificates of such will instead be allocated to the Class in proportion 4-A-2 Certificates, until its Class Principal Balance is reduced to their respective Percentage Interests.zero; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-14ar)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, III and Loan Group IV and Loan Group V incurred during a calendar month with respect to any Distribution Date shall be determined by the Trustee and allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and Trustee to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, Loss shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical numerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related such Certificate Group, pro rata, on the basis of their respective Class Principal Balances; provided, however, such losses on Loan Group I, Loan Group II, Loan Group III and Loan Group IV will only be allocated to the related Senior Certificates for such Loan Group; and
(ii) On each Distribution Date, Excess Losses and Extraordinary Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, III and Loan Group IV and Loan Group V will be allocated pro rata among all Classes of Senior Certificates and the Subordinate Certificates, in each case, relating to Loan Group I, Loan Group II, Loan Group III, III and Loan Group IV, Group V and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group II Certificates, Group IIII Certificates, Group III, Group IV, Group V III Certificates and Group C-B IV Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, III and Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed by the Trustee to be a principal loss and will be allocated by the Trust Administrator Trustee to the most junior Class of Group C-B Subordinate Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02(b) shall be allocated by the Trust Administrator Trustee among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator Trustee of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b4.02(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests."
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and Trustee to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate GroupGroup (other than the Notional Amount Certificates), pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Group I, Group II, Group III, Group IV, IV and Group V Certificates (other than the Notional Amount Certificates) and the Group C-B Certificates, pro rata Certificates based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator Trustee to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02(b) shall be allocated by the Trust Administrator Trustee among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator Trustee of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b4.02(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Acceptance Corp Mort Pa THR Cert Ser 2002-Ftb1)
Allocation of Losses. (a) The Group I, Group I-B and Class A-P Certificates. Realized Losses on the Group I Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Group I, Group I-B and Class A-P Certificates on the Distribution Date in the next calendar month as follows:
(i) except as provided in the parenthetical below, any Realized Loss on a Group I Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group I-B Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class I-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates related to such Loan Group (other than the Notional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class A-P Certificates and the remainder for the loss will be allocated as described above); provided, however, that Realized Losses which would otherwise be allocated to the Class I-A-8 Certificates will instead be allocated to the Class I-A-7 Certificates, until the Class Principal Balance of the Class I-A-7 Certificates is reduced to zero;
(ii) Excess Losses for the Group I Mortgage Loans will be allocated among all Classes of Group I Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group I-B Certificates, pro rata, based on their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class A-P Certificates and the remainder of the loss will be allocated as described above).
(b) The Group IV, Group V, Group VI, Group C-B and Class C-P Certificates. Realized Losses on the Group IV, Group V and Group VI Mortgage Loans with respect to any Distribution Date shall be allocated by the Trust Administrator to the Classes of Group IV, Group V, Group VI, Group C-B and Class C-P Certificates as follows:
(i) except as provided in the parenthetical below, any Realized Loss on a Group IV, Group V or Group VI Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of related to such Loan Group (other than the related Certificate GroupNotional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class C-P Certificates (with respect to any Class P Mortgage Loan in Loan Group V) and the remainder for the loss will be allocated as described above); andprovided, however, that Realized Losses which would otherwise be allocated to the Class IV-A-1 Certificates will instead be allocated to the Class IV-A-2 Certificates, until the Class Principal Balance of the Class IV-A-2 Certificates is reduced to zero;
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Group I, Group II, Group III, the Group IV, Group V and Group VI Mortgage Loans will be allocated among all Classes of Group IV, Group V and Group VI Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group C-B Certificates, pro rata rata, based on their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class C-P Certificates (with respect to any Class P Mortgage Loan in Loan Group V) and the remainder of the loss will be allocated as described above).
(bc) The Group II, Group III, Group D-B, Class A-P and Class C-P Certificates. Realized Losses on the Group II and Group III Mortgage Loans with respect to any Distribution Date shall be allocated by the Trust Administrator to the Classes of Group II, Group III, Group D-B, Class A-P and Class C-P Certificates as follows:
(i) except as provided in the parenthetical below, any Realized Loss on a Group II or Group III Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group D-B Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class D-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates related to that Loan Group (other than the Notional Amount Certificates and the Class P Certificates) on the basis of their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class A-P Certificates (with respect to any Class P Mortgage Loan in Loan Group II) or the Class C-P Certificates (with respect to any Class P Mortgage Loan in Loan Group III) and the remainder for the loss will be allocated as described above); provided, however, that Realized Losses which would otherwise be allocated to the Class II-A-4 Certificates, will instead be allocated to the Class II-A-6 Certificates, until the Class Principal Balance of the Class II-A-6 Certificates is reduced to zero;
(ii) Excess Losses for the Group II and Group III Mortgage Loans will be allocated among all Classes of Group II and Group III Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group D-B Certificates, pro rata, based on their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the Class A-P Certificates (with respect to any Class P Mortgage Loan in Loan Group II) or the Class C-P Certificates (with respect to any Class P Mortgage Loan in Loan Group III) and the remainder of the loss will be allocated as described above).
(d) On each Distribution Date, if the sum of (i) the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V I and Group CI-B Certificates and (ii) the Class P Fraction of each Class P Mortgage Loan in Loan Group I exceeds the aggregate Stated Principal Balance of the Group I Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and shall be allocated by the Trust Administrator to the most junior Class of Group I-B Certificates then outstanding, in reduction of its Class Principal Balance. On each Distribution Date, if the sum of (i) the aggregate Class Principal Balance of all Group IV, Group V, Group VI and Group C-B Certificates and (ii) the Class P Fraction of each Class P Mortgage Loan in Loan Group V exceeds the aggregate Stated Principal Balance of the Group IV, Group V and Group VI Mortgage Loans (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and shall be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
, in reduction of its Class Principal Balance. On each Distribution Date, if the sum of (ci) Any Realized Loss allocated to a Class of Certificates or any reduction in the aggregate Class Principal Balance of all Group II, Group III and Group D-B Certificates and (ii) the Class P Fraction of each Class P Mortgage Loan in Loan Group II and Loan Group III exceeds the aggregate Stated Principal Balance of the Group II and Group III Mortgage Loans (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a Class of Certificates pursuant to Section 4.02(A)(b) principal loss and shall be allocated by the Trust Administrator among to the most junior Class of Group D-B Certificates then outstanding, in reduction of such its Class in proportion to their respective Certificate BalancesPrincipal Balance.
(de) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to this Section 4.02(A)(b) 4.02 shall be accomplished by reducing the its Certificate Balance thereofBalance, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(Bf) On each Distribution Date, Any Realized Losses allocated to the Trust Administrator shall determine Class I-A-5 Certificates will be covered by the total of Class I-A-5 Policy. Any payment under the Applied Loss Amount Class I-A-5 Policy with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied a Realized Loss Amount with respect allocated to the Group VI Class I-A-5 Certificates for any Distribution Date shall be applied by reducing not result in a further reduction to the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VII-X A-5 Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-7)
Allocation of Losses. (a) The Group I Certificates. Realized Losses, other than the Class I-P Fraction of the Realized Loss, if applicable, and except for Excess Losses, on the Group I Mortgage Loans with respect to any Distribution Date shall be allocated by the Trust Administrator to the Classes of Group I Certificates as follows:
(i) any Realized Loss shall be allocated first, to the Group I-B Certificates in decreasing order of their numerical Class designations (beginning with the Class I-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Group I Senior Certificates (other than the Notional Amount Certificates), pro rata, on the basis of their respective Class Principal Balances; provided, however, that in the case of the Accrual Certificates, on any Distribution Date, these allocations will be made in accordance with the lesser of their respective Class Principal Balances as of the Closing Date and their respective Class Principal Balances as of that Distribution Date; provided, further, that Realized Losses which would otherwise be allocated by pro rata allocation to the Class I-A-17 Certificates will instead be allocated to the Class I-A-15 Certificates, until the Class Principal Balance of the Class I-A-15 Certificates is reduced to zero; and
(ii) On each Distribution Date, Excess Losses and Extraordinary Losses, other than the Class I-P Fraction of the Excess Loss, if applicable, for the Group I Mortgage Loans will be allocated pro rata among all Classes of Group I Certificates (other than the Class A-P and Notional Amount Certificates), based on their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will be allocated to the Class A-P Certificates and the remainder will be allocated as described above); provided, however, that in the case of the Accrual Certificates, on any Distribution Date, these allocations will be made in accordance with the lesser of their respective Class Principal Balances as of the Closing Date and their respective Class Principal Balances as of that Distribution Date; provided, further, that Excess Losses which would otherwise be allocated by pro rata allocation to the Class I-A-17 Certificates will instead be allocated to the Class I-A-15 Certificates, until the Class Principal Balance of the Class I-A-15 Certificates is reduced to zero.
(b) The Group II, Group III, Group V and Group D-B Certificates. Realized Losses, other than the Class P Fraction of the Realized Loss, if applicable, on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV III and Loan Group V incurred during a calendar month and, except for Excess Losses, with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, Loss shall be allocated first, to the Group CD-B Certificates, Certificates in decreasing order of their alphanumerical numerical Class designations (beginning with the Class CD-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of such Certificate Group (other than the related Certificate GroupNotional Amount Certificates), pro rata, on the basis of their respective Class Principal Balances; provided, however, such losses on Loan Group II, Loan Group III and Loan Group V will only be allocated to the respective Senior Certificates; and
(ii) On each Distribution Date, Excess Losses Losses, other than the Class P Fraction of the Excess Loss, if applicable, for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV III and Loan Group V will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V Classes of Senior Certificates (other than the Class A-P and Notional Amount Certificates) and the Group CD-B Certificates, pro rata in each case, relating to Loan Group II, Loan Group III and Loan Group V, based on their respective Class Principal Balances.
Balances (b) On each Distribution Date, except if the aggregate loss is recognized with respect to a Class Principal Balance P Mortgage Loan, in which case the applicable Class P Fraction of all Group I, Group II, Group III, Group IV, Group V and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group CA-B P Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in and the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall remainder will be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balancesas described above).
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV I and Loan Group V II incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate GroupGroup (other than the Notional Amount Certificates), pro rata, on the basis of their respective Class Principal Balances; provided, however, that any Realized Loss, other than an Excess Loss, that would have been allocated to the Class II-A-3 Certificates will instead be allocated to the Class II-A-4 Certificates; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV I and Loan Group V II will be allocated pro rata among all Group I, I and Group II, Group III, Group IV, Group V II Certificates (other than the Notional Amount Certificates) and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V II and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV I and Loan Group V II (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b4.02(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI III Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI III Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI III Subordinate Certificates beginning with the Class of Group VI III Subordinate Certificates then outstanding, other than the Class VIIII-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI III Certificates allocated to a Class of Group VI III Subordinate Certificates shall be allocated among the Group VI III Subordinate Certificates of such Class in proportion to their respective Percentage Interests.. SECTION 4.03
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass THR Certs Series 2002-Ar28)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I1, Loan Group II2, Loan Group III, Loan Group IV 3 and Loan Group V 4 incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group Class C-B Certificates (other than the Class C-B-1X Certificates), in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses in respect of principal for Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III, Loan Group IV 3 and Loan Group V 4 will be allocated pro rata among all Group I1, Group II2, Group III3, Group IV, Group V 4 and the Group Class C-B Certificates (other than the Class C-B-1X Certificates), pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I1, Group II2, Group III3, Group IV, Group V 4 and Group Class C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III, Loan Group IV 3 and Loan Group V 4 (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group Class C-B Certificates (other than the Class C-B-1X Certificates) then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Balance.”"
(Be) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI 5 Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI 5 Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI 5 Subordinate Certificates beginning with the Class of Group VI 5 Subordinate Certificates then outstanding, other than the Class VI5-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI 5 Certificates allocated to a Class of Group VI 5 Subordinate Certificates shall be allocated among the Group VI 5 Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
(f) All Realized Losses on the Group 1, Group 2, Group 3 and Group 4 Mortgage Loans shall be allocated on each Distribution Date to the REMIC I Regular Interests and REMIC III Regular Interests as provided in the definitions of REMIC I Realized Losses and REMIC III Realized Losses.
(g) All Realized Losses on the Group 5 Mortgage Loans shall be allocated on each Distribution Date to the REMIC II Regular Interests and REMIC III Regular Interests as provided in the definitions of REMIC II Realized Losses and REMIC III Realized Losses.
(h) Realized Losses on the Group 5 Mortgage Loans that are not Applied Loss Amounts shall be deemed allocated to the Class 5-X Certificates. Realized Losses allocated to the Class 5-X Certificates shall, be allocated between the REMIC IV Regular Interests 5-X-IO and 5-X-PO as provided in the definition of Realized Losses.
(i) Realized Losses shall be allocated among the REMIC I, REMIC II, REMIC III and REMIC IV Regular Interests as specified in the definition of Realized Losses and, as to REMIC I, REMIC II and REMIC III Regular Interests, in the definitions of REMIC I Realized Losses, REMIC II Realized Losses and REMIC III Realized Losses, respectively.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Adjustable Rate Mortgage Trust 2004-4)
Allocation of Losses. (ai) The Group 1 Certificates. On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount, if any, for such Distribution Date. The Applied Loss Amount for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group 1 Subordinate Certificates (other than the Class 1-X Certificates) beginning with the Class of Group 1 Subordinate Certificates then outstanding with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount allocated to a Class of Group 1 Subordinate Certificates shall be allocated among the Group 1 Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
(ii) With respect to any Class of Group 1 Subordinate Certificates to which an Applied Loss Amount has been allocated (including any such Class for which the related Class Principal Balance has been reduced to zero), the Class Principal Balance of such Class will be increased on any Distribution Date by the amount of related Recoveries for such Distribution Date, beginning with the Class of Group 1 Subordinate Certificates with the highest relative payment priority, up to the amount of the Deferred Amount for that Class. Any increase in a Class Principal Balance on a Distribution Date pursuant to this Section 4.02(a)(ii) shall be made prior to giving effect to distributions on that Distribution Date. Any increase to the Class Principal Balance of a Class of Group 1 Subordinate Certificates shall increase the Certificate Balance of the related Class pro rata in accordance with each Percentage Interest.
(b) The Group 2, Group 3, Group 4, Group 5 and Group C-B Certificates. Realized Losses on the Group 2, Group 3, Group 4 and Group 5 Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Group 2, Group 3, Group 4, Group 5 and Group C-B Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized LossLoss on a Group 2, Group 3, Group 4, or Group 5 Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate to such Loan Group, pro rata, on the basis of their respective Class Principal Balances; andprovided, however, that (A) Realized Losses which would otherwise be allocated to the Class 3-A-1 Certificates, will instead be allocated to the Class 3-A-2 Certificates, until the Class Principal Balance of the Class 3-A-2 Certificates is reduced to zero, (B) Realized Losses which would otherwise be allocated to the Class 5-A-1 and Class 5-A-7 Certificates, up to an amount equal to 64.16% and 35.84%, respectively, of the Class Principal Balance of the Class 5-A-16 Certificates for such Distribution Date, and up to a maximum of $3,750,000 and $2,095,000, respectively, will instead be allocated to the Class 5-A-16 Certificates, until the Class Principal Balance of the Class 5-A-16 Certificates is reduced to zero, (C) Realized Losses which would otherwise be allocated to the Class 5-A-3 Certificates, will instead be allocated to the Class 5-A-8 Certificates, until the Class Principal Balance of the Class 5-A-8 Certificates is reduced to zero, (D) Realized Losses which would otherwise be allocated to the Class 5-A-4 Certificates, will instead be allocated to the Class 5-A-6 Certificates, until the Class Principal Balance of the Class 5-A-6 Certificates is reduced to zero and (E) Realized Losses which would otherwise be allocated to the Class 5-A-10 Certificates, will instead be allocated to the Class 5-A-12 Certificates, until the Class Principal Balance of the Class 5-A-12 Certificates is reduced to zero.
(ii) Excess Losses for the Group 2, Group 3, Group 4 and Group 5 Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Classes of Group I2, Group II3, Group III, 4 and Group IV, Group V 5 Certificates (other than the Notional Amount Certificates and the Class PP Certificates) and Group C-B Certificates, pro rata rata, based on their respective Class Principal Balances.
(bc) On each Distribution Date, if the sum of the aggregate Class Principal Balance of all Group I2, Group II3, Group III4, Group IV, Group V 5 and Group Class C-B Certificates exceeds the aggregate Stated Principal Balance of the Group 2, Group 3, Group 4 and Group 5 Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will shall be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class , in reduction of Certificates or any reduction in the its Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate BalancesBalance.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to this Section 4.02(A)(b) 4.02 shall be accomplished by reducing the its Certificate Balance thereofBalance, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSMC Mortgage Backed Trust Series 2007-1)
Allocation of Losses. (a) The Group III Certificates. Realized Losses, other than the Class III-P Fraction of the Realized Loss, if applicable, and except for Excess Losses, on the Group III Mortgage Loans with respect to any Distribution Date shall be allocated by the Trustee to the Classes of Group III Certificates as follows:
(i) any Realized Loss shall be allocated first, to the Group III-B Certificates in decreasing order of their numerical Class designations (beginning with the Class III-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, second, if the loss relates to a Subgroup III-2 Mortgage Loan, to the Class III-A-5 Certificates, the applicable Class III-A-5 Loss Percentage of such loss until the Class Principal Balance thereof is reduced to zero; and third, to the Group III Senior Certificates (other than the Class III-A-5 and Class A-P Certificates), pro rata, on the basis of their respective Class Principal Balances; and
(ii) On each Distribution Date, Excess Losses and Extraordinary Losses, other than the Class III-P Fraction of the Excess Loss, if applicable, for the Group III Mortgage Loans will be allocated pro rata among all Classes of Group III Certificates (other than the Class A-P and Notional Amount Certificates), based on their respective Class Principal Balances (except if the loss is recognized with respect to a Class III-P Mortgage Loan, in which case the applicable Class III-P Fraction of such loss will be allocated to the Class A-P Certificates and the remainder will be allocated as described above); provided, however, that if the loss is recognized with respect to a Subgroup III-2 Mortgage Loan, the Class III-A-5 Loss Percentage of such loss will first be allocated to the Class III-A-5 Certificates and the remainder of such loss will be allocated as provided above.
(b) The Group I, Group II, Group IV and Group C-B Certificates. Realized Losses, other than the applicable Class P Fraction of the Realized Loss, if applicable, on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, II and Loan Group IV and Loan Group V incurred during a calendar month and, except for Excess Losses, with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and Trustee to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, Loss shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical numerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related such Certificate Group, other than the Notional Amount and Class P Certificates, pro rata, according to, and in reduction of their Class Principal Balance; provided, however, that in the case of the Class II-A-5 Certificates, Realized Losses will be allocated on the basis of their respective the lesser of its Class Principal BalancesBalance on that date and its Class Principal Balance on the Closing Date and provided, further, that Realized Losses which would otherwise be allocated (i) to the Class I-A-4 Certificates will instead be allocated to the Class I-A-31 Certificates, (ii) to the Class II-A-3 Certificates will instead be allocated to the Class II-A-20 Certificates, up to an amount equal to 85.2648508695% of the initial Class Principal Balance of the Class II-A-20 Certificates, (iii) to the Class II-A-4 Certificates will instead be allocated to the Class II-A-20 Certificates, up to an amount equal to 11.9567122483% of the initial Class Principal Balance of the Class XX-A-20 Certificates and (iv) to the Class II-A-27 Certificates will instead be allocated to the Class II-A-20 Certificates, up to an amount equal to 2.7784368822% of the initial Class Principal Balance of thx Xxxxx XX-A-20 Certificates, in each case until the Class Principal Balance of the Class II-A-20 Certificates is reduced to zero; and
(ii) On each Distribution Date, Excess Losses Losses, other than the Class P Fraction of the Excess Loss, if applicable, for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, II and Loan Group IV and Loan Group V will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V Classes of Senior Certificates (other than the Class A-P and Notional Amount Certificates) and the Group C-B Certificates, pro rata in each case, relating to Loan Group I, Loan Group II and Loan Group IV, based on their respective Class Principal Balances.
Balances provided, however, that in the case of the Class II-A-5 Certificates, Realized Losses will be allocated on the basis of the lesser of its Class Principal Balance on that date and its Class Principal Balance on the Closing Date and provided, further, that Excess Losses which would otherwise be allocated (bi) On each Distribution Dateto the Class I-A-4 Certificates will instead be allocated to the Class I-A-31 Certificates, if (ii) to the aggregate Class II-A-3 Certificates will instead be allocated to the Class II-A-20 Certificates, up to an amount equal to 85.2648508695% of the initial Class Principal Balance of all Group Ithe Class II-A-20 Certificates, Group (iii) to the Class II-A-4 Certificates will instead be allocated to the Class II-A-20 Certificates, Group III, Group IV, Group V and Group C-B Certificates exceeds the aggregate Stated Principal Balance up to an amount equal to 11.9567122483% of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the initial Class Principal Balance of a thx Xxxxx XX-A-20 Certificates and (iv) to the Class of II-A-27 Certificates pursuant to Section 4.02(A)(b) shall will instead be allocated by to the Trust Administrator among the Certificates of such Class in proportion II-A-20 Certificates, up to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses an amount equal to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total 2.7784368822% of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the initial Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VIthx Xxxxx XX-X A-20 Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof of the Class II-A-20 Certificates is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certs Series 2001 33)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances, provided, however, that Realized Losses, other than Excess Losses, that would have been allocated to the Class I-A-1 Certificates will instead be allocated to the Class I-A-2 Certificates until its Class Principal Balance has been reduced to zero; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V III and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V III and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI IV Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI IV Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI IV Subordinate Certificates beginning with the Class of Group VI IV Subordinate Certificates then outstanding, other than the Class VIIV-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI IV Certificates allocated to a Class of Group VI IV Subordinate Certificates shall be allocated among the Group VI IV Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certs Ser 2003-Ar12)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator Trustee shall determine the total of the Applied Loss Amount with respect to the Group VI CertificatesAmount, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, outstanding with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
(b) All Realized Losses on the Mortgage Loans shall be deemed to have been allocated in the specified percentages, as follows: with respect to Realized Losses on the Group I Mortgage Loans, first, to Uncertificated Accrued Interest payable to the REMIC 1 Regular Interest LT1A and REMIC 1 Regular Interest LT1F up to an aggregate amount equal to the REMIC 1 Group I Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1A and REMIC 1 Regular Interest LT1F up to an aggregate amount equal to the REMIC 1 Group I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1A, REMIC 1 Regular Interest LT1E and REMIC 1 Regular Interest LT1F, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1E has been reduced to zero; fourth, to the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1A, REMIC 1 Regular Interest LT1D and REMIC 1 Regular Interest LT1F, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1D has been reduced to zero; and fifth to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1A, REMIC 1 Regular Interest LT1C and REMIC 1 Regular Interest LT1F, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1C has been reduced to zero; and with respect to Realized Losses on the Loan Group 2 Mortgage Loans, first, to Uncertificated Accrued Interest payable to the REMIC 1 Regular Interest LT1G and REMIC 1 Regular Interest LT1L up to an aggregate amount equal to the REMIC 1 Loan Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1G and REMIC 1 Regular Interest LT1L up to an aggregate amount equal to the REMIC 1 Loan Group 2 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1G, REMIC 1 Regular Interest LT1K and REMIC 1 Regular Interest LT1L, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1K has been reduced to zero; fourth, to the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1G, REMIC 1 Regular Interest LT1J and REMIC 1 Regular Interest LT1L, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1J has been reduced to zero; and fifth to the Uncertificated Principal Balances of REMIC 1 Regular Interest LT1G, REMIC 1 Regular Interest LT1I and REMIC 1 Regular Interest LT1L, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LT1I has been reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Allocation of Losses. (a) On or prior to each Distribution Date, the Securities Administrator shall aggregate the information provided by each Servicer with respect to the total amount of Realized Losses, including Excess Losses experienced on the Mortgage Loans in the related Aggregate Loan Group, for the related Distribution Date, separately identifying the Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV Group.
(b) Realized Losses and Loan Group V incurred during a calendar month Applied Loss Amounts with respect to the Mortgage Loans on any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Applied Loss Amounts on the Collateral Allocation Group 1 Mortgage Loans shall be allocated first to the Class OC Certificates, until its Class Principal Balance is reduced to zero, and second, to the Group 1 Subordinated Certificates in reverse order of their respective priorities of payment (beginning with the Class of Class 1-B Certificates then outstanding with the highest numerical Class designation or, if no Classes of Class 1-B Certificates are outstanding, then beginning with the Class of Class 1-M Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero; and
(ii) Realized Losses with respect to the Aggregate Group II Mortgage Loans on any Distribution Date shall be allocated as follows:
(A) the applicable A-P Percentage of any Realized Loss, other than an including any Excess Loss, on an Aggregate Group II Mortgage Loan, based upon the related Applicable Fraction, in a Collateral Allocation Group shall be allocated to the related Class of Class A-P Certificates, until the Class Principal Balance thereof is reduced to zero; and
(B) the applicable Non-A-P Percentage of any Realized Loss on the Aggregate Group II Mortgage Loans, based upon the related Applicable Fraction, shall be allocated first, first to the Aggregate Group C-B Certificates, II Subordinated Certificates in decreasing reverse order of their alphanumerical respective numerical Class designations (beginning with the Class C-B-6 Certificates), of Aggregate 118 Group II Subordinated Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero, and second, second to the Aggregate Group II Senior Certificates in the related Collateral Allocation Group (other than any Class of Class A-P Certificates or Notional Amount Certificates, as applicable), pro rata on the basis of, in the case of the Senior P&I Portions their respective principal balances and in the case of the Classes of Certificates in the related Senior Certificate Group, their respective Class Principal Balances, in each case immediately prior to the related Distribution Date until the respective Class Principal Balance of each such Class is reduced to zero, except that the applicable Non-A-P Percentage of any Realized Loss on the Collateral Allocation Group 2 Mortgage Loans that would otherwise be allocated to the Class 2-A-1, Class 2-A-2 or Class 2-A-3 Certificates will instead be allocated to the Class 2-A-4 Certificates, until its Class Principal Balance is reduced to zero, and the applicable Non-A-P Percentage of any Realized Losses on the Collateral Allocation Group 3 Mortgage Loans that would otherwise be allocated to the Class 3-A-1, Class 3-A-2 or Class 3-A-3 Certificates will instead be allocated to the Class 3-A-4 Certificates, until its Class Principal Balance is reduced to zero.
(C) the applicable Non-A-P Percentage of any Excess Losses on the Aggregate Group II Mortgage Loans, based upon the related Applicable Fraction, in a Collateral Allocation Group shall be allocated will be allocated pro rata among the Classes of Aggregate Group II Senior Certificates of the related Senior Certificate Group (other than any related Classes of Notional Amount Certificates and any related Class of Class A-P Certificates) and the Aggregate Group II Subordinated Certificates as follows: (i) in the case of the Senior P&I Portions, their respective principal balances, in the case of the Group 2 Certificates and the Group 3 Certificates, the Senior Percentage of the Non-A-P Percentage of such Excess Loss will be allocated among the Classes of the Group 2 Certificates and the Group 3 Certificates (other than any related Classes of Notional Amount Certificates and any related Class of Class A-P Certificates) in the related certificate group pro rata based on their Class Principal Balances immediately prior to such Distribution Date and in the case of the Group 4 Certificates, the Senior Percentage of the Non-A-P Percentage of an Excess Loss in Collateral Allocation Group 4A or Collateral Allocation Group 4B will be allocated among the Classes of the Group 4 Certificates (other than any related Classes of Notional Amount Certificates) pro rata based on their Class Principal Balances immediately prior to such Distribution Date, and in the case of the Aggregate Group II Subordinated Certificates, each Class' share of the Assumed Balance for the related Collateral Allocation Group, in each case immediately prior to the related Distribution Date and, with respect to each Class of Aggregate Group II Subordinated Certificates, the applicable Assumed Balance for each such Class relating to the Collateral Allocation Group in which such Realized Loss occurs; provided, however, on any Distribution Date after the third related Senior Termination Date for an Aggregate Group II Senior Certificate Group, pro rata, such Excess Losses on the Aggregate Group II Mortgage Loans in the related Collateral Allocation Group will be allocated to the Aggregate Group II Subordinated Certificates on the basis of their respective Class Principal Balances; andand provided further that after the related Senior Credit Support Depletion Date, such Excess Losses shall be allocated pro rata to all Classes and Components of Aggregate Group II Senior Certificates (other than any Class A-P 119 Certificates or Notional Amount Certificates, as applicable) regardless of Senior Certificate Group on the basis of their respective initial Class Principal Balances or Component Balances, as applicable, or in the case of any or in the case of any Class of Accrual Certificates or Accrual Component, on the basis of the lesser of their respective Class Principal Balance and their respective initial Class Principal Balance or their respective Component Balance or their respective initial Component Balance, as the case may be, in each case immediately prior to the related Distribution Date.
(i) The Class Principal Balance of the Aggregate Group II Subordinated Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Aggregate Group II Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses on the Mortgage Loans on such Distribution Date) exceeds the sum of the Pool Stated Principal Balance of the Aggregate Group II Mortgage Loans for the following Distribution Date.
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate The Class Principal Balance of the Class of Group 1 Subordinated Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group I, 1 Certificates (after giving effect to the distribution of principal and the allocation of Applied Loss Amounts on the Group II, Group III, Group IV, Group V and Group C-B Certificates 1 Mortgage Loans on such Distribution Date) exceeds the aggregate Stated Principal Balance of the Group 1 Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and for the allocation of all losses to such Certificates on such following Distribution Date). For the avoidance of doubt, such excess no reductions will be deemed a principal loss and will be allocated by made in the Trust Administrator to Class Principal Balance of the most junior Class 1-A Certificates in respect of Realized Losses on the Group C-B Certificates then outstanding1 Mortgage Loans.
(cd) Any Realized Loss allocated to a Class of Aggregate Group II Certificates or any Applied Loss Amounts allocated to the Aggregate Group II Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b5.04(b) above shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(de) Any allocation by the Trust Administrator of Realized Losses to a Certificate or to any Component or any reduction in the Certificate Balance of a Certificate Certificate, pursuant to Section 4.02(A)(b5.04(b) above shall be accomplished by reducing the Certificate Balance or Component Balance thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Balance.”
(B) On each Distribution Date" or "Component Balance," as the case may be. All Realized Losses, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates Amounts or Excess Losses allocated to a Class of Group VI Subordinate Component Certificates will be allocated, pro rata, to the related Components.
(f) For the avoidance of doubt, no Realized Losses on the Mortgage Loans shall be allocated among to the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage InterestsP-1 or Class P-2 Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-11)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) or Section 4.02(B) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Cert Series 2003-Ar28)
Allocation of Losses. (a) The Group I, Group II, Group III, Group IV, Group C-B and Class A-P Certificates. Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan III and Group IV and Loan Group V incurred during a calendar month Mortgage Loans with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Group I, Group II, Group III, Group IV, Group C-B and Class A-P Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized LossLoss on a Group I, Group II, Group III or Group IV Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of related to such Loan Group (other than the related Certificate GroupNotional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder for the loss will be allocated as described above); provided, however, that Realized Losses which would otherwise be allocated to the Class III-A-4 Certificates, will instead be allocated to the Class III-A-24 Certificates, until the Class Principal Balance of the Class III-A-24 Certificates is reduced to zero; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all the Group I, Group II, Group IIIIII and Group IV Mortgage Loans will be allocated among all Classes of Group I, Group IVII, Group V III and Group IV Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group C-B Certificates, pro rata rata, based on their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder of the loss will be allocated as described above).
(b) The Group V, Group VI and Group D-B Certificates. Realized Losses on the Group V and Group VI Mortgage Loans with respect to any Distribution Date shall be allocated by the Trust Administrator to the Classes of Group V, Group VI and Group D-B Certificates as follows:
(i) any Realized Loss on a Group V or Group VI Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group D-B Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class D-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates related to such Loan Group (other than the Notional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder for the loss will be allocated as described above); and
(ii) Excess Losses for the Group V and Group VI Mortgage Loans will be allocated among all Classes of Group V and Group VI Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group D-B Certificates, pro rata, based on their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder of the loss will be allocated as described above).
(c) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V and Group C-B and Class A-P Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan III and Group IV and Loan Group V Mortgage Loans (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will shall be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding, in reduction of its Class Principal Balance.
(cd) On each Distribution Date, if the aggregate Class Principal Balance of all Group V, Group VI and Group D-B Certificates exceeds the aggregate Stated Principal Balance of the Group V and Group VI Mortgage Loans (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and shall be allocated by the Trust Administrator to the most junior Class of Group D-B Certificates then outstanding, in reduction of its Class Principal Balance.
(e) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to this Section 4.02(A)(b) 4.02 shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(df) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to this Section 4.02(A)(b) 4.02 shall be accomplished by reducing the its Certificate Balance thereofBalance, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certs Series 2003-8)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV IV, Loan Group V and Loan Group V VI incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, other than the Class C-B-1-X Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate GroupGroup (other than the Notional Amount Certificates), pro rata, on the basis of their respective Class Principal Balances; provided, however, that any Realized Loss, other than an Excess Loss, that would have been allocated to the Class IV-A-1 Certificates will instead be allocated to the Class IV-A-2 Certificates, until its Class Principal Balance has been reduced to zero; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV IV, Loan Group V and Loan Group V VI will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V and Group VI Certificates (other than the Notional Amount Certificates) and the Group C-B Certificates (other than the Class C-B-1-X Certificates, pro rata ) based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V V, Group VI and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV IV, Loan Group V and Loan Group V VI (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates (other than the Class C-B-1-X Certificates) then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b4.02(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI VII Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI VII Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI VII Subordinate Certificates beginning with the Class of Group VI VII Subordinate Certificates then outstanding, other than the Class VIVII-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI VII Certificates allocated to a Class of Group VI VII Subordinate Certificates shall be allocated among the Group VI VII Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates Ser 2002-Ar31)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances, provided, however, that Realized Losses, other than Excess Losses, that would have been allocated to the Class II-A-1 Certificates will instead be allocated to the Class II-A-3 Certificates until its Class Principal Balance has been reduced to zero; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III will be allocated pro rata among all Group I, Group II, Group III, Group IV, Group V III and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V III and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV II and Loan Group V III (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI IV Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI IV Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI IV Subordinate Certificates beginning with the Class of Group VI IV Subordinate Certificates then outstanding, other than the Class VIIV-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI IV Certificates allocated to a Class of Group VI IV Subordinate Certificates shall be allocated among the Group VI IV Subordinate Certificates of such Class in proportion to their respective Percentage Interests. SECTION 4.03 Reserved.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass THR Certs Series 2003 Ar20)
Allocation of Losses. (a) The Group II, Group III, Group V, Group C-B and Class A-P Certificates. Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV III and Loan Group V incurred during a calendar month Mortgage Loans with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Group II, Group III, Group V, Group C-B and Class A-P Certificates on the Distribution Date in the next calendar month as follows:
(i) except as provided in the parenthetical below, any Realized LossLoss on a Group II, Group III or Group V Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of related to such Loan Group (other than the related Certificate GroupNotional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder for the loss will be allocated as described above); provided, however, that Realized Losses which would otherwise be allocated to the Class V-A-1 Certificates will instead be allocated to the Class V-A-2 Certificates, until the Class Principal Balance of the Class V-A-2 Certificates is reduced to zero; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Group I, the Group II, Group IIIIII and Group V Mortgage Loans will be allocated among all Classes of Group II, Group IV, III and Group V Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group C-B Certificates, pro rata rata, based on their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder of the loss will be allocated as described above).
(b) The Group I, Group IV, Group D-B and Class A-P Certificates. Realized Losses on the Group I and Group IV Mortgage Loans with respect to any Distribution Date shall be allocated by the Trust Administrator to the Classes of Group I, Group IV, Group D-B and Class A-P Certificates as follows:
(i) except as provided in the parenthetical below, any Realized Loss on a Group I or Group IV Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group D-B Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class D-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates related to such Loan Group (other than the Notional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder for the loss will be allocated as described above); provided, however, that Realized Losses which would otherwise be allocated to the Class I-A-4 Certificates will instead be allocated to the Class I-A-11 Certificates, until the Class Principal Balance of the Class I-A-11 Certificates is reduced to zero; and
(ii) Excess Losses for the Group I and Group IV Mortgage Loans will be allocated among all Classes of Group I and Group IV Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group D-B Certificates, pro rata, based on their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder of the loss will be allocated as described above).
(c) On each Distribution Date, if the sum of (i) the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V and Group C-B Certificates and (ii) the Class P Fraction of each Class P Mortgage Loan in Loan Group II and Loan Group III exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV III and Loan Group V Mortgage Loans (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will shall be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
, in reduction of its Class Principal Balance. On each Distribution Date, if the sum of (ci) Any Realized Loss allocated to a Class of Certificates or any reduction in the aggregate Class Principal Balance of all Group I, Group IV and Group D-B Certificates and (ii) the Class P Fraction of each Class P Mortgage Loan in Loan Group IV exceeds the aggregate Stated Principal Balance of the Group I and Group IV Mortgage Loans (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a Class of Certificates pursuant to Section 4.02(A)(b) principal loss and shall be allocated by the Trust Administrator among to the most junior Class of Group D-B Certificates then outstanding, in reduction of such its Class in proportion to their respective Certificate BalancesPrincipal Balance.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to this Section 4.02(A)(b) 4.02 shall be accomplished by reducing the its Certificate Balance thereofBalance, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Acceptance Corp)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4 and Loan Group V 5 incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group Class C-B Certificates, in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; provided, however, that with respect to the Group 5 Certificates, Realized Losses on the Mortgage Loans in Loan Group 5 shall be allocated first, to the Class 5-A-1 Certificates in an amount equal to the pro rata allocation for the Class 5-A-1 Certificates for Realized Losses on the Mortgage Loans in Loan Group 5 and to the Class 5-A-3 Certificates in an amount equal to the pro rata allocation for the Class 5-A-2 Certificates and Class 5-A-3 Certificates for Realized Losses on the Mortgage Loans in Loan Group 5 until the Certificate Principal Balance of the Class 5-A-3 Certificates has been reduced to zero, and second, to the Class 5-A-1 Certificates and Class 5-A-2 Certificates, pro rata based on their respective Class Principal Balances; and
(ii) Excess Losses in respect of principal for Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4 and Loan Group V 5 will be allocated pro rata among all Group I1, Group II2, Group III3, Group IV, Group V 4 and the Group Class C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I1, Group II2, Group III3, Group IV, Group V 4 and Group Class C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4 and Loan Group V 5 (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group Class C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(Be) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI 6 Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI 6 Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI 6 Subordinate Certificates beginning with the Class of Group VI 6 Subordinate Certificates then outstanding, other than the Class VI6-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI 6 Certificates allocated to a Class of Group VI 6 Subordinate Certificates shall be allocated among the Group VI 6 Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
(f) All Realized Losses on the Group 1, Group 2, Group 3, Group 4 and Group 5 Mortgage Loans shall be allocated on each Distribution Date to the REMIC I Regular Interests and REMIC III Regular Interests as provided in the definitions of REMIC I Realized Losses and REMIC III Realized Losses.
(g) All Realized Losses on the Group 6 Mortgage Loans shall be allocated on each Distribution Date to the REMIC II Regular Interests and REMIC III Regular Interests as provided in the definitions of REMIC II Realized Losses and REMIC III Realized Losses.
(h) Realized Losses on the Group 6 Mortgage Loans that are not Applied Loss Amounts shall be deemed allocated to the Class 6-X Certificates. Realized Losses allocated to the Class 6-X Certificates shall, be allocated between the REMIC IV Regular Interests 6-X-IO and 6-X-PO as provided in the definition of Realized Losses.
(i) Realized Losses shall be allocated among the REMIC I, REMIC II, REMIC III and REMIC IV Regular Interests as specified in the definition of Realized Losses and, as to REMIC I, REMIC II and REMIC III Regular Interests, in the definitions of REMIC I Realized Losses, REMIC II Realized Losses and REMIC III Realized Losses, respectively.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Adjustable Rate Mortgage Trust 2005-2)
Allocation of Losses. (a) Realized Losses Losses, other than the Class P Fraction of the Realized Loss, if applicable, on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, II and Loan Group IV and Loan Group V incurred during a calendar month with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, Loss shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical numerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of such Certificate Group (other than the related Certificate GroupNotional Amount Certificates), pro rata, on the basis of their respective Class Principal Balances; provided, however, such losses on Loan Group I, Loan Group II and Loan Group IV will only be allocated to the respective Senior Certificates; and
(ii) On each Distribution Date, Excess Losses and Extraordinary Losses, other than the Class P Fraction of the Excess Loss, if applicable, for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, II and Loan Group IV and Loan Group V will be allocated pro rata among all Classes of Senior Certificates (other than the Class III-X, Class A-P, and Notional Amount Certificates) and the Subordinate Certificates, in each case, relating to Loan Group I, Loan Group II, Group III, II and Loan Group IV, Group V and the Group C-B Certificates, pro rata based on their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will be allocated to the Class A-P Certificates and the remainder will be allocated as described above); provided, however, that in the case of the Accrual Certificates, on any Distribution Date, these allocations will be made in accordance with the lesser of their respective Class Principal Balances as of the Closing Date and their respective Class Principal Balances as of that Distribution Date.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group II Certificates, Group II, Group III, Group IV, Group V II Certificates and Group C-B IV Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, II and Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b4.02(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Balance.”"
(B) B. On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI III Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI III Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI III Subordinate Certificates beginning with the Class of Group VI III Subordinate Certificates then outstanding, other than the Class VIIII-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI III Certificates allocated to a Class of Group VI III Subordinate Certificates shall be allocated among the Group VI III Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse Fir Bo Sec Cor CSFB Mort Ps Th CRT Ser 2001-11)
Allocation of Losses. (a) The Group I, Group II, Group III, Group V, Group C-B and Class A-P Certificates. Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV III and Loan Group V incurred during a calendar month Mortgage Loans with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Group I, Group II, Group III, Group V, Group C-B and Class A-P Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized LossLoss on a Group I, Group II, Group III or Group V Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of related to such Loan Group (other than the related Certificate GroupNotional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder for the loss will be allocated as described above); provided, however, (i) Realized Losses that would otherwise be allocated Class I-A-1, Class I-A-5 and Class I-A-6 Certificates, up to an amount equal to each Class’ pro rata portion of the aggregate Class Principal Balance of the Class I-A-8 Certificates, will be allocated to the Class I-A-8 Certificates until its Class Principal Balance is reduced to zero and (ii) Realized Losses which would otherwise be allocated to the Class III-A-1 Certificates for such Distribution Date will instead be allocated to the Class III-A-2 Certificates, until the Class Principal Balance of the Class III-A-2 Certificates is reduced to zero; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all the Group I, Group II, Group IIIIII and Group V Mortgage Loans will be allocated among all Classes of Group I, Group IVII, Group III and Group V Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group C-B Certificates, pro rata rata, based on their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder of the loss will be allocated as described above).
(b) The Group IV, Group VI, Group VII, Group VIII, Group IX, Group D-B, Class A-P and Class D-P Certificates. Realized Losses on the Group IV, Group VI, Group VII, Group VIII and Group IX Mortgage Loans with respect to any Distribution Date shall be allocated by the Trust Administrator to the Classes of Group IV, Group VI, Group VII, Group VIII, Group IX, Group D-B, Class A-P and Class D-P Certificates as follows:
(i) any Realized Loss on a Group IV, Group VI, Group VII, Group VIII or Group IX Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group D-B Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class D-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates related to such Loan Group (other than the Notional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder for the loss will be allocated as described above); provided, however, that Realized Losses that would otherwise be allocated Class IV-A-17 Certificates for such Distribution Date will instead be allocated to the Class IV-A-16 Certificates, until the Class Principal Balance of the Class IV-A-16 Certificates is reduced to zero; and
(ii) Excess Losses for the Group IV, Group VI, Group VII, Group VIII and Group IX Mortgage Loans will be allocated among all Classes of Group IV, Group VI, Group VII, Group VIII and Group IX Certificates (other than the Notional Amount Certificates and the Class P Certificates) and the Group D-B Certificates, pro rata, based on their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder of the loss will be allocated as described above).
(c) On each Distribution Date, if the sum of (i) the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V and Group C-B Certificates Certificates, (ii) the Class I-P Fraction of each Class I-P Mortgage Loan, (iii) the Class III-P Fraction of each Class III-P Mortgage Loan and (iv) the Class V-P Fraction of each Class V-P Mortgage Loan exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV III and Loan Group V Mortgage Loans (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will shall be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
, in reduction of its Class Principal Balance. On each Distribution Date, if the sum of (ci) Any Realized Loss allocated to a Class of Certificates or any reduction in the aggregate Class Principal Balance of all Group IV, Group VI, Group VII, Group VIII, Group IX, Class D-P and Group D-B Certificates and (ii) the Class VIII-P Fraction of each Class VIII-P Mortgage Loan exceeds the aggregate Stated Principal Balance of the Group IV, Group VI, Group VII, Group VIII and Group IX Mortgage Loans (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a Class of Certificates pursuant to Section 4.02(A)(b) principal loss and shall be allocated by the Trust Administrator among to the most junior Class of Group D-B Certificates then outstanding, in reduction of such its Class in proportion to their respective Certificate BalancesPrincipal Balance.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to this Section 4.02(A)(b) 4.02 shall be accomplished by reducing the its Certificate Balance thereofBalance, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Thru Cert Ser 2003-27)
Allocation of Losses. A. On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group I Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group I Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of the Class of Group I Subordinate Certificates then outstanding with the lowest relative payment priority, until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group I Certificates allocated to a Class of Group I Subordinate Certificates shall be allocated among the Certificates of such Class in proportion to their respective Percentage Interests.
(a) Realized Losses on the Group II Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, Loss shall be allocated first, to the Group C-B Certificates, II Subordinate Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class CII-B-6 B-7 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Group II Senior Certificates of the related Certificate GroupCertificates, pro rata, on the basis of their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class II-P Mortgage Loan, in which case the applicable Class II-P Fraction of such loss will first be allocated to the Class II-P Certificates and the remainder for the loss will be allocated as described above); and
(ii) On each Distribution Date, Excess Losses for the Group II Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Classes of Group I, Group II Certificates (other than the Class II, Group III, Group IV, Group V -P and the Group C-B Notional Amount Certificates), pro rata rata, based on their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class II-P Mortgage Loan, in which case the applicable Class II-P Fraction of such loss will first be allocated to the Class II-P Certificates and the remainder of the loss will be allocated as described above).
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V and Group C-B II Certificates exceeds the aggregate Stated Principal Balance of the Group II Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B II Subordinate Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02B(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) 4.02B shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests."
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certs Ser 2002 18)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Loan Group 5, Loan Group 6 and Loan Group V 7 incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C B Certificates (other than the Class C-B B-1X Certificates), in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 C B 6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses for Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Loan Group 5, Loan Group 6 and Loan Group V 7 will be allocated pro rata among all Group I1, Group II2, Group III3, Group IV4, Group V 5, Group 6, Group 7 and the Group C B Certificates (other than the Class C-B B-1X Certificates), pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I1, Group II2, Group III3, Group IV4, Group V 5, Group 6, Group 7 and Group C-C B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Loan Group 5, Loan Group 6 and Loan Group V 7 (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C B Certificates (other than the Class C-B Certificates B-1X Certificates) then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI 8 Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI 8 Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI 8 Subordinate Certificates beginning with the Class of Group VI 8 Subordinate Certificates then outstanding, other than the Class VI8-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI 8 Certificates allocated to a Class of Group VI 8 Subordinate Certificates shall be allocated among the Group VI 8 Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-Ar8)
Allocation of Losses. (a) The Group I Certificates. Realized Losses on the Group I Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month with respect to any Distribution Date shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Group I Certificates on the Distribution Date in the next calendar month as follows:
(i) except as provided in the parenthetical below, any Realized LossLoss on a Group I Mortgage Loan, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, I Subordinate Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class CI-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of related to such Loan Group (other than the related Certificate GroupNotional Amount Certificates and the Class P Certificates), pro rata, on the basis of their respective Class Principal BalancesBalances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder for the loss will be allocated as described above); provided, however, that Realized Losses that would otherwise be allocated Class I-A-6 Certificates, will be allocated to the Class I-A-7 Certificates until its Class Principal Balance is reduced to zero; and
(ii) Excess Losses for the Group I Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V will be allocated pro rata among all Classes of Group II Certificates (other than the Notional Amount Certificates and the Class P Certificates), pro rata, based on their respective Class Principal Balances (except if the loss is recognized with respect to a Class P Mortgage Loan, in which case the applicable Class P Fraction of such loss will first be allocated to the applicable Class P Certificates and the remainder of the loss will be allocated as described above).
(b) The Group II, Group III, Group IV, Group V and the Group C-B and Class A-P Certificates, pro rata based . Realized Losses on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V II and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the III Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect with respect to distributions of principal and the allocation of all losses to such Certificates on such any Distribution Date), such excess will be deemed a principal loss and will Date shall be allocated by the Trust Administrator to the most junior Class Classes of Group II, Group III, Group C-B and Class A-P Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests.as follows:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-4)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Loan Group 5 and Loan Group V 6 incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group Class C-B Certificates (other than the Class C-B-1X Certificates), in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses in respect of principal for Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Loan Group 5 and Loan Group V 6 will be allocated pro rata among all Group I1, Group II2, Group III3, Group IV4, Group V 5, Group 6 and the Group Class C-B Certificates (other than the Class C-B-1X Certificates), pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I1, Group II2, Group III3, Group IV4, Group V 5, Group 6 and Group Class C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Loan Group 5 and Loan Group V 6 (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group Class C-B Certificates (other than the Class C-B-1X Certificates) then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Balance.”"
(Be) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI 7 Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI 7 Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI 7 Subordinate Certificates beginning with the Class of Group VI 7 Subordinate Certificates then outstanding, other than the Class VI7-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI 7 Certificates allocated to a Class of Group VI 7 Subordinate Certificates shall be allocated among the Group VI 7 Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
(f) All Realized Losses on the Group 1, Group 2, Group 3, Group 4, Group 5 and Group 6 Mortgage Loans shall be allocated on each Distribution Date to the REMIC I Regular Interests and REMIC III Regular Interests as provided in the definitions of REMIC I Realized Losses and REMIC III Realized Losses.
(g) All Realized Losses on the Group 7 Mortgage Loans shall be allocated on each Distribution Date to the REMIC II Regular Interests and REMIC III Regular Interests as provided in the definitions of REMIC II Realized Losses and REMIC III Realized Losses.
(h) Realized Losses on the Group 7 Mortgage Loans that are not Applied Loss Amounts shall be deemed allocated to the Class 7-X Certificates. Realized Losses allocated to the Class 7-X Certificates shall, be allocated between the REMIC IV Regular Interests 7-X-IO and 7-X-PO as provided in the definition of Realized Losses.
(i) Realized Losses shall be allocated among the REMIC I, REMIC II, REMIC III and REMIC IV Regular Interests as specified in the definition of Realized Losses and, as to REMIC I, REMIC II and REMIC III Regular Interests, in the definitions of REMIC I Realized Losses, REMIC II Realized Losses and REMIC III Realized Losses, respectively.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Adjustable Rate Mortgage Trust 2004-2)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV I and Loan Group V II incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group C-B Certificates, Certificates in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate GroupGroup (other than the Notional Amount Certificates), pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses for Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV I and Loan Group V II will be allocated pro rata among all Group I, I and Group II, Group III, Group IV, Group V II Certificates (other than the Notional Amount Certificates) and the Group C-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I, Group II, Group III, Group IV, Group V II and Group C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV I and Loan Group V II (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group C-B Certificates then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b4.02(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI III Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI III Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI III Subordinate Certificates beginning with the Class of Group VI III Subordinate Certificates then outstanding, other than the Class VIIII-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI III Certificates allocated to a Class of Group VI III Subordinate Certificates shall be allocated among the Group VI III Subordinate Certificates of such Class in proportion to their respective Percentage Interests.. SECTION 4.03
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Allocation of Losses. (a) Realized Losses on the Mortgage Loans in each of Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Loan Group 5, Loan Group 6, Loan Group 7 and Loan Group V 8 incurred during a calendar month shall be allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, shall be allocated first, to the Group Class C-B Certificates (other than the Class C-B-1X Certificates), in decreasing order of their alphanumerical Class designations (beginning with the Class C-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of the related Certificate Group, pro rata, on the basis of their respective Class Principal Balances; and
(ii) Excess Losses for Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Loan Group 5, Loan Group 6, Loan Group 7 and Loan Group V 8 will be allocated pro rata among all Group I1, Group II2, Group III3, Group IV4, Group V 5, Group 6, Group 7, Group 8 and the Group Class C-B Certificates (other than the Class C-B-1X Certificates), pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Group I1, Group II2, Group III3, Group IV4, Group V 5, Group 6, Group 7, Group 8 and Group Class C-B Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I1, Loan Group II2, Loan Group III3, Loan Group IV 4, Loan Group 5, Loan Group 6, Loan Group 7 and Loan Group V 8 (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed a principal loss and will be allocated by the Trust Administrator to the most junior Class of Group Class C-B Certificates (other than the Class C-B-1X Certificates) then outstanding.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b) shall be allocated by the Trust Administrator among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation by the Trust Administrator of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Balance.”"
(Be) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI 9 Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI 9 Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI 9 Subordinate Certificates beginning with the Class of Group VI 9 Subordinate Certificates then outstanding, other than the Class VI9-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI 9 Certificates allocated to a Class of Group VI 9 Subordinate Certificates shall be allocated among the Group VI 9 Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
(f) All Realized Losses on the Group 1, Group 2, Group 3, Group 4, Group 5, Group 6, Group 7 and Group 8 Mortgage Loans shall be allocated on each Distribution Date to the REMIC I Regular Interests and REMIC III Regular Interests as provided in the definitions of REMIC I Realized Losses and REMIC III Realized Losses.
(g) All Realized Losses on the Group 9 Mortgage Loans shall be allocated on each Distribution Date to the REMIC II Regular Interests and REMIC III Regular Interests as provided in the definitions of REMIC II Realized Losses and REMIC III Realized Losses.
(h) Realized Losses on the Group 9 Mortgage Loans that are not Applied Loss Amounts shall be deemed allocated to the Class 9-X Certificates. Realized Losses allocated to the Class 9-X Certificates shall, be allocated between the REMIC IV Regular Interests 9-X-IO and 9-X-PO as provided in the definition of Realized Losses.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Adjustable Rate Mortgage Trust 2004-1)
Allocation of Losses. (a) With respect to any Distribution Date, Realized Losses (other than the Class I-P Fraction of the Realized Loss, if applicable), on the Mortgage Loans in each of Loan Group I, I and Loan Group II, Loan Group III, Loan Group IV and Loan Group V incurred during a calendar month shall be determined by the Trustee and allocated by the Trust Administrator as provided in the Preliminary Statement for each uncertificated REMIC Interest set forth therein and Trustee to the Classes of Certificates on the Distribution Date in the next calendar month as follows:
(i) any Realized Loss, other than an Excess Loss, Loss shall be allocated first, to the Group CI-B Certificates, Certificates in decreasing order of their alphanumerical numerical Class designations (beginning with the Class CI-B-6 Certificates), until the respective Class Principal Balance of each such Class is reduced to zero, and second, to the Senior Certificates of (other than the related Certificate GroupClass I-A-2, Class I-X and Class I-P Certificates), pro rata, on the basis of their respective Class Principal Balances; and
(ii) on each Distribution Date, Excess Losses and Extraordinary Losses (other than the Class I-P Fraction of the Realized Loss, if applicable) for Mortgage Loans in each of Loan Group I, Loan Group II, Loan Group III, Loan Group IV I and Loan Group V II will be allocated pro rata among all Group Classes of Senior Certificates (other than the Class I-A-2, Group II, Group III, Group IV, Group V Class I-X and Class I-P Certificates) and the Group CI-B Certificates, pro rata based on their respective Class Principal Balances.
(b) On each Distribution Date, if the aggregate Class Principal Balance of all Classes of Group I, Group II, Group III, Group IV, Group V and Group C-B I Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group I, Loan Group II, Loan Group III, Loan Group IV and Loan Group V (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed by the Trustee to be a principal loss and will be allocated by the Trust Administrator Trustee to the most junior Class of Group C-B Subordinate Certificates then outstanding.
(c) On each Distribution Date, if the aggregate Class Principal Balance of the Group II Certificates exceeds the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group II, (after giving effect to distributions of principal and the allocation of all losses to such Certificates on such Distribution Date), such excess will be deemed by the Trustee to be a principal loss and will be allocated by the Trustee to the most junior Class of Subordinate Certificates then outstanding.
(d) On each Distribution Date, the applicable Class I-P Fraction of any Realized Loss, including any Excess Loss or Extraordinary Loss, on a Class I-P Mortgage Loan will be allocated to the Class I-P Certificates until the Class Principal Balance of that Class is reduced to zero. To the extent funds are available on that Distribution Date or on any future Distribution Date from amounts that would otherwise be allocable to the Subordinate Principal Distribution Amount for the Group I-B Certificates, Class I-P Deferred Amounts will be paid on the Class I-P Certificates prior to distributions on the Group I-B Certificates, but not in respect of Excess Losses or Extraordinary Losses. The Class Principal Balance of the Class of Group I-B Certificates then outstanding with the highest numerical class designation will be reduced by the amount of any payments in respect of Class I-P Deferred Amounts. After the Credit Support Depletion Date, no new Class I-P Deferred Amounts will be created for the Class I-P Certificates.
(e) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Principal Balance of a Class of Certificates pursuant to Section 4.02(A)(b4.02(b) shall be allocated by the Trust Administrator Trustee among the Certificates of such Class in proportion to their respective Certificate Balances.
(df) Any allocation by the Trust Administrator Trustee of Realized Losses to a Certificate or any reduction in the Certificate Balance of a Certificate pursuant to Section 4.02(A)(b4.02(b) shall be accomplished by reducing the Certificate Balance thereof, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Balance.”
(B) On each Distribution Date, the Trust Administrator shall determine the total of the Applied Loss Amount with respect to the Group VI Certificates, if any, for such Distribution Date. The Applied Loss Amount with respect to the Group VI Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group VI Subordinate Certificates beginning with the Class of Group VI Subordinate Certificates then outstanding, other than the Class VI-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero. Any Applied Loss Amount with respect to the Group VI Certificates allocated to a Class of Group VI Subordinate Certificates shall be allocated among the Group VI Subordinate Certificates of such Class in proportion to their respective Percentage Interests."
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
