Allocation of Realized Losses and Additional Trust Fund Expenses. (a) On each Distribution Date, following the distributions to be made to the Class ES Certificateholders on such date pursuant to Section 4.01(i), the Trustee shall determine with respect to the ES Component Mortgage Loan the amount, if any, by which (i) the sum of (a) the ES Component Mortgage Loan Senior Balance and (B) the ES Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the ES Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the ES Component Mortgage Loan, then the ES Component Mortgage Loan Subordinate Balance of the ES Component Mortgage Loan Subordinate Components, beginning with the most subordinate of such components and thereafter in reverse alphabetical order, shall be reduced until such excess or the related ES Component Mortgage Loan Subordinate Balance of all the ES Component Mortgage Loan Subordinate Components are reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class SB Certificateholders on such date pursuant to Section 4.01(j), the Trustee shall determine with respect to the SB Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the SB Component Mortgage Loan Senior Balance and (B) the SB Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the SB Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the SB Component Mortgage Loan, then the SB Subordinate Mortgage Loan Subordinate Balance of the SB Component Mortgage Loan Subordinate Components, beginning with the most subordinate of such components and thereafter in reverse alphabetical order, shall be reduced until such excess or the related SB Subordinate Mortgage Loan Subordinate Balance of all the SB Component Mortgage Loan Subordinate Components are reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to the Class WB Certificateholders to be made on such date pursuant to Section 4.01(k), the Trustee shall determine the amount, if any, by which the (i) the Class Principal Balance of the Class WB Certificates exceeds (ii) the Stated Principal Balance of the Wellbridge Note B Loan that will be outstanding immediately following such Distribution Date. If such excess does exist, then the Class Principal Balance of the Class WB-D, Class WB-C, Class WB-B and Class WB-A Certificates shall be reduced, sequentially in that order until such excess or the related Class Principal Balance is been reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Regular Certificateholders, other than the Class ES, Class SB and Class WB Certificateholders on such date pursuant to Section 4.01(b), the Trustee shall determine the amount, if any, by which (i) the then aggregate Certificate Principal Balance of the Sequential Pay Certificates exceeds (ii) the aggregate Stated Principal Balance of the Mortgage Pool (less the ES Component Mortgage Loan Subordinate Balance of the ES Component Mortgage Loan, the SB Component Mortgage Loan Subordinate Balance of the SB Component Mortgage Loan and the Stated Principal Balance of the Wellbridge Note B Loan) that will be outstanding immediately following such Distribution Date. If such excess does exist and was not allocated to the Class ES Certificates and the Class SB Certificates, as applicable and as described above, then the Class Principal Balances of the Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C and Class B Certificates shall be reduced sequentially, in that order in each case, until such excess or the related Class Principal Balance is reduced to zero (whichever occurs first). If, after the foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds the amount described in clause (ii) of the second preceding sentence, then the respective Class Principal Balances of the Class A-1 Certificates and Class A-2 Certificates shall be reduced, pro rata in accordance with the relative sizes of the then outstanding Class Principal Balances of such Classes of Certificates, until such excess or each such Class Principal Balance is reduced to zero (whichever occurs first). Such reductions in the Class Principal Balances of the respective Classes of the Sequential Pay Certificates, the Class ES Certificates, the Class SB Certificates or the Class WB Certificates, as applicable, shall be deemed to be allocations of Realized Losses and Additional Trust Fund Expenses, to the extent not covered by reductions in distributions of interest pursuant to the allocations set forth in Section 4.01(b). (b) With respect to any Distribution Date, any Realized Losses or Additional Trust Fund Expenses allocated pursuant to Section 4.04(a) (other than with respect to the Class ES Certificates and the Class SB Certificates) with respect to such Distribution Date shall reduce the REMIC I Principal Balances of the REMIC I Regular Interests as a write-off and shall be allocated among the REMIC I Regular Interests in the same priority as the Class of Corresponding Certificates (in the case of Realized Losses or Additional Trust Fund Expenses on (i) the Class A-1 Certificates, first to the REMIC I Regular Interest LA-1-1, second to the REMIC I Regular Interest LA-1-2 and REMIC I Regular Interest LA-1-3, pro rata, third to the REMIC I Regular Interest LA-1-4 and REMIC I Regular Interest LA-1-5, pro rata, fourth to the REMIC I Regular Interest LA-1-6 and REMIC I Regular Interest LA-1-7, pro rata, fifth to the REMIC I Regular Interest LA-1-8 and REMIC I Regular Interest LA-1-9, pro rata, and then to the REMIC I Regular Interest LA-1-10 and REMIC I Regular Interest LA-1-11, pro rata, in each case, until reduced to zero, (ii) the Class A-2 Certificates, first to the REMIC I Regular Interest LA-2-1 and REMIC I Regular Interest LA-2-2, pro rata, and then to the REMIC I Regular Interest LA-2-3 and REMIC I Regular Interest LA-2-4, pro rata, in each case, until reduced to zero, (iii) the Class B Certificates to the REMIC I Regular Interest LB-1 and REMIC I Regular Interest LB-2, pro rata, until reduced to zero, (iv) the Class C Certificates, to the REMIC I Regular Interest LC-1 and REMIC I Regular Interest LC-2, pro rata, until reduced to zero, (v) the Class D Certificates, to the REMIC I Regular Interest LD-1 and REMIC I Regular Interest LD-2, pro rata, until reduced to zero, (vi) the Class E Certificates, to the REMIC I Regular Interest LE-1 and REMIC I Regular Interest LE-2, pro rata, until reduced to zero, (vii) the Class F Certificates, to the REMIC I Regular Interest LF-1 and the REMIC I Regular Interest LF-2, pro rata, until reduced to zero, (viii) the Class G Certificates, first to the REMIC I Regular Interest LG-1 and REMIC I Regular Interest LG-2, pro rata, and then to the REMIC I Regular Interest LG-3 and REMIC I Regular Interest LG-4, pro rata, in each case, until reduced to zero, (ix) the Class H Certificates, first to the REMIC I Regular Interest LH-1 and the REMIC I Regular Interest LH-2, pro rata, and then to the REMIC Regular Interest LH-3 and REMIC I Regular Interest LH-4, pro rata, in each case, until reduced to zero, (x) the Class J Certificates, first to the REMIC I Regular Interest LJ-1 and REMIC I Regular Interest LJ-2, pro rata, and then to the REMIC I Regular Interest LJ-3 and REMIC I Regular Interest LJ-4, pro rata, in each case, until reduced to zero, (xi) the Class K Certificates, first to the REMIC I Regular Interest LK-1 and REMIC I Regular Interest LK-2, pro rata, and then to the REMIC I Regular Interest LK-3 and REMIC I Regular Interest LK-4, pro rata, in each case, until reduced to zero and (xii) the Class L Certificates, to the REMIC I Regular Interest LL-1 and REMIC I Regular Interest LL-2, pro rata, until reduced to zero). Realized Losses or Additional Trust Fund Expenses allocable to the ES Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class ES Certificates have been reduced to zero, reduce the related Uncertificated Principal Balances of the related ES Component Mortgage Loan REMIC Senior Regular Interest corresponding to the Corresponding ES Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the SB Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class SB Certificates have been reduced to zero, reduce the related Uncertificated Principal Balances of the related SB Component Mortgage Loan REMIC Senior Regular Interest corresponding to the Corresponding SB Component Mortgage Loan Senior Component. For the avoidance of doubt, no Additional Trust Fund Expenses and/or Realized Losses suffered by the Trust Fund shall be allocable (x) to the Class ES Certificates if such Additional Trust Fund Expenses and/or Realized Losses were not attributable to the ES Component Mortgage Loan, (y) to the Class SB Certificates if such Additional Trust Fund Expenses and/or Realized Losses were not attributable to the SB Component Mortgage Loan, or (z) to the Class WB Certificates if such Additional Trust Fund Expenses and/or Realized Losses were not attributable to the Wellbridge Note B Loan.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Commercial Mortgage Pass Through Certificates Series 2003-1)
Allocation of Realized Losses and Additional Trust Fund Expenses. (a) On each Distribution Date, following the distributions to be made to the Class ES FM Certificateholders on such date pursuant to Section 4.01(i4.01(j), the Trustee shall determine with respect to the ES FM Component Mortgage Loan the amount, if any, by which (i) the sum of (aA) the ES FM Component Mortgage Loan Senior Balance and (B) the ES FM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the ES FM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the ES FM Component Mortgage Loan, then the ES Component FM Subordinate Mortgage Loan Subordinate Balance of the ES Component Mortgage Loan Subordinate Components, beginning with the most subordinate of such components and thereafter in reverse alphabetical order, shall be reduced until such excess or the related ES Component FM Subordinate Mortgage Loan Subordinate Balance of all the ES Component Mortgage Loan Subordinate Components are is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class SB SM Certificateholders on such date pursuant to Section 4.01(j4.01(k), the Trustee shall determine with respect to the SB SM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the SB SM Component Mortgage Loan Senior Balance and (B) the SB SM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the SB SM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the SB SM Component Mortgage Loan, then the SB SM Subordinate Mortgage Loan Subordinate Balance of the SB Component Mortgage Loan Subordinate Components, beginning with the most subordinate of such components and thereafter in reverse alphabetical order, shall be reduced until such excess or the related SB SM Subordinate Mortgage Loan Subordinate Balance of all the SB Component Mortgage Loan Subordinate Components are is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class WB LM Certificateholders to be made on such date pursuant to Section 4.01(k4.01(l), the Trustee shall determine with respect to the LM Component Mortgage Loan the amount, if any, by which the (i) the Class Principal sum of (A) the LM Component Mortgage Loan Senior Balance of and (B) the Class WB Certificates exceeds LM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the Wellbridge Note B LM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does existexist with respect to the LM Component Mortgage Loan, then the Class Principal LM Subordinate Mortgage Loan Subordinate Balance of the Class WB-D, Class WB-C, Class WB-B and Class WB-A Certificates shall be reduced, sequentially in that order reduced until such excess or the related Class Principal LM Subordinate Mortgage Loan Subordinate Balance is been reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Regular Certificateholders, other than the Class ESFM, Class SB SM and Class WB LM Certificateholders on such date pursuant to Section 4.01(b)) and the allocation of Realized Losses pursuant to the preceding three paragraphs, the Trustee shall determine the amount, if any, by which (i) the then aggregate Certificate Principal Balance of the Sequential Pay Certificates exceeds (ii) the aggregate Stated Principal Balance of the Mortgage Pool (less the ES FM Component Mortgage Loan Subordinate Balance of the ES FM Component Mortgage Loan, the SB SM Component Mortgage Loan Subordinate Balance of the SB SM Component Mortgage Loan and the Stated Principal LM Component Mortgage Loan Subordinate Balance of the Wellbridge Note B LM Component Mortgage Loan) that will be outstanding immediately following such Distribution DateDate (provided, however, that for purposes of this calculation, any Workout-Delayed Reimbursement Amounts paid from principal collections on the Mortgage Pool shall for purposes of this calculation be deemed outstanding unless the related Unliquidated Advance has been determined to be a Nonrecoverable Advance on the related Mortgage Loan or a Final Determination has been made with respect to the related Mortgage Loan or the related Mortgage Loan or REO Property is otherwise liquidated or disposed). If such excess does exist and was not allocated to the Class ES Certificates and the Class SB Certificates, as applicable and as described aboveexist, then the Class Principal Balances of the Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C C, Class B and Class B A-J Certificates shall be reduced sequentially, in that order in each case, until such excess or the related Class Principal Balance is reduced to zero (whichever occurs first). If, after the foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds the amount described in clause (ii) of the second preceding sentence, then the respective Class Principal Balances of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class A-SB Certificates, the Class A-5 Certificates and Class A-2 A-1A Certificates shall be reduced, pro rata in accordance with the relative sizes of the then outstanding Class Principal Balances of such Classes of Certificates, until such excess or each such Class Principal Balance is reduced to zero (whichever occurs first). Such reductions in the Class Principal Balances of the respective Classes of the Sequential Pay Certificates, the Class ES FM Certificates, the Class SB SM Certificates or the Class WB LM Certificates, as applicable, shall be deemed to be allocations of Realized Losses and Additional Trust Fund Expenses, to the extent not covered by reductions in distributions of interest pursuant to the allocations set forth in Section 4.01(b).
(b) With respect to any Distribution Date, any Realized Losses or Additional Trust Fund Expenses allocated pursuant to Section 4.04(a) (other than with respect to the Class ES FM Certificates, the Class SM Certificates and the Class SB LM Certificates) with respect to such Distribution Date shall reduce the REMIC I Principal Balances of the REMIC I Regular Interests as a write-off and shall be allocated among the REMIC I Regular Interests in the same priority as the Class of Corresponding Certificates (in the case of Realized Losses or Additional Trust Fund Expenses on (i) the Class A-1 Certificates, first to the REMIC I Regular Interest LA-1-1, second to the REMIC I Regular Interest LA-1-2 and REMIC I Regular Interest LA-1-3, pro rata, third to the REMIC I Regular Interest LA-1-4 and REMIC I Regular Interest LA-1-5, pro rata, fourth to the REMIC I Regular Interest LA-1-6 and REMIC I Regular Interest LA-1-7, pro rata, fifth to the REMIC I Regular Interest LA-1-8 and REMIC I Regular Interest LA-1-9, pro rata, and then to the REMIC I Regular Interest LA-1-10 and REMIC I Regular Interest LA-1-11, pro rata, in each case, until reduced to zero, (ii) the Class A-2 Certificates, first to the REMIC I Regular Interest LA-2-1 and REMIC I Regular Interest LA-2-2, pro rata, and then to the REMIC I Regular Interest LA-2-3 and REMIC I Regular Interest LA-2-4, pro rata, in each case, until reduced to zero, (iii) the Class B Certificates to the REMIC I Regular Interest LB-1 and REMIC I Regular Interest LB-2, pro rata, until reduced to zero, (iv) the Class C Certificates, to the REMIC I Regular Interest LC-1 and REMIC I Regular Interest LC-2, pro rata, until reduced to zero, (v) the Class D Certificates, to the REMIC I Regular Interest LD-1 and REMIC I Regular Interest LD-2, pro rata, until reduced to zero, (vi) the Class E Certificates, to the REMIC I Regular Interest LE-1 and REMIC I Regular Interest LE-2, pro rata, until reduced to zero, (vii) the Class F Certificates, to the REMIC I Regular Interest LF-1 and the REMIC I Regular Interest LF-2, pro rata, until reduced to zero, (viii) the Class G Certificates, first to the REMIC I Regular Interest LG-1 and REMIC I Regular Interest LG-2, pro rata, and then to the REMIC I Regular Interest LG-3 and REMIC I Regular Interest LG-4, pro rata, in each case, until reduced to zero, (ix) the Class H Certificates, first to the REMIC I Regular Interest LH-1 and the REMIC I Regular Interest LH-2, pro rata, and then to the REMIC Regular Interest LH-3 and REMIC I Regular Interest LH-4, pro rata, in each case, until reduced to zero, (x) the Class J Certificates, first to the REMIC I Regular Interest LJ-1 and REMIC I Regular Interest LJ-2, pro rata, and then to the REMIC I Regular Interest LJ-3 and REMIC I Regular Interest LJ-4, pro rata, in each case, until reduced to zero, (xi) the Class K Certificates, first to the REMIC I Regular Interest LK-1 and REMIC I Regular Interest LK-2, pro rata, and then to the REMIC I Regular Interest LK-3 and REMIC I Regular Interest LK-4, pro rata, in each case, until reduced to zero and (xii) the Class L Certificates, to the REMIC I Regular Interest LL-1 and REMIC I Regular Interest LL-2, pro rata, until reduced to zero). Realized Losses or Additional Trust Fund Expenses allocable to the ES FM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class ES FM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balances Balance of the related ES FM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the Corresponding ES corresponding FM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the SB SM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class SB SM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balances Balance of the related SB SM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the Corresponding SB corresponding SM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the LM Component Mortgage Loan will, after the Uncertificated Principal Balance of the Class LM Certificates has been reduced to zero, reduce the related Uncertificated Principal Balance of the related LM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding LM Component Mortgage Loan Senior Component. For the avoidance of doubt, no Additional Trust Fund Expenses (attributable to other Mortgage Loans) and/or Realized Losses suffered by the Trust Fund shall be allocable (x) to the Class ES FM Certificates if such Additional Trust Fund Expenses and/or Realized Losses were not attributable to the ES FM Component Mortgage Loan, (y) to the Class SB SM Certificates if such Additional Trust Fund Expenses and/or Realized Losses were not attributable to the SB SM Component Mortgage Loan, or (z) to the Class WB LM Certificates if such Additional Realized Losses and/or additional Trust Fund Expenses and/or Realized Losses were not attributable to the Wellbridge LM Component Mortgage Loan. For the avoidance of doubt, if terms of any of the FM Component Mortgage Loan, the SM Component Mortgage Loan and/or the LM Component Mortgage Loan are (subject to Section 3.20) modified such that the principal balance of the related Mortgage Note B Loanis decreased, the amortization schedule or the related Mortgage Rate is decreased, the maturity date of the related Mortgage Loan is modified, and/or the Monthly Payment under the related Mortgage Loan is waived, reduced or deferred and any such action gives rise to an Additional Trust Fund Expense or a Realized Loss, such Additional Trust Fund Expense and/or Realized Loss shall be allocated to the Component Mortgage Loan Subordinate Components of the related Component Mortgage Loan prior to being allocated to the related Component Mortgage Loan Senior Component thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2005-1)
Allocation of Realized Losses and Additional Trust Fund Expenses. (a) On each Distribution Date, following the deemed distributions to be made to in respect of the Class ES Certificateholders on such date REMIC I Regular Interests pursuant to Section 4.01(i4.01(a), the Trustee Uncertificated Principal Balance of each REMIC I Regular Interest (after taking account of such deemed distributions) shall determine with respect be reduced to the ES Component Mortgage Loan the amount, if any, by which (i) the sum of (a) the ES Component Mortgage Loan Senior Balance and (B) the ES Component Mortgage Loan Subordinate Balance exceed (ii) equal the Stated Principal Balance of the ES Component related Mortgage Loan or REO Loan or, if applicable, Replacement Mortgage Loan(s), as the case may be, that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the ES Component Mortgage Loan, then the ES Component Mortgage Loan Subordinate Balance of the ES Component Mortgage Loan Subordinate Components, beginning with the most subordinate of such components and thereafter in reverse alphabetical order, Such reductions shall be reduced until such excess or the related ES Component Mortgage Loan Subordinate Balance deemed to be an allocation of all the ES Component Mortgage Loan Subordinate Components are reduced to zero Realized Losses and Additional Trust Fund Expenses.
(whichever occurs first). b) On each Distribution Date, following the distributions payments deemed to be made to the Class SB Certificateholders on such date pursuant to Section 4.01(j), the Trustee shall determine with REMIC III in respect to the SB Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the SB Component Mortgage Loan Senior Balance and (B) the SB Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the SB Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the SB Component Mortgage Loan, then the SB Subordinate Mortgage Loan Subordinate Balance of the SB Component Mortgage Loan Subordinate Components, beginning with the most subordinate of such components and thereafter in reverse alphabetical order, shall be reduced until such excess or the related SB Subordinate Mortgage Loan Subordinate Balance of all the SB Component Mortgage Loan Subordinate Components are reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to the Class WB Certificateholders to be made on such date pursuant to Section 4.01(k), the Trustee shall determine the amount, if any, by which the (i) the Class Principal Balance of the Class WB Certificates exceeds (ii) the Stated Principal Balance of the Wellbridge Note B Loan that will be outstanding immediately following such Distribution Date. If such excess does exist, then the Class Principal Balance of the Class WB-D, Class WB-C, Class WB-B and Class WB-A Certificates shall be reduced, sequentially in that order until such excess or the related Class Principal Balance is been reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the REMIC II Regular Certificateholders, other than the Class ES, Class SB and Class WB Certificateholders Interests on such date pursuant to Section 4.01(b), the Trustee shall determine the amount, if any, by which (i) the then aggregate Certificate Uncertificated Principal Balance of the Sequential Pay Certificates REMIC II Regular Interests LA-1, LA-2, LB, LC, LD, LE, LF, LG, LH, LJ, LK, LL, LM and LN exceeds (ii) an amount equal to the aggregate Stated Principal Balance of the Mortgage Pool (less the ES Component Mortgage Loan Subordinate Balance of the ES Component Mortgage Loan, the SB Component Mortgage Loan Subordinate Balance of the SB Component Mortgage Loan and the Stated Principal Balance of the Wellbridge Note B Loan) that will be outstanding immediately following such Distribution Date. If such excess does exist and was not allocated exist, then the respective Uncertificated Principal Balances of such REMIC II Regular Interests shall be reduced such that the Uncertificated Principal Balance of each REMIC II Regular Interest corresponds with the Certificate Principal Balance of the corresponding Class of Principal Balance Certificates outstanding after the subsequent adjustments made on such Distribution Date under Section 4.04(c) below.
(c) On each Distribution Date, following the distributions to be made to the Class ES Certificates and Certificateholders on such date pursuant to Section 4.01(c), the Class SB Trustee shall determine the amount, if any, by which (i) the then aggregate Certificate Principal Balance of the Principal Balance Certificates, as applicable and as described aboveexceeds (ii) the aggregate Stated Principal Balance of the Mortgage Pool that will be outstanding immediately following such Distribution Date. If such excess does exist, then the Class Principal Balances of the Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C and Class B Certificates shall be reduced sequentially, in that order order, in each case, until the first to occur of such excess being reduced to zero or the related Class Principal Balance is being reduced to zero (whichever occurs first)zero. If, after the foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds the amount described in clause (ii) of the second preceding sentence, then the respective Class Principal Balances of the Class A-1 Certificates and Class A-2 Certificates shall be reduced, pro rata in accordance with the relative sizes of the then outstanding Class Principal Balances of such Classes of Certificates, until the first to occur of such excess being reduced to zero or each such Class Principal Balance is being reduced to zero (whichever occurs first)zero. Such reductions in the 135 Class Principal Balances of the respective Classes of the Sequential Pay Certificates, the Class ES Certificates, the Class SB Principal Balance Certificates or the Class WB Certificates, as applicable, shall be deemed to be allocations of Realized Losses and Additional Trust Fund Expenses, to the extent not covered by reductions in distributions of interest pursuant to the allocations set forth in Section 4.01(b).
(b) With respect to any Distribution Date, any Realized Losses or Additional Trust Fund Expenses allocated pursuant to Section 4.04(a) (other than with respect to the Class ES Certificates and the Class SB Certificates) with respect to such Distribution Date shall reduce the REMIC I Principal Balances of the REMIC I Regular Interests as a write-off and shall be allocated among the REMIC I Regular Interests in the same priority as the Class of Corresponding Certificates (in the case of Realized Losses or Additional Trust Fund Expenses on (i) the Class A-1 Certificates, first to the REMIC I Regular Interest LA-1-1, second to the REMIC I Regular Interest LA-1-2 and REMIC I Regular Interest LA-1-3, pro rata, third to the REMIC I Regular Interest LA-1-4 and REMIC I Regular Interest LA-1-5, pro rata, fourth to the REMIC I Regular Interest LA-1-6 and REMIC I Regular Interest LA-1-7, pro rata, fifth to the REMIC I Regular Interest LA-1-8 and REMIC I Regular Interest LA-1-9, pro rata, and then to the REMIC I Regular Interest LA-1-10 and REMIC I Regular Interest LA-1-11, pro rata, in each case, until reduced to zero, (ii) the Class A-2 Certificates, first to the REMIC I Regular Interest LA-2-1 and REMIC I Regular Interest LA-2-2, pro rata, and then to the REMIC I Regular Interest LA-2-3 and REMIC I Regular Interest LA-2-4, pro rata, in each case, until reduced to zero, (iii) the Class B Certificates to the REMIC I Regular Interest LB-1 and REMIC I Regular Interest LB-2, pro rata, until reduced to zero, (iv) the Class C Certificates, to the REMIC I Regular Interest LC-1 and REMIC I Regular Interest LC-2, pro rata, until reduced to zero, (v) the Class D Certificates, to the REMIC I Regular Interest LD-1 and REMIC I Regular Interest LD-2, pro rata, until reduced to zero, (vi) the Class E Certificates, to the REMIC I Regular Interest LE-1 and REMIC I Regular Interest LE-2, pro rata, until reduced to zero, (vii) the Class F Certificates, to the REMIC I Regular Interest LF-1 and the REMIC I Regular Interest LF-2, pro rata, until reduced to zero, (viii) the Class G Certificates, first to the REMIC I Regular Interest LG-1 and REMIC I Regular Interest LG-2, pro rata, and then to the REMIC I Regular Interest LG-3 and REMIC I Regular Interest LG-4, pro rata, in each case, until reduced to zero, (ix) the Class H Certificates, first to the REMIC I Regular Interest LH-1 and the REMIC I Regular Interest LH-2, pro rata, and then to the REMIC Regular Interest LH-3 and REMIC I Regular Interest LH-4, pro rata, in each case, until reduced to zero, (x) the Class J Certificates, first to the REMIC I Regular Interest LJ-1 and REMIC I Regular Interest LJ-2, pro rata, and then to the REMIC I Regular Interest LJ-3 and REMIC I Regular Interest LJ-4, pro rata, in each case, until reduced to zero, (xi) the Class K Certificates, first to the REMIC I Regular Interest LK-1 and REMIC I Regular Interest LK-2, pro rata, and then to the REMIC I Regular Interest LK-3 and REMIC I Regular Interest LK-4, pro rata, in each case, until reduced to zero and (xii) the Class L Certificates, to the REMIC I Regular Interest LL-1 and REMIC I Regular Interest LL-2, pro rata, until reduced to zero). Realized Losses or Additional Trust Fund Expenses allocable to the ES Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class ES Certificates have been reduced to zero, reduce the related Uncertificated Principal Balances of the related ES Component Mortgage Loan REMIC Senior Regular Interest corresponding to the Corresponding ES Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the SB Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class SB Certificates have been reduced to zero, reduce the related Uncertificated Principal Balances of the related SB Component Mortgage Loan REMIC Senior Regular Interest corresponding to the Corresponding SB Component Mortgage Loan Senior Component. For the avoidance of doubt, no Additional Trust Fund Expenses and/or Realized Losses suffered by the Trust Fund shall be allocable (x) to the Class ES Certificates if such Additional Trust Fund Expenses and/or Realized Losses were not attributable to the ES Component Mortgage Loan, (y) to the Class SB Certificates if such Additional Trust Fund Expenses and/or Realized Losses were not attributable to the SB Component Mortgage Loan, or (z) to the Class WB Certificates if such Additional Trust Fund Expenses and/or Realized Losses were not attributable to the Wellbridge Note B Loan.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)
Allocation of Realized Losses and Additional Trust Fund Expenses. (a) On each Distribution Date, following the deemed distributions to be made to in respect of the Class ES Certificateholders on such date REMIC I Regular Interests pursuant to Section 4.01(i4.01(a), the Trustee Uncertificated Principal Balance of each REMIC I Regular Interest (after taking account of such deemed distributions) shall determine with respect be reduced to the ES Component Mortgage Loan the amount, if any, by which (i) the sum of (a) the ES Component Mortgage Loan Senior Balance and (B) the ES Component Mortgage Loan Subordinate Balance exceed (ii) equal the Stated Principal Balance of the ES Component related Mortgage Loan or REO Loan, or if applicable, a Replacement Mortgage Loan, as the case may be, that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the ES Component Mortgage Loan, then the ES Component Mortgage Loan Subordinate Balance of the ES Component Mortgage Loan Subordinate Components, beginning with the most subordinate of such components and thereafter in reverse alphabetical order, Such reductions shall be reduced until such excess or the related ES Component Mortgage Loan Subordinate Balance deemed to be an allocation of all the ES Component Mortgage Loan Subordinate Components are reduced to zero Realized Losses and Additional Trust Fund Expenses.
(whichever occurs first). b) On each Distribution Date, following the distributions payments deemed to be made to the Class SB Certificateholders on such date pursuant to Section 4.01(j), the Trustee shall determine with REMIC III in respect to the SB Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the SB Component Mortgage Loan Senior Balance and (B) the SB Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the SB Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the SB Component Mortgage Loan, then the SB Subordinate Mortgage Loan Subordinate Balance of the SB Component Mortgage Loan Subordinate Components, beginning with the most subordinate of such components and thereafter in reverse alphabetical order, shall be reduced until such excess or the related SB Subordinate Mortgage Loan Subordinate Balance of all the SB Component Mortgage Loan Subordinate Components are reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to the Class WB Certificateholders to be made on such date pursuant to Section 4.01(k), the Trustee shall determine the amount, if any, by which the (i) the Class Principal Balance of the Class WB Certificates exceeds (ii) the Stated Principal Balance of the Wellbridge Note B Loan that will be outstanding immediately following such Distribution Date. If such excess does exist, then the Class Principal Balance of the Class WB-D, Class WB-C, Class WB-B and Class WB-A Certificates shall be reduced, sequentially in that order until such excess or the related Class Principal Balance is been reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the REMIC II Regular Certificateholders, other than the Class ES, Class SB and Class WB Certificateholders Interests on such date pursuant to Section 4.01(b), the Trustee shall determine the amount, if any, by which (i) the then aggregate Certificate Uncertificated Principal Balance of the Sequential Pay Certificates REMIC II Regular Interests LA-1, LA-2, LA-3, LB, LC, LD, LE, LF, LG, LH, LJ and LK exceeds (ii) an amount equal to the aggregate Stated Principal Balance of the Mortgage Pool (less the ES Component Mortgage Loan Subordinate Balance of the ES Component Mortgage Loan, the SB Component Mortgage Loan Subordinate Balance of the SB Component Mortgage Loan and the Stated Principal Balance of the Wellbridge Note B Loan) that will be outstanding immediately following such Distribution Date. If such excess does exist and was not allocated exist, then the respective Uncertificated Principal Balances of such REMIC II Regular Interests shall be reduced such that the Uncertificated Principal Balance of each REMIC II Regular Interest corresponds with the Certificate Principal Balance of the corresponding Class of Certificates outstanding after the subsequent adjustments made on such Distribution Date under Section 4.04(c) below.
(c) On each Distribution Date, following the distributions to be made to the Class ES Certificates and Certificateholders on such date pursuant to Section 4.01(c), the Class SB Trustee shall determine the amount, if any, by which (i) the then aggregate Certificate Principal Balance of the Principal Balance Certificates, as applicable and as described aboveexceeds (ii) the aggregate Stated Principal Balance of the Mortgage Pool that will be outstanding immediately following such Distribution Date. If such excess does exist, then the Class Principal Balances of the Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C and Class B Certificates shall be reduced sequentially, in that order order, in each case, until the first to occur of such excess being reduced to zero or the related Class Principal Balance is being reduced to zero (whichever occurs first)zero. If, after the foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds the amount described in clause (ii) of the second preceding sentence, then the respective Class Principal Balances of the Class A-1 Certificates A-1, Class A-2 and Class A-2 A-3 Certificates shall be reduced, pro rata in accordance with the relative sizes of the then outstanding Class Principal Balances of such Classes of Certificates, until the first to occur of such excess being reduced to zero or each such Class Principal Balance is being reduced to zero (whichever occurs first)zero. Such reductions in the Class Principal Balances of the respective Classes of the Sequential Pay Certificates, the Class ES Certificates, the Class SB Principal Certificates or the Class WB Certificates, as applicable, shall be deemed to be allocations of Realized Losses and Additional Trust Fund Expenses, to the extent not covered by reductions in distributions of interest pursuant to the allocations set forth in Section 4.01(b).
(b) With respect to any Distribution Date, any Realized Losses or Additional Trust Fund Expenses allocated pursuant to Section 4.04(a) (other than with respect to the Class ES Certificates and the Class SB Certificates) with respect to such Distribution Date shall reduce the REMIC I Principal Balances of the REMIC I Regular Interests as a write-off and shall be allocated among the REMIC I Regular Interests in the same priority as the Class of Corresponding Certificates (in the case of Realized Losses or Additional Trust Fund Expenses on (i) the Class A-1 Certificates, first to the REMIC I Regular Interest LA-1-1, second to the REMIC I Regular Interest LA-1-2 and REMIC I Regular Interest LA-1-3, pro rata, third to the REMIC I Regular Interest LA-1-4 and REMIC I Regular Interest LA-1-5, pro rata, fourth to the REMIC I Regular Interest LA-1-6 and REMIC I Regular Interest LA-1-7, pro rata, fifth to the REMIC I Regular Interest LA-1-8 and REMIC I Regular Interest LA-1-9, pro rata, and then to the REMIC I Regular Interest LA-1-10 and REMIC I Regular Interest LA-1-11, pro rata, in each case, until reduced to zero, (ii) the Class A-2 Certificates, first to the REMIC I Regular Interest LA-2-1 and REMIC I Regular Interest LA-2-2, pro rata, and then to the REMIC I Regular Interest LA-2-3 and REMIC I Regular Interest LA-2-4, pro rata, in each case, until reduced to zero, (iii) the Class B Certificates to the REMIC I Regular Interest LB-1 and REMIC I Regular Interest LB-2, pro rata, until reduced to zero, (iv) the Class C Certificates, to the REMIC I Regular Interest LC-1 and REMIC I Regular Interest LC-2, pro rata, until reduced to zero, (v) the Class D Certificates, to the REMIC I Regular Interest LD-1 and REMIC I Regular Interest LD-2, pro rata, until reduced to zero, (vi) the Class E Certificates, to the REMIC I Regular Interest LE-1 and REMIC I Regular Interest LE-2, pro rata, until reduced to zero, (vii) the Class F Certificates, to the REMIC I Regular Interest LF-1 and the REMIC I Regular Interest LF-2, pro rata, until reduced to zero, (viii) the Class G Certificates, first to the REMIC I Regular Interest LG-1 and REMIC I Regular Interest LG-2, pro rata, and then to the REMIC I Regular Interest LG-3 and REMIC I Regular Interest LG-4, pro rata, in each case, until reduced to zero, (ix) the Class H Certificates, first to the REMIC I Regular Interest LH-1 and the REMIC I Regular Interest LH-2, pro rata, and then to the REMIC Regular Interest LH-3 and REMIC I Regular Interest LH-4, pro rata, in each case, until reduced to zero, (x) the Class J Certificates, first to the REMIC I Regular Interest LJ-1 and REMIC I Regular Interest LJ-2, pro rata, and then to the REMIC I Regular Interest LJ-3 and REMIC I Regular Interest LJ-4, pro rata, in each case, until reduced to zero, (xi) the Class K Certificates, first to the REMIC I Regular Interest LK-1 and REMIC I Regular Interest LK-2, pro rata, and then to the REMIC I Regular Interest LK-3 and REMIC I Regular Interest LK-4, pro rata, in each case, until reduced to zero and (xii) the Class L Certificates, to the REMIC I Regular Interest LL-1 and REMIC I Regular Interest LL-2, pro rata, until reduced to zero). Realized Losses or Additional Trust Fund Expenses allocable to the ES Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class ES Certificates have been reduced to zero, reduce the related Uncertificated Principal Balances of the related ES Component Mortgage Loan REMIC Senior Regular Interest corresponding to the Corresponding ES Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the SB Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class SB Certificates have been reduced to zero, reduce the related Uncertificated Principal Balances of the related SB Component Mortgage Loan REMIC Senior Regular Interest corresponding to the Corresponding SB Component Mortgage Loan Senior Component. For the avoidance of doubt, no Additional Trust Fund Expenses and/or Realized Losses suffered by the Trust Fund shall be allocable (x) to the Class ES Certificates if such Additional Trust Fund Expenses and/or Realized Losses were not attributable to the ES Component Mortgage Loan, (y) to the Class SB Certificates if such Additional Trust Fund Expenses and/or Realized Losses were not attributable to the SB Component Mortgage Loan, or (z) to the Class WB Certificates if such Additional Trust Fund Expenses and/or Realized Losses were not attributable to the Wellbridge Note B Loan.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)
Allocation of Realized Losses and Additional Trust Fund Expenses. 144
(a) On each Distribution Date, following the deemed distributions to be made to in respect of the Class ES Certificateholders on such date REMIC I Regular Interests pursuant to Section 4.01(i4.01(a), the Trustee Uncertificated Principal Balance of each REMIC I Regular Interest (after taking account of such deemed distributions) shall determine with respect be reduced to the ES Component Mortgage Loan the amount, if any, by which (i) the sum of (a) the ES Component Mortgage Loan Senior Balance and (B) the ES Component Mortgage Loan Subordinate Balance exceed (ii) equal the Stated Principal Balance of the ES Component related Mortgage Loan or REO Loan or, if applicable, Replacement Mortgage Loan(s), as the case may be, that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the ES Component Mortgage Loan, then the ES Component Mortgage Loan Subordinate Balance of the ES Component Mortgage Loan Subordinate Components, beginning with the most subordinate of such components and thereafter in reverse alphabetical order, Such reductions shall be reduced until such excess or the related ES Component Mortgage Loan Subordinate Balance deemed to be an allocation of all the ES Component Mortgage Loan Subordinate Components are reduced to zero Realized Losses and Additional Trust Fund Expenses.
(whichever occurs first). b) On each Distribution Date, following the distributions payments deemed to be made to the Class SB Certificateholders on such date pursuant to Section 4.01(j), the Trustee shall determine with REMIC III in respect to the SB Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the SB Component Mortgage Loan Senior Balance and (B) the SB Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the SB Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the SB Component Mortgage Loan, then the SB Subordinate Mortgage Loan Subordinate Balance of the SB Component Mortgage Loan Subordinate Components, beginning with the most subordinate of such components and thereafter in reverse alphabetical order, shall be reduced until such excess or the related SB Subordinate Mortgage Loan Subordinate Balance of all the SB Component Mortgage Loan Subordinate Components are reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to the Class WB Certificateholders to be made on such date pursuant to Section 4.01(k), the Trustee shall determine the amount, if any, by which the (i) the Class Principal Balance of the Class WB Certificates exceeds (ii) the Stated Principal Balance of the Wellbridge Note B Loan that will be outstanding immediately following such Distribution Date. If such excess does exist, then the Class Principal Balance of the Class WB-D, Class WB-C, Class WB-B and Class WB-A Certificates shall be reduced, sequentially in that order until such excess or the related Class Principal Balance is been reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the REMIC II Regular Certificateholders, other than the Class ES, Class SB and Class WB Certificateholders Interests on such date pursuant to Section 4.01(b), the Trustee shall determine the amount, if any, by which (i) the then aggregate Certificate Uncertificated Principal Balance of the Sequential Pay Certificates REMIC II Regular Interests LA-1, LA-2, LB, LC, LD, LE, LF, LG, LH, LJ, LK, LL, LM, LN and LO exceeds (ii) an amount equal to the aggregate Stated Principal Balance of the Mortgage Pool (less the ES Component Mortgage Loan Subordinate Balance of the ES Component Mortgage Loan, the SB Component Mortgage Loan Subordinate Balance of the SB Component Mortgage Loan and the Stated Principal Balance of the Wellbridge Note B Loan) that will be outstanding immediately following such Distribution Date. If such excess does exist and was not allocated exist, then the respective Uncertificated Principal Balances of such REMIC II Regular Interests shall be reduced such that the Uncertificated Principal Balance of each REMIC II Regular Interest corresponds with the Certificate Principal Balance of the corresponding Class of Principal Balance Certificates outstanding after the subsequent adjustments made on such Distribution Date under Section 4.04(c) below.
(c) On each Distribution Date, following the distributions to be made to the Class ES Certificates and Certificateholders on such date pursuant to Section 4.01(c), the Class SB Trustee shall determine the amount, if any, by which (i) the then aggregate Certificate Principal Balance of the Principal Balance Certificates, as applicable and as described aboveexceeds (ii) the aggregate Stated Principal Balance of the Mortgage Pool that will be outstanding immediately following such Distribution Date. If such excess does exist, then the Class Principal Balances of the Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C and Class B Certificates shall be reduced sequentially, in that order order, in each case, until the first to occur of such excess being reduced to zero or the related Class Principal Balance is being reduced to zero (whichever occurs first)zero. If, after the foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds the amount described in clause (ii) of the second preceding sentence, then the respective Class Principal Balances of the Class A-1 Certificates and Class A-2 Certificates shall be reduced, pro rata in accordance with the relative sizes of the then outstanding Class Principal Balances of such Classes of Certificates, until the first to occur of such excess being reduced to zero or each such Class Principal Balance is being reduced to zero (whichever occurs first)zero. Such reductions in the Class Principal Balances of the respective Classes of the Sequential Pay Certificates, the Class ES Certificates, the Class SB Principal Balance Certificates or the Class WB Certificates, as applicable, shall be deemed to be allocations of Realized Losses and Additional Trust Fund Expenses, to the extent not covered by reductions in distributions of interest pursuant to the allocations set forth in Section 4.01(b).
(b) With respect to any Distribution Date, any Realized Losses or Additional Trust Fund Expenses allocated pursuant to Section 4.04(a) (other than with respect to the Class ES Certificates and the Class SB Certificates) with respect to such Distribution Date shall reduce the REMIC I Principal Balances of the REMIC I Regular Interests as a write-off and shall be allocated among the REMIC I Regular Interests in the same priority as the Class of Corresponding Certificates (in the case of Realized Losses or Additional Trust Fund Expenses on (i) the Class A-1 Certificates, first to the REMIC I Regular Interest LA-1-1, second to the REMIC I Regular Interest LA-1-2 and REMIC I Regular Interest LA-1-3, pro rata, third to the REMIC I Regular Interest LA-1-4 and REMIC I Regular Interest LA-1-5, pro rata, fourth to the REMIC I Regular Interest LA-1-6 and REMIC I Regular Interest LA-1-7, pro rata, fifth to the REMIC I Regular Interest LA-1-8 and REMIC I Regular Interest LA-1-9, pro rata, and then to the REMIC I Regular Interest LA-1-10 and REMIC I Regular Interest LA-1-11, pro rata, in each case, until reduced to zero, (ii) the Class A-2 Certificates, first to the REMIC I Regular Interest LA-2-1 and REMIC I Regular Interest LA-2-2, pro rata, and then to the REMIC I Regular Interest LA-2-3 and REMIC I Regular Interest LA-2-4, pro rata, in each case, until reduced to zero, (iii) the Class B Certificates to the REMIC I Regular Interest LB-1 and REMIC I Regular Interest LB-2, pro rata, until reduced to zero, (iv) the Class C Certificates, to the REMIC I Regular Interest LC-1 and REMIC I Regular Interest LC-2, pro rata, until reduced to zero, (v) the Class D Certificates, to the REMIC I Regular Interest LD-1 and REMIC I Regular Interest LD-2, pro rata, until reduced to zero, (vi) the Class E Certificates, to the REMIC I Regular Interest LE-1 and REMIC I Regular Interest LE-2, pro rata, until reduced to zero, (vii) the Class F Certificates, to the REMIC I Regular Interest LF-1 and the REMIC I Regular Interest LF-2, pro rata, until reduced to zero, (viii) the Class G Certificates, first to the REMIC I Regular Interest LG-1 and REMIC I Regular Interest LG-2, pro rata, and then to the REMIC I Regular Interest LG-3 and REMIC I Regular Interest LG-4, pro rata, in each case, until reduced to zero, (ix) the Class H Certificates, first to the REMIC I Regular Interest LH-1 and the REMIC I Regular Interest LH-2, pro rata, and then to the REMIC Regular Interest LH-3 and REMIC I Regular Interest LH-4, pro rata, in each case, until reduced to zero, (x) the Class J Certificates, first to the REMIC I Regular Interest LJ-1 and REMIC I Regular Interest LJ-2, pro rata, and then to the REMIC I Regular Interest LJ-3 and REMIC I Regular Interest LJ-4, pro rata, in each case, until reduced to zero, (xi) the Class K Certificates, first to the REMIC I Regular Interest LK-1 and REMIC I Regular Interest LK-2, pro rata, and then to the REMIC I Regular Interest LK-3 and REMIC I Regular Interest LK-4, pro rata, in each case, until reduced to zero and (xii) the Class L Certificates, to the REMIC I Regular Interest LL-1 and REMIC I Regular Interest LL-2, pro rata, until reduced to zero). Realized Losses or Additional Trust Fund Expenses allocable to the ES Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class ES Certificates have been reduced to zero, reduce the related Uncertificated Principal Balances of the related ES Component Mortgage Loan REMIC Senior Regular Interest corresponding to the Corresponding ES Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the SB Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class SB Certificates have been reduced to zero, reduce the related Uncertificated Principal Balances of the related SB Component Mortgage Loan REMIC Senior Regular Interest corresponding to the Corresponding SB Component Mortgage Loan Senior Component. For the avoidance of doubt, no Additional Trust Fund Expenses and/or Realized Losses suffered by the Trust Fund shall be allocable (x) to the Class ES Certificates if such Additional Trust Fund Expenses and/or Realized Losses were not attributable to the ES Component Mortgage Loan, (y) to the Class SB Certificates if such Additional Trust Fund Expenses and/or Realized Losses were not attributable to the SB Component Mortgage Loan, or (z) to the Class WB Certificates if such Additional Trust Fund Expenses and/or Realized Losses were not attributable to the Wellbridge Note B Loan.144
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)