Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows: (i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and (ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and (iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and (b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and (c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”). (d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows: (i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and (ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii). (e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows: (i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and (ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-2), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-2), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-2)
Allocation of Realized Losses. (a) On or prior With respect to each any Distribution Date, the Master Servicer shall determine the total amount principal portion of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses (other than Debt Service Reductions) occurring on the with respect to Group I Mortgage Loans shall and Group II Mortgage Loans will be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO Certificates, B-6 Certificates until the Class B-6 Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero; second, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 B-5 Certificates until the Certificate Class B-5 Principal Balance of Component 1-A-5-1 has been reduced to zero; third, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 B-4 Certificates until the Certificate Class B-4 Principal Balance of Component 1-A-5-2 has been reduced to zero; fourth, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 B-3 Certificates until the Certificate Class B-3 Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable zero; fifth, to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 B-2 Certificates until the Certificate Class B-2 Principal Balance of Component 1-A-5-4 has been reduced to zero providedzero; sixth, further, that any Realized Loss allocated to the Class 1-A-5 CertificatesB-1 Certificates until the Class B-1 Principal Balance has been reduced to zero; and seventh, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iiii) the applicable Non-PO Percentage (and with respect to Collateral such losses occurring with respect to Group 1 and Collateral Group 2I Mortgage Loans, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) to the Group 1 I-A Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (Bii) each Class with respect to such losses occurring with respect to Group II Mortgage Loans, to the Group II-A Certificates. This allocation of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in Realized Losses will be effected through the case reduction of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class applicable Class's Principal Balances)); andBalance.
(b) The Class Principal Balance of the Any Realized Losses allocated to a Class of Subordinate Class A Certificates then outstanding with the highest numerical or Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO B Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority thirdshall be allocated among the Certificates of such Class based on their Percentage Interests.
(c) With respect to any Distribution Date, sub-clause (ii) the interest portion of Realized Losses occurring with respect to Group I Mortgage Loans and (ii) Group II Mortgage Loans will be allocated after the amount, if any, by which Subordination Depletion Date among the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 I-A and Group 2 Certificates (other than the II-A Certificates, respectively, based on their Group I-A Interest Only Percentage and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the II-A Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”)Percentage.
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, allocated in accordance with this Section 4.02 will be increased, allocated as follows:
: (i) firstLiquidated Loan Losses on Liquidated Loans for which the Liquidation Proceeds were received during, up to the amount of the Nonand Bankruptcy Losses incurred in a period corresponding to, an Unscheduled Principal Receipt Period for Full Unscheduled Principal Receipts that is a Mid-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause Month Receipt Period will be allocated to increase on the Class Principal Balance of Determination Date in the Class 1month following the month in which such Mid-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component Month Receipt Period ended and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) secondLiquidated Loan Losses on Liquidated Loans for which the Liquidation Proceeds were received during, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i)and Bankruptcy Losses incurred in a period corresponding to, the Class an Unscheduled Principal Balance of each Class of Subordinate Certificates, in order of seniority, Receipt Period for Full Unscheduled Principal Receipts that is a Prior Month Receipt Period will be increased, by allocated on the amount of Determination Date in the excess, if any, of (x) unrecovered Realized Losses previously allocated to each second month following the month which is such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii)Prior Month Receipt Period.
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount principal portion of any Recovery on a Mortgage Loan received during the calendar month prior Realized Losses and recoveries attributable to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates previously allocated Realized Losses allocated pursuant to this Section 4.03(e4.02 will be allocated to each Uncertificated Lower-Tier Interest as provided in Section 4.01(a)(iii).
(f) shall not reduce With respect to any Distribution Date, the Class Principal Balance interest portion of such ClassRealized Losses allocated pursuant to this Section 4.02 will be allocated to each Uncertificated Lower-Tier Interest as provided in Section 4.01(a)(iii).
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Wells Fargo Mortgage Backed Securities Series 2004-R Trust), Pooling and Servicing Agreement (Wells Fargo Mortgage Backed Securities Series 2004-P Trust), Pooling and Servicing Agreement (Wells Fargo Asset Sec Corp Mort Pass THR Certs Ser 2003-L)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Securities Administrator shall aggregate the loan-level information provided by the Master Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, Realized Losses that occurred during the related prepayment period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Certificate Principal Balance of each such Class is reduced to zero; and
(A) with respect such losses related to Loan Group 1 Mortgage Loans, and second to the Senior Class A-1A, Class A-1B and Class A-R Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) X-2 PO-1 Component, pro rata based upon their respective Class Principal Balances (orrata, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Certificate Principal Balance or Component Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, that (A) the Class A-1B Certificates will bear the principal portion of all realized losses allocable to the Class 1-A-1 CertificatesA-1A Certificates for so long as the Class A-1B Certificates are outstanding;
(B) with respect such losses related to Loan Group 2 Mortgage Loans, under this paragraphto the Class A-2A and Class A-2B Certificates and the X-2 PO-2 Component, will instead be allocated to Component 1-A-5-1 pro rata, until the Class Certificate Principal Balance or Component Principal Balance of such Class or Component 1-A-5-1 has been is reduced to zero; provided, (B) however, the Class A-2B Certificates will bear the principal portion of all realized losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to A-2A Certificates for so long as the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal BalancesA-2B Certificates are outstanding; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(bc) The Class Certificate Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Certificate Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(d) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Principal Balance of a Class of Certificates pursuant to Section 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar1), Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar1), Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar2)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the principal portion related Applicable Fraction) of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class 30-PO Certificates, in the case of a Realized Loss occurring on any Discount Mortgage Loan in any Collateral Group 1 or Collateral Group 3, or the Class 15-PO Certificates, in the case of a Realized Loss occurring on any Discount Mortgage Loan in any Collateral Group 4, in each case, until the Class Principal Balance of the such Class of Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and zero, (D) the losses allocable to the Class 1-A-4 A-2 Certificates, under this paragraph, will instead be allocated to Component the Class 1-A-5-4 A-14 Certificates until the Certificate Principal Balance of Component the Class 1-A-5-4 A-14 Certificates has been reduced to zero zero, (E) the losses allocable to the Class 1-A-6 Certificates, under this paragraph, will instead be allocated to the Class 1-A-7 Certificates until the Certificate Principal Balance of the Class 1-A-7 Certificates has been reduced to zero, (F) the losses allocable to the Class 1-A-11 Certificates, under this paragraph, will instead be allocated to the Class 1-A-12 Certificates until the Certificate Principal Balance of the Class 1-A-12 Certificates has been reduced to zero, and (G) the losses allocable to the Class 3-A-1 Certificates, under this paragraph, will instead be allocated to the Class 3-A-2 Certificates until the Certificate Principal Balance of the Class 3-A-2 Certificates has been reduced to zero; provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 2 and Component 1-A-5-43, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and Loan, (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan, (3) the Group 3 Certificates, in the case of an Excess Loss on a Group 3 Mortgage Loan and (4) the Group 4 Certificates, in the case of an Excess Loss on a Group 4 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class 15-PO in respect of any PO Deferred Amounts for Collateral Group 4, and the amount of any payments on the Class 30-PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 and Collateral Group 3 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 1, Group 2, Group 3 and Group 2 4 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates (other than the Class 1-A-5 Certificates) and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates and the Class 1-A-5 Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii4.03(d)(ii)(A).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) (A) to the Class 15-PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 14 and (B) to the Class 30-PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1 and Collateral Group 3; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-1), Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-1), Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-1)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of (with respect to Collateral Group 1, multiplied by the principal portion related Applicable Fraction) of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, Certificates until the Class Certificate Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (Percentage, with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion , of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Certificate Principal Balance of each such Class is reduced to zero, and second to the Senior Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including other than the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Certificate Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Certificate Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, A-2 and Class 1-A-3 Certificates under this paragraph, paragraph will instead be allocated to Component the Class 1-A-5A-4 Certificates (in addition to other losses allocated to the Class 1-1 A-4 Certificates), pro rata, until the their respective Certificate Principal Balance of Component 1-A-5-1 has Balances have been reduced to zero, and (B) the losses allocable to the Class 12-A-2 Certificates, A-3 and Class 2-A-4 Certificates under this paragraph, paragraph will instead be allocated to Component 1Class 2-A-5A-5 Certificates (in addition to other losses allocated to the Class 2-2 A-5 Certificates), until the their respective Certificate Principal Balance of Component 1-A-5-2 has Balances have been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in contributing to any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and contributing to Collateral Group 1, (2) the Group 2 Certificates, in the case of an Excess Loss on a Mortgage Loan contributing to Collateral Group 2 and (3) the Group 3 Certificates, in the case of an Excess Loss on a Pool 2 Mortgage Loan (other than, in each case, than the related Class PO Certificates and the Interest Only Certificates in the case of such Certificate the Group 1 Certificates and the related Class of Class PO Group 2 Certificates, respectively); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Certificate Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)Loss); and
(b) The Class Certificate Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) ), and (ii) the amount, if any, by which the aggregate of the Class Certificate Principal Balances of all outstanding Classes of Group 1 1, Group 2 and Group 2 3 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Certificate Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Certificate Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or ComponentClass, if any any, over (y) amounts previously applied to the increase of the Class Certificate Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Certificate Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Certificate Principal Balance of such Class pursuant to this Section 4.03(d)(ii4.03(d)(ii)(4).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, an amount equal to the PO Percentage, Percentage multiplied by the related Applicable Fraction, Fraction of any Recovery on any Mortgage Loan in contributing to Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group or Certificate Groups corresponding to the Collateral Group of to which the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Certificate Principal Balance of such Class.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-3), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-3)
Allocation of Realized Losses. (a) On or any Distribution Date, (x) the applicable AP Percentage of the principal portion of each Realized Loss (other than any Excess Loss) in respect of a Mortgage Loan in each Mortgage Pool will be allocated to the related Class of Principal Only Certificates until the Class Principal Amount thereof has been reduced to zero; and (y) the applicable Non-AP Percentage of the principal portion of each Realized Loss (other than any Excess Loss) in respect of a Mortgage Loan shall be allocated in the following order of priority: first, to the Class B6 Certificates, until the Class Principal Amount thereof has been reduced to zero; second, to the Class B5 Certificates, until the Class Principal Amount thereof has been reduced to zero; third, to the Class B4 Certificates, until the Class Principal Amount thereof has been reduced to zero; fourth, to the Class B3 Certificates, until the Class Principal Amount thereof has been reduced to zero; fifth, to the Class B2 Certificates, until the Class Principal Amount thereof has been reduced to zero; sixth, to the Class B1 Certificates, until the Class Principal Amount thereof has been reduced to zero; and seventh, to the Classes of Senior Certificates of the related Certificated Group, pro rata, in accordance with their Class Principal Amounts; provided, that any such loss allocated to any Class of Accrual Certificates shall be allocated (subject to Section 5.03(c)) on the basis of the lesser of (x) the Class Principal Amount thereof immediately prior to each the applicable Distribution Date and (y) the Class Principal Amount thereof on the Closing Date (as reduced by any Realized Losses previously allocated thereto).
(b) With respect to any Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Non-AP Percentage of the principal portion of any Excess Loss in respect of a Mortgage Loan shall be allocated, pro rata, to the Subordinate Certificates (without regard to which Mortgage Pool experienced the loss) and the Group 1 Certificates and Group 2 Certificates (without regard to whether the Realized Loss was realized by Pool 1 or Pool 2) and on the basis of the Apportioned Principal Balances of the Classes of Subordinate Certificates and Class Principal Amounts of the Senior Certificates; provided, that any Discount Mortgage Loan, including such loss allocated to any Excess Loss, Class of Accrual Certificates (and any Accrual Component) shall be allocated (subject to Section 5.03(c)) on the Class PO Certificates, until basis of the lesser of (x) the Class Principal Balance of Amount thereof immediately prior to the applicable Distribution Date and (y) the Class PO Certificates is Principal Amount thereof on the Closing Date (as reduced to zero; and
(ii) the by any Realized Losses previously allocated thereto). The applicable Non-PO AP Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall Loss in a Mortgage Pool will be allocated first applied to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the related Class of Subordinate Principal Only 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component Amount thereof has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(c) Any allocation of Realized Losses allocated to a Certificate or a Component or any reduction in the Certificate Principal Balance Class of a Certificate or a Component Certificates pursuant to Section 4.03(a5.03(a) or (b) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Principal Amounts. Any allocation of Realized Losses pursuant to this paragraph (c) shall be accomplished by reducing the Certificate Principal Balance Amount of such Certificate or Component immediately following the distributions made related Certificates on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”Section 5.03(d).
(d) Prior Realized Losses allocated in accordance with this Section 5.03 shall be allocated on the Distribution Date in the month following the month in which such loss was incurred and, in the case of the principal portion thereof, after giving effect to distributions made on such Distribution Date, except that the aggregate amount of Realized Losses to be allocated to the Cross-Over Principal Only Certificates on such Distribution Date will be taken into account in determining distributions in respect of any related Class AP Deferred Amount for such date.
(e) On each Distribution Date, with the Subordinate Certificate Writedown Amount for such date shall effect a corresponding reduction in the Certificate Principal Amount of the lowest ranking Class of outstanding Subordinate Certificates, which reduction shall occur on such Distribution Date after giving effect to distributions made on such Distribution Date.
(f) 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 any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and Certificates, each outstanding Class to which any portion of such Realized Loss had previously been allocated shall be entitled to receive, on the aggregate Certificate Distribution Date in the month following the month in which such recovery is received, its pro rata share (based on the Class Principal Balance Amount thereof) of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) firstsuch recovery, up to the amount of the Non-PO Recoveries portion of such Realized Loss previously allocated to such Class. In the event that the total amount of such recovery exceeds the amount of Realized Loss allocated to the outstanding Classes in accordance with respect to any Collateral Groupthe preceding provisions, the Class Principal Balance of each outstanding Class of Senior Certificates (other than shall be entitled to receive its pro rata share of the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance amount of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rataexcess, up to the amount of the excess, if any, of (x) any unrecovered Realized Losses Loss previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of . Any such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution recovery allocated to a Class of Certificates shall not further reduce the Certificate Principal Amount of such Certificate. Any such amounts not otherwise allocated to any Class of Certificates, pursuant to this Section 4.03(e) subsection shall not reduce the Class be treated as Principal Balance Prepayments for purposes of such Classthis Agreement.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2001-10a), Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2001 3a)
Allocation of Realized Losses. (a) On or prior to each Distribution Determination Date, the Master Servicer Trustee shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth belowLosses, with respect to each related Distribution Date. Realized Losses occurring on the Mortgage Loans with respect to a Loan Group and any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated to the related Class PO Certificates, Component until the Class Principal its Component Balance of the Class PO Certificates is reduced to zero; and
(ii) (A) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an any Excess Loss) on the Mortgage Loans in a Loan Group in an Aggregate Loan Group shall be allocated first to the Subordinate related Classes of Subordinated Certificates in the related Subordinated Certificate Group in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Subordinated Certificates in such Subordinated Certificate Group then outstanding with the highest numerical Class designation) until the respective Class Principal Certificate Balance of each such Class is reduced to zero, and second to the related Classes of Senior Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Senior Certificate Group (not including other than any Notional Amount Certificates and the related Interest Only and the Class PO Certificates) and Class A-X Component), pro rata based upon on the basis of their respective Class Principal Balances (orCertificate Balances, with respect in each case immediately prior to the Componentsrelated Distribution Date, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the respective Class Principal Certificate Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, except that (A) the losses allocable applicable Non-PO Percentage of any Realized Losses on the Group 1 Mortgage Loans that would otherwise be allocated to the Class 1-A-1 Certificates, under this paragraph, Certificates will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 Certificates until the its Class Certificate Principal Balance of Component 1-A-5-2 has been is reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Realized Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in Mortgage Loans that would otherwise be allocated to the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, Class 2-A-1 Certificates will instead be allocated to the related Interest Only Class 2-A-2 Certificates of such until its Class Certificate Group Balance is reduced to zero; and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their proapplicable Non-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided Group 3 Mortgage Loans that no Realized Loss with respect to any Collateral Group shall would otherwise be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) 3-A-1, Class 3-A-2 and Class 3-A-3 Certificates will instead be allocated to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 13-A-5 Certificates under this clause will be allocated until its Class Certificate Balance is reduced to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii)zero.
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Residential Asset Securitization Trust 2006-A1), Pooling and Servicing Agreement (Residential Asset Securitization Trust 2006-A1)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, in the case of a Realized Loss occurring on any Discount Mortgage Loan, in each case, until the Class Principal Balance of the such Class of Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 A-6 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1A-6-A-5-2 1 until the Certificate Principal Balance of Component 1-A-5A-6-2 1 has been reduced to zero, zero and (CB) the losses allocable to the Class 1-A-3 A-5 Certificates, under this paragraph, will instead be allocated to Component 1A-6-A-5-3 2 until the Certificate Principal Balance of Component 1A-6-A-5-3 2 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero zero; provided, further, that any Realized Loss allocated to the Class 1-A-5 A-6 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1A-6-A-5-1, 1 and Component 1-A-5A-6-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan Certificates (other than, in each case, than the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 Amounts, pursuant to Section 4.02(a) priority third, sub-clause (iii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates (other than the Class A-6 Certificates) and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Groupany, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates and the Class A-6 Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(iA) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1i; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received), pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-1), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-1)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of (A) any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero, zero and second (1) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Senior Certificates (or in the case Classes of the Class 1-A-5 Group 1 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or zero; (2) with respect to such losses occurring with respect to Group 2 Mortgage Loans, to the aggregate Certificate Classes of Group 2 Certificates, pro rata, on the basis of their respective Class Principal Balances immediately prior to the related Distribution Date until the Class Principal Balance of each such Component Class has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) losses allocable to the Class PO 2-A-1 Certificates under this paragraph will instead be allocated to the Class 2-A-2 Certificates (in addition to other losses borne by such Certificates) until the Class Principal Balance of the Class 2-A-2 Certificates has been reduced to zero; and (3) with respect to such losses occurring with respect to Group 3 Mortgage Loans, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Group 3 Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, on the amount basis of the Recovery (with respect their respective Class Principal Balances immediately prior to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant Distribution Date until the Class Principal Balance of each such Class has been reduced to the preceding clause (i)zero; provided, however, that any distribution on or after the Cross-Over Date, the losses allocable to a the Class of 3-A-1 Certificates pursuant under this paragraph will instead be allocated to this Section 4.03(ethe Class 3-A-2 Certificates (in addition to other losses borne by such Certificates) shall not reduce until the Class Principal Balance of such Classthe Class 3-A-2 Certificates has been reduced to zero.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-10), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-10)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Securities Administrator shall aggregate the loan-level information provided by the Master Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on if any, with respect to the Mortgage Loans for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, Realized Losses that occurred during the related Prepayment Period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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, and second to the Senior Certificates (or in the case of the Class 1A1A, Class A1B, Class A1C, Class PO and Class A-A-5 R Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (orrata, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, that (A) the losses Class A1C Certificates will bear the principal portion of all Realized Losses allocable to the Class 1-A-1 CertificatesA1A and Class A1B Certificates for so long as the Class A1A and Class A1B Certificates are outstanding; provided, under this paragraphfurther, the Class A1B Certificates will instead be allocated to Component 1-A-5-1 until bear the Certificate Principal Balance principal portion of Component 1-A-5-1 has been reduced to zero, (B) the losses all Realized Losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to A1A Certificates for so long as the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal BalancesA1A Certificates are outstanding; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(bc) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(d) 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 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Luminent Mortgage Trust 2006-2), Pooling and Servicing Agreement (Luminent 2006-4)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses Losses, and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of Percentage, multiplied by the principal portion Applicable Fraction, of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2Percentage, multiplied by the related Applicable Fraction) of the principal portion , of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including other than the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 CertificatesA-8, Class 1-A-9 and Class 1-A-10 Certificates under this paragraph, paragraph will instead be allocated to Component Class 1-A-5-1 A-12 Certificates until the Certificate Principal Balance of Component the Class 1-A-5-1 A-12 Certificates has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion Fraction of any Excess Losses occurring on any Mortgage Loan in any either Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and contributing to Collateral Group 1, (2) the Group 2 Certificates, in the case of an Excess Loss on a Mortgage Loan contributing to Collateral Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (ix) the amount of any payments on the Class PO Certificates in respect of any Group 1 PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (iiy) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any either Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or ComponentClass, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, increased by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, an amount equal to the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) Fraction remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-2), Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-2)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated (a) to the Class 1-PO CertificatesCertificates in the case of a Realized Loss occurring on a Group 1 Mortgage Loan, (b) to the Class 2-PO Certificates in the case of a Realized Loss occurring on a Group 2 Mortgage Loan and (c) to the Class 3-PO Certificates in the case of a Realized Loss occurring on a Group 3 Mortgage Loan, in each case until the Class Principal Balance of the such Class PO Certificates is reduced to zero; and
(ii) (A) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Junior Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Junior 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 (1) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Senior Classes of Group 1 Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Principal Only Certificates and Interest Only and the Class PO Certificates) ), pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) that, after the Cross-Over Date, the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of long as the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated has not been reduced to increase zero; (2) with respect to such losses occurring with respect to Group 2 Mortgage Loans, to the Classes of Group 2 Certificates (not including the related Principal Only Certificates and Interest Only Certificates), pro rata on the basis of their respective Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up Balances immediately prior to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), Distribution Date until the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant has been reduced to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or zero; provided, however, that, after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) losses allocated to the Class PO 2-A-10 Certificates, under this paragraph, will instead be allocated to the PO PercentageClass 2-A-15 Certificates as long as the Class Principal Balance of the Class 2-A-15 Certificates has not been reduced to zero and after the Cross-Over Date, multiplied by the related Applicable Fractionlosses allocated to the Class 2-A-13 Certificates, under this paragraph, will instead be allocated to the Class 2-A-14 Certificates as long as the Class Principal Balance of any Recovery on any the Class 2-A-14 Certificates has not been reduced to zero; and (3) with respect to such losses occurring with respect to Group 3 Mortgage Loan in Collateral Group 1; and
(ii) Loans, to the Classes of Senior Group 3 Certificates (other than not including the Class PO related Principal Only Certificates and Interest Only Certificates) ), pro rata on the basis of the Certificate Group corresponding their respective Class Principal Balances immediately prior to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce Distribution Date until the Class Principal Balance of each such Class.Class has been reduced to zero; and
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-7), Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-7)
Allocation of Realized Losses. (a) On or prior to each Distribution Determination Date, the Master Servicer Trustee shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth belowLosses, with respect to each related Distribution Date. Realized Losses occurring on the Mortgage Loans with respect to a Collateral Allocation Group and any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, on a Discount Mortgage Loan shall be allocated to the Class PO Certificates, Certificates until the its Class Principal Certificate Balance of the Class PO Certificates is reduced to zero; and
(ii) (A) (x) the applicable Non-PO Percentage (with respect to of the Applicable Fraction for Collateral Allocation Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an any Excess Loss) on the Mortgage Loans in Collateral Allocation Group 1 and (y) the Applicable Fraction for Collateral Allocation Group 2 of any Realized Loss (other than any Excess Loss) on the Mortgage Loans shall be allocated first to the Subordinate Subordinated Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Certificate Balance of each such Class is reduced to zero, and second to the Classes of Senior Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Senior Certificate Group (not including the related Interest Only other than any Notional Amount Certificates and the Class PO Certificates) ), pro rata based upon on the basis of their respective Class Principal Balances (orCertificate Balances, with respect in each case immediately prior to the Componentsrelated Distribution Date, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the respective Class Principal Certificate Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, except that (Ax) the losses allocable any Realized Losses that would otherwise be allocated to the Class 1-A-1 Certificates, under this paragraph, Certificates will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 Certificates until the its Class Certificate Principal Balance of Component 1-A-5-4 has been is reduced to zero providedzero, further, that and (y) any Realized Loss Losses that would otherwise be allocated to the Class 12-A-1, Class 2-A-2 and Class 2-A-4 Certificates will be allocated to the Class 2-A-5 Certificates as follows: the first $3,773,000 of Realized Losses allocated to the Class 2-A-1 Certificates will be allocated to the Class 2-A-5 Certificates, other than in accordance with the preceding proviso, first $1,598,000 of Realized Losses allocated to the Class 2-A-2 Certificates will be allocated between Component 1to the Class 2-A-5A-5 Certificates and the first $232,000 of Realized Losses allocated to the Class 2-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall A-4 Certificates will be allocated among (A) (1) to the Group 1 Class 2-A-5 Certificates, in each case until the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Class Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 12-A-5 Certificates under this clause will be allocated is reduced to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.zero;
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Residential Asset Securitization Trust 2006-A14cb), Pooling and Servicing Agreement (Residential Asset Securitization Trust 2006-A14cb)
Allocation of Realized Losses. (a) On or prior to each Distribution Determination Date, the Master Servicer Trustee shall determine the total amount of Realized Losses, including Excess Losses and with respect to the allocation of such total amount as set forth belowrelated Distribution Date. Realized Losses occurring on the Mortgage Loans with respect to any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and[Reserved]
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Any Realized Loss with respect to any on the Mortgage Loans in a Loan (other than an Excess Loss) Group shall be allocated first (1) first, to the Subordinate related Subordinated Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Subordinated Certificates then outstanding in the related Certificate Group with the highest numerical Class designation) until the respective Class Certificate Balance or Component Principal Balance of each such Class is reduced to zero, and second (2) second, to the Senior Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Senior Certificate Group (not including other than any Notional Amount Components), if applicable, pro rata, on the related Interest Only and the Class PO Certificates) pro rata based upon basis of their respective Class Principal Balances (orCertificate Balances, with respect in each case immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the respective Class Principal Certificate Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, that (A) any Realized Losses on the losses Group 1 Mortgage Loans that are otherwise allocable to the Class 1-A-1 Certificates, under this paragraph, Certificates will instead be allocated first to Component the Class 1-A-5-1 until the A-3 Certificates, its Class Certificate Principal Balance of Component 1-A-5-1 has been is reduced to zero, (B) the losses allocable and then to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the its Class Certificate Principal Balance of Component 1-A-5-2 has been is reduced to zero, (CB) any Realized Losses on the losses Group 1 Mortgage Loans that are otherwise allocable to the Class 1-A-2 Certificates will instead be allocated to the Class 1-A-3 Certificates, under this paragraphuntil its Class Certificate Balance is reduced to zero, (C) any Realized Losses on the Group 2 Mortgage Loans that are otherwise allocable to the Class 2-A-1 Certificates will instead be allocated first to the Class 2-A-2 Certificates, until its Class Certificate Balance is reduced to zero, and then to the Class 2-A-3 Certificates, until its Class Certificate Balance is reduced to zero, and (D) any Realized Losses on the Group 2 Mortgage Loans that are otherwise allocable to the Class 2-A-2 Certificates will instead be allocated to Component 1the Class 2-A-5-3 A-3 Certificates, until the its Class Certificate Principal Balance of Component 1-A-5-3 has been is reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); andzero.
(b) The Class Principal Certificate Balance of the Class of Subordinate Subordinated Certificates in a Certificate Group then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances Certificate Balance in that Certificate Group of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool Stated Principal Balance for of the following related Loan Group as of the last day of the Prepayment Period related to such Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Balance of a Class of Certificates pursuant to Section 4.04(b) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation of Realized Losses to a Certificate or a to any Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b4.04(b) above shall be accomplished by reducing the Certificate Principal Balance, Component Balance of such Certificate or Component Subordinated Portion thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce ," "Component Balance" or "Subordinated Portion," as the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”)case may be.
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2005-17), Pooling and Servicing Agreement (Alternative Loan Trust 2005-17)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of (A) any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero, zero and second (1) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Senior Certificates (or in the case Classes of the Class 1-A-5 Group 1 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or zero; (2) with respect to such losses occurring with respect to Group 2 Mortgage Loans, to the aggregate Certificate Classes of Group 2 Certificates, pro rata, on the basis of their respective Class Principal Balances immediately prior to the related Distribution Date until the Class Principal Balance of each such Component Class has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) losses allocable to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) 2-A-1 Certificates under this paragraph will instead be allocated to the Classes of Senior Class 2-A-2 Certificates (in addition to other than the Class PO Certificates and Interest Only losses borne by such Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce until the Class Principal Balance of the Class 2-A-2 Certificates has been reduced to zero; (3) with respect to such Classlosses occurring with respect to Group 3 Mortgage Loans, to the Class 3-A-1 Certificates; (4) with respect to such losses occurring with respect to Group 4 Mortgage Loans, to the Class 4-A-1 Certificates; (5) with respect to such losses occurring with respect to Group 5 Mortgage Loans, to the Class 5-A-1 Certificates; (6) with respect to such losses occurring with respect to Group 6 Mortgage Loans, to the Group 6 Certificates (not including the Interest-Only Certificates); (7) with respect to such losses occurring with respect to Group 7 Mortgage Loans, to the Class 7-A-1 Certificates; (8) with respect to such losses occurring with respect to Group 8 Mortgage Loans, to the Class 8-A-1 Certificates; and (9) with respect to such losses occurring with respect to Group 9 Mortgage Loans, to the Class 9-A-1 Certificates.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-15), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-15)
Allocation of Realized Losses. (a) On or prior to each Distribution Determination Date, the Master Servicer Trustee shall determine the total amount of Realized Losses, including Excess Losses Losses, with respect to the related Distribution Date. For purposes of allocating losses to a Group of Subordinated Certificates, the related Class of Class M Certificates will be deemed to have a lower numerical class designation, and the allocation to be of such total amount as set forth belowa higher relative payment priority, than each other Class of Subordinated Certificates in that Loan Group. Realized Losses occurring on the Mortgage Loans with respect to any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated to the Class PO CertificatesPO-1 Component, if such Realized Loss relates to a Loan Group 1 Mortgage Loan until the Class Principal Component Balance of thereof is reduced to zero, to the Class PO Certificates PO-2 Component, if such Realized Loss relates to a Loan Group 2 Mortgage Loan until the Component Balance thereof is reduced to zero and to the Class PO-3 Component, if such Realized Loss relates to a Loan Group 3 Mortgage Loan until the Component Balance thereof is reduced to zero; and
(iiA) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate applicable Subordinated Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Subordinated Certificates in that Group then outstanding with the highest numerical Class designation) until the respective Class Principal Certificate Balance of each such Class is reduced to zero, and second to the related Senior Certificates (or in the case of the Class 1-A-5 other than any Notional Amount Certificates, the Components thereof) of if applicable, and the related Certificate Group (not including the related Interest Only and the Class PO Certificates) Component), pro rata based upon on the basis of their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable applicable Non-PO Percentage of any Realized Losses other than Excess Losses on the Mortgage Loans in Loan Group 1 that would otherwise be allocated to the Class 1-A-1 A-10 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 A-11 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the its Class Certificate Principal Balance of Component 1-A-5-2 has been is reduced to zero; and, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that in the case of any Realized Loss allocated Class of Accrual Certificates, on the basis of the lesser of their Class Certificate Balance and their initial Class Certificate Balance, in each case immediately prior to the related Distribution Date until the respective Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal BalancesBalance of each such Class is been reduced to zero; and
(iiiB) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any the Mortgage Loans in a Loan in any Collateral Group shall be allocated among to the Classes of Certificates of the related Senior Certificate Group (A) (1) the Group 1 other than any Notional Certificates, if applicable, and the related Class PO Component) and the related Subordinated Certificates then outstanding, pro rata, on the basis of, with respect to such Senior Certificates, their respective Class Certificate Balances, or in the case of an any Class of Accrual Certificates, on the basis of the lesser of its Class Certificate Balance and its initial Class Certificate Balance, in each case immediately prior to the related Distribution Date and, with respect to each Class of Group C-B Certificates, the applicable Assumed Balance for each such Class relating to the Loan Group in which such Realized Loss occurs; provided, however, on any Distribution Date after a Senior Termination Date for Group 2 or Group 3 Certificates, such Excess Loss Losses on a the Mortgage Loans in the related Loan Group 1 Mortgage Loan will be allocated to the Group C-B Certificates on the basis of their respective Class Certificate Balances; and (2) provided further that after the Senior Credit Support Depletion Date, such Excess Losses shall be allocated to the Group 2 Certificatesand Group 3 Certificates (other than the related Class PO Components) regardless of Group on the basis of their respective initial Class Certificate Balances, or in the case of an Excess Loss any Class of Accrual Certificates, on a Group 2 Mortgage Loan (other thanthe basis of the lesser of its Class Certificate Balance and its initial Class Certificate Balance, in each case, case immediately prior to the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); andDate.
(b) The Class Principal Certificate Balance of the Class of Subordinate Subordinated Certificates in the applicable Group then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any Class PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Certificate Balances of all outstanding Loan Group 2 and Loan Group 3 Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to and Class PO Deferred Amounts on the Discount Mortgage LoansLoans in the related Loan Group on such Distribution Date) exceeds the Aggregate Pool Stated Principal Balance for the applicable Loan Group or Loan Groups for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Balance of a Class of Certificates pursuant to Section 4.04(a) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation of Realized Losses to a Certificate or a to any Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b4.04(a) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component Balance thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce " or "Component Balance," as the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”)case may be.
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (CWMBS Inc)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Trustee shall aggregate the loan-level information provided by the Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, Realized Losses that occurred during the related prepayment period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Certificate Principal Balance of each such Class is reduced to zero; and
(A) with respect to such losses related to Loan Group 1 Mortgage Loans, and second to the Senior Certificates (or in the case of the Class 1-A-5 CertificatesA-1A, the Components thereof) of the related Certificate Group (not including the related Interest Only Class 1-A-1B and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the A-R Certificates and PO-1A and PO-2A Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date pro rata, until the Class Certificate Principal Balance or Component Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, that (A) the Class 1-A-1B Certificates will bear the principal portion of all realized losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component A-1A Certificates for so long as the Class 1-A-5A-1B Certificates are outstanding; and
(B) with respect to such losses related to Loan Group 2 Mortgage Loans, to the Class 2-1 A-1A, Class 2-A-1B and Class 2-A-1C Certificates and PO-1B and PO-2B Components, pro rata, until the Class Certificate Principal Balance or Component Principal Balance of each such Class or Component 1-A-5-1 has been is reduced to zero; provided, (B) the however, that all losses allocable to the Class 12-A-2 CertificatesA-1A, under this paragraph, Class 2-A-1B and Class 2-A-1C Certificates will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable sequentially to the Class 12-A-3 CertificatesA-1C, under this paragraph, will instead be allocated to Component 1Class 2-A-5A-1B and Class 2-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 A-1A Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificatesthat order, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only for so long as such Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); andare outstanding.
(bc) The Class Certificate Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Certificate Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(d) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Principal Balance of a Class of Certificates pursuant to Section 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-5), Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Allocation of Realized Losses. (a) On or prior to each Distribution Determination Date, the Master Servicer Trustee shall determine the total amount of Realized LossesLosses with respect to the related Distribution Date. For purposes of allocating losses to the Subordinated Certificates, including Excess Losses the Class M-1 Certificates will be deemed to have a lower numerical Class designation, and the allocation to be of such total amount as set forth belowa higher relative payment priority, than any other Class of Subordinated Certificates. Realized Losses occurring on the Mortgage Loans with respect to any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount a Mortgage Loan, including any Excess Loss, Loan in a Loan Group shall be allocated to the related Class PO CertificatesComponent, until the Class Principal Component Balance of the Class PO Certificates thereof is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Subordinated Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Certificate Balance of each such Class is reduced to zero, and second second, to the Class M-A Certificates, until its respective Class Certificate Balance, and third, to the Classes of Senior Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only other than any Notional Amount Certificates and the Class PO Certificates) ), pro rata based upon on the basis of their respective Class Principal Certificate Balances (or, with respect in the case of any Class of Accrual Certificates or Accrual Component, on the basis of the lesser of their respective Class Certificate Balances or Component Balance, as applicable, and their respective initial Class Certificate Balances or Component Balance, as applicable, in each case immediately prior to the Componentsrelated Distribution Date, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the respective Class Principal Certificate Balance or Component Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, that (Ai) the losses allocable to Non-PO Percentage of any Realized Losses on the Class 1-A-1 Certificates, under this paragraph, will instead Mortgage Loans in Loan Group 1 that would otherwise be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates will instead be allocated, pro rata, to the Class 1-A-6 Certificates, under this paragraph, until its Class Certificate Balance is reduced to zero; and (ii) the Non-PO Percentage of any Realized Losses on the Mortgage Loans in Loan Group 2 that would otherwise be allocated to the Class 2-A-6 Certificates will instead be allocated to Component 1the Class 2-A-5-2 A-7 Certificates, until the its Class Certificate Principal Balance of Component 1-A-5-2 has been is reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and.
(b) The Class Principal Certificate Balance of the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any Class PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Certificate Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loansand Class PO Deferred Amounts on such Distribution Date) exceeds the Aggregate Pool Stated Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(c) Any Realized Losses allocated to a Class of Certificates or any reduction in the Class Certificate Balance of a Class of Certificates pursuant to Section 4.04(a) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation of Realized Losses to a Certificate or a to any Component or any reduction in the Certificate Principal Balance or Component Balance of a Certificate or a Component Component, pursuant to Section 4.03(a) or (b4.04(a) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component Balance thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce " or "Component Balance," as the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”)case may be.
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2007-1t1), Pooling and Servicing Agreement (Alternative Loan Trust 2007-1t1)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated (A) to the Class 15-PO CertificatesCertificates in the case of a Realized Loss occurring on any Discount Mortgage Loan in the 15-Year Loan Groups, until the Class Principal Balance of the Class 15-PO Certificates is reduced to zero; andand (B) to the Class 30-PO Certificates, in the case of a Realized Loss occurring on any Discount Mortgage Loan in the 30-Year Loan Groups, until the Class Principal Balance of the Class 30-PO Certificates is reduced to zero;
(ii) (A) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Group B Mortgage Loan (other than an Excess Loss) shall be allocated first to the Group B Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Group B Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Group B Certificate Group (not including the related Interest Only and the Class PO Principal Only Certificates) pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Mastr Alternative Loan Trust 2004-3), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2004-4)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of (A) any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero, zero and second (1) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Senior Certificates (or in the case Classes of the Class 1-A-5 Group 1 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each zero; (2) with respect to such Component has been reduced losses occurring with respect to zeroGroup 2 Mortgage Loans, as applicable; provided, however, that (A) the losses allocable to the Class 12-A-1 Certificates; (3) with respect to such losses occurring with respect to Group 3 Mortgage Loans, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 13-A-2 A-1 Certificates; (4) with respect to such losses occurring with respect to Group 4 Mortgage Loans, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 14-A-3 A-1 Certificates; (5) with respect to such losses occurring with respect to Group 5 Mortgage Loans, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 15-A-4 A-1 Certificates; (6) with respect to such losses occurring with respect to Group 6 Mortgage Loans, under this paragraphto the Group 6 Certificates; (7) with respect to such losses occurring with respect to Group 7 Mortgage Loans, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 17-A-5 A-1 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 ; and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and 8) with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses such losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any 8 Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Group 8 Certificates (other than not including the Class PO Certificates and Interest Interest-Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgage Trust 2004-8), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgage Trust 2004-8)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated [reserved];
(ii) prior to the Class PO Certificates, related Cross-Over Date,
(A) until the Class Principal Balance Balances of the Class PO C-B-6, Class C-B-5 and Class C-B-4 Certificates is have been reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) in Loan Group 1, Loan Group 2, Loan Group 3 or Loan Group 4 shall be allocated first to among the outstanding Classes of the Group C-B Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Group C-B Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero; and
(B) once the Class Principal Balances of the Group C-B Subordinate Certificates have been reduced to zero, (1) any Realized Loss on a Group 1 Mortgage Loan will be allocated among the outstanding Classes of Group 30-B Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Group 30-B Subordinate 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 (2) any Realized Loss on a Group 2 Mortgage Loan will be allocated among the Senior outstanding Classes of Group 15-B Subordinate Certificates in reverse order of their respective numerical Class designations (or in the case of beginning with the Class 1of Group 15-A-5 CertificatesB Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero and (2) any Realized Loss on a Group 3 or Group 4 Mortgage Loan will be allocated among the outstanding Classes of Group HY-B Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Group HY-B Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero; and
(iii) On and after the related Cross-Over Date, any Realized Loss on a Mortgage Loan in any Loan Group will be allocated among the Components thereof) outstanding Classes of the related Senior Certificates, pro rata, based on Class Principal Balance of the Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the ComponentsMortgage Loan that incurred the Realized Loss, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, however that (A) the losses allocable any such Realized Loss incurred on a Group 4 Mortgage Loan will be allocated to the Class 14-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 A-2 Certificates until the Certificate Class Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 thereof has been reduced to zero and (D) the losses allocable then to the Class 14-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 A-1 Certificates until the Certificate Class Principal Balance of Component 1-A-5-4 thereof has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; andzero;
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) As of any Distribution Date on and after the Group 1 Certificates, in date on which the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective aggregate Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group C-B Subordinate Amount for Certificates have been reduced to zero, the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Group 15-B Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each such Distribution Date by the sum amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 2 Certificates (iafter giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Group 2 Mortgage Loans) exceeds the amount Group 2 Pool Principal Balance for the following Distribution Date, less any Deficient Valuations;
(B) As of any payments Distribution Date on and after the date on which the aggregate Class Principal Balances of the Group C-B Subordinate Certificates have been reduced to zero, the Class PO Principal Balance of the Class of Group 30-B Subordinate Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) then outstanding with the highest numerical Class designation shall be reduced on each such Distribution Date by the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Group 1 Mortgage Loans) exceeds the Aggregate Group 1 Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before Valuations;
(C) As of any Distribution Date on and after the Bankruptcy Loss Coverage Amount has date on which the aggregate Class Principal Balances of the Group C-B Subordinate Certificates have been reduced to zero zero, the Class Principal Balance of the Group HY-B Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each such Distribution Date by the amount, if any, by which the sum of the Class Principal Balances of all outstanding Classes of Group 3 and Group 4 Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the related Mortgage Loans) exceeds the Group 3 Pool Principal Balance and the Group 4 Pool Principal Balance, in the aggregate, for the following Distribution Date, less the PO Percentage any Deficient Valuations; and
(D) As of any Discount Distribution Date on and after the date on which the aggregate Class Principal Balances of the Group C-B Subordinate Certificates have been reduced to zero, the Class Principal Balance of the Group C-B Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each such Distribution Date by the amount, if any, by which the sum of the Class Principal Balances of all outstanding Classes of Group 1, Group 2, Group 3 and Group 4 Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the related Mortgage Loans; and) exceeds the Group 1 Pool Principal Balance, Group 2 Pool Principal Balance, Group 3 Pool Principal Balance and Group 4 Pool Principal Balance, in the aggregate, for the following Distribution Date, less any Deficient Valuations;
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that (A) no Realized Loss with respect to any Collateral Loan Group 1 shall be allocated to reduce the Certificate Principal Balance of a Senior any Class of Group 1 Certificates to the extent that such allocation would reduce the aggregate Certificate or a Component in any Certificate Principal Balance of the Group (other 1 Certificates as of such Distribution Date to an amount less than the Group 1 Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations, (B) no Realized Loss with respect to Loan Group 2 shall be allocated to reduce the Certificate Principal Balance of any Class PO Certificates) of Group 2 Certificates to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Group 2 Certificates (other as of such Distribution Date to an amount less than the Interest Only Group 2 Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations, (C) no Realized Loss with respect to Loan Group 3 shall be allocated to reduce the Certificate Principal Balance of the Class 3-A-1 Certificates to the extent that such allocation would reduce the Certificate Principal Balance of all the Class 3-A-1 Certificates as of such Distribution Date to an amount less than the Group 3 Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations), and (D) no Realized Loss with respect to Loan Group 4 shall be allocated to reduce the Certificate Principal Balance of any Class PO Certificates) and Subordinate of Group 4 Certificates to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Group 4 Certificates to an amount less than the Aggregate Group 4 Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (in each case, such limitation, the “Loss Allocation Limitation”).
(d) Prior to the related Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period calendar month prior to a Distribution Date with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Loan Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Loan Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or ComponentClass, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, (A) up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of related Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(eiii) With respect to any Distribution Date on or after the related Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Loan Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i)remaining; provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e4.03(f) shall not reduce the Class Principal Balance of such Class.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (MASTR Seasoned Securitization Trust 2005-1)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of (A) any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero, zero and second (1) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Senior Certificates (or in the case Classes of the Class 1-A-5 Group 1 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or zero; (2) with respect to such losses occurring with respect to Group 2 Mortgage Loans, to the aggregate Certificate Group 2 Certificates (not including the Interest-Only Certificates); (3) with respect to such losses occurring with respect to Group 3 Mortgage Loans, to the Classes of Group 3 Certificates (not including the Interest-Only Certificates), pro rata on the basis of their respective Class Principal Balances immediately prior to the related Distribution Date until the Class Principal Balance of each such Component Class has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 13-A-1 Certificates, Certificates under this paragraph, paragraph will instead be allocated to Component 1the Class 3-A-5-1 A-3 Certificates until the Certificate Class Principal Balance balance of Component 1the Class 3-A-5-1 A-3 Certificates has been reduced to zero, ; (B4) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral such losses occurring with respect to Group 1 and Collateral 4 Mortgage Loans, to the Classes of Group 2, multiplied by 4 Certificates (not including the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Interest-Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon on the basis of their respective Class Principal Balances after giving effect immediately prior to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, until the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over has been reduced to zero; (y5) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral such losses occurring with respect to Group 1 and Collateral Group 25 Mortgage Loans, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause Group 5 Certificates (inot including Interest-Only Certificates); providedand (6) with respect to such losses occurring with respect to Group 6 Mortgage Loans, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.Group 6 Certificates;
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-1), Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgages Trust 2004-1)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Securities Administrator shall aggregate the loan-level information provided by the Master Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(i) On each Distribution Date, Realized Losses on the Group 1 Mortgage Loans that occurred during the related prepayment period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Group 1 Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Certificate Principal Balance of each such Class is reduced to zero; and second, and second to the Senior Certificates (or in the case of the Class 1-A-5 A1, Class 1-A2, Class 1-PO and Class A-R Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (orrata, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Certificate Principal Balance of each such Class has been is reduced to zero or zero; provided, however, the aggregate Class 1-A2 Certificates will bear the principal portion of all Realized Losses allocable to the Class 1-A1 Certificates for so long as the Class 1-A2 Certificates are outstanding.
(ii) On each Distribution Date, Realized Losses on the Group 2 Mortgage Loans that occurred during the related prepayment period shall be allocated as follows: first, to the Group 2 Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Group 2 Subordinate Certificates with the highest numerical Class designation) until the Class Certificate Principal Balance of each such Component has been Class is reduced to zero; and second, as applicableto the Class 2-A1, Class 2-A2A, Class 2-A2B and Class 2-PO Certificates, pro rata, until the Class Certificate Principal Balance of each such Class is reduced to zero; provided, however, that (A) the losses Class 2-A2A and Class 2-A2B Certificates will bear the principal portion of all Realized Losses allocable to the Class 12-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate A1 Certificates, pro rata based upon their respective on Class Certificate Principal Balances after giving effect to distributions of principal on such Distribution Date (exceptBalance, in for so long as the case of the Subordinate Certificates, based on their proClass 2-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective A2A and Class Principal Balances)); and2-A2B Certificates are outstanding.
(bi) The Class Certificate Principal Balance of the Class of Group 1 Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Certificate Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Group 1 Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(ii) The Class Certificate Principal Balance of the Class of Group 2 Subordinate 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 Certificate Principal Balances of all outstanding Classes of Group 2 Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses on such Distribution Date) exceeds the aggregate of the Stated Principal Balances of all the Group 2 Mortgage Loans for the following Distribution Date.
(d) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Principal Balance of a Class of Certificates pursuant to Section 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-7)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated (A) to the Class 15-PO CertificatesCertificates in the case of a Realized Loss occurring on any Discount Mortgage Loan in the 15-Year Loan Groups, until the Class Principal Balance of the Class 15-PO Certificates is reduced to zero; andand (B) to the Class 30-PO Certificates, in the case of a Realized Loss occurring on any Discount Mortgage Loan in the 30-Year Loan Groups, until the Class Principal Balance of the Class 30-PO Certificates is reduced to zero;
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Principal Only Certificates) pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that after the Cross-Over Date, (Aa) the losses allocable to the Class 15-A-1 Certificates, Certificates under this paragraph, paragraph will instead be allocated to Component 1the Class 5-A-5-1 A-2 Certificates until the Certificate Class Principal Balance of Component 1the Class 5-A-5-1 has been A-2 Certificates is reduced to zero, zero and (Bb) the losses allocable to the Class 18-A-2 Certificates, A-1 Certificates under this paragraph, paragraph will instead be allocated to Component 1the Class 8-A-5-2 A-2 Certificates until the Certificate Class Principal Balance of Component 1the Class 8-A-5-2 has been A-2 Certificates is reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) Loan; the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan Loan; the Group 3 Certificates, in the case of an Excess Loss on a Group 3 Mortgage Loan; the Group 4 Certificates, in the case of an Excess Loss on a Group 4 Mortgage Loan; the Group 5 Certificates, in the case of an Excess Loss on a Group 5 Mortgage Loan; the Group 6 Certificates, in the case of an Excess Loss on a Group 6 Mortgage Loan; the Group 7 Certificates, in the case of an Excess Loss on a Group 7 Mortgage Loan; and the Group 8 Certificates, in the case of an Excess Loss on a Group 8 Mortgage Loan; (other than, in each case, the related Interest Only Certificates and Principal Only Certificates of such Certificate Group and the related Class of Class PO Certificates); Group) and (B2) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (exceptor, in the case of the Subordinate Certificates, based on Certificates their pro-rata portion of the Group Subordinate Amount for the Collateral Loan Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and) after giving effect to distributions of principal on such Distribution Date.
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class 15-PO and Class 30-PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause clauses (iiA)(ii) and (B)(ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that (A) no Realized Loss with respect to any Collateral Loan Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period calendar month prior to a Distribution Date with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral a Loan Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Loan Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or ComponentClass, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator Trustee shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(iA) to the Class 15-PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, Percentage of any Recovery on a 15-Year Mortgage Loan, and (B) to the Class 30-PO Certificates, the PO Percentage of any Recovery on a 30-Year Mortgage Loan in Collateral Group 1Loan; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Loan Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mort Asset Sec Trans Mort Pass Through Certs Ser 2003-9)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans Loss Allocation Amount for each Class shall be allocated as follows:
(i) the applicable PO Percentage applied to such Class in reduction of the principal portion of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the its Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicableAmount; provided, however, that (Ai) the losses Realized Loss Allocation Amount allocable to the Class 1-A-1 Certificates, under this paragraph, will instead A-1S Certificates shall be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable applied to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate A-1M Certificates in reduction of its Class Principal Balance of Component 1-A-5-2 has been reduced to zeroAmount, (Cii) the losses Realized Loss Allocation Amount allocable to the Class 12-A-3 CertificatesA-3S Certificates shall be applied to the Class 2-A-3M Certificates in reduction of its Class Principal Amount, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (Diii) the losses Realized Loss Allocation Amount allocable to the Class 12-A-4 Certificates, under this paragraph, will instead A-3F Certificates shall be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated applied to the Class 12-A-5 CertificatesA-3L Certificates in reduction of its Class Principal Amount, other than in accordance with (iv) the preceding proviso, will Realized Loss Allocation Amount allocable to the Class 2-A-5S Certificates shall be allocated between Component 1applied to the Class 2-A-5M Certificates in reduction of its Class Principal Amount, (v) the Realized Loss Allocation Amount allocable to the Class 3-1A-3S Certificates shall be applied to the Class 3-A-3M Certificates in reduction of its Class Principal Amount, Component 1(vi) the Realized Loss Allocation Amount allocable to the Class 3-A-5A-3F Certificates shall be applied to the Class 3-2A-3L Certificates in reduction of its Class Principal Amount, Component 1(vii) the Realized Loss Allocation Amount allocable to the Class 4-A-5A-1S Certificates shall be applied to the Class 4-3 A-1M Certificates in reduction of its Class Principal Amount, (viii) the Realized Loss Allocation Amount allocable to the Class 4-A-2S Certificates shall be applied to the Class 4-A-2M Certificates in reduction of its Class Principal Amount, (ix) the Realized Loss Allocation Amount allocable to the Class 4-A-2F Certificates shall be applied to the Class 4-A-2L Certificates in reduction of its Class Principal Amount and Component 1(x) the Realized Loss Allocation Amount allocable to the Class 4-A-5A-4S Certificates shall be applied to the Class 4-4A-4M Certificates in reduction of its Class Principal Amount. As among any Class, such Realized Loss Allocation Amount shall be applied, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only all Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon class in proportion to their respective Class Certificate Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount no preference or priority of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”)kind.
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Trust Agreement (J.P. Morgan Mortgage Trust 2007-A2)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of (A) any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero, zero and second (1) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Senior Certificates (or in the case Classes of the Class 1-A-5 Group 1 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or zero; (2) with respect to such losses occurring with respect to Group 2 Mortgage Loans, to the aggregate Certificate Class 2-A-1 Certificates; (3) with respect to such losses occurring with respect to Group 3 Mortgage Loans, to the Classes of Group 3 Certificates, pro rata, on the basis of their respective Class Principal Balances (with respect to the Class A-C-1 Certificates, only taking into account the Class Principal Balance attributable to the Class 3-A-C-1 Component) immediately prior to the related Distribution Date until the Class Principal Balance of each such Component Class has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) losses allocable to the Class PO Certificates3-A-1 Certificates under this paragraph will instead be allocated to the Class A-C-1 Certificates (solely in respect of the Class 3-A-C-1 Component of such Class) (in addition to other losses borne by such Class) until the Class Principal Balance of the Class 3-A-C-1 Component has been reduced to zero; (4) with respect to such losses occurring with respect to Group 4 Mortgage Loans, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Group 4 Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, on the amount basis of the Recovery their respective Class Principal Balances (with respect to Collateral Group 1 and Collateral Group 2the Class A-C-1 Certificates, multiplied by only taking into account the Class Principal Balance attributable to the Class 4-A-C-1 Component of such Class) immediately prior to the related Applicable Fraction) remaining after distribution pursuant Distribution Date until the Class Principal Balance of each such Class has been reduced to the preceding clause (i)zero; provided, however, that any distribution on or after the Cross-Over Date, the losses allocable to a the Class 4-A-1 Certificates under this paragraph will instead be allocated to the Class A-C-1 Certificates (solely in respect of Certificates pursuant the Class 4-A-C-1 Component of such Class) (in addition to this Section 4.03(eother losses borne by such Class) shall not reduce until the Class Principal Balance of the Class 4-A-C-1 Component has been reduced to zero; and (5) with respect to such Classlosses occurring with respect to Group 5 Mortgage Loans, to the Class 5-A-1 Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2004-12)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated to the Class PO CertificatesCertificates in the case of a Realized Loss occurring on any Group 1, Group 2, Group 5, Group 6, Group 8 or Group 9 Mortgage Loan, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and.
(ii) (A) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage 15-Year Loan (other than an Excess Loss) shall be allocated first to the 15-Year Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of 15-Year Subordinate 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 (1) with respect to such losses occurring with respect to Group 3 Mortgage Loans, to the Senior Classes of Group 3 Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) ), pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations such losses occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any 4 Mortgage Loans, to the Class Principal Balance of one or more Classes of 4-A-1 Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of until the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant has been reduced to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances)zero; and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Certs Ser 2003-6)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated (a) to the Class PO CertificatesPO-1A Component in the case of a Realized Loss occurring on a Group 1 Mortgage Loan, (b) to the Class PO-1B Component in the case of a Realized Loss occurring on a Group 2 Mortgage Loan, (c) to the Class PO-1C Component in the case of a Realized Loss occurring on a Group 3 Mortgage Loan, (d) to the Class PO-1D Component in the case of a Realized Loss occurring on a Group 4 Mortgage Loan and (e) to the Class PO-2 Certificates in the case of a Realized Loss occurring on a Group 5 Mortgage Loan, in each case until the Class Principal Balance of the such Component or Class PO Certificates of Certificates, as applicable, is reduced to zero; and
(ii) (A) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Junior Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Junior Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero, zero and second (1) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Senior Classes of Group 1 Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Principal Only Certificates, Principal Only Components, Interest Only Certificates and the Class PO Certificates) Interest Only Components), pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A2) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses such losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a with respect to Group 2 Mortgage Loan Loans, to the Classes of Group 2 Certificates (other than, in each case, not including the related Principal Only Certificates, Principal Only Components, Interest Only Certificates of such Certificate Group and the related Class of Class PO CertificatesInterest Only Components); and (B) each Class of Subordinate Certificates, pro rata based upon on the basis of their respective Class Principal Balances after giving effect immediately prior to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, until the Class Principal Balance of each such Class has been reduced to zero; (3) with respect to such losses occurring with respect to Group 3 Mortgage Loans, to the Classes of Senior Group 3 Certificates (other than not including the Class PO related Principal Only Certificates, Principal Only Components, Interest Only Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increasedComponents), pro rata, up rata on the basis of their respective Class Principal Balances immediately prior to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), Distribution Date until the Class Principal Balance of each such Class has been reduced to zero; (4) with respect to such losses occurring with respect to Group 4 Mortgage Loans, to the Classes of Subordinate Group 4 Certificates (not including the related Principal Only Certificates, in order Principal Only Components, Interest Only Certificates and Interest Only Components), pro rata on the basis of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied their respective Class Principal Balances immediately prior to the increase of related Distribution Date until the Class Principal Balance of each such Class pursuant has been reduced to this Section 4.03(d)(ii).
zero; and (e5) With with respect to any Distribution Date on or after the Cross-Over Datesuch losses occurring with respect to Group 5 Mortgage Loans, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Group 5 Certificates (other than not including the Class PO related Principal Only Certificates, Principal Only Components, Interest Only Certificates and Interest Only Certificates) Components), pro rata on the basis of the Certificate Group corresponding their respective Class Principal Balance immediately prior to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce Distribution Date until the Class Principal Balance of each such Class.Class has been reduced to zero; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Assset Sec Trans Inc Mastr Alternative Loan 2002-2)
Allocation of Realized Losses. (a) On or prior to each Distribution Determination Date, the Master Servicer Trustee shall determine the total amount of Realized Losses, including Excess Losses with respect to the related Distribution Date. For purposes of allocating losses to the Subordinated Certificates, the Class M Certificates will be deemed to have a lower numerical Class designation, and the allocation to be of such total amount as set forth belowa higher relative payment priority, than each other Class of Subordinated Certificates. Realized Losses occurring on the Mortgage Loans with respect to any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and[Reserved].
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Any Realized Loss with respect to any on the Mortgage Loans in a Loan (other than an Excess Loss) Group shall be allocated first to the Subordinate Subordinated Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Certificate Balance of each such Class is reduced to zero, and second to the Senior Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Senior Certificate Group (not including other than any Notional Amount Certificates), if applicable, pro rata, on the related Interest Only and the Class PO Certificates) pro rata based upon basis of their respective Class Principal Balances (orCertificate Balances, with respect in each case immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the respective Class Principal Certificate Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses any Realized Losses otherwise allocable to the Class 1-A-1 Certificates, under this paragraph, will instead Certificates shall be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable instead to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the its Class Certificate Principal Balance of Component 1-A-5-2 has been is reduced to zero, (C) the losses any Realized Losses otherwise allocable to the Class 12-A-3 A-1, Class 2-A-2A, Class 2-A-2B and Class 2-A-2C Certificates shall be allocated instead to the Class 2-B Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the its Class Certificate Principal Balance of Component 1-A-5-3 has been is reduced to zero and (D) the losses any Realized Losses otherwise allocable to the Class 13-A-4 Certificates, under this paragraph, will instead A-1 Certificates shall be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated instead to the Class 13-A-5 A-2 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding until its Class Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect Balance is reduced to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); andzero.
(b) The Class Principal Certificate Balance of the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Certificate Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool Stated Principal Balance for as of the following Due Date in the month of such Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Balance of a Class of Certificates pursuant to Section 4.04(b) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation of Realized Losses to a Certificate or a to any Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b4.04(b) above shall be accomplished by reducing the Certificate Principal Balance, Component Balance of such Certificate or Component Subordinated Portion thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce ," "Component Balance" or "Subordinated Portion," as the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”)case may be.
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CHL Mortgage Pass-Through Trust 2006-Hyb1)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated (a) to the Class 15-PO CertificatesCertificates in the case of a Realized Loss occurring on a Group 1 Mortgage Loan or Group 4 Mortgage Loan, until and (b) to the Class Principal Balance of the Class 30-PO Certificates is reduced to zeroin the case of a Realized Loss occurring on a Group 2 Mortgage Loan, Group 3 Mortgage Loan or Group 5 Mortgage Loan; and
(ii) (A) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Junior Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Junior Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero, zero and second (1) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Senior Classes of Group 1 Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Principal-Only Certificates and the Class PO Interest-Only Certificates) ), pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A2) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses such losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a with respect to Group 2 Mortgage Loan Loans, to the Classes of Group 2 Certificates (other than, in each case, not including the related Interest Principal-Only Certificates of such Certificate Group and the related Class of Class PO Interest-Only Certificates); (3) with respect to such losses occurring with respect to Group 3 Mortgage Loans, to the Classes of Group 3 Certificates (not including the Principal-Only Certificates and Interest-Only Certificates; (B4) each Class with respect to such losses occurring with respect to Group 4 Mortgage Loans, to the Classes of Subordinate Group 4 Certificates (not including the Principal-Only Certificates and Interest-Only Certificates), pro rata based upon on the basis of their respective Class Principal Balances after giving effect immediately prior to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, until the Class Principal Balance of each such Class of Senior Certificates has been reduced to zero; and (other than the Class PO Certificates and Interest Only Certificates5) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding with respect to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With losses occurring with respect to any Distribution Date on or after the Cross-Over DateGroup 5 Mortgage Loans, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Group 5 Certificates (other than not including the Class PO Principal-Only Certificates and Interest Interest-Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Certs Ser 2003-4)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans Loss Allocation Amount for each Class shall be allocated as follows:
(i) the applicable PO Percentage applied to such Class in reduction of the principal portion of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the its Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicableAmount; provided, however, that (Ai) the losses Realized Loss Allocation Amount allocable to the Class 12-A-1 Certificates, under this paragraph, will instead A-1F Certificates shall be allocated applied to Component 1the Class 2-A-5-1 until the Certificate A-1A Certificates in reduction of its Class Principal Balance of Component 1-A-5-1 has been reduced to zeroAmount, (Bii) the losses Realized Loss Allocation Amount allocable to the Class 12-A-2 Certificates, under this paragraph, will instead A-1G Certificates shall be allocated applied to Component 1the Class 2-A-5-2 until the Certificate A-1B Certificates in reduction of its Class Principal Balance of Component 1-A-5-2 has been reduced to zeroAmount, (Ciii) the losses Realized Loss Allocation Amount allocable to the Class 12-A-3 CertificatesA-1H Certificates shall be applied to the Class 2-A-1C Certificates in reduction of its Class Principal Amount, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (Div) the losses Realized Loss Allocation Amount allocable to the Class 12-A-4 Certificates, under this paragraph, will instead A-1I Certificates shall be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated applied to the Class 12-A-5 CertificatesA-1D Certificates in reduction of its Class Principal Amount, other than (v) the Realized Loss Allocation Amount allocable to the Class 2-A-1J Certificates shall be applied to the Class 2-A-1E Certificates in accordance with reduction of its Class Principal Amount, (vi) the preceding provisoRealized Loss Allocation Amount allocable to the Class 3-A-1F Certificates shall be applied to the Class 3-A-1A Certificates in reduction of its Class Principal Amount, will (vii) the Realized Loss Allocation Amount allocable to the Class 3-A-1G Certificates shall be allocated between Component 1applied to the Class 3-A-5A-1B Certificates in reduction of its Class Principal Amount, (viii) the Realized Loss Allocation Amount allocable to the Class 3-1A-1H Certificates shall be applied to the Class 3-A-1C Certificates in reduction of its Class Principal Amount, Component 1(ix) the Realized Loss Allocation Amount allocable to the Class 3-A-5A-1I Certificates shall be applied to the Class 3-2A-1D Certificates in reduction of its Class Principal Amount and (x) the Realized Loss Allocation Amount allocable to the Class 3-A-1J Certificates shall be applied to the Class 3-A-1E Certificates in reduction of its Class Principal Amount As among any Class, Component 1-A-5-3 and Component 1-A-5-4such Realized Loss Allocation Amount shall be applied, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only all Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon class in proportion to their respective Class Certificate Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount no preference or priority of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”)kind.
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Trust Agreement (J.P. Morgan Alternative Loan Trust 2007-A1)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the principal portion related Applicable Fraction) of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the related Class of Class PO CertificatesCertificates in the case of a Realized Loss occurring on any Discount Mortgage Loan in any Collateral Group, until the Class Principal Balance of the such Class of Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 13-A-1 Certificates, under this paragraph, will instead be allocated to Component 1the Class 3-A-5-1 A-2 Certificates until the Certificate Principal Balance of Component 1the Class 3-A-5-1 A-2 Certificates has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the related Class of Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 and Collateral Group 3 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 1, Group 2, Group 3, Group 4 and Group 2 5 Certificates (other than the related Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or ComponentClass, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii4.03(d)(ii)(A).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(iA) to the Class PO Certificates, the PO PercentagePercentage (with respect to Collateral Group 1, multiplied by the related Applicable Fraction, ) of any Recovery on any Mortgage Loan in Collateral Group 11 and Collateral Group 3; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mastr Seasoned Securitization Trust 2005-2)
Allocation of Realized Losses. (a) On or prior to each Distribution Determination Date, the Master Servicer Trustee shall determine the total amount of Realized Losses, including Excess Losses and Extraordinary Losses, with respect to the allocation related Distribution Date.
(b) The interest portion of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of Loans, other than Excess Losses and Extraordinary Losses, with respect to any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, Distribution Date shall be allocated to the Class PO CertificatesCertificates as follows: first, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse decreasing order of their respective numerical Class designations (beginning with the Class of Subordinate Class B Certificates then outstanding with the highest numerical Class designation) until designation and then to the respective Class M-1 Certificates), in reduction of accrued but unpaid interest and then in reduction of the Certificate Principal Balance of each such Class is reduced to zero, and second to the Senior Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class respective Certificate Principal Balance of each such Class has been reduced to zero or zero; and second, to the Class A and Class S Certificates, in reduction of accrued but unpaid interest and then, pro rata, in reduction of their respective Certificate Principal Balances, if applicable, until the respective Certificate Principal Balance of each such Class has been reduced to zero, in each case to the extent not allocated to the Subordinate Certificates pursuant to clause first above.
(c) The principal portion of Realized Losses on the Mortgage Loans, other than Excess Losses and Extraordinary Losses, with respect to any Distribution Date shall be allocated to Certificates as follows: first, to the Subordinate Certificates in decreasing order of their numerical Class designations (beginning with the Class of Class B Certificates then outstanding with the highest Class designation and then to the Class M-1 Certificates), until the respective Certificate Principal Balance of each such Class has been reduced to zero; and second, to the Class A Certificates, pro rata, on the basis of their respective Certificate Principal Balances, until the respective Certificate Principal Balance of each such Class has been reduced to zero; provided, however, that if the Realized Loss is recognized with respect to a Class P Mortgage Loan, the applicable Class P Fraction of such loss will be allocated to the Class P Certificates, and the remainder of such loss will be allocated to the Class A Certificates as described in this clause second, in each case to the extent not allocated to the Subordinate Certificates pursuant to clause first above.
(d) On each Distribution Date, Excess Losses and Extraordinary Losses experienced by the Mortgage Loans will be allocated to the Classes of Certificates (other than the Class P and Class S Certificates) by Pro Rata Allocation (except if the loss is recognized with respect to a Class P Mortgage Loan, the applicable Class P Fraction of such loss will be allocated to the Class P Certificates and the remainder will be allocated to the other Classes of Certificates as described in this Section 4.03(d)).
(e) On each Distribution Date, if the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) all Certificates exceeds the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate aggregate Stated Principal Balance of Component 1-A-5-1 has been reduced to zero, the Mortgage Loans (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect all losses to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following related Certificates on such Distribution Date), less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero such excess will be deemed a principal loss and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall will be allocated to reduce the Certificate Principal Balance most junior Class of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce B Certificates then outstanding, or, if the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of B Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocatedhas been reduced to zero, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO M-1 Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mor Pass THR Cert Ser 2000-9)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, Loan shall be allocated to the Class PO Certificates, Certificates until the Class Principal Balance of the Class PO Certificates is reduced to zero; and;
(ii) prior to the related Cross-Over Date,
(A) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Group 1 Mortgage Loan (other than an Excess Loss) shall be allocated first to the Group 15-B Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Group 15-B Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero;
(B) until the Class Principal Balances of the Class C-B-6, Class C-B-5 and second Class C-B-4 Certificates have been reduced to zero, the applicable Non-PO Percentage of any Realized Loss with respect to any Mortgage Loan in Loan Group 2, Loan Group 3 or Loan Group 4 shall be allocated among the outstanding Classes of the Group C-B Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Group C-B Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero; and
(C) once the Class Principal Balances of the Class C-B-4, Class C-B-5 and Class C-B-6 Certificates have been reduced to zero, (1) the applicable Non-PO Percentage of any Realized Loss on a Group 2 Mortgage Loan will be allocated among the outstanding Classes of Group 30-B Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Group 30-B Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero and (2) the applicable Non-PO Percentage of any Realized Loss on a Group 3 or Group 4 Mortgage Loan will be allocated among the outstanding Classes of Group HY-B Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Group HY-B Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero; and
(iii) On and after the related Cross-Over Date, the applicable Non-PO Percentage of any Realized Loss on a Mortgage Loan in any Loan Group will be allocated among the outstanding Classes of the related Senior Certificates (or in other than the case Principal Only and Interest Only Certificates), pro rata, based on Class Principal Balance of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the ComponentsMortgage Loan that incurred the Realized Loss, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, however that (A) the losses allocable any such Realized Loss incurred on a Group 4 Mortgage Loan will be allocated to the Class 14-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 A-2 Certificates until the Certificate Class Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 thereof has been reduced to zero and (D) the losses allocable then to the Class 14-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 A-1 Certificates until the Certificate Class Principal Balance of Component 1-A-5-4 thereof has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; andzero;
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Group 15-B Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Group 1 Mortgage Loans) exceeds the Aggregate Group 1 Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before Valuations;
(B) As of any Distribution Date on and after the Bankruptcy Loss Coverage Amount has date on which the aggregate Class Principal Balances of the Class C-B-4, Class C-B-5 and Class C-B-6 Certificates have been reduced to zero zero, the Class Principal Balance of the Class of Group 30-B Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each such Distribution Date by the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 2 Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Group 2 Mortgage Loans) exceeds the Group 2 Pool Principal Balance for the following Distribution Date, less the PO Percentage any Deficient Valuations;
(C) As of any Discount Distribution Date on and after the date on which the aggregate Class Principal Balances of the Class C-B-4, Class C-B-5 and Class C-B-6 Certificates have been reduced to zero, the Class Principal Balance of the Group HY-B Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each such Distribution Date by the amount, if any, by which the sum of the Class Principal Balances of all outstanding Classes of Group 3 and Group 4 Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the related Mortgage Loans) exceeds the Group 3 Pool Principal Balance and the Group 4 Pool Principal Balance, in the aggregate, for the following Distribution Date, less any Deficient Valuations; and
(D) As of any Distribution Date on and after the date on which the aggregate Class Principal Balances of the Group C-B Subordinate Certificates have been reduced to zero, the Class Principal Balance of the Group C-B Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each such Distribution Date by the amount, if any, by which the sum of the Class Principal Balances of all outstanding Classes of Group 2, Group 3 and Group 4 Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the related Mortgage Loans) exceeds the Group 2 Pool Principal Balance, Group 3 Pool Principal Balance and Group 4 Pool Principal Balance, in the aggregate, for the following Distribution Date, less any Deficient Valuations;
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that (A) no Realized Loss with respect to Loan Group 1 shall be allocated to reduce the Certificate Principal Balance of Class 1-A-1 Certificates to the extent that such allocation would reduce the Certificate Principal Balance of Class 1-A-1 Certificates as of such Distribution Date to an amount less than the Group 1 Pool Principal Balance for the following Distribution Date minus any Collateral related Deficient Valuations, (B) no Realized Loss with respect to Loan Group 2 shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) 2 to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates as of such Distribution Date to an amount less than the Aggregate Group 2 Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans Loans, (C) no Realized Loss with respect to Loan Group 3 shall be allocated to reduce the Certificate Principal Balance of a Group 3 Senior Certificate to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Group 3 Certificates as of such Distribution Date to an amount less than the Group 3 Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations) , and (D) no Realized Loss with respect to Loan Group 4 shall be allocated to reduce the Certificate Principal Balance of a Group 4 Senior Certificate to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Group 4 Certificates to an amount less than the Group 4 Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations (in each case, such limitation, the “Loss Allocation Limitation”).
(d) Prior to the related Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period calendar month prior to a Distribution Date with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Loan Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Loan Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or ComponentClass, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, (A) up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of related Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the related Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) first, to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, Percentage of any Recovery on any Mortgage Loan in Collateral Group 1Loan; and
(ii) second, to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Loan Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MASTR Seasoned Securitization Trust 2004-1)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth belowLosses. Realized Losses occurring on the with respect to Group 1 Mortgage Loans, Group 2 Mortgage Loans, Group 3 Mortgage Loans and Group 4 Mortgage Loans with respect to any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated (1) to the Class 1-PO CertificatesCertificates in the case of a Realized Loss occurring on a Group 1 Mortgage Loan, (2) to the Class 2-PO Certificates in the case of a Realized Loss occurring on a Group 2 Mortgage Loan, (3) to the Class 3-PO Certificates in the case of a Realized Loss occurring on a Group 3 Mortgage Loan, (4) to the Class 4-PO-1 Certificates in the case of a Realized Loss occurring on a Group 4 Mortgage Loan that is a National City Mortgage Loan, and (5) to the Class 4-PO-2 Certificates in the case of a Realized Loss occurring on a Group 4 Mortgage Loan that is a Cendant Mortgage Loan, in each case until the Class Principal Balance of the such Class PO Certificates is reduced to zero; and
(ii1) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Junior Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Junior 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 (A) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Senior Classes of Group 1 Certificates (or in the case of other than the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only A-X and the Class 1-PO Certificates) ), pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) after the Cross-Over Date, the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component the Class 1-A-5-2 until A-3 Certificates as long as the Certificate Class Principal Balance of Component the Class 1-A-5A-3 Certificates has not been reduced to zero, (B) with respect to such losses occurring with respect to Group 2 Mortgage Loans, to the Classes of Group 2 Certificates (other than the Class 2-2 A-X and Class 2-PO Certificates), pro rata on the basis of their respective Class Principal Balances immediately prior to the related Distribution Date until each such Class has been reduced to zero, (C) the with respect to such losses allocable occurring with respect to Group 3 Mortgage Loans, to the Classes of Group 3 Certificates (other than the Class 13-A-3 A-X and Class 3-PO Certificates), under this paragraph, will instead be allocated pro rata on the basis of their respective Class Principal Balances immediately prior to Component 1-A-5-3 the related Distribution Date until the Certificate Principal Balance of Component 1-A-5-3 each such Class has been reduced to zero zero, and (D) the with respect to such losses allocable occurring with respect to Group 4 Mortgage Loans, to the Classes of Group 4 Certificates (other than the Class 14-A-4 A-X1, Class 4-A-X2, Class 4-PO-1 and Class 4-PO-2 Certificates), under this paragraph, will instead be allocated pro rata on the basis of their respective Class Principal Balances immediately prior to Component 1-A-5-4 the related Distribution Date until the Certificate Principal Balance of Component 1-A-5-4 each such Class has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balanceszero; and
(iii2) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any the Group 1 Mortgage Loan in any Collateral Loans, the Group 2 Mortgage Loans, the Group 3 Mortgage Loans, or the Group 4 Mortgage Loans shall be allocated among (A) (1) the Group 1 Certificates (other than the Class 1-A-X and Class 1-PO Certificates), in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan Certificates (other than, in each case, than the related Interest Only Certificates of such Certificate Group Class 2-A-X and the related Class of Class 2-PO Certificates); , the Group 3 Certificates (other than the Class 3-A-X and Class 3-PO Certificates), or the Group 4 Certificates (other than the Class 4-A-X1, Class 4-A-X2, Class 4-PO-1 and Class 4-PO-2 Certificates), as applicable, and (B) each Class of Subordinate Junior Certificates, pro rata based upon their respective Class Principal Balances (or, in the case of the Subordinate Certificates in the aggregate, the Group Subordinate Amount for the Loan Group which incurred the Excess Loss, the aggregate amount so allocated to the Junior Certificates then to be allocated among Junior Certificates pro rata based on their respective Class Principal Balances) after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); andDate.
(b) The Class Principal Balance of the Class of Subordinate Junior Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Principal Only Certificates in respect of any Class PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority thirdAmounts, sub-clause (ii) and (ii) the amountsum of amounts, if any, by which the aggregate of (A) the Class Principal Balances of all outstanding Classes of the Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to and payments of the Mortgage LoansClass 1-PO Deferred Amounts on such Distribution Date) exceeds the Aggregate Group 1 Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before (B) the Bankruptcy Loss Coverage Class Principal Balances of the Group 2 Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses and payments of the Class 2-PO Deferred Amounts on such Distribution Date) exceeds the Group 2 Pool Principal Balance for the following Distribution Date, (C) the Class Principal Balances of the Group 3 Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses and payments of the Class 3-PO Deferred Amounts on such Distribution Date) exceeds the Group 3 Pool Principal Balance for the following Distribution Date, and (D) the Class Principal Balances of the Group 4 Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses and payments of the Class 4-PO-1 and Class 4-PO-2 Deferred Amounts on such Distribution Date) exceeds the Group 4 Pool Principal Balance for the following Distribution Date; provided that the aggregate of such reduction shall not exceed the Aggregate Junior Principal Distribution Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; andfor such Distribution Date.
(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 4.03(a) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Principal Balances.
(d) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Principal Balance” " herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all classes of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Scheduled Principal Balance for of all Outstanding Mortgage Loans as of the following Due Date occurring in the month of such Distribution Date minus Date, less any related Deficient Deficiency Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “"Loss Allocation Limitation”").
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2001-3)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated (a) to the Class 1-PO CertificatesCertificates in the case of a Realized Loss occurring on a Group 1 Mortgage Loan and (b) to the Class 2-PO Certificates in the case of a Realized Loss occurring on a Group 2 Mortgage Loan, in each case until the Class Principal Balance of the such Class PO Certificates is reduced to zero; and
(iiA) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Junior Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Junior 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 (1) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Senior Classes of Group 1 Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Principal Only Certificates and Interest Only and the Class PO Certificates) ), pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) that, after the losses allocable to the Class 1Cross-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zeroOver Date, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (Da) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates until the Class Principal Balance of the Class 1-A-5 Certificates has not been reduced to zero and (b) the losses allocable to the Class 2-A-4 and Class 2-A-5 Certificates, other than in accordance with the preceding provisounder this paragraph, will instead be allocated between Component 1to the Class 2-A-5A-6 Certificates until the Class Principal Balance of the Class 2-1A-6 Certificates has not been reduced to zero; and (2) with respect to such losses occurring with respect to Group 2 Mortgage Loans, Component 1-A-5-2, Component 1-A-5-3 to the Classes of Group 2 Certificates (not including the related Principal Only Certificates and Component 1-A-5-4Interest Only Certificates), pro rata, based rata on the basis of their outstanding Certificate respective Class Principal BalancesBalances immediately prior to the related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero; and
(iiiA) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any the Mortgage Loan in any Collateral Group Loans shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) Loan, or the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Principal Only Certificates and Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); Group) and (B2) each Class of Subordinate Junior Certificates, pro rata based upon their respective Class Principal Balances (or, in the case of the Junior Certificates in the aggregate, the Group Subordinate Amount for the Loan Group which incurred the Excess Loss, the aggregate amount so allocated to the Junior Certificates then to be allocated among the Junior Certificates pro rata based on their respective Class Principal Balances) after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); andDate.
(b) The Class Principal Balance of the Class of Subordinate Junior Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any the related Class PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority thirdAmounts, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to and payments of the Mortgage LoansClass PO Deferred Amounts on such Distribution Date) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(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 4.03(c) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Principal Balances.
(d) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b4.03(c) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than and the Interest Only and Class PO Certificates) and Subordinate Junior Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (in each case, such limitation, the a “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-8)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Securities Administrator shall aggregate the loan-level information provided by the Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on Losses, with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, the principal portion of Realized Losses, Bankruptcy Losses, Fraud Losses and Special Hazard Losses with respect to such Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (Losses with respect to Collateral each Loan Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess LossLosses) shall be allocated first in the following order: first, to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Certificate Principal Balance of each such Class is reduced to zero; and second, and second to the Senior Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (orrata, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been Class of Senior Certificates is reduced to zero, as applicable; provided, however, that (A) the portion of such losses otherwise allocable to the Class 1-A-1 Certificates, under this paragraph, A-1A Certificates will instead be allocated to Component the Class 1-A-5-1 A-1B Certificates until the Class Certificate Principal Balance of Component the Class 1-A-5-1 A-1B Certificates has been reduced to zero; and provided, further, that the portion of such losses otherwise allocable to the Class 2-A-1A Certificates will be allocated to the Class 2-A-1B Certificates until the Class Certificate Principal Balance of the Class 2-A-1B Certificates has been reduced to zero; and
(ii) any principal portion of Excess Losses on the Mortgage Loans shall be allocated to the Classes of Senior Certificates and Subordinate Certificates, pro rata, on the basis of the respective Class Certificate Principal Balances of such Classes of Senior Certificates and Subordinate Certificates.
(i) On or prior to the first Distribution Date on which the aggregate Class Certificate Principal Balance of the Subordinate Certificates has been reduced to zero (giving effect to all distributions on such Distribution Date), the interest portion of any Realized Losses (other than Excess Losses) with respect to the Mortgage Loans will not be allocated among any Certificates, but will reduce the amount of Available Funds on the related Distribution Date. As a result of the subordination of the Subordinate Certificates in right of distribution, such Realized Losses will be borne by the Subordinate Certificates in inverse order of their numerical Class designations, as follows:
(A) first, to the Class B-6 Certificates, in reduction of accrued but unpaid interest therein and then in reduction of the Class B-6 Principal Balance;
(B) second, to the Class B-5 Certificates, in reduction of accrued but unpaid interest therein and then in reduction of the Class B-5 Principal Balance;
(C) third, to the Class B-4 Certificates, in reduction of accrued but unpaid interest therein and then in reduction of the Class B-4 Principal Balance;
(D) fourth, to the Class B-3 Certificates, in reduction of accrued but unpaid interest therein and then in reduction of the Class B-3 Principal Balance;
(E) fifth, to the Class B-2 Certificates, in reduction of accrued but unpaid interest therein and then in reduction of the Class B-2 Principal Balance;
(F) sixth, to the Class B-1 Certificates, in reduction of accrued but unpaid interest therein and then in reduction of the Class B-1 Principal Balance; and
(G) seventh, first, to the Senior Certificates, pro rata according to the respective accrued but unpaid interest thereon, in reduction thereof, and then to such Senior Certificates, pro rata based on the respective Class Principal Balances, in reduction thereof; provided, however, that the portion of such losses otherwise allocable to the Class 1-A-2 Certificates, under this paragraph, A-1A Certificates will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 CertificatesA-1B Certificates until the Class Certificate Principal Balance of the Class 1-A-1B Certificates has been reduced to zero; and provided, other than in accordance with further, that the preceding proviso, portion of such losses otherwise allocable to the Class 2-A-1A Certificates will be allocated between Component 1to the Class 2-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding A-1B Certificates until the Class Certificate Principal Balances; andBalance of the Class 2-A-1B Certificates has been reduced to zero.
(iiiii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal The interest portion of any Excess Losses occurring on any the Mortgage Loan in any Collateral Group Loans shall be allocated among (A) (1) to the Group 1 Certificates, in the case Classes of an Excess Loss Senior Certificates and Subordinate Certificates on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such that Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balancespursuant to Section 5.01(d)); and.
(bd) The Class Certificate Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Certificate Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loansand Excess Losses on such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(e) Any Realized Loss or Excess Loss allocated to a Class of Certificates or any reduction in the Class Certificate Principal Balance of a Class of Certificates pursuant to Section 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(f) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Allocation of Realized Losses. (a) On or prior to each Distribution Determination Date, the Master Servicer Trustee shall determine the total amount of Realized Losses, including Excess Losses with respect to the related Distribution Date. For purposes of allocating losses to the Subordinated Certificates, the Class M Certificates will be deemed to have a lower numerical Class designation, and the allocation to be of such total amount as set forth below. a higher relative payment priority, than each other Class of Subordinated Certificates.
(b) Realized Losses occurring on the Mortgage Loans with respect to any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and[Reserved].
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Any Realized Loss with respect to any on the Mortgage Loans in a Loan (other than an Excess Loss) Group shall be allocated first to the Subordinate Subordinated Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Certificate Balance of each such Class is reduced to zero, and second to the Senior Certificates (or in the case of the Class 1-A-5 Certificates, the P&I Components thereof) of the related Senior Certificate Group (not including other than any Notional Amount Certificates, if applicable), in the related Interest Only and following order, until the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Component Principal Balance of each such P&I Component has been reduced to zero:
(1) in the case of Loan Group 1, as applicable; provided, however, that (A) the losses allocable sequentially to the Class 1-A-2 and Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, in that order; (B2) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Loan Group 1 Mortgage 2, sequentially to the Class 2-A-2 P&I Component and Class 2-A-1 Certificates, in that ordex; (0) xx the case of Loan Group 3, sequentially to the Class 3-A-2 P&I Component and Class 3-A-1 Certificates, in that ordex; (0) xx the case of Loan Group 4, sequentially to the Class 4-A-2 and Class 4-A-1 Certificates, in that order and (25) the Group 2 Certificates, in the case of an Excess Loss on a Loan Group 2 Mortgage Loan (other than5, sequentially to the Class 5-A-2 and Class 5-A-1 Certificates, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) that order. The Class Principal Certificate Balance of the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Certificate Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool Stated Principal Balance for as of the following Due Date in the month of such Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Balance of a Class of Certificates pursuant to Section 4.04(b) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation of Realized Losses to a Certificate or a to any P&I Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b4.04(b) above shall be accomplished by reducing the Certificate Balance, Component Principal Balance of such Certificate or Component Subordinated Portion thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Balance," "Component Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce " or "Subordinated Portion," as the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”)case may be.
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CHL Mortgage Pass-Through Trust 2007-Hyb1)
Allocation of Realized Losses. (a) On or prior Prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and if any, that resulted from any Cash Liquidation, Servicing Modifications, Debt Service Reduction, Deficient Valuation or REO Disposition that occurred during the allocation related Prepayment Period or, in the case of a Servicing Modification that constitutes a reduction of the interest rate on a Mortgage Loan, the amount of the reduction in the interest portion of the Monthly Payment due in the month in which such total Distribution Date occurs. The amount as set forth below. of each Realized Loss shall be evidenced by an Officers' Certificate.
(A) All Realized Losses occurring on the Mortgage Group I Loans (other than Group I Excess Losses) shall be allocated as follows:
(i) : first, to Group I Excess Cash Flow as provided in Section 4.02(c)(iii), to the applicable PO Percentage extent of the principal portion of any Realized Loss on any Discount Mortgage LoanGroup I Excess Cash Flow for such Distribution Date; second, including any Excess Loss, shall be allocated to the Class PO CertificatesGroup II Excess Cash Flow as provided in Section 4.02(d)(iv), to the extent of the Group II Excess Cash Flow for such Distribution Date remaining after distributions pursuant to Section 4.02(d)(iii); third, in reduction of the Group I Overcollateralization Amount, until the Class earlier of: (1) such amount has been reduced to zero or (2) the aggregate Certificate Principal Balance of the Class PO A Certificates is reduced to zero; and
(ii) equals the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class aggregate Stated Principal Balance of each the Group I Loans and Group II Loans; fourth, in reduction of the Group II Overcollateralization Amount until such Class amount is reduced to zero, and second to meaning, that no additional Realized Losses will be allocated under any subsequent clause until the Senior Certificates (or in the case aggregate Certificate Principal Balance of the Class 1A Certificates equals the aggregate Stated Principal Balance of the Group I Loans and Group II Loans; and fifth, to the extent not covered by the Policy, to the Class A-A-5 I Certificates, the Components thereof) with such amount allocated among each Class of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) A-I Certificates on a pro rata basis, based upon their respective on the same proportion as the Group I Principal Distribution Amount was allocated to such Class Principal Balances (orof Certificates on that Distribution Date, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Certificate Principal Balance of each such Class has been reduced to zero or zero.
(B) Any Group I Excess Losses on the Mortgage Loans, to the extent not covered by the Policy, will be allocated to the Class A-I Certificates, in each case in an amount equal to the product of (a) the Group I Excess Losses and (b) the fraction, expressed as a percentage, the numerator of which is (x) the aggregate Certificate Principal Balance of each the Class A-I Certificates, and the denominator of which is (y) the aggregate Stated Principal Balance of the Group I Loans, and the remainder of such Component losses shall be allocated to the Group I Overcollateralization Amount in reduction of the amount thereof.
(A) All Realized Losses on the Group II Loans (other than Group II Excess Losses) shall be allocated as follows: first, to the Group II Excess Cash Flow as provided in Section 4.02(d)(iii), to the extent of the Group II Excess Cash Flow for such Distribution Date; second, to the Group I Excess Cash Flow as provided in Section 4.02(c)(iv), to the extent of the Group I Excess Cash Flow for such Distribution Date remaining after distributions pursuant to Section 4.02(c)(iii); 100 third, in reduction of the Group II Overcollateralization Amount, until the earliest of: (1) such amount has been reduced to zerozero or (2) the aggregate Certificate Principal Balance of the Class A Certificates equals the aggregate Stated Principal Balance of the Group I Loans and Group II Loans; fourth, as applicable; providedin reduction of the Group I Overcollateralization Amount, howevermeaning, that (A) no additional Realized Losses will be allocated to any Class of Certificates until the losses allocable aggregate Certificate Principal Balance of the Class A Certificates equals the aggregate Stated Principal Balance of the Group I Loans and Group II Loans; and fifth, to the extent not covered by the Policy, to the Class 1A-A-1 II Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 such Class has been reduced to zero, .
(B) Any Group II Excess Losses on the losses allocable Mortgage Loans, to the extent not covered by the Policy, will be allocated to the Class 1A-A-2 II Certificates, under this paragraphin an amount equal to the product of (a) the Group II Excess Losses and (b) the fraction, will instead be allocated to Component 1-A-5-2 until expressed as a percentage, the numerator of which is (x) the Certificate Principal Balance of Component 1the Class A-A-5-2 has been reduced to zero, II Certificates and the denominator of which is (Cy) the aggregate Stated Principal Balance of the Group II Loans, and the remainder of such losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead shall be allocated to Component 1-A-5-3 until the Certificate Principal Balance Group II Overcollateralization Amount in reduction of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; andamount thereof.
(iiib) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) Any allocation of the principal portion of any Excess Realized Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO CertificatesDebt Service Reductions) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above Class A Certificates shall be accomplished made by reducing the Certificate Principal Balance of thereof by the amount so allocated, which allocation shall be deemed to have occurred on such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” hereinDate; provided that no Realized Loss with respect to any Collateral Group such reduction shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate the Class A-I Certificates or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce A-II Certificates below the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Stated Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance Group I Loans or Group II Loans, as applicable. Allocations of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount interest portions of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificatesany interest rate reduction resulting from a Servicing Modification) shall be made by operation of the definition of "Accrued Certificate Group corresponding to the Collateral Group Interest" and by operation of the Mortgage Loan for which the Recovery was received, pro rata, the amount provisions of Section 4.02(c) and (d). Allocations of the Recovery interest portion of a Realized Loss resulting from an interest rate reduction in connection with a Servicing Modification shall be made by operation of the provisions of Section 4.02(c) and (with respect to Collateral Group 1 d). All Realized Losses and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution all other losses allocated to a Class of Certificates pursuant hereunder will be allocated among the Certificates of such Class in proportion to this Section 4.03(ethe Percentage Interests evidenced thereby.
(i) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Accrued Interest payable to the REMIC I Regular Interests LT1-AI-AA and LT1-AI-ZZ up to an aggregate amount equal to the excess of (a) the REMIC I Interest Loss Allocation Amount over (b) Prepayment Interest Shortfalls (to the extent not reduce covered by Compensating Interest) relating to the Class Group I Loans for such Distribution Date, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of the REMIC I Regular Interests LT1-AI-AA and LT1-AI-ZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of 101
REMIC I Regular Interests LT1-AI-AA, 98%, LT1-AI-1, LT1-AI-2, LT1-AI-3, LT1-AI-4, LT1-AI-5 and LT1-AI-6, 1% pro rata, and LT1-AI-ZZ, 1%, until the Uncertificated Balance of each of REMIC I Regular Interests LT1-AI-1, LT1-AI-2, LT1-AI-3, LT1-AI-4, LT1-AI-5 and LT1-AI-6 have been reduced to zero.
(ii) All Realized Losses on the Group II Loans shall be allocated on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interests LT2-AII-AA and LT2-AII-ZZ up to an aggregate amount equal to the excess of (a) the REMIC II Interest Loss Allocation Amount over (b) Prepayment Interest Shortfalls (to the extent not covered by Compensating Interest) relating to the Group II Loans for such ClassDistribution Date, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of the REMIC II Regular Interests LT2-AII-AA and LT2-AII-ZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interests LT2-AII-AA, LT2-AII-1 and LT2-AII-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balances of REMIC II Regular Interests LT2-AII-1 has been reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Allocation of Realized Losses. (a) On or prior to each Distribution Determination Date, the Master Servicer Trustee shall determine the total amount of Realized LossesLosses with respect to the related Distribution Date. For purposes of allocating Realized Losses to the Subordinated Certificates, including Excess Losses the Class M-X Certificates will be deemed to have a lower numerical Class designation, and to be of a higher relative payment priority, than each other Class of Subordinated Certificates. Among the allocation remaining Classes of such total amount as set forth belowSubordinated Certificates, the Class M Certificates have higher payment priorities than the Class B Certificates. Within the Class M and Class B Certificates, the payment priorities are in numerical order. Realized Losses occurring on the Mortgage Loans with respect to any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of [Reserved]
(ii) any Realized Loss on any Discount the Mortgage Loan, including any Excess Loss, Loans in a Loan Group shall be allocated (1) first, to the Class PO Certificates, until the Class Principal Balance of the Class PO Subordinated Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Lossthe Class M-X IO Component) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation) until the respective Class Certificate Balance or Component Principal Balance of each such Class is reduced to zero, and second (2) second, to the Senior Certificates of the related Senior Certificate Group (or other than any Notional Amount Components), if applicable, pro rata, on the basis of their respective Class Certificate Balances, in each case immediately prior to the case related Distribution Date until the respective Class Certificate Balance of each such Class is reduced to zero; except that (A) any Realized Losses on the Group 1 Mortgage Loans that are otherwise allocable to the Class 1-A-2 Certificates will instead be allocated first to the Class 1-A-5 Certificates, the Components thereof) of the related until their Class Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, that (A) the losses allocable and then to the Class 1-A-1 A-3 and Class 1-A-4 Certificates, under this paragraphpro rata, will instead be allocated to Component 1-A-5-1 until the their Class Certificate Principal Balance of Component 1-A-5-1 has been Balances are reduced to zero, (B) any Realized Losses on the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses Group 1 Mortgage Loans that are otherwise allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, Certificates will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding provisountil their Class Certificate Balance is reduced to zero, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2C) any Realized Losses on the Group 2 Mortgage Loans that are otherwise allocable to the Class 2-A-1 Certificates will instead be allocated to the Class 2-A-2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such until their Class Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect Balance is reduced to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); andzero.
(b) The Class Principal Certificate Balance of the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Certificate Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool Stated Principal Balance for as of the following last day of the Prepayment Period related to such Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Balance of a Class of Certificates pursuant to Section 4.04(b) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation of Realized Losses to a Certificate or a to any Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b4.04(b) above shall be accomplished by reducing the Certificate Principal Balance, Component Balance of such Certificate or Component Subordinated Portion thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce ," "Component Balance" or "Subordinated Portion," as the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”)case may be.
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Allocation of Realized Losses. (a) On or prior Prior to each Distribution Determination Date, the Master Servicer shall determine (i) the total amount of Realized Losses, including if any, incurred during the related Principal Prepayment Period; (ii) whether and to what extent such Realized Losses constitute Excess Losses Losses; and (iii) the allocation respective portions of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:allocable to interest and to principal.
(ib) the applicable PO Percentage of the The principal portion of any Realized Loss on any Discount Mortgage LoanLosses other than Excess Losses shall be allocated by the Trustee as follows: first, including any Excess Lossto the Class B Certificates, in accordance with Section 6.01(d)(ii), second to the Class M Certificates (in each case until the Outstanding Certificate Principal Balance thereof has been reduced to zero) and third, the remainder thereof shall be allocated to the Class PO A Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the . The principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among all Classes of Certificates on a pro rata basis.
(Ac) (1) the Group 1 CertificatesAs used herein, in the case an allocation of an Excess a Realized Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case "pro rata basis" among two or more specified Classes of Certificates means an Excess Loss allocation on a Group 2 Mortgage Loan (other thanpro rata basis, in among the various Classes so specified, to each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class Certificates on the basis of Subordinate Certificatestheir then Outstanding Certificate Principal Balances, pro rata based upon their respective Class Principal Balances after prior to giving effect to distributions of principal to be made on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Date. All Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be all other losses allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce hereunder will be allocated among the Class Principal Balance Certificates and Components of such ClassClass in proportion to the Percentage Interests evidenced thereby.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Homeside Mortgage Securities Inc /De/)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated to the Class PO CertificatesCertificates in the case of a Realized Loss occurring on any Mortgage Loan in Loan Group 1, Loan Group 5, Loan Group 6, Loan Group 7 or Loan Group 8, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(iiA) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan in Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4, Loan Group 5, Loan Group 7 or Loan Group 8 (other than an Excess Loss) shall be allocated first to the Group B Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Group B Subordinate 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 (1) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Senior Classes of Group 1 Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) ), pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero zero; (2) with respect to such losses occurring with respect to Group 2 Mortgage Loans, to the Classes and Components of Group 2 Certificates (not including the Interest Only Certificates), pro rata on the basis of their respective Class Principal Balances or Component Balances, as applicable, immediately prior to the aggregate Certificate related Distribution Date until the Class Principal Balance or Component Balances, as applicable, of each such Class or Component has been reduced to zero; (3) with respect to such losses occurring with respect to Group 3 Mortgage Loans, to the Classes and Components of Group 3 Certificates (not including the related Interest Only Certificates), pro rata on the basis of their respective Class Principal Balances or Component Balance, as applicable, immediately prior to the related Distribution Date until the Class Principal Balance or Component Balance, as applicable, of each such Class or Component has been reduced to zero; (4) with respect to such losses occurring with respect to Group 4 Mortgage Loans, to the Classes of Group 4 Certificates (not including the Interest Only Certificates), pro rata on the basis of their respective Class Principal Balances immediately prior to the related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero; (5) with respect to such losses occurring with respect to Group 5 Mortgage Loans, to the Classes of Group 5 Certificates (not including the related Interest Only Certificates), pro rata on the basis of their respective Class Principal Balances immediately prior to the related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero; (6) with respect to such losses occurring with respect to Group 7 Mortgage Loans, to the Classes of Group 7 Certificates (not including the Interest Only Certificates), pro rata on the basis of their respective Class Principal Balances immediately prior to the related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero; (7) with respect to such losses occurring with respect to Group 8 Mortgage Loans, to the Classes and Components of Group 8 Certificates (not including the Interest Only Certificates), pro rata on the basis of their respective Class Principal Balances and Component Balance, as applicable, immediately prior to the related Distribution Date until the Class Principal Balance or Component Balance, as applicable, of each such Class or Component has been reduced to zero; provided, however, that that, after the related Cross-Over Date, (Aa) the losses allocable to the Class 12-A-1 A-4 Certificates, under this paragraph, will instead be allocated to Component 1the Class 2-A-5-1 A-5 Certificates until the Certificate Class Principal Balance of Component 1the Class 2-A-5-1 A-5 Certificates has been reduced to zero, zero and (Bb) the losses allocable to the Class 14-A-2 Certificates, under this paragraph, will instead be allocated to Component 1the Class 4-A-5-2 A-3 Certificates until the Certificate Class Principal Balance of Component 1the Class 4-A-5-2 A-3 Certificates has been reduced to zero;
(B) the applicable Non-PO Percentage of any Realized Loss with respect to any Group 6 Mortgage Loan (other than an Excess Loss) shall be allocated first to the Group 6 Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Group 6 Subordinate 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 Classes of Group 6 Certificates (not including the Interest Only Certificates), pro rata on the basis of their respective Class Principal Balances immediately prior to the related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero; provided, however, that, after the related Cross-Over Date, (Ca) the losses allocable to the Class 16-A-3 A-12 Certificates, under this paragraph, will instead be allocated to Component 1the Class 6-A-5-3 A-14 Certificates until the Certificate Class Principal Balance of Component 1the Class 6-A-5-3 A-14 Certificates has been reduced to zero and (Db) the losses allocable to the Class 16-A-4 A-3 and Class 6-A-16 Certificates, under this paragraph, will instead be allocated to Component 1the Class 6-A-5-4 A-17 Certificates until the Certificate Class Principal Balance of Component 1the Class 6-A-5-4 A-17 Certificates has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balanceszero; and
(iiiA) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4, Loan Group 5, Loan Group 7 or Loan Group 8 shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) Loan; the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan; the Group 3 Certificates, in the case of an Excess Loss on a Group 3 Mortgage Loan; the Group 4 Certificates, in the case of an Excess Loss on a Group 4 Mortgage Loan; the Group 5 Certificates, in the case of an Excess Loss on a Group 5 Mortgage Loan; the Group 7 Certificates, in the case of an Excess Loss on a Group 7 Mortgage Loan; and the Group 8 Certificates, in the case of an Excess Loss on a Group 8 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); Group) and (B2) each Class of Group B Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (exceptor Component Balances or, in the case of the Group B Subordinate Certificates, based on Certificates their pro-rata portion of the Group Subordinate Amount for the Collateral Loan Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and) after giving effect to distributions of principal on such Distribution Date.
(bB) the applicable Non-PO Percentage of any Excess Losses occurring on any Group 6 Mortgage Loan shall be allocated among (1) the Group 6 Certificates (other than the related Interest Only Certificates of such Certificate Group) and (2) each Class of Group 6 Subordinate Certificates, pro rata based upon their respective Class Principal Balances.
(A) The Class Principal Balance of the Class of Group B Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any Group 1 PO Deferred Amounts, Group 5 PO Deferred Amounts, Group 7 PO Deferred Amounts for Collateral and Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) 8 PO Deferred Amounts and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 1, Group 2, Group 3, Group 4, Group 5, Group 7, Group 8 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and B Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage LoansLoans in Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4, Loan Group 5, Loan Group 7 and Loan Group 8 on such Distribution Date) exceeds the Aggregate Group B Pool Principal Balance for the following Distribution Date, less any Deficient Valuations related to Group 1, Group 2, Group 3, Group 4, Group 5, Group 7 or Group 8 occurring before the related Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; andLoans in Loan Group 1, Loan Group 5, Loan Group 7 and Loan Group 8.
(B) The Class Principal Balance of the Class of Group 6-B Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any Group 6 PO Deferred Amounts and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 6 Senior and Group 6 Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to Group 6 Mortgage Loans on such Distribution Date) exceeds the Group 6 Pool Principal Balance for the following Distribution Date, less any Deficient Valuations related to Group 6 occurring before the related Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans in Loan Group 6.
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that (A) no Realized Loss with respect any Loan Group shall be allocated to reduce the Certificate Principal Balance or Component Balance of a Group 1, Group 2, Group 3, Group 4, Group 5, Group 7 or Group 8 Certificate to the extent that such allocation would reduce the aggregate Certificate Principal Balance and Component Balance of all of the Group 1, Group 2, Group 3, Group 4, Group 5, Group 7, Group 8 and Group B Subordinate Certificates to an amount less than the Aggregate Group B Pool Principal Balance for the following Distribution Date minus any Collateral related Deficient Valuations occurring before the related Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans in Loan Group 1, Loan Group 5, Loan Group 7 and Loan Group 8 and (B) no Realized Loss with respect any Loan Group shall be allocated to reduce the Certificate Principal Balance of a Group 6 Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Group 6 Senior Certificates (other than the Interest Only and Class PO Certificates) and Group 6 Subordinate Certificates to an amount less than the Aggregate Group 6 Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the related Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans in Loan Group 6 and (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Pass-Through Certificates Series 2003-4)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the principal portion related Applicable Fraction) of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class 30-PO Certificates, in the case of a Realized Loss occurring on any Discount Mortgage Loan in any Collateral Group 1, or the Class 15-PO Certificates, in the case of a Realized Loss occurring on any Discount Mortgage Loan in any Collateral Group 3, in each case, until the Class Principal Balance of the such Class of Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 A-6 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5A-6-1 until the Certificate Principal Balance of Component 1-A-5A-6-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5A-6-2 until the Certificate Principal Balance of Component 1-A-6-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-5 Certificates, under this paragraph, will instead be allocated to Component 1-A-6-3 until the Certificate Principal Balance of Component 1-A-5A-6-3 has been reduced to zero and (D) the losses allocable to the Class 13-A-4 A-1 Certificates, under this paragraph, will instead be allocated to Component 1the Class 3-A-5-4 A-2 Certificates until the Certificate Principal Balance of Component 1the Class 3-A-5-4 A-2 Certificates has been reduced to zero zero; provided, further, that any Realized Loss allocated to the Class 1-A-5 A-6 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5A-6-1, Component 1-A-5A-6-2, Component 1-A-5-3 2 and Component 1-A-5A-6-43, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and Loan, (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan and (3) the Group 3 Certificates, in the case of an Excess Loss on a Group 3 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class 15-PO and Class 30-PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 3 and Collateral Group 1, respectively, pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 1, Group 2 and Group 2 3 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates (other than the Class 1-A-6 Certificates) and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates and the Class 1-A-6 Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii4.03(d)(ii)(A).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) (A) to the Class 15-PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 3 and (B) to the Class 30-PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2005-6)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and[reserved];
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 12-A-1 Certificates, under this paragraph, will instead be allocated to Component 1the Class 2-A-5-1 A-2 Certificates until the Certificate Principal Balance of Component 1Class 2-A-5-1 A-2 Certificates has been reduced to zero, (B) the losses allocable to the Class 13-A-2 A-1 Certificates, under this paragraph, will instead be allocated to Component 1Class 3-A-5-2 A-2 Certificates until the Certificate Principal Balance of Component 1Class 3-A-5-2 A-2 Certificates has been reduced to zero, (C) the losses allocable to the Class 14-A-3 A-1 Certificates, under this paragraph, will instead be allocated to Component 1Class 4-A-5-3 A-2 Certificates until the Certificate Principal Balance of Component 1Class 4-A-5-3 A-2 Certificates has been reduced to zero zero, and (D) the losses allocable to the Class 15-A-4 A-1 Certificates, under this paragraph, will instead be allocated to Component 1Class 5-A-5-4 A-2 Certificates until the Certificate Principal Balance of Component 1Class 5-A-5-4 A-2 Certificates has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; andzero;
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in contributing to any Collateral Loan Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and contributing to Loan Group 1, (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan contributing to Loan Group 2, (other than3) the Group 3 Certificates, in each casethe case of an Excess Loss on a Mortgage Loan contributing to Loan Group 3; (4) the Group 4 Certificates, in the related Interest Only Certificates case of such Certificate an Excess Loss on a Mortgage Loan contributing to Loan Group 4 and (5) the related Class Group 5 Certificates, in the case of Class PO Certificates); an Excess Loss on a Mortgage Loan contributing to Loan Group 5 and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Loan Group which incurred the Excess Loss (based on their respective Class Principal Balances)Loss); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 1, Group 2, Group 3, Group 4 and Group 2 5 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loanszero; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Loan Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Loan Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or ComponentClass, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Loan Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii4.03(d)(ii)(4).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group or Certificate Groups corresponding to the Collateral Loan Group of to which the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i)such Recovery; provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (STARM Mortgage Loan Trust 2007-S1)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss occurring on any Discount a Group 2 Mortgage Loan, including any Excess Loss, shall be allocated to the Class 2-PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) (A) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Junior Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Junior Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero, zero and second (1) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Senior Classes of Group 1 Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Interest-Only and the Class PO Certificates) ), pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a with respect to such losses occurring with respect to Group 2 Mortgage Loan Loans, to the Classes of Group 2 Certificates (other than, in each case, not including the related Interest Principal-Only Certificates of such Certificate Group and the related Class of Class PO Interest-Only Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon on the basis of their respective Class Principal Balances after giving effect immediately prior to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, until the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied has been reduced to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances)zero; and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Tr MSTR Alt Ln Tr Mt Ps THR Ct Sr 2003-3)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of (A) any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero, zero and second (1) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Senior Classes of Group 1 Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Interest-Only and the Class PO Certificates) ), pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or zero; (2) with respect to such losses occurring with respect to Group 2 Mortgage Loans, to the aggregate Certificate Group 2 Certificates (not including the Interest-Only Certificates); (3) with respect to such losses occurring with respect to Group 3 Mortgage Loans, to the Classes of Group 3 Certificates (not including the Interest-Only Certificates), pro rata on the basis of their respective Class Principal Balances immediately prior to the related Distribution Date until the Class Principal Balance of each such Component Class has been reduced to zero; (4) with respect to such losses occurring with respect to Group 4 Mortgage Loans, as applicableto the Classes of Group 4 Certificates (not including the Interest-Only Certificates), pro rata on the basis of their respective Class Principal Balances immediately prior to the related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero; (5) with respect to such losses occurring with respect to Group 5 Mortgage Loans, to the Group 5 Certificates (not including the Interest-Only Certificates), pro rata on the basis of their respective Class Principal Balances immediately prior to the related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) losses allocable to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) 5-A-1 Certificates under this paragraph will instead be allocated to the Classes of Senior Class 5-A-2 Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce until the Class Principal Balance of the Class 5-A-2 Certificates has been reduced to zero; (6) with respect to such Class.losses occurring with respect to Group 6 Mortgage Loans, to the Group 6 Certificates (not including Interest-Only Certificates); (7) with respect to such losses occurring with respect to Group 7 Mortgage Loans, to the Group 7 Certificates (not including Interest-Only Certificates); and (8) with respect to such losses occurring with respect to Group 8 Mortgage Loans, to the Group 8 Certificates (not including the Interest-Only Certificates), pro rata on the basis of their respective Class Principal Balances immediately prior to the related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Adj Rate Mort Tr 2004 3)
Allocation of Realized Losses. (a) On or prior to each any Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(ix) the applicable PO AP Percentage of the principal portion of any each Realized Loss on any Discount Mortgage Loan, including (other than any Excess Loss, shall ) in respect of a Mortgage Loan in each Mortgage Pool will be allocated to the related Class PO Certificates, of Principal Only Certificates until the Class Principal Balance of the Class PO Certificates is Amount thereof has been reduced to zero; and
and (iiy) the applicable Non-PO AP Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any each Realized Loss with in respect to any of a Mortgage Loan (other than an Excess Loss) shall in each Mortgage Pool will be allocated first in the following order of priority: first, to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case related Component of the Class 1-A-5 B6 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Component Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component Amount thereof has been reduced to zero; second, as applicable; provided, however, that (A) the losses allocable to the related Component of the Class 1-A-1 B5 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Component Principal Balance of Component 1-A-5-1 Amount thereof has been reduced to zero; third, (B) the losses allocable to the related Component of the Class 1-A-2 B4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Component Principal Balance of Component 1-A-5-2 Amount thereof has been reduced to zero; fourth, (C) the losses allocable to the related Component of the Class 1-A-3 B3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Component Principal Balance of Component 1-A-5-3 Amount thereof has been reduced to zero and (D) the losses allocable zero; fifth, to the related Component of the Class 1-A-4 B2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Component Principal Balance of Component 1-A-5-4 Amount thereof has been reduced to zero providedzero; sixth, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between related Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with B1 Certificates, until the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Component Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount thereof has been reduced to zero zero; and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitationseventh, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only AP Certificates) of the related Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was receivedGroup, pro rata, the amount of the Recovery (in accordance with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i)their Class Principal Amounts; provided, howeverthat any such loss allocated to any Class of Accrual Certificates shall be allocated (subject to Section 5.03(c)) on the basis of the lesser of (x) the Class Principal Amount thereof immediately prior to the applicable Distribution Date and (y) the Class Principal Amount thereof on the Closing Date (as reduced by any Realized Losses previously allocated thereto).
(b) With respect to any Distribution Date, the applicable Non-AP Percentage of the principal portion of any Excess Loss in respect of a Mortgage Loan shall be allocated, pro rata, to the Certificates and Components of the related Certificate Group based on the respective Class Principal Amounts or Component Principal Amounts thereof; provided, that any distribution such loss allocated to any Class of Accrual Certificates (and any Accrual Component) shall be allocated (subject to Section 5.03(c)) on the basis of the lesser of (x) the Class Principal Amount (or Component Principal Amount) thereof immediately prior to the applicable Distribution Date and (y) the Class Principal Amount (or Component Principal Amount) thereof on the Closing Date (as reduced by any Realized Losses previously allocated thereto). The applicable AP Percentage of the principal portion of an Excess Loss in a Mortgage Pool will be applied to the related Class of Principal Only Certificates until the Class Principal Amount thereof has been reduced to zero.
(c) Any Realized Losses allocated to a Class of Certificates pursuant to Section 5.03(a) or (b) shall be allocated among the Certificates of such Class in proportion to their respective Certificate Principal Amounts. In addition, any Realized Losses allocated to any Class of Component Certificates on a Distribution Date shall be allocated in reduction of the Component Principal Amounts of the related Components (other than any Notional Component) in proportion to their respective Component Principal Amounts immediately prior to such Distribution Date. Any allocation of Realized Losses pursuant to this paragraph (c) shall be accomplished by reducing the Certificate Principal Amount (or, in the case of any Component, the Component Principal Amount) of the related Certificates (or Components) on the related Distribution Date in accordance with Section 5.03(d).
(d) Realized Losses allocated in accordance with this Section 4.03(e5.03 shall be allocated on the Distribution Date in the month following the month in which such loss was incurred and, in the case of the principal portion thereof, after giving effect to distributions made on such Distribution Date, except that the aggregate amount of Realized Losses to be allocated to the Principal Only Certificates on such Distribution Date will be taken into account in determining distributions in respect of any related Class AP Deferred Amount for such date.
(e) On each Distribution Date, the Component Writedown Amount for such date shall not reduce effect a corresponding reduction in the Component Principal Amount of the lowest ranking Component of the related Mortgage Pool, which reduction shall occur on such Distribution Date after giving effect to distributions made on such Distribution Date.
(f) 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, and, if applicable, one or more Components, each outstanding Class or Component 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 Class Principal Balance Amount or Component Principal Amount thereof) of such recovery, up to the amount of the portion of such Realized Loss previously allocated to such Class. In the event that the total amount of such recovery exceeds the amount of Realized Loss allocated to the outstanding Classes in accordance with the preceding provisions, each outstanding Class of Certificates or Component shall be entitled to receive its pro rata share of the amount of such excess, up to the amount of any unrecovered Realized Loss previously allocated to such Class. Any such recovery allocated to a Class of Certificates shall not further reduce the Certificate Principal Amount of such Certificate. Any such amounts not otherwise allocated to any Class of Certificates, pursuant to this subsection shall be treated as Principal Prepayments for purposes of this Agreement.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 2000 3)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Securities Administrator shall aggregate the loan-level information provided by the Master Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement. On each Distribution Date, Realized Losses that occurred during the related prepayment period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any to Net Monthly Excess LossCashflow; second, shall be allocated to the Class PO CertificatesOvercollateralization Amount, until the Class Principal Balance of the Class PO Certificates is such amount has been reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2third, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero; and
(A) with respect such losses related to Loan Group 1 Mortgage Loans, and second to the Senior Certificates (or in the case of the Class 1-A-5 1A-1A and Class 1A-1B Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (orrata, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been is reduced to zero or zero; provided, however, the aggregate Certificate Class 1A-1B Certificates will bear the principal portion of all realized losses allocable to the Class 1A-1A Certificates for so long as the Class 1A-1B Certificates are outstanding; and
(B) with respect such losses related to Loan Group 2 Mortgage Loans, to the Class 2A-1A, Class 2A-1B and Class 2A-1C Certificates, pro rata, until the Class Principal Balance of each such Component has been Class is reduced to zero, as applicable; provided, however, that (A) the all losses allocable to the Class 1-A-1 Certificates2A-1A, under this paragraph, Class 2A-1B and Class 2A-1C Certificates will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable sequentially to the Class 1-A-2 Certificates2A-1C, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero 2A-1B and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 2A-1A Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificatesthat order, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of for so long as such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) certificates are outstanding. The Class Principal Balance of first, the Class C Certificates and second, the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less . Any Realized Loss allocated to a Class of Certificates or any Deficient Valuations occurring before reduction in the Bankruptcy Loss Coverage Amount has been reduced Class Principal Balance of a Class of Certificates pursuant to zero and less the PO Percentage of any Discount Mortgage Loans; and
Section 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances. Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Dsla Mortgage Loan Trust 2006-Ar1)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Trustee shall aggregate the loan-level information provided by the Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, Realized Losses that occurred during the related prepayment period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Certificate Principal Balance of each such Class is reduced to zero; and
(A) with respect to such losses related to Loan Group 1 Mortgage Loans, and second to the Senior Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only A and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the A-R Certificates and PO-1A and PO-2A Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date pro rata, until the Class Certificate Principal Balance or Component Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, that (A) the Class 2-A2 Certificates, after assuming losses related to the Loan Group 2 Mortgage Loans, will bear the principal portion of all realized losses allocable to the Class 1-A-1 CertificatesA Certificates for so long as the Class 2-A2 Certificates are outstanding; and
(B) with respect such losses related to Loan Group 2 Mortgage Loans, under this paragraphto the Class 2-A1A, will instead be allocated to Component 1Class 2-A-5A1B, Class 2-1 A1C and Class 2-A2 Certificates and the PO-1B and PO-2B Components, pro rata, until the Class Certificate Principal Balance or Component Principal Balance of such Class or Component 1-A-5-1 has been is reduced to zero; provided, (B) the however, that all losses allocable to the Class 12-A-2 CertificatesA1A, under this paragraph, Class 2-A1B and Class 2-A1C Certificates will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable sequentially to the Class 12-A-3 CertificatesA1C, under this paragraph, will instead be allocated to Component 1Class 2-A-5A1B and Class 2-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 A1A Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificatesthat order, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of for so long as such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); andcertificates are outstanding;
(bc) The Class Certificate Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Certificate Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(d) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Principal Balance of a Class of Certificates pursuant to Section 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-3)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Securities Administrator shall aggregate the loan-level information provided by the Master Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, Realized Losses that occurred during the related prepayment period shall be allocated as follows:
(i) in the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loanfollowing order: first, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Certificate Principal Balance of each such Class is reduced to zero; and
(A) with respect to such losses related to Loan Group 1 Mortgage Loans, and second to the Senior Certificates (or in the case of the Class 1-A-5 A-1A and Class 1-A-1B Certificates, the Components thereof) of the related pro rata, based on Class Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon Principal Balances, until their respective Class Certificate Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been are reduced to zero, as applicable; provided, however, that (A) the losses allocable otherwise distributable to the Class 1-A-1 Certificates, under this paragraph, A-1A Certificates will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 A-1B Certificates, other than in accordance with until the preceding proviso, will be allocated between Component Class Certificate Principal Balance of the Class 1-A-5A-1B Certificates is reduced to zero;
(B) with respect to such losses related to Loan Group 2 Mortgage Loans, to the Class 2-1, Component 1A-1A and Class 2-A-5-2, Component 1-A-5-3 and Component 1-A-5-4A-1B Certificates, pro rata, based on their outstanding Class Certificate Principal Balances, until their respective Class Certificate Principal Balances are reduced to zero; provided, however, that losses otherwise distributable to the Class 2-A-1A Certificates will be allocated to the Class 2-A-1B Certificates, until the Class Certificate Principal Balance of the Class 2-A-1B Certificates is reduced to zero;
(C) with respect to such losses related to Loan Group 3 Mortgage Loans, to the 3-A-1A and Class 3-A-1B Certificates, pro rata, based on Class Certificate Principal Balances, until their respective Class Certificate Balances are reduced to zero; provided, however, that losses otherwise distributable to the Class 3-A-1A Certificates will be allocated to the Class 3-A-1B Certificates, until the Class Certificate Principal Balance of the Class 3-A-1B Certificates is reduced to zero; and
(iiiD) the applicable Non-PO Percentage (and with respect to Collateral such losses related to Loan Group 1 4 Mortgage Loans, to the Class 4-A-1A and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate 4-A-1B Certificates, pro rata rata, based upon on Class Certificate Principal Balances, until their respective Class Certificate Principal Balances after giving effect are reduced to distributions of principal on such Distribution Date (exceptzero; provided, in however, that losses otherwise distributable to the case Class 4-A-1A Certificates will be allocated to the Class 4-A-1B Certificates, until the Class Certificate Principal Balance of the Subordinate Class 4-A-1B Certificates is reduced to zero;
(E) with respect to such losses related to Loan Group 5 Mortgage Loans, to the Class 5-A-1A and Class 5-A-1B Certificates, pro rata, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on Class Certificate Principal Balances, until their respective Class Certificate Principal Balances))Balances are reduced to zero; andprovided, however, that losses otherwise distributable to the Class 5-A-1A Certificates will be allocated to the Class 5-A-1B Certificates, until the Class Certificate Principal Balance of the Class 5-A-1B Certificates is reduced to zero.
(bc) The Class Certificate Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Certificate Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(d) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Principal Balance of a Class of Certificates pursuant to Section 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Harbor View Mortgage Loan Trust 2005-14)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer Trustee shall determine the total amount of Realized Lossesthe Applied Loss Amount, including Excess Losses and the allocation of if any, for such total amount as set forth belowDistribution Date. Realized Losses occurring on the Mortgage Loans The Applied Loss Amount for any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until applied by reducing the Class Principal Balance of the each Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) lowest relative payment priority, in each case until the respective Class Principal Balance of each such Class thereof is reduced to zero. Any Applied Loss Amount allocated to a Class of Subordinate Certificates shall be allocated among the Subordinate Certificates of such Class in proportion to their respective Percentage Interests. All Realized Losses on the Mortgage Loans shall be deemed to have been allocated to the following REMIC 1 Regular Interests in the specified percentages, as follows: first to Uncertificated Accrued Interest payable to the REMIC 1 Regular Interests MT-AA and MT-ZZ up to an aggregate amount equal to the excess of (a) the REMIC 1 Interest Loss Allocation Amount over (b) Prepayment Interest Shortfalls (to the extent not covered by Compensating Interest) relating to the Mortgage Loans for such Distribution Date, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of the REMIC 1 Regular Interests MT-AA and MT-ZZ up to an aggregate amount equal to the REMIC 1 Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC 1 Regular Interest MT-AA, REMIC 1 Regular Interest MT-B, and second to the Senior Certificates (or in the case of the Class REMIC 1 Regular Interest MT-ZZ, 98%, 1-A-5 Certificates% and 1%, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (orrespectively, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Uncertificated Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component REMIC 1 Regular Interest MT-B has been reduced to zero; fourth, as applicable; provided, however, that (A) the losses allocable to the Class Uncertificated Principal Balances of REMIC 1 Regular Interest MT-AA, REMIC 1 Regular Interest MT-M-5 and REMIC 1 Regular Interest MT-ZZ, 98%, 1-A-1 Certificates% and 1%, under this paragraphrespectively, will instead be allocated to Component 1-A-5-1 until the Certificate Uncertificated Principal Balance of Component 1REMIC 1 Regular Interest MT-A-5-1 M-5 has been reduced to zero; fifth, (B) the losses allocable to the Class Uncertificated Principal Balances of REMIC 1 Regular Interest MT-AA, REMIC 1 Regular Interest MT-M-4 and REMIC 1 Regular Interest MT-ZZ, 98%, 1-A-2 Certificates% and 1%, under this paragraphrespectively, will instead be allocated to Component 1-A-5-2 until the Certificate Uncertificated Principal Balance of Component 1REMIC 1 Regular Interest MT-A-5-2 M-4 has been reduced to zero; sixth, (C) the losses allocable to the Class Uncertificated Principal Balances of REMIC 1 Regular Interest MT-AA, REMIC 1 Regular Interest MT-M-3 and REMIC 1 Regular Interest MT-ZZ, 98%, 1-A-3 Certificates% and 1%, under this paragraphrespectively, will instead be allocated to Component 1-A-5-3 until the Certificate Uncertificated Principal Balance of Component 1REMIC 1 Regular Interest MT-A-5-3 M-3 has been reduced to zero and (D) the losses allocable zero; seventh, to the Class Uncertificated Principal Balances of REMIC 1 Regular Interest MT-AA, REMIC 1 Regular Interest MT-M-2 and REMIC 1 Regular Interest MT-ZZ, 98%, 1-A-4 Certificates% and 1%, under this paragraphrespectively, will instead be allocated to Component 1-A-5-4 until the Certificate Uncertificated Principal Balance of Component 1REMIC 1 Regular Interest MT-A-5-4 M-2 has been reduced to zero providedzero; and eighth, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Uncertificated Principal Balance of REMIC 1 Regular Interest MT-AA, REMIC 1 Regular Interest MT-M-1 and REMIC 1 Regular Interest MT-ZZ, 98%, 1% and 1%, respectively, until the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Uncertificated Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount of REMIC 1 Regular Interest MT-M-1 has been reduced to zero and less the PO Percentage of any Discount Mortgage Loanszero; and
(c) Any allocation of All Realized Losses on the REMIC 1 Regular Interests shall be deemed to a Certificate or a Component or any reduction have been allocated to the REMIC 2 Regular Interests in specified percentages and in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided same priority as that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Corresponding Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Home Equity Mortgage Pass-Through Certificates, Series 2004-FFB)
Allocation of Realized Losses. (a) On or prior With respect to each any Distribution Date, the Master Servicer shall determine the total amount principal portion of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses (other than Debt Service Reductions) occurring on the with respect to Group I Mortgage Loans shall and Group II Mortgage Loans will be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO Certificates, B-6 Certificates until the Class B-6 Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero; second, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 B-5 Certificates until the Certificate Class B-5 Principal Balance of Component 1-A-5-1 has been reduced to zero; third, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 B-4 Certificates until the Certificate Class B-4 Principal Balance of Component 1-A-5-2 has been reduced to zero; fourth, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 B-3 Certificates until the Certificate Class B-3 Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable zero; fifth, to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 B-2 Certificates until the Certificate Class B-2 Principal Balance of Component 1-A-5-4 has been reduced to zero providedzero; sixth, further, that any Realized Loss allocated to the Class 1B-1 Certificates until the Class B-1 Principal Balance has been reduced to zero; and seventh, (i) with respect to such losses occurring with respect to Group I Mortgage Loans, concurrently, to the Group I-A-5 Certificates, A Certificates (other than in accordance with the preceding proviso, will be allocated between Component 1Class I-A-5A-1, Component 1PO Certificates) and Class I-A-5A-2, Component 1-A-5-3 and Component 1-A-5-4PO Certificates, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (Fraction and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates PO Fraction of such Certificate Group and the related Class of Class PO Certificates)Mortgage Loans, respectively; and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations such losses occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any II Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocatedconcurrently, will be increased, as follows:
(i) first, up to the amount of the NonGroup II-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior A Certificates (other than the Class II-A-PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1II-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1A-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 componentPO Certificates, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after Fraction and the PO Fraction of such Mortgage Loans, respectively. This allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, Realized Losses will be increased, by effected through the amount reduction of the excess, if any, of applicable Class's Principal Balance. (xb) unrecovered Any Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Class A Certificates or Class B Certificates pursuant to this Section 4.03(e4.02(a) shall not reduce be allocated among the Class Principal Balance Certificates of such ClassClass based on their Percentage Interests.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Wells Fargo Asset Securities Corp Mort Ba Sec 2002-4 Trust)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Securities Administrator shall aggregate the loan-level information provided by the Master Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, Realized Losses that occurred during the related prepayment period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Certificate Principal Balance of each such Class is reduced to zero; and
(A) with respect such losses related to Loan Group 1 Mortgage Loans, and second to the Senior Certificates (or in the case of the Class 1-A-5 CertificatesA1A, the Components thereof) of the related Certificate Group (not including the related Interest Only Class 1-A1B and Class A-R Certificates and the Class PO Certificates) X-PO-1 Component, pro rata based upon their respective Class Principal Balances (orrata, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Certificate Principal Balance or Component Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, that (A) the Class 1-A1B Certificates will bear the principal portion of all realized losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component A1A Certificates for so long as the Class 1-A-5A1B Certificates are outstanding;
(B) with respect such losses related to Loan Group 2 Mortgage Loans, to the Class 2-1 A1, Class 2-A2A and Class 2-A2B Certificates and the X-PO-2 Component, pro rata, until the Class Certificate Principal Balance or Component Principal Balance of such Class or Component 1-A-5-1 has been is reduced to zero; provided, (B) however, the Class 2-A2B Certificates will bear the principal portion of all realized losses allocable to the Class 12-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to A2A Certificates for so long as the Class 12-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal BalancesA2B Certificates are outstanding; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(bc) The Class Certificate Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Certificate Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(d) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Principal Balance of a Class of Certificates pursuant to Section 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2004-Ar3)
Allocation of Realized Losses. (ai) On or any Distribution Date, (x) the applicable AP Percentage of the principal portion of each Realized Loss (other than any Excess Loss) in respect of a Discount Mortgage Loan in Pool 1 will be allocated to and reduce the Class Principal Amount of the Class 1-AP Certificates until the Class Principal Amount thereof has been reduced to zero; and (y) the applicable Non-AP Percentage of the principal portion of each Realized Loss (other than any Excess Loss) in respect of a Mortgage Loan in Pool 1 shall be allocated in the following order of priority: first, to the Class 1B6 Certificates, until the Class Principal Amount thereof has been reduced to zero; second, to the Class 1B5 Certificates, until the Class Principal Amount thereof has been reduced to zero; third, to the Class 1B4 Certificates, until the Class Principal Amount thereof has been reduced to zero; fourth, to the B3(1) Component, until the Component Principal Amount thereof has been reduced to zero; fifth, to the Class 1B2 Certificates, until the Class Principal Amount thereof has been reduced to zero; sixth, to the Class 1B1 Certificates, until the Class Principal Amount thereof has been reduced to zero; and seventh, to the Classes of Non-AP Senior Certificates of Group 1, pro rata, in accordance with their Class Principal Amounts.
(ii) On any Distribution Date, (x) the applicable AP Percentage of the principal portion of each Realized Loss (other than any Excess Loss) in respect of a Discount Mortgage Loan in Pool 2 will be allocated to and reduce the Class Principal Amount of the Class 2-AP Certificates until the Class Principal Amount thereof has been reduced to zero; and (y) the applicable Non-AP Percentage of the principal portion of each Realized Loss (other than any Excess Loss) in respect of a Mortgage Loan in Pool 2 shall be allocated in the following order of priority: first, to the Class 2B6 Certificates, until the Class Principal Amount thereof has been reduced to zero; second, to the Class 2B5 Certificates, until the Class Principal Amount thereof has been reduced to zero; third, to the Class 2B4 Certificates, until the Class Principal Amount thereof has been reduced to zero; fourth, to the B3(2) Component, until the Component Principal Amount thereof has been reduced to zero; fifth, to the Class 2B2 Certificates, until the Class Principal Amount thereof has been reduced to zero; sixth, to the Class 2B1 Certificates, until the Class Principal Amount thereof has been reduced to zero; and seventh, to the Classes of Non-AP Senior Certificates of Group 2, pro rata, in accordance with their Class Principal Amounts; provided, however, that any such loss allocated to any Class of Accrual Certificates of Group 2 shall be allocated on the basis of the lesser of (x) the Class Principal Amount thereof immediately prior to each the applicable Distribution Date and (y) the Class Principal Amount thereof on the Closing Date (as reduced by any Realized Losses previously allocated thereto).
(b) With respect to any Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Non-AP Percentage of the principal portion of any Realized Excess Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Lossa Debt Service Reduction) in respect of a Mortgage Loan in a Mortgage Pool shall be allocated first allocated, pro rata, to the Subordinate Non-AP Senior Certificates in reverse order of their respective numerical Class designations (beginning with and to the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including on the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions basis of principal on such Distribution Date until the Class Principal Balance Amounts or Component Principal Amounts of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicableCertificates and Components; provided, however, that any such loss allocated to any Class of Accrual Certificates shall be allocated (Asubject to Section 5.03(c)) on the basis of the lesser of (x) the losses allocable Class Principal Amount thereof immediately prior to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, applicable Distribution Date and (By) the losses allocable to Class Principal Amount thereof on the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been Closing Date (as reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that by any Realized Loss Losses previously allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the thereto). The applicable Non-PO AP Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Loss (other than a Debt Service Reduction) in respect of a Mortgage Loan in any Collateral Group shall Pool 1 or Pool 2 will be allocated among (A) (applied to the Class 1) the Group 1 -AP and 2-AP Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificatesrespectively, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of until the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has Amounts thereof have been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; andzero.
(c) Any allocation of Realized Losses allocated to a Certificate Class of Certificates or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Components pursuant to Section 4.03(a5.03(a) or (b) above shall be allocated among the Certificates of such Class or Components in proportion to their respective Certificate Principal Amounts or Component Principal Amounts. Any allocation of Realized Losses pursuant to this paragraph (c) shall be accomplished by reducing the Certificate Principal Balance of such Certificate Amounts or Component immediately following Principal Amounts of the distributions made related Certificates or Components on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”Section 5.03(d).
(d) Prior Realized Losses allocated in accordance with this Section 5.03 shall be allocated on the Distribution Date in the month following the month in which such loss was incurred and, in the case of the principal portion thereof, after giving effect to distributions made on such Distribution Date, except that the aggregate amount of Realized Losses to be allocated to the Cross-Over Principal Only Certificates on such Distribution Date will be taken into account in determining distributions in respect of any related AP Deferred Amount for such date.
(e) On each Distribution Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, Subordinate Certificate Writedown Amount for such date shall effect a corresponding reduction in the Class Principal Balance Amount of the lowest ranking Class of outstanding Subordinate Certificates, which reduction shall occur on such Distribution Date after giving effect to distributions made on such Distribution Date.
(f) 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 and or Components, each outstanding Class or Component to which any portion of such Realized Loss had previously been allocated shall be entitled to receive, on the aggregate Certificate Distribution Date in the month following the month in which such recovery is received, its pro rata share (based on the Class Principal Balance Amount or Component Principal Amount thereof) of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) firstsuch recovery, up to the amount of the Non-PO Recoveries portion of such Realized Loss previously allocated to such Class or Component. In the event that the total amount of such recovery exceeds the amount of Realized Loss allocated to the outstanding Classes or Components in accordance with respect to any Collateral Groupthe preceding provisions, the Class Principal Balance of each outstanding Class of Senior Certificates (other than or Component shall be entitled to receive its pro rata share of the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance amount of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rataexcess, up to the amount of the excess, if any, of (x) any unrecovered Realized Losses Loss previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of . Any such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be recovery allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) or Components shall not further reduce the Class Principal Balance Amount or Component Principal Amount of such ClassClass or Component. Any such amounts not otherwise allocated to any Class of Certificates or Components pursuant to this subsection shall be treated as Principal Prepayments for purposes of this Agreement.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-21)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(iA) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated to the Class 15-PO CertificatesCertificates in the case of a Realized Loss occurring on any Group 2 or Group 5 Mortgage Loan, until the Class Principal Balance of the Class 15-PO Certificates is reduced to zero; and (B) the applicable PO Percentage of any Realized Loss, including any Excess Loss, shall be allocated to the Class 30-PO Certificates, in the case of a Realized Loss occurring on any Group 1 or Group 4 Mortgage Loan, until the Class Principal Balance of the Class 30-PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (1) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Senior Classes of Group 1 Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) ), pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or zero; (2) with respect to such losses occurring with respect to Group 2 Mortgage Loans, to the aggregate Certificate Classes of Group 2 Certificates (not including the Interest Only Certificates), pro rata on the basis of their respective Class Principal Balances, immediately prior to the related Distribution Date until the Class Principal Balance, of each such Class has been reduced to zero; (3) with respect to such losses occurring with respect to Group 3 Mortgage Loans, to the Classes of Group 3 Certificates (not including the related Interest Only Certificates), pro rata on the basis of their respective Class Principal Balances immediately prior to the related Distribution Date until the Class Principal Balance of each such Component Class has been reduced to zero; (4) with respect to such losses occurring with respect to Group 4 Mortgage Loans, as applicable; provided, however, that (A) the losses allocable to the Classes of Group 4 Certificates (not including the Interest Only Certificates), pro rata on the basis of their respective Class 1-A-1 Certificates, under this paragraph, will instead be allocated Principal Balances immediately prior to Component 1-A-5-1 the related Distribution Date until the Certificate Class Principal Balance of Component 1-A-5-1 each such Class has been reduced to zero; and (5) with respect to such losses occurring with respect to Group 5 Mortgage Loans, (B) the losses allocable to the Classes of Group 5 Certificates (not including the related Interest Only Certificates), pro rata on the basis of their respective Class 1-A-2 Certificates, under this paragraph, will instead be allocated Principal Balances immediately prior to Component 1-A-5-2 the related Distribution Date until the Certificate Class Principal Balance of Component 1-A-5-2 each such Class has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and;
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) Loan; the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan Loan; the Group 3 Certificates, in the case of an Excess Loss on a Group 3 Mortgage Loan; the Group 4 Certificates, in the case of an Excess Loss on a Group 4 Mortgage Loan; and the Group 5 Certificates, in the case of an Excess Loss on a Group 5 Mortgage Loan; (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); Group) and (B2) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (exceptor, in the case of the Subordinate Certificates, based on Certificates their pro-rata portion of the Group Subordinate Amount for the Collateral Loan Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and) after giving effect to distributions of principal on such Distribution Date.
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class 15-PO and Class 30-PO Certificates in respect of any Group PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and 1, Group 2 Certificates (other than the Interest Only and Class PO Certificates) 2, Group 3, Group 4, Group 5 and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that (A) no Realized Loss with respect to any Collateral Loan Group shall be allocated to reduce the Certificate Principal Balance of a Senior Group 1, Group 2, Group 3, Group 4 or Group 5 Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) Group 1, Group 2, Group 3, Group 4, Group 5 and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Mastr Pass Thru Ser 2003-5)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated (a) to the Class PO Certificates15-PO-A Component in the case of a Realized Loss occurring on a Group 1 Mortgage Loan, (b) to the Class 15-PO-B Component in the case of a Realized Loss occurring on a Group 2 Mortgage Loan, (c) to the Class 30-PO-A Component in the case of a Realized Loss occurring on a Group 3 Mortgage Loan, (d) to the Class 30-PO-B Component in the case of a Realized Loss occurring on a Group 4 Mortgage Loan, (e) to the Class 15-PO-C Component in the case of a Realized Loss occurring on a Group 5 Mortgage Loan, (f) to the Class 30-PO-C Component in the case of a Realized Loss occurring on a Group 6 Mortgage Loan and (g) to the Class 30-PO-D Component in the case of a Realized Loss occurring on a Group 7 Mortgage Loan, in each case until the Class Principal Balance of the Class PO Certificates such Component is reduced to zero; and
(ii) (A) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Junior Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Junior 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 (1) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Senior Classes of Group 1 Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Principal Only Certificates, Principal Only Components, Interest Only Certificates and the Class PO Certificates) Interest Only Components), pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or zero; (2) with respect to such losses occurring with respect to Group 2 Mortgage Loans, to the aggregate Certificate Classes of Group 2 Certificates (not including the related Principal Only Certificates, Principal Only Components, Interest Only Certificates and Interest Only Components), pro rata on the basis of their respective Class Principal Balances immediately prior to the related Distribution Date until the Class Principal Balance of each such Component Class has been reduced to zero; (3) with respect to such losses occurring with respect to Group 3 Mortgage Loans, as applicableto the Classes of Group 3 Certificates (not including the related Principal Only Certificates, Principal Only Components, Interest Only Certificates and Interest Only Components), pro rata on the basis of their respective Class Principal Balances immediately prior to the related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero; provided, however, that (A) that, after the Cross-Over Date, the losses allocable allocated to the Class 13-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 13-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of long as the Class Principal Balance of the Class 13-A-5 A-2 Certificates under this clause will be allocated has not been reduced to increase zero; (4) with respect to such losses occurring with respect to Group 4 Mortgage Loans, to the Classes of Group 4 Certificates (not including the related Principal Only Certificates, Principal Only Components, Interest Only Certificates and Interest Only Components), pro rata on the basis of their respective Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up Balances immediately prior to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), Distribution Date until the Class Principal Balance of each such Class has been reduced to zero; (5) with respect to such losses occurring with respect to Group 5 Mortgage Loans, to the Classes of Subordinate Group 5 Certificates (not including the related Principal Only Certificates, in order Principal Only Components, Interest Only Certificates and Interest Only Components), pro rata on the basis of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied their respective Class Principal Balance immediately prior to the increase of related Distribution Date until the Class Principal Balance of each such Class pursuant has been reduced to this Section 4.03(d)(ii).
zero; (e6) With with respect to any Distribution Date on or after the Cross-Over Datesuch losses occurring with respect to Group 6 Mortgage Loans, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Group 6 Certificates (other than not including the Class PO related Principal Only Certificates, Principal Only Components, Interest Only Certificates and Interest Only Certificates) Components), pro rata on the basis of the Certificate Group corresponding their respective Class Principal Balance immediately prior to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce Distribution Date until the Class Principal Balance of each such Class.Class has been reduced to zero; and (7) with respect to such losses occurring with respect to Group 7 Mortgage Loans, to the Classes of Group 7 Certificates (not including the related Principal Only Certificates, Principal Only Components, Interest Only Certificates and Interest Only Components), pro rata on the basis of their respective Class Principal Balance immediately prior to the related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero; and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-6)
Allocation of Realized Losses. (a) On or prior Prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and if any, that resulted from any Cash Liquidation, Servicing Modifications, Debt Service Reduction, Deficient Valuation or REO Disposition that occurred during the allocation related Prepayment Period or, in the case of a Servicing Modification that constitutes a reduction of the interest rate on a Mortgage Loan, the amount of the reduction in the interest portion of the Monthly Payment due in the month in which such total Distribution Date occurs. The amount as set forth belowof each Realized Loss shall be evidenced by an Officers' Certificate. All Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) All Realized Losses on the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan I Loans (other than an Group I Excess LossLosses) shall be allocated first as follows: 109 first, to Group I Excess Cash Flow as provided in Section 4.02(c)(iii), to the Subordinate Certificates extent of the Group I Excess Cash Flow for such Distribution Date; second, in reverse order reduction of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) Group I Overcollateralization Amount, until the respective Class Principal Balance of each earlier of: (1) such Class is reduced to zero, and second to the Senior Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class amount has been reduced to zero or (2) the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1A-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until I Certificates equals the Certificate aggregate Stated Principal Balance of Component 1-A-5-1 has been reduced to zerothe Group I Loans; third, (B) the losses allocable to the Group II Excess Cash Flow as provided in Section 4.02(d)(ix), to the extent of the Group II Excess Cash Flow for such Distribution Date remaining after distributions pursuant to Section 4.02(d)(iii) through (viii); and fourth, to all of the Class 1A-A-2 CertificatesI Certificates in the manner described in Section 4.05(b), under this paragraphprovided, that any allocation of a Realized Loss to a Class A-I Certificate will instead be covered by the Certificate Guaranty Insurance Policy, in accordance with its terms.
(ii) All Realized Losses on the Group II Loans (other than Group II Excess Losses) shall be allocated as follows: first, to Component 1-A-5-2 the Group II Excess Cash Flow as provided in Section 4.02(d)(iii), to the extent of the Group II Excess Cash Flow for such Distribution Date, second, in reduction of the Group II Overcollateralization Amount, until the Certificate Principal Balance of Component earlier of: (1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 such amount has been reduced to zero and or (D2) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the aggregate Certificate Principal Balance of Component 1the Class A-A-5II Certificates equals the aggregate Stated Principal Balance of the Group II Loans; third, to the Group I Excess Cash Flow as provided in Section 4.02(c)(ix), to the extent of the Group I Excess Cash Flow for such Distribution Date remaining after distributions pursuant to Section 4.02(c)(iii) through (viii); and fourth, to the Class A-4 has been reduced to zero II Certificates in the manner described in Section 4.05(b), provided, further, that any allocation of a Realized Loss allocated to a Class A-II Certificate will be covered by the Class 1-A-5 CertificatesCertificate Guaranty Insurance Policy, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; andits terms.
(iiib) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) Any allocation of the principal portion of any Excess Realized Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than Debt Service Reductions) to the Interest Only and Class PO Certificates) and Subordinate A Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished made by reducing the Certificate Principal Balance thereof by the amount so allocated, which allocation shall be deemed to have occurred on such Distribution Date. Allocations of such Certificate or Component immediately following the distributions interest portions of Realized Losses shall be made on the related Distribution Date in accordance with by operation of the definition of “"Accrued Certificate Principal Balance” herein; provided that no Interest" and by operation of the provisions of Section 4.02(c) and (d). All Realized Loss with respect Losses and all other 110 losses allocated to any Collateral Group shall a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to reduce the Percentage Interests evidenced thereby. Any Excess Losses will be covered by the Certificate Guaranty Insurance Policy; provided, that if a Certificate Insurer Default has occurred and is continuing, the aggregate amount of any Excess Losses for the Group I Loans or Group II Loans, as applicable, multiplied by a fraction, the numerator of which will be the Certificate Principal Balance of a Senior Certificate the Class A-I Certificates or a Component in any Certificate Group (other than Class A-II Certificates, respectively, and the related Class PO Certificates) to the extent that such allocation would reduce denominator of which will be the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Stated Principal Balance of the Class 1-A-5 Certificates under this clause Group I Loans or Group II Loans, as applicable, will be allocated to increase the Class Principal Balance of the A-I Certificates or Class 1A-A-5-1 componentII Certificates, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); andrespectively.
(iic) second, up to Realized Losses shall be allocated among the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation REMIC I Certificates pursuant to the preceding clause (i), the Class Principal Balance definition of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered REMIC I Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii)Losses.
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of (with respect to Collateral Group 1, multiplied by the principal portion related Applicable Fraction) of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class 30-PO Certificates, in the case of a Realized Loss occurring on any Discount Mortgage Loan in any Collateral Group 1, or the Class 15-PO Certificates, in the case of a Realized Loss occurring on any Discount Mortgage Loan in Collateral Group 3, in each case, until the Class Principal Balance of the such Class of Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (Percentage, with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion , of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 A-6 Certificates, the Components thereof) of the related Certificate Group (not including other than the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5A-6-1 until the Certificate Principal Balance of Component 1-A-5A-6-1 has been reduced to zero, zero and (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5A-6-3 2 until the Certificate Principal Balance of Component 1-A-5A-6-3 2 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificateszero; and, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 A-6 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5A-6-1, Component 1-A-5-2, Component 1-A-5-3 1 and Component 1-A-5A-6-42, pro rata, based on their outstanding Certificate Principal Balances; and;
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in contributing to any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and contributing to Collateral Group 1, (2) the Group 2 Certificates, in the case of an Excess Loss on a Mortgage Loan contributing to Collateral Group 2 and (3) the Group 3 Certificates, in the case of an Excess Loss on a Pool 2 Mortgage Loan (other than, in each case, than the related Class PO Certificates and the Interest Only Certificates in the case of such Certificate the Group 1 Certificates and the related Class of Class PO Group 2 Certificates, respectively); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)Loss); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class 15-PO in respect of any PO Deferred Amounts for Collateral Group 3, and the amount of any payments on the Class 30-PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) ), and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 1, Group 2 and Group 2 3 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 A-6 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5A-6-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5A-6-4 2 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii4.03(d)(ii)(4).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) (A) to the Class 15-PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 3 and (B) to the Class 30-PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group or Certificate Groups corresponding to the Collateral Group of to which the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2007-1)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO A-P Percentage of multiplied by the principal portion related Applicable Fraction of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO A-P Certificates, until the Class Principal Balance of the Class PO A-P Certificates is reduced to zero; and
(ii) the applicable Non-PO A-P Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion , of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates (other than the Class B-I Certificates) in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including other than the related Interest Only and the Class PO A-P Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (Ai) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead Certificates shall be allocated to Component 1-A-5-1 until the Certificate Class A-4 Certificates (in addition to other losses allocated to the Class A-4 Certificates) so long as the Class Principal Balance of Component 1-A-5-1 has been reduced to the Class A-4 Certificates is greater than zero, ; (Bii) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated up to Component 1-A-5-2 until the Certificate Principal Balance an aggregate maximum amount of Component 1-A-5-2 has been reduced to zero, (C) the $8,088,000 and losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead up to an aggregate maximum amount of $7,738,000 shall be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates (in addition to other losses allocated to the Class A-5 Certificates, other than in accordance with ) so long as the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Class Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) Balance of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Class A-5 Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); andis greater than zero.
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO A-P Certificates in respect of any PO A-P Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) ), and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO A-P Certificates) and Subordinate Certificates (other than the Class B-I Certificates, and after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO A-P Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any either Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO A-P Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO A-P Certificates) and Subordinate Certificates (other than the Class B-I Certificates) to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO A-P Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO A-P Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO A-P Recoveries with respect to any either Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO A-P Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or ComponentClass, if any any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO A-P Recoveries related to each both Collateral Group Groups remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates (other than the Class B-I Certificates, ) in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) (A) to the Class PO A-P Certificates, the PO A-P Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in contributing to Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO A-P Certificates and Interest Only Certificates) of the Certificate Group or Certificate Groups corresponding to the Collateral Group of to which the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) Fraction remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2007-2)
Allocation of Realized Losses. (a) On or prior to each Distribution Determination Date, the Master Servicer Trustee shall determine the total amount of Realized Losses, including Excess Losses Losses, with respect to the related Distribution Date. For purposes of allocating losses to the Subordinated Certificates, the Class M Certificates will be deemed to have a lower numerical class designation, and the allocation to be of such total amount as set forth belowa higher relative payment priority, than each other Class of Subordinated Certificates. Realized Losses occurring on the Mortgage Loans with respect to any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated to the Class PO CertificatesPO-1 Component, if such Realized Loss relates to a Loan Group 1 Mortgage Loan until the Class Principal Component Balance of thereof is reduced to zero, to the Class PO Certificates PO-2 Component, if such Realized Loss relates to a Loan Group 2 Mortgage Loan until the Component Balance thereof is reduced to zero and to the Class PO-3 Component, if such Realized Loss relates to a Loan Group 3 Mortgage Loan until the Component Balance thereof is reduced to zero; and
(ii) (A) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Subordinated Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Certificate Balance of each such Class is reduced to zero, and second to the Senior Certificates (or other than any Notional Amount Certificates, if applicable, and the related Class PO Component), pro rata on the basis of their respective Class Certificate Balances or, in the case of the any Class 1-A-5 of Accrual Certificates, on the Components thereof) basis of the related lesser of their Class Certificate Group (not including Balance and their initial Class Certificate Balance, in each case immediately prior to the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the respective Class Principal Certificate Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has is been reduced to zero, as applicable; provided, however, that (Ai) any Realized Losses (other than an Excess Loss) on the losses Mortgage Loans in Loan Group 1 otherwise be allocable to the Class 1-A-1 CertificatesA-6, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the A-18 and Class 1-A-3 Certificates, under this paragraph, will instead A-20 Certificates shall be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 A-7, Class 1-A-19 and Class 1-A-21 Certificates, other than in accordance with the preceding provisorespectively, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon until their respective Class Principal Certificate Balances after giving effect are reduced to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) zero and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates any Realized Losses (other than an Excess Loss) on the Interest Only Mortgage Loans in Loan Group 2 otherwise be allocable to the Class 2-A-4 and Class PO Certificates) and Subordinate 2-A-6 Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only 2-A-5 and Class PO 2-A-7 Certificates) and Subordinate Certificates , respectively, until their respective Class Certificate Balances are reduced to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances)zero; and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Allocation of Realized Losses. (a) On or prior Prior to each Distribution Determination Date, the Master Servicer shall determine (i) the total amount of Realized Losses, including Excess Losses and if any, incurred during the allocation of such total amount as set forth below. related Principal Prepayment Period.
(b) Realized Losses occurring on the Mortgage Loans shall be allocated by the Paying Agent to the Classes of Certficicates as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO CE Certificates, until the Class Outstanding Certificate Principal Balance of the such Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2second, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order Class B-2 Certificates, until the Outstanding Certificate Principal Balance of such Class is reduced to zero; third, to the Class B-1 Certificates, until the Outstanding Certificate Principal Balance of such Class is reduced to zero; fourth, to the Class M-2 Certificates, until the Outstanding Certificate Principal Balance of such Class is reduced to zero; fifth, to the Class M-1 Certificates, until the Outstanding Certificate Principal Balance of such Class is reduced to zero; and sixth, to the Class A Certificates, pro rata based upon their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) Outstanding Certificate Principal Balances, until the respective Class Outstanding Certificate Principal Balance of each such Class is reduced to zero, and second to the Senior Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable Realized Losses that would otherwise be allocated to the Class 1A-1-A-1 CertificatesA, under this paragraphClass A-1-B, Class A-2-A, Class A-2-B, Class A-3, Class A-4, Class A-5 and Class A-R Certificates will instead be allocated to Component 1-A-5-1 the Class A-6 Certificates, until the Outstanding Certificate Principal Balance of Component 1-A-5-1 the Class A-6 Certificates has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(c) Any allocation of Realized Losses to In the event that a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions Subsequent Recovery is made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rataLoss, the amount of such Subsequent Recovery shall be treated as a Principal Prepayment and deposited in the Recovery (with respect to Collateral Group 1 Collection Account and Collateral Group 2, multiplied by distributed on the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Classapplicable Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (ChaseFlex Trust Series 2006-2)
Allocation of Realized Losses. (a) On or prior Prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and if any, that resulted from any Cash Liquidation, Servicing Modifications, Debt Service Reduction, Deficient Valuation or REO Disposition that occurred during the allocation related Prepayment Period 117 or, in the case of a Servicing Modification that constitutes a reduction of the interest rate on a Mortgage Loan, the amount of the reduction in the interest portion of the Monthly Payment due in the month in which such total Distribution Date occurs. The amount as set forth below. of each Realized Loss shall be evidenced by an Officers' Certificate.
(A) All Realized Losses occurring on the Mortgage Group I Loans (other than Excess Realized Losses) shall be allocated as follows:
(i) : first, to Group I Excess Cash Flow as provided in Section 4.02(c)(iii), to the applicable PO Percentage extent of the principal portion of any Realized Loss on any Discount Mortgage LoanGroup I Excess Cash Flow for such Distribution Date; second, including any Excess Loss, shall be allocated to the Class PO CertificatesGroup II Excess Cash Flow as provided in Section 4.02(d)(v), to the extent of the Group II Excess Cash Flow for such Distribution Date remaining after distributions pursuant to Section 4.02(d)(iv); third, in reduction of the Group I Overcollateralization Amount, until the Class earlier of: (1) such amount has been reduced to zero or (2) the aggregate Certificate Principal Balance of the Class PO A Certificates equals the aggregate Stated Principal Balance of the Mortgage Loans; fourth, in reduction of the Group II Overcollateralization Amount and then the Group III Overcollateralization Amount, in each case until such amount is reduced to zero; and
(ii) , meaning, that no additional Realized Losses will be allocated under any subsequent clause until the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) aggregate Certificate Principal Balance of the principal portion Class A Certificates equals the aggregate Stated Principal Balance of any Realized Loss with respect to any the Mortgage Loan (other than an Excess Loss) shall be allocated first Loans; and fifth, to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning A-I Certificates, with the such amount allocated among each Class of Subordinate Class A-I Certificates then on a pro rata basis, based on the outstanding with the highest numerical Class designation) until the respective Class Certificate Principal Balance of each such Class is reduced prior to zero, and second to the Senior Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal to be made on such that Distribution Date Date, until the Class Certificate Principal Balance of each such Class has been reduced to zero or zero; and
(B) Any Excess Realized Losses on the Group I Mortgage Loans, to the extent not covered by the related Policy, will be allocated to the Class A-I Certificates, pro rata, in an amount equal to the product of (a) the Excess Realized Losses and (b) the fraction, expressed as a percentage, the numerator of which is (x) the aggregate Certificate Principal Balance of the Class A-I Certificates, and the denominator of which is (y) the aggregate Stated Principal Balance of the Group 118 I Loans, until the Certificate Principal Balances thereof have been reduced to zero, and the remainder of such losses shall be allocated to the remaining Class A Certificates on a pro rata basis, until the Certificate Principal Balances thereof have been reduced to zero.
(2) All Realized Losses on the Group II Loans shall be allocated as follows:
(A) first, to the Group II Excess Cash Flow as provided in Section 4.02(d)(iv), to the extent of the Group II Excess Cash Flow for such Distribution Date; second, to the Group I Excess Cash Flow as provided in Section 4.02(c)(iv), to the extent of the Group I Excess Cash Flow for such Distribution Date remaining after distributions pursuant to Section 4.02(c)(iii); third, in reduction of the Group II Overcollateralization Amount, until the earliest of: (1) such amount has been reduced to zero or (2) the aggregate Certificate Principal Balance of the Class A Certificates equals the aggregate Stated Principal Balance of the Mortgage Loans; fourth, in reduction of the Group I Overcollateralization Amount and then the Group III Overcollateralization Amount, meaning, that no additional Realized Losses will be allocated to any Class of Certificates until the aggregate Certificate Principal Balance of the Class A Certificates equals the aggregate Stated Principal Balance of the Mortgage Loans; and fifth, for losses on the Group II-A Loans, to the Class A-II-A Certificates, and for losses on the Group II-B Loans, to the Class A-II-B Certificates, on a pro rata basis, in each case until the Certificate Principal Balance thereof has been reduced to zero.
(B) Any Excess Realized Losses on the Group II Mortgage Loans, to the extent not covered by the related Policy, will be allocated to the Class A-II Certificates in an amount equal to the product of (a) the Excess Realized Losses and (b) the fraction, expressed as a percentage, the numerator of which is (x) the aggregate Certificate Principal Balance of the Class A-II Certificates, and the denominator of which is (y) the aggregate Stated Principal Balance of the Group II Loans, as follows: such Component Excess Realized Losses on the Group II-A Mortgage Loans will be allocated to the Class A-II-A Certificates, and then to the Class A-II-B Certificates on a pro rata basis, and then the remainder of such losses shall be 119 allocated to the remaining Class A Certificates on a pro rata basis, until the Certificate Principal Balances thereof have been reduced to zero, and such Excess Realized Losses on the Group II-B Mortgage Loans will be allocated to the Class A-II-B Certificates on a pro rata basis, and then to the Class A-II-A Certificates, and then the remainder of such losses shall be allocated to the remaining Class A Certificates on a pro rata basis, until the Certificate Principal Balances thereof have been reduced to zero.
(A) All Realized Losses on the Group III Loans (other than Excess Realized Losses) shall be allocated as follows: first, to Group II Excess Cash Flow as provided in Section 4.02(d)(iv), to the extent of the Group II Excess Cash Flow for such Distribution Date; second, to the Group I Excess Cash Flow as provided in Section 4.02(c)(iv), to the extent of the Group I Excess Cash Flow for such Distribution Date remaining after distributions pursuant to Section 4.02(c)(iii); third, in reduction of the Group III Overcollateralization Amount, until the earlier of: (1) such amount has been reduced to zero or (2) the aggregate Certificate Principal Balance of the Class A Certificates equals the aggregate Stated Principal Balance of the Mortgage Loans; fourth, in reduction of the Group II Overcollateralization Amount and then the Group I Overcollateralization Amount, in each case until such amount is reduced to zero, meaning, that no additional Realized Losses will be allocated under any subsequent clause until the aggregate Certificate Principal Balance of the Class A Certificates equals the aggregate Stated Principal Balance of the Mortgage Loans; and fifth, to the Class A-III Certificates, until the Certificate Principal Balance of such Class has been reduced to zero.
(B) Any Excess Realized Losses on the Group III Mortgage Loans, to the extent not covered by the related Policy, will be allocated to the Class A-III Certificates, in each case in an amount equal to the product of (a) the Excess Realized Losses and (b) the fraction, expressed as a percentage, the numerator of which is (x) the aggregate Certificate Principal Balance of the Class A-III Certificates, and the denominator of which is (y) the aggregate Stated Principal Balance of the Group III Loans, until the Certificate Principal Balances thereof have been reduced to zero, and the remainder of such losses shall be allocated to the remaining Class A Certificates on a pro rata basis, until the Certificate Principal Balances thereof have been reduced to zero.
(b) Any allocation of the principal portion of Realized Losses (other than Debt Service Reductions) to the Class A Certificates shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated, which allocation shall be deemed to have occurred on such Distribution Date; provided that no such reduction shall reduce the Certificate Principal Balance of the Class A-I Certificates, Class A-II Certificates or Class A-III Certificates below the aggregate Stated Principal Balance of the Group I Loans, Group II Loans or Group III Loans, as applicable. Allocations of the interest portions of Realized Losses (other than any interest rate reduction resulting from a Servicing Modification) shall be made by operation of the definition of "Accrued Certificate Interest" and by operation of the provisions of Section 4.02(c) and (d). Allocations of the interest portion of a Realized Loss resulting from an interest rate reduction in connection with a Servicing Modification shall be made by operation of the provisions of Section 4.02(c) and (d). All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby.
(i) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date to REMIC I Regular Interest A, until the Uncertificated Principal Balance of REMIC I Regular Interest A has been reduced to zero. All Realized Losses on the Group II Loans shall be allocated on each Distribution Date to REMIC II Regular Interest B, until the Uncertificated Principal Balance of REMIC II Regular Interest B has been reduced to zero. All Realized Losses on the Group III Loans shall be allocated on each Distribution Date, first, to REMIC II Regular Interest A-III-OC, until the Uncertificated Principal Balance of REMIC II Regular Interest A-III-OC has been reduced to zero, as applicable; providedand second, howeverto REMIC II Regular Interest A-III-PO, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Uncertificated Principal Balance of Component REMIC II Regular Interest A-III- PO has been reduced to zero.
(ii) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date to the following REMIC III Group I Regular Interests in the specified percentages, as follows: first, to Uncertificated Accrued Interest payable to the REMIC III Group I Regular Interests I-AA and I-ZZ up to an aggregate amount equal to the excess of (a) the REMIC III Group I Interest Loss Allocation Amount over (b) Prepayment Interest Shortfalls (to the extent not covered by Eligible Master Servicing Compensation) relating to the Group I Loans for such Distribution Date, 98% and 2%, respectively; and second, to the Uncertificated Principal Balances of REMIC III Group I Regular Interests I-AA, 98%, A-I- 1, A-A-5I-2, A-1 I-0, X-X-0, X-X-0 xxx X-X-0, 0% xxx rata, and I-ZZ, 1%, until the Uncertificated Balance of each of REMIC III Group I Regular Interests A-I-1, A-I-2, A-I-3, X-X-0, X-X-0 xxx X-X-0 xxxx xxxn reduced to zero. 121
(iii) All Realized Losses on the Group II Loans shall be allocated on each Distribution Date to the following REMIC III Group II Regular Interests in the specified percentages, as follows: first, to Uncertificated Accrued Interest payable to the REMIC III Group II Regular Interests II-AA and II-ZZ up to an aggregate amount equal to the excess of (a) the REMIC III Group II Interest Loss Allocation Amount over (b) Prepayment Interest Shortfalls (to the extent not covered by Eligible Master Servicing Compensation) relating to the Group II Loans for such Distribution Date, 98% and 2%, respectively; and second, to the Uncertificated Principal Balances of REMIC III Group II Regular Interests II-AA, 98%, A-II-A, A-II-B1 and A-II-B2, 1% pro rata, and I-ZZ, 1%, until the Uncertificated Principal Balance of each of REMIC III Group II Regular Interests A-II-A, A-II-B1 and A-II-B2 have been reduced to zero.
(iv) All Realized Losses on the Group III Loans shall be allocated on each Distribution Date, first, to REMIC III Regular Interest A-III-OC, until the Uncertificated Principal Balance of REMIC III Regular A-III-OC has been reduced to zero, (B) the losses allocable and second, to the Class 1REMIC III Regular Interest A-A-2 CertificatesIII-PO, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Uncertificated Principal Balance of Component 1REMIC III Regular Interest A-A-5III-2 PO has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (RAMP Series 2004-Rs7 Trust)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Trustee shall aggregate the loan-level information provided by the Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, Realized Losses that occurred during the related prepayment period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 ; and
(or in the case of the Class 1-A-5 Certificates, the Components thereofA) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to such losses related to the ComponentsGroup 1 Mortgage Loans, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date the Class 1A-1A, Class 1A-1B and Class A-R Certificates, pro rata, until the Class Principal Balance of each such Class has been is reduced to zero or zero; provided, however, the aggregate Certificate Class 1A-1B Certificates will bear the principal portion of all Realized Losses allocable to the Class 1A-1A Certificates for so long as the Class 1A-1B Certificates are outstanding;
(B) with respect such losses related to the Group 2 Mortgage Loans, to the Class 2A-1A and Class 2A-1B Certificates, pro rata, until the Class Principal Balance of each such Component has been Class is reduced to zero, as applicable; provided, however, that (A) the losses Class 2A-1B Certificates will bear the principal portion of all Realized Losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to 2A-1A Certificates for so long as the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances2A-1B Certificates are outstanding; and
(iiiC) the applicable Non-PO Percentage (and with respect such losses related to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 3 Mortgage Loans, to the Class 3-A Certificates, in until the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates Class Principal Balance of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect is reduced to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); andzero;
(bc) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(d) 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 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Trustee shall aggregate the loan-level information provided by the Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, Realized Losses that occurred during the related prepayment period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 ; and
(A) with respect to such losses related to the Senior Certificates (or in the case of Group 1 Mortgage Loans, to the Class 1-A-5 CertificatesA1A, the Components thereof) of the related Certificate Group (not including the related Interest Only Class 1-A1B, Class PO-1 and the Class PO Certificates) A-R Certificates and PO-1 Component, pro rata based upon their respective Class Principal Balances (orrata, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance or Component Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, that (A) the losses Class 1-A1B Certificates will bear the principal portion of all Realized Losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component A1A Certificates for so long as the Class 1-A-5A1B Certificates are outstanding; a
(B) with respect such losses related to the Group 2 Mortgage Loans, to the Class 2-1 A1A, Class 2-A1B, Class 2-A1C, and Class PO-2 Certificates and the PO-2 Component, pro rata, until the Certificate Class Principal Balance or Component Principal Balance of such Class or Component 1-A-5-1 has been is reduced to zero; provided, (B) however, the losses Class 2-A1C Certificates will bear the principal portion of all Realized Losses allocable to the Class 12-A-2 CertificatesA1A and Class 2-A1B Certificates for so long as the Class 2-A1A and Class 2-A1B Certificates are outstanding; provided, under this paragraphfurther, the Class 2-A1B Certificates will instead be allocated to Component 1-A-5-2 until bear the Certificate Principal Balance principal portion of Component 1-A-5-2 has been reduced to zero, (C) the losses all Realized Losses allocable to the Class 12-A-3 CertificatesA1A Certificates for so long as the Class 2-A1A Certificates are outstanding;
(C) with respect such losses related to the Group 3 Mortgage Loans, under this paragraphto the Class 3-A1A, will instead be allocated to Component 1Class 3-A-5A1B, Class 3-3 A1C, and Class PO-3 Certificates and the PO-3 Component, pro rata, until the Certificate Class Principal Balance or Component Principal Balance of such Class or Component 1-A-5-3 has been is reduced to zero and (D) zero; provided, however, the losses Class 3-A1C Certificates will bear the principal portion of all Realized Losses allocable to the Class 13-A-4 Certificates, under this paragraph, will instead be allocated to Component 1A1A and Class 3-A-5A1B Certificates for so long as the Class 3-4 until the Certificate Principal Balance of Component 1A1A and Class 3-A-5-4 has been reduced to zero A1B Certificates are outstanding; provided, further, that any the Class 3-A1B Certificates will bear the principal portion of all Realized Loss allocated Losses allocable to the Class 13-A-5 CertificatesA1A Certificates for so long as the Class 3-A1A Certificates are outstanding; and
(D) with respect to such losses related to the Group 4 Mortgage Loans, other than in accordance with to the preceding provisoClass 4-A1A, will be allocated between Component 1Class 4-A-5A1B, Class PO-4 and Class A-1, Component 1-A-5-2, Component 1-A-5-3 R Certificates and Component 1-A-5-4PO-4 Component, pro rata, based on their outstanding Certificate until the Class Principal BalancesBalance or Component Principal Balance of each such Class or Component is reduced to zero; provided, however, the Class 4-A1B Certificates will bear the principal portion of all Realized Losses allocable to the Class 4-A1A Certificates for so long as the Class 4-A1B Certificates are outstanding; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(bc) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(d) 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 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling Agreement (HarborView Mortgage Loan Trust 2005-16)
Allocation of Realized Losses. (a) On or prior to each Distribution ----------------------------- Date, following the Master Servicer shall determine application of the total amount of Available Distribution Amount as described in Section 6.05 above, and after taking into account such application, the Realized Losses, including Excess Losses and if any, with respect to the allocation of such total amount related Prepayment Period (as reduced by the amount, if any, set forth below. Realized Losses occurring on the Mortgage Loans in Section 6.05(xv)) shall be allocated as follows:
(i) a reduction in the applicable PO Percentage Certificate Principal Balance of the principal portion Certificates, in the following order of any Realized Loss on any Discount Mortgage Loanpriority: (1) to the Class B-3 Certificates, including any Excess Loss, shall be allocated until the Certificate Principal Balance thereof has been reduced to zero; (2) to the Class B-2 Certificates until the Certificate Principal Balance thereof has been reduced to zero; (3) to the Class B-1 Certificates until the Certificate Principal Balance thereof has been reduced to zero; (4) to the Class M-3 Certificates until the Certificate Principal Balance thereof has been reduced to zero; (5) to the Class M-2 Certificates until the Certificate Principal Balance thereof has been reduced to zero; (6) to the Class M-1 Certificates until the Certificate Principal Balance thereof has been reduced to zero; and (7) to the Class PO Certificates, until to the Class Principal Balance extent of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Principal Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Class PO Mortgage Loan (other than an Excess Loss) shall be allocated first and to the Subordinate Certificates Class A Certificates, on a pro rata basis, the remainder of any Realized Losses, in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) each case until the respective Class Principal Balance of each such Class is reduced to zero, and second to the Senior Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component thereof has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of . All such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution allocations to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce be on a pro rata basis in accordance with the Class Principal Balance Percentage Interest represented by each Certificate of such Class.. 100
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Allocation of Realized Losses. (a) On or prior Prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess if any, with respect to each Group I Loan. The amount of Realized Losses with respect to the Group I Loans shall be evidenced by an Officer's Certificate signed by a Responsible Officer of the Servicer. All Realized Losses with respect to the Group I Loans, except for Special Hazard Losses, Fraud Losses and Bankruptcy Losses in excess of the allocation designated amounts of such total amount the applicable Special Hazard Coverage, Fraud Coverage and Bankruptcy Coverage (each, as set forth below. Realized Losses occurring on the Mortgage Loans shall defined herein), will be allocated as follows:
(i) the applicable PO Percentage of the for losses allocable to principal portion of any Realized Loss on any Discount Mortgage Loan(a) first, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the I Subordinate Certificates in reverse order of seniority until each of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is Balances have been reduced to zerozero and (b) second, and second to the Group I Senior Certificates and Components (or in other than the case of Principal Only Component and the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Components), pro rata, according to their Class PO Certificates) pro rata based upon their respective Class Principal Balances or Component Principal Balances (or, with respect to in the Componentscase of any of the Accrual Certificate or Accrual Component, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Component Principal Balance of each such Certificate or Component has been reduced to zeroon the Closing Date, if lower) in reduction of their respective Class or Component Principal Balances, as applicable; provided, however, that if the loss is recognized with respect to a Group I Discount Loan, the Group I Discount Fraction of such loss will first be allocated to Component IA-5-5 of the Class IA-5 Certificates and the remainder of such loss will be allocated as described above in this clause (A) the i), provided, further, that all losses allocable to the Class 1-A-1 Certificates, under this paragraph, IA-5 Certificates will instead be allocated to Component 1-A-5-1 the Class IA-8 Certificates until the Certificate Principal Balance of Component 1-A-5-1 thereof has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates for losses allocable to interest (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(ia) first, up to the amount Group I Subordinate Certificates in reverse order of the Non-PO Recoveries with respect to any Collateral Groupseniority, the Class Principal Balance in reduction of each Class of Senior Certificates (other than the Class PO Certificates accrued but unpaid interest thereon and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component then in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase reduction of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) Certificates and (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(iib) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of I Senior Certificates and Components thereof (other than the Class PO Certificates and Interest Principal Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was receivedComponent), pro ratarata according to accrued but unpaid interest thereon and then pro rata according to their Class Principal Balances or Component Principal Balances in reduction of their respective Class Principal Balance or Component Principal Balances, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i)as applicable; provided, however, that any distribution all losses attributable to a Class of Certificates pursuant interest allocable to this Section 4.03(e) shall not reduce the Class IA-5 Certificates will be allocated to 72 the Class IA-8 Certificates until the Certificate Principal Balance of such Classthereof has been reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of (A) any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero, zero and second (1) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Senior Certificates (or in the case Classes of the Class 1-A-5 Group 1 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A2) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral such losses occurring with respect to Group 1 and Collateral Group 22 Mortgage Loans, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) to the Group 2 Certificates; (3) with respect to such losses occurring with respect to Group 3 Mortgage Loans, in to the case of an Excess Loss on a Group 2 Mortgage Loan 3 Certificates (other than, in each case, not including the related Interest Interest-Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B4) each Class with respect to such losses occurring with respect to Group 4 Mortgage Loans, to the Classes of Subordinate Group 4 Certificates (not including the Interest-Only Certificates), pro rata based upon on the basis of their respective Class Principal Balances after giving effect immediately prior to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, until the Class Principal Balance of each such Class of Senior Certificates has been reduced to zero; (other than 5) with respect to such losses occurring with respect to Group 5 Mortgage Loans, to the Class PO Certificates 5-A-2 and Interest Only Class 5-A-1 Certificates) and the aggregate Certificate Principal Balance of each Component , in the Certificate Group corresponding to such Collateral Group will be increasedthat order, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), until the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant has been reduced to this Section 4.03(d)(ii).
zero; and (e6) With with respect to any Distribution Date on or after the Cross-Over Datesuch losses occurring with respect to Group 6 Mortgage Loans, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior 6 Certificates (other than not including the Class PO Certificates and Interest Interest-Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mastr Adjustable Rate Mortgage Trust 2003-2)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Trustee shall aggregate the loan-level information provided by the Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, Realized Losses that occurred during the related prepayment period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates, the PO-B Certificates and the PO-B Components in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding or PO-B Component with the highest numerical Class or Component designation) until the respective Class Principal Balance or Component Principal Balance of each such Class or Component is reduced to zero, and second ; and
(A) with respect to such losses related to the Senior Certificates (or in the case of Group 1A1 Mortgage Loans, to the Class 1-A-5 CertificatesA1A, the Components thereof) of the related Certificate Group (not including the related Interest Only Class 1-A1B, Class PO-1 and Class A-R Certificates and the Class PO Certificates) PO-1A1 Component, pro rata based upon their respective Class Principal Balances (orrata, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance or Component Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, that (A) the losses Class 1-A1B Certificates will bear the principal portion of all Realized Losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component A1A Certificates for so long as the Class 1-A-5A1B Certificates are outstanding;
(B) with respect to such losses related to the Group 1A2 Mortgage Loans, to the Class 1-1 A2A, Class 1-A2B, Class PO-1 Certificates and the PO-1A2 Component, pro rata, until the Certificate Class Principal Balance or Component Principal Balance of each such Class or Component 1-A-5-1 has been is reduced to zero; provided, (B) however, the losses Class 1-A2B Certificates will bear the principal portion of all Realized Losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component A2A Certificates for so long as the Class 1-A-5A2B Certificates are outstanding;
(C) with respect such losses related to the Group 2 Mortgage Loans, to the Class 2-2 A1A, Class 2-A1B, Class 2-A1C and Class PO-1 Certificates and the PO-A Component, pro rata, until the Certificate Class Principal Balance or Component Principal Balance of such Class or Component 1-A-5-2 has been is reduced to zero; provided, (C) however, the losses Class 2-A1C Certificates will bear the principal portion of all Realized Losses allocable to the Class 12-A-3 CertificatesA1A and Class 2-A1B Certificates for so long as the Class 2-A1A and Class 2-A1B Certificates are outstanding; provided, under this paragraphfurther, the Class 2-A1B Certificates will instead be allocated to Component 1-A-5-3 until bear the Certificate Principal Balance principal portion of Component 1-A-5-3 has been reduced to zero and (D) the losses all Realized Losses allocable to the Class 12-A-4 CertificatesA1A Certificates for so long as the Class 2-A1A Certificates are outstanding;
(D) with respect such losses related to the Group 3 Mortgage Loans, under this paragraphto the Class 3-A1A, will instead be allocated to Component 1Class 3-A-5A1B, Class 3-4 A1C and Class PO-3A Certificates and the PO-3A Component, pro rata, until the Certificate Class Principal Balance or Component Principal Balance of such Class or Component 1-A-5-4 has been is reduced to zero zero; provided, however, the Class 2-A1C Certificates will bear the principal portion of all Realized Losses allocable to the Class 2-A1A and Class 2-A1B Certificates for so long as the Class 2-A1A and Class 2-A1B Certificates are outstanding; provided, further, that any the Class 2-A1B Certificates will bear the principal portion of all Realized Loss allocated Losses allocable to the Class 12-A-5 Certificates, other than in accordance with A1A Certificates for so long as the preceding proviso, will be allocated between Component 1Class 2-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal BalancesA1A Certificates are outstanding; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(bc) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(d) 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 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Securities Administrator shall aggregate the loan-level information provided by the Master Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, Realized Losses that occurred during the related prepayment period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any to Net Monthly Excess LossCashflow; second, shall be allocated to the Class PO CertificatesOvercollateralization Amount, until the Class Principal Balance of the Class PO Certificates is such amount has been reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2third, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Certificate Principal Balance of each such Class is reduced to zero; and
(A) with respect such losses related to Loan Group 1 Mortgage Loans, and second to the Senior Certificates (or in the case of the Class 1-A-5 1A-1A and Class 1A-1B Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (orrata, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Certificate Principal Balance of each such Class has been is reduced to zero or zero; provided, however, the aggregate Class 1A-1B Certificates will bear the principal portion of all realized losses allocable to the Class 1A-1A Certificates for so long as the Class 1A-1B Certificates are outstanding;
(B) with respect such losses related to Loan Group 2 Mortgage Loans, to the Class 2A-1A, Class 2A-1B and Class 2A-1C Certificates, pro rata, until the Class Certificate Principal Balance of each such Component has been Class is reduced to zero, as applicable; provided, however, that (A) the all losses allocable to the Class 1-A-1 2A-1A, Class 2A-1B and Class 2A-1C Certificates will be allocated sequentially to the Class 2A-1C, Class 2A-1B and Class 2A-1A Certificates, under this paragraphin that order, will instead be allocated to Component 1-A-5-1 until the for so long as such certificates are outstanding.
(c) The Class Certificate Principal Balance of Component 1-A-5-1 has been reduced to zerofirst, (B) the losses allocable to the Class 1-A-2 CertificatesC Certificates and second, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Certificate Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(d) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Principal Balance of a Class of Certificates pursuant to Section 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2005-Ar6)
Allocation of Realized Losses. on the Non-Group 4 Certificates.
(a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth belowLosses. Realized Losses occurring on the with respect to Group 1 Mortgage Loans, Group 2 Mortgage Loans and Group 3 Mortgage Loans with respect to any Distribution Date shall be allocated as follows:
(i1) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any other than an Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Non-Group 4 Junior Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Non-Group 4 Junior 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 Non-Group 4 Senior Certificates (or A) with respect to such losses occurring with respect to Group 2 Mortgage Loans, to the Class 2-A-1, Class 2-A-2 and Class 2-A-3 Certificates, pro rata, based on their respective Certificate Balances, until each such Class has been reduced to zero; provided, however, that, after the Cross-Over Date, the losses allocated to the Class 2-A-2 Certificates, under this Section 4(a)(i)(1), will instead be allocated to the Class 2-A-3 Certificates as long as the Class Principal Balance of the Class 2-A-3 Certificates has not been reduced to zero and (B) with respect to such losses occurring with respect to Group 3 Mortgage Loans, to the Class 3-A-1 and Class A-R Certificates, pro rata, based on their respective Certificate Balances until each such Class has been reduced to zero; and
(2) any Excess Losses occurring on the Non-Group 4 Mortgage Loans shall be allocated among (A) (i) the Class 1-A-1 Certificates (in the case of Excess Losses on Group 1 Mortgage Loans), (ii) the Class 12-A-5 A-1, Class 2-A-2 and Class 2-A-3 Certificates, pro rata, based on their respective Certificate Balances (in the Components thereofcase of Excess Losses on Group 2 Mortgage Loans) of the related Certificate Group and (not including the related Interest Only and iii) the Class PO 3-A-1 and Class A-R Certificates, pro rata, based on their respective Certificate Balances (in the case of Excess Losses on Group 3 Mortgage Loans) and (B) each Class of Non-Group 4 Junior Certificates, pro rata based upon their respective Class Principal Balances (or, with respect in the case of the Non-Group 4 Junior Certificates in the aggregate, the Group Subordinate Amount for the Loan Group which incurred the Excess Loss, the aggregate amount so allocated to the Components, Non-Group 4 Junior Certificates then to be allocated among Non-Group 4 Junior Certificates pro rata based on their respective aggregate Certificate Class Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); andDate.
(b) The Class Principal Balance of the Class of Subordinate Non-Group 4 Junior Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Non-Group 1 4 Senior Certificates and Non-Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate 4 Junior Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Non-Group 4 Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(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 4.04(a) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Principal Balances.
(d) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b4.04(a) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Principal Balance” " herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all classes of the Senior Certificates (other than for the Interest Only and Class PO Certificatesfollowing Distribution Date) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus all Loan Groups, less any related Deficient Deficiency Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “"Loss Allocation Limitation”").
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Master Adjustable Rate Mortgages Trust 2003-1)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Trustee shall aggregate the loan-level information provided by the Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, Realized Losses that occurred during the related prepayment period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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,
(A) with respect to such losses related to the Senior Certificates (or in the case of Group 1 Mortgage Loans, to the Class 1-A-5 CertificatesA1A, the Components thereof) of the related Certificate Group (not including the related Interest Only Class 1-A1B, Class PO-1 and Class A-R Certificates and the Class PO Certificates) PO-1A1 Component, pro rata based upon their respective Class Principal Balances (orrata, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance or Component Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, that (A) the losses Class 1-A1B Certificates will bear the principal portion of all Realized Losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component A1A Certificates for so long as the Class 1-A-5A1B Certificates are outstanding; and
(B) with respect such losses related to the Group 2 Mortgage Loans, to the Class 2-1 A1A, Class 2-A1B, Class 2-A1C and Class PO-2 Certificates and the PO-1A2 Component, pro rata, until the Certificate Class Principal Balance or Component Principal Balance of such Class or Component 1-A-5-1 has been is reduced to zero; provided, (B) however, the losses Class 2-A1C Certificates will bear the principal portion of all Realized Losses allocable to the Class 12-A-2 CertificatesA1A and Class 2-A1B Certificates for so long as the Class 2-A1A and Class 2-A1B Certificates are outstanding; provided, under this paragraphfurther, the Class 2-A1B Certificates will instead be allocated to Component 1-A-5-2 until bear the Certificate Principal Balance principal portion of Component 1-A-5-2 has been reduced to zero, (C) the losses all Realized Losses allocable to the Class 12-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to A1A Certificates for so long as the Class 12-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal BalancesA1A Certificates are outstanding; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(bc) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(d) 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 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling Agreement (Harborview Mortgage Loan Trust 2006-1)
Allocation of Realized Losses. (a) On or prior to each Distribution Determination Date, the Master Servicer Trustee shall determine the total amount of Realized LossesLosses with respect to the related Distribution Date. Among the Classes of Subordinated Certificates, including Excess Losses the Class M-X Certificates have higher payment priorities that the other classes of Subordinated Certificates and the allocation of such total amount as set forth belowClass M Certificates have higher payment priorities than the Class B Certificates. Within the Class B Certificates, the payment priorities are in numerical order. Realized Losses occurring on the Mortgage Loans with respect to any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of [Reserved]
(ii) any Realized Loss on any Discount the Mortgage Loan, including any Excess Loss, Loans shall be allocated (1) first, to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Subordinated Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation) until the respective Class Certificate Balance or Component Principal Balance of each such Class is reduced to zero, and second (2) second, to the Senior Certificates (or in other than the case Notional Amount Components), pro rata, on the basis of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (orCertificate Balances, with respect in each case immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the respective Class Principal Certificate Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, except that (A) the losses any Realized Losses that are otherwise allocable to the Class 1-A-1 Certificates, under this paragraph, and Class A-3 Certificates will instead be allocated to Component 1-A-5-1 the Class A-2, Class A-4, Class A-5 and Class A-6 Certificates, pro rata, until the their respective Class Certificate Principal Balance of Component 1-A-5-1 has been Balances are reduced to zero, zero and (B) the losses any Realized Losses that are otherwise allocable to the Class 1-A-2 Certificates, under this paragraph, A-4 Certificates (including any allocations of Realized Losses to the Class A-4 Certificates pursuant to clause (A) above) will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 A-5 and Class A-6 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon until their respective Class Principal Certificate Balances after giving effect are reduced to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); andzero.
(b) The Class Principal Certificate Balance of the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances Certificate Balance of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool Stated Principal Balance for as of the following last day of the Prepayment Period related to such Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Balance of a Class of Certificates pursuant to Section 4.04(b) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation of Realized Losses to a Certificate or a to any Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b4.04(b) above shall be accomplished by reducing the Certificate Principal Balance, Component Balance of such Certificate or Component Subordinated Portion thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce ," "Component Balance" or "Subordinated Portion," as the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”)case may be.
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2005-38)
Allocation of Realized Losses. (a) On or prior to each Distribution Determination Date, the Master Servicer Trustee shall determine the total amount of Realized Losses, including Excess Losses and with respect to the allocation of such total amount as set forth belowrelated Distribution Date. Realized Losses occurring on the Mortgage Loans with respect to any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and[Reserved];
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Any Realized Loss with respect to any on the Mortgage Loan (other than an Excess Loss) Loans shall be allocated first first, to the Subordinate Certificates Subordinated Certificates, in reverse order of their respective numerical Class designations distribution priorities (beginning with the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designationlowest distribution priority) until the respective Class Principal Certificate Balance of each such Class is reduced to zero, and second second, to the Classes of Senior Certificates (or the PO Components thereof in the case of the a Class 1-A-5 of Component Certificates, pro rata, on the Components thereof) basis of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Certificate Balances or Component Principal Balances (orBalances, with respect as applicable, immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the respective Class Certificate Balance or Component Principal Balance Balance, as applicable, of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, that (A) the losses any Realized Losses otherwise allocable to the Class 1-A-1 CertificatesA-1, under this paragraph, will instead Class A-2 and A-3 Certificates shall be allocated sequentially, first, to Component 1-A-5-1 the Class A-3 Certificates until the its Class Certificate Principal Balance of Component 1-A-5-1 has been is reduced to zero, (B) the losses allocable second, to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the its Class Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been is reduced to zero and (D) the losses allocable third, to the Class 1-A-4 A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the its Class Certificate Principal Balance of Component 1-A-5-4 has been is reduced to zero providedzero. For the avoidance of doubt, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, M-1 Certificates have a higher distribution priority than each other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Subordinated Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and.
(b) The Class Principal Certificate Balance of the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation lowest distribution priority shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances Certificate Balance of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Net Deferred Interest and Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool Stated Principal Balance for as of the following last day of the Due Period related to such Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Balance of a Class of Certificates pursuant to Section 4.04(b) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation of Realized Losses to a Certificate or a to any Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b4.04(b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component Principal Balance, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Balance” or “Component Principal Balance,” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce as the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”)case may be.
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2007-Al1)
Allocation of Realized Losses. (ai) On or prior any Distribution Date, (x) the applicable AP Percentage of the principal portion of each Realized Loss (other than any Excess Loss) in respect of a Discount Mortgage Loan in Pool 1 will be allocated to and reduce the Component Principal Amount of the AP(1) Component until its Component Principal Amount has been reduced to zero, the applicable AP Percentage of the principal portion of each Realized Loss (other than any Excess Loss) in respect of a Discount Mortgage Loan in Pool 2 will be allocated to and reduce the Component Principal Amount of the AP(2) Component until its Component Principal Amount has been reduced to zero, the applicable AP Percentage of the principal portion of each Realized Loss (other than any Excess Loss) in respect of a Discount Mortgage Loan in Pool 3 will be allocated to and reduce the Component Principal Amount of the AP(3) Component until its Component Principal Amount has been reduced to zero and the applicable AP Percentage of the principal portion of each Realized Loss (other than any Excess Loss) in respect of a Discount Mortgage Loan in Pool 5 will be allocated to and reduce the Component Principal Amount of the AP(5) Component until its Component Principal Amount has been reduced to zero; and (y) the applicable Non-AP Percentage of the principal portion of each Realized Loss (other than any Excess Loss) in respect of a Mortgage Loan in any Mortgage Pool, shall be allocated in the following order of priority: first, to the Class B7 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount thereof has been reduced to zero; second, to the Class B6 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount thereof has been reduced to zero; third, to the Class B5 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount thereof has been reduced to zero; fourth, to the Class B4 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount thereof has been reduced to zero; fifth, to the Class B3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount thereof has been reduced to zero; sixth, to the Class B2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount thereof has been reduced to zero; seventh, to the Class B1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount thereof has been reduced to zero; and eighth, to the related Classes of Non-AP Senior Certificates, pro rata, in accordance with their respective Class Principal Amounts; provided, however, that (i) any Realized Loss that would otherwise be allocated to the Class 1-A2 Certificates will be allocated to the Class 1-A3 Certificates until the Class Principal Amount of the Class 1-A3 Certificates has been reduced to zero, (ii) any Realized Loss that would otherwise be allocated to the Class 2-A1 and Class 2-A15 Certificates will be allocated to the Class 2-A2 Certificates until the Class Principal Amount of the Class 2-A2 Certificates has been reduced to zero, (iii) any Realized Loss that would otherwise be allocated to the Class 3-A1 Certificates will be allocated to the Class 3-A2 Certificates until the Class Principal Amount of the Class 3-A2 Certificates has been reduced to zero and (iv) any Realized Loss that would otherwise be allocated to the Class 5-A2 Certificates will be allocated to the Class 5-A3 Certificates until the Class Principal Amount of the Class 5-A3 Certificates has been reduced to zero.
(b) With respect to any Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Non-AP Percentage of the principal portion of any Realized Excess Loss on in respect of a Mortgage Loan in any Discount Mortgage Loan, including any Excess Loss, Pool shall be allocated allocated, pro rata, to the Subordinate Certificates and related Non-AP Senior Certificate or Certificates on the basis of the Apportioned Principal Balances of the Classes of Subordinate Certificates and Class PO Principal Amounts of the Non-AP Senior Certificates. The applicable AP Percentage of the principal portion of an Excess Loss (other than a Debt Service Reduction) in respect of a Mortgage Loan in Pool 1, Pool 2, Pool 3 and Pool 5 will be applied to the AP(1) Component, the AP(2) Component, the AP(3) Component and the AP(5) Component, respectively, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has Amounts thereof have been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(c) Any allocation of Realized Losses allocated to a Certificate Class of Certificates or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(a) or (b) above shall be allocated among the Certificates of such Class or Component in proportion to their respective Certificate Principal Amounts or Component Principal Amounts, as applicable. Any allocation of Realized Losses pursuant to this paragraph (c) shall be accomplished by reducing the Certificate Principal Balance of such Certificate Amounts or Component immediately following Principal Amounts of the distributions made related Certificates or Component on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”Section 5.03(d).
(d) Prior Realized Losses allocated in accordance with this Section 5.03 shall be allocated on the Distribution Date in the month following the month in which such loss was incurred and, in the case of the principal portion thereof, after giving effect to the Cross-Over distributions made on such Distribution Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and except that the aggregate Certificate Principal Balance amount of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based AP Certificates on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, such Distribution Date will be increased, by the amount taken into account in determining distributions in respect of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each any related AP Deferred Amount for such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii)date.
(e) With respect to any On each Distribution Date on or after the Cross-Over Date, the Trust Administrator Subordinate Certificate Writedown Amount for such date shall distribute the amount of any Recovery on effect a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan corresponding reduction in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance Amount of the lowest ranking Class of outstanding Subordinate Certificates, which reduction shall occur on such ClassDistribution Date after giving effect to distributions made on such Distribution Date.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Trust 2005-6)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Trustee shall aggregate the loan-level information provided by the Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, Realized Losses that occurred during the related prepayment period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Certificate Principal Balance of each such Class is reduced to zero; and
(A) with respect to such losses related to Loan Group 1 Mortgage Loans, and second to the Senior Certificates (or in the case of the Class 1-A-5 CertificatesA and Class A-R Certificates and PO-1 Component, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (orrata, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Certificate Principal Balance or Component Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, that (A) the Class 2-A2 Certificates, after assuming losses related to the Loan Group 2 Mortgage Loans, will bear the principal portion of all realized losses allocable to the Class 1-A-1 CertificatesA Certificates for so long as the Class 2-A2 Certificates are outstanding; and
(B) with respect to such losses related to Loan Group 2 Mortgage Loans, under this paragraphto the Class 2-A1A, will instead be allocated to Component 1Class 2-A-5A1B and Class 2-1 A2 Certificates and PO-2 Component, pro rata, until the Class Certificate Principal Balance or Component Principal Balance of each such Class or Component 1-A-5-1 has been is reduced to zero; provided, (B) however, the Class 2-A1B Certificates will bear the principal portion of all realized losses allocable to the Class 12-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to A1A Certificates for so long as the Class 12-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; andA1B Certificates are outstanding.
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(bc) The Class Certificate Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Certificate Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(d) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Principal Balance of a Class of Certificates pursuant to Section 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Greenwich HarborView Mortgage Loan Trust 2005-1)
Allocation of Realized Losses. (a) On or prior Prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and if any, that resulted from any Cash Liquidation, Servicing Modifications, Debt Service Reduction, Deficient Valuation or REO Disposition that occurred during the allocation related Prepayment Period or, in the case of a Servicing Modification that constitutes a reduction of the interest rate on a Mortgage Loan, the amount of the reduction in the interest portion of the Monthly Payment due in the month in which such total Distribution Date occurs. The amount as set forth below. of each Realized Loss shall be evidenced by an Officers' Certificate.
(A) All Realized Losses occurring on the Mortgage Group I Loans (other than Group I Excess Losses) shall be allocated as follows:
(i) : first, to Group I Excess Cash Flow as provided in Section 4.02(c)(iii), to the applicable PO Percentage extent of the principal portion of any Realized Loss on any Discount Mortgage LoanGroup I Excess Cash Flow for such Distribution Date; second, including any Excess Loss, shall be allocated to the Class PO CertificatesGroup II Excess Cash Flow as provided in Section 4.02(d)(iv), to the extent of the Group II Excess Cash Flow for such Distribution Date remaining after distributions pursuant to Section 4.02(d)(iii); 108 third, in reduction of the Group I Overcollateralization Amount, until the Class earlier of: (1) such amount has been reduced to zero or (2) the aggregate Certificate Principal Balance of the Class PO A Certificates is reduced to zero; and
(ii) equals the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class aggregate Stated Principal Balance of each the Group I Loans and Group II Loans; fourth, in reduction of the Group II Overcollateralization Amount until such Class amount is reduced to zero, and second to meaning, that no additional Realized Losses will be allocated under any subsequent clause until the Senior Certificates (or in the case aggregate Certificate Principal Balance of the Class 1A Certificates equals the aggregate Stated Principal Balance of the Group I Loans and Group II Loans; and fifth, to the extent not covered by the Policy, to the Class A-A-5 I Certificates, the Components thereof) with such amount allocated among each Class of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) A-I Certificates on a pro rata basis, based upon their respective on the same proportion as the Group I Principal Distribution Amount was allocated to such Class Principal Balances (orof Certificates on that Distribution Date, with respect to until the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or zero.
(B) Any Group I Excess Losses on the Mortgage Loans, to the extent not covered by the Policy, will be allocated to the Class A-I Certificates, in each case in an amount equal to the product of (a) the Group I Excess Losses and (b) the fraction, expressed as a percentage, the numerator of which is (x) the aggregate Certificate Principal Balance of each the Class A-I Certificates, and the denominator of which is (y) the aggregate Stated Principal Balance of the Group I Loans, and the remainder of such Component losses shall be allocated to the Group I Overcollateralization Amount in reduction of the amount thereof.
(A) All Realized Losses on the Group II Loans (other than Group II Excess Losses) shall be allocated as follows: first, to the Group II Excess Cash Flow as provided in Section 4.02(d)(iii), to the extent of the Group II Excess Cash Flow for such Distribution Date, second, to the Group I Excess Cash Flow as provided in Section 4.02(c)(iv), to the extent of the Group I Excess Cash Flow for such Distribution Date remaining after distributions pursuant to Section 4.02(c)(iii); third, in reduction of the Group II Overcollateralization Amount, until the earliest of: (1) such amount has been reduced to zerozero or (2) the aggregate Certificate Principal Balance of the Class A Certificates equals the aggregate Stated Principal Balance of the Group I Loans and Group II Loans; fourth, as applicable; providedin reduction of the Group I Overcollateralization Amount, howevermeaning, that (A) no additional Realized Losses will be allocated to any Class of Certificates until the losses allocable aggregate Certificate Principal Balance of the Class A 109 Certificates equals the aggregate Stated Principal Balance of the Group I Loans and Group II Loans; and fifth, to the extent not covered by the Policy, to the Class 1A-A-1 II Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 such Class has been reduced to zero, .
(B) Any Group II Excess Losses on the losses allocable Mortgage Loans, to the extent not covered by the Policy, will be allocated to the Class 1A-A-2 II Certificates, under this paragraphin an amount equal to the product of (a) the Group II Excess Losses and (b) the fraction, will instead be allocated to Component 1-A-5-2 until expressed as a percentage, the numerator of which is (x) the Certificate Principal Balance of Component 1the Class A-A-5-2 has been reduced to zero, II Certificates and the denominator of which is (Cy) the aggregate Stated Principal Balance of the Group II Loans, and the remainder of such losses allocable shall be allocated to the Group II Overcollateralization Amount in reduction of the amount thereof.
(b) Any allocation of the principal portion of Realized Losses (other than Debt Service Reductions) to the Class 1-A-3 Certificates, under this paragraph, will instead A Certificates shall be allocated to Component 1-A-5-3 until made by reducing the Certificate Principal Balance thereof by the amount so allocated, which allocation shall be deemed to have occurred on such Distribution Date. Allocations of Component 1the interest portions of Realized Losses shall be made by operation of the definition of "Accrued Certificate Interest" and by operation of the provisions of Section 4.02(c) and (d). All Realized Losses and all other losses allocated to a Class of Certificates hereunder will be allocated among the Certificates of such Class in proportion to the Percentage Interests evidenced thereby.
(c) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date to REMIC I Regular Interest LT-A-5-3 A-1 until the Uncertificated Principal Balance thereof has been reduced to zero and (D) the losses allocable then sequentially to the Class 1REMIC I Regular Interest LT-A-4 CertificatesA-2, under this paragraphLT-A-3, will instead be allocated to Component 1LT-A-5A-4, XX-4 until the Certificate X- 0, XX-X-0, XX-X-7, LT-A-8, LX-X-0, XX-X-00, XX-X-00, XX-X-10, XX-X-00, XX-X-00, XX-X-00, XX-X-00, XX-X-07, XX-X-00, XX-X-00, XX-X-00, XX-X-00, XX-X-22, XX-X-00, XX-X-00, XX-X- 00, XX-X-00, XX-X-00, LT-A-20, XX-X-00, XX-X-00 xxx XX-X-00-0 xxxxx xhe Uncertificated Principal Balance Balances of Component 1-A-5-4 each has been reduced to zero provided, further, that any zero. All Realized Loss allocated to Losses on the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group II Loans shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by to REMIC II Regular Interest LT-B until the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Uncertificated Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount thereof has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”)zero.
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date to the following REMIC III Group I Regular Interests (other than REMIC III Regular Interest LT3- AIO-1) in the specified percentages, as follows: first, to Uncertificated Accrued Interest payable to the REMIC III Regular Interests LT3-AI-AA and LT3-AI-ZZ up to an aggregate amount equal to the amount excess of (a) the REMIC III Group I Interest Loss Allocation Amount over (b) Prepayment Interest Shortfalls (to the extent not covered by Compensating Interest) relating to the Group I Loans for such Distribution Date, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of the NonREMIC III Regular Interests LT3-PO Recoveries with respect AI-AA and LT3-AI-ZZ up to any Collateral Groupan aggregate amount equal to the REMIC III Group I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Class Uncertificated Principal Balances of REMIC III Regular Interests LT3-AI-AA, 98%, LT3-AI- 2, LT3-AI-3, LT3-AI-4, LT3-AI-5 and LT3-AI-6, 1% pro rata, and LT3-AI-ZZ, 1%, until the 110 Uncertificated Balance of each Class of Senior Certificates (other than the Class PO Certificates REMIC III Regular Interests LT3-AI-2, LT3-AI-3, LT3-AI-4, LT3-AI-5 and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding LT3-AI-6 have been reduced to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); andzero.
(ii) All Realized Losses on the Group II Loans shall be allocated on each Distribution Date to the following REMIC III Group II Regular Interests in the specified percentages, as follows: first, to Uncertificated Accrued Interest payable to the REMIC III Regular Interests LT3-AII-AA and LT3-AII-ZZ up to an aggregate amount equal to the excess of (a) the REMIC III Group II Interest Loss Allocation Amount over (b) Prepayment Interest Shortfalls (to the extent not covered by Compensating Interest) relating to the Group II Loans for such Distribution Date, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of the REMIC III Regular Interests LT3-AII-AA and LT3-AII-ZZ up to the an aggregate amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant equal to the preceding clause (i)REMIC III Group II Principal Loss Allocation Amount, the Class Principal Balance of each Class of Subordinate Certificates98% and 2%, in order of seniorityrespectively; third, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase Uncertificated Principal Balances of REMIC III Regular Interests LT3-AII-AA, LT3-AII-1 and LT3-AII-ZZ, 98%, 1% and 1%, respectively, until the Class Principal Balance Uncertificated Balances of such Class pursuant REMIC III Regular Interests LT3-AII-1 , has been reduced to this Section 4.03(d)(ii)zero.
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Allocation of Realized Losses. (a) On or prior Prior to each Distribution Payment Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and that occurred during the allocation related Prepayment Period. The amount of such total amount as set forth below. each Realized Losses occurring on the Mortgage Loans Loss shall be allocated as follows:evidenced by an Officer's Certificate delivered to the Indenture Trustee with the related Remittance Report.
(ib) On each Payment Date following the applicable PO Percentage application of the principal portion of any Realized Loss all amounts distributable on any Discount Mortgage Loansuch date, including any Excess Loss, shall be allocated to the Class PO Certificates, until extent the Class aggregate Stated Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by Loans is less than the related Applicable Fraction) aggregate Bond Principal Balances of the principal portion of any Group 1 Bonds due to Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to Losses on the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with Group 1 Loans, the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Bond Principal Balance of each such Class is reduced to zero, and second to the Senior Certificates (or in the case Balances of the (1) Class 1-A-5 CertificatesM-6, the Components thereofClass 1-M-5, Class 1-M-4, Class 1-M-3, Class 1-M-2 and Class 1-M-1 Bonds, in that order, and (2) of the related Certificate Group (not including the related Interest Only Class 1-A-1, Class 1-A-2 and the Class PO Certificates) 1-A-3 Bonds, pro rata based upon their respective Class Principal Balances (orrata, with respect to the Componentsshall be reduced, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date in each case until the Class Bond Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component thereof has been reduced to zero, as applicable; provided, however, that (A) the losses any Realized Losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1Class1-A-2 Certificates, under this paragraph, Bonds will be instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable applied to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 Bonds until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Bond Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated A-3 Bonds has been reduced to increase zero. On each Payment Date following the Class application of all amounts distributable on such date, to the extent the aggregate Stated Principal Balance of the Class 1-A-5-1 componentGroup 2 Loans is less than the aggregate Bond Principal Balances of the Group 2 Bonds due to Realized Losses on the Group 2 Loans, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Bond Principal Balances); and
(ii) second, up to the amount Balances of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class 2-B, Class 2-M-2 and Class 2-M- 1 Bonds, in that order, shall be reduced, until the Bond Principal Balance of such Class pursuant thereof has been reduced to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution zero. All Realized Losses allocated to a Class of Certificates pursuant Bonds will be allocated in proportion to this Section 4.03(e) shall not reduce the Class Principal Balance of such ClassPercentage Interests evidenced thereby.
Appears in 1 contract
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated (A) to the Class 15-PO CertificatesCertificates in the case of a Realized Loss occurring on any Discount Mortgage Loan in Asset Group 3, Asset Group 4, Asset Group 5 or Asset Group 6, until the Class Principal Balance of the Class 15-PO Certificates is reduced to zero; andand (B) to the Class 30-PO Certificates, in the case of a Realized Loss occurring on any Discount Mortgage Loan in Asset Group 2 or Asset Group 7, until the Class Principal Balance of the Class 30-PO Certificates is reduced to zero;
(iiA) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan in any Asset Group (other than Asset Group 1) (other than an Excess Loss) shall be allocated first to the Group B Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Group B Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that after the related Cross-Over Date, (Ai) the losses allocable to the Class 12-A-1 Certificates, under this paragraph, will instead be allocated to Component 12-A-5A-14-1 until the Certificate Principal Component Balance of Component 12-A-5A-14-1 has been reduced to zero, (Bii) the losses allocable to the Class 12-A-2 A-5 Certificates, under this paragraph, will instead be allocated to Component 12-A-5A-14-2 3 until the Certificate Principal Component Balance of Component 12-A-5A-14-2 3 has been reduced to zero, (Ciii) the losses allocable to the Class 12-A-3 A-11 Certificates, under this paragraph, will instead be allocated to Component 12-A-5A-14-3 2 until the Certificate Principal Component Balance of Component 12-A-5A-14-3 2 has been reduced to zero and (Div) the losses allocable to the Class 12-A-4 Certificates, A-12 Certificates under this paragraph, paragraph will instead be allocated to Component 1the Class 2-A-5-4 A-13 Certificates until the Certificate Class Principal Balance of Component 1the Class 2-A-5-4 has been A-13 Certificates is reduced to zero zero; provided, further, that any Realized Loss allocated to the Class 12-A-5 A-14 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 12-A-5A-14-1, Component 12-A-5A-14-2, Component 1-A-5-3 2 and Component 12-A-5A-14-43, pro rata, based on their outstanding Certificate Principal Component Balances; and
(iiiB) the applicable Non-PO Percentage (and of any Realized Loss with respect to Collateral any Mortgage Loan in Asset Group 1 (other than an Excess Loss) shall be allocated first to the Group 1 Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Group 1 Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero, and Collateral second to the Group 2, multiplied by 1 Senior Certificates pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date until the related Applicable FractionClass Principal Balance of each such Class has been reduced to zero;
(A) of the principal portion applicable Non-PO Percentage of any Excess Losses occurring on any Mortgage Loan in any Collateral Asset Group (other than Asset Group 1) shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan Loan; the Group 3 Certificates, in the case of an Excess Loss on a Group 3 Mortgage Loan; the Group 4 Certificates, in the case of an Excess Loss on a Group 4 Mortgage Loan; the Group 5 Certificates, in the case of an Excess Loss on a Group 5 Mortgage Loan; the Group 6 Certificates, in the case of an Excess Loss on a Group 6 Mortgage Loan; the Group 7 Certificates, in the case of an Excess Loss on a Group 7 Mortgage Loan; (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); ) and (B2) each Class of Group B Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, (i) in the case of the Group B Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Asset Group which incurred the Excess Loss (based on their respective Class Principal Balances)) and (ii) in the case of the Group 2 Certificates, based on their then-outstanding Certificate Principal Balances minus the Class Principal Balance of the Underlying Certificates after giving effect to any distributions thereon on the related Underlying Distribution Date); and
(bB) the applicable Non-PO Percentage of any Excess Losses occurring on any Mortgage Loan in Asset Group 1 shall be allocated among the Group 1 Certificates, pro rata based upon their respective Class Principal Balances; and
(iv) any Realized Losses and any Excess Losses with respect to any Underlying Mortgage Loan allocated to the Underlying Certificates for the related Distribution Date shall be allocated to the Group 2 Certificates (not including the Interest Only and Class PO Certificates) pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero; provided, however, that (i) the losses allocable to the Class 2-A-1 Certificates, under this paragraph, will instead be allocated to Component 2-A-14-1 until the Component Balance of Component 2-A-14-1 has been reduced to zero, (ii) the losses allocable to the Class 2-A-5 Certificates, under this paragraph, will instead be allocated to Component 2-A-14-3 until the Component Balance of Component 2-A-14-3 has been reduced to zero, (iii) the losses allocable to the Class 2-A-11 Certificates, under this paragraph, will instead be allocated to Component 2-A-14-2 until the Component Balance of Component 2-A-14-2 has been reduced to zero and (iv) the losses allocable to the Class 2-A-12 Certificates under this paragraph will instead be allocated to the Class 2-A-13 Certificates until the Class Principal Balance of the Class 2-A-13 Certificates is reduced to zero; provided, further, that any Realized Loss allocated to the Class 2-A-14 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 2-A-14-1, Component 2-A-14-2 and Component 2-A-14-3, pro rata, based on their outstanding Component Balances.
(A) The Class Principal Balance of the Class of Group B Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class 15-PO and Class 30-PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 2, Group 3, Group 4, Group 5, Group 6 and Group 2 7 Certificates (other than the Interest Only and Class PO Certificates) and Group B Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) less the Class Principal Balance of the Underlying Certificates prior to giving effect to any distributions thereon on the related Underlying Distribution Date exceeds the Aggregate Group B Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the related Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(B) The Class Principal Balance of the Class of Group 1 Subordinate 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 1 Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Group 1 Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the related Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; andzero;
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that (A) no Realized Loss with respect to any Collateral Asset Group (other than Asset Group 1) shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than Certificate Group 1 and other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Group 2, Group 3, Group 4, Group 5, Group 6 and Group 7 Certificates (other than the Interest Only and Class PO Certificates) and Group B Subordinate Certificates to an amount less than the Aggregate Group B Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the related Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans and (B) no Realized Loss with respect to Asset Group1 shall be allocated to reduce the Certificate Principal Balance of a Group 1 Senior Certificate to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Group 1 Certificates to an amount less than the Group 1 Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the related Bankruptcy Loss Coverage Termination Date (in each case, such limitation, the “Loss Allocation Limitation”).
(d) Prior to the related Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period calendar month prior to a Distribution Date with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Asset Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Asset Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or ComponentClass, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate pursuant to this Section 4.03(d)(i); provided, that, any increase in the Certificate Principal Balance of such Component the Class 2-A-14 Certificates pursuant to this Section 4.03(d)(i) (any will result in an increase of in the Class Principal Component Balance of the Class each of Component 2-A-14-1, Component 2-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5A-14-2 component, the Class 1and Component 2-A-5A-14-3 component and the Class 1-A-5-4 component3, pro rata, rata based on Class Principal Balances)Component Balance; and
(ii) second, (A) up to the amount of the Non-PO Recoveries related to each Collateral Asset Group 2, Asset Group 3, Asset Group 4, Asset Group 5, Asset Group 6 and Asset Group 7 remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Group B Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii4.03(d)(ii)(A) and (B) up to the amount of the Non-PO Recoveries related to Asset Group 1 remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Group 1 Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii)(B).
(e) With respect to any Distribution Date on or after the related Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(iA) to the Class 15-PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, Percentage of any Recovery on any Mortgage Loan in Collateral Asset Group 13, Asset Group 4, Asset Group 5 or Asset Group 6 and (B) to the Class 30-PO Certificates, the PO Percentage of any Recovery on any Mortgage Loan in Asset Group 2 or Asset Group 7; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Asset Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2004-6)
Allocation of Realized Losses. (a) On or prior to each Distribution Determination Date, the Master Servicer Trustee shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth belowLosses, with respect to each related Distribution Date. Realized Losses occurring on the Mortgage Loans with respect to a Loan Group and any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount the Group 1 Mortgage LoanLoans, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class 1-PO Certificates until its Certificate Balance is reduced to zero; and
(ii) (A) (x) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an any Excess Loss) on the Mortgage Loans in Loan Group 1 and (y) any Realized Loss (other than any Excess Loss) on the Mortgage Loans in Loan Group 2 or Loan Group 3, shall be allocated first to the Subordinate Subordinated Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Certificate Balance of each such Class is reduced to zero, and second to the Classes of Senior Certificates (or in the case of related Senior Certificate Group (other than any Notional Amount Certificates, if applicable, and the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) ), pro rata based upon on the basis of their respective Class Principal Balances (orCertificate Balances, with respect in each case immediately prior to the Componentsrelated Distribution Date, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the respective Class Principal Certificate Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been is reduced to zero, as applicable; provided, however, except that (A) the losses allocable to applicable Non-PO Percentage of any Realized Losses on the Class 1-A-1 Certificates, under this paragraph, will instead Group 1 Mortgage Loans that would otherwise be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, Certificates will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding A-6 Certificates until its Class Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been is reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.zero;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Securitization Trust 2006-A11)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Trustee shall aggregate the loan-level information provided by the Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, Realized Losses that occurred during the related prepayment period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Certificate Principal Balance of each such Class is reduced to zero; and
(A) with respect to such losses related to Group 1 Mortgage Loans, and second to the Senior Certificates (or in the case of the Class 1-A-5 CertificatesA1A, the Components thereof) of the related Certificate Group (not including the related Interest Only Class 1-A1B and the Class PO Certificates) A-R Certificates and PO-1 Component, pro rata based upon their respective Class Principal Balances (orrata, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Certificate Principal Balance or Component Principal Balance of each such Class has been or Component is reduced to zero or zero; provided, however, the aggregate Class 1-A1B Certificates will bear the principal portion of all Realized Losses allocable to the Class 1-A1A Certificates for so long as the Class 1-A1B Certificates are outstanding; and
(B) with respect such losses related to Loan Group 2 Mortgage Loans, to the Class 2-A1A, Class 2-A1B, Class 2-A1C1 and Class 2-A1C2 Certificates and the PO-2 Component, pro rata, until the Class Certificate Principal Balance or Component Principal Balance of each such Class or Component has been is reduced to zero, as applicable; provided, however, that (A) the all losses allocable to the Class 12-A-1 CertificatesA1A, under this paragraphClass 2-A1B, Class 2-A1C1 and Class 2-A1C2 Certificates will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zerosequentially first, (B) the losses allocable to the Class 12-A-2 Certificates, under this paragraph, will instead be allocated to Component 1A1C1 and Class 2-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate A1C2 Certificates, pro rata based upon their respective on Class Certificate Principal Balances after giving effect Balances, second, to distributions of principal on such Distribution Date (exceptthe Class 2-A1B Certificates and third, to the Class 2-A1A Certificates, in the case of the Subordinate Certificatesthat order, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); andso long as such certificates are outstanding;
(bc) The Class Certificate Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Certificate Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(d) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Principal Balance of a Class of Certificates pursuant to Section 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling Agreement (HarborView Mortgage Loan Trust 2005-10)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the principal portion related Applicable Fraction) of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class 30-PO Certificates, in the case of a Realized Loss occurring on any Discount Mortgage Loan in any Collateral Group 1 or Collateral Group 3, or the Class 15-PO Certificates, in the case of a Realized Loss occurring on any Discount Mortgage Loan in any Collateral Group 4, in each case, until the Class Principal Balance of the such Class of Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and zero, (D) the losses allocable to the Class 1-A-4 A-2 Certificates, under this paragraph, will instead be allocated to Component the Class 1-A-5-4 A-14 Certificates until the Certificate Principal Balance of Component the Class 1-A-5-4 A-14 Certificates has been reduced to zero zero, (E) the losses allocable to the Class 1-A-6 Certificates, under this paragraph, will instead be allocated to the Class 1-A-7 Certificates until the Certificate Principal Balance of the Class 1-A-7 Certificates has been reduced to zero, (F) the losses allocable to the Class 1-A-11 Certificates, under this paragraph, will instead be allocated to the Class 1-A-12 Certificates until the Certificate Principal Balance of the Class 1-A-12 Certificates has been reduced to zero, and (G) the losses allocable to the Class 3-A-1 Certificates, under this paragraph, will instead be allocated to the Class 3-A-2 Certificates until the Certificate Principal Balance of the Class 3-A-2 Certificates has been reduced to zero; provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 2 and Component 1-A-5-43, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and Loan, (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan, (3) the Group 3 Certificates, in the case of an Excess Loss on a Group 3 Mortgage Loan and (4) the Group 4 Certificates, in the case of an Excess Loss on a Group 4 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class 15-PO in respect of any PO Deferred Amounts for Collateral Group 4, and the amount of any payments on the Class 30-PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 and Collateral Group 3 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 1, Group 2, Group 3 and Group 2 4 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates (other than the Class 1-A-5 Certificates) and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates and the Class 1-A-5 Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii4.03(d)(ii)(A).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) (A) to the Class 15-PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 14 and (B) to the Class 30-PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1 and Collateral Group 3; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); Table of Contents provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class. provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-1)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated (A) to the Class 15-PO CertificatesCertificates in the case of a Realized Loss occurring on any Discount Mortgage Loan in the 15-Year Loan Groups, until the Class Principal Balance of the Class 15-PO Certificates is reduced to zero; andand (B) to the Class 30-PO Certificates, in the case of a Realized Loss occurring on any Discount Mortgage Loan in Loan Group 3 or Loan Group 8, until the Class Principal Balance of the Class 30-PO Certificates is reduced to zero;
(ii) (A) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Group B Mortgage Loan (other than an Excess Loss) shall be allocated first to the Group B Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Group B Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Group B Certificate Group (not including the related Interest Only and the Class PO Principal Only Certificates) pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Alt Loan Trust 2004 2)
Allocation of Realized Losses. (a) On or prior Prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and if any, that resulted from any Cash Liquidation, Servicing Modifications, Debt Service Reduction, Deficient Valuation or REO Disposition that occurred during the allocation related Prepayment Period or, in the case of a Servicing Modification that constitutes a reduction of the interest rate on a Mortgage Loan, the amount of the reduction in the interest portion of the Monthly Payment due in the month in which such total Distribution Date occurs. The amount as set forth below. of each Realized Loss shall be evidenced by an Officers' Certificate.
(A) All Realized Losses occurring on the Mortgage Group I Loans (other than Group I Excess Losses) shall be allocated as follows:
(i) : first, to Group I Excess Cash Flow as provided in Section 4.02(c)(iii), to the applicable PO Percentage extent of the principal portion of any Realized Loss on any Discount Mortgage LoanGroup I Excess Cash Flow for such Distribution Date; second, including any Excess Loss, shall be allocated to the Class PO CertificatesGroup II Excess Cash Flow as provided in Section 4.02(d)(iv), to the extent of the Group II Excess Cash Flow for such Distribution Date remaining after distributions pursuant to Section 4.02(d)(iii); third, in reduction of the Group I Overcollateralization Amount, until the Class earlier of: (1) such amount has been reduced to zero or (2) the aggregate Certificate Principal Balance of the Class PO A Certificates is reduced to zero; and
(ii) equals the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class aggregate Stated Principal Balance of each the Group I Loans and Group II Loans; fourth, in reduction of the Group II Overcollateralization Amount until such Class amount is reduced to zero, and second to meaning, that no additional Realized Losses will be allocated under any subsequent clause until the Senior Certificates (or in the case aggregate Certificate Principal Balance of the Class 1A Certificates equals the aggregate Stated Principal Balance of the Group I Loans and Group II Loans; and fifth, to the extent not covered by the Policy, to the Class A-A-5 I Certificates, the Components thereof) with such amount allocated among each Class of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) A-I Certificates on a pro rata basis, based upon their respective on the same proportion as the Group I Principal Distribution Amount was allocated to such Class Principal Balances (orof Certificates on that Distribution Date, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Certificate Principal Balance of each such Class has been reduced to zero or zero.
(B) Any Group I Excess Losses on the Mortgage Loans, to the extent not covered by the Policy, will be allocated to the Class A-I Certificates, in each case in an amount equal to the product of (a) the Group I Excess Losses and (b) the fraction, expressed as a percentage, the numerator of which is (x) the aggregate Certificate Principal Balance of each the Class A-I Certificates, and the denominator of which is (y) the aggregate Stated Principal Balance of the Group I Loans, and the remainder of such Component losses shall be allocated to the Group I Overcollateralization Amount in reduction of the amount thereof.
(A) All Realized Losses on the Group II Loans (other than Group II Excess Losses) shall be allocated as follows: first, to the Group II Excess Cash Flow as provided in Section 4.02(d)(iii), to the extent of the Group II Excess Cash Flow for such Distribution Date; second, to the Group I Excess Cash Flow as provided in Section 4.02(c)(iv), to the extent of the Group I Excess Cash Flow for such Distribution Date remaining after distributions pursuant to Section 4.02(c)(iii); third, to the extent provided in Section 4.09, by a payment from the Reserve Fund from amounts on deposit therein in respect of the Cap Contract, until the amount therein has been reduced to zero; fourth, as applicablein reduction of the Group II Overcollateralization Amount, until the earliest of: (1) such amount has been reduced to zero or (2) the aggregate Certificate Principal Balance of the Class A Certificates equals the aggregate Stated Principal Balance of the Group I Loans and Group II Loans; providedfifth, howeverin reduction of the Group I Overcollateralization Amount, meaning, that (A) no additional Realized Losses will be allocated to any Class of Certificates until the losses allocable aggregate Certificate Principal Balance of the Class A Certificates equals the aggregate Stated Principal Balance of the Group I Loans and Group II Loans; and sixth, to the extent not covered by the Policy, to the Class 1A-A-1 II Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 such Class has been reduced to zero, .
(B) Any Group II Excess Losses on the losses allocable Mortgage Loans, to the extent not covered by the Policy, will be allocated to the Class 1A-A-2 II Certificates, under this paragraphin an amount equal to the product of (a) the Group II Excess Losses and (b) the fraction, will instead be allocated to Component 1-A-5-2 until expressed as a percentage, the numerator of which is (x) the Certificate Principal Balance of Component 1the Class A-A-5-2 has been reduced to zero, II Certificates and the denominator of which is (Cy) the aggregate Stated Principal Balance of the Group II Loans, and the remainder of such losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead shall be allocated to Component 1-A-5-3 until the Certificate Principal Balance Group II Overcollateralization Amount in reduction of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; andamount thereof.
(iiib) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) Any allocation of the principal portion of any Excess Realized Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO CertificatesDebt Service Reductions) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above Class A Certificates shall be accomplished made by reducing the Certificate Principal Balance of thereof by the amount so allocated, which allocation shall be deemed to have occurred on such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” hereinDate; provided that no Realized Loss with respect to any Collateral Group such reduction shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate the Class A-I Certificates or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce A-II Certificates below the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Stated Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance Group I Loans or Group II Loans, as applicable. Allocations of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount interest portions of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificatesany interest rate reduction resulting from a Servicing Modification) shall be made by operation of the definition of "Accrued Certificate Group corresponding to the Collateral Group Interest" and by operation of the Mortgage Loan for which the Recovery was received, pro rata, the amount provisions of Section 4.02(c) and (d). Allocations of the Recovery interest portion of a Realized Loss resulting from an interest rate reduction in connection with a Servicing Modification shall be made by operation of the provisions of Section 4.02(c) and (with respect to Collateral Group 1 d). All Realized Losses and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution all other losses allocated to a Class of Certificates pursuant hereunder will be allocated among the Certificates of such Class in proportion to this Section 4.03(ethe Percentage Interests evidenced thereby.
(i) All Realized Losses on the Group I Loans shall be allocated on each Distribution Date to the following REMIC I Regular Interests in the specified percentages, as follows: first, to Uncertificated Accrued Interest payable to the REMIC I Regular Interests LT1-AI-AA and LT1-AI-ZZ up to an aggregate amount equal to the excess of (a) the REMIC I Interest Loss Allocation Amount over (b) Prepayment Interest Shortfalls (to the extent not reduce covered by Compensating Interest) relating to the Class Group I Loans for such Distribution Date, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of the REMIC I Regular Interests LT1-AI-AA and LT1-AI-ZZ up to an aggregate amount equal to the REMIC I Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC I Regular Interests LT1-AI-AA, 98%, LT1-AI-1, LT1-AI-2, LT1-AI-3, LT1-AI-4 and LT1-AI-5, 1% pro rata, and LT1-AI-ZZ, 1%, until the Uncertificated Balance of each of REMIC I Regular Interests LT1-AI-1, LT1-AI-2, LT1-AI-3, LT1-AI-4 and LT1-AI-5 have been reduced to zero.
(ii) All Realized Losses on the Group II Loans shall be allocated on each Distribution Date to the following REMIC II Regular Interests in the specified percentages, as follows: first, to Uncertificated Accrued Interest payable to the REMIC II Regular Interests LT2-AII-AA and LT2-AII-ZZ up to an aggregate amount equal to the excess of (a) the REMIC II Interest Loss Allocation Amount over (b) Prepayment Interest Shortfalls (to the extent not covered by Compensating Interest) relating to the Group II Loans for such Distribution Date, 98% and 2%, respectively; second, to the Uncertificated Principal Balances of the REMIC II Regular Interests LT2-AII-AA and LT2-AII-ZZ up to an aggregate amount equal to the REMIC II Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the Uncertificated Principal Balances of REMIC II Regular Interests LT2-AII-AA, LT2-AII-1 and LT2-AII-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal Balance of such ClassREMIC II Regular Interest LT2-AII-1 has been reduced to zero.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Allocation of Realized Losses. (a) [Reserved]
(b) On and after the Remittance Date on which the Pool Available Maximum Subordinated Amount has been reduced to zero, (i) no further Interest Shortfall Carryforward Amounts or Unpaid Realized Loss Amounts for the Class M or Class B Certificates, respectively, shall be carried forward to succeeding Remittance Dates or be created as a result of shortfalls in the Pool Available Remittance Amount, and (ii) interest shall cease to accrue on all Interest Shortfall Carryforward Amounts remaining outstanding at the time the Pool Available Maximum Subordinated Amount becomes zero. If on any Remittance Date after taking into account all Realized Losses experienced during the prior Due Period and after taking into account the distribution of principal (including the applicable Pool Accelerated Principal Distribution Amount), but excluding distributions pursuant to each Distribution Section 6.08(e), with respect to the Certificates on such Remittance Date, the Master Servicer shall determine aggregate Class Principal Balance of the total amount Certificates exceeds the aggregate Principal Balance of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated Loans, as follows:
(i) the applicable PO Percentage of the principal portion end of any Realized Loss on any Discount Mortgage Loanthe related Due Period, including any Excess Loss, shall be allocated to the Class PO Certificates, until then the Class Principal Balance of the Class PO Certificates M and/or Class B Certificates, as applicable, will be reduced (in effect, "written down") such that the level of the Spread Amount is reduced to zero; and
(ii) , rather than negative. The resulting Pool Applied Realized Loss Amount for the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by Class will be applied as a reduction in the Class Principal Balance of the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Class M and/or Class B Certificates in reverse order of their respective numerical Class designations (beginning with seniority, i.e., first against the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective BH Class Principal Balance of each such until it is reduced to zero, then against the Class MH-2 Class Principal Balance until it is reduced to zero, and second to the Senior Certificates (or in the case of then against the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the MH-1 Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been until it is reduced to zero. However, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on if a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 payment is made pursuant to Section 4.02(a) priority third6.08(e)(ii)(b), sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Applied Realized Loss with respect to any Collateral Group shall be allocated to Amount that would otherwise reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the related Class 1-A-5 of Certificates under this clause will be allocated to increase offset by the amount of such payment. In no event shall the Class Principal Balance of the any Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount A Certificate be written down as a result of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), applying Realized Losses. Once the Class Principal Balance of each a Class of Subordinate Class M and/or Class B Certificates, in order of seniorityas applicable, will be increased, by has been "written down," the amount of such write down will no longer bear interest, nor will such amount thereafter be "reinstated" or "written up," although the excessamount of such write down may, if anyon future Remittance Dates, of (x) unrecovered Realized Losses previously allocated be paid to each such Class, if any, over (y) amounts previously applied to the increase Holders of the Class Principal Balance M and/or Class B Certificates which experienced the write down, in direct order of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date seniority as distributions on or after the Cross-Over Date, the Trust Administrator shall distribute the amount account of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable FractionClass MH-1, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was receivedMH-2 or Class BH Realized Loss Amounts, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Classas applicable.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Money Store Home Equity Corp)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated (A) to the Class 15-PO CertificatesCertificates in the case of a Realized Loss occurring on any Group 1, Group 3 or Group 5 Discount Mortgage Loan, until the Class Principal Balance of the Class 15-PO Certificates is reduced to zero; andand (B) to the Class 30-PO Certificates, in the case of a Realized Loss occurring on any Group 2 or Group 4 Discount Mortgage Loan, until the Class Principal Balance of the Class 30-PO Certificates is reduced to zero;
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Principal Only Certificates) pro rata based upon on the basis of their respective Class Principal Balances (or, with respect immediately prior to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such related Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that after the Cross-Over Date, (Aa) the losses allocable to the Class 12-A-8 Certificates, under this paragraph, will instead be allocated to the Class 2-A-9 Certificates until the Class Principal Balance of the Class 2-A-9 Certificates is reduced to zero, (b) the losses allocable to the Class 2-A-11 Certificates, under this paragraph, will instead be allocated to the Class 2-A-12 Certificates until the Class Principal Balance of the Class 2-A-12 Certificates is reduced to zero, (c) the losses allocable to the Class 4-A-1 Certificates, under this paragraph, will instead be allocated to Component 1the Class 4-A-5-1 A-2 Certificates until the Certificate Class Principal Balance of Component 1the Class 4-A-5-1 has been A-2 Certificates is reduced to zero, zero and (Bd) the losses allocable to the Class 15-A-2 Certificates, under this paragraph, will instead be allocated to Component 1the Class 5-A-5-2 A-3 Certificates until the Certificate Class Principal Balance of Component 1the Class 5-A-5-2 has been A-3 Certificates is reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) Loan; the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan Loan; the Group 3 Certificates, in the case of an Excess Loss on a Group 3 Mortgage Loan; the Group 4 Certificates, in the case of an Excess Loss on a Group 4 Mortgage Loan; and the Group 5 Certificates, in the case of an Excess Loss on a Group 5 Mortgage Loan; (other than, in each case, the related Interest Only Certificates and Principal Only Certificates of such Certificate Group and the related Class of Class PO Certificates); Group) and (B2) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (exceptor, in the case of the Subordinate Certificates, based on Certificates their pro-rata portion of the Group Subordinate Amount for the Collateral Loan Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and) after giving effect to distributions of principal on such Distribution Date.
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class 15-PO and Class 30-PO Certificates in respect of any Group PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause clauses (iiA)(ii) and (B)(ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that (A) no Realized Loss with respect to any Collateral Loan Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period calendar month prior to a Distribution Date with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral a Loan Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Loan Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or ComponentClass, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances)any; and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator Trustee shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(iA) to the Class 15-PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, Percentage of any Recovery on any Mortgage Loan in Collateral a Group 1, Group 3 or Group 5 Mortgage Loan, and (B) to the Class 30-PO Certificates, the PO Percentage of any Recovery on a Group 2 or Group 4 Mortgage Loan; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Loan Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
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Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pas THR Certs Se 2003 9)
Allocation of Realized Losses. (a) On or prior to each any Distribution ---------------------------- Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Non-AP Percentage of the principal portion of any each Realized Loss on any Discount Mortgage Loan, including (other than any Excess Loss, ) in respect of a Mortgage Loan shall be allocated in the following order of priority: first, to the Class PO B6 Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component Amount thereof has been reduced to zero; second, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 B5 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Class Certificate Principal Balance of Component 1-A-5-1 Amount thereof has been reduced to zero; third, (B) the losses allocable to the Class 1-A-2 B4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Component Principal Balance of Component 1-A-5-2 Amount thereof has been reduced to zero; fourth, (C) the losses allocable to the Class 1-A-3 B3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Class Certificate Principal Balance of Component 1-A-5-3 Amount thereof has been reduced to zero and (D) the losses allocable zero; fifth, to the Class 1-A-4 B2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Class Certificate Principal Balance of Component 1-A-5-4 Amount thereof has been reduced to zero providedzero; sixth, further, that any Realized Loss allocated to the Class 1-A-5 B1 Certificates, other than in accordance with until the preceding provisoClass Certificate Principal Amount thereof has been reduced to zero; and seventh, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4to the Classes of Senior Certificates of the related Certificate Group, pro rata, based on in accordance with their outstanding Class Certificate Principal BalancesAmounts; andprovided, that any such loss allocated to any Class of Accrual Certificates shall be allocated (subject to Section 5.03(c)) on the basis of the lesser of (x) the Class Certificate Principal Amount thereof immediately prior to the applicable Distribution Date and (y) the Class Certificate Principal thereof on the Closing Date (as reduced by any Realized Losses previously allocated thereto).
(iiib) the applicable Non-PO Percentage (and with With respect to Collateral Group 1 and Collateral Group 2any Distribution Date, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Loss in respect of a Mortgage Loan in any Collateral Group either Mortgage Pool shall be allocated among (A) (1) allocated, pro rata, to the Group 1 Certificates, Certificates (in the case of an Excess a Realized Loss on a Group 1 Mortgage Loan and (2in Pool 1) the or Group 2 Certificates, Certificates (in the case of an Excess a Realized Loss on a Group 2 Mortgage Loan (other than, in each case, Pool 2) and among the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class Classes of Subordinate Certificates then outstanding with based on the highest numerical respective Class designation Certificate Principal Amounts thereof; provided, that any such loss allocated to any Class of Accrual Certificates (and any Accrual Component) shall be reduced allocated (subject to Section 5.03(c)) on each the basis of the lesser of (x) the Class Certificate Principal Amount thereof immediately prior to the applicable Distribution Date by the sum of and (iy) the amount of any payments Class Certificate Principal Amount thereof on the Class PO Certificates in respect of Closing Date (as reduced by any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; andpreviously allocated thereto).
(c) Any allocation of Realized Losses allocated to a Certificate or a Component or any reduction in the Certificate Principal Balance Class of a Certificate or a Component Certificates pursuant to Section 4.03(a5.03(a) or (b) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Principal Amounts. Any allocation of Realized Losses pursuant to this paragraph (c) shall be accomplished by reducing the Certificate Principal Balance Amount of such Certificate or Component immediately following the distributions made related Certificates on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”Section 5.03(d).
(d) Prior Realized Losses allocated in accordance with this Section 5.03 shall be allocated on the Distribution Date in the month following the month in which such loss was incurred and, in the case of the principal portion thereof, after giving effect to distributions made on such Distribution Date, except that the aggregate amount of Realized Losses to be allocated to the CrossClass 1-Over AP and Class 2-AP Certificates on such Distribution Date will be taken into account in determining distributions in respect of any Class 1-AP Deferred Amount or Class 2-AP Deferred amount, as applicable for such date.
(e) On each Distribution Date, with the Subordinate Certificate Writedown Amount for such date shall effect a corresponding reduction in the Certificate Principal Amount of the lowest ranking Class of outstanding Subordinate Certificates, which reduction shall occur on such Distribution Date after giving effect to distributions made on such Distribution Date.
(f) 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 any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and Certificates, each outstanding Class to which any portion of such Realized Loss had previously been allocated shall be entitled to receive, on the aggregate Distribution Date in the month following the month in which such recovery is received, its pro rata share (based on the Class Certificate Principal Balance Amount thereof) of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) firstsuch recovery, up to the amount of the Non-PO Recoveries portion of such Realized Loss previously allocated to such Class. In the event that the total amount of such recovery exceeds the amount of Realized Loss allocated to the outstanding Classes in accordance with respect to any Collateral Groupthe preceding provisions, the Class Principal Balance of each outstanding Class of Senior Certificates (other than shall be entitled to receive its pro rata share of the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance amount of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rataexcess, up to the amount of the excess, if any, of (x) any unrecovered Realized Losses Loss previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of . Any such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution recovery allocated to a Class of Certificates shall not further reduce the Certificate Principal Amount of such Certificate. Any such amounts not otherwise allocated to any Class of Certificates, pursuant to this Section 4.03(e) subsection shall not reduce the Class be treated as Principal Balance Prepayments for purposes of such Classthis Agreement.
Appears in 1 contract
Allocation of Realized Losses. (a) On or prior to each Distribution Determination Date, the Master Servicer Trustee shall determine the total amount of Realized LossesLosses with respect to the related Distribution Date. For purposes of allocating losses to the Subordinated Certificates, including Excess Losses the Class 1-M and the allocation Class 2-M Certificates will be deemed to have a lower numerical Class designation, and to be of such total amount as set forth belowa higher relative payment priority, than each related Class of Subordinated Certificates. Realized Losses occurring on the Mortgage Loans with respect to any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount a Mortgage Loan, including any Excess Loss, Loan in a Loan Group shall be allocated to the related Class of Class PO Certificates, until the Class Principal Balance of the Class PO Certificates Certificate Balance, thereof is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage in a Loan (other than an Excess Loss) Group shall be allocated first to the Subordinate related Classes of Subordinated Certificates in reverse order of their respective numerical Class designations (beginning with the related Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Certificate Balance of each such Class is reduced to zero, and second to the related Senior Certificates (or in the case of the Class 1-A-5 other than any Notional Amount Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (orif applicable, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon on the basis of their respective Class Principal Certificate Balances after giving effect to distributions of principal on such Distribution Date (exceptor, in the case of any Class of Accrual Certificates or Accrual Component, on the Subordinate Certificates, based on their pro-rata portion basis of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on lesser of their respective Class Principal Balances))Certificate Balance or Component Balance, as applicable, and their respective initial Class Certificate Balance or Component Balance, as applicable, in each case immediately prior to the related Distribution Date, until the respective Class Certificate Balance or Component Balance of each such Class or Component is reduced to zero, except that the Non-PO Percentage of (a) any Realized Losses on the Mortgage Loans in Loan Group 1 that would otherwise be allocated to the Class 1-A-1, Class 1-A-2, Class 1-A-3 and Class 1-A-4 Certificates will instead be allocated the Class 1-A-8 Certificates, concurrently, as follows: (i) with respect to the Class 1-A-1 Certificates, in an amount up to the product of 41.7266% and the Class Certificate Balance of the Class 1-A-8 Certificates and up to a maximum of $5,800,000, (ii) with respect to the Class 1-A-2 Certificates, in an amount up to the product of 2.0115% and the Class Certificate Balance of the Class 1-A-8 Certificates and up to a maximum of $279,600, (iii) with respect to the Class 1-A-3 Certificates, in an amount up to the product of 26.0460% and the Class Certificate Balance of the Class 1-A-8 Certificates and up to a maximum of $3,620,400 and (iv) with respect to the Class 1-A-4 Certificates, in an amount up to the product of 30.2158% and the Class Certificate Balance of the Class 1-A-8 Certificates and up to a maximum of $4,200,000, in each case until the Class Certificate Balance of the Class 1-A-8 Certificates is reduced to zero, (b) any Realized Losses on the Mortgage Loans in Loan Group 1 that would otherwise be allocated to the Class 1-A-11 Certificates will instead be allocated to the Class 1-A-12 Certificates, until its Class Certificate Balance is reduced to zero; and(c) any Realized Losses on the Mortgage Loans in Loan Group 2 that would otherwise be allocated to the Class 2-A-7, Class 2-A-8 and Class 2-A-13 Certificates will instead be allocated the Class 2-A-19 Certificates, concurrently, as follows: (i) with respect to the Class 2-A-7 Certificates, in an amount up to the product of 49.0240% and the Class Certificate Balance of the Class 2-A-19 Certificates and up to a maximum of $3,014,973, (ii) with respect to the Class 2-A-8 Certificates, in an amount up to the product of 46.0980% and the Class Certificate Balance of the Class 2-A-19 Certificates and up to a maximum of $2,835,027 and (iii) with respect to the Class 2-A-13 Certificates, in an amount up to the product of 4.8780% and the Class Certificate Balance of the Class 2-A-19 Certificates and up to a maximum of $300,000, in each case until the Class Certificate Balance of the Class 2-A-19 Certificates is reduced to zero and (d) any Realized Losses on the Mortgage Loans in Loan Group 2 that would otherwise be allocated to the Class 2-A-15 Certificates will instead be allocated to the Class 2-A-16 Certificates, until the Class Certificate Balance of the Class 2-A-16 Certificates is reduced to zero.
(b) The Class Principal Certificate Balance of the Class of Subordinate Subordinated Certificates in a Certificate Group then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the related Class of Class PO Certificates in respect of any Class PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Certificate Balances of all outstanding Classes of Certificates in that Certificate Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loansand Class PO Deferred Amounts on such Distribution Date) exceeds the Aggregate Pool sum of the aggregate Stated Principal Balance of the Mortgage Loans in such Loan Group for the following Distribution Date, less Date and any Deficient Valuations occurring before amounts in the Bankruptcy Loss Coverage Amount has been reduced Supplemental Loan Account as of that Distribution Date with respect to zero and less the PO Percentage of any Discount Mortgage Loans; andsuch Loan Group.
(c) Any Realized Losses allocated to a Class of Certificates or any reduction in the Class Certificate Balance of a Class of Certificates pursuant to Section 4.04(a) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b4.04(a) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component Balance thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce " or "Component Balance," as the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had case may be. All Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Component Certificates pursuant will be allocated pro rata to this Section 4.03(e) shall not reduce the Class Principal Balance of such Classrelated Components.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2006-41cb)
Allocation of Realized Losses. (a) On or prior Prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess if any, with respect to each Loan. The amount of Realized Losses shall be evidenced by an Officer's Certificate signed by a Responsible Officer of the Servicer. All Realized Losses, except for Special Hazard Losses, Fraud Losses and Bankruptcy Losses in excess of the allocation designated amounts of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall applicable Special Hazard Coverage, Fraud Coverage and Bankruptcy Coverage, will be allocated as follows:
: (i) the applicable PO Percentage of the for losses allocable to principal portion of any Realized Loss on any Discount Mortgage Loan(a) first, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of seniority until each of their respective numerical Class designations Principal Balances have been reduced to zero and (beginning with b) second, for losses on Group I Loans to the Group I Certificates (other than the Class of Subordinate IA-X1, IA-X2 and IA-P Certificates) and for losses on Group II Loans to the Group II Certificates then outstanding with (other than the highest numerical Class designation) until the respective IIA-X and IIA-P Certificates), pro rata, according to their Class Principal Balance Balances in reduction of each such Class is reduced to zero, and second to the Senior Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that if the loss is recognized with respect to a Group I Discount Loan, the Group I Discount Fraction of such loss will first be allocated to the Class IA-P Certificates and the remainder of such loss will be allocated as described above in this clause (A) i), and if the loss is recognized with respect to a Group II Discount Loan, the Group II Discount Fraction of such loss until first be allocated to the Class IIA-P Certificates and the remainder of such loss will be allocated as described in this Clause (i), provided, further, that all losses allocable to the Class 1-A-1 Certificates, under this paragraph, IA-3 Certificates will instead be allocated to Component 1-A-5-1 the Class IA-12 Certificates until the Certificate Principal Balance of Component 1-A-5-1 thereof has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates for losses allocable to interest (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(ia) first, up to the amount Subordinate Certificates in reverse order of the Non-PO Recoveries with respect to any Collateral Groupseniority, the Class Principal Balance in reduction of each Class of Senior Certificates (other than the Class PO Certificates accrued but unpaid interest thereon and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component then in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase reduction of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) Certificates and (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(iib) second, up for losses on Group I Loans to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior I Certificates (other than the Class PO Certificates IA-10 and Interest Only IA-P Certificates) of the Certificate ), and for losses on Group corresponding II Loans, to the Collateral Group of II Certificates (other than the Mortgage Loan for which the Recovery was receivedClass IIA-P Certificates), pro rata, the amount rata according to accrued but unpaid interest thereon and then pro rata according to their Class Principal Balances in reduction of the Recovery their respective Class Principal Balance (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (iif applicable); provided, however, that any distribution all losses attributable to a interest allocable to the Class IA-3 Certificates will be allocated to the Class IA-12 Certificates until the Certificate Principal Balance thereof has been reduced to zero. Special Hazard Losses on the Loans in excess of the Special Hazard Coverage, Fraud Losses on the Loans in excess of the Fraud Coverage and Bankruptcy Losses on the Loans in excess of the Bankruptcy Coverage shall be allocated among the Senior Certificates pursuant and the Subordinate Certificates by Pro Rata Allocation. On each Distribution Date, after giving effect to the principal distributions and allocations of losses as provided in this Agreement (without regard to this Section 4.03(e) shall not reduce paragraph), if the Class Aggregate Certificate Principal Balance of all outstanding Classes of Certificates exceeds the aggregate principal balance of the Loans in both Loan Groups, after deduction of (i) all principal payments due on or before the Cut-Off Date in respect of each such ClassLoan whether or not paid and (ii) all amounts of principal in respect of each such Loan that have been received or advanced and included in the related Available Distribution Amount, and all losses in respect of such Loans that have been allocated to the Certificates, on such Distribution Date or prior Distribution Dates, then such excess will be deemed a principal loss and will be allocated to the most junior Class of Subordinate Certificates then outstanding, in reduction of the Certificate Principal Balance thereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Abn Amro Mortgage Corp Series 1999-4)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer Trustee shall determine allocate, based on information received from the Servicer, the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth belowwith respect to each related Distribution Date. Realized Losses occurring on the Mortgage Loans with respect to any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of [reserved]; and
(A) any Realized Loss on any Discount the Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Loans in a Loan Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Subordinated Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Certificate Balance of each such Class is reduced to zero, and second to the Classes of Senior Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Senior Certificate Group (not including other than the related Interest Only and the Class PO Notional Amount Certificates) pro rata based upon their respective Class Principal Balances as follows: (or1) any Realized Losses on the Group 1 Mortgage Loans will be allocated, with respect to the Componentssequentially, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 CertificatesCertificates and the Class A-1-1 Component, under this paragraphin that order, will instead be allocated to until their respective Class Certificate Balance and Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been are reduced to zero; (2) any Realized Losses on the Group 2 Mortgage Loans will be allocated, (C) the losses allocable sequentially, to the Class 12-A-3 CertificatesA-2 Certificates and the Class A-1-2 Component, under this paragraphin that order, until their respective Class Certificate Balance and Component Balance are reduced to zero; and (3) any Realized Losses on the Group 3 Mortgage Loans will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable sequentially, to the Class 13-A-4 CertificatesA-1 Certificates and Class A-1-3 Component, under this paragraphin that order, will instead be allocated to until their respective Class Certificate Balance and Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been are reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; andzero.
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and[reserved].
(b) The Class Principal Certificate Balance of the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances Certificate Balance of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to on such Distribution Date) 77 exceeds the aggregate Stated Principal Balance of the Mortgage Loans) exceeds Loans as of the Aggregate Pool Due Date in the month of such Distribution Date (after giving effect to Principal Balance for Prepayments in the following Distribution Prepayment Period related to such Due Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and).
(c) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Balance or Component Balance of a Class of Certificates pursuant to Section 4.05(a) or (b) shall be allocated among the Certificates of such Class in proportion to their respective Certificate Balances or Component Balances.
(d) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance or Component Balance of a Certificate or a Component pursuant to Section 4.03(a4.05(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component Balance thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (IndyMac INDA Mortgage Loan Trust 2007-Ar8)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Securities Administrator shall aggregate the loan-level information provided by the Master Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, Realized Losses that occurred during the related prepayment period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Certificate Principal Balance of each such Class is reduced to zero, and second ; and
(A) with respect to such losses related to the Senior Certificates (or in the case of Group 1 Mortgage Loans, to the Class 1-A-5 CertificatesA1A, the Components thereof) of the related Certificate Group (not including the related Interest Only Class 1-A1B, Class PO-1 and the Class PO Certificates) A-R Certificates and PO-B1 Component, pro rata based upon their respective Class Principal Balances (orrata, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Certificate Principal Balance or Component Principal Balance of each such Class has been or Component is reduced to zero zero; provided, however, the Class 1-A1B Certificates will bear the principal portion of all Realized Losses allocable to the Class 1-A1A Certificates for so long as the Class 1-A1B Certificates are outstanding;
(B) with respect such losses related to the Group 2 Mortgage Loans, to the Class 2-A1A1, Class 2-A1A2, Class 2-A1B, Class 2-A1C and Class PO-2 Certificates and the PO-B2 Component, pro rata, until the Class Certificate Principal Balance or the aggregate Certificate Component Principal Balance of each such Class or Component is reduced to zero; provided, however, the Class 2-A1C Certificates will bear the principal portion of all Realized Losses allocable to the Class 2-A1A1, Class 2-A1A2 and Class 2-A1B Certificates for so long as the Class 2-A1C Certificates are outstanding; and after the Class Certificate Principal Balance of the Class 2-A1C Certificates has been reduced to zero, the Class 2-A1B Certificates will bear the principal portion of all Realized Losses allocable to the Class 2-A1A1 and Class 2-A1A2 Certificates for so long as applicablethe Class 2-A1B Certificates are outstanding; and
(C) with respect such losses related to the Group 3 Mortgage Loans, to the Class 3-A1A1, Class 3-A1A2, Class 3-A1B, Class 3-A1C and Class PO-3 Certificates and the PO-B3 Component, pro rata, until the Class Certificate Principal Balance or Component Principal Balance of each such Class or Component is reduced to zero; provided, however, that (A) the losses Class 3-A1C Certificates will bear the principal portion of all Realized Losses allocable to the Class 13-A-1 CertificatesA1A1, under this paragraph, will instead be allocated to Component 1Class 3-A-5A1A2 and Class 3-1 until A1B Certificates for so long as the Class 3-A1C Certificates are outstanding; and after the Class Certificate Principal Balance of Component 1the Class 3-A-5-1 A1C Certificates has been reduced to zero, (B) the losses Class 3-A1B Certificates will bear the principal portion of all Realized Losses allocable to the Class 13-A-2 Certificates, under this paragraph, will instead be allocated to Component 1A1A1 and Class 3-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to A1A2 Certificates for so long as the Class 13-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; andA1B Certificates are outstanding.
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(bc) The Class Certificate Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Certificate Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(d) Any Realized Loss allocated to a Class of Certificates or any reduction in the Class Certificate Principal Balance of a Class of Certificates pursuant to Section 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView Mortgage Loan Trust 2005-15)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth belowLosses. Realized Losses occurring on the with respect to Group 1 Mortgage Loans, Group 2 Mortgage Loans and Group 3 Mortgage Loans with respect to any Distribution Date shall be allocated as follows:
(i1) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any other than an Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Junior Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Junior 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 (or in the case of A) with respect to such losses occurring with respect to Group 1 Mortgage Loans, to the Class 1-A-5 A-1, Class A-R and Class A-LR Certificates, pro rata based on their respective Certificate Balances, until each such Class has been reduced to zero, (B) with respect to such losses occurring with respect to Group 2 Mortgage Loans, to the Class 2-A-1 Certificates until such Class has been reduced to zero, (C) with respect to such losses occurring with respect to Group 3 Mortgage Loans, to the Class 3-A-1 Certificates until such Class has been reduced to zero and (D); and
(2) any Excess Losses occurring on the Group 1 Mortgage Loans, the Group 2 Mortgage Loans and the Group 3 Mortgage Loans shall be allocated among (A) the Class 1-A-1 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and Class 2-A-1 Certificates, the Class PO 3-A-1 Certificates, the Class A-R Certificates and Class A-LR Certificates, pro rata, based on their respective Certificate Balances, as applicable, and (B) each Class of Junior Certificates, pro rata based upon their respective Class Principal Balances (or, with respect in the case of the Junior Certificates in the aggregate, the Group Subordinate Amount for the Loan Group which incurred the Excess Loss, the aggregate amount so allocated to the Components, Junior Certificates then to be allocated among Junior Certificates pro rata based on their respective aggregate Certificate Class Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; andDate.
(iiib) the applicable Non-PO Percentage (and with With respect to Collateral Group 1 any Distribution Date and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on the Certificates pursuant to Section 4.02 and allocations of Realized Losses pursuant to Section 4.03(a), in each case on such Distribution Date (exceptDate, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Junior Certificates then outstanding with the highest numerical Class designation shall be reduced (until the Class Principal Balance of such Class has been reduced to zero) on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amountamounts, if any, by which (A) the aggregate Class Principal Balance of the Class Principal Balances of all outstanding Classes of 1-A-1, Class A-R and Class A-LR Certificates exceeds the Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before (B) the Bankruptcy Loss Coverage Class Principal Balances of the Class 2-A-1 Certificates exceeds the Group 2 Pool Principal Balance for the following Distribution Date and (C) the Class Principal Balances of the Class 3-A-1 Certificates exceeds the Group 3 Pool Principal Balance for the following Distribution Date, provided, that the aggregate of such reduction shall not exceed the Junior Principal Distribution Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; andfor such Distribution Date.
(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 4.03(a) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Principal Balances.
(d) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Principal Balance” " herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all classes of the Senior Certificates (other than for the Interest Only and Class PO Certificatesfollowing Distribution Date) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus all Loan Groups, less any related Deficient Deficiency Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “"Loss Allocation Limitation”").
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mort Pass THR Cert Ser 2002-4)
Allocation of Realized Losses. (a) On or prior Prior to each Distribution Date, the Master Servicer Servicer, based solely on the information provided by the related Servicer, shall determine the total amount of Realized Losses, including if any, with respect to each Loan. All Realized Losses, other than Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans Losses, shall be allocated as follows:
: (i) for losses allocable to principal (a) first, to the applicable PO Percentage Subordinate Certificates in the following order: Class B-5, Class B-4, Class B-3 Class B-2, Class B-1, Class M until each of their Class Principal Balances have been reduced to zero and (b) second, to the principal portion of any Realized Loss on any Senior Certificates, by Pro Rata Allocation, until the Class Principal Balances thereof have been reduced to zero; PROVIDED, HOWEVER, that prior to the Credit Support Depletion Date, if the loss is recognized with respect to a Discount Mortgage Loan, including any Excess Loss, the Discount Fraction of such loss shall first be allocated to the Class A-PO CertificatesCertificates and the remainder of such loss shall be allocated as described above in this clause (i); and (ii) for losses allocable to interest (a) first, to the Subordinate Certificates in the following order: Class B-5, Class B-4, Class B-3 Class B-2, Class B-1, Class M, in reduction of accrued but unpaid interest thereon until the amount of accrued interest thereon has been reduced to zero and then in reduction of the Class Principal Balance of such Certificates in the same order until the certificate principal balances thereof have been reduced to zero and (b) second, to the Senior Certificates thereof, by Pro Rata Allocation, until the Class Principal Balance of the Class PO Certificates is Balances thereof have been reduced to zero. Excess Losses shall be allocated among the Senior Certificates and the Subordinate Certificates by Pro Rata Allocation; and
(ii) PROVIDED, HOWEVER, that prior to the applicable Non-PO Percentage (Credit Support Depletion Date if the loss is recognized with respect to Collateral Group 1 and Collateral Group 2a Discount Loan, multiplied by the related Applicable Fraction) Discount Fraction of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) such loss shall be allocated first to the Class A-PO Certificates and the remainder of such loss shall be allocated as described in clause (i) in the immediately preceding paragraph. On each Distribution Date, after giving effect to the principal distributions and allocations and reimbursement of losses as provided in this Agreement (without regard to this paragraph), if the Aggregate Certificate Principal Balance of all outstanding Classes of Certificates exceeds the aggregate Principal Balance of the Loans as of the last day of the related Due Period (after deduction of all principal payments due during the related Due Period in respect of each such Loan to the extent received or advanced and unscheduled payments of principal received during the related Prepayment Period), then such excess shall be deemed a principal loss and shall be allocated (i) first, to the Subordinate Certificates in reverse order of seniority until each of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) second, to the amountSenior Certificates, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii)Pro Rata Allocation.
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc)
Allocation of Realized Losses. (a) On or prior to each Distribution Determination Date, the Master Servicer Trustee shall determine the total amount of Realized LossesLosses with respect to the related Distribution Date. For purposes of allocating losses to the Subordinated Certificates, including Excess Losses the related Class M Certificates will be deemed to have a lower numerical Class designation, and to be of a higher relative payment priority, than each other Class of Subordinated Certificates with respect to the allocation of such total amount as set forth belowrelated Aggregate Loan Group. Realized Losses occurring on the Mortgage Loans with respect to any Distribution Date shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount a Mortgage Loan, including any Excess Loss, Loan in a Loan Group shall be allocated to the Class related PO CertificatesClass, until the Component Balance or Class Certificate Principal Balance of Balance, as the Class PO Certificates case may be, thereof is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Subordinated Certificates with respect to the related Aggregate Loan Group in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Certificate Balance of each such Class is reduced to zero, and second to the related Senior Certificates (or other than any Notional Amount Certificates, if applicable, and the related PO Class), pro rata on the basis of their respective Class Certificate Balances except that the Non-PO Percentage of (w) any Realized Losses on the Mortgage Loans in the case of Loan Group 1 that would otherwise be allocated to the Class 1-A-1 and Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and Certificates will instead be allocated to the Class PO Certificates1-A-7 Certificates as follows: (i) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated in an amount up to Component 1-A-5-1 until the product of approximately 84.39% and the Class Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero A-7 Certificates and (Dii) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated with respect to the Class 1-A-5 Certificates, other than in accordance with an amount up to the preceding proviso, will be allocated between Component product of approximately 15.61% and the Class Certificate Balance of the Class 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 A-7 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, until the related Interest Only Class Certificate Balance of the Class 1-A-7 Certificates of such Certificate is reduced to zero, (x) any Realized Losses on the Mortgage Loans in Loan Group and 1 that would otherwise be allocated to the related Class of 1-A-3 Certificates will instead be allocated to the Class PO Certificates); and (B) each Class of Subordinate 1-A-8 Certificates, pro rata based upon until its Class Certificate Balance is reduced to zero, (y) any Realized Losses on the Mortgage Loans in Loan Group 2 that would otherwise be allocated to the Class 2-A-2 and Class 2-A-4 Certificates will instead be allocated to the Class 2-A-3 and Class 2-A-7 Certificates, respectively, until their respective Class Principal Certificate Balances after giving effect are reduced to distributions of principal zero, and (z) any Realized Losses on such Distribution Date (except, the Mortgage Loans in Loan Group 4 that would otherwise be allocated to the case of Class 4-A-1 will instead be allocated to the Subordinate Class 4-A-2 Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective until its Class Principal Balances)); andCertificate Balance is reduced to zero.
(b) The Class Principal Certificate Balance of the Class of Subordinate Subordinated Certificates then outstanding with the highest numerical Class designation with respect to an Aggregate Loan Group shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the related Class PO Certificates in respect of any Class PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Certificate Balances of all outstanding Classes of Certificates in the related Aggregate Certificate Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loansand Class PO Deferred Amounts on such Distribution Date) exceeds the Aggregate Pool sum of the aggregate Stated Principal Balance of the Mortgage Loans in such Aggregate Loan Group for the following Distribution Date, less Date and any Deficient Valuations occurring before amounts in the Bankruptcy Loss Coverage Amount has been reduced Supplemental Loan Account as of that Distribution Date with respect to zero and less the PO Percentage of any Discount Mortgage Loans; andsuch Aggregate Loan Group.
(c) Any Realized Losses allocated to a Class of Certificates or any reduction in the Class Certificate Balance of a Class of Certificates pursuant to Section 4.04(a) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Balances.
(d) Any allocation of Realized Losses to a Certificate or a to any Component or any reduction in the Certificate Principal Balance of a Certificate or a Component Certificate, pursuant to Section 4.03(a) or (b4.04(a) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component Balance thereof, as applicable, immediately following the distributions made on the related Distribution Date in accordance with the definition of “"Certificate Principal Balance” herein; " or "Component Balance," as the case may be. Except as provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO CertificatesSection 4.04(a)(i) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of above, all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Component Certificates pursuant will be allocated pro rata to this Section 4.03(e) shall not reduce the Class Principal Balance of such Classrelated Components.
Appears in 1 contract
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Securities Administrator shall aggregate the loan-level information provided by the Master Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on if any, with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, Realized Losses that occurred during the related Prepayment Period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any to Net Monthly Excess LossCashflow; second, shall be allocated to the Class PO CertificatesOvercollateralized Amount, until the Class Principal Balance of the Class PO Certificates is such amount has been reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2third, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 fourth,
(or in the case of the Class 1-A-5 Certificates, the Components thereofA) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to such losses related to the ComponentsGroup 1 Mortgage Loans, their respective aggregate Certificate to the Class 1A-1A Certificates, until the Class Principal BalancesBalance of such Class is reduced to zero; and
(B) after giving effect with respect to distributions of principal on such Distribution Date losses related to the Group 2 Mortgage Loans, to the Class 2A-1A, Class 2A-1B and Class 2A-1C Certificates, sequentially, first, to the Class 2A-1C Certificates, second, to the Class 2A-1B Certificates and third, to the Class 2A-1A Certificates; in that order, until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and.
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(bc) The Class Principal Balance of first, the Class C Certificates and second, the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(d) 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 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView 2007-2)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans Loss Allocation Amount for each Class shall be allocated as follows:
(i) the applicable PO Percentage applied to such Class in reduction of the principal portion of any Realized Loss on any Discount Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the its Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicableAmount; provided, however, that (Ai) the losses Realized Loss Allocation Amount allocable to the Class 12-A-1 Certificates, under this paragraph, will instead A-1B Certificates shall be allocated applied to Component 1the Class 2-A-5-1 until the Certificate A-1A Certificates in reduction of its Class Principal Balance of Component 1-A-5-1 has been reduced to zeroAmount, (Bii) the losses Realized Loss Allocation Amount allocable to the Class 12-A-2 Certificates, under this paragraph, will instead A-1D Certificates shall be allocated applied to Component 1the Class 2-A-5-2 until the Certificate A-1C Certificates in reduction of its Class Principal Balance of Component 1-A-5-2 has been reduced to zeroAmount, (Ciii) the losses Realized Loss Allocation Amount allocable to the Class 12-A-3 CertificatesA-1F Certificates shall be applied to the Class 2-A-1E Certificates in reduction of its Class Principal Amount, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (Div) the losses Realized Loss Allocation Amount allocable to the Class 12-A-4 Certificates, under this paragraph, will instead A-1H Certificates shall be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated applied to the Class 12-A-5 CertificatesA-1G Certificates in reduction of its Class Principal Amount, other than (v) the Realized Loss Allocation Amount allocable to the Class 2-A-1J Certificates shall be applied to the Class 2-A-1I Certificates in accordance with reduction of its Class Principal Amount, (vi) the preceding provisoRealized Loss Allocation Amount allocable to the Class 3-A-1B Certificates shall be applied to the Class 3-A-1A Certificates in reduction of its Class Principal Amount, will (vii) the Realized Loss Allocation Amount allocable to the Class 3-A-1D Certificates shall be allocated between Component 1applied to the Class 3-A-5A-1C Certificates in reduction of its Class Principal Amount, (viii) the Realized Loss Allocation Amount allocable to the Class 3-1A-1F Certificates shall be applied to the Class 3-A-1E Certificates in reduction of its Class Principal Amount, Component 1(ix) the Realized Loss Allocation Amount allocable to the Class 3-A-5A-1H Certificates shall be applied to the Class 3-2A-1G Certificates in reduction of its Class Principal Amount, Component 1(x) the Realized Loss Allocation Amount allocable to the Class 3-A-5A-1J Certificates shall be applied to the Class 3-3 A-1I Certificates in reduction of its Class Principal Amount, (xi) the Realized Loss Allocation Amount allocable to the Class 4-A-1B Certificates shall be applied to the Class 4-A-1A Certificates in reduction of its Class Principal Amount, (xii) the Realized Loss Allocation Amount allocable to the Class 4-A-1D Certificates shall be applied to the Class 4-A-1C Certificates in reduction of its Class Principal Amount, (xiii) the Realized Loss Allocation Amount allocable to the Class 4-A-1F Certificates shall be applied to the Class 4-A-1E Certificates in reduction of its Class Principal Amount, (xiv) the Realized Loss Allocation Amount allocable to the Class 4-A-1H Certificates shall be applied to the Class 4-A-1G Certificates in reduction of its Class Principal Amount and Component 1(xv) the Realized Loss Allocation Amount allocable to the Class 4-A-5A-1J Certificates shall be applied to the Class 4-4A-1I Certificates in reduction of its Class Principal Amount. As among any Class, such Realized Loss Allocation Amount shall be applied, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only all Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon class in proportion to their respective Class Certificate Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount no preference or priority of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”)kind.
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Trust Agreement (J.P. Morgan Alternative Loan Trust 2007-A2)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Master Servicer shall determine the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on the Mortgage Loans shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage LoanLoss, including any Excess Loss, shall be allocated (A) to the Class 15-PO CertificatesCertificates in the case of a Realized Loss occurring on any Group 5 or Group 7 Mortgage Loan, until the Class Principal Balance of the Class 15-PO Certificates is reduced to zero; and, and (B) to the Class 30-PO Certificates in the case of a Realized Loss occurring on any Group 1, Group 2, Group 3, Group 4 or Group 8 Mortgage Loan, until the Class Principal Balance of the Class 30-PO Certificates is reduced to zero.
(ii) (A) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage 15-Year Loan (other than an Excess Loss) shall be allocated first to the 15-Year Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of 15-Year Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Componentssuch losses occurring with respect to Group 5 Mortgage Loans, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 15-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 Certificates until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of has been reduced to zero; and (2) with respect to such Component pursuant losses occurring with respect to this Section 4.03(d)(i) (any increase of Group 7 Mortgage Loans, to the Class Principal Balance of the Class 17-A-5 A-1 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of until the Class Principal Balance of such Class pursuant has been reduced to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1zero; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Asset Sec Trans Inc Mastr Alt Loan Tr 2003-5)
Allocation of Realized Losses. (a) On or prior With respect to each any Distribution Date, the Master Servicer shall determine the total amount principal portion of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses (other than Debt Service Reductions) occurring on the with respect to Group I Mortgage Loans shall and Group II Mortgage Loans will be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any Excess Loss, shall be allocated to the Class PO Certificates, B-6 Certificates until the Class B-6 Principal Balance of the Class PO Certificates is has been reduced to zero; and
second, to the Class B-5 Certificates until the Class B-5 Principal Balance has been reduced to zero; third, to the Class B-4 Certificates until the Class B-4 Principal Balance has been reduced to zero; fourth, to the Class B-3 Certificates until the Class B-3 Principal Balance has been reduced to zero; fifth, to the Class B-2 Certificates until the Class B-2 Principal Balance has been reduced to zero; sixth, to the Class B-1 Certificates until the Class B-1 Principal Balance has been reduced to zero; and seventh, (i) with respect to such losses occurring with respect to Group I Mortgage Loans, concurrently, to the Group I-A Certificates and Class I-A-PO Component, pro rata, based on the Non-PO Fraction and the PO Fraction of such Mortgage Loans, respectively; and (ii) with respect to such losses occurring with respect to Group II Mortgage Loans, concurrently, to the applicable Group II-A Certificates and Class II-A-PO Component, pro rata, based on the Non-PO Percentage (with respect to Collateral Group 1 Fraction and Collateral Group 2the PO Fraction of such Mortgage Loans, multiplied by respectively. This allocation of Realized Losses will be effected through the related Applicable Fraction) reduction of the principal portion applicable Class's or Component's Principal Balance through the operation of any the third or seventh sentence under the definition of Principal Balance and the provisos in the definitions of Class B-1 Principal Balance, Class B-2 Principal Balance, Class B-3 Principal Balance, Class B-4 Principal Balance, Class B-5 Principal Balance and Class B-6 Principal Balance.
(b) Any Realized Loss with respect Losses allocated to any Mortgage Loan (other than an Excess Lossa Class of Class A Certificates or Class B Certificates pursuant to Section 4.02(a) shall be allocated first to among the Subordinate Certificates in reverse order of such Class based on their respective numerical Class designations Percentage Interests.
(beginning with c) After the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class B Principal Balance of each such Class is reduced to zero, and second to the Senior Certificates (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable interest portion of Realized Losses occurring with respect to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, Group I Mortgage Loan or Group II Mortgage Loan will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) among the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificates, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 I-A and Group 2 Certificates (other than the II-A Certificates, respectively, based upon their Group I-A and Group II-A Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and
(c) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a) or (b) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”)Percentages.
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, allocated in accordance with this Section 4.02 will be increased, allocated as follows:
: (i) firstLiquidated Loan Losses on Liquidated Loans for which the Liquidation Proceeds were received during, up to the amount of the Nonand Bankruptcy Losses incurred in a period corresponding to, an Unscheduled Principal Receipt Period for Full Unscheduled Principal Receipts that is a Mid-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause Month Receipt Period will be allocated to increase on the Class Principal Balance of Determination Date in the Class 1month following the month in which such Mid-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component Month Receipt Period ended and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Liquidated Loan Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan Liquidated Loans for which the Recovery was receivedLiquidation Proceeds were received during, pro rataand Bankruptcy Losses incurred in a period corresponding to, an Unscheduled Principal Receipt Period for Full Unscheduled Principal Receipts that is a Prior Month Receipt Period will be allocated on the amount of Determination Date in the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by second month following the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of month which is such ClassPrior Month Receipt Period.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Wells Fargo Asset Securities Corp Mort Back Trust 2003-15)
Allocation of Realized Losses. (a) On or prior to each Distribution Date, the Securities Administrator shall aggregate the loan-level information provided by the Master Servicer shall determine with respect to the total amount of Realized Losses, including Excess Losses and the allocation of such total amount as set forth below. Realized Losses occurring on with respect to the Mortgage Loans in each Loan Group for the related Distribution Date and include such information in the Distribution Date Statement.
(b) On each Distribution Date, Realized Losses that occurred during the related prepayment period shall be allocated as follows:
(i) the applicable PO Percentage of the principal portion of any Realized Loss on any Discount Mortgage Loan: first, including any to Net Monthly Excess LossCashflow; second, shall be allocated to the Class PO CertificatesOvercollateralized Amount, until the Class Principal Balance of the Class PO Certificates is such amount has been reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2third, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate Certificates then outstanding with the highest numerical Class designation) until the respective Class Principal Balance of each such Class is reduced to zero; and
(A) with respect such losses related to Loan Group 1 Mortgage Loans, and second to the Senior Certificates (or in the case of the Class 1-A-5 1A-1A and Class 1A-1B Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (orrata, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been is reduced to zero or zero; provided, however, the aggregate Certificate Class 1A-1B Certificates will bear the principal portion of all realized losses allocable to the Class 1A-1A Certificates for so long as the Class 1A-1B Certificates are outstanding; and
(B) with respect such losses related to Loan Group 2 Mortgage Loans, to the Class 2A-1A, Class 2A-1B and Class 2A-1C Certificates, pro rata, until the Class Principal Balance of each such Component has been Class is reduced to zero, as applicable; provided, however, that (A) the all losses allocable to the Class 1-A-1 Certificates2A-1A, under this paragraph, Class 2A-1B and Class 2A-1C Certificates will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable sequentially to the Class 1-A-2 Certificates2A-1C, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero 2A-1B and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 2A-1A Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (2) the Group 2 Certificatesthat order, in the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of for so long as such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); andcertificates are outstanding.
(bc) The Class Principal Balance of first, the Class C Certificates and second, the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loanson such Distribution Date) exceeds the Aggregate Pool aggregate of the Stated Principal Balance Balances of all the Mortgage Loans for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; and.
(d) 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 5.03(b) or (c) shall be allocated among the Certificates of such Class, pro rata, in proportion to their respective Certificate Principal Balances.
(e) Any allocation of Realized Losses to a Certificate or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(b) or (bc) above shall be accomplished by reducing the Certificate Principal Balance of such Certificate or Component thereof immediately following the distributions made on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation.”).
(d) Prior to the Cross-Over Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii).
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Harborview 2006-Bu1)
Allocation of Realized Losses. (a) On or prior to each any ----------------------------- Distribution Date, the Master Servicer shall determine principal portion of each Realized Loss (or the total amount applicable Non-AP Percentage thereof, in the case of Realized Losses, including Pool 2) other than any Excess Losses and the allocation Loss in respect of such total amount as set forth below. Realized Losses occurring on the a Mortgage Loans Loan in either Mortgage Pool shall be allocated in the following order of priority: first, to the related Component of the Class B6 Certificates, until the Component Principal Amount thereof has been reduced to zero; second, to the related Component of the Class B5 Certificates, until the Component Principal Amount thereof has been reduced to zero; third, to the related Component of the Class B4 Certificates, until the Component Principal Amount thereof has been reduced to zero; fourth, to the related Component of the Class B3 Certificates, until the Component Principal Amount thereof has been reduced to zero; fifth, to the related Component of the Class B2 Certificates, until the Component Principal Amount thereof has been reduced to zero; sixth, to the related Component of the Class B1 Certificates, until the Component Principal Amount thereof has been reduced to zero; and seventh, to the Classes of Senior Certificates of the related Certificate Group, pro rata, in accordance with their Class Certificate Principal Amounts; provided, that any such loss allocated to any Class of Accrual Certificates (and any Accrual Component) shall be allocated (subject to Section 5.03(c)) on the basis of the lesser of (x) the Class Certificate Principal Amount (or Component Principal Amount) thereof immediately prior to the applicable Distribution Date and (y) the Class Certificate Principal Amount (or Component Principal Amount) thereof on the Closing Date (as follows:reduced by any Realized Losses previously allocated thereto).
(ib) the applicable PO Percentage of With respect to any Distribution Date, the principal portion of any Realized Excess Loss on any Discount in respect of a Mortgage Loan, including any Excess Loss, Loan in either Mortgage Pool shall be allocated to among the Class PO Certificates, until the Class Principal Balance Classes of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to any Mortgage Loan (other than an Excess Loss) shall be allocated first to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 (or in the case of the Class 1-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4Group, pro rata, based on their outstanding the respective Class Certificate Principal BalancesAmounts and Component Principal Amounts thereof; and
(iii) the applicable Non-PO Percentage provided, that any such loss allocated to any Class of Accrual Certificates (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fractionany Accrual Component) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (Asubject to Section 5.03(c)) on the basis of the lesser of (1x) the Group 1 Certificates, in Class Certificate Principal Amount (or Component Principal Amount) thereof immediately prior to the case of an Excess Loss on a Group 1 Mortgage Loan applicable Distribution Date and (2y) the Group 2 Certificates, in Class Certificate Principal Amount (or Component Principal Amount) thereof on the case of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (B) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Closing Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be as reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant to Section 4.02(a) priority third, sub-clause (ii) and (ii) the amount, if any, by which the aggregate of the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; andpreviously allocated thereto).
(c) Any allocation of Realized Losses allocated to a Certificate Class of Certificates (or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component thereof) pursuant to Section 4.03(a5.03(a) or (b) above shall be allocated among the Certificates of such Class in proportion to their respective Certificate Principal Amounts. In addition, any Realized Losses allocated to any Class of Component Certificates on a Distribution Date shall be allocated in reduction of the Component Principal Amounts of the related Components (other than any Notional Component) in proportion to their respective Component Principal Amounts immediately prior to such Distribution Date. Any allocation of Realized Losses pursuant to this paragraph (c) shall be accomplished by reducing the Certificate Principal Balance Amount (or, in the case of such Certificate any Component, the Component Principal Amount) of the related Certificates (or Component immediately following the distributions made Components) on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”Section 5.03(d).
(d) Prior Realized Losses allocated in accordance with this Section 5.03 shall be allocated on the Distribution Date in the month following the month in which such loss was incurred and, in the case of the principal portion thereof, after giving effect to distributions made on such Distribution Date, except that the aggregate amount of Realized Losses to be allocated to the CrossClass 2-Over AP Certificates on such Distribution Date will be taken into account in determining distributions in respect of any Class 2-AP Deferred Amount for such date.
(e) On each Distribution Date, with the Subordinate Certificate Writedown Amount for each Certificate Group for such date shall effect a corresponding reduction in the Component Principal Amount of the lowest ranking Component in such Certificate Group, which reduction shall occur on such Distribution Date after giving effect to distributions made on such Distribution Date.
(f) 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 any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and the aggregate Certificate Principal Balance of and, if applicable, to one or more Components that have Components, each outstanding Class or Component to which any portion of such Realized Loss had previously had Realized Losses allocatedbeen allocated shall be entitled to receive, will be increasedon the Distribution Date in the month following the month in which such recovery is received, as follows:
its pro rata share (ibased on the Class Certificate Principal Amount or Component Principal Amount thereof) firstof such recovery, up to the amount of the Non-PO Recoveries with respect portion of such Realized Loss previously allocated to such Class or Component. A Class of Certificates as to which the applicable Component is no longer outstanding shall not be entitled to any Collateral Groupshare of such recovery. In the event that the total amount of such recovery exceeds the amount of such recovery allocated to the outstanding Classes and Components in accordance with the preceding provisions, the Class Principal Balance of each outstanding Class of Senior Certificates (other than or Component shall be entitled to receive its pro rata share of the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance amount of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rataexcess, up to the amount of the excess, if any, of (x) any unrecovered Realized Losses Loss previously allocated to each such Class or Component, if . Any such amounts not otherwise allocated to any over (y) amounts previously applied to the increase Class of the Class Principal Balance of such Class Certificates or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase subsection shall be treated as Principal Prepayments for purposes of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, will be increased, by the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii)Agreement.
(e) With respect to any Distribution Date on or after the Cross-Over Date, the Trust Administrator shall distribute the amount of any Recovery on a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance of such Class.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corporation)
Allocation of Realized Losses. (ai) On or prior to each any Distribution Date, (x) the Master Servicer shall determine applicable AP Percentage of the total amount principal portion of each Realized LossesLoss (other than any Excess Loss) in respect of a Discount Mortgage Loan in Pool 1 will be allocated to and reduce the Component Principal Amount of the AP(1) Component until its Component Principal Amount has been reduced to zero, including the applicable AP Percentage of the principal portion of each Realized Loss (other than any Excess Losses Loss) in respect of a Discount Mortgage Loan in Pool 3 will be allocated to and reduce the Component Principal Amount of the AP(3) Component until its Component Principal Amount has been reduced to zero, the applicable AP Percentage of the principal portion of each Realized Loss (other than any Excess Loss) in respect of a Discount Mortgage Loan in Pool 5 will be allocated to and reduce the Component Principal Amount of the AP(5) Component until its Component Principal Amount has been reduced to zero, the applicable AP Percentage of the principal portion of each Realized Loss (other than any Excess Loss) in respect of a Discount Mortgage Loan in Pool 6 will be allocated to and reduce the Component Principal Amount of the AP(6) Component until its Component Principal Amount has been reduced to zero and the allocation applicable AP Percentage of such total amount as set forth below. the principal portion of each Realized Losses occurring on Loss (other than any Excess Loss) in respect of a Discount Mortgage Loan in Pool 7 will be allocated to and reduce the Component Principal Amount of the AP(7) Component until its Component Principal Amount has been reduced to zero; and (y) the applicable Non-AP Percentage of the principal portion of each Realized Loss (other than any Excess Loss) in respect of a Mortgage Loans Loan in any Mortgage Pool, shall be allocated as follows:in the following order of priority: first, to the Class B7 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount thereof has been reduced to zero; second, to the Class B6 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount thereof has been reduced to zero; third, to the Class B5 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount thereof has been reduced to zero; fourth, to the Class B4 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount thereof has been reduced to zero; fifth, to the Class B3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount thereof has been reduced to zero; sixth, to the Class B2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount thereof has been reduced to zero; seventh, to the Class B1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount thereof has been reduced to zero; and eighth, to the related Classes of Non-AP Senior Certificates, pro rata, in accordance with their respective Class Principal Amounts; provided, however, that any Realized Loss that would otherwise be allocated to the Class 7-A1 and Class 7-A2 Certificates will be allocated to the Class 7-A6 Certificates until the Class Principal Amount of the Class 7-A6 Certificates has been reduced to zero.
(b) With respect to any Distribution Date, (i) the principal portion of any Excess Loss in respect of a Mortgage Loan in Pool 2 or (ii) the applicable PO Non-AP Percentage of the principal portion of any Realized Excess Loss on any Discount in respect of a Mortgage Loan, including any Excess Loss, shall be allocated to the Class PO Certificates, until the Class Principal Balance of the Class PO Certificates is reduced to zero; and
(ii) the applicable Non-PO Percentage (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Realized Loss with respect to Loan in any Mortgage Loan Pool (other than an Excess LossPool 2) shall be allocated first allocated, pro rata, to the Subordinate Certificates in reverse order of their respective numerical Class designations (beginning with the Class of Subordinate 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 related Non-AP Senior Certificate or Certificates (or in the case of the Class 12-A-5 Certificates, the Components thereof) of the related Certificate Group (not including the related Interest Only and the Class PO Certificates) pro rata based upon their respective Class Principal Balances (or, with respect to the Components, their respective aggregate Certificate Principal Balances) after giving effect to distributions of principal on such Distribution Date until the Class Principal Balance of each such Class has been reduced to zero or the aggregate Certificate Principal Balance of each such Component has been reduced to zero, as applicable; provided, however, that (A) the losses allocable to the Class 1-A-1 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-1 until the Certificate Principal Balance of Component 1-A-5-1 has been reduced to zero, (B) the losses allocable to the Class 1-A-2 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-2 until the Certificate Principal Balance of Component 1-A-5-2 has been reduced to zero, (C) the losses allocable to the Class 1-A-3 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-3 until the Certificate Principal Balance of Component 1-A-5-3 has been reduced to zero and (D) the losses allocable to the Class 1-A-4 Certificates, under this paragraph, will instead be allocated to Component 1-A-5-4 until the Certificate Principal Balance of Component 1-A-5-4 has been reduced to zero provided, further, that any Realized Loss allocated to the Class 1-A-5 Certificates, other than in accordance with the preceding proviso, will be allocated between Component 1-A-5-1, Component 1-A-5-2, Component 1-A-5-3 and Component 1-A-5-4, pro rata, based on their outstanding Certificate Principal Balances; and
(iii) the applicable Non-PO Percentage (and with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) of the principal portion of any Excess Losses occurring on any Mortgage Loan in any Collateral Group shall be allocated among (A) (1) the Group 1 A1 Certificates, in the case of an Excess Loss on a Group 1 Mortgage Loan and (Pool 2) on the Group 2 basis of the Apportioned Principal Balances of the Classes of Subordinate Certificates and Class Principal Amounts of the Non-AP Senior Certificates (or the Class 2-A1 Certificates, in the case of Pool 2). The applicable AP Percentage of the principal portion of an Excess Loss on a Group 2 Mortgage Loan (other than, in each case, the related Interest Only Certificates of such Certificate Group and the related Class of Class PO Certificates); and (Bthan a Debt Service Reduction) each Class of Subordinate Certificates, pro rata based upon their respective Class Principal Balances after giving effect to distributions of principal on such Distribution Date (except, in the case of the Subordinate Certificates, based on their pro-rata portion of the Group Subordinate Amount for the Collateral Group which incurred the Excess Loss (based on their respective Class Principal Balances)); and
(b) The Class Principal Balance of the Class of Subordinate Certificates then outstanding with the highest numerical Class designation shall be reduced on each Distribution Date by the sum of (i) the amount of any payments on the Class PO Certificates in respect of any PO Deferred Amounts for Collateral Group 1 pursuant a Mortgage Loan in Pool 1, Pool 3, Pool 5, Pool 6 and Pool 7 will be applied to Section 4.02(athe AP(1) priority thirdComponent, sub-clause (iithe AP(3) Component, the AP(5) Component, the AP(6) Component and (iithe AP(7) the amountComponent, if anyrespectively, by which the aggregate of until the Class Principal Balances of all outstanding Classes of Group 1 and Group 2 Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates (after giving effect to the distribution of principal and the allocation of Realized Losses with respect to the Mortgage Loans) exceeds the Aggregate Pool Principal Balance for the following Distribution Date, less any Deficient Valuations occurring before the Bankruptcy Loss Coverage Amount has Amounts thereof have been reduced to zero and less the PO Percentage of any Discount Mortgage Loans; andzero.
(c) Any allocation of Realized Losses allocated to a Certificate Class of Certificates or a Component or any reduction in the Certificate Principal Balance of a Certificate or a Component pursuant to Section 4.03(a5.03(a) or (b) above shall be allocated among the Certificates of such Class or Component in proportion to their respective Certificate Principal Amounts or Component Principal Amounts, as applicable. Any allocation of Realized Losses pursuant to this paragraph (c) shall be accomplished by reducing the Certificate Principal Balance of such Certificate Amounts or Component immediately following Principal Amounts of the distributions made related Certificates or Component on the related Distribution Date in accordance with the definition of “Certificate Principal Balance” herein; provided that no Realized Loss with respect to any Collateral Group shall be allocated to reduce the Certificate Principal Balance of a Senior Certificate or a Component in any Certificate Group (other than the related Class PO Certificates) to the extent that such allocation would reduce the aggregate Certificate Principal Balance of all of the Senior Certificates (other than the Interest Only and Class PO Certificates) and Subordinate Certificates to an amount less than the Aggregate Pool Principal Balance for the following Distribution Date minus any related Deficient Valuations occurring before the Bankruptcy Loss Coverage Termination Date and minus the PO Percentage of any Discount Mortgage Loans (such limitation, the “Loss Allocation Limitation”Section 5.03(d).
(d) Prior Realized Losses allocated in accordance with this Section 5.03 shall be allocated on the Distribution Date in the month following the month in which such loss was incurred and, in the case of the principal portion thereof, after giving effect to the Cross-Over distributions made on such Distribution Date, with respect to any Non-PO Recoveries received during the related Prepayment Period with respect to any Mortgage Loans, the Class Principal Balance of one or more Classes of Certificates and except that the aggregate Certificate Principal Balance amount of one or more Components that have previously had Realized Losses allocated, will be increased, as follows:
(i) first, up to the amount of the Non-PO Recoveries with respect to any Collateral Group, the Class Principal Balance of each Class of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) and the aggregate Certificate Principal Balance of each Component in the Certificate Group corresponding to such Collateral Group will be increased, pro rata, up to the amount of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each such Class or Component, if any over (y) amounts previously applied to the increase of the Class Principal Balance of such Class or aggregate Certificate Principal Balance of such Component pursuant to this Section 4.03(d)(i) (any increase of the Class Principal Balance of the Class 1-A-5 Certificates under this clause will be allocated to increase the Class Principal Balance of the Class 1-A-5-1 component, the Class 1-A-5-2 component, the Class 1-A-5-3 component and the Class 1-A-5-4 component, pro rata, based AP Certificates on Class Principal Balances); and
(ii) second, up to the amount of the Non-PO Recoveries related to each Collateral Group remaining after allocation pursuant to the preceding clause (i), the Class Principal Balance of each Class of Subordinate Certificates, in order of seniority, such Distribution Date will be increased, by the amount taken into account in determining distributions in respect of the excess, if any, of (x) unrecovered Realized Losses previously allocated to each any related AP Deferred Amount for such Class, if any, over (y) amounts previously applied to the increase of the Class Principal Balance of such Class pursuant to this Section 4.03(d)(ii)date.
(e) With respect to any On each Distribution Date on or after the Cross-Over Date, the Trust Administrator Subordinate Certificate Writedown Amount for such date shall distribute the amount of any Recovery on effect a Mortgage Loan received during the calendar month prior to that Distribution Date as follows:
(i) to the Class PO Certificates, the PO Percentage, multiplied by the related Applicable Fraction, of any Recovery on any Mortgage Loan corresponding reduction in Collateral Group 1; and
(ii) to the Classes of Senior Certificates (other than the Class PO Certificates and Interest Only Certificates) of the Certificate Group corresponding to the Collateral Group of the Mortgage Loan for which the Recovery was received, pro rata, the amount of the Recovery (with respect to Collateral Group 1 and Collateral Group 2, multiplied by the related Applicable Fraction) remaining after distribution pursuant to the preceding clause (i); provided, however, that any distribution to a Class of Certificates pursuant to this Section 4.03(e) shall not reduce the Class Principal Balance Amount of the lowest ranking Class of outstanding Subordinate Certificates, which reduction shall occur on such ClassDistribution Date after giving effect to distributions made on such Distribution Date.
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