Crossover Amounts Sample Clauses
The "Crossover Amounts" clause defines the threshold at which certain financial obligations or liabilities shift from one party to another, or trigger specific contractual consequences. In practice, this clause sets a monetary limit—if losses, claims, or payments exceed this amount, different terms or responsibilities may apply, such as increased indemnification or a change in risk allocation. Its core function is to clearly delineate when and how financial responsibility transitions between parties, thereby managing risk and preventing disputes over who bears costs beyond a specified level.
Crossover Amounts. (a) If, on any Distribution Date, the aggregate Class Principal Balance of the Group 1, Group 2, Group 3 or Group 4 Certificates exceeds the outstanding aggregate principal balance of the Mortgage Loans in the related Loan Group (such class or classes, the related “Affected Senior Certificates”), then future principal payments otherwise allocable to the Subordinate Certificates shall be “crossed over” or used to repay principal of the Affected Senior Certificates by increasing the Senior Principal Distribution Amount for the Loan Group related to the Affected Senior Certificates in an amount equal to the lesser of (i) the aggregate amount of principal otherwise payable to the Subordinate Certificates on such Distribution Date and (ii) the amount required to be paid to the Affected Senior Certificates so that their aggregate Class Principal Balance is equal to the outstanding aggregate principal balance of the Mortgage Loans in the related Loan Group.
(b) In addition, if, as a result of rapid prepayments, the aggregate Class Principal Balance of the Group 1, Group 2, Group 3 or Group 4 Certificates has been reduced to zero and such Senior Certificates are retired, amounts otherwise distributable as principal on each class of Subordinate Certificates shall instead be distributed as principal to the Senior Certificates related to the other Loan Groups which remain outstanding, until the Class Principal Balances of the Senior Certificates related to such Loan Groups have been reduced to zero. In order for the distribution priority described in the foregoing sentence to apply on any Distribution Date, it must also be true that either (a) the Subordinate Percentage for that Distribution Date is less than 200% of the Subordinate Percentage as of the Cut-Off Date, or (b) the average outstanding principal balance of the Mortgage Loans in Loan Group 1, Loan Group 2, Loan Group 3 and Loan Group 4 that are delinquent 60 days or more (including any such Mortgage Loans in foreclosure or bankruptcy and REO properties) during the most recent three calendar months as a percentage of the sum of the Group Subordinate Amounts is greater than or equal to 50%.
(c) All distributions described in this Section 3.03 shall be made in accordance with the priorities set forth in Section 3.01.
Crossover Amounts. Amounts related to a Loan Group that are required to be paid to the Senior Certificates related to another Loan Group pursuant to Section 3.03. Curtailments: Voluntary partial prepayments on a Mortgage Loan (i.e., not including Payoffs, Liquidation Proceeds, Insurance Proceeds, or Condemnation Proceeds). Custodian: JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank), in its capacity as custodian under each of the Custodial Agreements, and any successor Custodian thereunder.
Crossover Amounts. Amounts related to a Loan Group that are required to be paid to the Senior Certificates related to another Loan Group pursuant to Section 4.03.
Crossover Amounts. 58 Section 4.04 Certain Matters Relating to the Determination of LIBOR..........58 Section 4.05