Common use of Distributions to Holders of Transferor Certificates Clause in Contracts

Distributions to Holders of Transferor Certificates. On each Payment Date, based on the information in the Servicing Certificate for the Payment Date and subject to Section 8.03(c), the Indenture Trustee shall distribute to the Issuer (i) the Interest Collections that are not Investor Interest Collections on the Payment Date for the related Collection Period and (ii) the portion of Transferor Principal Collections for the related Collection Period in excess of Additional Balances created on the Mortgage Loans during the Collection Period. Collections allocable to the Transferor Certificates will be distributed to the Issuer only to the extent that the distribution will not reduce the Transferor Interest as of the related Payment Date below the Minimum Transferor Interest. Amounts not distributed to the Issuer because of this limitation will be retained in the Collection Account until the Transferor Interest exceeds the Minimum Transferor Interest, at which time the excess shall be released to the Issuer. If any such amounts are still retained in the Collection Account at the commencement of the Rapid Amortization Period, they will be paid to the Noteholders as a reduction of the Note Principal Balance.

Distributions to Holders of Transferor Certificates. On each Payment Distribution Date, the Trustee shall, based on upon the information set forth in the Servicing Certificate for the Payment such Distribution Date and subject to Section 8.03(c5.01(c), the Indenture Trustee shall distribute to the Issuer Transferor (i) the Transferor Interest Collections that are not Investor Interest Collections on the Payment Date for the related Collection Period and (ii) the portion portion, if any, of Transferor Principal Collections for the related Collection Period in excess of Additional Balances created on the Mortgage Loans during the such Collection Period. Collections ; provided that collections allocable to the Transferor Certificates will be distributed to the Issuer Transferor only to the extent that the such distribution will not reduce the amount of the Transferor Interest Principal Balance as of the related Payment Distribution Date below the Minimum Transferor Interest. Amounts not distributed to the Issuer Transferor because of this limitation such limitations will be retained in the Collection Account until the Transferor Interest Principal Balance exceeds the Minimum Transferor Interest, at which time the such excess shall be released to the IssuerTransferor. If any such amounts are still retained in the Collection Account at upon the commencement of the Rapid Amortization Period, they such amounts will be paid to the Noteholders Investor Certificate- holders as a reduction of the Note Investor Certificate Principal Balance.

Distributions to Holders of Transferor Certificates. On each Payment Date, based on the information in the Servicing Certificate for the Payment Date and subject to Section 8.03(c), the Indenture Trustee shall distribute to the Issuer (i) the Interest Collections that are not Investor Interest Collections 50 on the Payment Date for the related Collection Period and (ii) the portion of Transferor Principal Collections for the related Collection Period in excess of Additional Balances created on the Mortgage Loans during the Collection Period. Collections allocable to the Transferor Certificates will be distributed to the Issuer only to the extent that the distribution will not reduce the Transferor Interest as of the related Payment Date below the Minimum Transferor Interest. Amounts not distributed to the Issuer because of this limitation will be retained in the Collection Account until the Transferor Interest exceeds the Minimum Transferor Interest, at which time the excess shall be released to the Issuer. If any such amounts are still retained in the Collection Account at the commencement of the Rapid Amortization Period, they will be paid to the Noteholders as a reduction of the Note Principal Balance.