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(a),(b), and (c), the Indenture Trustee shall distribute to the Issuer from amounts in the Payment Account (i) the Interest Collections for each Loan Group that are not Investor Interest Collections on the Payment Date for the related Collection Period and (ii) the portion of Transferor Principal Collections for each Loan Group for the related Collection Period in excess of Additional Balances created on the Mortgage Loans in that Loan Group during the Collection Period. Collections allocable to the Transferor Certificates pursuant to this Section 8.03(e) will be distributed to the Issuer only to the extent that the distribution will not reduce the applicable Allocated Transferor Interest as of the related Payment Date below the related Minimum Transferor Interest. Amounts not distributed to the Issuer because of this limitation will be retained in the Payment Account until the applicable Allocated Transferor Interest exceeds the related Minimum Transferor Interest, at which time the excess shall be released to the Issuer. If any such amounts are still retained in the Payment Account at the commencement of the Rapid Amortization Period or are collected thereafter, they will be paid to the related Noteholders as a reduction of the applicable Note 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(a),(b), and (c), the Indenture Trustee shall distribute to the Issuer from amounts in the Payment Account (i) the Interest Collections for each Loan Group that are not Investor Interest Collections on the Payment Date for the related Collection Period and (ii) the portion of Transferor Principal Collections for each Loan Group for the related Collection Period in excess of Additional Balances created on the Mortgage Loans in that Loan Group during the Collection Period. Collections allocable to the Transferor Certificates pursuant to this Section 8.03(e) will be distributed to the Issuer only to the extent that the distribution will not reduce the applicable Allocated Transferor Interest as of the related Payment Date below the related Minimum Transferor Interest. Amounts not distributed to the Issuer because of this limitation will be retained in the Payment Account until the applicable such Allocated Transferor Interest exceeds the related Minimum Transferor Interest, at which time the excess shall be released to the Issuer. If any such amounts are still retained in the Payment Account at the commencement of the Rapid Amortization Period or are collected thereafter, they will be paid to the related Noteholders as a reduction of the applicable Note 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(a),(b8.03(a), (b) and (c), the Indenture Trustee shall distribute to the Issuer from amounts in the Payment Account (i) the Interest Collections for each Loan Group that are not Investor Interest Collections on the Payment Date for the related Collection Period and (ii) the portion of Transferor Principal Collections for each Loan Group for the related Collection Period in excess of Additional Balances created on the Mortgage Loans in that Loan Group during the Collection Period. Collections allocable to the Transferor Certificates pursuant to this Section 8.03(e) will be distributed to the Issuer only to the extent that the distribution will not reduce the applicable Allocated Transferor Interest as of the related Payment Date below the related Minimum Transferor Interest. Amounts not distributed to the Issuer because of this limitation will be retained in the Payment Collection Account until the applicable such Allocated Transferor Interest exceeds the related Minimum Transferor Interest, at which time the excess shall be released to the Issuer. If any such amounts are still retained in the Payment Collection Account at the commencement of the Rapid Amortization Period or are collected thereafter, they will be paid to the related Noteholders as a reduction of the applicable Note Principal Balance.