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 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 pursuant to this Section 8.03(e) 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 Payment 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 Payment Account at the commencement of the Rapid Amortization Period or are collected thereafter, they will be paid to the Noteholders as a reduction of the Note Principal Balance.

Distributions to Holders of Transferor Certificates. On each Payment Date, the Trustee shall, based on upon the information set forth in the Servicing Certificate for the such Payment Date and subject to Section 8.03(a),(b)Date, and (c), the Indenture Trustee shall distribute to the Issuer from amounts in the Payment Account 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 during such Collection Period to the Mortgage Loans during extent such amounts are not required to be distributed to the Collection Period. Collections Class A Certificateholders pursuant to Section 5.01(c); PROVIDED that collections allocable to the Transferor Certificates pursuant to this Section 8.03(e) 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 Date below the Minimum Transferor Interest. Amounts not distributed to the Issuer Transferor because of this limitation such limitations will be retained in the Payment 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 Payment Collection Account at upon the commencement of the Rapid Amortization Period or are collected thereafterPeriod, they such amounts will be paid to the Noteholders Class A Certificateholders as a reduction of the Note Class A 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(a),(b), ) and (c), the Indenture Trustee shall distribute to the Issuer from amounts in the Payment Account (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 pursuant to this Section 8.03(e) 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 Payment 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 Payment Collection Account at the commencement of the Rapid Amortization Period or are collected thereafter, they will be paid to the Noteholders as a reduction of the Note Principal Balance.