Maintenance of subordination. Impairment of subordination for subordinated classes of a multiple-pool series will be determined based on composite, not component, classes. In determining whether a composite class has an impaired subordination level, the principal balance of the composite class will equal the sum of the principal balances of its component classes. If a subordinated composite class has an impaired subordination level, then principal will be allocated among the subordinated composite classes pursuant to “Allocations - Maintenance of subordination” above, and, for purposes of adjusting principal balances, will be further allocated to the component classes in proportion to their principal balances.
Appears in 11 contracts
Samples: Pooling Agreement (Citicorp Mortgage Securities Inc), Pooling Agreement (Citicorp Mortgage Securities Inc), Pooling Agreement (Citicorp Mortgage Securities Trust, Series 2007-2)
Maintenance of subordination. Impairment of subordination for subordinated classes of a multiple-pool series will be determined based on composite, not component, classes. In determining whether a composite class has an impaired subordination level, the principal balance of the composite class will equal the sum of the principal balances of its component classes. If a subordinated composite class has an impaired subordination level, then principal will be allocated among the subordinated composite classes pursuant to “Allocations - – Maintenance of subordination” above, and, for purposes of adjusting principal balances, will be further allocated to the component classes in proportion to their principal balances.
Appears in 6 contracts
Samples: Pooling Agreement (Citicorp Mortgage Securities Inc), Pooling Agreement (Citicorp Mortgage Securities Inc), Pooling Agreement (Citicorp Mortgage Securities Inc)