Principal allocations Sample Clauses
The 'Principal allocations' clause defines how the principal amounts involved in a transaction or agreement are distributed among the relevant parties. It typically outlines the method or formula for dividing the principal, such as specifying percentages or fixed amounts allocated to each party, and may address scenarios like partial payments or multiple beneficiaries. This clause ensures transparency and fairness in the distribution of principal funds, preventing disputes by clearly establishing each party's entitlement.
Principal allocations. The principal allocation for a distribution day is:
(a) for any ratio-stripped PO class, the sum for that distribution day of scheduled and unscheduled principal payments on its PO strip for that distribution day.
(b) for the senior target-rate classes collectively, the sum for that distribution day of · the target-rate class percentage for the senior target-rate classes of scheduled principal payments on the target-rate strip, and · all unscheduled principal payments on the target-rate strip allocated to the senior target-rate classes pursuant to “ – Unscheduled principal” below. The principal allocation for the senior target-rate classes will be allocated among the individual senior target-rate classes pursuant to “Allocations among the senior classes” below.
(c) for each subordinated class, · the class’s target-rate class percentage of scheduled principal payments on the target-rate strip for that distribution day, · plus the class’s proportionate share, based on the principal balances of the subordinated classes, of unscheduled principal payments on the target-rate strip for that distribution day that are not allocated to the senior target-rate classes pursuant to the preceding paragraph (b), · plus or minus any amounts that are reallocated to or from the class pursuant to “– Maintenance of subordination” below.
Principal allocations. On each Distribution Date occurring on or after the date a withdrawal is made from the Series 2005-2 Collection Account and, if applicable, the Series 2005-2 Excess Collection Account pursuant to Section 2.5(a) of this Series Supplement or amounts are deposited in the Series 2005-2 Distribution Account pursuant to Section 2.2(g), 2.5(b) or 2.5(c) of this Series Supplement, the Paying Agent shall, in accordance with Section 6.1 of the Base Indenture, (x) pay to each Class A-1 Noteholder or Class A-2 Noteholder, as applicable, on a pro rata basis from the Series 2005-2 Distribution Account the amount deposited therein pursuant to Section 2.2(g), 2.5(a), 2.5(b) or 2.5(c) of this Series Supplement, to the extent necessary to pay the Class A-1/A-2 Controlled Amortization Amount during the Class A-1/A-2 Controlled Amortization Period or to the extent necessary to pay the Class A-1 Invested Amount and the Class A-2 Invested Amount during the Series 2005-2 Rapid Amortization Period or on the Class A-1/A-2 Final Distribution Date, (y) pay to each Class A-3 Noteholder from the Series 2005-2 Distribution Account the amount deposited therein pursuant to Section
Principal allocations. (a) The principal allocation for a distribution day is:
(a) for any ratio-stripped PO class, the sum for that distribution day of scheduled and unscheduled principal payments on its PO strip for that distribution day.
(b) for the senior target-rate classes collectively, the sum for that distribution day of · the target-rate class percentage for the senior target-rate classes of scheduled principal payments on the target-rate strip, and · all unscheduled principal payments on the target-rate strip allocated to the senior target-rate classes pursuant to “ – Unscheduled principal” below. The principal allocation for the senior target-rate classes will be allocated among the individual senior target-rate classes pursuant to “Allocations among the senior classes” below.
(c) for each subordinated class, · the class’s target-rate class percentage of scheduled principal payments on the target-rate strip for that distribution day, · plus the class’s proportionate share, based on the principal balances of the subordinated classes, of unscheduled principal payments on the target-rate strip for that distribution day that are not allocated to the senior target-rate classes pursuant to the preceding paragraph (b), · plus or minus any amounts that are reallocated to or from the class pursuant to “– Maintenance of subordination” below.
(d) Notwithstanding the preceding sections (a)–(c), if the servicer has withdrawn funds from the certificate account during the month preceding a determination day pursuant to section 3.8(a)(ii)(C) to reimburse itself for capitalized reimbursement amounts or postponed principal payments, or pursuant to section 3.8(a)(iv) for nonrecoverable advances, relating to · a target-rate loan, then the principal allocation (a) to the subordinated target-rate classes collectively will be reduced by the amount of such withdrawal, such reduction being allocated to the subordinated classes in order of subordination, and (b) to the senior target rate classes collectively will be reduced by the excess of such withdrawal over the aggregate reduction of the principal allocations to the subordinated classes pursuant to this section (d). · a PO loan, then the principal allocation to the related PO class will be reduced by the amount of such withdrawal.
Principal allocations. On each Distribution Date occurring on or after the date a withdrawal is made from the Series 2004-4 Collection Account and, if applicable, the Series 2004-4 Excess Collection Account pursuant to Section 3.5(a) of this Series Supplement or amounts are deposited in the Series 2004-4 Distribution Account pursuant to Section 3.2(f), 3.5(b) or 3.5(c) of this Series Supplement, the Paying Agent shall, in accordance with Section 6.1 of the Base Indenture, pay to each Series 2004-4 Noteholder on a pro rata basis from the Series 2004-4 Distribution Account the amount deposited therein pursuant to Section 3.2(f), 3.5(a), 3.5(b) or 3.5(c) of this Series Supplement, to the extent necessary to pay the Series 2004-4 Invested Amount during the Series 2004-4 Rapid Amortization Period.
Principal allocations. On each Distribution Date, the Trustee, upon written instructions from the Servicer, will transfer all Principal Collections on deposit in the Principal Collection Account (and not required to be transferred to the Exposure Reserve Account) and received during the immediately preceding Due Period (other than any Transfer Deposit Amount still available for investment in a Substitute Loan) to the Note Distribution Account. On each Distribution Date (other than a Distribution Date following an Event of Default and acceleration of the Notes), the Trustee, upon written instructions from the Servicer, will distribute such amount and all other funds available for principal distributions on deposit in the Note Distribution Account, to the extent there are sufficient funds, to the following parties in the order of priority set forth below. With respect to each class of Notes then Outstanding, payments shall be made pro rata to the Holders of Notes of the related class based on their respective Percentage Interests.
1. to the payment of the amounts referred to in clauses (1) through (5) as set forth in Section 7.05(a) (in the priority stated therein), but only to the extent not paid in full thereunder and subject to the limitations set forth therein;
2. to the Servicer, to the extent not previously reimbursed from Principal Collections received from the specific Loans for which Scheduled Payment Advances or Servicing Advances were made, as applicable, reimbursement for the amount of (a) any such Scheduled Payment Advances relating to the principal on such Loans, (b) any such Servicing Advances relating to principal on such Loans and (c) all Nonrecoverable Advances (other than those related to interest), in each case, together with accrued interest thereon; provided that the cumulative amount of Servicing Advances reimbursed on any individual Loan under this clause 2 and under clause 2 of Section 7.05(a) in any rolling twelve month period shall not exceed the amount of interest payments scheduled to be paid at the contract rate for such Loan over such time period;
3. to the Class A Noteholders, (a) any accrued and unpaid Noteholder Make-Whole applicable to the Class A Notes (if any) and (b) in payment of principal on the Class A Notes until the Outstanding Principal Balance of the Class A Notes is reduced to zero;
4. to the Class B Noteholders, (a) any accrued and unpaid Noteholder Make-Whole applicable to the Class B Notes (if any) and (b) in payment of principal on...