Common use of Priority and Subordination of Distributions Clause in Contracts

Priority and Subordination of Distributions. (a) The rights of the Certificateholders to receive distributions from the proceeds of the Trust Fund, and all ownership interests of the Certificateholders in such distributions, shall be as set forth in this Agreement. In this regard, all rights of the Class X and Class R Certificateholders to receive distributions in respect of the Class X and Class R Certificates, respectively, and all ownership interests of the Class X and Class R Certificateholders in and to such distributions, shall be subject and subordinate to the preferential rights of the Class A, Class M and Class B Certificateholders, to receive distributions in respect of the Class A, Class M and Class B Certificates, respectively, and the ownership interests of the Class A, Class M and Class B Certificateholders, respectively, in such distributions, as described herein. In accordance with the foregoing, the ownership interests of the Class X and Class R Certificateholders in amounts deposited in the applicable Principal and Interest Account or in any Accounts from time to time shall not vest unless and until such amounts are distributed in respect of the Class X and Class R Certificates in accordance with the terms of this Agreement. Notwithstanding anything contained in this Agreement to the contrary, the Class X and Class R Certificateholders shall not be required to refund any amount properly distributed on the Class X and Class R Certificates.

Priority and Subordination of Distributions. (a) The rights of the Certificateholders to receive distributions from the proceeds of the Trust Fund, and all ownership interests of the Certificateholders in such distributions, shall be as set forth in this Agreement. In this regard, all rights of the Class X and Class R Certificateholders to receive distributions in respect of the Class X and Class R Certificates, respectively, and all ownership interests of the Class X and Class R Certificateholders in and to such distributions, shall be subject and subordinate to the preferential rights of the Class A, Class M and Class B Certificateholders, Certificateholders to receive distributions in respect of the Class A, Class M and Class B Certificates, respectively, and the ownership interests of the Class A, Class M and Class B Certificateholders, respectively, Certificateholders in such distributions, as described herein. In accordance with the foregoing, the ownership interests of the Class X and Class R Certificateholders in amounts deposited in the applicable Principal and Interest Account or in any Accounts from time to time shall not vest unless and until such amounts are distributed in respect of the Class X and Class R Certificates in accordance with the terms of this Agreement. Notwithstanding anything contained in this Agreement to the contrary, the Class X and Class R Certificateholders shall not be required to refund any amount properly distributed on the Class X and Class R CertificatesCertificates pursuant to Section 6.08(d)(xvii) and (xviii).

Priority and Subordination of Distributions. (a) The rights of the Certificateholders to receive distributions from the proceeds of the Trust Fund, and all ownership interests of the Certificateholders in such distributions, shall be as set forth in this Agreement. In this regard, all rights of the Class X and Class R Certificateholders to receive distributions in respect of the Class X and Class R Certificates, respectively, and all ownership interests of the Class X and Class R Certificateholders in and to such distributions, shall be subject and subordinate to the preferential rights of the Class A, Class M and Class B Certificateholders, to receive distributions in respect of the Class A, Class M and Class B Certificates, respectively, and the ownership interests of the Class A, Class M and Class B Certificateholders, respectively, in such distributions, as described herein. In accordance with the foregoing, the ownership interests of the Class X and Class R Certificateholders in amounts deposited in the applicable Principal and Interest Account or in any Accounts from time to time shall not vest unless and until such amounts are distributed in respect of the Class X and Class R Certificates in accordance with the terms of this Agreement. Notwithstanding anything contained in this Agreement to the contrary, the Class X and Class R Certificateholders shall not be required to refund any amount properly distributed on the Class X and Class R Certificates.