Common use of Realized Losses Clause in Contracts

Realized Losses. (i) On each Distribution Date, Realized Losses realized during the prior calendar month will be allocated to reduce the Class Principal Balances of the related Subordinate Certificates in reverse numerical order, in each case until the Class Principal Balance of each Class of related Subordinate Certificates has been reduced to zero. If the Class Principal Balances of the Subordinate Certificates related to Group 1 and Group 2 or the Subordinate Certificates related to Group 3, Group 4 and Group 5 have been reduced to zero, further Realized Losses on the Mortgage Loans shall be allocated to the related Senior Certificates based on their outstanding Class Principal Balances in each case until the Class Principal Balance has been reduced to zero. (ii) If on any Distribution Date, any losses due to the bankruptcy of the related mortgagor, fraud on any party to the related mortgage documents and Special Hazard Losses such as natural disasters, which are not covered by special hazard insurance policies or flood insurance policies (“Special Losses”) are realized during the prior calendar month and the aggregate Class Principal Balance of the (i) Subordinate Certificates related to Loan Group 1 or Loan Group 2 or (ii) Subordinate Certificates related to Loan Group 3, Loan Group 4 or Loan Group 5 have been reduced to zero, and a Realized Loss that is a Special Loss is to be allocated to the certificates senior to such Loan Group or Loan Groups, as the case may be, such loss will be allocated to the most subordinate class of Subordinate Certificates of any Loan Group outstanding until the aggregate class Principal Balance of all Subordinate Certificates was reduced to zero. Thereafter, Special Losses shall be allocated to the Senior Certificates of the related Loan Group. (iii) Whenever Realized Losses are required to be allocated to a Class of Certificates, the Realized Loss shall be allocated to Certificates of such Class of the related Loan Group or Loan Groups, as the case may be, based on their respective outstanding principal amounts.

Realized Losses. (i) On each Distribution Date, Realized Losses (other than Excess Special Losses) realized during the prior calendar month will be allocated to reduce the Class Principal Balances of the related Subordinate Certificates in reverse numerical order, in each case until the Class Principal Balance of each such Class of related Subordinate Certificates has been reduced to zero. If the Class Principal Balances of all of the Subordinate Certificates related to Group 1 and Group 2 or the Subordinate Certificates related to Group 3, Group 4 and Group 5 have been reduced to zero, further Realized Losses (other than Excess Special Losses) on the Mortgage Loans shall be allocated to the related Senior Certificates related to the Loan Group in which such Realized Losses occurred based on their outstanding Class Principal Balances Balances, in each case until the Class Principal Balance has been reduced to zero. (ii) If on On any Distribution Date, any losses due to the bankruptcy of the related mortgagor, fraud on any party to the related mortgage documents and Excess Special Hazard Losses such as natural disasters, which are not covered by special hazard insurance policies or flood insurance policies (“Special Losses”) that are realized during the prior calendar month and the aggregate Class Principal Balance of the (i) Subordinate Certificates related to Loan Group 1 or Loan Group 2 or (ii) Subordinate Certificates related to Loan Group 3, Loan Group 4 or Loan Group 5 have been reduced to zero, and a Realized Loss that is a Special Loss is to be allocated to the certificates senior to such Loan Group or Loan Groups, as the case may be, such loss will be allocated to all Classes of Senior Certificates related to the most subordinate class of Loan Group in which such losses occurred, and the Subordinate Certificates pro rata, based on, with respect to such Classes of any Loan Group outstanding until the aggregate class Senior Certificates, their respective Class Principal Balance of all Subordinate Certificates was reduced to zero. ThereafterBalances and, Special Losses shall be allocated with respect to the Senior Certificates of Subordinate Certificates, the related Loan GroupGroup Subordinate Amount, respectively. (iii) Whenever Realized Losses or Excess Special Losses are required to be allocated to a Class of Certificates, the Realized Loss or Excess Special Loss shall be allocated to Certificates of such Class of the related Loan Group or Loan Groups, as the case may be, based on their respective outstanding principal amounts.

Realized Losses. (i) On each Distribution Date, Realized Losses and Special Losses (other than Excess Special Losses) realized during the prior calendar month will shall be allocated to reduce the Class Principal Balances of the related Subordinate Certificates in reverse numerical order, in each case until the Class Principal Balance of each such Class of related Subordinate Certificates has been reduced to zero. If the Class Principal Balances of the Subordinate Certificates related to Group 1 and Group 2 or the Subordinate Certificates related to Group 3, Group 4 and Group 5 have been reduced to zero, further Realized Losses on the Mortgage Loans shall be allocated to the related Senior Certificates based on their outstanding Class Principal Balances in each case until the Class Principal Balance has been reduced to zero. (ii) If on any Distribution Date, any losses due to the bankruptcy of the related mortgagor, fraud on any party to the related mortgage documents and Special Hazard Losses such as natural disasters, which are not covered by special hazard insurance policies or flood insurance policies (“Special Losses”) are realized during the prior calendar month and the aggregate Class Principal Balance of the (i) Subordinate Certificates related to Loan Group 1 or Loan Group 2 or (ii) Subordinate Certificates related to Loan Group 3, Loan Group 4 or Loan Group 5 have been reduced to zero, and a Realized Loss that is a Special Loss is to be allocated to the certificates senior to such Loan Group or Loan Groups, as the case may be, such loss will be allocated to the most subordinate class of Subordinate Certificates of any Loan Group outstanding until the aggregate class Principal Balance of all Subordinate Certificates was reduced to zero. Thereafter, Special Losses shall be allocated to the Senior Certificates related to the Loan Group in which such Realized Losses or Special Losses occurred, based on the outstanding Class Principal Balances of such Senior Certificates, in each case until each such Class Principal Balance has been reduced to zero; provided, however, that Realized Losses (other than Excess Special Losses) otherwise allocable to the Class 1A1 Certificates shall first be allocated to the Class 1A2 Certificates, to reduce the Certificate Balance of such Class until such Certificate Balance has been reduced to zero, and thereafter such Realized Losses shall be allocated to the Class 1A1 Certificates, to reduce the Certificate Balance of such Class until such Certificate Balance has been reduced to zero. On any Distribution Date, any Excess Special Losses realized during the prior calendar month shall be allocated, pro rata, to (x) all Classes of Senior Certificates related to the Loan Group in which such losses occurred and (y) the Subordinate Certificates, based on the aggregate Class Principal Balance of such Senior Certificates and the related Group Subordinate Amount of the related Loan Group. (iii) Subordinate Certificates, respectively. Whenever Realized Losses, Special Losses or Excess Special Losses are required to be allocated to a Class of Certificates, the Realized Loss, Special Loss or Excess Special Loss, as applicable, shall be allocated to Certificates of such Class of the related Loan Group or Loan Groups, as the case may be, based on their respective outstanding principal amounts.

Realized Losses. (i) On each Distribution Date, Realized Losses (other than Excess Special Losses) realized during the prior calendar month will be allocated to reduce the Class Principal Balances of the related Subordinate Certificates in reverse numerical order, in each case until the Class Principal Balance of each such Class of related Subordinate Certificates has been reduced to zero. If the Class Principal Balances of all of the Subordinate Certificates related to Group 1 and Group 2 or the Subordinate Certificates related to Group 3, Group 4 and Group 5 have been reduced to zero, further Realized Losses (other than Excess Special Losses) on the Mortgage Loans shall be allocated to the related Senior Certificates related to the Loan Group in which such Realized Losses occurred based on their outstanding Class Principal Balances Balances, in each case until the Class Principal Balance has been reduced to zero; provided, however, that Realized Losses (other than Excess Special Losses) otherwise allocable to the Class 1A1 Certificates shall be allocated to the Class 1A2 Certificates to reduce the Certificate Balance of such Class until such Certificate Balance has been reduced to zero, and thereafter such Realized Losses shall be allocated to the Class 1A1 Certificates to reduce the Certificate Balance of such Class until such Certificate Balance has been reduced to zero. (ii) If on On any Distribution Date, any losses due to the bankruptcy of the related mortgagor, fraud on any party to the related mortgage documents and Excess Special Hazard Losses such as natural disasters, which are not covered by special hazard insurance policies or flood insurance policies (“Special Losses”) that are realized during the prior calendar month and the aggregate Class Principal Balance of the (i) Subordinate Certificates related to Loan Group 1 or Loan Group 2 or (ii) Subordinate Certificates related to Loan Group 3, Loan Group 4 or Loan Group 5 have been reduced to zero, and a Realized Loss that is a Special Loss is to be allocated to the certificates senior to such Loan Group or Loan Groups, as the case may be, such loss will be allocated to all Classes of Senior Certificates related to the most subordinate class of Loan Group in which such losses occurred, and the Subordinate Certificates pro rata, based on, with respect to such Classes of any Loan Group outstanding until the aggregate class Senior Certificates, their respective Class Principal Balance of all Subordinate Certificates was reduced to zero. ThereafterBalances and, Special Losses shall be allocated with respect to the Senior Certificates of Subordinate Certificates, the related Loan GroupGroup Subordinate Amount, respectively. (iii) Whenever Realized Losses or Excess Special Losses are required to be allocated to a Class of Certificates, the Realized Loss or Excess Special Loss shall be allocated to Certificates of such Class of the related Loan Group or Loan Groups, as the case may be, based on their respective outstanding principal amounts.

Realized Losses. (i) On each Distribution Date, Realized Losses and Special Losses (other than Excess Special Losses) realized during the prior calendar month will shall be allocated to reduce the Class Principal Balances of the related Subordinate Certificates in reverse numerical order, in each case until the Class Principal Balance of each such Class of related Subordinate Certificates has been reduced to zero. If the Class Principal Balances of the Hybrid Group Subordinate Certificates related to Group 1 and Group 2 or the Subordinate Certificates related to Group 3, Group 4 and Group 5 have been reduced to zero, further Realized Losses and Special Losses (other than Excess Special Losses) on the Mortgage Hybrid Group Loans shall be allocated to the related Senior Certificates related to the Loan Group or Loan Groups in which such Realized Losses or Special Losses (other than Excess Special Losses) occurred, based on their the outstanding Class Principal Balances of such Senior Certificates, in each case until each such Class Principal Balance has been reduced to zero; provided, however, that Realized Losses (other than Excess Special Losses) otherwise allocable to the Class Principal 1A2 Certificates, shall first be allocated to the Class 1A3 Certificates, to reduce the Certificate Balance of such Class until such Certificate Balance has been reduced to zero, and thereafter such Realized Losses shall be allocated to the Class 1A2 Certificates, to reduce the Certificate Balance of such Class until such Certificate Balance has been reduced to zero. (ii) If on On any Distribution Date, any losses due to the bankruptcy of the related mortgagor, fraud on any party to the related mortgage documents and Excess Special Hazard Losses such as natural disasters, which are not covered by special hazard insurance policies or flood insurance policies (“Special Losses”) are realized during the prior calendar month shall be allocated, pro rata, to (x) all Classes of Senior Certificates related to the Loan Group in which such losses occurred and (y) the related Subordinate Certificates, based on the aggregate Class Principal Balance of the (i) Subordinate Certificates related to Loan Group 1 or Loan Group 2 or (ii) Subordinate Certificates related to Loan Group 3, Loan Group 4 or Loan Group 5 have been reduced to zero, and a Realized Loss that is a Special Loss is to be allocated to the certificates senior to such Loan Group or Loan Groups, as the case may be, such loss will be allocated to the most subordinate class of Subordinate Certificates of any Loan Group outstanding until the aggregate class Principal Balance of all Subordinate Certificates was reduced to zero. Thereafter, Special Losses shall be allocated to the Senior Certificates and the related Group Subordinate Amount of the related Loan GroupSubordinate Certificates, respectively. (iii) Whenever Realized Losses, Special Losses or Excess Special Losses are required to be allocated to a Class of Certificates, the Realized Loss, Special Loss or Excess Special Loss, as applicable, shall be allocated to Certificates of such Class of the related Loan Group or Loan Groups, as the case may be, based on their respective outstanding principal amounts.

Realized Losses. (i) On each Distribution Date, Realized Losses realized during the prior calendar month will be allocated to reduce the Class Principal Balances of the related Subordinate Certificates in reverse numerical order, in each case until the Class Principal Balance of each Class of related Subordinate Certificates has been reduced to zero. If the Class Principal Balances of the Group 1 Subordinate Certificates related to or the Group 1 2 and Group 2 or the Subordinate Certificates related to Group 3, Group 4 and Group 5 have been reduced to zero, further Realized Losses on the Mortgage Loans shall be allocated to the related Senior Certificates based on their outstanding Class Principal Balances in each case until the Class Principal Balance has been reduced to zero; provided, however, that Realized Losses otherwise allocable to the Class 1A1 Certificates shall be allocated to the Class 1A2 Certificates to reduce the Certificate Balance of such Class until such Certificate Balance has been reduced to zero, and thereafter such Realized Losses shall be allocated to the Class 1A1 Certificates to reduce the Certificate Balance of such Class until such Certificate Balance has been reduced to zero. (ii) If on On any Distribution Date, any losses due to the bankruptcy of the related mortgagor, fraud on any party to the related mortgage documents and Special Hazard Losses special hazard losses such as natural disasters, which are not covered by special hazard insurance policies or flood insurance policies (“Special Losses”) that are realized during the prior calendar month and the aggregate Class Principal Balance of the (i) Subordinate Certificates related to Loan Group 1 or Loan Group 2 Subordinate Certificates or (ii) Loan Group 2 and Loan Group 3 Subordinate Certificates related to Loan Group 3, Loan Group 4 or Loan Group 5 have been reduced to zero, and a Realized Loss that is a Special Loss is to be allocated to the certificates senior to either such Loan Group or Loan Groups, as the case may be, such loss will be allocated to such Senior Certificates of the related Loan Group or Loan Groups, as the case may be, and the most subordinate class of Subordinate Certificates of any Loan Group outstanding until on a pro rata basis, based on the aggregate class related Class Principal Balance of all Subordinate Certificates was reduced to zero. Thereafter, Special Losses shall be allocated to the Senior Certificates of the related Loan Groupthereof. (iii) Whenever Realized Losses are required to be allocated to a Class of Certificates, the Realized Loss shall be allocated to Certificates of such Class of the related Loan Group or Loan Groups, as the case may be, based on their respective outstanding principal amounts.

Realized Losses. (i) On each Distribution Date, Realized Losses and Special Losses (other than Excess Special Losses) realized during the prior calendar month will shall be allocated to reduce the Class Principal Balances of the related Subordinate Certificates in reverse numerical order, in each case until the Class Principal Balance of each such Class of related Subordinate Certificates has been reduced to zero. If the Class Principal Balances of the Track 1 Subordinate Certificates related to Group 1 and Group 2 or the Subordinate Certificates related to Group 3, Group 4 and Group 5 have been reduced to zero, further Realized Losses and Special Losses on the Mortgage Track 1 Loans shall be allocated to the related Senior Certificates related to the Loan Group or Loan Groups in which such Realized Losses or Special Losses occurred, based on their the outstanding Class Principal Balances of such Senior Certificates, in each case until each such Class Principal Balance has been reduced to zero. If the Class Principal Balances of the Track 2 Subordinate Certificates have been reduced to zero, further Realized Losses and Special Losses on the Track 2 Loans shall be allocated to the Senior Certificates related to the Loan Group or Loan Groups in which such Realized Losses or Special Losses occurred, based on the outstanding Class Principal Balances of such Senior Certificates, in each case until each such Class Principal Balance has been reduced to zero; provided, however, that Realized Losses (other than Excess Special Losses) otherwise allocable to the Class 3A2 Certificates shall first be allocated to the Class 3A3 Certificates, to reduce the Certificate Balance of such Class until such Certificate Balance has been reduced to zero, and thereafter such Realized Losses shall be allocated to the Class 3A2 Certificates, to reduce the Certificate Balance of such Class until such Certificate Balance has been reduced to zero. (ii) If on On any Distribution Date, any losses due to the bankruptcy of the related mortgagor, fraud on any party to the related mortgage documents and Excess Special Hazard Losses such as natural disasters, which are not covered by special hazard insurance policies or flood insurance policies (“Special Losses”) are realized during the prior calendar month shall be allocated, pro rata, to (x) all Classes of Senior Certificates related to the Loan Group in which such losses occurred and (y) the related Subordinate Certificates, based on the aggregate Class Principal Balance of the (i) Subordinate Certificates related to Loan Group 1 or Loan Group 2 or (ii) Subordinate Certificates related to Loan Group 3, Loan Group 4 or Loan Group 5 have been reduced to zero, and a Realized Loss that is a Special Loss is to be allocated to the certificates senior to such Loan Group or Loan Groups, as the case may be, such loss will be allocated to the most subordinate class of Subordinate Certificates of any Loan Group outstanding until the aggregate class Principal Balance of all Subordinate Certificates was reduced to zero. Thereafter, Special Losses shall be allocated to the Senior Certificates and the related Group Subordinate Amount of the related Loan GroupSubordinate Certificates, respectively. (iii) Whenever Realized Losses, Special Losses or Excess Special Losses are required to be allocated to a Class of Certificates, the Realized Loss, Special Loss or Excess Special Loss, as applicable, shall be allocated to Certificates of such Class of the related Loan Group or Loan Groups, as the case may be, based on their respective outstanding principal amounts.