Common use of Recoveries Clause in Contracts

Recoveries. (a) With respect to any Class of Certificates to which a Realized Loss has been allocated (including any such Class for which the related Class Principal Balance has been reduced to zero), to the Class Principal Balance of such Class will be increased by the amount of related Recoveries collected with regard to the related Loan Group allocated to such Class for such Distribution Date as follows: (i) first, the Class Principal Balance of each Class of Senior Certificates related to the Loan Group from which the Recovery was collected, will be increased, pro rata up to the Net Realized Losses for such Class for such Distribution Date, and (ii) second, the Class Principal Balance of each Class of Subordinate Certificates will be increased in order of seniority, up to the Net Realized Losses for each such Class for such Distribution Date. (b) To the extent that the Certificate Insurer has made a payment in respect of Realized Losses and such amount has not previously been reimbursed pursuant to Section 5.01(a)(i)(C), 5.01(a)(ii)(B), 5.01(a)(iii)(B), 5.01(a)(iv)(D) or 5.01(g)(ii), the Certificate Insurer will be subrogated to the rights of the Holders of the Insured Certificates and will be entitled to the amount of any such Realized Losses paid by it to the Insured Certificates that remains unreimbursed prior to any Recoveries being allocated to the Holders of the Insured Certificates.

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (HarborView 2006-14), Pooling and Servicing Agreement (HarborView 2007-2), Pooling and Servicing Agreement (HarborView 2006-10)

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Recoveries. (a) With respect to any Class of Certificates to which a Realized Loss has been allocated borne (including any such Class for which the related Class Principal Balance has been reduced to zero), to the Class Principal Balance of such Class will be increased by the amount of related Recoveries a Recovery collected with regard to the related Loan Group allocated to such Class for such Distribution Date as follows: (i) first, the Class Principal Balance of each Class of Senior Certificates related to the Loan Group from which the Recovery was collected, will be increased, pro rata based on Realized Losses borne by such Class, up to the lesser (i) (x) the excess of Net Realized Losses for previously borne by that Class over (y) the amount of payments received under the Certificate Insurance Policy (that remain unreimbursed) with respect to such Class Realized Loss and (ii) Recoveries for such Distribution Date, and (ii) second, the Class Principal Balance of each Class of Subordinate Certificates will be increased in order of seniority, up to the lesser of Net Realized Losses for each such previously borne by that Class and the amount of Recoveries for such Distribution Date. (b) To the extent that the Certificate Insurer has made a payment in respect of Realized Losses and such amount has not previously been reimbursed pursuant to Section 5.01(a)(i)(C), 5.01(a)(ii)(B), 5.01(a)(iii)(B), 5.01(a)(iv)(D5.01(a)(iv)(B) or 5.01(g)(ii5.01(a)(v)(B), the Certificate Insurer will be subrogated to the rights of the Holders of the Insured Certificates and will be entitled to the amount of any such Realized Losses paid by it to the Insured Certificates that remains unreimbursed prior to any Recoveries being allocated to the Holders of the Insured Certificates.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Dsla Mortgage Loan Trust 2006-Ar1), Pooling and Servicing Agreement (Dsla Mortgage Loan Trust 2006-Ar1)

Recoveries. (a) With respect to any Class of Certificates to which a Realized Loss has been allocated (including any such Class for which the related Class Principal Balance has been reduced to zero), to the Class Principal Balance of such Class will be increased by the amount of related Recoveries a Recovery collected with regard to the related Loan Group allocated to such Class for such Distribution Date as follows: (i) first, the Class Principal Balance of each Class of Senior Certificates related to the Loan Group from which the Recovery was collected, will be increased, pro rata based on Realized Losses allocated to such Class, up to the amount by which Net Realized Losses for previously allocated to each such Class exceeds the amount of Recoveries for such Distribution DateDate previously distributed to such Class, and (ii) second, the Class Principal Balance of each Class of Subordinate Certificates will be increased in order of seniority, up to the amount by which Net Realized Losses for previously allocated to each such Class exceeds the amount of Recoveries for such Distribution DateDate previously distributed to such Class. (b) To the extent that the Certificate Insurer has made a payment in respect of Realized Losses and such amount has not previously been reimbursed pursuant to Section 5.01(a)(i)(C5.01(a)(1)(i)(C), 5.01(a)(ii)(B5.01(a)(1)(ii)(B), 5.01(a)(iii)(B), 5.01(a)(iv)(D5.01(a)(1)(iii)(B) or 5.01(g)(ii5.01(a)(1)(iv)(B), the Certificate Insurer will be subrogated to the rights of the Holders of the Insured Certificates and will be entitled to the amount of any such Realized Losses paid by it to the Insured Certificates that remains unreimbursed prior to any Recoveries being allocated to the Holders of the Insured Certificates.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Harborview 2006-7), Pooling and Servicing Agreement (Dsla 2006-Ar2)

Recoveries. (a) With respect to any Class of Certificates (other than the Class P Certificates) to which a Realized Loss has been allocated (including any such Class for which the related Class Principal Balance has been reduced to zero), to the Class Principal Balance of such Class will be increased by increased, up to the amount of related Non-PO Recoveries collected with regard to the related Loan Group allocated to such Class for such Distribution Date as followsfollows provided, however, that any Non-PO Recovery allocated to the Class I-A-5 Certificates shall not cause an increase in the Class Principal Balance of the Class I-A-5 Certificates to the extent of any payments made by the Class I-A-5 Insurer under the Class I-A-5 Policy and shall instead be paid to the Class I-A-5 Insurer as a reimbursement for such amounts paid under the Class I-A-5 Policy:: (i) first, the Class Principal Balance of each Class of Senior Certificates related to the Loan Group from which the Non-PO Recovery was collected, will be increasedincreased pro rata, pro rata up to the amount of Net Recovery Realized Losses for each such Class for such Distribution DateClass, and (ii) second, the Class Principal Balance of each Class of Subordinate Group I-B Certificates (in the case of Non-PO Recoveries on Group I Mortgage Loans), Group C-B Certificates (in the case of Non-PO Recoveries on Group IV, Group V and Group VI Mortgage Loans) and Group D-B Certificates (in the case of Non-PO Recoveries on Group II and Group III Mortgage Loans), will be increased in order of seniority, up to the amount of Net Recovery Realized Losses for each such Class for such Distribution DateClass. (b) To Any increase to the extent that Class Principal Balance of a Class of Certificates shall increase the Certificate Insurer has made a payment in respect of Realized Losses and such amount has not previously been reimbursed pursuant to Section 5.01(a)(i)(C), 5.01(a)(ii)(B), 5.01(a)(iii)(B), 5.01(a)(iv)(D) or 5.01(g)(ii), the Certificate Insurer will be subrogated to the rights Balance of the Holders of the Insured Certificates and will be entitled to the amount of any such Realized Losses paid by it to the Insured Certificates that remains unreimbursed prior to any Recoveries being allocated to the Holders of the Insured Certificatesrelated Class pro rata in accordance with each Certificate Percentage Interest.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-7)

Recoveries. (a) With respect to any Class of Certificates to which a Realized Loss has been allocated (including any such Class for which the related Class Principal Balance has been reduced to zero), to the Class Principal Balance of such Class will be increased by the amount of related Recoveries a Recovery collected with regard to the related Loan Group allocated to such Class for such Distribution Date as follows: (i) first, the Class Principal Balance of each Class of Senior Certificates related to the Loan Group from which the Recovery was collected, will be increased, pro rata based on Realized Losses allocated to such Class, up to the amount by which Net Realized Losses for previously allocated to each such Class exceeds the amount of Recoveries for such Distribution DateDate previously distributed to such Class, and (ii) second, the Class Principal Balance of each Class of Subordinate Certificates will be increased in order of seniority, up to the amount by which Net Realized Losses for previously allocated to each such Class exceeds the amount of Recoveries for such Distribution DateDate previously distributed to such Class. (b) To the extent that the Certificate Insurer has made a payment in respect of Realized Losses and such amount has not previously been reimbursed pursuant to Section 5.01(a)(i)(C), 5.01(a)(ii)(B), 5.01(a)(iii)(B), 5.01(a)(iv)(D) or 5.01(g)(ii5.01(a)(iv)(D), the Certificate Insurer will be subrogated to the rights of the Holders of the Insured Certificates and will be entitled to the amount of any such Realized Losses paid by it to the Insured Certificates that remains unreimbursed prior to any Recoveries being allocated to the Holders of the Insured Certificates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Harborview 2006-9)

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Recoveries. (a) With respect to any Class of Certificates (other than the Class P Certificates) to which a Realized Loss has been allocated (including any such Class for which the related Class Principal Balance has been reduced to zero), to the Class Principal Balance of such Class will be increased by increased, up to the amount of related Non-PO Recoveries collected with regard to the related Loan Group allocated to such Class for such Distribution Date as follows: (i) first, the Class Principal Balance of each Class of Senior Certificates related to the Loan Group from which the Non-PO Recovery was collected, will be increasedincreased pro rata, pro rata up to the Net amount of the excess, if any, of (x) Realized Losses for previously allocated to reduce such Class for Principal Balances over (y) amounts previously applied to the increase of such Distribution DateClass Principal Balances pursuant to this Section 4.03(a)(i), and (ii) second, the Class Principal Balance of each Class of Subordinate Group C-B Certificates (in the case of Non-PO Recoveries on Group I and Group II Mortgage Loans) will be increased in order of seniority, up to the amount of the excess, if any, of (x) Realized Losses previously allocated to reduce such Class Principal Balance over (y) the sum of (A) amounts previously applied to the increase of such Class Principal Balance pursuant to this Section 4.03(a)(ii) and (ii) amounts previously distributed to such Class in respect of Net Realized Losses for each such Class for such Distribution Datepursuant to Section 4.01(A)(c)(xiv). (b) To Any increase to the extent that Class Principal Balance of a Class of Certificates shall increase the Certificate Insurer has made a payment in respect of Realized Losses and such amount has not previously been reimbursed pursuant to Section 5.01(a)(i)(C), 5.01(a)(ii)(B), 5.01(a)(iii)(B), 5.01(a)(iv)(D) or 5.01(g)(ii), the Certificate Insurer will be subrogated to the rights Balance of the Holders of the Insured Certificates and will be entitled to the amount of any such Realized Losses paid by it to the Insured Certificates that remains unreimbursed prior to any Recoveries being allocated to the Holders of the Insured Certificatesrelated Class pro rata in accordance with each Certificate Percentage Interest.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass THR Certs Series 2003-25)

Recoveries. (a) With respect to any Class of Certificates to which a Realized Loss has been allocated (including any such Class for which the related Class Principal Balance has been reduced to zero), to the Class Principal Balance of such Class will be increased by the amount of related Recoveries a Recovery collected with regard to the related Loan Group allocated to such Class for such Distribution Date as follows: (i) first, the Class Principal Balance of each Class of Senior Certificates related to the Loan Group from which the Recovery was collected, will be increased, pro rata based on Realized Losses allocated to such Class, up to the lesser (i) (x) the excess of Net Realized Losses for previously borne by that Class over (y) the amount of payments received under the Certificate Insurance Policy (that remain unreimbursed) with respect to such Class Realized Loss and (ii) Recoveries for such Distribution Date, and (ii) second, the Class Principal Balance of each Class of Subordinate Certificates will be increased in order of seniority, up to the lesser of Net Realized Losses for each such previously borne by that Class and the amount of Recoveries for such Distribution Date. (b) To the extent that the Certificate Insurer has made a payment in respect of Realized Losses and such amount has not previously been reimbursed pursuant to Section 5.01(a)(i)(C5.01(a)(1)(ii)(B), 5.01(a)(ii)(B5.01(a)(1)(iii)(B), 5.01(a)(iii)(B), 5.01(a)(iv)(D5.01(a)(1)(iv)(B) or 5.01(g)(ii5.01(a)(1)(v)(B), the Certificate Insurer will be subrogated to the rights of the Holders of the Insured Certificates and will be entitled to the amount of any such Realized Losses paid by it to the Insured Certificates that remains unreimbursed prior to any Recoveries being allocated to the Holders of the Insured Certificates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Harborview 2006-Bu1)

Recoveries. (a) With respect to any Class of Certificates to which a Realized Loss has been allocated borne (including any such Class for which the related Class Certificate Principal Balance has been reduced to zero), to the Class Certificate Principal Balance of such Class will be increased by the amount of related Recoveries a Recovery collected with regard to the related Loan Group allocated to such Class for such Distribution Date as follows: (i) first, the Class Certificate Principal Balance of each Class of Senior Certificates related to the Loan Group from which the Recovery was collected, will be increased, pro rata based on Realized Losses borne by such Class, up to the lesser (i) (x) the excess of Net Realized Losses for previously borne by that Class over (y) the amount of payments received under the Certificate Insurance Policy (that remain unreimbursed) with respect to such Class Realized Loss and (ii) Recoveries for such Distribution Date, and (ii) second, the Class Certificate Principal Balance of each Class of Subordinate Certificates will be increased in order of seniority, up to the lesser of Net Realized Losses for each such previously borne by that Class and the amount of Recoveries for such Distribution Date. (b) . To the extent that the Certificate Insurer has made a payment in respect of Realized Losses and such amount has not previously been reimbursed pursuant to Section 5.01(a)(i)(C5.01(a)(1)(i)(B), 5.01(a)(ii)(B5.01(a)(1)(ii)(B), 5.01(a)(iii)(B), 5.01(a)(iv)(D5.01(a)(1)(iii)(B) or 5.01(g)(ii5.01(a)(1)(iv)(B), the Certificate Insurer will be subrogated to the rights of the Holders of the Insured Certificates and will be entitled to the amount of any such Realized Losses paid by it to the Insured Certificates that remains unreimbursed prior to any Recoveries being allocated to the Holders of the Insured Certificates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (DSLA Mortgage Loan Trust 2005-Ar6)

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