Common use of Substitution Adjustment Clause in Contracts

Substitution Adjustment. As to any date on which a substitution occurs pursuant to Section 2.06, the sum of (a) the excess of (i) the aggregate Principal Balances of all Defective Mortgage Loans to be replaced by Eligible Substitute Mortgage Loans (after application of principal payments received on or before the date of substitution of any Eligible Substitute Mortgage Loans as of the date of substitution) over (ii) the Principal Balance of such Eligible Substitute Mortgage Loans and (b) the greater of (x) accrued and unpaid interest (accruing at the Loan Rate for such Defective Mortgage Loan) on such excess through the Due Period relating to the Payment Date for which such Substitution Adjustment will be included as part of Interest Collections and Principal Collections and (y) 30 days’ interest on such excess calculated on a 360-day year in each case at the Loan Rate (or Loan Rate net of the Master Servicing Fee Rate if the Seller is the Master Servicer) and (c) if the Master Servicer is not the Seller, the amount of any unreimbursed Servicing Advances made by the Master Servicer with respect to such Defective Mortgage Loan and (d) the amounts referred to in clauses (iii)(y) and (iv) of the definition of Purchase Price in respect of such Defective Mortgage Loan.

Substitution Adjustment. As to any date on which a substitution occurs pursuant to Section 2.062.05, the sum of (a) the excess of (i) the aggregate Principal Balances of all Defective Mortgage Loans to be replaced by Eligible Substitute Mortgage Loans (after application of principal payments received on or before the date of substitution of any Eligible Substitute Mortgage Loans as of the date of substitution) over (ii) the Principal Balance of such Eligible Substitute Mortgage Loans and (b) the greater of (x) accrued and unpaid interest (accruing at the Loan Rate for such Defective Mortgage Loan) on such excess through the Due Collection Period relating to the Payment Date for which such Substitution Adjustment will be included as part of Interest Collections and Principal Collections Available Funds and (y) 30 days’ interest on such excess calculated on a 360-day year in each case at the Loan Rate (or Loan Rate net of the Master Servicing Fee Rate if the related Seller is the Master Servicer) and (c) if the Master Servicer is not the Seller, related Seller the amount of any unreimbursed Servicing Advances made by the Master Servicer with respect to such Defective Mortgage Loan and (d) the amounts referred to in clauses (iii)(y) and (iv) of the definition of Purchase Price in respect of such Defective Mortgage Loan.

Substitution Adjustment. As to any date on which a substitution occurs pursuant to Section 2.06, the sum of (a) the excess of (i) the aggregate Principal Balances of all Defective Mortgage Loans to be replaced by Eligible Substitute Mortgage Loans (after application of principal payments received on or before the date of substitution of any Eligible Substitute Mortgage Loans as of the date of substitution) over (ii) the Principal Balance of such Eligible Substitute Mortgage Loans and (b) the greater of (x) accrued and unpaid interest (accruing at the Loan Rate for such Defective Mortgage Loan) on such excess through the Due Period relating to the Payment Date for which such Substitution Adjustment will be included as part of Interest Collections and Principal Collections Available Funds and (y) 30 days’ interest on such excess calculated on a 360-day year in each case at the Loan Rate (or Loan Rate net of the Master Servicing Fee Rate if the Seller is the Master Servicer) and (c) if the Master Servicer is not the Seller, the amount of any unreimbursed Servicing Advances made by the Master Servicer with respect to such Defective Mortgage Loan and (d) the amounts referred to in clauses (iii)(y) and (iv) of the definition of Purchase Price in respect of such Defective Mortgage Loan.

Substitution Adjustment. As to any date on which a substitution occurs pursuant to Section 2.062.05, the sum of (a) the excess of (i) the aggregate Principal Balances of all Defective Mortgage Loans to be replaced by Eligible Substitute Mortgage Loans (after application of principal payments received on or before the date of substitution of any Eligible Substitute Mortgage Loans as of the date of substitution) over (ii) the Principal Balance of such Eligible Substitute Mortgage Loans and (b) the greater of (x) accrued and unpaid interest (accruing at the Loan Rate for such Defective Mortgage Loan) on such excess through the Due Collection Period relating to the Payment Date for which such Substitution Adjustment will be included as part of Interest Collections and Principal Collections Available Funds and (y) 30 days’ interest on such excess calculated on a 360-day year in each case at the Loan Rate (or Loan Rate net of the Master Servicing Fee Rate if the related Seller is the Master Servicer) and (c) if the Master Servicer is not the Seller, related Seller the amount of any unreimbursed Servicing Advances made by the Master Servicer with respect to such Defective Mortgage Loan and (d) the amounts referred to in clauses clause (iii)(y) and (ivb) of the definition of Purchase Price in respect of such Defective Mortgage Loan.

Substitution Adjustment. As to any date on which a substitution occurs pursuant to Section 2.062.05, the sum of (a) the excess of (i) the aggregate Principal Balances of all Defective Mortgage Loans to be replaced by Eligible Substitute Mortgage Loans (after application of principal payments received on or before the date of substitution of any Eligible Substitute Mortgage Loans as of the date of substitution) over (ii) the Principal Balance of such Eligible Substitute Mortgage Loans and (b) the greater of (x) accrued and unpaid interest (accruing at the Loan Rate for such Defective Mortgage Loan) on such excess through the Due Period relating to the Payment Date for which such Substitution Adjustment will be included as part of Interest Collections and Principal Collections Available Funds and (y) 30 days’ interest on such excess calculated on a 360-day year in each case at the Loan Rate (or Loan Rate net of the Master Servicing Fee Rate if the related Seller is the Master Servicer) and (c) if the Master Servicer is not the Seller, related Seller the amount of any unreimbursed Servicing Advances made by the Master Servicer with respect to such Defective Mortgage Loan and (d) the amounts referred to in clauses (iii)(y) and (iv) of the definition of Purchase Price in respect of such Defective Mortgage Loan.

Substitution Adjustment. As to any date on which a substitution occurs pursuant to Section 2.06, the sum of (a) the excess of (i) the aggregate Principal Balances of all Defective Mortgage Loans to be replaced by Eligible Substitute Mortgage Loans (after application of principal payments received on or before the date of substitution of any Eligible Substitute Mortgage Loans as of the date of substitution) over (ii) the Principal Balance of such Eligible Substitute Mortgage Loans and (b) the greater of (x) accrued and unpaid interest (accruing at the Loan Rate for such Defective Mortgage Loan) on such excess through the Due Period relating to the Payment Date for which such Substitution Adjustment will be included as part of Interest Collections and Principal Collections Available Funds and (y) 30 days’ ' interest on such excess calculated on a 360-day year in each case at the Loan Rate (or Net Loan Rate net of the Master Servicing Fee Rate if the Seller is the Master Servicer) and (c) if the Master Servicer is not the Seller, the amount of any unreimbursed Servicing Advances made by the Master Servicer with respect to such Defective Mortgage Loan and (d) the amounts referred to in clauses (iii)(y) and (iv) of the definition of Purchase Price in respect of such Defective Mortgage Loan.

Substitution Adjustment. As to any date on which a substitution occurs pursuant to Section 2.062.05, the sum of (a) the excess of (i) the i)the aggregate Principal Balances of all Defective Mortgage Loans to be replaced by Eligible Substitute Mortgage Loans (after application of principal payments received on or before the date of substitution of any Eligible Substitute Mortgage Loans as of the date of substitution) over (ii) the Principal Balance of such Eligible Substitute Mortgage Loans and (b) the greater of (x) accrued and unpaid interest (accruing at the Loan Rate for such Defective Mortgage Loan) on such excess through the Due Period relating to the Payment Distribution Date for which such Substitution Adjustment will be included as part of Interest Collections and Principal Collections Available Funds and (y) 30 days’ ' interest on such excess calculated on a 360-day year in each case at the Loan Rate (or the Loan Rate net of the Master Servicing Fee Rate if the Seller is the Master Servicer) and (c) if the Master Servicer is not the Seller, the amount of any unreimbursed Servicing Advances made by the Master Servicer with respect to such Defective Mortgage Loan and (d) the amounts amount referred to in clauses (iii)(y) and clause (iv) of the definition of Purchase Price in respect of such Defective Mortgage Loan.

Substitution Adjustment. As to any date on which a substitution occurs pursuant to Section 2.06, the sum of (a) the excess of (i) the aggregate Principal Balances of all Defective Mortgage Loans to be replaced by Eligible Substitute Mortgage Loans (after application of principal payments received on or before the date of substitution of any Eligible Substitute Mortgage Loans as of the date of substitution) over (ii) the Principal Balance of such Eligible Substitute Mortgage Loans and (b) the greater of (x) accrued and unpaid interest (accruing at the Loan Rate for such Defective Mortgage Loan) on such excess through the Due Period relating to the Payment Date for which such Substitution Adjustment will be included as part of Interest Collections and Principal Collections and (y) 30 days’ interest on such excess calculated on a 360-day year in each case at the Loan Rate (or Loan Rate net of the Master Servicing Fee Rate if the Seller is the Master Servicer) and (c) if the Master Servicer is not the Seller, the amount of any unreimbursed Servicing Advances made by the Master Servicer with respect to such Defective Mortgage Loan and (d) the amounts referred to in clauses (iii)(y) and (iv) of the definition of Purchase Price in respect of such Defective Mortgage Loan.