Examples of Group III Mortgage Loan in a sentence
During the three-month period beginning on the Startup Date, the Seller shall have the right, but not the obligation, in its sole discretion for any reason, to substitute for any Group I, Group II or Group III Mortgage Loan a Substitute Mortgage Loan meeting the requirements of Section 2.02.
During the three-month period beginning on the Startup Date, the Seller shall have the right, but not the obligation, in its sole discretion for any reason, to substitute for any Group I, Group II or Group III Mortgage Loan, a Substitute Mortgage Loan meeting the requirements of Section 2.02.
On any Distribution Date, the Class A-3 Overcollateralization Amount will be the amount by which the Group III Mortgage Loan Balance exceeds the Class A-3 Note Principal Balance.
Thereafter, Realized Losses on the mortgage loans will be allocated to the Class A-1 Notes (if the realized loss is on a Group I Mortgage Loan), Class A-2 Notes (if the realized loss is on a Group II Mortgage Loan), and the Class A-3 Notes (if the realized loss is on a Group III Mortgage Loan).
On any Distribution Date in which the Group III Mortgage Loan Balance does not exceed the Class A-3 Note Principal Balance by the Class A-3 Required Overcollateralization Amount, Excess Interest Collections will be distributed as principal to the Class A-3 Noteholders to increase the Class A-3 Overcollateralization Amount to the Class A-3 Required Overcollateralization Amount.