Examples of Group III Subordinate Certificates in a sentence
If there is no overcollateralization at that time, losses on the mortgage loans will be allocated to the Group III Subordinate Certificates, in the reverse order of their priority of payment, until the principal amount of each class of Group III Subordinate Certificates is reduced to zero.
Each class of Group III Subordinate Certificates will be subordinate to each other class of subordinate certificates with a higher payment priority.
Subordination: The Class III-A-1 Certificates will have a payment priority over the Group III Subordinate Certificates.
The Applied Loss Amount with respect to the Group III Certificates for any Distribution Date shall be applied by reducing the Class Principal Balance of each Class of Group III Subordinate Certificates beginning with the Class of Group III Subordinate Certificates then outstanding, other than the Class III-X Certificates, with the lowest relative payment priority, in each case until the respective Class Principal Balance thereof is reduced to zero.
Any Applied Loss Amount with respect to the Group III Certificates allocated to a Class of Group III Subordinate Certificates shall be allocated among the Group III Subordinate Certificates of such Class in proportion to their respective Percentage Interests.
Until all amounts distributable in respect of the Group I Senior, Group II Senior and Group I/II Subordinate Certificates or the Group III Certificates have been distributed in full and the Master Servicer otherwise has fulfilled its obligations under this Agreement, the Trustee or the Custodian shall also retain possession and custody of each related Mortgage File in accordance with and subject to the terms and conditions of this Agreement and the Custodial Agreement.
If the proceeds with respect to the Group III-1 Mortgage Loans are not sufficient to pay all of the Group III-1 Senior Certificates in full, any such deficiency will be allocated first, to the Group III Subordinate Certificates, in inverse order of their numerical designation and then to the Group III-1 Senior Certificates.
If any Group I Senior, Group II Senior or Group I/II Subordinate Certificates as to which notice has been given pursuant to this Section 9.1 shall not have been surrendered for cancellation within six months after the time specified in such notice, the Securities Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with respect thereto.
Any funds not distributed to any Holder or Holders of the Group I Senior, Group II Senior and Group I/II Subordinate Certificates being retired on such Distribution Date because of the failure of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held in trust and credited to the account of the appropriate non-tendering Holder or Holders.
If the proceeds with respect to the Group III-2 Mortgage Loans are not sufficient to pay all of the Group III-2 Senior Certificates in 154 full, any such deficiency will be allocated first, to the Group III Subordinate Certificates, in inverse order of their numerical designation and then to the Group III-2 Senior Certificates.