Net Negative Amortization Amount definition

Net Negative Amortization Amount. For any Distribution Date and any Loan Group, the excess, if any, of (i) the aggregate of Negative Amortization Amounts with respect to the Mortgage Loans in such Loan Group for the Due Date in the calendar month of such Distribution Date over (ii) the sum of (a) Curtailments received during the Prior Period from the Mortgage Loans in such Loan Group and (b) Payoffs received during the applicable Payoff Period from the Mortgage Loans in such Loan Group. For any Distribution Date and Loan Group 1 or Loan Group 2, (a) the Net Negative Amortization Amount for such Distribution Date and such Loan Group shall be allocated to the (i) Class Z-1 Regular Interest (in the case of Loan Group 1) or (ii) Class Z-2 Regular Interest (in the case of Loan Group 2), in reduction of the Interest Distribution Amount for such Class, and (b) the Class Principal Balance of the Class Z-1 Regular Interest or Class Z-2 Regular Interest, as applicable, shall be increased by such Net Negative Amortization Amount allocated thereto for such Distribution Date. For any Distribution Date, (a) the Net Negative Amortization Amount for Loan Group 1 and Loan Group 2 for such Distribution Date shall be allocated to the Class II-LT-1 Regular Interest, in reduction of the Interest Distribution Amount for such Class, and (b) the Class II-LT-1 Principal Balance shall be increased by such Net Negative Amortization Amount for such Distribution Date. For any Distribution Date and each of Loan Group 1 and Loan Group 2, the Net Negative Amortization Amount for such Distribution Date and such Loan Groups shall be allocated among the REMIC III Regular Interests (or Components thereof, as applicable) as follows:

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Net Negative Amortization Amount with respect to a given Distribution Date. For any Distribution Date, the reduction of each Component Principal Balance pursuant to the definition of “Realized Loss” and the increase in a Component Principal Balance pursuant to the definition of “Net Negative Amortization Amount” shall be deemed effective after the determination and distribution of principal in reduction of such Component Principal Balance pursuant to the definition of “REMIC III Distribution Amount.”

Examples of Net Negative Amortization Amount in a sentence

For any Distribution Date and the Class 2A-L and Class 2A-1B-L Regular Interests, a fraction, expressed as a per annum rate, the numerator of which is equal to the product of (i) the amount of interest accrued on the Group 2 Loans at the Loan Group 2 Weighted Average Pass-Through Rate for that Distribution Date less the Net Negative Amortization Amount for Loan Group 2 and (ii) 12, and the denominator of which is equal to the Loan Group 2 Balance for such Distribution Date.
For any Distribution Date and the Class 2A-L Regular Interest, a fraction, expressed as a per annum rate, the numerator of which is equal to the product of (i) the amount of interest accrued on the Group 2 Loans at the Loan Group 2 Weighted Average Pass-Through Rate for that Distribution Date less the Net Negative Amortization Amount for Loan Group 2 and (ii) 12, and the denominator of which is equal to the Loan Group 2 Balance for such Distribution Date.
For any Distribution Date and the Class 2A Certificates, a fraction, expressed as a per annum rate, the numerator of which is equal to the product of (i) the amount of interest accrued on the Group 2 Loans at the Loan Group 2 Weighted Average Pass-Through Rate for that Distribution Date less the Net Negative Amortization Amount for Loan Group 2 and (ii) 12, and the denominator of which is equal to the Loan Group 2 Balance for such Distribution Date.
For any Distribution Date and the Class 3A and the Class 3A-1B Certificates, a fraction, expressed as a per annum rate, the numerator of which is equal to the product of (i) the amount of interest accrued on the Group 3 Loans at the Loan Group 3 Weighted Average Pass-Through Rate for that Distribution Date less the Net Negative Amortization Amount for Loan Group 3 and (ii) 12, and the denominator of which is equal to the Loan Group 3 Balance for such Distribution Date.
For any Distribution Date and the Class DA Group 4 Component and the Class DA-1B Group 4 Component, a fraction, expressed as a per annum rate, the numerator of which is equal to the product of (i) the amount of interest accrued on the Group 4 Loans at the Loan Group 4 Weighted Average Pass-Through Rate for that Distribution Date less the Net Negative Amortization Amount for Loan Group 4 and (ii) 12, and the denominator of which is equal to the Loan Group 4 Balance for such Distribution Date.
For any Distribution Date and the Class DA Group 5 Component and the Class DA-1B Group 5 Component, a fraction, expressed as a per annum rate, the numerator of which is equal to the product of (i) the amount of interest accrued on the Group 5 Loans at the Loan Group 5 Weighted Average Pass-Through Rate for that Distribution Date less the Net Negative Amortization Amount for Loan Group 5 and (ii) 12, and the denominator of which is equal to the Loan Group 5 Balance for such Distribution Date.
For any Distribution Date and the Class 2A Certificates and the Class CA-1B Group 2 Component, a fraction, expressed as a per annum rate, the numerator of which is equal to the product of (i) the amount of interest accrued on the Group 2 Loans at the Loan Group 2 Weighted Average Pass-Through Rate for that Distribution Date less the Net Negative Amortization Amount for Loan Group 2 and (ii) 12, and the denominator of which is equal to the Loan Group 2 Balance for such Distribution Date.
For any Distribution Date and the Class 3A Certificates, a fraction, expressed as a per annum rate, the numerator of which is equal to the product of (i) the amount of interest accrued on the Group 3 Loans at the Loan Group 3 Weighted Average Pass-Through Rate for that Distribution Date less the Net Negative Amortization Amount for Loan Group 3 and (ii) 12, and the denominator of which is equal to the Loan Group 3 Balance for such Distribution Date.
For any Distribution Date and the Class 2A-1A Certificates, a fraction, expressed as a per annum rate, the numerator of which is equal to the product of (i) the amount of interest accrued on the Group 2 Loans at the Loan Group 2 Weighted Average Pass-Through Rate for that Distribution Date less the Net Negative Amortization Amount for Loan Group 2 and (ii) 12, and the denominator of which is equal to the Loan Group 2 Balance for such Distribution Date.
For any Distribution Date and the Class 3A Certificates and the Class CA-1B Group 3 Component, a fraction, expressed as a per annum rate, the numerator of which is equal to the product of (i) the amount of interest accrued on the Group 3 Loans at the Loan Group 3 Weighted Average Pass-Through Rate for that Distribution Date less the Net Negative Amortization Amount for Loan Group 3 and (ii) 12, and the denominator of which is equal to the Loan Group 3 Balance for such Distribution Date.

More Definitions of Net Negative Amortization Amount

Net Negative Amortization Amount. For any Distribution Date, the excess, if any, of (i) the aggregate of Negative Amortization Amounts with respect to the Mortgage Loans for the Due Date in the calendar month of such Distribution Date over (ii) the sum of (a) Curtailments received during the Prior Period from the Mortgage Loans and (b) Payoffs received during the applicable Payoff Period from the Mortgage Loans. For any Distribution Date, (a) the Net Negative Amortization Amount for such Distribution Date shall be allocated to the Class LT1 Regular Interest, in reduction of the Interest Distribution Amount for such Class, and (b) the Class LT1 Principal Balance shall be increased by such Net Negative Amortization Amount for such Distribution Date. For any Distribution Date, the Net Negative Amortization Amount for such Distribution Date shall be allocated among the REMIC II Regular Interests as follows:

Net Negative Amortization Amount with respect to a given Distribution Date; and for any Class of Certificates, the Class Principal Balance of the Corresponding Class of REMIC II Regular Interests. For any Distribution Date, the reduction of the Class Principal Balance of any Class of Certificates and REMIC II Regular Interests pursuant to the definition of “Realized Loss” and the increase in the Class Principal Balance of any Class of Certificates and REMIC II Regular Interests pursuant to the definition of “Net Negative Amortization Amount” shall be deemed effective after the determination and distribution of principal on such Class pursuant to the definition of “REMIC II Distribution Amount.” For any Distribution Date, the reduction of the Class Principal Balance of any Class of REMIC I Regular Interests pursuant to the definition of “Realized Loss” and the increase in the Class Principal Balance of any Class of REMIC I Regular Interests pursuant to the definition of “Net Negative Amortization Amount” shall be deemed effective before the determination and distribution of principal on such Class pursuant to the definition of “REMIC I Distribution Amount.”

Net Negative Amortization Amount. For any Distribution Date and each of Subgroup 1 and Subgroup 2, the excess, if any, of (i) the aggregate of Negative Amortization Amounts with respect to the Mortgage Loans in such Subgroup for the Due Date in the calendar month of such Distribution Date over (ii) the sum of (a) Curtailments received during the Prior Period from the Mortgage Loans in such Subgroup and (b) Payoffs received during the applicable Payoff Period from the Mortgage Loans in such Subgroup. For any Distribution Date, (a) the Net Negative Amortization Amount for such Distribution Date and Subgroup 1 and Subgroup 2 shall be allocated to the Class LT1 Regular Interest, in reduction of the Interest Distribution Amount for such Class, and (b) the Class Principal Balance of such Class of REMIC I Regular Interest shall be increased by the Net Negative Amortization Amount allocated thereto for such Distribution Date. For any Distribution Date and each of Subgroup 1 and Subgroup 2, (a) the Net Negative Amortization Amount for such Distribution Date and such Subgroups shall be allocated as follows:

Net Negative Amortization Amount with respect to a given Distribution Date; and for any Class of Certificates or Components, as applicable, the Class Principal Balance of the Corresponding Class of REMIC II Regular Interests. For any Distribution Date, the reduction of the Class Principal Balance of any Class of Certificates or Components, as applicable, and REMIC I or REMIC II Regular Interests pursuant to the definition of “Realized Loss” and the increase in the Class Principal Balance of any Class of Certificates or Components, as applicable, and REMIC I or REMIC II Regular Interests pursuant to the definition of “Net Negative Amortization Amount” shall be deemed effective after the determination and distribution of principal on such Class pursuant to the definitions of “REMIC I Distribution Amount” and “REMIC II Distribution Amount.”