Allocation of Tranche Write-up Amounts to the Reference Tranches Clause Samples

The "Allocation of Tranche Write-up Amounts to the Reference Tranches" clause defines how increases in the value or notional amount of certain tranches are distributed among the reference tranches in a structured finance transaction. Typically, this clause outlines the methodology for allocating any positive adjustments, such as recoveries or write-ups, specifying the order and proportion in which each reference tranche benefits from these increases. Its core practical function is to ensure a transparent and agreed-upon process for distributing gains, thereby preventing disputes and ensuring all parties understand how value adjustments are handled within the capital structure.
Allocation of Tranche Write-up Amounts to the Reference Tranches. On each Payment Date on or prior to the Termination Date, the Tranche Write-up Amount, if any, for such Payment Date will be allocated to increase the Class Notional Amount of each Class of Reference Tranche in the following order of priority until the cumulative Tranche Write-up Amounts allocated to each such Class of Reference Tranche is equal to the cumulative Tranche Write-down Amounts previously allocated to such Class of Reference Tranche on or prior to such Payment Date: (i) first, to the Class A-H Reference Tranche, (ii) second, to the Class M-1 and Class M-1H Reference Tranches, pro rata, based on their Class Notional Amounts immediately prior to such Payment Date, (iii) third, to the Class M-2 and Class M-2H Reference Tranches, pro rata, based on their Class Notional Amounts immediately prior to such Payment Date, (iv) fourth, to the Class M-3 and Class M-3H Reference Tranches, pro rata, based on their Class Notional Amounts immediately prior to such Payment Date, and (v) fifth, to the Class B and Class B-H Reference Tranches, pro rata, based on their Class Notional Amounts immediately prior to such Payment Date.
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Allocation of Tranche Write-up Amounts to the Reference Tranches. (i) On each Payment Date on or prior to the Group 1 Termination Date, after allocation of the Senior Reduction Amount, Subordinate Reduction Amount and Tranche Write-down Amounts with respect to Loan Group 1, the related Tranche Write-up Amount, if any, for such Payment Date will be allocated to increase the Class Notional Amount of each Group 1 Reference Tranche in the following order of priority until the cumulative Tranche Write-up Amount allocated to each such Reference Tranche is equal to the cumulative Tranche Write-down Amount previously allocated to such Group 1 Reference Tranche on or prior to such Payment Date: (A) first, to the Class 1A-H Reference Tranche, (B) second, to the Class 1M-1 and Class 1M-1H Reference Tranches, pro rata, based on their Class Notional Amounts, (C) third, to the Class 1M-2A and Class 1M-AH Reference Tranches, pro rata, based on their Class Notional Amounts, (D) fourth, to the Class 1M-2B and Class 1M-BH Reference Tranches, pro rata, based on their Class Notional Amounts, (E) fifth, to the Class 1M-2C and Class 1M-CH Reference Tranches, pro rata, based on their Class Notional Amounts, (F) sixth, to the Class 1B-1 and Class 1B-1H Reference Tranches, pro rata, based on their Class Notional Amounts, and (G) seventh, to the Class 1B-2H Reference Tranche. (ii) On each Payment Date on or prior to the Group 2 Termination Date, after allocation of the Senior Reduction Amount, Subordinate Reduction Amount and Tranche Write-down Amounts with respect to Loan Group 2, the related Tranche Write-up Amount, if any, for such Payment Date will be allocated to increase the Class Notional Amount of each Group 2 Reference Tranche in the following order of priority until the cumulative Tranche Write-up Amount allocated to each such Reference Tranche is equal to the cumulative Tranche Write-down Amount previously allocated to such Group 2 Reference Tranche on or prior to such Payment Date: (A) first, to the Class 2A-H Reference Tranche, (B) second, to the Class 2M-1 and Class 2M-1H Reference Tranches, pro rata, based on their Class Notional Amounts, (C) third, to the Class 2M-2A and Class 2M-AH Reference Tranches, pro rata, based on their Class Notional Amounts, (D) fourth, to the Class 2M-2B and Class 2M-BH Reference Tranches, pro rata, based on their Class Notional Amounts, (E) fifth, to the Class 2M-2C and Class 2M-CH Reference Tranches, pro rata, based on their Class Notional Amounts, (F) sixth, to the Class 2B-1 and Class 2B-1H Reference...
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