Modification Losses Clause Samples

Modification Losses. Notwithstanding anything in the Standard Terms or this Trust Agreement to the contrary, in the event that the Note Rate on a Mortgage Loan is reduced as a result of a modification, waiver or amendment of the terms of such Mortgage Loan, whether agreed to by any Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving the related Borrower, such modification, waiver or amendment shall be disregarded for purposes of calculating the Certificate Rate on any Class of Certificates.

Modification Losses. Notwithstanding anything in the Standard Terms or this Trust Agreement to the contrary, in the event that the Note Rate on a Mortgage Loan is reduced as a result of a modification, waiver or amendment of the terms of such Mortgage Loan, whether agreed to by any Servicer or resulting from a bankruptcy, insolvency or similar proceeding involving the related Borrower, such modification, waiver or amendment shall be disregarded for purposes of calculating the Certificate Rate on any Class of Certificates. Any shortfall resulting from any such modification, waiver or amendment, however, shall be allocated first, in reverse order of numerical designation, to the Subordinate Certificates in reduction of the Accrued Certificate Interest on such Class or Classes of Subordinate Certificates, second, in reverse order of numerical designation, to the Subordinate Certificates in reduction of the Certificate Balance of each such Class or Classes of the Subordinate Certificates, third, to the Class 1A2 Certificates in reduction of the Accrued Certificate Interest on such Class, and fourth, to the Class 1A2 Certificates in reduction of the Certificate Balance thereof. Any such remaining shortfalls will be borne by the Class 1A1 Certificates in reduction of the Accrued Certificate Interest on such Class, and then in reduction of the Certificate Balance thereof.

Modification Losses. In the event that the Note Rate on a Mortgage Loan is reduced as a result of a modification of the terms of such Mortgage Loan, such modification shall be disregarded for purposes of calculating the Certificate Rate on any Class of the REMIC 1 Regular Interests and the Class B1, Class B2, Class B3, Class B4, Class B5 and Class B6 Certificates. Any shortfall resulting from any such modifications, however, shall be treated as a Realized Loss occurring on each Distribution Date and shall be applied to reduce the Certificate Balances of the REMIC 1 Regular Interests and the Class B1, Class B2, Class B3, Class B4, Class B5 and Class B6 Certificates in the manner and order of priority set forth above.

Modification Losses. In the event that the Note Rate on a Mortgage Loan is reduced as a result of a modification of the terms of such Mortgage Loan, such modification shall be disregarded for purposes of calculating the Certificate Rate on any Class of Certificates. Any shortfall resulting from any such modifications – including modifications that would forgive the payment of principal or interest – of defaulted Mortgage Loans (or Mortgage Loans for which default is reasonably foreseeable), however, shall be treated as a Realized Loss occurring on each Distribution Date and shall be applied to reduce the Certificate Balances of the Certificates in the manner and order of priority set forth above.