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 or Class of REMIC Interest. 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 Certificates and REMIC Interests in the manner and order of priority set forth above.
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Samples: Trust Agreement (GSR Mortgage Loan Trust 2007-3f), Trust Agreement (GSR Mortgage Loan Trust 2006-3f), Trust Agreement (Gs Mortgage Securities Corp. Gsaa Trust 2004-Cw1)
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 or Class of REMIC InterestCertificates. 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 Certificates and REMIC Interests in the manner and order of priority set forth above.
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Samples: Servicing and Trust Agreement (GSAA Home Equity Trust 2007-9), Trust Agreement (Gs Mortgage Securities Corp Mort Pass THR Ce Ser 2002-11f), Trust Agreement (Gs Mortgage Securities Corp Loan Trust 2003-6f)
Modification Losses. In the event that the Note Mortgage Interest 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 Interest Rate on any Class of Certificates or Class of REMIC Interest. 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 Certificates and REMIC Interests in the manner and order of priority set forth above.
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