Common use of Priority of Distribution Clause in Contracts

Priority of Distribution. If, after any payments by the Guarantor are made pursuant to Section 7.5, the funds available in the Certificate Accounts with respect to each Trust on any Distribution Date that are required to be included in the Certificate Distribution Amount for such date are insufficient to pay all amounts then due, the available funds will be applied in the following order, in each case to the extent then due and payable with respect to that Trust: (i) Trust Administration Fees and other amounts due to the Trustee; (ii) Securitized Excess Spread (unless previously transferred to an Other Xxxxxx Xxx Trust) and Designated Excess Spread, and, to the extent provided in the related Servicing Contract, Servicing Fees, LPMI Charges and Excess Spread; (iii) reimbursement of Delinquency Advances that were made by the Master Servicer or the Direct Servicer, as applicable, from its own corporate funds and not previously reimbursed, but only to the extent that the Master Servicer or the Direct Servicer deems such Delinquency Advances to be non-recoverable, in accordance with Accepted Servicing Practices, from the Mortgage Loans as to which such Delinquency Advances were made; (iv) the Certificate Interest Distribution Amount; and (v) the Certificate Principal Distribution Amount.

Priority of Distribution. If, after any payments by the Guarantor are made pursuant to Section 7.5, the funds available in the Certificate Accounts with respect to each Trust on any Distribution Date that are required to be included in the Certificate Distribution Amount for such date are insufficient to pay all amounts then due, the available funds will be applied in the following order, in each case to the extent then due and payable with respect to that Trust: (i) Trust Administration Fees and other amounts due to the Trustee; (ii) Securitized Excess Spread (unless previously transferred to an Other Xxxxxx Xxx Mae Trust) and Designated Excess Spread, and, to the extent provided in the related Servicing Contract, Servicing Fees, LPMI Charges and Excess Spread; (iii) reimbursement of Delinquency Advances that were made by the Master Servicer or the Direct Servicer, as applicable, from its own corporate funds and not previously reimbursed, but only to the extent that the Master Servicer or the Direct Servicer deems such Delinquency Advances to be non-recoverable, in accordance with Accepted Servicing Practices, from the Mortgage Loans as to which such Delinquency Advances were made; (iv) the Certificate Interest Distribution Amount; and (v) the Certificate Principal Distribution Amount.

Priority of Distribution. If, after any payments by the Guarantor are made pursuant to Section 7.5, the funds available in the Certificate Accounts with respect to each Trust on any Distribution Date that are required to be included in the Certificate Distribution Amount for such date are insufficient to pay all amounts then due, the available funds will be applied in the following order, in each case to the extent then due and payable with respect to that Trust: (i) Trust Administration Fees and other amounts due to the Trustee; (ii) Securitized Excess Spread (unless previously transferred to an Other Xxxxxx Xxx Mae Trust) and Designated Excess Spread, and, to the extent provided in the related Servicing Contract, Servicing Fees, LPMI Charges and Excess Spread; (iii) reimbursement of Delinquency Advances that were made by the Master Servicer or the Direct Servicer, as applicable, from its own corporate funds and not previously reimbursed, but only to the extent that the Master Servicer or the Direct Servicer deems such Delinquency Advances to be non-recoverable, in accordance with Accepted Servicing Practices, from the Mortgage Loans as to which such Delinquency Advances were made; (iv) the Certificate Interest Distribution Amount; and (v) the Certificate Principal Distribution Amount.