Common use of REMIC III Clause in Contracts

REMIC III. On each Distribution Date, all Realized Losses on the REMIC II Regular Interests for such Distribution Date (or for prior Distribution Dates, to the extent not previously allocated) shall be allocated to the REMIC III Regular Interests in Reverse Sequential Order, with such reductions being allocated among the Class [A-1], Class [A-1A], Class [A-2], Class [A-3-1], Class [A-3-2], Class [A-AB], Class [A-4A] and Class [A-4B] Certificates and the Class A-3-1FL Regular Interest and, in the case of interest, Class [X-1], Class [X-2] and Class [X-Y] Certificates, pro rata, in each case reducing (A) the Certificate Balance of such Class until such Certificate Balance is reduced to zero (in the case of the Class A Certificates, other than the Class [A-3-1FL] Certificates, and the Class A-3-1FL Regular Interest); (B) Unpaid Interest owing to such Class to the extent thereof; and (C) Distributable Certificate Interest owing to such Class, provided that Realized Losses shall not reduce the Aggregate Certificate Balance of the REMIC Regular Certificates and the Class A-3-1FL Regular Interest below the sum of the Aggregate Certificate Balances of the REMIC II Regular Interests; provided, further, that losses allocated to the Class [A-4] Certificates will be applied first to the Class [A-4B] Certificates until such Certificate Balance is reduced to zero and then to the Class [A-4A] Certificates until such Certificate Balance is reduced to zero.

REMIC III. On each Distribution Date, all Realized Losses and Expense Losses on the REMIC II Regular Interests for such Distribution Date (or for prior Distribution Dates, to the extent not previously allocated) shall be allocated to the REMIC III Regular Certificates and the Floating Rate Regular Interests in Reverse Sequential Order, with such reductions being allocated (A) among the Class [A-1], Class [A-1A], Class [A-2], Class [A-3-1], Class [A-3-2], Class [A-AB], Class [A-4A] A-3 and Class [A-4B] A-4 Certificates and the Class A-3-1FL Regular Interest and, in the case of interest, the Class [X-1], Class [X-2] X-1 and Class [XX-2 Certificates, pro rata (treating principal and interest losses separately), (B) among the Class A-Y] M Certificates, the Class A-MA Certificates and the Class A-MFL Regular Interest, pro rata, and (C) among the Class A-J Certificates, the Class A-JA Certificates and the Class A-JFL Regular Interest, pro rata, in each case of clauses (A), (B) and (C), reducing (Ax) the Certificate Balance of such Class (excluding the Class X Certificates) until such Certificate Balance is reduced to zero (in the case of the Class A Certificates, other than the Class [A-3-1FL] Certificates, and the Class A-3-1FL Regular Interest)zero; (By) Unpaid Interest owing to such Class to the extent thereof; and (Cz) Distributable Certificate Interest owing to such Class, provided that Realized Losses and Expense Losses shall not reduce the Aggregate Certificate Balance of the REMIC Regular Certificates and the Class A-3-1FL Floating Rate Regular Interest Interests below the sum of the Aggregate Certificate Balances of the REMIC II Regular Interests; provided, further, that losses allocated to the Class [A-4] Certificates will be applied first to the Class [A-4B] Certificates until such Certificate Balance is reduced to zero and then to the Class [A-4A] Certificates until such Certificate Balance is reduced to zero.

REMIC III. On each Distribution Date, all Realized Losses and Expense Losses on the REMIC II Regular Interests for such Distribution Date (or for prior Distribution Dates, to the extent not previously allocated) shall be allocated to the REMIC III Regular Interests Certificates and the Class A-MFL Regular Interest in Reverse Sequential Order, with such reductions being allocated among the Class [A-1], Class [A-1A], Class [A-2], Class [A-3A-1]NM, Class [A-3-2], Class [A-AB], Class [A-4A] AB and Class [A-4B] Certificates and the Class A-3-1FL Regular Interest andCxxxx X-0 Xxxxxxxxxxxx xxx, in the case of interest, Class [X-1], Class [X-2] X-2 and Class [X-Y] W Certificates, pro ratarata (treating principal and interest losses separately), in each case reducing (A) the Certificate Balance of such Class (excluding the Class X Certificates) until such Certificate Balance is reduced to zero (in the case of the Class A Certificates, other than the Class [A-3-1FL] Certificates, and the Class A-3-1FL Regular Interest)zero; (B) Unpaid Interest owing to such Class to the extent thereof; and (C) Distributable Certificate Interest owing to such Class, provided that Realized Losses and Expense Losses shall not reduce the Aggregate Certificate Balance of the REMIC Regular Certificates and the Class A-3A-1FL MFL Regular Interest below the sum of the Aggregate Certificate Balances of the REMIC II Regular Interests; provided, further, that losses allocated to the Class [A-4] Certificates will be applied first to the Class [A-4B] Certificates until such Certificate Balance is reduced to zero and then to the Class [A-4A] Certificates until such Certificate Balance is reduced to zero.

REMIC III. On each Distribution Date, all Realized Losses on the REMIC II Regular Interests for such Distribution Date (or for prior Distribution Dates, to the extent not previously allocated) shall be allocated to the REMIC III Regular Interests in Reverse Sequential Order, with such reductions being allocated among the Class [A-1], Class [A-1A], Class [A-2], Class [A-3-1], Class [A-3-2], Class [A-AB], Class [A-4A] and Class [A-4B] Certificates and the Class A-3-1FL Regular Interest and, in the case of interest, Class [X-1], Class [X-2] and Class [X-Y] Certificates, pro rata, in each case reducing (A) first, the Certificate Balance of such Class until such Certificate Balance is reduced to zero (in the case of the Class A Certificates, REMIC III Regular Interests other than the Class [A-3-1FL] X Certificates, and the Class A-3-1FL Regular Interest); (B) second, Unpaid Interest owing to such Class to the extent thereof; thereof and (C) third, Distributable Certificate Interest owing to such Class, provided, that such reductions shall be allocated among the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-AB Certificates, Class A-4 Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata, based upon their outstanding Certificate Balances or accrued interest, as the case may be, and provided further, that Realized Losses shall not reduce the Aggregate Certificate Balance of the REMIC Regular Certificates and the Class A-3-1FL Regular Interest below the sum of the Aggregate Certificate Balances of the REMIC II Regular Interests; provided, further, that losses allocated to the Class [A-4] Certificates will be applied first to the Class [A-4B] Certificates until such Certificate Balance is reduced to zero and then to the Class [A-4A] Certificates until such Certificate Balance is reduced to zero.

REMIC III. On each Distribution Date, all Realized Losses on the REMIC II Regular Interests for such Distribution Date (or for prior Distribution Dates, to the extent not previously allocated) shall be allocated to the REMIC III Regular Interests in Reverse Sequential Order, with such reductions being allocated among the Class [A-1], Class [A-1A], Class [A-2], Class [A-3-1], Class [A-3-2], Class [A-AB], Class [A-4A] A-4A and Class [A-4B] A-4B Certificates and the Class A-3-1FL Regular Interest and, in the case of interest, Class [X-1], Class [X-2] X-2 and Class [X-Y] Y Certificates, pro rata, in each case reducing (A) the Certificate Balance of such Class until such Certificate Balance is reduced to zero (in the case of the Class A Certificates, other than the Class [A-3-1FL] 1FL Certificates, and the Class A-3-1FL Regular Interest); (B) Unpaid Interest owing to such Class to the extent thereof; and (C) Distributable Certificate Interest owing to such Class, provided that Realized Losses shall not reduce the Aggregate Certificate Balance of the REMIC Regular Certificates and the Class A-3-1FL Regular Interest below the sum of the Aggregate Certificate Balances of the REMIC II Regular Interests; provided, further, that losses allocated to the Class [A-4] A-4 Certificates will be applied first to the Class [A-4B] A-4B Certificates until such Certificate Balance is reduced to zero and then to the Class [A-4A] A-4A Certificates until such Certificate Balance is reduced to zero.

REMIC III. On each Distribution Date, all Realized Losses and Expense Losses on the REMIC II Regular Interests for such Distribution Date (or for prior Distribution Dates, to the extent not previously allocated) shall be allocated to the REMIC III Regular Interests Certificates and the Class A-MFL Regular Interest in Reverse Sequential Order, with such reductions being allocated among the Class [A-1], Class [A-1A], Class [A-2], Class [A-3A-1]NM, Class [A-3-2], Class [A-AB]AB and Claxx X-0 Xxxxxxxxxxxx xxx, Class [A-4A] and Class [A-4B] Certificates and the Class A-3-1FL Regular Interest and, in xn the case of interest, Class [X-1], Class [X-2] X-2 and Class [X-Y] W Certificates, pro ratarata (treating principal and interest losses separately), in each case reducing (A) the Certificate Balance of such Class (excluding the Class X Certificates) until such Certificate Balance is reduced to zero (in the case of the Class A Certificates, other than the Class [A-3-1FL] Certificates, and the Class A-3-1FL Regular Interest)zero; (B) Unpaid Interest owing to such Class to the extent thereof; and (C) Distributable Certificate Interest owing to such Class, provided that Realized Losses and Expense Losses shall not reduce the Aggregate Certificate Balance of the REMIC Regular Certificates and the Class A-3A-1FL MFL Regular Interest below the sum of the Aggregate Certificate Balances of the REMIC II Regular Interests; provided, further, that losses allocated to the Class [A-4] Certificates will be applied first to the Class [A-4B] Certificates until such Certificate Balance is reduced to zero and then to the Class [A-4A] Certificates until such Certificate Balance is reduced to zero.