Principal Reduction definition
Principal Reduction. With respect to any Distribution Date and for each Loan Group, the sum of the Principal Remittance Amount and any Realized Losses from the Mortgage Loans in the related Loan Group, less any Subsequent Recoveries from the Mortgage Loans in the related Loan Group. Principal Reductions shall consist proportionately of principal allocations comprising the Principal Remittance Amount and Realized Losses, and the REMIC 1 Interest allocated a principal payment shall receive such payment on such Distribution Date and shall have its principal balance reduced by an allocation of Realized Losses.
Principal Reduction means a reduction in the principal amount of the Reference Security other than in connection with a scheduled or non-scheduled payment of principal.
Principal Reduction means reductions of the outstanding principal amount hereunder whether by virtue of voluntary, scheduled or mandatory prepayments.
Examples of Principal Reduction in a sentence
ΔY1 = the combined Class II-LT1, II-LTY1 and II-LTY2 Principal Reduction Amount.
Such amount shall be allocated first to the Class II-LTY and II-LTY2 Regular Interests up to the Class Y-1 Principal Reduction Amount and Class Y-2 Principal Reduction Amount, respectively, and thereafter the remainder shall be allocated to the Class II-LT1 Regular Interest.
If coupled with Principal Reduction Assistance component on a first mortgage the amount of the promissory note will be for the combined total of all assistance under both components.
Goals The goal of the Principal Reduction Assistance component is to help homeowners avoid foreclosure by reducing the principal balance of their primary mortgage to either (a) facilitate a permanent loan modification or recast that achieves an affordable monthly mortgage payment or (b) reduces a borrower’s negative equity position to an amount as close to 100% LTV ratio as the amount of per-household assistance will permit.
ΔP = P0 - P1 = the aggregate of the Class LT1, LT2, LT3 and LT4 Principal Reduction Amounts.
More Definitions of Principal Reduction
Principal Reduction means, on each Payment Date, an amount equal to the sum of (i) all Loss Payments, if any, paid or payable by the Reinsurer to the Ceding Insurer on such Payment Date under this Agreement and (ii) any Partial Repayment Amount applied to the Series 2014-2 Notes on such Payment Date.
Principal Reduction means, on each Payment Date, with respect to the Class A Notes, an amount equal to the aggregate Class A Loss Payments on such Payment Date, if any, and with respect to the Class B Notes, an amount equal to the aggregate Class B Loss Payments on such Payment Date, if any provided that the aggregate of all Principal Reductions for each Class of Notes cannot exceed the Original Capital Amount of such Class of Notes.
Principal Reduction means payment to reduce of outstanding principal mortgage balance.
Principal Reduction means a reduction in the
Principal Reduction is defined in Section 2.2(e). “Third Amendment Effective Date” is March 11, 2016.
Principal Reduction. For any Distribution Date, the sum of the Principal Remittance Amount and any Realized Losses from the Mortgage Loans. Principal Reductions shall consist proportionately of principal allocations comprising the Principal Remittance Amount and Realized Losses, and the REMIC 1 Interest allocated a principal payment shall receive such payment on such Distribution Date and shall have its principal balance reduced by an allocation of Realized Losses.
Principal Reduction is any principal payment (including Servicer Advances of principal payments, if any) from the Mortgage Loans in the related Loan Group or any Realized Loss from the Mortgage Loans in the related Loan Group. Principal Reductions shall consist proportionately of principal payments and Realized Losses and an Interest allocated a principal payment shall received such principal payment on such Distribution Date and shall be have its principal balance reduced by an allocation of Realized Losses.
A " Cross-Over Situation" exists if on any Distribution Date (after taking into account principal distributions on such Distribution Date) the IT1 and IT2 Interests corresponding to any Loan Group are in the aggregate less than 1% of the Subordinate Component Balance of the Loan Group to which they correspond. In the event that a Cross-Over Situation exists on any Distribution Date, and the weighted average rate of the outstanding IT1 and IT2 interests is less than the Pass-Through Rate for the Class B Certificates, an Principal Relocation Payment shall be made proportionately made to the outstanding IT1 Interests prior to any other Principal Distributions from each such Loan Group (which will have the effect of increasing the weighted average of the IT1 and IT2). In the event that a Cross-Over Situation exists on any Distribution Date, and the weighted average rate of all outstanding IT1 and IT2 interests is greater than the Pass-Through Rate for the Class B Certificates, an Principal Relocation Payment shall be made proportionately made to the outstanding IT2 Interests prior to any other Principal Distributions from each such Loan Group (which will have the effect of decreasing the weighted average of the IT1 and IT2).