{"component": "definition", "props": {"groups": [{"snippet_links": [{"key": "with-respect-to", "type": "clause", "offset": [0, 15]}, {"key": "distribution-date", "type": "definition", "offset": [20, 37]}, {"key": "each-loan", "type": "clause", "offset": [46, 55]}, {"key": "sum-of", "type": "clause", "offset": [67, 73]}, {"key": "principal-remittance-amount", "type": "definition", "offset": [78, 105]}, {"key": "the-mortgage-loans", "type": "clause", "offset": [135, 153]}, {"key": "related-loan-group", "type": "definition", "offset": [161, 179]}, {"key": "subsequent-recoveries", "type": "clause", "offset": [190, 211]}, {"key": "principal-reductions", "type": "definition", "offset": [263, 283]}, {"key": "principal-allocations", "type": "clause", "offset": [317, 338]}, {"key": "remic-1-interest", "type": "definition", "offset": [411, 427]}, {"key": "principal-payment", "type": "definition", "offset": [440, 457]}, {"key": "principal-balance", "type": "definition", "offset": [530, 547]}, {"key": "allocation-of-realized-losses", "type": "clause", "offset": [562, 591]}], "size": 9, "samples": [{"hash": "lfUDBWwaGeT", "uri": "/contracts/lfUDBWwaGeT#principal-reduction", "label": "Pooling and Servicing Agreement (Cwabs Inc Asset-Backed Certificates Series 2004-5)", "score": 18.0, "published": true}, {"hash": "8bp6Ff13ILT", "uri": "/contracts/8bp6Ff13ILT#principal-reduction", "label": "Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2004-15)", "score": 18.0, "published": true}, {"hash": "4wA0hMHsIDO", "uri": "/contracts/4wA0hMHsIDO#principal-reduction", "label": "Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2004-7)", "score": 18.0, "published": true}], "snippet": "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. 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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.", "hash": "813c96401582427ba1eaa19ec9bc4d6b", "id": 9}, {"snippet_links": [{"key": "servicer-advances", "type": "clause", "offset": [36, 53]}, {"key": "principal-payments", "type": "definition", "offset": [57, 75]}, {"key": "the-mortgage-loans", "type": "clause", "offset": [90, 108]}, {"key": "related-loan-group", "type": "definition", "offset": [116, 134]}, {"key": "principal-reductions", "type": "definition", "offset": [207, 227]}, {"key": "an-interest", "type": "clause", "offset": [304, 315]}, {"key": "distribution-date", "type": "definition", "offset": [392, 409]}, {"key": "principal-balance", "type": "definition", "offset": [432, 449]}, {"key": "allocation-of-realized-losses", "type": "clause", "offset": [464, 493]}, {"key": "principal-distributions", "type": "clause", "offset": [583, 606]}, {"key": "any-loan", "type": "clause", "offset": [677, 685]}, {"key": "in-the-aggregate", "type": "definition", "offset": [696, 712]}, {"key": "balance-of-the-loan", "type": "definition", "offset": [755, 774]}, {"key": "in-the-event", "type": "clause", "offset": [807, 819]}, {"key": "rate-of", "type": "clause", "offset": [906, 913]}, {"key": "through-rate", "type": "clause", "offset": [974, 986]}, {"key": "the-class-b-certificates", "type": "clause", "offset": [991, 1015]}, {"key": "principal-relocation-payment", "type": "definition", "offset": [1020, 1048]}, {"key": "prior-to", "type": "clause", "offset": [1117, 1125]}, {"key": "effect-of", "type": "definition", "offset": [1207, 1216]}], "size": 1, "samples": [{"hash": "kOmU7CMwXpM", "uri": "/contracts/kOmU7CMwXpM#principal-reduction", "label": "Pooling and Servicing Agreement (Indymac MBS Inc Residential  Asset Sec Trust 2003-A15)", "score": 18.0, "published": true}], "snippet": "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.\nA \" 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).", "hash": "8b96b901f6d1c716b2b6cf6f6dc0b5ca", "id": 10}], "next_curs": "CmASWmoVc35sYXdpbnNpZGVyY29udHJhY3RzcjwLEhpEZWZpbml0aW9uU25pcHBldEdyb3VwX3Y1NiIccHJpbmNpcGFsLXJlZHVjdGlvbiMwMDAwMDAwYQyiAQJlbhgAIAA=", "definition": {"size": 31, "title": "Principal Reduction", "snippet": "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.", "id": "principal-reduction", "examples": ["\u0394Y1 = the combined Class II-LT1, II-LTY1 and II-LTY2 <strong>Principal Reduction</strong> Amount.", "Such amount shall be allocated first to the Class II-LTY and II-LTY2 Regular Interests up to the Class Y-1 <strong>Principal Reduction</strong> Amount and Class Y-2 <strong>Principal Reduction</strong> Amount, respectively, and thereafter the remainder shall be allocated to the Class II-LT1 Regular Interest.", "If coupled with <strong>Principal Reduction</strong> 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 <strong>Principal Reduction</strong> 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\u2019s negative equity position to an amount as close to 100% LTV ratio as the amount of per-household assistance will permit.", "\u0394P = P0 - P1 = the aggregate of the Class LT1, LT2, LT3 and LT4 <strong>Principal Reduction</strong> Amounts.", "Homeowners struggling with unaffordable mortgage payments may be eligible to participate in the <strong>Principal Reduction</strong> Recast/Lien Extinguishment for Unaffordable Mortgages Program and SMRP program to achieve an affordable mortgage payment.", "Programs MRAP will serve as a gateway to other loss mitigation programs including loan modification which may include <strong>principal reduction</strong>, including other HHF Programs and the <strong>Principal Reduction</strong> Program.", "Program Overview <strong>Principal Reduction</strong> Assistance is being administered by the Arizona Department of Housing (\u201cADOH\u201d) on behalf of the Arizona Home Foreclosure Prevention Funding Corporation (\u201cAHFPFC\u201d).", "Such homeowners with unaffordable payments may be considered for <strong>Principal Reduction</strong> Program (\u201cPRP\u201d) assistance.", "\u0394Y3 = the REMIC I Regular Interest LT3 <strong>Principal Reduction</strong> Amount."], "related": [["aggregate-reduction", "Aggregate Reduction", "Aggregate Reduction"], ["appraisal-reduction-amount", "Appraisal Reduction Amount", "Appraisal Reduction Amount"], ["principal-receipts", "Principal Receipts", "Principal Receipts"], ["principal-remittance-amount", "Principal Remittance Amount", "Principal Remittance Amount"], ["principal-relocation-payment", "Principal Relocation Payment", "Principal Relocation Payment"]], "related_snippets": [], "updated": "2025-07-06T21:58:41+00:00"}, "json": true, "cursor": ""}}