REMIC I Realized Losses. For any Distribution Date, Realized Losses on Mortgage Loans in Loan Group I for the related Due Period shall be allocated to REMIC I Regular Interests LT1, LT2, LT3 and LT4 as follows: The interest portion of such Realized Losses, if any, shall be allocated to such REMIC I Regular Interests, pro rata according to the amount of interest accrued but unpaid thereon, in reduction thereof. Any interest portion of such Realized Losses in excess of the amount allocated pursuant to the preceding sentence shall be treated as a principal portion of Realized Losses not attributable to any specific Mortgage Loan and allocated pursuant to the succeeding sentences. The principal portion of such Realized Losses shall be allocated to such REMIC I Regular Interests as follows: (1) first, to REMIC I Regular Interests LT2, LT3 and LT4, pro rata according to their respective REMIC I Principal Reduction Amounts, provided that such allocation to such REMIC I Regular Interests shall not exceed their respective REMIC I Principal Reduction Amounts for such Distribution Date, and (2) second, any Realized Losses not allocated to such REMIC I Regular Interests pursuant to the proviso of clause (1) above shall be allocated to REMIC I Regular Interest LT1.
REMIC I Realized Losses. All Realized Losses on the Mortgage Loans shall be allocated first, on each Distribution Date, to REMIC I Regular Interest A-I until such REMIC I Regular Interest has been reduced to zero. Second, Realized Losses shall be allocated to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-59-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated pro rata between such REMIC I Regular Interests. REMIC I Regular Interest. Any of the separate non-certificated beneficial ownership interests in REMIC I issued hereunder and designated as a "regular interest" in REMIC I. Each REMIC I Regular Interest shall accrue interest at the related Uncertificated REMIC I Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary Statement hereto. The designations for the respective REMIC I Regular Interests are set forth in the Preliminary Statement hereto. REMIC I Regular Interest A-I: A regular interest in REMIC I that is held as an asset of REMIC II, that has an initial principal balance equal to the related Uncertificated Principal Balance, that bears interest at the related Uncertificated REMIC I Pass-Through Rate, and that has such other terms as are described herein.
REMIC I Realized Losses. Realized Losses on each Loan Group shall be allocated to the Uncertificated REMIC I Regular Interests as follows: (1) the interest portion of Realized Losses on Group I Loans, if any, shall be allocated among the REMIC I Regular Interests Y-I and REMIC I Regular Interests Z-I pro rata according to the amount of interest accrued but unpaid thereon, in reduction thereof; (2) the interest portion of Realized Losses on Group II Loans, if any, shall be allocated among the REMIC I Regular Interests Y-II and REMIC I Regular Interests Z-II pro rata according to the amount of interest accrued but unpaid thereon, in reduction thereof; (3) the interest portion of Realized Losses on Group III Loans, if any, shall be allocated among the REMIC I Regular Interests Y-III and REMIC I Regular Interests Z-III pro rata according to the amount of interest accrued but unpaid thereon, in reduction thereof; and (4) the interest portion of Realized Losses on Group IV Loans, if any, shall be allocated among the REMIC I Regular Interests Y-IV and REMIC I Regular Interests Z-IV pro rata according to the amount of interest accrued but unpaid thereon, in reduction thereof. Any interest portion of such Realized Losses in excess of the amount allocated pursuant to the preceding sentence shall be treated as a principal portion of Realized Losses not attributable to any specific Mortgage Loan in such Loan Group and allocated pursuant to the succeeding sentences. The principal portion of Realized Losses with respect to each Loan Group shall be allocated to the Uncertificated REMIC I Regular Interests as follows: (1) the principal portion of Realized Losses on Group I Loans shall be allocated, first, to the REMIC I Regular Interests Y-I to the extent of the REMIC I Y-I Principal Reduction Amount in reduction of the Uncertificated Principal Balance of such Uncertificated REMIC I Regular Interests and, second, the remainder, if any, of such principal portion of such Realized Losses shall be allocated to the REMIC I Regular Interests Z-I in reduction of the Uncertificated Principal Balance thereof; (2) the principal portion of Realized Losses on Group II Loans shall be allocated, first, to the REMIC I Regular Interests Y-II to the extent of the REMIC I Y-II Principal Reduction Amount in reduction of the Uncertificated Principal Balance of such Uncertificated REMIC I Regular Interests and, second, the remainder, if any, of such principal portion of such Realized Losses shall be allocated to the ...
Examples of REMIC I Realized Losses in a sentence
Realized Losses shall be allocated among the Uncertificated REMIC I Regular Interests as specified in the definition of REMIC I Realized Losses.
All Realized Losses on the Contracts shall be allocated to the REMIC I Regular Interests in accordance with the definition of REMIC I Realized Losses.
More Definitions of REMIC I Realized Losses
REMIC I Realized Losses. For any Distribution Date, Realized Losses on the Group 1, Group 2, Group 3, Group 4, Group 5 or Group 6 Mortgage Loans for the related Collection Period shall be allocated to the REMIC I Regular Interests in reduction of interest accrued thereon and the principal balances thereof in accordance with the provisions of the definition of Realized Loss.
REMIC I Realized Losses. All Realized Losses on the Mortgage Loans shall be allocated first, on each Distribution Date, to REMIC I Regular Interest A-I until such REMIC I Regular Interest has been reduced to zero. Second, Realized Losses shall be allocated to REMIC I Regular Interest I-1-A through REMIC I Regular Interest I-42-B, starting with the lowest numerical denomination until such REMIC I Regular Interest has been reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Realized Losses shall be allocated pro rata between such REMIC I Regular Interests.
REMIC I Realized Losses. For any Distribution Date, Realized Losses on the Group I Loans for the related Due Period shall be allocated to the REMIC I Regular Interest in reduction of the principal balance thereof until such principal balance has been reduced to zero.
REMIC I Realized Losses. For any Distribution Date, Realized Losses on the Mortgage Loans for the related Due Period shall be allocated, as follows: The Interest Realized Losses, if any, shall be allocated pro rata to accrued interest on the REMIC I Regular Interest to the extent of such accrued interest. Any remaining Interest Realized Losses and any Principal Realized Losses shall be treated as Principal Realized Losses and allocated (i) to the REMIC I Regular Interest LT2, REMIC I Regular Interest LT3 and REMIC I Regular Interest LT4 REMIC I Regular Interests pro rata according to their respective Principal Reduction Amounts, provided that such allocation to each of the REMIC I Regular Interest LT2, REMIC I Regular Interest LT3 and REMIC I Regular Interest LT4 shall not exceed their respective Principal Reduction Amounts for such Distribution Date, and (ii) any Realized Losses not allocated to either the REMIC I Regular Interest LT2, REMIC I Regular Interest LT3, or REMIC I Regular Interest LT4 pursuant to the proviso of clause (i) shall be allocated to the REMIC I Regular Interest LT1.
REMIC I Realized Losses. Realized Losses on Mortgage Loans shall be allocated to the REMIC I Regular Interests as follows:
REMIC I Realized Losses. For any Distribution Date, Realized Losses on the Mortgage Loans for the prior calendar month shall be allocated as follows: The interest portion of Realized Losses, if any, shall be allocated among the classes of REMIC I Certificates pro-rata according to the interest accruing thereon at the REMIC I Remittance Rate thereon to the extent of such interest accruing thereon at the REMIC I Remittance Rate in reduction thereof. Any interest Realized Losses in excess of the amount allocated pursuant to the preceding sentence shall be treated as principal Realized Losses not attributable to any specific Mortgage Loan and allocated pursuant to the succeeding sentences. The principal Realized Losses shall be allocated (i) to the Class [____], Class [____], Class [____] and Class [____] Certificates pro-rata according to their respective principal balances, provided that such allocation to each of the Class [____], Class [____] and Class [____] Certificates shall not exceed their respective Class [____] Principal Reduction Amounts for such Distribution Date, and (ii) any principal Realized Losses not allocated to either the Class [____], Class [____], or Class [____] Certificates pursuant to the proviso of clause (i) shall be allocated to the Class [____] Certificates.
REMIC I Realized Losses. For any Distribution Date, Realized Losses on the Mortgage Loans in each Loan Group for the Prior Period shall be allocated as follows: The interest portion of Realized Losses, if any, shall be allocated among the classes of REMIC I Regular Interests related to such Loan Group pro rata according to the interest accrued thereon during the Prior Period to the extent of such accrued interest in reduction thereof. Any interest portion of Realized Losses in excess of the amount allocated pursuant to the preceding sentence shall be treated as Realized Losses of principal not attributable to any specific Mortgage Loan in such Loan Group and allocated pursuant to the succeeding sentences. The applicable Class I-PO Fraction or Class II-PO Fraction of any Realized Loss of principal attributable to a Class I-PO Mortgage Loan or Class II-PO Mortgage Loan, as applicable, shall be allocated to the related Class P-M Interest in reduction of the principal balance thereof. The remainder of the Realized Losses of principal shall be allocated, first, to the Class Y Interest related to the Loan Group to the extent of the applicable Class Y Principal Reduction Amount in reduction of the principal balance of such Interest and, second, the remainder, if any, of such Realized Losses of principal shall be allocated to the related Class Z Interest in reduction of the principal balance thereof.