Common use of Allocation Formula Clause in Contracts

Allocation Formula. The Settlement Payment shall be allocated by the Accepting Trustees among the Settlement Trusts. The Accepting Trustees shall jointly retain the Expert to make any determinations and perform any calculations that are required in connection with the allocation of the Settlement Payment among the Settlement Trusts. For avoidance of doubt, for the purpose of this Section 3.05, (i) the calculations shall be performed without regard to whether the Trust is a Settlement Trust or Non-Settling Trust, (ii) JPMorgan shall bear no responsibility for making any determination or calculation set forth in this Section 3.05, and (iii) the Accepting Trustees may fully and conclusively rely on such Expert’s determinations and calculations without any obligation to independently re-verify the same. If the Mortgage Loans held by any Trust are divided by the Governing Agreements into loan groups, so that ordinarily only certain classes of Investors benefit from the proceeds of particular loan groups, those loan groups shall be deemed to be separate Trusts for purposes of the allocation and distribution of the Settlement Payment. For purposes of this calculation, the Trustees shall instruct the Expert to apply the following allocation formula: (a) First, the Expert shall calculate the amount of Net Losses for each Trust (“Individual Trust Loss”). In determining Net Losses, past and expected future reimbursements by monoline or other third party insurers or credit enhancement providers to a Trust shall not be considered in the calculation. (b) Second, the “Adjusted Individual Trust Loss” shall be (i) for each Bear ▇▇▇▇▇▇▇ and Chase Trust, the Individual Trust Loss; and (ii) for each JPMorgan Trust, the Individual Trust Loss less 90% of the Net Losses associated with the Selected Third Party Originators. For the avoidance of doubt, (x) in calculating the Adjusted Individual Trust Loss of the JPMorgan Trusts, the Net Losses of the JPMorgan Trusts associated with originators other than the Selected Third Party Originators shall not be discounted, and

Allocation Formula. The Settlement Payment shall be allocated by the Accepting Trustees among Trustee amongst the Settlement Covered Trusts. The Accepting Trustees Trustee shall jointly retain a qualified financial advisor (the Expert “Expert”) to make any determinations and perform any calculations that are required in connection with the allocation of the Settlement Payment among the Settlement Covered Trusts. For avoidance of doubt, for the purpose purposes of this Section 3.05Subparagraph 3(c), (i) the calculations term “Covered Trust” shall be performed without regard to whether include any Excluded Covered Trusts. To the extent that the collateral in any Covered Trust is a Settlement Trust or Non-Settling Trust, (ii) JPMorgan shall bear no responsibility for making any determination or calculation set forth in this Section 3.05, and (iii) the Accepting Trustees may fully and conclusively rely on such Expert’s determinations and calculations without any obligation to independently re-verify the same. If the Mortgage Loans held by any Trust are divided by the Governing Agreements into loan groups, groups of loans (“Loan Groups”) so that ordinarily only certain classes of Investors benefit from the proceeds of particular loan groupsLoan Groups, those loan groups Loan Groups shall be deemed to be separate Covered Trusts for purposes of the allocation and distribution of the Settlement Paymentmethodologies set forth below. For purposes of this calculation, the Trustees The Trustee shall instruct the Expert to apply the following allocation formula: (ai) First, the Expert shall calculate the amount of Net Losses net losses for each Covered Trust that have been or are estimated to be borne by that trust from its inception date to its expected date of termination as a percentage of the sum of the net losses that are estimated to be borne by all Covered Trusts from their inception dates to their expected dates of termination (such amount, the “Individual Trust LossNet Loss Percentage”). In determining Net Losses, past and expected future reimbursements by monoline or other third party insurers or credit enhancement providers to a Trust shall not be considered in the calculation.; (bii) Second, the Expert shall calculate the “Adjusted Individual Allocable Share” of the Settlement Payment for each Covered Trust Loss” by multiplying (A) the amount of the Settlement Payment by (B) the Net Loss Percentage for such Covered Trust, expressed as a decimal; provided that the Expert shall be entitled to make adjustments to the Allocable Share of each Covered Trust to ensure that the effects of rounding do not cause the sum of the Allocable Shares for all Covered Trusts to exceed the applicable Settlement Payment; (iiii) for each Bear ▇▇▇▇▇▇▇ and Chase TrustThird, if applicable, the Individual Trust Loss; and (ii) for each JPMorgan Trust, Expert shall calculate the Individual Trust Loss less 90% portion of the Net Losses associated with Allocable Share that relates to principal-only certificates or notes and the Selected Third Party Originators. For the avoidance of doubt, (x) in calculating the Adjusted Individual Trust Loss portion of the JPMorgan Trusts, Allocable Share that relates to all other certificates or notes; and (iv) The Expert shall calculate the Net Losses Allocable Share within ninety (90) days of the JPMorgan Trusts associated with originators other than the Selected Third Party Originators shall not be discounted, andApproval Date.

Allocation Formula. The Settlement Payment shall be allocated by the Accepting Trustees among the Settlement Trusts. The Accepting Trustees shall jointly retain the Expert to make any determinations and perform any calculations that are required in connection with the allocation of the Settlement Payment among the Settlement Trusts. For avoidance of doubt, for the purpose of this Section 3.05, (i) the calculations shall be performed without regard to whether the Trust is a Settlement Trust or Non-Settling Trust, and (ii) JPMorgan shall bear no responsibility for making any determination or calculation set forth in this Section 3.05, and (iii) the Accepting Trustees may fully and conclusively rely on such Expert’s determinations and calculations without any obligation to independently re-verify the same. If the Mortgage Loans held by any Trust are divided by the Governing Agreements into loan groups, so that ordinarily only certain classes of Investors benefit from the proceeds of particular loan groups, those loan groups shall be deemed to be separate Trusts for purposes of the allocation and distribution of the Settlement Payment. For purposes of this calculation, the Trustees shall instruct the Expert to apply the following allocation formula: (a) First, the Expert shall calculate the amount of Net Losses for each Trust (“Individual Trust Loss”). In determining Net Losses, past and expected future reimbursements by monoline or other third party insurers or credit enhancement providers to a Trust shall not be considered in excluded from the calculation. (b) Second, the “Adjusted Individual Trust Loss” shall be (i) for each Bear ▇▇▇▇▇▇▇ and Chase Trust, the Individual Trust Loss; and (ii) for each JPMorgan Trust, the Individual Trust Loss less 90% of the Net Losses associated with the Selected Third Party Originators. For the avoidance of doubt, (x) in calculating the Adjusted Individual Trust Loss of the JPMorgan Trusts, the Net Losses of the JPMorgan Trusts associated with originators other than the Selected Third Party Originators shall not be discounted. (c) Third, andthe “Total Adjusted Trust Losses” shall be the sum of the Adjusted Individual Trust Losses for all Trusts. (d) Fourth, the “Trust Allocated Settlement Percentage” for each Trust shall be the Adjusted Individual Trust Loss for such Trust divided by the Total Adjusted Trust Losses. (e) Fifth, the “Trust Allocable Share” for each Trust shall be the Gross Settlement Amount multiplied by the Trust Allocated Settlement Percentage for such Trust. In performing the calculations described above, the Expert shall be permitted to make such adjustments as are necessary to ensure that the effects of rounding do not cause the sum of the Allocable Shares for all Settlement Trusts to exceed the amount of the Settlement Payment. The Expert shall calculate the final Allocable Share for each Trust within ninety (90) days of the later of the Acceptance Date of the last Accepting Trustee or the day of the last Final Court Approval for any Trust that is subject to a judicial instruction proceeding (the “Final Expert Calculation”).