Allocation of Realized Losses and Additional Trust Fund Expenses. (a) On each Distribution Date, following the distributions to be made to the Class FM Certificateholders on such date pursuant to Section 4.01(j), the Trustee shall determine with respect to the FM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the FM Component Mortgage Loan Senior Balance and (B) the FM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the FM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the FM Component Mortgage Loan, then the FM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the FM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class SM Certificateholders on such date pursuant to Section 4.01(k), the Trustee shall determine with respect to the SM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the SM Component Mortgage Loan Senior Balance and (B) the SM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the SM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the SM Component Mortgage Loan, then the SM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the SM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class LM Certificateholders on such date pursuant to Section 4.01(l), the Trustee shall determine with respect to the LM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the LM Component Mortgage Loan Senior Balance and (B) the LM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the LM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the LM Component Mortgage Loan, then the LM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the LM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Regular Certificateholders, other than the Class FM, Class SM and Class LM Certificateholders on such date pursuant to Section 4.01(b) and the allocation of Realized Losses pursuant to the preceding three paragraphs, the Trustee shall determine the amount, if any, by which (i) the then aggregate Certificate Principal Balance of the Sequential Pay Certificates exceeds (ii) the aggregate Stated Principal Balance of the Mortgage Pool (less the FM Component Mortgage Loan Subordinate Balance of the FM Component Mortgage Loan, the SM Component Mortgage Loan Subordinate Balance of the SM Component Mortgage Loan and the LM Component Mortgage Loan Subordinate Balance of the LM Component Mortgage Loan) that will be outstanding immediately following such Distribution Date (provided, however, that for purposes of this calculation, any Workout-Delayed Reimbursement Amounts paid from principal collections on the Mortgage Pool shall for purposes of this calculation be deemed outstanding unless the related Unliquidated Advance has been determined to be a Nonrecoverable Advance on the related Mortgage Loan or a Final Determination has been made with respect to the related Mortgage Loan or the related Mortgage Loan or REO Property is otherwise liquidated or disposed). If such excess does exist, then the Class Principal Balances of the Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C, Class B and Class A-J Certificates shall be reduced sequentially, in that order in each case, until such excess or the related Class Principal Balance is reduced to zero (whichever occurs first). If, after the foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds the amount described in clause (ii) of the second preceding sentence, then the respective Class Principal Balances of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class A-SB Certificates, the Class A-5 Certificates and Class A-1A Certificates shall be reduced, pro rata in accordance with the relative sizes of the then outstanding Class Principal Balances of such Classes of Certificates, until such excess or each such Class Principal Balance is reduced to zero (whichever occurs first). Such reductions in the Class Principal Balances of the respective Classes of the Sequential Pay Certificates, the Class FM Certificates, the Class SM Certificates or the Class LM Certificates, as applicable, shall be deemed to be allocations of Realized Losses and Additional Trust Fund Expenses, to the extent not covered by reductions in distributions of interest pursuant to the allocations set forth in Section 4.01(b). (b) With respect to any Distribution Date, any Realized Losses or Additional Trust Fund Expenses allocated pursuant to Section 4.04(a) (other than with respect to the Class FM Certificates, the Class SM Certificates and the Class LM Certificates) with respect to such Distribution Date shall reduce the REMIC I Principal Balances of the REMIC I Regular Interests as a write-off and shall be allocated among the REMIC I Regular Interests in the same priority as the Class of Corresponding Certificates. Realized Losses or Additional Trust Fund Expenses allocable to the FM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class FM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balance of the related FM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding FM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the SM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class SM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balance of the related SM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding SM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the LM Component Mortgage Loan will, after the Uncertificated Principal Balance of the Class LM Certificates has been reduced to zero, reduce the related Uncertificated Principal Balance of the related LM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding LM Component Mortgage Loan Senior Component. For the avoidance of doubt, no Additional Trust Fund Expenses (attributable to other Mortgage Loans) and/or Realized Losses suffered by the Trust Fund shall be allocable (x) to the Class FM Certificates if such Realized Losses were not attributable to the FM Component Mortgage Loan, (y) to the Class SM Certificates if such Realized Losses were not attributable to the SM Component Mortgage Loan, or (z) to the Class LM Certificates if such Realized Losses and/or additional Trust Fund Expenses were not attributable to the LM Component Mortgage Loan. For the avoidance of doubt, if terms of any of the FM Component Mortgage Loan, the SM Component Mortgage Loan and/or the LM Component Mortgage Loan are (subject to Section 3.20) modified such that the principal balance of the related Mortgage Note is decreased, the amortization schedule or the related Mortgage Rate is decreased, the maturity date of the related Mortgage Loan is modified, and/or the Monthly Payment under the related Mortgage Loan is waived, reduced or deferred and any such action gives rise to an Additional Trust Fund Expense or a Realized Loss, such Additional Trust Fund Expense and/or Realized Loss shall be allocated to the Component Mortgage Loan Subordinate Components of the related Component Mortgage Loan prior to being allocated to the related Component Mortgage Loan Senior Component thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2005-1)
Allocation of Realized Losses and Additional Trust Fund Expenses. (a) On each Distribution Date, following the deemed distributions to be made to in respect of the Class FM Certificateholders on such date REMIC I Regular Interests pursuant to Section 4.01(j4.01(a), the Trustee Uncertificated Principal Balance of each REMIC I Regular Interest (after taking account of such deemed distributions) shall determine with respect be reduced to the FM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the FM Component Mortgage Loan Senior Balance and (B) the FM Component Mortgage Loan Subordinate Balance exceed (ii) equal the Stated Principal Balance of the FM Component related Mortgage Loan or REO Loan, or if applicable, a Replacement Mortgage Loan, as the case may be, that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the FM Component Mortgage Loan, then the FM Subordinate Mortgage Loan Subordinate Balance Such reductions shall be reduced until such excess or the FM Subordinate Mortgage Loan Subordinate Balance is reduced deemed to zero be an allocation of Realized Losses and Additional Trust Fund Expenses.
(whichever occurs first). b) On each Distribution Date, following the distributions payments deemed to be made to the Class SM Certificateholders on such date pursuant to Section 4.01(k), the Trustee shall determine with REMIC III in respect to the SM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the SM Component Mortgage Loan Senior Balance and (B) the SM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the SM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the SM Component Mortgage Loan, then the SM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the SM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class LM Certificateholders on such date pursuant to Section 4.01(l), the Trustee shall determine with respect to the LM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the LM Component Mortgage Loan Senior Balance and (B) the LM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the LM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the LM Component Mortgage Loan, then the LM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the LM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the REMIC II Regular Certificateholders, other than the Class FM, Class SM and Class LM Certificateholders Interests on such date pursuant to Section 4.01(b) and the allocation of Realized Losses pursuant to the preceding three paragraphs), the Trustee shall determine the amount, if any, by which (i) the then aggregate Uncertificated Principal Balance of REMIC II Regular Interests LA-1, LA-2, LA-3, LB, LC, LD, LE, LF, LG, LH, LJ and LK exceeds (ii) an amount equal to the aggregate Stated Principal Balance of the Mortgage Pool that will be outstanding immediately following such Distribution Date. If such excess does exist, then the respective Uncertificated Principal Balances of such REMIC II Regular Interests shall be reduced such that the Uncertificated Principal Balance of each REMIC II Regular Interest corresponds with the Certificate Principal Balance of the Sequential Pay corresponding Class of Certificates outstanding after the subsequent adjustments made on such Distribution Date under Section 4.04(c) below.
(c) On each Distribution Date, following the distributions to be made to the Certificateholders on such date pursuant to Section 4.01(c), the Trustee shall determine the E-176 amount, if any, by which (i) the then aggregate Certificate Principal Balance of the Principal Balance Certificates, exceeds (ii) the aggregate Stated Principal Balance of the Mortgage Pool (less the FM Component Mortgage Loan Subordinate Balance of the FM Component Mortgage Loan, the SM Component Mortgage Loan Subordinate Balance of the SM Component Mortgage Loan and the LM Component Mortgage Loan Subordinate Balance of the LM Component Mortgage Loan) that will be outstanding immediately following such Distribution Date (provided, however, that for purposes of this calculation, any Workout-Delayed Reimbursement Amounts paid from principal collections on the Mortgage Pool shall for purposes of this calculation be deemed outstanding unless the related Unliquidated Advance has been determined to be a Nonrecoverable Advance on the related Mortgage Loan or a Final Determination has been made with respect to the related Mortgage Loan or the related Mortgage Loan or REO Property is otherwise liquidated or disposed)Date. If such excess does exist, then the Class Principal Balances of the Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C, C and Class B and Class A-J Certificates shall be reduced sequentially, in that order order, in each case, until the first to occur of such excess being reduced to zero or the related Class Principal Balance is being reduced to zero (whichever occurs first)zero. If, after the foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds the amount described in clause (ii) of the second preceding sentence, then the respective Class Principal Balances of the Class A-1 CertificatesA-1, the Class A-2 Certificates, the and Class A-3 Certificates, the Class A-4 Certificates, the Class A-SB Certificates, the Class A-5 Certificates and Class A-1A Certificates shall be reduced, pro rata in accordance with the relative sizes of the then outstanding Class Principal Balances of such Classes of Certificates, until the first to occur of such excess being reduced to zero or each such Class Principal Balance is being reduced to zero (whichever occurs first)zero. Such reductions in the Class Principal Balances of the respective Classes of the Sequential Pay Certificates, the Class FM Certificates, the Class SM Principal Certificates or the Class LM Certificates, as applicable, shall be deemed to be allocations of Realized Losses and Additional Trust Fund Expenses, to the extent not covered by reductions in distributions of interest pursuant to the allocations set forth in Section 4.01(b).
(b) With respect to any Distribution Date, any Realized Losses or Additional Trust Fund Expenses allocated pursuant to Section 4.04(a) (other than with respect to the Class FM Certificates, the Class SM Certificates and the Class LM Certificates) with respect to such Distribution Date shall reduce the REMIC I Principal Balances of the REMIC I Regular Interests as a write-off and shall be allocated among the REMIC I Regular Interests in the same priority as the Class of Corresponding Certificates. Realized Losses or Additional Trust Fund Expenses allocable to the FM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class FM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balance of the related FM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding FM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the SM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class SM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balance of the related SM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding SM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the LM Component Mortgage Loan will, after the Uncertificated Principal Balance of the Class LM Certificates has been reduced to zero, reduce the related Uncertificated Principal Balance of the related LM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding LM Component Mortgage Loan Senior Component. For the avoidance of doubt, no Additional Trust Fund Expenses (attributable to other Mortgage Loans) and/or Realized Losses suffered by the Trust Fund shall be allocable (x) to the Class FM Certificates if such Realized Losses were not attributable to the FM Component Mortgage Loan, (y) to the Class SM Certificates if such Realized Losses were not attributable to the SM Component Mortgage Loan, or (z) to the Class LM Certificates if such Realized Losses and/or additional Trust Fund Expenses were not attributable to the LM Component Mortgage Loan. For the avoidance of doubt, if terms of any of the FM Component Mortgage Loan, the SM Component Mortgage Loan and/or the LM Component Mortgage Loan are (subject to Section 3.20) modified such that the principal balance of the related Mortgage Note is decreased, the amortization schedule or the related Mortgage Rate is decreased, the maturity date of the related Mortgage Loan is modified, and/or the Monthly Payment under the related Mortgage Loan is waived, reduced or deferred and any such action gives rise to an Additional Trust Fund Expense or a Realized Loss, such Additional Trust Fund Expense and/or Realized Loss shall be allocated to the Component Mortgage Loan Subordinate Components of the related Component Mortgage Loan prior to being allocated to the related Component Mortgage Loan Senior Component thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)
Allocation of Realized Losses and Additional Trust Fund Expenses. (a) On each Distribution Date, following the deemed distributions to be made in respect of the REMIC I Regular Interests pursuant to Section 4.01(a), the Uncertificated Principal Balance of each REMIC I Regular Interest (after taking account of such deemed distributions) shall be reduced to equal the Stated Principal Balance of the related Mortgage Loan or REO Loan or, if applicable, Replacement Mortgage Loan(s), as the case may be, that will be outstanding immediately following such Distribution Date. Such reductions shall be deemed to be an allocation of Realized Losses and Additional Trust Fund Expenses.
(b) On each Distribution Date, following the payments deemed to be made to REMIC III in respect of the REMIC II Regular Interests on such date pursuant to Section 4.01(b), the Trustee shall determine the amount, if any, by which (i) the then aggregate Uncertificated Principal Balance of REMIC II Regular Interests LA-1-a, LA-1-b, LA-2, LB, LC, LD, LE, LF, LG, LH, LJ, LK, LL, LM and LN exceeds (ii) an amount equal to the aggregate Stated Principal Balance of the Mortgage Pool that will be outstanding immediately following such Distribution Date. If such excess does exist, then the respective Uncertificated Principal Balances of such REMIC II Regular Interests shall be reduced such that the Uncertificated Principal Balance of each REMIC II Regular Interest corresponds with the Certificate Principal Balance of the corresponding Class of Principal Balance Certificates outstanding after the subsequent adjustments made on such Distribution Date under Section 4.04(c) below.
(c) On each Distribution Date, following the distributions to be made to the Class FM Certificateholders on such date pursuant to Section 4.01(j4.01(c), the Trustee shall determine with respect to the FM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the FM Component Mortgage Loan Senior Balance and (B) the FM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the FM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the FM Component Mortgage Loan, then the FM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the FM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class SM Certificateholders on such date pursuant to Section 4.01(k), the Trustee shall determine with respect to the SM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the SM Component Mortgage Loan Senior Balance and (B) the SM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the SM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the SM Component Mortgage Loan, then the SM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the SM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class LM Certificateholders on such date pursuant to Section 4.01(l), the Trustee shall determine with respect to the LM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the LM Component Mortgage Loan Senior Balance and (B) the LM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the LM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the LM Component Mortgage Loan, then the LM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the LM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Regular Certificateholders, other than the Class FM, Class SM and Class LM Certificateholders on such date pursuant to Section 4.01(b) and the allocation of Realized Losses pursuant to the preceding three paragraphs, the Trustee shall determine the amount, if any, by which (i) the then aggregate Certificate Principal Balance of the Sequential Pay Certificates Principal Balance Certificates, exceeds (ii) the aggregate Stated Principal Balance of the Mortgage Pool (less the FM Component Mortgage Loan Subordinate Balance of the FM Component Mortgage Loan, the SM Component Mortgage Loan Subordinate Balance of the SM Component Mortgage Loan and the LM Component Mortgage Loan Subordinate Balance of the LM Component Mortgage Loan) that will be outstanding immediately following such Distribution Date (provided, however, that for purposes of this calculation, any Workout-Delayed Reimbursement Amounts paid from principal collections on the Mortgage Pool shall for purposes of this calculation be deemed outstanding unless the related Unliquidated Advance has been determined to be a Nonrecoverable Advance on the related Mortgage Loan or a Final Determination has been made with respect to the related Mortgage Loan or the related Mortgage Loan or REO Property is otherwise liquidated or disposed)Date. If such excess does exist, then the Class Principal Balances of the Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C, Class C and B and Class A-J Certificates shall be reduced sequentially, in that order order, in each case, until the first to occur of such excess being reduced to zero or the related Class Principal Balance is being reduced to zero (whichever occurs first)zero. If, after the foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds the amount described in clause (ii) of the second preceding sentence, then the respective Class Principal Balances of the Class A-1 CertificatesA-1-a, the Class A-1-b and Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class A-SB Certificates, the Class A-5 Certificates and Class A-1A Certificates shall be reduced, pro rata in accordance with the relative sizes of the then outstanding Class Principal Balances of such Classes of Certificates, until the first to occur of such excess being reduced to zero or each such Class Principal Balance is being reduced to zero (whichever occurs first)zero. Such reductions in the Class Principal Balances of the respective Classes of the Sequential Pay Certificates, the Class FM Certificates, the Class SM Principal Balance Certificates or the Class LM Certificates, as applicable, shall be deemed to be allocations of Realized Losses and Additional Trust Fund Expenses, to the extent not covered by reductions in distributions of interest pursuant to the allocations set forth in Section 4.01(b).
(b) With respect to any Distribution Date, any Realized Losses or Additional Trust Fund Expenses allocated pursuant to Section 4.04(a) (other than with respect to the Class FM Certificates, the Class SM Certificates and the Class LM Certificates) with respect to such Distribution Date shall reduce the REMIC I Principal Balances of the REMIC I Regular Interests as a write-off and shall be allocated among the REMIC I Regular Interests in the same priority as the Class of Corresponding Certificates. Realized Losses or Additional Trust Fund Expenses allocable to the FM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class FM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balance of the related FM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding FM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the SM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class SM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balance of the related SM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding SM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the LM Component Mortgage Loan will, after the Uncertificated Principal Balance of the Class LM Certificates has been reduced to zero, reduce the related Uncertificated Principal Balance of the related LM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding LM Component Mortgage Loan Senior Component. For the avoidance of doubt, no Additional Trust Fund Expenses (attributable to other Mortgage Loans) and/or Realized Losses suffered by the Trust Fund shall be allocable (x) to the Class FM Certificates if such Realized Losses were not attributable to the FM Component Mortgage Loan, (y) to the Class SM Certificates if such Realized Losses were not attributable to the SM Component Mortgage Loan, or (z) to the Class LM Certificates if such Realized Losses and/or additional Trust Fund Expenses were not attributable to the LM Component Mortgage Loan. For the avoidance of doubt, if terms of any of the FM Component Mortgage Loan, the SM Component Mortgage Loan and/or the LM Component Mortgage Loan are (subject to Section 3.20) modified such that the principal balance of the related Mortgage Note is decreased, the amortization schedule or the related Mortgage Rate is decreased, the maturity date of the related Mortgage Loan is modified, and/or the Monthly Payment under the related Mortgage Loan is waived, reduced or deferred and any such action gives rise to an Additional Trust Fund Expense or a Realized Loss, such Additional Trust Fund Expense and/or Realized Loss shall be allocated to the Component Mortgage Loan Subordinate Components of the related Component Mortgage Loan prior to being allocated to the related Component Mortgage Loan Senior Component thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)
Allocation of Realized Losses and Additional Trust Fund Expenses. (a) On each Distribution Date, following the deemed distributions to be made in respect of the REMIC I Regular Interests pursuant to Section 4.01(a), the Uncertificated Principal Balance of each REMIC I Regular Interest (after taking account of such deemed distributions) shall be reduced to equal the Stated Principal Balance of the related Mortgage Loan or REO Loan or, if applicable, Replacement Mortgage Loan(s), as the case may be, that will be outstanding immediately following such Distribution Date. Such reductions shall be deemed to be an allocation of Realized Losses and Additional Trust Fund Expenses.
(b) On each Distribution Date, following the payments deemed to be made to REMIC III in respect of the REMIC II Regular Interests on such date pursuant to Section 4.01(b), the Trustee shall determine the amount, if any, by which (i) the then aggregate Uncertificated Principal Balance of REMIC II Regular Interests LA-1, LA-2, LB, LC, LD, LE, LF, LG, LH, LJ and LK exceeds (ii) an amount equal to the aggregate Stated Principal Balance of the Mortgage Pool that will be outstanding immediately following such Distribution Date. If such excess does exist, then the respective Uncertificated Principal Balances of such REMIC II Regular Interests shall be reduced such that the Uncertificated Principal Balance of each REMIC II Regular Interest corresponds with the Certificate Principal Balance of the corresponding Class 122 of Principal Balance Certificates outstanding after the subsequent adjustments made on such Distribution Date under Section 4.04(c) below.
(c) On each Distribution Date, following the distributions to be made to the Class FM Certificateholders on such date pursuant to Section 4.01(j4.01(c), the Trustee shall determine with respect to the FM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the FM Component Mortgage Loan Senior Balance and (B) the FM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the FM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the FM Component Mortgage Loan, then the FM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the FM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class SM Certificateholders on such date pursuant to Section 4.01(k), the Trustee shall determine with respect to the SM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the SM Component Mortgage Loan Senior Balance and (B) the SM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the SM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the SM Component Mortgage Loan, then the SM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the SM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class LM Certificateholders on such date pursuant to Section 4.01(l), the Trustee shall determine with respect to the LM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the LM Component Mortgage Loan Senior Balance and (B) the LM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the LM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the LM Component Mortgage Loan, then the LM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the LM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Regular Certificateholders, other than the Class FM, Class SM and Class LM Certificateholders on such date pursuant to Section 4.01(b) and the allocation of Realized Losses pursuant to the preceding three paragraphs, the Trustee shall determine the amount, if any, by which (i) the then aggregate Certificate Principal Balance of the Sequential Pay Certificates Principal Balance Certificates, exceeds (ii) the aggregate Stated Principal Balance of the Mortgage Pool (less the FM Component Mortgage Loan Subordinate Balance of the FM Component Mortgage Loan, the SM Component Mortgage Loan Subordinate Balance of the SM Component Mortgage Loan and the LM Component Mortgage Loan Subordinate Balance of the LM Component Mortgage Loan) that will be outstanding immediately following such Distribution Date (provided, however, that for purposes of this calculation, any Workout-Delayed Reimbursement Amounts paid from principal collections on the Mortgage Pool shall for purposes of this calculation be deemed outstanding unless the related Unliquidated Advance has been determined to be a Nonrecoverable Advance on the related Mortgage Loan or a Final Determination has been made with respect to the related Mortgage Loan or the related Mortgage Loan or REO Property is otherwise liquidated or disposed)Date. If such excess does exist, then the Class Principal Balances of the Class PK-2, Class O, Class N, Class M, Class L, Class KK-1, Class J, Class H, Class G, Class F, Class E, Class D, Class C, C and Class B and Class A-J Certificates shall be reduced sequentially, in that order order, in each case, until the first to occur of such excess being reduced to zero or the related Class Principal Balance is being reduced to zero (whichever occurs first)zero. If, after the foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds the amount described in clause (ii) of the second preceding sentence, then the respective Class Principal Balances of the Class A-1 Certificates, the and Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class A-SB Certificates, the Class A-5 Certificates and Class A-1A Certificates shall be reduced, pro rata in accordance with the relative sizes of the then outstanding Class Principal Balances of such Classes of Certificates, until the first to occur of such excess being reduced to zero or each such Class Principal Balance is being reduced to zero (whichever occurs first)zero. Such reductions in the Class Principal Balances of the respective Classes of the Sequential Pay Certificates, the Class FM Certificates, the Class SM Principal Balance Certificates or the Class LM Certificates, as applicable, shall be deemed to be allocations of Realized Losses and Additional Trust Fund Expenses, to the extent not covered by reductions in distributions of interest pursuant to the allocations set forth in Section 4.01(b).
(b) With respect to any Distribution Date, any Realized Losses or Additional Trust Fund Expenses allocated pursuant to Section 4.04(a) (other than with respect to the Class FM Certificates, the Class SM Certificates and the Class LM Certificates) with respect to such Distribution Date shall reduce the REMIC I Principal Balances of the REMIC I Regular Interests as a write-off and shall be allocated among the REMIC I Regular Interests in the same priority as the Class of Corresponding Certificates. Realized Losses or Additional Trust Fund Expenses allocable to the FM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class FM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balance of the related FM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding FM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the SM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class SM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balance of the related SM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding SM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the LM Component Mortgage Loan will, after the Uncertificated Principal Balance of the Class LM Certificates has been reduced to zero, reduce the related Uncertificated Principal Balance of the related LM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding LM Component Mortgage Loan Senior Component. For the avoidance of doubt, no Additional Trust Fund Expenses (attributable to other Mortgage Loans) and/or Realized Losses suffered by the Trust Fund shall be allocable (x) to the Class FM Certificates if such Realized Losses were not attributable to the FM Component Mortgage Loan, (y) to the Class SM Certificates if such Realized Losses were not attributable to the SM Component Mortgage Loan, or (z) to the Class LM Certificates if such Realized Losses and/or additional Trust Fund Expenses were not attributable to the LM Component Mortgage Loan. For the avoidance of doubt, if terms of any of the FM Component Mortgage Loan, the SM Component Mortgage Loan and/or the LM Component Mortgage Loan are (subject to Section 3.20) modified such that the principal balance of the related Mortgage Note is decreased, the amortization schedule or the related Mortgage Rate is decreased, the maturity date of the related Mortgage Loan is modified, and/or the Monthly Payment under the related Mortgage Loan is waived, reduced or deferred and any such action gives rise to an Additional Trust Fund Expense or a Realized Loss, such Additional Trust Fund Expense and/or Realized Loss shall be allocated to the Component Mortgage Loan Subordinate Components of the related Component Mortgage Loan prior to being allocated to the related Component Mortgage Loan Senior Component thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)
Allocation of Realized Losses and Additional Trust Fund Expenses. (a) On each Distribution Date, following the deemed distributions to be made in respect of the REMIC I Regular Interests pursuant to Section 4.01(a), the Uncertificated Principal Balance of each REMIC I Regular Interest (after taking account of such deemed distributions) shall be reduced to equal the Stated Principal Balance of the related Mortgage Loan or REO Loan or, if applicable, Replacement Mortgage Loan(s), as the case may be, that will be outstanding immediately following such Distribution Date. Such reductions shall be deemed to be an allocation of Realized Losses and Additional Trust Fund Expenses.
(b) On each Distribution Date, following the payments deemed to be made to REMIC III in respect of the REMIC II Regular Interests on such date pursuant to Section 4.01(b), the Trustee shall determine the amount, if any, by which (i) the then aggregate Uncertificated Principal Balance of REMIC II Regular Interests LA-1, LA-2, LB, LC, LD, LE, LF, LG, LH, LJ, LK, LL, LM and LN exceeds (ii) an amount equal to the aggregate Stated Principal Balance of the Mortgage Pool that will be outstanding immediately following such Distribution Date. If such excess does exist, then the respective Uncertificated Principal Balances of such REMIC II Regular Interests shall be reduced such that the Uncertificated Principal Balance of each REMIC II Regular Interest corresponds with the Certificate Principal Balance of the corresponding Class of Principal Balance Certificates outstanding after the subsequent adjustments made on such Distribution Date under Section 4.04(c) below.
(c) On each Distribution Date, following the distributions to be made to the Class FM Certificateholders on such date pursuant to Section 4.01(j4.01(c), the Trustee shall determine with respect to the FM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the FM Component Mortgage Loan Senior Balance and (B) the FM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the FM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the FM Component Mortgage Loan, then the FM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the FM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class SM Certificateholders on such date pursuant to Section 4.01(k), the Trustee shall determine with respect to the SM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the SM Component Mortgage Loan Senior Balance and (B) the SM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the SM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the SM Component Mortgage Loan, then the SM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the SM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class LM Certificateholders on such date pursuant to Section 4.01(l), the Trustee shall determine with respect to the LM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the LM Component Mortgage Loan Senior Balance and (B) the LM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the LM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the LM Component Mortgage Loan, then the LM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the LM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Regular Certificateholders, other than the Class FM, Class SM and Class LM Certificateholders on such date pursuant to Section 4.01(b) and the allocation of Realized Losses pursuant to the preceding three paragraphs, the Trustee shall determine the amount, if any, by which (i) the then aggregate Certificate Principal Balance of the Sequential Pay Certificates Principal Balance Certificates, exceeds (ii) the aggregate Stated Principal Balance of the Mortgage Pool (less the FM Component Mortgage Loan Subordinate Balance of the FM Component Mortgage Loan, the SM Component Mortgage Loan Subordinate Balance of the SM Component Mortgage Loan and the LM Component Mortgage Loan Subordinate Balance of the LM Component Mortgage Loan) that will be outstanding immediately following such Distribution Date (provided, however, that for purposes of this calculation, any Workout-Delayed Reimbursement Amounts paid from principal collections on the Mortgage Pool shall for purposes of this calculation be deemed outstanding unless the related Unliquidated Advance has been determined to be a Nonrecoverable Advance on the related Mortgage Loan or a Final Determination has been made with respect to the related Mortgage Loan or the related Mortgage Loan or REO Property is otherwise liquidated or disposed)Date. If such excess does exist, then the Class Principal Balances of the Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C, C and Class B and Class A-J Certificates shall be reduced sequentially, in that order order, in each case, until the first to occur of such excess being reduced to zero or the related Class Principal Balance is being reduced to zero (whichever occurs first)zero. If, after the foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds the amount described in clause (ii) of the second preceding sentence, then the respective Class Principal Balances of the Class A-1 Certificates, the and Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class A-SB Certificates, the Class A-5 Certificates and Class A-1A Certificates shall be reduced, pro rata in accordance with the relative sizes of the then outstanding Class Principal Balances of such Classes of Certificates, until the first to occur of such excess being reduced to zero or each such Class Principal Balance is being reduced to zero (whichever occurs first)zero. Such reductions in the 135 Class Principal Balances of the respective Classes of the Sequential Pay Certificates, the Class FM Certificates, the Class SM Principal Balance Certificates or the Class LM Certificates, as applicable, shall be deemed to be allocations of Realized Losses and Additional Trust Fund Expenses, to the extent not covered by reductions in distributions of interest pursuant to the allocations set forth in Section 4.01(b).
(b) With respect to any Distribution Date, any Realized Losses or Additional Trust Fund Expenses allocated pursuant to Section 4.04(a) (other than with respect to the Class FM Certificates, the Class SM Certificates and the Class LM Certificates) with respect to such Distribution Date shall reduce the REMIC I Principal Balances of the REMIC I Regular Interests as a write-off and shall be allocated among the REMIC I Regular Interests in the same priority as the Class of Corresponding Certificates. Realized Losses or Additional Trust Fund Expenses allocable to the FM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class FM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balance of the related FM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding FM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the SM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class SM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balance of the related SM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding SM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the LM Component Mortgage Loan will, after the Uncertificated Principal Balance of the Class LM Certificates has been reduced to zero, reduce the related Uncertificated Principal Balance of the related LM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding LM Component Mortgage Loan Senior Component. For the avoidance of doubt, no Additional Trust Fund Expenses (attributable to other Mortgage Loans) and/or Realized Losses suffered by the Trust Fund shall be allocable (x) to the Class FM Certificates if such Realized Losses were not attributable to the FM Component Mortgage Loan, (y) to the Class SM Certificates if such Realized Losses were not attributable to the SM Component Mortgage Loan, or (z) to the Class LM Certificates if such Realized Losses and/or additional Trust Fund Expenses were not attributable to the LM Component Mortgage Loan. For the avoidance of doubt, if terms of any of the FM Component Mortgage Loan, the SM Component Mortgage Loan and/or the LM Component Mortgage Loan are (subject to Section 3.20) modified such that the principal balance of the related Mortgage Note is decreased, the amortization schedule or the related Mortgage Rate is decreased, the maturity date of the related Mortgage Loan is modified, and/or the Monthly Payment under the related Mortgage Loan is waived, reduced or deferred and any such action gives rise to an Additional Trust Fund Expense or a Realized Loss, such Additional Trust Fund Expense and/or Realized Loss shall be allocated to the Component Mortgage Loan Subordinate Components of the related Component Mortgage Loan prior to being allocated to the related Component Mortgage Loan Senior Component thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)
Allocation of Realized Losses and Additional Trust Fund Expenses. (a) On each Distribution Date, following the distributions to be made to the Holders of the Class FM Certificateholders CP Certificates on such date pursuant to Section 4.01(j4.01(k), the Trustee shall determine with respect to the FM CP Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the FM CP Component Mortgage Loan Senior Balance and (B) the FM CP Component Mortgage Loan Subordinate Balance exceed exceeds (ii) the Stated Principal Balance of the FM CP Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the FM CP Component Mortgage Loan, then the FM CP Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the FM CP Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class SM Certificateholders on such date pursuant to Section 4.01(k), the Trustee shall determine with respect to the SM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the SM Component Mortgage Loan Senior Balance and (B) the SM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the SM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the SM Component Mortgage Loan, then the SM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the SM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class LM Certificateholders on such date pursuant to Section 4.01(l), the Trustee shall determine with respect to the LM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the LM Component Mortgage Loan Senior Balance and (B) the LM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the LM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the LM Component Mortgage Loan, then the LM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the LM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Regular Certificateholders, other than the Holders of Class FM, Class SM and Class LM Certificateholders CP Certificates on such date pursuant to Section 4.01(b) and the allocation of Realized Losses pursuant to the preceding three paragraphsparagraph, the Trustee shall determine the amount, if any, by which (i) the then aggregate Certificate Principal Balance of the Sequential Pay Certificates exceeds (ii) the aggregate Stated Principal Balance of the Mortgage Pool (less the FM CP Component Mortgage Loan Subordinate Balance of the FM Component Mortgage Loan, the SM Component Mortgage Loan Subordinate Balance of the SM Component Mortgage Loan and the LM Component Mortgage Loan Subordinate Balance of the LM Component Mortgage LoanBalance) that will be outstanding immediately following such Distribution Date (provided, however, that for purposes of this calculation, any Workout-Delayed Reimbursement Amounts paid from principal collections on the Mortgage Pool shall for purposes of this calculation be deemed to still be outstanding unless the related Unliquidated Advance has been determined to be a Nonrecoverable Advance on the related Mortgage Loan or a Final Determination has been made with respect to the related Mortgage Loan or the related Mortgage Loan or REO Property is otherwise liquidated or disposed). If such excess does exist, then the Class Principal Balances of the Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C, Class B B, Class A-J and Class A-J M Certificates shall be reduced sequentially, in that order in each case, until such excess or the related Class Principal Balance is reduced to zero (whichever occurs first). If, after the foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds the amount described in clause (ii) of the second preceding sentence, then the respective Class Principal Balances of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class A-SB Certificates, AB Certificates and the Class A-5 Certificates and Class A-1A Certificates shall be reduced, pro rata in accordance with the relative sizes of the then outstanding Class Principal Balances of such Classes of Certificates, until such excess or each such Class Principal Balance is reduced to zero (whichever occurs first). Such reductions in the Class Principal Balances of the respective Classes of the Sequential Pay Certificates, the Class FM Certificates, the Class SM Certificates or the Class LM CP Certificates, as applicable, shall be deemed to be allocations of Realized Losses and Additional Trust Fund Expenses, to the extent not covered by reductions in distributions of interest pursuant to the allocations set forth in Section 4.01(b).
(b) With respect to any Distribution Date, any Realized Losses or Additional Trust Fund Expenses allocated pursuant to Section 4.04(a) (other than with respect to the Class FM Certificates, the Class SM Certificates and the Class LM CP Certificates) with respect to such Distribution Date shall reduce the REMIC I Principal Balances of the REMIC I Regular Interests as a write-off and shall be allocated among the REMIC I Regular Interests in the same priority as the Class of Corresponding Certificates (in the case of Realized Losses and Additional Trust Fund Expenses on (i) the Class A-1 Certificates, first to the REMIC I Regular Interest LA-1-1, second to the REMIC I Regular Interest LA-1-2, and then to the REMIC I Regular Interest LA-1-3, in each case, until reduced to zero; (ii) the Class A-2 Certificates, first to the REMIC I Regular Interest LA-2-1, second to the REMIC I Regular Interest LA-2-2, and then to the REMIC I Regular Interest LA-2-3, in each case, until reduced to zero; (iii) the Class A-3 Certificates, first to the REMIC I Regular Interest LA-3-1, second to the REMIC I Regular Interest LA-3-2, third to the REMIC I Regular Interest LA-3-3, fourth to the REMIC I Regular Interest LA-3-4, and then to the REMIC I Regular Interest LA-3-5, in each case, until reduced to zero; (iv) the Class A-4 Certificates, first to the REMIC I Regular Interest LA-4-1, second to the REMIC I Regular Interest LA-4-2, third to the REMIC I Regular Interest LA-4-3, fourth to the REMIC I Regular Interest LA-4-4, and then to the REMIC I Regular Interest LA-4-5, in each case, until reduced to zero; (v) the Class A-AB Certificates, first to the REMIC I Regular Interest LA-AB-1, second to the REMIC I Regular Interest LA-AB-2, third to the REMIC I Regular Interest LA-AB-3, fourth to the REMIC I Regular Interest LA-AB-4, fifth to the REMIC I Regular Interest LA-AB-5, sixth to the REMIC I Regular Interest LA-AB-6, seventh to the REMIC I Regular Interest LA-AB-7, and then to the REMIC I Regular Interest LA-AB-8, in each case, until reduced to zero; (vi) the Class A-5 Certificates, first to the REMIC I Regular Interest LA-5-1, second to the REMIC I Regular Interest LA-5-2, and then to the REMIC I Regular Interest LA-5-3, in each case, until reduced to zero; (vii) the Class D Certificates, first to the REMIC I Regular Interest LD-1, second to the REMIC I Regular Interest LD-2 and then to the REMIC I Regular Interest LD-3, in each case, until reduced to zero; (viii) the Class E Certificates, first to the REMIC I Regular Interest LE-1, second to the REMIC I Regular Interest LE-2 and then to the REMIC I Regular Interest LE-3, in each case, until reduced to zero; (ix) the Class F Certificates, first to the REMIC I Regular Interest LF-1, second to the REMIC I Regular Interest LF-2 and then to the REMIC I Regular Interest LF-3, in each case, until reduced to zero; (x) the Class G Certificates, first to the REMIC I Regular Interest LG-1, and then to the REMIC I Regular Interest LG-2, in each case, until reduced to zero; (xi) the Class H Certificates, first to the REMIC I Regular Interest LH-1, second to the REMIC I Regular Interest LH-2 and then to the REMIC I Regular Interest LH-3, in each case, until reduced to zero; and (xii) the Class K Certificates, first to the REMIC I Regular Interest LK-1, and then to the REMIC I Regular Interest LK-2, in each case, until reduced to zero). Realized Losses or Additional Trust Fund Expenses allocable to the FM CP Component Mortgage Loan will, after the Uncertificated Principal Balances Balance of the Classes of Class FM CP Certificates have been reduced to zero, reduce the related Uncertificated Principal Balance of the related FM CP Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding FM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the SM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class SM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balance of the related SM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding SM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the LM Component Mortgage Loan will, after the Uncertificated Principal Balance of the Class LM Certificates has been reduced to zero, reduce the related Uncertificated Principal Balance of the related LM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding LM Component Mortgage Loan Senior ComponentInterest. For the avoidance of doubt, no Additional Trust Fund Expenses (attributable to other Mortgage Loans) and/or Realized Losses suffered by the Trust Fund shall be allocable (x) to the Class FM CP Certificates if such Realized Losses were not attributable to the FM Component Mortgage Loan, (y) to the Class SM Certificates if such Realized Losses were not attributable to the SM Component Mortgage Loan, or (z) to the Class LM Certificates if such Realized Losses and/or additional Trust Fund Expenses were not attributable to the LM CP Component Mortgage Loan. For the avoidance of doubt, if terms of any of the FM Component Mortgage Loan, the SM Component Mortgage Loan and/or the LM CP Component Mortgage Loan are (subject to Section 3.20) modified such that the principal balance of the related Mortgage Note is decreased, the amortization schedule or the related Mortgage Rate is decreased, the maturity date of the related CP Component Mortgage Loan is modified, and/or the Monthly Payment under the related CP Component Mortgage Loan is waived, reduced or deferred and any such action gives rise to an Additional Trust Fund Expense or a Realized Loss, such Additional Trust Fund Expense and/or Realized Loss shall be allocated to the CP Component Mortgage Loan Subordinate Components of the related Component Mortgage Loan prior to being allocated to the related CP Component Mortgage Loan REMIC Senior Component thereofRegular Interest.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2005-2)
Allocation of Realized Losses and Additional Trust Fund Expenses. (a) On each Distribution Date, following the deemed distributions to be made in respect of the REMIC I Regular Interests pursuant to Section 4.01(a), the Uncertificated Principal Balance of each REMIC I Regular Interest (after taking account of such deemed distributions) shall be reduced to equal the Stated Principal Balance of the related Mortgage Loan or REO Loan, as the case may be, that will be outstanding immediately following such Distribution Date. Such reductions shall be deemed to be an allocation of Realized Losses and Additional Trust Fund Expenses.
(b) On each Distribution Date, following the payments deemed to be made to REMIC III in respect of the REMIC II Regular Interests on such date pursuant to Section 4.01(a), the Trustee shall determine: (i) the amount, if any, by which (A) the then Uncertificated Principal Balance of REMIC II Regular Interest LG1, exceeds (B) an amount equal to 99.9% of the aggregate Stated Principal Balance of Loan Group 1 that will be outstanding immediately following such Distribution Date; and (ii) the amount, if any, by which (A) the then Uncertificated Principal Balance of REMIC II Regular Interest LG2, exceeds (B) an amount equal to 99.9% of the aggregate Stated Principal Balance of Loan Group 2 that will be outstanding immediately following such Distribution Date. If any such excess exists with respect to either such REMIC II Regular Interest, then the Uncertificated Principal Balance of such REMIC II Regular Interest shall be reduced until such excess no longer exists. All such reductions in the Uncertificated Principal Balances of such REMIC II Regular Interests shall be deemed to be allocations of Realized Losses and Additional Trust Fund Expenses. On each Distribution Date, following the payments deemed to be made to REMIC III in respect of the REMIC II Regular Interests on such date pursuant to Section 4.01(a), the Trustee shall also determine the amount, if any, by which (i) the then aggregate Uncertificated Principal Balance of REMIC II Regular Interests ▇-▇, ▇-▇▇, ▇-▇▇, ▇, ▇, ▇, ▇, ▇, ▇ and H exceeds (ii) an amount equal to 0.1% of the aggregate Stated Principal Balance of the Mortgage Pool that will be outstanding immediately following such Distribution Date. If such excess does exist, then the respective Uncertificated Principal Balances of such REMIC II Regular Interests (other than REMIC II Regular Interests A-1, A-2A and A-2B) shall be reduced sequentially, in reverse alphabetical order of letter designation, in each case, until the first to occur of such excess being reduced to zero or the Uncertificated Principal Balance of such REMIC I Regular Interest being reduced to zero. If, after the foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds the amount described in clause (ii) of the second preceding sentence, then the respective Uncertificated Principal Balances of REMIC II Regular Interests A-1, A-2A and A-2B shall be reduced, PRO RATA in accordance with the relative sizes of the then outstanding Uncertificated Principal Balances of such REMIC II Regular Interests, until the first to occur of such excess being reduced to zero or each such Uncertificated Principal Balance being reduced to zero. Such reductions in the Uncertificated Principal Balances of such REMIC II Regular Interests shall be deemed to be allocations of Realized Losses and Additional Trust Fund Expenses.
(c) On each Distribution Date, following the distributions to be made to the Class FM Certificateholders on such date pursuant to Section 4.01(j), the Trustee shall determine with respect to the FM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the FM Component Mortgage Loan Senior Balance and (B) the FM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the FM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the FM Component Mortgage Loan, then the FM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the FM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class SM Certificateholders on such date pursuant to Section 4.01(k), the Trustee shall determine with respect to the SM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the SM Component Mortgage Loan Senior Balance and (B) the SM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the SM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the SM Component Mortgage Loan, then the SM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the SM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class LM Certificateholders on such date pursuant to Section 4.01(l), the Trustee shall determine with respect to the LM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the LM Component Mortgage Loan Senior Balance and (B) the LM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the LM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the LM Component Mortgage Loan, then the LM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the LM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Regular Certificateholders, other than the Class FM, Class SM and Class LM Certificateholders on such date pursuant to Section 4.01(b) and the allocation of Realized Losses pursuant to the preceding three paragraphs), the Trustee shall determine the amount, if any, by which (i) the then aggregate Certificate Principal Balance of the Sequential Pay Certificates Principal Balance Certificates, exceeds (ii) the aggregate Stated Principal Balance of the Mortgage Pool (less the FM Component Mortgage Loan Subordinate Balance of the FM Component Mortgage Loan, the SM Component Mortgage Loan Subordinate Balance of the SM Component Mortgage Loan and the LM Component Mortgage Loan Subordinate Balance of the LM Component Mortgage Loan) that will be outstanding immediately following such Distribution Date (provided, however, that for purposes of this calculation, any Workout-Delayed Reimbursement Amounts paid from principal collections on the Mortgage Pool shall for purposes of this calculation be deemed outstanding unless the related Unliquidated Advance has been determined to be a Nonrecoverable Advance on the related Mortgage Loan or a Final Determination has been made with respect to the related Mortgage Loan or the related Mortgage Loan or REO Property is otherwise liquidated or disposed)Date. If such excess does exist, then the Class Principal Balances of the Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C, C and Class B and Class A-J Certificates shall be reduced sequentially, in that order order, in each case, until the first to occur of such excess being reduced to zero or the related Class Principal Balance is being reduced to zero (whichever occurs first)zero. If, after the foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds the amount described in clause (ii) of the second preceding sentence, then the respective Class Principal Balances of the Class A-1 CertificatesA-1, the Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class A-SB Certificates, the Class A-5 Certificates A-2A and Class A-1A A-2B Certificates shall be reduced, pro rata PRO RATA in accordance with the relative sizes of the then outstanding Class Principal Balances of such Classes of Certificates, until the first to occur of such excess being reduced to zero or each such Class Principal Balance is being reduced to zero (whichever occurs first)zero. Such reductions in the Class Principal Balances of the respective Classes of the Sequential Pay Certificates, the Class FM Certificates, the Class SM Principal Certificates or the Class LM Certificates, as applicable, shall be deemed to be allocations of Realized Losses and Additional Trust Fund Expenses, to the extent not covered by reductions in distributions of interest pursuant to the allocations set forth in Section 4.01(b).
(b) With respect to any Distribution Date, any Realized Losses or Additional Trust Fund Expenses allocated pursuant to Section 4.04(a) (other than with respect to the Class FM Certificates, the Class SM Certificates and the Class LM Certificates) with respect to such Distribution Date shall reduce the REMIC I Principal Balances of the REMIC I Regular Interests as a write-off and shall be allocated among the REMIC I Regular Interests in the same priority as the Class of Corresponding Certificates. Realized Losses or Additional Trust Fund Expenses allocable to the FM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class FM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balance of the related FM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding FM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the SM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class SM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balance of the related SM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding SM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the LM Component Mortgage Loan will, after the Uncertificated Principal Balance of the Class LM Certificates has been reduced to zero, reduce the related Uncertificated Principal Balance of the related LM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding LM Component Mortgage Loan Senior Component. For the avoidance of doubt, no Additional Trust Fund Expenses (attributable to other Mortgage Loans) and/or Realized Losses suffered by the Trust Fund shall be allocable (x) to the Class FM Certificates if such Realized Losses were not attributable to the FM Component Mortgage Loan, (y) to the Class SM Certificates if such Realized Losses were not attributable to the SM Component Mortgage Loan, or (z) to the Class LM Certificates if such Realized Losses and/or additional Trust Fund Expenses were not attributable to the LM Component Mortgage Loan. For the avoidance of doubt, if terms of any of the FM Component Mortgage Loan, the SM Component Mortgage Loan and/or the LM Component Mortgage Loan are (subject to Section 3.20) modified such that the principal balance of the related Mortgage Note is decreased, the amortization schedule or the related Mortgage Rate is decreased, the maturity date of the related Mortgage Loan is modified, and/or the Monthly Payment under the related Mortgage Loan is waived, reduced or deferred and any such action gives rise to an Additional Trust Fund Expense or a Realized Loss, such Additional Trust Fund Expense and/or Realized Loss shall be allocated to the Component Mortgage Loan Subordinate Components of the related Component Mortgage Loan prior to being allocated to the related Component Mortgage Loan Senior Component thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)
Allocation of Realized Losses and Additional Trust Fund Expenses. 144
(a) On each Distribution Date, following the deemed distributions to be made in respect of the REMIC I Regular Interests pursuant to Section 4.01(a), the Uncertificated Principal Balance of each REMIC I Regular Interest (after taking account of such deemed distributions) shall be reduced to equal the Stated Principal Balance of the related Mortgage Loan or REO Loan or, if applicable, Replacement Mortgage Loan(s), as the case may be, that will be outstanding immediately following such Distribution Date. Such reductions shall be deemed to be an allocation of Realized Losses and Additional Trust Fund Expenses.
(b) On each Distribution Date, following the payments deemed to be made to REMIC III in respect of the REMIC II Regular Interests on such date pursuant to Section 4.01(b), the Trustee shall determine the amount, if any, by which (i) the then aggregate Uncertificated Principal Balance of REMIC II Regular Interests LA-1, LA-2, LB, LC, LD, LE, LF, LG, LH, LJ, LK, LL, LM, LN and LO exceeds (ii) an amount equal to the aggregate Stated Principal Balance of the Mortgage Pool that will be outstanding immediately following such Distribution Date. If such excess does exist, then the respective Uncertificated Principal Balances of such REMIC II Regular Interests shall be reduced such that the Uncertificated Principal Balance of each REMIC II Regular Interest corresponds with the Certificate Principal Balance of the corresponding Class of Principal Balance Certificates outstanding after the subsequent adjustments made on such Distribution Date under Section 4.04(c) below.
(c) On each Distribution Date, following the distributions to be made to the Class FM Certificateholders on such date pursuant to Section 4.01(j4.01(c), the Trustee shall determine with respect to the FM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the FM Component Mortgage Loan Senior Balance and (B) the FM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the FM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the FM Component Mortgage Loan, then the FM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the FM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class SM Certificateholders on such date pursuant to Section 4.01(k), the Trustee shall determine with respect to the SM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the SM Component Mortgage Loan Senior Balance and (B) the SM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the SM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the SM Component Mortgage Loan, then the SM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the SM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Class LM Certificateholders on such date pursuant to Section 4.01(l), the Trustee shall determine with respect to the LM Component Mortgage Loan the amount, if any, by which (i) the sum of (A) the LM Component Mortgage Loan Senior Balance and (B) the LM Component Mortgage Loan Subordinate Balance exceed (ii) the Stated Principal Balance of the LM Component Mortgage Loan that will be outstanding immediately following such Distribution Date. If such excess does exist with respect to the LM Component Mortgage Loan, then the LM Subordinate Mortgage Loan Subordinate Balance shall be reduced until such excess or the LM Subordinate Mortgage Loan Subordinate Balance is reduced to zero (whichever occurs first). On each Distribution Date, following the distributions to be made to the Regular Certificateholders, other than the Class FM, Class SM and Class LM Certificateholders on such date pursuant to Section 4.01(b) and the allocation of Realized Losses pursuant to the preceding three paragraphs, the Trustee shall determine the amount, if any, by which (i) the then aggregate Certificate Principal Balance of the Sequential Pay Certificates Principal Balance Certificates, exceeds (ii) the aggregate Stated Principal Balance of the Mortgage Pool (less the FM Component Mortgage Loan Subordinate Balance of the FM Component Mortgage Loan, the SM Component Mortgage Loan Subordinate Balance of the SM Component Mortgage Loan and the LM Component Mortgage Loan Subordinate Balance of the LM Component Mortgage Loan) that will be outstanding immediately following such Distribution Date (provided, however, that for purposes of this calculation, any Workout-Delayed Reimbursement Amounts paid from principal collections on the Mortgage Pool shall for purposes of this calculation be deemed outstanding unless the related Unliquidated Advance has been determined to be a Nonrecoverable Advance on the related Mortgage Loan or a Final Determination has been made with respect to the related Mortgage Loan or the related Mortgage Loan or REO Property is otherwise liquidated or disposed)Date. If such excess does exist, then the Class Principal Balances of the Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C, C and Class B and Class A-J Certificates shall be reduced sequentially, in that order order, in each case, until the first to occur of such excess being reduced to zero or the related Class Principal Balance is being reduced to zero (whichever occurs first)zero. If, after the foregoing reductions, the amount described in clause (i) of the second preceding sentence still exceeds the amount described in clause (ii) of the second preceding sentence, then the respective Class Principal Balances of the Class A-1 Certificates, the and Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class A-SB Certificates, the Class A-5 Certificates and Class A-1A Certificates shall be reduced, pro rata in accordance with the relative sizes of the then outstanding Class Principal Balances of such Classes of Certificates, until the first to occur of such excess being reduced to zero or each such Class Principal Balance is being reduced to zero (whichever occurs first)zero. Such reductions in the Class Principal Balances of the respective Classes of the Sequential Pay Certificates, the Class FM Certificates, the Class SM Principal Balance Certificates or the Class LM Certificates, as applicable, shall be deemed to be allocations of Realized Losses and Additional Trust Fund Expenses, to the extent not covered by reductions in distributions of interest pursuant to the allocations set forth in Section 4.01(b).
(b) With respect to any Distribution Date, any Realized Losses or Additional Trust Fund Expenses allocated pursuant to Section 4.04(a) (other than with respect to the Class FM Certificates, the Class SM Certificates and the Class LM Certificates) with respect to such Distribution Date shall reduce the REMIC I Principal Balances of the REMIC I Regular Interests as a write-off and shall be allocated among the REMIC I Regular Interests in the same priority as the Class of Corresponding Certificates. Realized Losses or Additional Trust Fund Expenses allocable to the FM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class FM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balance of the related FM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding FM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the SM Component Mortgage Loan will, after the Uncertificated Principal Balances of the Classes of Class SM Certificates have been reduced to zero, reduce the related Uncertificated Principal Balance of the related SM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding SM Component Mortgage Loan Senior Component. Realized Losses or Additional Trust Fund Expenses allocable to the LM Component Mortgage Loan will, after the Uncertificated Principal Balance of the Class LM Certificates has been reduced to zero, reduce the related Uncertificated Principal Balance of the related LM Component Mortgage Loan REMIC Senior Regular Interest corresponding to the corresponding LM Component Mortgage Loan Senior Component. For the avoidance of doubt, no Additional Trust Fund Expenses (attributable to other Mortgage Loans) and/or Realized Losses suffered by the Trust Fund shall be allocable (x) to the Class FM Certificates if such Realized Losses were not attributable to the FM Component Mortgage Loan, (y) to the Class SM Certificates if such Realized Losses were not attributable to the SM Component Mortgage Loan, or (z) to the Class LM Certificates if such Realized Losses and/or additional Trust Fund Expenses were not attributable to the LM Component Mortgage Loan. For the avoidance of doubt, if terms of any of the FM Component Mortgage Loan, the SM Component Mortgage Loan and/or the LM Component Mortgage Loan are (subject to Section 3.20) modified such that the principal balance of the related Mortgage Note is decreased, the amortization schedule or the related Mortgage Rate is decreased, the maturity date of the related Mortgage Loan is modified, and/or the Monthly Payment under the related Mortgage Loan is waived, reduced or deferred and any such action gives rise to an Additional Trust Fund Expense or a Realized Loss, such Additional Trust Fund Expense and/or Realized Loss shall be allocated to the Component Mortgage Loan Subordinate Components of the related Component Mortgage Loan prior to being allocated to the related Component Mortgage Loan Senior Component thereof.144
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Sources: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)