Principal Balance

The relevant cut-off date principal balance, less any collections credited against the related Cut-off Date Principal Balance of any such Mortgage Loan for any Mortgage Loan other than a Liquidated Mortgage Loan, on any given day is the principal balance. 

For the purposes of this definition, a liquidated mortgage loan is one that has had its principal balance reduced to zero once the final recovery of linked liquidation proceeds equals the principal balance of the connected mortgage loan. 

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