Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may be: (i) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and (ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below): (a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; (b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; (c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and (d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Park Place Securities, Inc.), Pooling and Servicing Agreement (New Century Mortgage Securities LLC), Pooling and Servicing Agreement (Argent Securities Inc)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. On the first Distribution Date, the Class R-I Certificates shall be entitled to interest accrued on its Certificate Principal Balance at the related Pass-Through Rate. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LT6 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LT6 Uncertificated Interest Deferral Amount; and
(ii) (x) on the first Distribution Date, to the Holders of the Class R-I Certificates, the Certificate Principal Balance thereof and (y) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause clauses (i) and (ii)(x) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____98.00% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificatesremainder;
(cb) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 LT4 and REMIC I Regular Interest I-LT6LT5, ____1.00% of the amount remaining after application of clause (a)such remainder, in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount ;
(c) to the Holders of the Class RREMIC I Regular Interest I-I CertificatesLT6, 1.00% of such remainder; and
(d) to the Holders of the REMIC I Regular Interest I-LT7LTP, ____% $100 on the Distribution Date immediately following the expiration of the amount remaining after application of clause (a), until latest Prepayment Charge term as identified on the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and Mortgage Loan Schedule or any remaining amount to the Holders of the Class R-I CertificatesDistribution Date thereafter; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7LT6, respectively.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1998-Nc6), Pooling and Servicing Agreement (Asset Backed Floating Rate Certificates Series 1998-Opt2), Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Cert Series 1998-Opt1)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be: With respect to the Group I Mortgage Loans:
(i1) to the Holders of REMIC I Regular Interests (other than Interest I, and each of REMIC I Regular Interest II-1-LTP)A through I-52-B, PRO RATA, in an amount equal to (A) the Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and.
(ii2) on each Distribution Date, to the Holders extent of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows (except as provided below):
(a) the Holders of the follows: first, to REMIC I Regular Interest I, then to REMIC I Regular interests I-1-LTPA through I-52-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated PRO RATA between such REMIC I Regular Interests, and second, to the extent of the product of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; and
(3) to the Holders of REMIC I Regular Interest I-52-B, (A) all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) . The payment of the foregoing amounts to the Holders of the REMIC I Regular Interest II-52-LT1B shall not reduce the Uncertificated Balance thereof. With respect to the Group II Mortgage Loans:
(1) to Holders of REMIC I Regular Interest II and each of REMIC I Regular Interest II-1-A through II-52-B, ____% PRO RATA, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interest II, then to REMIC I Regular Interest II-1-A through II-52-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated PRO RATA between such REMIC I Regular Interests, and second, to the extent of the amount remaining after application product of clause (a)) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero zero. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period shall be distributed by REMIC I to the Holders of REMIC I Regular Interest II-52-B. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest II-52-B shall not reduce the Uncertificated Balance thereof.
(b) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC II Regular Interests and any remaining amount distributed to the Holders of the Class R-I Certificates;
R Certificates (c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders respect of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (aII Interest), until as the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.case may be:
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Argent Securities Inc), Pooling and Servicing Agreement (Boardwalk Mortgage Securities Inc.), Pooling and Servicing Agreement (Park Place Securities, Inc.)
Distributions. (a) (1)(A1)(I) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) With respect to the Group I Mortgage Loans:
(1) to the Holders of REMIC I Regular Interests (other than Interest I-LT1, REMIC I Regular Interest I-LTP), LT1PF and REMIC I Regular Interest I-LTP in an amount equal to (A) the Uncertificated Interest for each REMIC I Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and;
(ii2) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; and
(b3) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7LT1PF, respectivelyin an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(a) to the Holders of REMIC I Regular Interest I-LT1, until the Uncertificated Balance of REMIC I Regular Interest I-LT1 is reduced to zero;
(b) to the Holders of REMIC I Regular Interest I-LT1PF, until the Uncertificated Balance of REMIC I Regular Interest I-LT1PF is reduced to zero; and
(c) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-I Interest); provided, however, that for the first three Distribution Dates, such amounts relating to the Initial Group I Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT1 and such amounts relating to the Subsequent Group I Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT1PF.
(ii) With respect to the Group II Mortgage Loans:
(1) to the Holders of REMIC Regular Interest I-LT2 and REMIC I Regular Interest I-LT2PF in an amount equal to (A) the Uncertificated Interest for each REMIC I Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(2) to the Holders of REMIC I Regular Interest I-LT2 and REMIC I Regular Interest I-LT2PF, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(a) to the Holders of REMIC I Regular Interest I-LT2, until the Uncertificated Balance of REMIC I Regular Interest I-LT2 is reduced to zero;
(b) to the Holders of REMIC I Regular Interest I-LT2PF, until the Uncertificated Balance of REMIC I Regular Interest I-LT2PF is reduced to zero; and
(c) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-I Interest); provided, however, that for the first three Distribution Dates, such amounts relating to the Initial Group II Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT2 and such amounts relating to the Subsequent Group II Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT2PF. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period shall be distributed by REMIC I to the Holders of the REMIC I Regular Interest P. The payment of the foregoing amounts to the Holders of the REMIC I Regular Interest P shall not reduce the Uncertificated Balance thereof.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Argent Securities Trust 2006-M1), Pooling and Servicing Agreement (Argent Securities Inc. Series 2006-W3 Trust), Pooling and Servicing Agreement (Argent Securities Inc. Series 2006-W3 Trust)
Distributions. (a) (1)(AA) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTA and I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and;
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 [_________] has been distributed pursuant to this clause;
(biii) on each Distribution Date, the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) and clause (ii) above to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), LTA until the Uncertificated Balance of such REMIC I Regular Interest I-LTA is reduced to zero and any remaining amount zero; and
(iv) to the Holders of the Class R-I Certificates;
, any amounts remaining after the distributions pursuant to clauses (ci) through (iii) above. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I to the Holders of the REMIC I Regular Interest I-LT2, LTP. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest I-LT3LTP shall not reduce the Uncertificated Balance thereof.
(B) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-II Certificates, as the case may be:
(i) first, to the Holders of REMIC II Regular Interest II-LTIO, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and then to Holders of REMIC II Regular Interest II-LTAA, REMIC I Regular Interest III-LT4LTA, REMIC I II Regular Interest III-LT5 LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTZZ and REMIC I II Regular Interest III-LT6LTP, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC II Regular Interest II-LTZZ shall be reduced when the REMIC II Overcollateralization Amount is less than the REMIC II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum II-LTZZ Uncertificated Interest Deferral Amount and such amount will be payable to the Holders of REMIC II Regular Interest II-LTA, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3 and REMIC II Regular Interest II-LTM3 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(a) to the Holders of REMIC II Regular Interest II-LTAA, [______]% of such remainder, until the amount remaining after application Uncertificated Balance of clause such Uncertificated REMIC II Regular Interest is reduced to zero;
(a)b) to the Holders of REMIC II Regular Interest II-LTA, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3 and REMIC II Regular Interest II-LTM4, [______]% of such remainder, in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I II Regular Interests are reduced to zero and zero;
(c) to the Holders of REMIC II Regular Interest II-LTZZ, [______]% of such remainder, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero;
(d) to the Holders of REMIC II Regular Interest II-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $[_________] has been distributed pursuant to this clause; then
(e) any remaining amount to the Holders of the Class R-I II Certificates; and
(diii) third, to the Holders REMIC II Regular Interest II-LTP, [______]% of the amount paid in respect of REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I CertificatesLTP; provided, however, that [______]% and [______]% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I II Regular Interest III-LT1 LTAA and REMIC I II Regular Interest III-LT7LTZZ, respectively.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Nomura Asset Acceptance Corp), Pooling and Servicing Agreement (Deutsche Mortgage Securities Inc), Pooling and Servicing Agreement (Deutsche Alt-a Securities Inc)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Certificate Account and distributed to the holders of the Class R-I CertificatesInterest, as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)LTAA, REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced when the sum of the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral Amount; andAmount and such amounts will be payable to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC Regular Interest I-LTM10 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC I Regular Interest I-LTZZ shall be increased by such amount;
(ii) on each Distribution Datesecond, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) 98.00% of such remainder (less the amount payable in clause (e) below), to the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a)LTAA, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificateszero;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Carrington Mortgage Loan Trust, Series 2006-Nc3), Pooling and Servicing Agreement (Carrington Mortgage Loan Trust, Series 2006-Rfc1), Pooling and Servicing Agreement (Carrington Mortgage Loan Trust, Series 2006-Opt1)
Distributions. (a) Except as provided in Sections 4.02, 4.03 and 12.03(b), cash and property of the Company shall only be distributed to the Members, at such times and in such aggregate amounts as the Board of Directors may determine, in the manner set forth in this Article IV.
(1)(Ab) On each Distribution Date, Cash and other property of the following amounts, Company shall be distributed among the Members in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may be:
(i) First, to the Holders Preferred Members, in proportion to their respective Unpaid Preferred Contribution Amounts, until the Unpaid Preferred Contribution Amount of REMIC I Regular Interests each such Member has been reduced to zero,
(other than REMIC I Regular Interest I-LTPii) Second, to the holders of Eligible Shares (regardless of Series), in an proportion to their respective number of Eligible Shares (regardless of Series) until the aggregate amount equal distributed with respect to each Common Share pursuant to this Section 4.01(b)(ii) equals the Conversion Price of a Series A Preferred Share;
(Aiii) Third, to holders of Eligible Shares (regardless of Series) and Series A Preferred Shares, in proportion to their respective number of Eligible Shares (regardless of Series) and Series A Conversion Shares until the Uncertificated Interest for such Distribution Date, plus (Baggregate amount distributed with respect to each Common Share pursuant to Section 4.01(b)(ii) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect and this Section 4.01(b)(iii) equals the Conversion Price of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amounta Series A Prime Preferred Share; and
(iiiv) on each Distribution DateThereafter, to the Holders holders of REMIC I Regular InterestsEligible Shares (regardless of Series) and Conversion Shares, in an amount equal proportion to their respective number of Eligible Shares (regardless of Series) and Conversion Shares. Other then as set forth in the remainder last paragraph of this Section 4.01(b), any distributions payable with respect to Eligible Shares that are not vested shall be held by the Available Distribution Amount for Company and not distributed with respect to such Distribution Date Eligible Shares. If such Eligible Shares are vested at the time of a subsequent distribution, such Eligible Shares shall then be entitled to all prior distributions that have been withheld. If after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed first distribution pursuant to this clause;
(bSection 4.01(b) there is a subsequent distribution pursuant to this Section 4.01(b), whether or not the Holders Preferred Shares have been converted into Common Shares, the allocation of the REMIC I Regular Interest I-LT1, ____% distributions among the Members shall be determined as if such conversion has not occurred. For the avoidance of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a)doubt, in the same proportion as principal payments are allocated event of a Change in Control, any proceeds payable directly to the related Corresponding Certificatesholders of Shares shall be treated as subject to the distribution provisions of this Section 4.01(b) and the holders of Preferred Shares and the holders of Eligible Shares shall receive such amounts that they would have been entitled to receive had such proceeds been distributed to the Members as provided in the foregoing provisions of this Section 4.01(b). Each Member and other holder of Shares, until if any, agrees to take such actions as may be required, necessary or advisable to effect the Uncertificated Balances intent of this Section 4.01(b). In any of such REMIC I Regular Interests are reduced to zero and any remaining amount events, if the consideration received by the Company, or payable to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7Members, ____% of the amount remaining after application of clause (a)is other than cash, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount its value shall be allocated deemed to Holders be the fair market value as determined in good faith by the Board of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectivelyDirectors.
Appears in 3 contracts
Sources: Operating Agreement (Pandion Therapeutics Holdco LLC), Operating Agreement (Pandion Therapeutics Holdco LLC), Operating Agreement (Pandion Therapeutics Holdco LLC)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates, in respect of the Class R-I CertificatesInterest, as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than Interest I-LTIO-1 and REMIC I Regular Interest I-LTIO-2 in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC I Regular Interest I-LT1, REMIC I Regular Interest I-LT2 and I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and;
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(biii) on each Distribution Date, the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) and clause (ii) above to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7LT2 until the Uncertificated Balance of REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT2 is reduced to zero; and
(iv) to the Holders of the Class R Certificates, respectivelyin respect of the Class R-I Interest, any amounts remaining after the distributions pursuant to clauses (i) through (iii) above. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest I-LTP. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest I-LTP shall not reduce the Uncertificated Balance thereof.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Ace Securities Corp Home Equity Loan Trust Series 2002-He2), Pooling and Servicing Agreement (Ace Securities Corp)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LT6 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 I- LT6 Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) to the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____98.00% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 LT4 and REMIC I Regular Interest I-LT6LT5, ____1.00% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7LT6, ____1.00% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7LT6, respectively.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Fl Rt Cer Se 1999-Nc5), Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Fl Rte Cert Se 1999-Nc4)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC Regular Interest I-LTAV1, REMIC I Regular Interest I-LTAV2, REMIC I Regular Interest I-LTAV3A, REMIC I Regular Interest I-LTA3B, REMIC I Regular Interest I-LTAF1, REMIC I Regular Interest I-LTAF2, REMIC I Regular Interest I-LTAF3, REMIC I Regular Interest I-LTAF4, REMIC I Regular Interest I-LTAF5, REMIC I Regular Interest I-LTAF6, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 I- LTZZ Uncertificated Interest Deferral Amount; andAmount and such amount will be payable to the Holders of REMIC Regular Interest I-LTAV1, REMIC I Regular Interest I-LTAV2, REMIC I Regular Interest I-LTAV3A, REMIC I Regular Interest I-LTAV3B, REMIC I Regular Interest I-LTAF1, REMIC I Regular Interest I-LTAF2, REMIC I Regular Interest I-LTAF3, REMIC I Regular Interest I-LTAF4, REMIC I Regular Interest I-LTAF5, REMIC I Regular Interest I-LTAF6, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTM7 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC I Regular Interest I-LTZZ shall be increased by such amount;
(ii) on each to Holders of REMIC I Regular Interest I-LT1SUB, REMIC I Regular Interest I-LT1GRP, REMIC I Regular Interest I-LT2SUB, REMIC I Regular Interest I-LT2GRP, REMIC I Regular Interest I-LT3SUB, REMIC I Regular Interest I-LT3GRP and REMIC I Regular Interest I-LTXX, PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of Available Distribution Amount Funds for such 105 Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) to the Holders of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTP, on 98.00% of such remainder (other than amounts payable under clause (iv) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero, provided, however, that REMIC I Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LTP, until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2LTAV1, REMIC I Regular Interest I-LT3LTAV2, REMIC I Regular Interest I-LT4LTAV3A, REMIC I Regular Interest I-LT5 LTAV3B, REMIC I Regular Interest I-LTAF1, REMIC I Regular Interest I-LTAF2, REMIC I Regular Interest I-LTAF3, REMIC I Regular Interest I-LTAF4, REMIC I Regular Interest I-LTAF5, REMIC I Regular Interest I-LTAF6, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I- LTM5, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LT6LTM7, ____1.00% of the amount remaining after application of such remainder (other than amounts payable under clause (aiv) below), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; andzero;
(dc) to the Holders of the REMIC I Regular Interest I-LT7LTZZ, ____1.00% of the amount remaining after application of such remainder (other than amounts payable under clause (aiv) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest); provided, however, that _____(i) 98.00% and _____(ii) 2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the (i) REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTP, in that order and (ii) REMIC I Regular Interest I-LTZZ, respectively; provided that REMIC I Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LTP, until $100 has been distributed pursuant to this clause; and
(iv) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, such that distributions of principal shall be deemed to be made to the REMIC I Regular Interests first, 106 so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I Regular Interest I- LTXX. Notwithstanding the priorities and amounts of distribution of funds pursuant to this Section 4.01(a)(1), actual distributions of Available Funds shall be made only in accordance with Section 4.01(a)(2), (3) and (4).
(I) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group I Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of each Class of Group I Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates; and
(ii) concurrently, to the Holders of each Class of Group II Certificates and Group III Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates, to the extent remaining undistributed after the distribution of the Group II Interest Remittance Amount and the Group III Interest Remittance Amount, respectively, as set forth in Sections 4.01(a)(2)(II)(i) and 4.01(a)(2)(III)(i)below.
(II) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group II Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of each Class of Group II Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates; and
(ii) concurrently, to the Holders of each Class of Group I Certificates and Group III Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates, to the extent remaining undistributed after the distribution of the Group I Interest Remittance Amount and Group III Interest Remittance Amount, respectively, as set forth in Sections 4.01(a)(2)(I)(i) above and 4.01(a)(2)(III)(i) below. 107
(III) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group III Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of each Class of Group III Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates; and
(ii) concurrently, to the Holders of each Class of Group I Certificates and Group III Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates, to the extent remaining undistributed after the distribution of the Group I Interest Remittance Amount and Group II Interest Remittance Amount, respectively, as set forth in Sections 4.01(a)(2)(I)(i) and 4.01(a)(2)(II)(i) above.
(IV) On each Distribution Date, following the distributions of interest set forth in Sections 4.01(a)(I), (II) and (III), the sum of the Group I Interest Remittance Amount, the Group II Interest Remittance Amount and the Group III Interest Remittance Amount remaining will be distributed sequentially to the Class M-1, Class M-2, Class M-3, Cla▇▇ ▇-▇, ▇▇▇▇▇ M-5, Class M-6 and Class M-7 Certificates, in that order, in an amount equal to the Interest Distribution Amount for each such Class.
(I) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Group I Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group I Certificates (allocated among such Certificates in the priority described below), until the Certificate Principal Balance of each such Class has been reduced to zero; and
(ii) concurrently, to the holders of the Group II Certificates (allocated among such Certificates in the priority described below) and the Group III Certificates (allocated among such Certificates in the priority described below), on a PRO RATA basis based on the aggregate Certificate Principal Balance of each such group, after taking into account the distribution of the Group II Principal Distribution Amount and the Group III Principal Distribution Amount already distributed, respectively, as set forth in Sections 4.01(a)(3)(II) and (III) below, until the Certificate Principal Balance of each Class in each such group has been reduced to zero.
(II) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Group II Principal Distribution Amount shall be distributed in the following order of priority:
(i) concurrently, to the Holders of the Group II Certificates (allocated among such Certificates in the priority described below), on a PRO RATA basis based on the Certificate 108 Principal Balance of each such Class, until the Certificate Principal Balance of each such Class has been reduced to zero; and
(ii) concurrently, to the Holders of the Group I Certificates (allocated among such Certificates in the priority described below) and the Group III Certificates (allocated among such Certificates in the priority described below), on a PRO RATA basis based on the Certificate Principal Balance of each such group, after taking into account the distribution of the Group I Principal Distribution Amount and the Group III Principal Distribution Amount already distributed, respectively, as set forth in Section 4.01(a)(3)(I) above and 4.01(a)(3)(III) below, until the Certificate Principal Balance of each Class in each such group has been reduced to zero.
(III) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Group III Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group III Certificates (allocated among such Certificates in the priority described below), until the Certificate Principal Balance of such Class has been reduced to zero; and
(ii) concurrently, to the holders of the Group I Certificates (allocated among such Certificates in the priority described below) and the Group II Certificates (allocated among such Certificates in the priority described below), on a PRO RATA basis based on the aggregate Certificate Principal Balance of each such group, after taking into account the distribution of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount already distributed, respectively, as set forth in Sections 4.01(a)(3)(I) and (II) above, until the Certificate Principal Balance of each Class in each such group has been reduced to zero.
(IV) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, distributions in respect of principal to the extent of the sum of the Group I Principal Distribution Amount, the Group II Principal Distribution Amount and the Group III Principal Distribution Amount remaining undistributed for such Distribution Date will be made sequentially to the Class M-1, Class M-2, Class M-3, Cla▇▇ ▇-▇, ▇▇▇▇▇ M-5, Class M-6 and Class M-7 Certificates, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero.
(V) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Group I Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group I Certificates (allocated among such Certificates in the priority described below), the Class A-I Principal Distribution Amount, until the Certificate Principal Balances thereof have been reduced to zero; and 109
(ii) concurrently, to the Holders of the Group II Certificates (allocated among such Certificates in the priority described below) and the Group III Certificates (allocated among such Certificates in the priority described below), on a PRO RATA basis based on the remaining undistributed Class A-II Principal Distribution Amount and the Class A-III Principal Distribution Amount, after taking into account the distribution of the Group II Principal Distribution Amount and the Group III Principal Distribution Amount, respectively, as set forth in Sections 4.01(a)(3)(VI) and (VII) below, up to an amount equal to the Class A-II Principal Distribution Amount and the Class A-III Principal Distribution Amount, respectively, remaining undistributed, until the Certificate Principal Balance of each Class in each such group has been reduced to zero.
(VI) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Group II Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group II Certificates (allocated among such Certificates in the priority described below), the Class A-II Principal Distribution Amount, until the Certificate Principal Balances thereof have been reduced to zero; and
(ii) concurrently, to the Holders of the Group I Certificates (allocated among such Certificates in the priority described below) and the Group III Certificates (allocated among such Certificates in the priority described below), on a PRO RATA basis based on the remaining undistributed Class A-I Principal Distribution
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Argent Securities Inc Asset Back Pass THR Certs Ser 2004-W5), Pooling and Servicing Agreement (Argent Securities Inc Asset Back Pass THR Certs Ser 2004-W5)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be:
(i) to Holders of REMIC I Regular Interest LT-P and REMIC I Regular Interest I-1-A through I-48-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interest I and then to REMIC I Regular Interests I-1-A through I-48-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests, and second, to the extent of any Overcollateralization Reduction Amounts, to REMIC I Regular Interests I-1-A through I-48-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Overcollateralization Reduction Amounts shall be allocated pro rata between such REMIC I Regular Interests.
(iii) to the Holders of REMIC I Regular Interest I-LTP, (A) all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(b) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesII Interest), as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I II Regular Interest III-LTIO, in an amount equal to (a) Uncertificated Accrued Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates.
(ii) to Holders of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular Interest II-LTZZ and REMIC II Regular Interest II-LTP), pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I II Regular Interest III-LT7 LTZZ shall be reduced and deferred when the REMIC I II Overcollateralized Amount is less than the REMIC I II Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-LT7 LTZZ Uncertificated Interest Deferral AmountAmount and such amount will be payable to the Holders of REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9 and REMIC II Regular Interest II-LTM10 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC II Regular Interest II-LTZZ shall be increased by such amount; and
(iiiii) to the Holders of REMIC II Regular Interest II-LTP, (A) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder 100% of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause amount paid in respect of Prepayment Charges and (iB) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(biv) to the Holders of the REMIC I II Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i), (ii) and (iii) above, allocated as follows:
(a) 98.00% of such remainder to the Holders of REMIC II Regular Interest III-LT1, ____% of the amount remaining after application of clause (a)LTAA, until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount zero;
(b) 2.00% of such remainder, first to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I II Regular Interest III-LT2LTA1, REMIC I II Regular Interest III-LT3LTA2, REMIC I II Regular Interest III-LT4LTA3, REMIC I II Regular Interest III-LT5 LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9 and REMIC I II Regular Interest III-LT6LTM10, ____equal to 1.00% of the amount remaining after application of clause (a), and in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I II Regular Interests are reduced to zero and second, to the Holders of REMIC II Regular Interest II-LTZZ, 1.00%, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero; and
(c) any remaining amount to the Holders of the Class R-I Certificates; and
R Certificates (d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders in respect of the Class R-I CertificatesII Interest); provided, however, that _____(i) 98.00% and _____(ii) 2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Release Amount shall be allocated to Holders of the (i) REMIC I II Regular Interest III-LT1 LTAA and REMIC I II Regular Interest III-LT7LTZZ, respectively; once the Uncertificated Principal Balances of REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9 and REMIC II Regular Interest II-LTM10have been reduced to zero. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans during the related Prepayment Period will be distributed by REMIC II to the Holders of REMIC II Regular Interest II-LTP. The payment of the foregoing amounts to the Holders of REMIC II Regular Interest II-LTP shall not reduce the Uncertificated Balance thereof.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Wmc1), Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Wmc1)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be:
(1) With respect to the Group I Mortgage Loans:
(i) to Holders of REMIC I Regular Interest I, and each of REMIC I Regular Interest I-1-A through I-39-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest I, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest I is reduced to zero; and
(iii) to the extent of amounts remaining after the distributions made pursuant to clause (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular interests I-1-A through I-39-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(2) With respect to the Group II Mortgage Loans:
(i) to Holders of REMIC I Regular Interest II and each of REMIC I Regular Interest II-1-A through II-39-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest II, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest II is reduced to zero; and
(iii) to the extent of amounts remaining after the distributions made pursuant to clause (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular interests II-1-A through II-39-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(b) to the Holders of REMIC I Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I CertificatesII Interest), as the case may be:
(i) first to the Holders of REMIC I Regular Interests (other than REMIC I II Regular Interest I-LTP)IO, in an amount equal to (A) Uncertificated Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC II Regular Interest AA, REMIC II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest M-11 and REMIC II Regular Interest ZZ, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I II Regular Interest I-LT7 ZZ shall be reduced when the REMIC I Overcollateralized II Overcollateralization Amount is less than the REMIC I II Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 ZZ Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, Amount and such amount will be payable to the Holders of REMIC I II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II Regular Interest M-11 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC II Regular Interest ZZ shall be increased by such amount;
(ii) to Holders of REMIC II Regular Interest I-SUB, REMIC II Regular Interest I-GRP, REMIC II Regular Interest II-SUB, REMIC II Regular Interest II-GRP, and REMIC II Regular Interest XX, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the Available Distribution Amount REMIC II Marker Allocation Percentage of the available funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(aA) the Holders 98.00% of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) such remainder to the Holders of the REMIC I II Regular Interest I-LT1, ____% of the amount remaining after application of clause (a)AA, until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount zero;
(B) 2.00% of such remainder, first, to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I II Regular Interest I-LT2A-1, REMIC I II Regular Interest I-LT3A-2A, REMIC I II Regular Interest I-LT4A-2B, REMIC I II Regular Interest I-LT5 A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC I II Regular Interest I-LT6M-11, ____1% of the amount remaining after application of clause (a), and in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I II Regular Interests are reduced to zero and second to the Holders of REMIC II Regular Interest ZZ, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero;
(C) to the Holders of REMIC II Regular Interest P, 100% of the amounts deemed distributed on REMIC I Regular Interest P; then
(D) any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7R Certificate, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders in respect of the Class R-I CertificatesII Interest; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I II Regular Interest I-LT1 AA and REMIC I II Regular Interest I-LT7ZZ, respectively.
(iv) to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the REMIC II Sub WAC Allocation Percentage of available funds for such Distribution Date after the distributions made pursuant to clause (ii) above, such that distributions of principal shall be deemed to be made to the REMIC II Regular Interests first, so as to keep the Uncertificated Balance of each REMIC II Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group; second, to each REMIC II Regular Interest ending with the designation “SUB,” so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group over (y) the current Certificate Principal Balance of the Class A Certificate in the related loan group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC II Regular Interest XX.
(v) Notwithstanding the distributions described in Section 5.01(c)(1), distributions of funds shall be made to Certificateholders only in accordance with Section 5.01(c)(2) through (7).
(2) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group I Interest Remittance Amount remaining for such Distribution Date: first, commencing on the Distribution Date in April 2007, to the Supplemental Interest Trust, an amount equal to the Group I Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event; second, to the Holders of the Class A-1 Certificates, the Senior Interest Distribution Amount allocable to the Class A-1 Certificates; and third, concurrently, to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, to the extent remaining unpaid after the distribution of the Group II Interest Remittance Amount as set forth in Section 5.01(c)(3) below on a pro rata basis, based on the entitlement of each such Class.
(3) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group II Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group II Interest Remittance Amount remaining for such Distribution Date: first, commencing on the Distribution Date in April 2007, to the Supplemental Interest Trust, an amount equal to the Group II Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event; second, concurrently, to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, on a pro rata basis, based on the entitlement of each such Class; and third, to the Holders of the Class A-1 Certificates, the Senior Interest Distribution Amount allocable to the Class A-1 Certificates, to the extent remaining unpaid after the distribution of the Group I Interest Remittance Amount as set forth in Section 5.01(c)(2) above.
(4) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Interest Remittance Amount and the Group II Interest Remittance Amount remaining after the distributions required by clauses (2) and (3) above and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group I Interest Remittance Amount and Group II Interest Remittance Amount remaining for such Distribution Date: sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that order, to the extent of the Interest Distribution Amount allocable to each such Class.
(5) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Principal Distribution Amount and the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) The Group I Principal Distribution Amount shall be distributed in the following order of priority: first, commencing on the Distribution Date in April 2007, to the Supplemental Interest Trust, an amount equal to the Group I Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event to the extent not paid from the Interest Remittance Amount on such Distribution Date; second, to the Holders of the Class A-1 Certificates until the Certificate Principal Balance of the Class A-1 Certificates has been reduced to zero; and third, sequentially, to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, in that order, after taking into account the distribution of the Group II Principal Distribution Amount as described in Section 5.01(c)(5)(ii) below, until the Certificate Principal Balance of each such Class has been reduced to zero.
(ii) The Group II Principal Distribution Amount shall be distributed in the following order of priority: first, commencing on the Distribution Date in April 2007, to the Supplemental Interest Trust, an amount equal to the Group II Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event to the extent not paid from the Interest Remittance Amount on such Distribution Date; second, sequentially, to the Holders of the Class A-2A Class A-2B, Class A-2C and Class A-2D Certificates, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero; and third, to the Holders of the Class A-1 Certificates after taking into account the distribution of the Group I Principal Distribution Amount as described in Section 5.01(c)(5)(i) above, until the Certificate Principal Balance of such Class has been reduced to zero.
(iii) The Group I Principal Distribution Amount and Group II Principal Distribution Amount remaining after distributions pursuant to Sections 5.01(c)(5)(i) and (ii) above shall be distributed in the following order of priority: sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero.
(6) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Principal Distribution Amount and the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) The Group I Principal Distribution Amount shall be distributed in the following order of priority: first, commencing on the Distribution Date in April 2007, to the Supplemental Interest Trust, an amount equal to the Group I Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event to the extent not paid from the Interest Remittance Amount on such Distribution Date; second, to the Holders of the Class A-1 Certificates, the Class A-1 Principal Distribution Amount, until the Certificat
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-He4), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-He4)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may beInterests:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LT9 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 I- LT9 Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) to the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any and each Distribution Date thereafter until $100 ____ has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, _____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount amounts to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 LT5, REMIC I Regular Interest I-LT6, REMIC I Regular Interest I-LT7 and REMIC I Regular Interest I-LT6LT8, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding CertificatesCertificate, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero zero, and any remaining amount amounts to the Holders of the Class R-I Certificates; and;
(d) to the Holders of the REMIC I Regular Interest I-LT7LT9, _____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount amounts to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7LT9, respectively.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Long Beach Securities Corp), Pooling and Servicing Agreement (Long Beach Securities Corp)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by [REMIC I to REMIC II II] on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates[____] Certificates (in respect of the Class [____] Interest), as the case may be:
(1) With respect to the Group I Mortgage Loans:
(i) to the Holders of REMIC I Regular Interests (other than Interest [___], and each of REMIC I Regular Interest I-LTP)[___] through [___], pro rata, in an amount equal to (A) the Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and;
(ii) on each Distribution Date, to the Holders extent of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date amounts remaining after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) to the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, [____% ], an amount of the amount remaining after application of clause (a), principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest [___] is reduced to [___]; and
(iii) to the extent of amounts remaining after the distributions made pursuant to clause (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular interests [___] through [___] starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero and any remaining amount [___], provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(2) With respect to the Group II Mortgage Loans:
(i) to Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, [___] and each of REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, [___] through [_% of the amount remaining after application of clause (a)__], pro rata, in the same proportion as principal payments are allocated an amount equal to the related Corresponding Certificates, until the (A) Uncertificated Balances of Interest for such REMIC I Regular Interests are reduced for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(ii) to zero and any the extent of amounts remaining amount after the distributions made pursuant to clause (i) above, to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, [____% ], an amount of the amount remaining after application of clause (a), principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest [___] is reduced to [___]; and
(iii) to the extent of amounts remaining after the distributions made pursuant to clause (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular interests [___] through [___] starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that [_____% and _____% ], provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the pro rata between such REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectivelyInterests.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Ace Securities Corp), Pooling and Servicing Agreement (Ace Securities Corp)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be: With respect to the Group I Mortgage Loans:
(i) to the Holders of REMIC I Regular Interests (other than Interest I-LT1, REMIC I Regular Interest I-LTP), LT1PF and REMIC I Regular Interest I-LTP in an amount equal to (A) the Uncertificated Interest for each REMIC I Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and;
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; and
(biii) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7LT1PF, respectivelyin an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(a) to the Holders of REMIC I Regular Interest I-LT1, until the Uncertificated Balance of REMIC I Regular Interest I-LT1 is reduced to zero;
(b) to the Holders of REMIC I Regular Interest I-LT1PF, until the Uncertificated Balance of REMIC I Regular Interest I-LT1PF is reduced to zero; and
(c) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-I Interest); provided, however, that for the first three Distribution Dates, such amounts relating to the Initial Group I Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT1 and such amounts relating to the Subsequent Group I Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT1PF. With respect to the Group II Mortgage Loans:
(i) to the Holders of REMIC Regular Interest I-LT2 and REMIC I Regular Interest I-LT2PF in an amount equal to (A) the Uncertificated Interest for each REMIC I Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the Holders of REMIC I Regular Interest I-LT2 and REMIC I Regular Interest I-LT2PF, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(a) to the Holders of REMIC I Regular Interest I-LT2, until the Uncertificated Balance of REMIC I Regular Interest I-LT2 is reduced to zero;
(b) to the Holders of REMIC I Regular Interest I-LT2PF, until the Uncertificated Balance of REMIC I Regular Interest I-LT2PF is reduced to zero; and
(c) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-I Interest); provided, however, that for the first three Distribution Dates, such amounts relating to the Initial Group II Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT2 and such amounts relating to the Subsequent Group II Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT2PF. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period shall be distributed by REMIC I to the Holders of the REMIC I Regular Interest P. The payment of the foregoing amounts to the Holders of the REMIC I Regular Interest P shall not reduce the Uncertificated Balance thereof.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 2005-W2), Pooling and Servicing Agreement (Argent Securities Inc., Asset-Backed Pass-Through Certificates, Series 2005-W2)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than Interest AA, REMIC I Regular Interest I-LTP)A, REMIC I Regular Interest M1, REMIC I Regular Interest M2, REMIC I Regular Interest M3, REMIC I Regular Interest B1, REMIC I Regular Interest B2, REMIC I Regular Interest B3, REMIC I Regular Interest B4, REMIC I Regular Interest ZZ and REMIC I Regular Interest P, PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 ZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; andAmount and such amount shall be payable to the Holders of REMIC I Regular Interest A, REMIC I Regular Interest M1, REMIC I Regular Interest M2, REMIC I Regular Interest M3, REMIC I Regular Interest B1, REMIC I Regular Interest B2, REMIC I Regular Interest B3 and REMIC I Regular Interest B4 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC I Regular Interest ZZ shall be increased by such amount;
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) 98.00% of such remainder, to the Holders of REMIC I Regular Interest AA and REMIC I Regular Interest P, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero, provided, however, that REMIC I Regular Interest P shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC I Regular Interest P, until $100 has been distributed pursuant to this clause;
(b) 2.00% of such remainder, first, to the Holders of REMIC I Regular Interest A, REMIC I Regular Interest M1, REMIC I Regular Interest M2, REMIC I Regular Interest M3, REMIC I Regular Interest B1, REMIC I Regular Interest B2, REMIC I Regular Interest B3 and REMIC I Regular Interest B4, 1.00% and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero, and second, to the Holders of REMIC I Regular Interest ZZ, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; and
(c) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-II Interest); provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Overcollateralization Reduction Amount shall be allocated to the Holders of (i) REMIC I Regular Interest AA and REMIC I Regular Interest P, in that order and (ii) REMIC I Regular Interest ZZ, respectively; provided that REMIC I Regular Interest P shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC I Regular Interest P, until $100 has been distributed pursuant to this clause. Notwithstanding the priorities and amounts of distribution of funds pursuant to this Section 4.01(a)(1), actual distributions of the Available Distribution Amount shall be made only in accordance with Section 4.01(a)(2), (3) and (4).
(2) On each Distribution Date, the Trustee shall withdraw the Interest Remittance Amount for such Distribution Date from the Distribution Account and make the following distributions in respect of interest in the following order of priority:
(I-LTP) to the Holders of the Class A Certificates the Class A Interest Distribution Amount related to such Certificates
(II) sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that order, an amount equal to the Interest Distribution Amount for each such Class.
(3) On each Distribution Date, the Trustee shall withdraw from the Distribution Account the Available Distribution Amount for such Distribution Date remaining after the distributions made pursuant to (2) above and make the following distributions in respect of principal in the following order of priority:
(I) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect:
(i) to the Holders of the Class A Certificates, the Principal Distribution Amount for such Distribution Date until the Certificate Principal Balance of such Class has been reduced to zero.
(ii) sequentially to the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, the Principal Distribution Amount remaining, in each case, until the Certificate Principal Balance of such Class has been reduced to zero.
(II) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect:
(i) to the Holders of the Class A Certificates, the Class A Principal Distribution Amount, until the Certificate Principal Balances of such Class has been reduced to zero;
(ii) to the Holders of the Class M-1 Certificates, the Class M-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the Holders of the Class M-2 Certificates, the Class M-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) to the Holders of the Class M-3 Certificates, the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(v) to the Holders of the Class B-1 Certificates, the Class B-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(vi) to the Holders of the Class B-2 Certificates, the Class B-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(vii) to the Holders of the Class B-3 Certificates, the Class B-3 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; and
(viii) to the Holders of the Class B-4 Certificates, the Class B-4 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(4) On each Distribution Date, the Available Distribution Amount remaining after the distributions pursuant to (2) and (3) above shall be distributed by the Trustee as follows:
(i) sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that order, the related Interest Carry Forward Amount allocable to such Classes of Certificates;
(ii) sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that order, the related Allocated Realized Loss Reimbursement Amount allocable to such Classes of Certificates;
(iii) from amounts otherwise distributable to the Holders of the Class C Certificates, (a) first, to the Net WAC Rate Carryover Reserve Account, the amount required by Section 4.09(b) after taking into account amounts, if any, received under the Cap Contract, and (b) second, to maintain a balance in the Net WAC Rate Carryover Reserve Account equal to the Net WAC Rate Carryover Reserve Account Deposit;
(iv) to the Holders of the Class C Certificates, (a) the related Interest Distribution Amount and any Overcollateralization Reduction Amount for such Distribution Date and (b) on any Distribution Date on which the Certificate Principal Balances of the Class A Certificates and the Subordinate Certificates have been reduced to zero, any remaining amounts in reduction of the Certificate Principal Balance of the Class C Certificates, until the Certificate Principal Balance thereof has been reduced to zero, in each case, less amounts distributed pursuant to Section 4.01(a)(4)(iii); and
(v) to the Holders of the Class R Certificates, any remaining amounts; provided that if such Distribution Date is the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been thereafter, then any such remaining amounts shall be distributed pursuant to this clause;
(b) first, to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a)Class P Certificates, until the Uncertificated Certificate Principal Balance thereof has been reduced to zero, and second, to the Holders of the Class R Certificates.
(5) On each Distribution Date, following the foregoing distributions, an amount equal to the amount of Subsequent Recoveries deposited into the Collection Account pursuant to Section 3.05(a)(ii) and included in the Available Distribution Amount for such Distribution Date shall be applied to increase the Certificate Principal Balance of the Class of Certificates with the Highest Priority up to the Allocated Realized Loss Reimbursement Amount for such REMIC I Regular Interest is reduced Class. An amount equal to zero and the amount of any remaining Subsequent Recoveries shall be applied to increase the Certificate Principal Balance of the Class of Certificates with the next Highest Priority, up to the Allocated Realized Loss Reimbursement Amount for such Class and so on. Holders of such Certificates shall not be entitled to any distribution in respect of interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Certificate Principal Balance of each Certificate of such Class in accordance with its respective Percentage Interest.
(b) On each Distribution Date, after making the distributions of the Available Distribution Amount as set forth above, the Trustee shall FIRST, withdraw from the Net WAC Rate Carryover Reserve Account all net income from the investment of funds in the Net WAC Rate Carryover Reserve Account and distribute such amount to the Holders of the Class R-I C Certificates;
(c) , and SECOND, withdraw from the Net WAC Rate Carryover Reserve Account, to the Holders extent of the REMIC I Regular Interest I-LT2amounts remaining on deposit therein, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (aany Net WAC Rate Carryover Amount for such Distribution Date and distribute such amount as follows: FIRST, to the Class A Certificates, the related Net WAC Rate Carryover Amount, on a PRO RATA basis based on such respective Net WAC Rate Carryover Amounts; and SECOND, sequentially, to the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that order, the related Net WAC Rate Carryover Amount. On each Distribution Date, the Trustee shall withdraw any amounts then on deposit in the Distribution Account that represent Prepayment Charges collected by the Servicer, Servicer Prepayment Charge Payment Amounts payable by the Servicer pursuant to Section 2.03(b)(ii), in the same proportion as principal payments are allocated to the extent not related Corresponding Certificatesto Principal Prepayments occurring after the related Prepayment Period, until and the Uncertificated Balances of Trustee shall distribute such REMIC I Regular Interests are reduced to zero and any remaining amount amounts to the Holders of the Class R-I P Certificates; and. Such distributions shall not be applied to reduce the Certificate Principal Balance of the Class P Certificates.
(dc) All distributions made with respect to each Class of Certificates on each Distribution Date shall be allocated PRO RATA among the outstanding Certificates in such Class based on their respective Percentage Interests. Payments in respect of each Class of Certificates on each Distribution Date shall be made to the Holders of the REMIC I Regular respective Class of record on the related Record Date (except as otherwise provided in Section 4.01(e) or Section 9.01 respecting the final distribution on such Class), based on the aggregate Percentage Interest I-LT7represented by their respective Certificates, ____% and shall be made by wire transfer of immediately available funds to the account of any such Holder at a bank or other entity having appropriate facilities therefor, if such Holder shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date, or otherwise by check mailed by first class mail to the address of such Holder appearing in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the amount remaining after application of clause (a), until Trustee maintained for such purpose pursuant to Section 8.12 or such other location specified in the Uncertificated Balance notice to Certificateholders of such REMIC I Regular Interest is reduced final distribution. Each distribution with respect to zero a Book-Entry Certificate shall be paid to the Depository, as Holder thereof, and the Depository shall be responsible for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures. Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners that it represents and to each indirect participating brokerage firm (a "brokerage firm" or "indirect participating firm") for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners that it represents. None of the Trustee, the Certificate Registrar, the Depositor or the Servicer shall have any remaining amount responsibility therefor except as otherwise provided by this Agreement or applicable law.
(d) The rights of the Certificateholders to receive distributions in respect of the Certificates, and all interests of the Certificateholders in such distributions, shall be as set forth in this Agreement. Neither the Holders of any Class of Certificates nor the Trustee nor the Servicer shall in any way be responsible or liable to the Holders of any other Class of Certificates in respect of amounts properly previously distributed on the Certificates.
(e) Except as otherwise provided in Section 9.01, whenever the Trustee expects that the final distribution with respect to any Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount Certificates shall be allocated made on the next Distribution Date, the Trustee shall, no later than five (5) days after the related Determination Date, mail to each Holder on such date of such Class of Certificates a notice to the effect that:
(i) the Trustee expects that the final distribution with respect to such Class of Certificates shall be made on such Distribution Date, but only upon presentation and surrender of such Certificates at the office of the Trustee therein specified or its agent; and
(ii) no interest shall accrue on such Certificates from and after the end of the related Interest Accrual Period. Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the REMIC I Regular Interest Ifailure of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held in trust by the Trustee and credited to the account of the appropriate non-LT1 tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section 4.01(e) shall not have been surrendered for cancellation within six months after the time specified in such notice, the Trustee shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation in order to receive the final distribution with respect thereto. If within one year after the second notice all such Certificates shall not have been surrendered for cancellation, the Trustee shall, directly or through an agent, mail a final notice to remaining non-tendering Certificateholders concerning surrender of their Certificates but shall continue to hold any remaining funds for the benefit of non-tendering Certificateholders. The costs and REMIC I Regular Interest I-LT7, respectively.expenses
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (GE-WMC Mortgage Securities, L.L.C.), Pooling and Servicing Agreement (GE-WMC Mortgage Securities, L.L.C.)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be: With respect to the Group I Mortgage Loans:
(i) to the Holders of REMIC I Regular Interests (other than each REMIC I Regular Interest II-1-LTP)A through I-52-B, PRO RATA, in an amount equal to (A) the Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and.
(ii) on each Distribution Date, to the Holders extent of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows (except as provided below):
(a) the Holders of the follows: to REMIC I Regular Interest Iinterests I-1-LTP, on A through I-52-B starting with the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero and any remaining amount zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated PRO RATA between such REMIC I Regular Interests. With respect to the Group II Mortgage Loans:
(i) to Holders of the Class R-I Certificates;
(c) to the Holders of the each REMIC I Regular Interest III-1-LT2A through II-52-B, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a)PRO RATA, in the same proportion as principal payments are allocated an amount equal to the related Corresponding Certificates, until the (A) Uncertificated Balances of Interest for such REMIC I Regular Interests are reduced to zero and for such Distribution Date, plus (B) any amounts payable in respect thereof remaining amount to the Holders of the Class R-I Certificates; andunpaid from previous Distribution Dates.
(dii) to the Holders extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular Interest Iinterests II-1-LT7, ____% of A through II-52-B starting with the amount remaining after application of clause (a), lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated PRO RATA between such REMIC I Regular Interests. With respect to the Group III Mortgage Loans:
(i) to Holders of each REMIC I Regular Interest III-1-A through III-52-B, PRO RATA, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: to REMIC I Regular interests III-1-A through III-52-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated PRO RATA between such REMIC I Regular Interests. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period shall be distributed by REMIC I to the Holders of REMIC I Regular Interest I-52-A. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest I-52-A shall not reduce the Uncertificated Balance thereof.
(b) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC II Regular Interests and any remaining amount distributed to the Holders of the Class R Certificates (in respect of the Class R-I Certificates; providedII Interest), however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of as the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.case may be:
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc. Series 2005-R3), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc. Series 2005-R3)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may be:
(i) first, to the Holders of REMIC I Regular Interests Interest I-LT2, in an amount equal to (other than A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC I Regular Interest I-LT1 and I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and;
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(biii) on each Distribution Date, the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) and clause (ii) above, first, to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), LT1 until the Uncertificated Balance principal balance of such REMIC I Regular Interest is reduced to zero and any remaining amount second, to the Holders of REMIC I Regular Interest I-LT2 until the principal balance of such REMIC I Regular Interest is reduced to zero; and
(iv) to the Holders of the Class R-I Certificates;
, any amounts remaining after the distributions pursuant to clauses (ci) through (iii) above. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I to the Holders of the REMIC I Regular Interest I-LT2, LTP. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until LTP shall not reduce the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectivelythereof.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2001-Nc2), Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Flo Rate Mort Pas THR Cert Ser 01 3)
Distributions. (a) (1)(A) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall allocate and distribute the Group I Available Distribution Amount and Group II Available Distribution Amount (in each case, to the extent on deposit in the Certificate Account) for such date to the interests issued in respect of each REMIC as specified in this Section.
(1) On each Distribution Date, the Group I Available Distribution Amount shall be deemed distributed in respect of the REMIC I Interests and the REMIC III Interests in the following amounts, in the following order of priority:
(i) first, the Group I Available Distribution Amount shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account Interest and distributed to the holders of the Class R-I Certificates, (A) to REMIC III as the case may beholder of the REMIC I Regular Interest I-LT, interest accrued thereon for any prior Distribution Date remaining unpaid, (B) to REMIC III as the h older of the REMIC I Regular Interest I-LT, interest accrued thereon for the current Distribution Date, (C) to REMIC III as the holder of the REMIC I Regular Interest I-LT, any remaining amount as a distribution of principal, until the Uncertificated Principal Balance of REMIC Regular Interest I-LT shall have been reduced to zero and (D) any remaining amount to the holder of the Class R-I Certificate; and
(ii) second, the amount received by REMIC III as the holder of the REMIC I Regular Interest I-LT pursuant to (i) above, shall be distributed by REMIC III on account of the REMIC III Regular Interests and the Class R-III Certificates, in the following order of priority:
(A) to REMIC IV as the Holder of the REMIC III Regular Interests, pari passu, accrued interest thereon for any prior Distribution Date remaining unpaid;
(B) to REMIC IV as the Holder of the REMIC III Regular Interests, pari passu, accrued interest thereon for the current Distribution Date;
(C) to REMIC IV as the Holder of the REMIC III Regular Interest LTA, as a distribution of principal, until the Uncertificated Principal Balance of REMIC III Regular Interest LTA is reduced to zero;
(D) to REMIC IV as the Holder of the REMIC III Regular Interests LTB, as a distribution of principal, sequentially in the order of their numerical designation, until the Uncertificated Principal Balance of each successive REMIC III Regular Interest LTB is reduced to zero, with REMIC III Regular Interest LTB15-A and REMIC III Regular Interest LTB15-B being treated as having the same numerical designation and with distributions to such Regular Interests pursuant to this clause (D) being allocated between them pro-rata; and
(E) any remaining amount to the Holders of the Class R-III Certificates.
(2) On each Distribution Date, the Group II Available Distribution Amount shall be deemed distributed in respect of the REMIC II Interests and the Class R-II Certificates, (A) to REMIC IV as the holder of the REMIC II Regular Interest II-LT, interest accrued thereon for any prior Distribution Date remaining unpaid, (B) to REMIC IV as the h older of the REMIC II Regular Interest II-LT, interest accrued thereon for the current Distribution Date, (C) to REMIC IV as the holder of the REMIC II Regular Interest II-LT, any remaining amount as a distribution of principal, until the Uncertificated Principal Balance of REMIC Regular Interest II-LT shall have been reduced to zero and (D) any remaining amount to the holder of the Class R-II Certificate. 109
(3) on each Distribution Date, the amounts received by REMIC IV as the holder of the REMIC II Regular Interest and the REMIC III Regular Interests shall be deemed distributed in respect of the REMIC IV Regular Interest and the Class R-IV Certificates in the following amount and in the following order of priority:
(i) to REMIC V as the Holders Holder of REMIC I IV Regular Interests LTA-IO, from the amount received in respect of the REMIC III Regular Interests, in an amount equal to (other than x) their Uncertificated Accrued Interest for such Distribution Date, plus (y) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to REMIC I V as the Holder of REMIC IV Regular Interest I-LTP)LT1, REMIC IV Regular Interest LT2, REMIC IV Regular Interest LT3 and REMIC IV Regular Interest LT4, from the amount received in respect of the REMIC III Regular Interests, pari passu, in an amount equal to (A) the their Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable ;
(iii) to REMIC V as Uncertificated the Holder of REMIC IV Regular Interest LT5, REMIC IV Regular Interest LT6, REMIC IV Regular Interest LT7 and REMIC IV Regular Interest LT8, from the amount received in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized AmountII Regular Interest, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interestspari passu, in an amount equal to the remainder of the Available Distribution Amount (A) their Uncertificated Accrued Interest for such Distribution Date after the distributions made pursuant to clause Date, plus (iB) above, allocated as follows (except as provided below):any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(aiv) to REMIC V as the Holders Holder of the REMIC I IV Regular Interest I-LTPLT2, on the Distribution Date immediately following the expiration REMIC IV Regular Interest LT3 and REMIC IV Regular Interest LT4, from any amount remaining of the latest Prepayment Charge term as identified on amount received in respect of the Mortgage Loan Schedule or any REMIC III Regular Interests,
(A) their respective Principal Distribution Date thereafter until $100 has been distributed pursuant to this clauseAmounts;
(bB) to the Holders of the REMIC I IV Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), LT1 any remainder until the Uncertificated Principal Balance of such REMIC I Regular Interest thereof is reduced to zero zero;
(C) any remainder to the Holders of the REMIC IV Regular Interest LT2, REMIC IV Regular Interest LT3 and REMIC IV Regular Interest LT4, pro rata according to their respective Uncertificated Principal Balances as reduced by the distributions deemed made pursuant to (A) above, until their respective Uncertificated Principal Balances are reduced to zero; and
(D) any remaining amount amounts to the Holders of the Class R-I CertificatesIV.
(v) to REMIC V as the Holder of the REMIC IV Regular Interest LT6, REMIC IV Regular Interest LT7 and REMIC IV Regular Interest LT8, from any amount remaining of the amount received in respect of the REMIC II Regular Interest,
(A) their respective Principal Distribution Amounts;
(cB) to the Holders of the REMIC I IV Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, any remainder until the Uncertificated Principal Balance thereof is reduced to zero;
(C) any remainder to the Holders of the REMIC IV Regular Interest LT6, REMIC IV Regular Interest LT7 and REMIC IV Regular Interest LT8, pro rata according to their respective Uncertificated Principal Balances of such REMIC I Regular Interests as reduced by the distributions deemed made pursuant to (A) above, until their respective Uncertificated Principal Balances are reduced to zero and zero; and
(D) any remaining amount amounts to the Holders of the Class R-IV Certificates.
(4) Notwithstanding the distributions on the REMIC Regular Interests described in this Section 4.02(b), distribution of funds from the Certificate Account shall be made only in accordance with Sections 4.02(c) and (d).
(c) On each Distribution Date (x) the Master Servicer on behalf of the Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute to each Certificateholder of record on the next preceding Record Date (other than as provided in Section 9.01 respecting the final distribution) either in immediately available funds (by wire transfer or otherwise) to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder has so notified the Master Servicer or the Paying Agent, as the case may be, or, if such Certificateholder has not so notified the Master Servicer or the Paying Agent by the Record Date, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register such Certificateholder's share (which share with respect to each Class of Certificates, shall be based on the aggregate of the Percentage Interests represented by Certificates of the applicable Class held by such Holder of the following amounts), in the following order of priority, in each case to the extent of the Group I CertificatesAvailable Distribution Amount on deposit in the Certificate Account (or, with respect to clause (xvii)(B) below, to the extent of prepayment charges on deposit in the Certificate Account):
(i) to the Class A-I Certificateholders and the Class M-I Certificateholders, the related Accrued Certificate Interest payable on such Certificates with respect to such Distribution Date, plus any related Accrued Certificate Interest remaining unpaid from any prior Distribution Date, in the following order of priority:
1. first, to the Class A-I Certificateholders on a pro rata basis, based upon the amount of Accrued Certificate Interest due thereon;
2. second, to the Class M-I-1 Certificateholders;
3. third, to the Class M-I-2 Certificateholders;
4. fourth, to the Class M-I-3 Certificateholders; and
5. fifth, to the Class M-I-4 Certificateholders;
(dii) to the Holders Class A-I Certificateholders and the Class M-I Certificateholders, from the amount, if any, of the REMIC Group I Regular Interest I-LT7Available Distribution Amount remaining after the foregoing distributions, ____% the Group I Principal Distribution Amount (other than the amounts described in clauses (b)(iv) and (v) of the definition thereof), which amount remaining after application of clause (a)shall be allocated in the manner and priority set forth in Section 4.02(e) below, until the Uncertificated aggregate Certificate Principal Balance of such REMIC each Class of Class A-I Regular Interest is Certificates and Class M-I Certificates has been reduced to zero and any remaining amount zero;
(iii) to the Holders Class A-I Certificateholders and the Class M-I Certificateholders, from the Group I Excess Cash Flow, an amount equal to the principal portion of Realized Losses on the Group I Loans during the immediately preceding Due Period, which amount shall be included in the Group I Principal Distribution Amount and allocated in the manner and priority set forth in Section 4.02(e) below until the aggregate Certificate Principal Balance of each Class of Class A-I Certificates and Class M-I Certificates has been reduced to zero;
(iv) to the Class A-II Certificateholders and Class M-II Certificateholders, from the amount, if any, of the Group I Excess Cash Flow remaining after the foregoing distributions, an amount equal to the principal portion of Realized Losses on the Group II Loans during the immediately preceding Due Period, to the extent not covered by distributions of the Group II Excess Cash Flow on such Distribution Date, which amount shall be included in the Group II Principal Distribution Amount and allocated in the manner and priority set forth in Section 4.02(f) below, until the aggregate Certificate Principal Balance of each Class Rof Class A-II Certificates and Class M-II Certificates has been reduced to zero;
(v) to the Class A-I Certificates; providedCertificateholders and the Class M-I Certificateholders, howeverfrom the amount, that _____% if any, of the Group I Excess Cash Flow remaining after the foregoing distributions, the Group I Overcollateralization Increase Amount, which amount shall be included in the Group I Principal Distribution Amount and _____% allocated in the manner and priority set forth in Section 4.02(e) below, until the aggregate Certificate Principal Balance of each Class of Class A-I Certificates and Class M-I Certificates has been reduced to zero;
(vi) to the Class A-II Certificateholders and Class M-II Certificateholders, from the amount, if any, of the Group I Excess Cash Flow remaining after the foregoing distributions, the Group II Overcollateralization Increase Amount for such Distribution Date, to the extent not covered by distributions of the Group II Excess Cash Flow on such Distribution Date, which amount shall be included in the Group II Principal Distribution Amount and allocated in the manner and priority set forth in Section 4.02(f) below, until the aggregate Certificate Principal Balance of each Class of Class A-II Certificates and Class M-II Certificates has been reduced to zero;
(vii) to the Class A-I Certificateholders and Class M-I Certificateholders, from the amount, if any, of the Group I Excess Cash Flow remaining after the foregoing distributions, the amount of any principal payments related Prepayment Interest Shortfalls with respect to the Group I Loans for that are attributable Distribution Date, to a Overcollateralization Reduction Amount the extent not covered by Compensating Interest on such Distribution Date, which amount shall be allocated to Holders the Class A-I Certificateholders and Class M-I Certificateholders on a pro rata basis, based on the amount of Prepayment Interest Shortfalls allocated thereto for such Distribution Date;
(viii) to the Class A-II Certificateholders and the Class M-II Certificateholders, from the amount, if any, of the REMIC Group I Regular Excess Cash Flow remaining after the foregoing distributions, the amount of any related Prepayment Interest IShortfalls with respect to the Group II Loans for that Distribution Date, to the extent not covered by Compensating Interest and distributions of the Group II Excess Cash Flow on such Distribution Date, which amount shall be allocated to the Class A-LT1 II Certificateholders and REMIC the Class M-II Certificateholders on a pro rata basis, based on the amount of Prepayment Interest Shortfalls allocated thereto for such Distribution Date;
(ix) to the Class A-I Regular Certificateholders and the Class M-I Certificateholders, from the amount, if any, of the Group I Excess Cash Flow remaining after the foregoing distributions, the amount of any Prepayment Interest IShortfalls allocated thereto remaining unpaid from prior Distribution Dates together with interest thereon at the related Pass-LT7Through Rates, respectively.which amount shall be allocated to the Class A-I Certificateholders and the Class M-I Certificateholders on a pro rata basis, based on the amount of Prepayment Interest Shortfalls allocated thereto and remaining unpaid;
(x) to the Class A-II Certificateholders and the Class M-II Certificateholders, from the amount, if any, of the Group I Excess Cash Flow remaining after the foregoing distributions, the amount of any Prepayment Interest Shortfalls allocated thereto remaining unpaid from prior Distribution Dates together with interest thereon at the related Pass-Through Rates, to the extent not covered by distributions of the Group II Excess Cash Flow on such Distribution Date, which amount shall be allocated to the Class A-II Certificateholders and the Class M-II Certificateholders on a pro rata basis, based on the amount of Prepayment Interest Shortfalls allocated thereto and remaining unpaid;
(xi) to the Class A-I Certificateholders and the Class M-I Certificateholders, from the amount, if any, of the Group I Excess Cash Flow remaining after the foregoing distributions, the amount of any Group I Net WAC Cap Shortfalls on such Certificates, which amount shall be allocated first, to the Class A-I Certificateholders on a pro rata basis, based on their respective Group I Net WAC Cap Shortfalls, and then sequentially, to the Class M-I-1 Certificateholders, Class M-I-2 Certificateholders, Class M-I-3 Certificateholders and Class M-I-4 Certificateholders, in that order;
(xii) to the Class A-II Certificateholders and the Class M-II Certificateholders, from the amount, if any, of the Group I Excess Cash Flow remaining after the foregoing distributions, the amount of any Group II Basis Risk Shortfalls on such Certificates to the extent not covered by distributions of the Group II Excess Cash Flow such Distribution Date, which amount shall be allocated first, to the Class A-II Certificateholders on a pro rata basis, based on their respective Group II Basis Risk Shortfalls, and then sequentially, to the Class M-II-1 Certificateholders, Class M-II-2 Certificateholders, Class M-II-3 Certificateholders and Class M-I-4 Certificateholders, in that order; 113
(xiii) to the Class A-I Certificateholders and the Class M-I Certificateholders, from the amount, if any, of the Group I Excess Cash Flow remaining after the foregoing distributions, the amount of any Relief Act Shortfalls allocated to such Certificates with respect to the Group I Loans for that Distribution Date, which amount shall be allocated to the Class A-I Certificateholders and the Class M-I Certificateholders on a pro rata basis, based on the amount of Relief Act Shortfalls allocated thereto for that Distribution Date;
(xiv) to the Class A-II Certificateholders and the Class M-II Certificateholders, from the amount, if any, of the Group I Excess Cash Flow remaining after the foregoing distributions, the amount of any Relief Act Shortfalls allocated to such Cert
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (RAMP Series 2004-Rz3 Trust), Pooling and Servicing Agreement (RAMP Series 2004-Rz3 Trust)
Distributions. (a) (1)(A) On each Distribution DateExcept for the Special Distribution, the following amountsCommon Distribution and distributions pursuant to SECTION 8.2 in connection with the dissolution and liquidation of the Partnership, the General Partner shall cause the Partnership to distribute all Net Cash Flow to the Partners from time to time as determined by the General Partner, but in any event not less frequently than quarterly, in such amounts as the General Partner shall determine, and in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may be:
(i) First, to the Holders extent that the amount of REMIC I Regular Interests cash distributed to the General Partner for all prior Quarters pursuant to SECTION 6.2(a)(ii) (other than REMIC I Regular Interest I-LTPthe immediately preceding Quarter) was less than the Preferred Distribution for each of the outstanding Preferred Units for all such Quarters, and such deficiency was not previously distributed pursuant to this subsection (i) or paid as part of a Preferred Unit Redemption Amount (a "Preferred Distribution Shortfall"), Net Cash Flow shall be distributed to the General Partner in an amount equal to such Preferred Distribution Shortfall for all such prior Quarters.
(ii) Second, Net Cash Flow shall be distributed to the General Partner on the Partnership Payment Date in an amount equal to the Preferred Distribution for the immediately preceding Quarter for each outstanding Preferred Unit then held by the General Partner.
(iii) Third, to the extent the amount of cash distributed to the Partners holding Convertible Preferred Units pursuant to SECTION 6.2(a)(iv) for all prior Quarters (other than the immediately preceding Quarter) was less than the Convertible Preferred Distribution for each of the outstanding Convertible Preferred Units for all such Quarters, and such deficiency was not previously distributed pursuant to this subsection (iii) or paid as part of Convertible Preferred Unit Redemption Amount (a "Convertible Preferred Distribution Shortfall"), Net Cash Flow shall be distributed to the Partners holding Convertible Preferred Units, pro rata in accordance with their respective Convertible Preferred Units, in an amount equal to such Convertible Preferred Distribution Shortfall for all such prior Quarters.
(Aiv) the Uncertificated Interest for such Distribution DateFourth, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 Net Cash Flow shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, distributed to the Holders of REMIC I Regular Interests, Partners holding Convertible Preferred Units on the Partnership Payment Date in an amount equal to the remainder Convertible Preferred Distribution for the immediately preceding Quarter for each outstanding Convertible Preferred Unit then held by the Partners holding Convertible Preferred Units, pro rata in accordance with their respective Convertible Preferred Units.
(v) Fifth, to the extent that the amount of cash distributed to Partners pursuant to SECTION 6.2(a)(vi) for all prior Quarters (other than the immediately preceding Quarter) was less than the Series C Preferred Distribution for each of the Available Distribution Amount outstanding Series C Preferred Units for all such Distribution Date after the distributions made pursuant to clause (i) aboveQuarters, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been and such deficiency was not previously distributed pursuant to this clause;subsection (v) or paid as part of a Series C Preferred Unit Redemption Amount (a "Series C Preferred Distribution Shortfall"), Net Cash Flow in an amount equal to such Series C Preferred Distribution Shortfall for all such prior quarters shall be distributed to the Partners holding Series C Preferred Units on the Partnership Payment Date for the immediately preceding Quarter, pro rata, in accordance with their respective Series C Preferred Units.
(vi) Sixth, Net Cash Flow shall be distributed to the Partners holding Series C Preferred Units in an amount equal to the Series C Preferred Distribution for the immediately preceding Quarter for each outstanding Series C Preferred Unit, pro rata, in accordance with their respective Series C Preferred Units.
(vii) Seventh, the balance of any Net Cash Flow to be distributed, if any, shall be distributed to the Partners holding Common Units on the Partnership Payment Date with respect to the immediately preceding Quarter, pro rata in accordance with their respective Common Units.
(b) On the date hereof, immediately prior to the Holders Special Distribution, the Partnership shall formally declare a cash distribution of (i) $0.50 per outstanding Common Unit and Series C Preferred Unit and (ii) $0.60 per outstanding Convertible Preferred Unit, in each case to each holder of record of Common Units, Convertible Preferred Units and Series C Preferred Units as of the REMIC I Regular Interest I-LT1, ____% close of the amount remaining after application transfer books of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount Partnership immediately prior to the Holders of the Class R-I Certificates;
(c) Merger. The payment date with respect to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that Special Distribution shall be _____% ___.
(c) On the date hereof immediately after consummation of the Merger, the Common Distribution shall be effected by the distribution of each issued and outstanding common unit of Repositioning Strategies, L.P. (each, a "RSLP Common Unit") to each holder of record of Common Units, Convertible Preferred Units and Series C Preferred Units as of the close of the transfer books of the Partnership immediately after the consummation of the Merger such that (i) each Convertible Preferred Unit shall entitle the holder to receive RSLP Common Units equal to 1.196 multiplied by the number of RSLP Common Units being distributed in respect of each Common Unit, and (ii) each Series C Preferred Unit shall entitle the holder to receive that number of RSLP Common Units distributed in respect of each Common Unit. The payment date with respect to the Common Distribution shall be _____% ___.
(d) The General Partner shall use its best efforts to cause the Partnership to distribute sufficient amounts to enable the General Partner to pay shareholder dividends that will (i) satisfy the requirements for qualifying as a REIT under the Code and Regulations ("REIT Requirements"), and (ii) avoid any federal income or excise tax liability of the General Partner.
(e) With respect to any Limited Partner(s) from whom the General Partner receives an Exercise Notice to exercise Rights in accordance with ARTICLE XI for which the General Partner elects to pay the Cash Purchase Price pursuant to EXHIBIT C, the General Partner shall cause the Partnership to distribute to such Limited Partner(s), with respect to the Common Units for which the Cash Purchase Price is paid, (i) on the Partnership Payment Date, if any, thereafter occurring during the Quarter in which the Cash Purchase Price is paid, an amount equal to a full PRO RATA share of any principal payments Net Cash Flow to which such Limited Partner would have been entitled to receive pursuant to SECTION 6.2(a)(vii) had such Limited Partner held such Common Units on the Partnership Payment Date occurring in such Quarter and (ii) on the Partnership Payment Date, if any, occurring during the next succeeding Quarter after such Exercise Notice is received, an amount equal to the Net Cash Flow to which such Limited Partner would have been entitled to receive pursuant to SECTION 6.2(a)(vii) had such Limited Partner held such Common Units on the Partnership Payment Date, multiplied by a fraction, the numerator of which is the number of days in the preceding Quarter (based on three 30-day months) that are attributable the Limited Partner held such Common Units and the denominator of which is 90.
(f) Notwithstanding any other provision in this Agreement, from time to a Overcollateralization Reduction Amount time and at such times as the General Partner shall determine, and prior to any determination or distribution of Net Cash Flow pursuant to SECTION 6.2(a), there shall be allocated distributed to Holders the General Partner from the revenues, proceeds or other funds of the REMIC I Regular Interest I-LT1 Partnership, an amount equal to any REIT Expenses (other than those described in clause (ii) of the definition of REIT Expenses), to the extent not paid or payable by the General Partner from cash distributions which it receives directly from any Property Partnerships on account of any interest in the Property Partnership which it holds directly (as opposed to through the Partnership).
(g) The provisions of SECTION 6.2 of this Agreement are not intended to supersede or replace, and REMIC I Regular Interest I-LT7are subject to, respectivelythe agreements set forth on EXHIBIT E hereto.
Appears in 2 contracts
Sources: Limited Partnership Agreement (Sky Merger Corp), Limited Partnership Agreement (Sky Merger Corp)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than Interest I-LTA1, REMIC I Regular Interest I-LTA2, and REMIC I Regular Interest I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and;
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(biii) on each Distribution Date, the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) and clause (ii) above, to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), LTA1 and REMIC I Regular Interest I-LTA2 until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero and any remaining amount zero; and
(iv) to the Holders of the Class R Certificates (in respect of the Class R-I Certificates;
Interest), any amounts remaining after the distributions pursuant to clauses (ci) through (iii) above. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I to the Holders of the REMIC I Regular Interest I-LT2, LTP. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until LTP shall not reduce the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectivelythereof.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asset BCKD Ps THR Cert Ser 2002-Ar1), Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asset BCKD Ps THR Cert Ser 2002-Ar1)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3 REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10, REMIC I Regular Interest I-LTM11, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral Amount; andAmount and such amount will be payable to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTM11 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC I Regular Interest I-LTZZ shall be increased by such amount;
(ii) on each Distribution Date, [reserved];
(iii) (A) 98.00% of such remainder (other than amounts payable under clause (C) below) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(afollows:(A) to the Holders of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the zero, provided, however, that REMIC I Regular Interest I-LT2LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding CertificatesLTP, until the Uncertificated Balances of such REMIC I Regular Interests are reduced $100 has been distributed pursuant to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.this clause;
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2005-He1), Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2005-He1)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I CertificatesInterest, as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)LTAA, REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LTZZ, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced when the sum of the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral Amount; andAmount and such amounts will be payable to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTM9 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC I Regular Interest I-LTZZ shall be increased by such amount;
(ii) on each Distribution Datesecond, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) 98.00% of such remainder (less the amount payable in clause (e) below), to the Holders of REMIC I Regular Interest I-LTAA, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; 2% of such remainder, first to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTM9, 1.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero; and second, to the Holders of REMIC I Regular Interest I-LTZZ, (less the amount payable in clause (c) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; then
(b) to the Holders of REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; and
(bc) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
R Certificates (c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders Holder of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (aInterest), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTZZ, respectively.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Carrington Mortgage Loan Trust 2005-Nc2), Pooling and Servicing Agreement (Carrington Mortgage Loan Trust 2005-Nc2)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) first, to the Holders of REMIC I Regular Interests Interest I-LTB, in an amount equal to (other than A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC I Regular Interest I-LTA, REMIC I Regular Interest I-LTC and REMIC I Regular Interest I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and;
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(biii) on each Distribution Date, the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) and clause (ii) above, first, to the Holders of the REMIC I Regular Interest I-LT1LTA until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero, ____% second, to the Holders of the amount remaining after application of clause (a)REMIC I Regular Interest I-LTC, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero zero; and any remaining amount third, to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), LTB until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero zero; provided, however, for the first two Distribution Dates, such amounts relating to the Initial Mortgage Loans shall be allocated to REMIC I Regular Interest I-LTA and any remaining amount REMIC I Regular Interest ILTB in the order and priority described above and such amounts relating to the Subsequent Mortgage Loans shall be allocated to REMIC I Regular Interest I-LTC; and
(iv) to the Holders of the Class R Certificates (in respect of the Class R-I Certificates; providedInterest), howeverany amounts remaining after the distributions pursuant to clauses (i) through (iii) above. On each Distribution Date, that _____% and _____% all amounts representing Prepayment Charges in respect of any principal payments that are attributable the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I to a Overcollateralization Reduction Amount shall be allocated to the Holders of the REMIC I Regular Interest I-LT1 and LTP. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest I-LT7, respectivelyLTP shall not reduce the Uncertificated Balance thereof.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc as-Bk Ps-Th Ct Sr 2002-1), Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Ass Bk Pas THR Certs Ser 2002 2)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be: With respect to the Group I Mortgage Loans:
(i1) to the Holders of REMIC I Regular Interests (other than Interest I, and each of REMIC I Regular Interest II-1-LTP)A through I-52-B, pro rata, in an amount equal to (A) the Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and.
(ii2) on each Distribution Date, to the Holders extent of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows (except as provided below):
(a) follows: first, to REMIC I Regular interests I-1-A through I-52-B starting with the Holders lowest numerical denomination until the Uncertificated Balance of the each such REMIC I Regular Interest I-LTPis reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests, and second, to the extent of the product of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; and
(3) to the Holders of REMIC I Regular Interest (A) all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;. With respect to the Group II Mortgage Loans:
(1) to Holders of REMIC I Regular Interest I and each of REMIC I Regular Interest II-1-A through II-52-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period shall be distributed by REMIC I to the Holders of REMIC I Regular Interest I. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest I shall not reduce the Uncertificated Balance thereof.
(b) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to the Holders REMIC II on account of the REMIC I II Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero Interests and any remaining amount distributed to the Holders of the Class R-I Certificates;
R Certificates (c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders respect of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (aII Interest), until as the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.case may be:
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2005-R5), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc., Asset-Backed Pass-Through Certificates, Series 2005-R6)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be: With respect to the Group I Mortgage Loans:
(1) to Holders of REMIC I Regular Interest I, and each of REMIC I Regular Interest I-1-A through I-48-B, PRO RATA, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(2) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interests I-1-A through I-48-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated PRO RATA between such REMIC I Regular Interests, and second, to the extent of the product of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; and
(3) to the Holders of REMIC I Regular Interests Interest P, (other than A) all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause. With respect to the Group II Mortgage Loans:
(1) to Holders of REMIC I Regular Interest II and each of REMIC I Regular Interest II-1-LTPA through II-48-B, PRO RATA, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular interests II-1-A through II-48-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated PRO RATA between such REMIC I Regular Interests, and second, to the extent of the product of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period shall be distributed by REMIC I to the Holders of REMIC I Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest P shall not reduce the Uncertificated Balance thereof.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-II Interest), as the case may be: (i) first, to the Holders of REMIC II Regular Interest II-IO, in an amount equal to (A) Uncertificated Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2a, REMIC II Regular Interest II-LTA2b, REMIC II Regular Interest II-LTA2c, REMIC II Regular Interest II-LTA2d, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10 and REMIC II Regular Interest II-LTZZ, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I II Regular Interest III-LT7 LTZZ shall be reduced when the sum of the REMIC I Overcollateralized II Overcollateralization Amount is less than the REMIC I Required Overcollateralized II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-LT7 LTZZ Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, Amount and such amounts will be payable to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the II REMIC I II Regular Interest III-LTPLTA1, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I II Regular Interest III-LT1LTA2a, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount to the Holders of the Class RII-I Certificates;
(c) to the Holders of the LTA2b, REMIC I II Regular Interest III-LT2LTA2c, REMIC I II Regular Interest III-LT3LTA2d, REMIC I II Regular Interest III-LT4LTM1, REMIC I II Regular Interest III-LT5 LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9 and REMIC I II Regular Interest III-LT6, ____% of the amount remaining after application of clause (a), LTM10 in the same proportion as principal payments are the Overcollateralization Increase Amount is allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero Certificates and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount to the Holders of the Class RII-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount LTZZ shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.increased by such amount; and
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (New Century Mortgage Securities LLC), Pooling and Servicing Agreement (New Century Mortgage Securities Inc)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I- LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTA5, REMIC I Regular Interest I-LTA6, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I- LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I- LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10, REMIC I Regular Interest I-LTM11, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 I- LTZZ Uncertificated Interest Deferral Amount; andAmount and such amount will be payable to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I- LTA5, REMIC I Regular Interest I-LTA6, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I- LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I- LTM9, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTM11 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC I Regular Interest I-LTZZ shall be increased by such amount;
(ii) on each to the Holders of REMIC I Regular Interest I-LT1SUB, REMIC I Regular Interest I-LT1GRP, REMIC I Regular Interest I-LT2SUB, REMIC I Regular Interest I- LT2GRP and REMIC I Regular Interest I-LTXX, PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) to the Holders of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTP, on 98.00% of such remainder (other than amounts payable under clause (iv) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero, provided, however, that REMIC I Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LTP, until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2LTA1, REMIC I Regular Interest I-LT3LTA2, REMIC I Regular Interest I-LT4LTA3, REMIC I Regular Interest I- LTA4, REMIC I Regular Interest I-LT5 LTA5, REMIC I Regular Interest I-LTA6, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I- LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LT6, ____LTM11 1.00% of the amount remaining after application of such remainder (other than amounts payable under clause (aiv) below), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; andzero;
(dc) to the Holders of the REMIC I Regular Interest I-LT7LTZZ, ____1.00% of the amount remaining after application of such remainder (other than amounts payable under clause (aiv) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest); provided, however, that _____(i) 98.00% and _____(ii) 2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to the Holders of the (i) REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTP, in that order and (ii) REMIC I Regular Interest I-LTZZ, respectively; provided that REMIC I Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LTP, until $100 has been distributed pursuant to this clause; and
(iv) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, such that distributions of principal shall be deemed to be made to the REMIC I Regular Interests FIRST, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; SECOND, to each REMIC I Regular Interest ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and THIRD, any remaining principal to REMIC I Regular Interest I- LTXX. Notwithstanding the priorities and amounts of distribution of funds pursuant to this Section 4.01(a)(1), actual distributions of Available Funds shall be made only in accordance with Section 4.01(a)(2), (3) and (4).
(I) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group I Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Certificate Insurer, the amount owing to the Certificate Insurer under the Insurance Agreement for the Certificate Insurer Premium;
(ii) to the Holders of the Group I Certificates, the Senior Interest Distribution Amount related to such Certificates;
(iii) to the Certificate Insurer, the Reimbursement Amount for such Distribution Date; and
(iv) concurrently, to the Holders of each Class of Group II Certificates, on a pro rata basis based on the entitlement of each such Class, the Senior Interest Distribution Amount for each such Class, to the extent remaining unpaid after the distribution of the Group II Interest Remittance Amount, as set forth in Section 4.01(a)(2)(II)(i) below.
(II) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group II Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of each Class of Group II Certificates, on a pro rata basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates;
(ii) to the holders of the Group I Certificates any undistributed Senior Interest Distribution Amount related to such Certificates, unpaid after the distribution of the Group I Interest Remittance Amount, as set forth in Section 4.01(a)(2)(I)(ii) above;
(iii) to the Certificate Insurer, the amount owing to the Certificate Insurer under the Insurance Agreement for the Certificate Insurer Premium, to the extent remaining unpaid after the distribution of the Group I Interest Remittance Amount, as set forth in Section 4.01(a)(2)(I)(i); and
(iv) to the Certificate Insurer, the Reimbursement Amount for such Distribution Date, to the extent not paid pursuant to Section 4.01(a)(2)(I)(iii).
(III) On each Distribution Date, following the distributions made pursuant to Section 4.01(a)(2)(I) and (II) above, the Trustee shall withdraw from the Distribution Account an amount equal to any remaining Group I Interest Remittance Amount and Group II Interest Remittance Amount and will be distributed sequentially to the Class M-1, Class M-2, Class M-▇, ▇▇▇▇▇ ▇-▇, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that order, in an amount equal to the Interest Distribution Amount for each such Class.
(I) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Group I Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group I Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(ii) to the Certificate Insurer, the Reimbursement Amount for such Distribution Date, to the extent not paid pursuant to Sections 4.01(a)(2)(I)(iii) and 4.01(a)(2)(II)(iv); and
(iii) to the Holders of the Group II Certificates (allocated among the Classes of Group II Certificates in the priority described in Section 4.01(a)(5) below), after taking into account the distribution of the Group II Principal Distribution Amount, as described in Section 4.01(a)(3)(II) below, until the Certificate Principal Balances of such Classes have been reduced to zero.
(II) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Group II Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group II Certificates (allocated among the Classes of Group II Certificates in the priority described in Section 4.01(a)(5) below), until the Certificate Principal Balances of such Classes have been reduced to zero; and
(ii) to the Holders of the Group I Certificates, after taking into account the distribution of the Group I Principal Distribution Amount and the Group I Principal Distribution Amount already distributed as set forth in Section 4.01(a)(3)(I) above until the Certificate Principal Balance thereof has been reduced to zero. 100
(III) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the sum of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount remaining undistributed for such Distribution Date will be distributed sequentially to the Class M-1, Class M-2, Class ▇-▇, ▇▇ass M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that order, in each case, until the Certificate Principal Balance of such Class has been reduced to zero.
(IV) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Group I Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group I Certificates, the Senior Group I Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(ii) to the Certificate Insurer, the Reimbursement Amount for such Distribution Date, to the extent not paid pursuant to the foregoing provisions; and
(iii) to the Holders of the Group II Certificates (allocated among the Classes of Group II Certificates in the priority described in Section 4.01(a)(5) below), after taking into account the distribution of the Group II Principal Distribution Amount, as described in Section 4.01(a)(3)(V)(i) below, up to an amount equal to the Senior Group II Principal Distribution Amount remaining undistributed, until the Certificate Principal Balances of such Classes have been reduced to zero.
(V) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Group II Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group II Certificates (allocated among the Classes of Group II Certificates in the priority described in Section 4.01(a)(5) below), the Senior Group II Principal Distribution Amount, until the Certificate Principal Balances of such Classes have been reduced to zero; and
(ii) to the Holders of the Group I Certificates after taking into account the distribution of the Group I Principal Distribution Amount, as set forth in Section 4.01(a)(3)(IV) above, up to an amount equal to the Senior Group I Principal Distribution Amount remaining undistributed, until the Certificate Principal Balance thereof has been reduced to zero.
(VI) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the sum of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount remaining undistributed for such Distribution Date shall be distributed in the following order of priority: 101
(i) to the Holders of the Class M-1 Certificates, the Class M-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(ii) to the Holders of the Class M-2 Certificates, the Class M-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the Holders of the Class M-3 Certificates, the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) to the Holders of the Class M-4 Certificates, the Class M-4 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(v) to the Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; (vi) to the Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Certificates Series 2004-R7), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc Asset-Backed Pass-Through Certificates Series 2004-R7)
Distributions. (a) (1)(A) 1 On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be: With respect to the Group I Mortgage Loans:
(1) to Holders of REMIC I Regular Interest I, REMIC I Regular Interest I-LTP and each of REMIC I Regular Interest I-1-A through I-60-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interest I and then to REMIC I Regular Interests I-1-A through I-60-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests, and second, to the extent of the product of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Stated Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; and
(3) to the Holders of REMIC I Regular Interest I-60-B, (A) all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause. With respect to the Group II Mortgage Loans:
(1) to Holders of REMIC I Regular Interest II and each of REMIC I Regular Interest II-1-A through II-60-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interest II and then to REMIC I Regular Interests II-1-A through II-60-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests, and second, to the extent of the product of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Stated Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero.
(3) On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period shall be distributed by REMIC I to the Holders of REMIC I Regular Interest II-60-B. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest I-LTP shall not reduce the Uncertificated Balance thereof.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesII Interest), as the case may be:
(i) (a) to the Holders of REMIC I Regular Interests (other than REMIC I II Regular Interest III-LTP)LTIO, in an amount equal to (A) the Uncertificated Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Nc2), Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Wmc2)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be: With respect to the Group I Mortgage Loans:
(1) to Holders of REMIC I Regular Interest I, and each of REMIC I Regular Interest I-1-A through I-40-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular interests I-1-A through I-40-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests, and second, to the extent of the product of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Stated Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; and
(3) to the Holders of REMIC I Regular Interest I-LTP, (A) all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause. With respect to the Group II Mortgage Loans:
(1) to Holders of REMIC I Regular Interest I and each of REMIC I Regular Interest II-1-A through II-40-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular interests II-1-A through II-40-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests, and second, to the extent of the product of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Stated Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period shall be distributed by REMIC I to the Holders of REMIC I Regular Interest I. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest I shall not reduce the Uncertificated Balance thereof.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesII Interest), as the case may be:
(i) (a) to the Holders of REMIC I Regular Interests (other than REMIC I II Regular Interest III-LTAA, REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTA5, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular Interest II-LTM11, REMIC II Regular Interest II-LTM12, REMIC II Regular Interest II-LTZZ and REMIC II Regular Interest II-LTP), pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I II Regular Interest III-LT7 LTZZ shall be reduced and deferred when the REMIC I II Overcollateralized Amount is less than the REMIC I II Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-LT7 LTZZ Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, Amount and such amount will be payable to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I II Regular Interest III-LTPLTA1, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I II Regular Interest III-LT1LTA2, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount to the Holders of the Class RII-I Certificates;
(c) to the Holders of the LTA3, REMIC I II Regular Interest III-LT2LTA4, REMIC I II Regular Interest III-LT3LTA5, REMIC I II Regular Interest III-LT4LTM1, REMIC I II Regular Interest III-LT5 LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular Interest II-LTM11 and REMIC I II Regular Interest III-LT6, ____% of the amount remaining after application of clause (a), LTM12 in the same proportion as principal payments are the Overcollateralization Deficiency Amount is allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero Certificates and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount to the Holders of the Class RII-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount LTZZ shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.increased by such amount; and
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2005-Ff7), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2005-Ff7)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) (a) to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, Amount and such amount will be payable to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2LTA1, REMIC I Regular Interest I-LT3LTA2, REMIC I Regular Interest I-LT4LTA3, REMIC I Regular Interest I-LT5 LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), LTM7 in the same proportion as principal payments are the Overcollateralization Deficiency Amount is allocated to the related Corresponding Certificates, until Certificates and the Uncertificated Balances Balance of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount LTZZ shall be allocated increased by such amount; and
(b) to Holders of the REMIC I Regular Interest I-LT1 LT1SUB, REMIC I Regular Interest I-LT1GRP, REMIC I Regular Interest I-LT2SUB, REMIC I Regular Interest I- LT2GRP, REMIC I Regular Interest I-LT3SUB, REMIC I Regular Interest I-LT3GRP and REMIC I Regular Interest I-LT7LTXX, respectively.pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2004-Opt1), Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2004-Opt1)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) to the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Long Beach Securities Corp), Pooling and Servicing Agreement (Long Beach Securities Corp)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than Interest I-LT1, REMIC I Regular Interest I-LTPF and REMIC I Regular Interest I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and;
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(biii) on each Distribution Date, the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) and clause (ii) above, first, to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7LT1PF; provided, respectivelyhowever, for the first two Distribution Dates, such amounts relating to the Initial Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT1 and such amounts relating to the Subsequent Mortgage Loans shall be allocated to REMIC I Regular Interest I-LTPF; and
(iv) to the Holders of the Class R Certificates (in respect of the Class R-I Interest), any amounts remaining after the distributions pursuant to clauses (i) through (iii) above. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest I-LTP. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest I-LTP shall not reduce the Uncertificated Balance thereof.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asset Back Pas THR Certs Ser 2003 5), Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asset Back Pas THR Certs Ser 2003 5)
Distributions. (a) On each Distribution Date, the Trustee (1)(Aor the Paying Agent on behalf of the Trustee) shall allocate and distribute the Principal Distribution Amount for such date to the interests issued in respect of REMIC I, REMIC II, REMIC III and REMIC IV as specified in this Section.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II III on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may beInterests:
(i) to the extent of the Group I Available Distribution Amounts, first, to the Holders of REMIC I Regular Interest LT-A-2 and REMIC I Regular Interest LT-A-3, in ▇▇ ▇▇▇▇▇▇ ▇▇▇▇l to
(A) the Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC I Regular Interest LT-A-1 in an amount equal to
(A) the Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the Holders of REMIC I Regular Interests Interests, in an amount equal to the remainder of the Group I Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (other than i) above, allocated in the following order of priority:
(A) to the Holders of REMIC I Regular Interest ILT-LTP)A-1, until the Uncertificated Principal Balance of REMIC I Regular Interest LT-A-1 is reduced to zero;
(B) to the Holders of REMIC I Regular Interest LT-A-3, until the Uncertificated Principal Balance of REMIC I Regular Interest LT-A-3 is reduced to zero;
(C) to the Holders of REMIC I Regular Interest LT-A-2, until the Uncertificated Principal Balance of REMIC I Regular Interest LT-A-2, is ▇▇▇▇▇▇▇ ▇▇ ▇▇▇o; and
(D) any remaining amount to the Holders of the Class R-I Certificates.
(2) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests:
(i) to the extent of the Group II Available Distribution Amounts, to the Holders of REMIC II Regular Interest LT-B, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the Holders of REMIC II Regular Interest LT-B, in an amount equal to the remainder of the Group II Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated in the following order of priority:
(A) to the Holders REMIC II Regular Interest LT-B, until the Uncertificated Principal Balance of REMIC II Regular Interest LT-B is reduced to zero; and
(B) any remaining amount to the Holders of the Class R-II Certificates.
(3) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC III to REMIC IV on account of the REMIC III Regular Interests:
(i) to the extent of the Group I Available Distribution Amount, first, to the Holders of REMIC III Regular Interests MT-IO-1, MT-IO-2, ▇▇-▇▇-▇, ▇▇-▇▇-▇, ▇▇-▇▇-▇, ▇▇-▇▇-▇, ▇▇-▇▇-▇ ▇▇▇ ▇▇-▇▇-8, pro rata, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates, and second, to the Holders of REMIC III Regular Interest MT-I-1, REMIC III Regular Interest MT-I-2, REMIC III Regular Interest MT-I-3, REMIC III Regular Interest MT-I-4, REMIC III Regular Interest MT-I-5, REMIC III Regular Interest MT-I-6, REMIC III Regular Interest MT-I-7, REMIC III Regular Interest MT-I-8, REMIC III Regular Interest MT-I-9 and REMIC III Regular Interest MT-I- 10, pro rata, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC I III Regular Interest IMT-LT7 I-10 shall be reduced when the REMIC III Group I Overcollateralized Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC III Group I Regular Interest MT-I-10 Maximum I-LT7 Uncertificated Interest Deferral AmountAmount , and such amount will be payable to the Holders of REMIC III Regular Interest MT-I-1, REMIC III Regular Interest MT-I-2, REMIC III Regular Interest MT-I-3, REMIC III Regular Interest MT-I-4, REMIC III Regular Interest MT-I-5, REMIC III Regular Interest MT-I-6, REMIC III Regular Interest MT-I-7, REMIC III Regular Interest MT-I-8 and REMIC III Regular Interest MT-I-9 in the same proportion as the Group I Overcollateralization Increase Amount is allocated to the Class A-I-1 Certificates, Class A-I-2 Certificates, Class A-I-3 Certificates, Class A-I-4 Certificates, Class A-I-5 Certificates, Class M-I-1 Certificates, Class M-I-2 Certificates and Class M-I-3, respectively; and
(ii) on each Distribution Date, to the Holders of REMIC III Group I Regular InterestsInterests (other than REMIC III Regular Interests MT-IO-1, MT-▇▇-▇, ▇▇-▇▇-▇, ▇▇-▇▇-▇, ▇▇-▇▇-▇, ▇▇-▇▇-▇, ▇▇-▇▇-▇ ▇▇▇ ▇▇-▇▇-8), in an amount equal to the remainder of the Group I Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
): (a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(bA) to the Holders of the REMIC I III Regular Interest IMT-LT1I-1, ____98.00% of the amount remaining after application of clause (a), such remainder until the Uncertificated Principal Balance of such REMIC I III Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
zero; (cB) to the Holders of the REMIC I III Regular Interest IMT-LT2I-2, REMIC I Regular Interest IMT-LT3I-3, REMIC I Regular Interest IMT-▇-LT4▇, REMIC I Regular Interest I▇▇-LT5 and REMIC I Regular Interest I▇-LT6▇, ____▇▇-▇-▇, ▇▇-▇-▇, ▇▇-▇-▇ ▇▇▇ MT-I-9, 1.00% of the amount remaining after application of clause (a)such remainder, in the same proportion as principal payments are allocated to the related Corresponding Class A-I-1 Certificates, until Class A-I-2 Certificates, Class A-I-3 Certificates, Class A-I-4 Certificates, Class A-I-5 Certificates, Class M-I-1 Certificates, Class M-I-2 Certificates and Class M-I-3 Certificates, respectively; (C) to the Uncertificated Balances Holders of the REMIC III Regular Interest MT-I-10, 1.00% of such REMIC I Regular Interests are reduced to zero remainder; and (D) any remaining amount amounts to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I III Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I III Regular Interest IMT-LT1 I-1 and REMIC I III Regular Interest IMT-LT7I-10, respectively.
(iii) to the extent of the Group II Available Distribution Amount, to the Holders of REMIC III Regular Interest MT-II-1, REMIC III Regular Interest MT-II-2, REMIC III Regular Interest MT-II-3, REMIC III Regular Interest MT-II-4, REMIC III Regular Interest MT-II-5 and REMIC III Regular Interest MT-II-6, pro rata, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC III Regular Interest MT-II-6 shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC III Group II Regular Interest MT-II-6 Maximum Interest Deferral Amount , and such amount will be payable to the Holders of REMIC III Regular Interest MT-II-2, REMIC III Regular Interest MT-II-3, REMIC III Regular Interest MT-II-4 and REMIC III Regular Interest MT-II-5 in an amount equal to the amount of Group II Overcollateralization Increase Amount allocated to the Class A-II Certificates, Class M-II-1 Certificates, Class M-II-2 Certificates and Class M-II-3 Certificates, respectively; and (iv) on each Distribution Date, to the Holders of REMIC III Group II Regular Interests, in an amount equal to the remainder of the Group II Available Distribution Amount after the distributions made pursuant to clause (iii) above, allocated as follows (except as provided below): (A) to the Holders of the REMIC III Regular Interest MT-II-1, 98.00% of such remainder until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; (B) to the Holders of the REMIC III Regular Interest MT-II-2, REMIC III Regular Interest MT-II-3, REMIC III Regular Interest MT-II-4 and REMIC III Regular Interest MT-II-5, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Class A-II Certificates, Class M-II-1 Certificates, Class M-II-2 Certificates and Class M-II-3 Certificates, (C) to the Holders of the REMIC III Regular Interest MT-II-6, 1.00% of such remainder; and (D) any remaining amounts to the Holders of the Class R-III Certificates; provided, however, that 98.00% and 2.00% of any principal payments that are attributable to an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC III Regular Interest MT-II-1 and REMIC III Regular Interest MT-II-6, respectively.
(4) Notwithstanding the distributions on the REMIC Regular Interests described in this Section 4.02(b), distribution of funds from the Certificate Account shall be made only in accordance with Section 4.02(c) and (d).
(c) On each Distribution Date (x) the Master Servicer on behalf of the Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute to the Certificate Insurer the Certificate Insurer Premium and in the case of a distribution pursuant to Section 4.02(c)(xviii) below, the amount required to be distributed to the Certificate Insurer pursuant to Section 4.02(c)(xviii) below, and to each Certificateholder of record on the next preceding Record Date (other than as provided in Section 9.01 respecting the final distribution) either in immediately available funds (by wire transfer or otherwise) to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder has so notified the Master Servicer or the Paying Agent, as the case may be, or, if such Certificateholder has not so notified the Master Servicer or the Paying Agent by the Record Date, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register such Certificateholder's share (which share with respect to each Class of Certificates, shall be based on the aggregate of the Percentage Interests represented by Certificates of the applicable Class held by such Holder of the following amounts), in the following order of priority, in each case to the extent of the Group I Available Distribution Amount (or, with respect to clause (xvii) below, to the extent of prepayment charges on deposit in the Certificate Account):
(i) to the Class A-I Certificateholders, Accrued Certificate Interest payable on such Certificates with respect to such Distribution Date, plus any Accrued Certificate Interest remaining unpaid from any prior Distribution Date, less any Prepayment Interest Shortfalls on the Group I Loans, to the extent not covered by Compensating Interest pursuant to Section 3.16, allocated to the Class A-I Certificateholders as described in Section 4.02(h) (the "Class A-I Interest Distribution Amount"), with such amount allocated among the Class A-I Certificateholders on a pro rata basis;
(ii) to the Class M-I-1 Certificateholders from the amount, if any, of the Group I Available Distribution Amount remaining after the foregoing distributions, Accrued Certificate Interest payable on such Certificates with respect to such Distribution Date, plus any Accrued Certificate Interest remaining unpaid from any prior Distribution Date, less any Prepayment Interest Shortfalls on the Group I Loans, to the extent not covered by Compensating Interest pursuant to Section 3.16, allocated to the Class M-I-1 Certificates as described in Section 4.02(h) (the "Class M-I-1 Interest Distribution Amount");
(iii) to the Class M-I-2 Certificateholders from the amount, if any, of the Group I Available Distribution Amount remaining after the foregoing distributions, Accrued Certificate Interest payable on such Certificates with respect to such Distribution Date, plus any Accrued Certificate Interest remaining unpaid from any prior Distribution Date, less any Prepayment Interest Shortfalls on the Group I Loans, to the extent not covered by Compensating Interest pursuant to Section 3.16, allocated to the Class M-I-2 Certificates as described in Section 4.02(h) (the "Class M-I-2 Interest Distribution Amount");
(iv) to the Class M-I-3 Certificateholders from the amount, if any, of the Group I Available Distribution Amount remaining after the foregoing distributions, Accrued Certificate Interest payable on such Certificates with respect to such Distribution Date, plus any Accrued Certificate Interest remaining unpaid from any prior Distribution Date, less any Prepayment Interest Shortfalls on the Group I Loans, to the extent not covered by 100 Compensating Interest pursuant to Section 3.16, allocated to the Class M-I-3 Certificates as described in Section 4.02(h) (the "Class M-I-3 Interest Distribution Amount");
(v) to the Class A-I Certificateholders and Class M-I Certificateholders (other than the Class A-I-IO Certificateholders), the Group I Principal Distribution Amount (other than clauses (iv) and (v) of the definition thereof), in the order described in Section 4.02(e), until the Certificate Principal Balances of the Class A-I Certificates and Class M-I Certificates have been reduced to zero;
(vi) to the Class A-I Certificateholders (other than the Class A-I-IO Certificateholders) and the Class M-I Certificateholders, from the Group I Excess Cash Flow, an amount equal to the Realized Losses on the Group I Loans during the immediately preceding Due Period, which amount shall be included in the Group I Principal Distribution Amount and paid in accordance with Section 4.02(e) hereof, until the Certificate Principal Balances of the Class A-I Certificates and Class M-I Certificates have been reduced to zero;
(vii) to the Class A-II Certificateholders and Class M-II Certificateholders, from the amount, if any, of the Group I Available Distribution Amount remaining after the foregoing distributions, an amount equal to the Realized Losses on the Group II Loans during the immediately preceding Due Period to the extent not covered by the Group II Excess Cash Flow, which amount shall be included in the Group II Principal Distribution Amount and paid in accordance with Section 4.02(f) hereof, until the Certificate Principal Balances of the Class A-II Certificates and Class M-II Certificates have been reduced to zero;
(viii) to the Class A-II Certificateholders and Class M-II Certificateholders, from the amount, if any, of the Group I Available Distribution Amount remaining after the foregoing distributions, the Group II Overcollateralization Increase Amount for such Distribution Date, which amount shall be included in the Group II Principal Distribution Amount and paid in accordance with Section 4.02(f) hereof, until the Certificate Principal Balances of the Class A-II Certificates and Class M-II Certificates have been reduced to zero, but only to the extent the aggregate Certificate Principal Balance of the Class A-II Certificates and Class M-II Certificates immediately prior to such Distribution Date exceeded the aggregate Stated Principal Balance of the Group II Loans at the end of the immediately preceding Due Period and to the extent not covered by the Group II Excess Cash Flow;
(ix) to the Class A-I Certificateholders (other than the Class A-I-IO Certificateholders) and Class M-I Certificateholders, from the amount, if any, of the Group I Available Distribution Amount remaining after the foregoing distributions, the Group I Overcollateralization Increase Amount for such Distribution Date, which amount shall be included in the Group I Principal Distribution Amount and paid in accordance with Section 4.02(e) hereof, until the Certificate Principal Balances of such Class A-I Certificates and Class M-I Certificates have been reduced to zero;
(x) to the Class A-II Certificateholders and Class M-II Certificateholders, from the amount, if any, of the Group I Available Distribution Amount remaining after the foregoing distributions, the Group
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc), Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may beInterests:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)Interests, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LT6 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LT6 Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____98.00% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificatesremainder;
(cb) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 LT4 and REMIC I Regular Interest I-LT6LT5, ____1.00% of the amount remaining after application of clause (a)such remainder, in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(dc) to the Holders of the REMIC I Regular Interest I-LT7LT6, ____1.00% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificatesremainder; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7LT6, respectively.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be: With respect to the Group I Mortgage Loans:
(i1) to the Holders of REMIC I Regular Interests (other than Interest I, REMIC I Regular Interest IP and each of REMIC I Regular Interest I-1-LTP)A through I-52-B, pro rata, in an amount equal to (A) the Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and.
(ii2) on each Distribution Date, to the Holders extent of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows (except as provided below):
(a) follows: first, to REMIC I Regular interests I-1-A through I-52-B starting with the Holders lowest numerical denomination until the Uncertificated Balance of the each such REMIC I Regular Interest I-LTPis reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests, and second, to the extent of the product of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; and
(3) to the Holders of REMIC I Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;. With respect to the Group II Mortgage Loans:
(b1) to the Holders of the REMIC I Regular Interest II and each of REMIC I Regular Interest II-1-LT1A through II-52-B, ____% pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular interests II-1-A through II-52-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests, and second, to the extent of the amount remaining after application product of clause (a)) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero zero. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period shall be distributed by REMIC I to the Holders of REMIC I Regular Interest I-LTP. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest I-LTP shall not reduce the Uncertificated Balance thereof.
(b) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests and any remaining amount distributed to the Holders of the Class R-I Certificates;
R Certificates (c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders respect of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (aII Interest), until as the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.case may be:
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Park Place Securities, Inc. Series 2005-Whq2), Pooling and Servicing Agreement (Park Place Securities, Inc. Series 2005-Whq2)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be:
(1) With respect to the Group I Mortgage Loans:
(i) to Holders of REMIC I Regular Interest I, and each of REMIC I Regular Interest I-1-A through I-46-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest I, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest I is reduced to zero; and
(iii) to the extent of amounts remaining after the distributions made pursuant to clause (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular interests I-1-A through I-46-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(2) With respect to the Group II Mortgage Loans:
(i) to Holders of REMIC I Regular Interest II and each of REMIC I Regular Interest II-1-A through II-46-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest II, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest II is reduced to zero; and
(iii) to the extent of amounts remaining after the distributions made pursuant to clause (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular interests II-1-A through II-46-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(b) to the Holders of REMIC I Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I CertificatesII Interest), as the case may be:
(i) first to the Holders of REMIC I Regular Interests (other than REMIC I II Regular Interest I-LTP)IO, in an amount equal to (A) Uncertificated Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC II Regular Interest AA, REMIC II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest M-11 and REMIC II Regular Interest ZZ, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I II Regular Interest I-LT7 ZZ shall be reduced when the REMIC I Overcollateralized II Overcollateralization Amount is less than the REMIC I II Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 ZZ Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, Amount and such amount will be payable to the Holders of REMIC I II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II Regular Interest M-11 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC II Regular Interest ZZ shall be increased by such amount;
(ii) to Holders of REMIC II Regular Interest I-SUB, REMIC II Regular Interest I-GRP, REMIC II Regular Interest II-SUB, REMIC II Regular Interest II-GRP, and REMIC II Regular Interest XX, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the Available Distribution Amount REMIC II Marker Allocation Percentage of the available funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(aA) the Holders 98.00% of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) such remainder to the Holders of the REMIC I II Regular Interest I-LT1, ____% of the amount remaining after application of clause (a)AA, until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount zero;
(B) 2.00% of such remainder, first, to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I II Regular Interest I-LT2A-1, REMIC I II Regular Interest I-LT3A-2A, REMIC I II Regular Interest I-LT4A-2B, REMIC I II Regular Interest I-LT5 A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC I II Regular Interest I-LT6M-11, ____1% of the amount remaining after application of clause (a), and in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I II Regular Interests are reduced to zero and second to the Holders of REMIC II Regular Interest ZZ, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero;
(C) to the Holders of REMIC II Regular Interest P, 100% of the amounts deemed distributed on REMIC I Regular Interest P; then
(D) any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7R Certificate, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders in respect of the Class R-I CertificatesII Interest; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I II Regular Interest I-LT1 AA and REMIC I II Regular Interest I-LT7ZZ, respectively.
(iv) to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the REMIC II Sub WAC Allocation Percentage of available funds for such Distribution Date after the distributions made pursuant to clause (ii) above, such that distributions of principal shall be deemed to be made to the REMIC II Regular Interests first, so as to keep the Uncertificated Balance of each REMIC II Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group; second, to each REMIC II Regular Interest ending with the designation “SUB,” so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group over (y) the current Certificate Principal Balance of the Class A Certificate in the related loan group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC II Regular Interest XX.
(v) Notwithstanding the distributions described in Section 5.01(c)(1), distributions of funds shall be made to Certificateholders only in accordance with Section 5.01(c)(2) through (7).
(2) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group I Interest Remittance Amount remaining for such Distribution Date: first, commencing on the Distribution Date in February 2007, to the Supplemental Interest Trust, an amount equal to the Group I Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event; second, to the Holders of the Class A-1 Certificates, the Senior Interest Distribution Amount allocable to the Class A-1 Certificates; and third, concurrently, to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, to the extent remaining unpaid after the distribution of the Group II Interest Remittance Amount as set forth in Section 5.01(c)(3) below on a pro rata basis, based on the entitlement of each such Class.
(3) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group II Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group II Interest Remittance Amount remaining for such Distribution Date: first, commencing on the Distribution Date in February 2007, to the Supplemental Interest Trust, an amount equal to the Group II Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event; second, concurrently, to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, on a pro rata basis, based on the entitlement of each such Class; and third, to the Holders of the Class A-1 Certificates, the Senior Interest Distribution Amount allocable to the Class A-1 Certificates, to the extent remaining unpaid after the distribution of the Group I Interest Remittance Amount as set forth in Section 5.01(c)(2) above.
(4) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Interest Remittance Amount and the Group II Interest Remittance Amount remaining after the distributions required by clauses (2) and (3) above and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group I Interest Remittance Amount and Group II Interest Remittance Amount remaining for such Distribution Date: sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that order, to the extent of the Interest Distribution Amount allocable to each such Class.
(5) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Principal Distribution Amount and the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) The Group I Principal Distribution Amount shall be distributed in the following order of priority: first, commencing on the Distribution Date in February 2007, to the Supplemental Interest Trust, an amount equal to the Group I Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event to the extent not paid from the Interest Remittance Amount on such Distribution Date; second, to the Holders of the Class A-1 Certificates until the Certificate Principal Balance of the Class A-1 Certificates has been reduced to zero; and third, sequentially, to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, in that order, after taking into account the distribution of the Group II Principal Distribution Amount as described in Section 5.01(c)(5)(ii) below, until the Certificate Principal Balance of each such Class has been reduced to zero.
(ii) The Group II Principal Distribution Amount shall be distributed in the following order of priority: first, commencing on the Distribution Date in February 2007, to the Supplemental Interest Trust, an amount equal to the Group II Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event to the extent not paid from the Interest Remittance Amount on such Distribution Date; second, sequentially, to the Holders of the Class A-2A Class A-2B, Class A-2C and Class A-2D Certificates, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero; and third, to the Holders of the Class A-1 Certificates after taking into account the distribution of the Group I Principal Distribution Amount as described in Section 5.01(c)(5)(i) above, until the Certificate Principal Balance of such Class has been reduced to zero.
(iii) The Group I Principal Distribution Amount and Group II Principal Distribution Amount remaining after distributions pursuant to Sections 5.01(c)(5)(i) and (ii) above shall be distributed in the following order of priority: sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero.
(6) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Principal Distribution Amount and the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) The Group I Principal Distribution Amount shall be distributed in the following order of priority: first, commencing on the Distribution Date in February 2007, to the Supplemental Interest Trust, an amount equal to the Group I Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event to the extent not paid from the Interest Remittance Amount on such Distribution Date; second, to the Holders of the Class A-1 Certificates, the Class A-1 Principal Distribution Amount, until
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Cw1), Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Cw1)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC I Regular Interest I-LTP)LTA1A, REMIC I Regular Interest I-LTA1F, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTA4W, REMIC I Regular Interest I-LTA5, REMIC I Regular Interest I-LTA5W, REMIC I Regular Interest I-LTA6, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTB1, REMIC I Regular Interest I-LTB2 and REMIC I Regular Interest I-LTZZ, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced when the sum of the REMIC I Overcollateralized Overcollateralization Amount is less than the REMIC I Required Overcollateralized Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral AmountAmount and such amounts will be payable to the Holders of REMIC I REMIC I Regular Interest I-LTA1A, REMIC I Regular Interest I-LTA1F, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTA4W, REMIC I Regular Interest I-LTA5, REMIC I Regular Interest I-LTA5W, REMIC I Regular Interest I-LTA6, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTB1 and REMIC I Regular Interest I-LTB2 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC I Regular Interest I-LTZZ shall be increased by such amount; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) 98.00% of such remainder (less the amount payable in clause (c) below) to the Holders of REMIC I Regular Interest I-LTAA, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero;
(b) 2.00% of such remainder first, to the Holders of REMIC I Regular Interest I-LTA1A, REMIC I Regular Interest I-LTA1F, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTA4W, REMIC I Regular Interest I-LTA5, REMIC I Regular Interest I-LTA5W, REMIC I Regular Interest I-LTA6, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTB1 and REMIC I Regular Interest I-LTB2, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and second, to the Holders of REMIC I Regular Interest I-LTZZ, until the Uncertificated l Balance of such REMIC I Regular Interest is reduced to zero;
(c) to the Holders of REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; and
(bd) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
R Certificates (c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders Holder of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (aInterest), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTZZ, respectively. Notwithstanding the distributions pursuant to this Section 4.01(1), distribution of funds shall conform to the distributions made pursuant to Section 4.01(2), (3) and (4).
(2) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, (a) to the Holders of the Class A Certificates, on a pro rata basis based on the entitlement of each such Class, an amount equal to the Senior Interest Distribution Amount allocable to such Certificates and (b) to the Certificate Insurer, the amount owing to the Certificate Insurer for the Certificate Insurer Premium, including any unpaid Certificate Insurer Premium due on a prior Distribution Date;
(ii) to the Certificate Insurer, the Reimbursement Amount for such Distribution Date; and
(iii) sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class B-1 and Class B-2 Certificates, in that order, an amount equal to the Interest Distribution Amount allocable to each such Class. On each Distribution Date, (i) to the extent that the Certificate Insurer has made a payment of interest with respect to the Insured Certificates, the Certificate Insurer will be entitled to receive as subrogee the Interest Carry Forward Amount with respect to such payment, and (ii) to the extent that the Certificate Insurer has made a payment with respect to principal of the Insured Certificates for which the Certificate Insurer has not been reimbursed as subrogee, the Certificate Insurer will be entitled to receive as subrogee the Senior Interest Distribution Amount with respect to such principal payment.
(3) (I) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Class A Certificates (allocated among the Class A Certificates in the priority described below), until the Certificate Principal Balances thereof have been reduced to zero;
(ii) to the Certificate Insurer, the Reimbursement Amount for such Distribution Date to the extent not paid pursuant to Section 4.01(a)(2)(ii); and
(iii) sequentially to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class B-1 and Class B-2 Certificates, until the Certificate Principal Balance of each such Class has been reduced to zero.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2005-A), Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2005-A)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)Interests, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. On the first Distribution Date, the Class R-I Certificates shall be entitled to interest accrued on its Certificate Principal Balance at the related Pass-Through Rate. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LT6 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LT6 Uncertificated Interest Deferral Amount; and
(ii) (x) on the first Distribution Date, to the Holders of the Class R-I Certificates, the Certificate Principal Balance thereof and (y) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause clauses (i) and (ii)(x) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____98.00% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificatesremainder;
(cb) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 LT4 and REMIC I Regular Interest I-LT6LT5, ____1.00% of the amount remaining after application of clause (a)such remainder, in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(dc) to the Holders of the REMIC I Regular Interest I-LT7LT6, ____1.00% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificatesremainder; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7LT6, respectively.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (New Century Asset Backed Floating Rate Cert Ser 1998-Nc1), Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Ast Bk Fl Rte Cer Se 1997-Aq2)
Distributions. (a) (1)(AA) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may be:
(i) first, with respect to the Mortgage Loans with an Expense Adjusted Mortgage Rate as of the Cut-off Date of less than 6.00%, to the Holders of REMIC I Regular Interests Interest I-LTB, in an amount equal to (other than A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and with respect to the Mortgage Loans with an Expense Adjusted Mortgage Rate as of the Cut- off Date of 6.00% or greater, first to the Holders of REMIC I Regular Interest I-LTC, REMIC I Regular Interest I-LTD and REMIC I Regular Interest LT-E, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC I Regular Interest I-LTA and I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and;
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(biii) on each Distribution Date, the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) and clause (ii) above, with respect to the Mortgage Loans with an Expense Adjusted Mortgage Rate as of the Cut-off Date of less than 6.00%, to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), LTB until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount with respect to the Mortgage Loans with an Expense Adjusted Mortgage Rate as of the Cut-off Date of 6.00% or greater, in the following order, to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2LTA, REMIC I Regular Interest I-LT3LTE, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 LTD and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, LTC until the Uncertificated Balances Balance of each such REMIC I Regular Interests are Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero zero; and
(iv) to the Holders of the Class R-I Certificates, any amounts remaining after the distributions pursuant to clauses (i) through (iii) above. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest I-LTP. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest I-LTP shall not reduce the Uncertificated Balance thereof.
(B) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-II Certificates, as the case may be:
(i) first, to the Holders of REMIC II Regular Interest II-LTIO, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and then to Holders of REMIC II Regular Interest II-LTAA, REMIC Regular Interest II-LTA, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTZZ and REMIC II Regular Interest II-LTP, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC II Regular Interest II-LTZZ shall be reduced when the REMIC II Overcollateralization Amount is less than the REMIC II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum II-LTZZ Uncertificated Interest Deferral Amount and such amount will be payable to the Holders of REMIC II Regular Interest II-LTA, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2 and REMIC II Regular Interest II- LTM3 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates;
(ii) second, to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(a) to the Holders of REMIC II Regular Interest II-LTAA, 98.00% of such remainder, until the Uncertificated Balance of such Uncertificated REMIC II Regular Interest is reduced to zero;
(b) to the Holders of REMIC II Regular Interest II-LTA, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2 and REMIC II Regular Interest II-LTM3, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC II Regular Interests are reduced to zero;
(c) to the Holders of REMIC II Regular Interest II-LTZZ, 1.00% of such remainder, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero;
(d) to the Holders of REMIC II Regular Interest II-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(e) any remaining amount to the Holders of the Class R-II Certificates; and
(iii) third, to REMIC II Regular Interest II-LTP, 100% of the amount paid in respect of REMIC I CertificatesRegular Interest I-LTP; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I II Regular Interest III-LT1 LTAA and REMIC I II Regular Interest III-LT7LTZZ, respectively.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Ace Securities Corp), Pooling and Servicing Agreement (Ace Securities Corp)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LT6 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LT6 Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) to the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____98.00% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 LT4 and REMIC I Regular Interest I-LT6LT5, ____1.00% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7LT6, ____1.00% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7LT6, respectively.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Salomon Broth Mo Se Vii Inc Fl Rt Mor Pa Th Cer Ser 1999 Nc2), Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Inc Fl Rte Pas THR Ce Se 1999 Nc3)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may beInterests:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LT9 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LT9 Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) to the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any and each Distribution Date thereafter until $100 ____ has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, _____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount amounts to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 LT5, REMIC I Regular Interest I-LT6, REMIC I Regular Interest I-LT7 and REMIC I Regular Interest I-LT6LT8, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding CertificatesCertificate, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero zero, and any remaining amount amounts to the Holders of the Class R-I Certificates; and;
(d) to the Holders of the REMIC I Regular Interest I-LT7LT9, _____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount amounts to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-I- LT1 and REMIC I Regular Interest I-LT7LT9, respectively.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (New Century Mortgage Securities Inc), Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be: With respect to the Group I Mortgage Loans:
(1) to Holders of REMIC I Regular Interest I, and each of REMIC I Regular Interest I-1-A through I-60-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(2) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interests I-1-A through I-60-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests, and second, to the extent of the product of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; and
(3) to the Holders of REMIC I Regular Interests Interest P, (other than A) all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause. With respect to the Group II Mortgage Loans:
(1) to Holders of REMIC I Regular Interest II and each of REMIC I Regular Interest II-1-LTPA through II-60-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular interests II-1-A through II-60-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests, and second, to the extent of the product of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period shall be distributed by REMIC I to the Holders of REMIC I Regular Interest P. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest P shall not reduce the Uncertificated Balance thereof.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-II Interest), as the case may be: (i) first, to the Holders of REMIC II Regular Interest II-IO, in an amount equal to (A) Uncertificated Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2a, REMIC II Regular Interest II-LTA2b, REMIC II Regular Interest II-LTA2c, REMIC II Regular Interest II-LTA2d, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9 and REMIC II Regular Interest II-LTZZ, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I II Regular Interest III-LT7 LTZZ shall be reduced when the sum of the REMIC I Overcollateralized II Overcollateralization Amount is less than the REMIC I Required Overcollateralized II Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-LT7 LTZZ Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, Amount and such amounts will be payable to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the II REMIC I II Regular Interest III-LTPLTA1, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I II Regular Interest III-LT1LTA2a, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount to the Holders of the Class RII-I Certificates;
(c) to the Holders of the LTA2b, REMIC I II Regular Interest III-LT2LTA2c, REMIC I II Regular Interest III-LT3LTA2d, REMIC I II Regular Interest III-LT4LTM1, REMIC I II Regular Interest III-LT5 LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8 and REMIC I II Regular Interest III-LT6, ____% of the amount remaining after application of clause (a), LTM9 in the same proportion as principal payments are the Overcollateralization Increase Amount is allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero Certificates and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount to the Holders of the Class RII-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount LTZZ shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.increased by such amount; and
Appears in 1 contract
Sources: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2005-B)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)Interests, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. On the first Distribution Date, the Class R-I Certificates shall be entitled to interest accrued on its Certificate Principal Balance at the related Pass-Through Rate and on each Distribution Date, the Class R-I Certificates shall be entitled to the excess, if any, of the REMIC I Remittance Rate on REMIC I Regular Interest LT3 over the REMIC I Remittance Rate on REMIC I Regular Interest LT2 times the Uncertificated Balance of REMIC I Regular Interest LT2. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LT3 shall be reduced when the REMIC I Overcollateralized Subordinated Amount is less than the REMIC I Required Overcollateralized Subordinated Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LT3 Uncertificated Interest Deferral Amount; and
(ii) (x) on the first Distribution Date, to the Holders of the Class R-I Certificates the Certificate Principal Balance thereof and (y) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause clauses (i) and (ii)(x) above, allocated as follows (except as provided below):follows:
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% the REMIC II Percentage of such amounts; and
(b) one-half of the amount remaining after application of clause (a), until the Uncertificated Balance remainder of such amounts to each Holder of REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 LT2 and REMIC I Regular Interest I-LT6LT3, ____% of for so long as the amount remaining after application of clause (a), in the same proportion as principal payments are allocated REMIC I Subordinated Amount is less than or equal to the related Corresponding CertificatesREMIC I Required Subordinated Amount and, until the Uncertificated Balances thereafter, one-half of such REMIC I Regular Interests are reduced to zero and any remaining amount amounts to the Holders Holder of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7LT3, ____% of and the amount remaining after application of clause (a), until the Uncertificated Balance remainder of such amounts divided between REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 LT2 and REMIC I Regular Interest I-LT7, respectivelyLT3 such that REMIC I Subordinated Amount equals the REMIC I Required Subordinated Amount.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Inc Asst Back Cert Se 1997-Nc3)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(1) With respect to the Group I Mortgage Loans:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest II-1-LTP)A through I-43-B, pro rata, in an amount equal to (A) the Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, to the Holders extent of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows (except as provided below):
(a) the Holders of the to REMIC I Regular Interest Iinterests I-1-LTP, on A through I-43-B starting with the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero and any remaining amount zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(2) With respect to the Group II Mortgage Loans:
(i) to Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest III-1-LT2A through II-43-B, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a)pro rata, in the same proportion as principal payments are allocated an amount equal to the related Corresponding Certificates, until the (A) Uncertificated Balances of Interest for such REMIC I Regular Interests are reduced to zero and for such Distribution Date, plus (B) any amounts payable in respect thereof remaining amount to the Holders of the Class R-I Certificatesunpaid from previous Distribution Dates; and
(dii) to the Holders extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated to REMIC I Regular Interest Iinterests II-1-LT7, ____% of A through II-43-B starting with the amount remaining after application of clause (a), lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero and any remaining amount to zero, provided that, for REMIC I Regular Interests with the Holders same numerical denomination, such payments of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the pro rata between such REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectivelyInterests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2005-Asap1)
Distributions. on the REMIC 1 Regular Interests and REMIC 2 Regular Interests.
(a) (1)(A) Distributions on the REMIC 1 Regular Interests. On each Distribution Date, the following amounts, Trustee shall cause in the following order of priority, shall the following amounts to be distributed by REMIC I 1 to REMIC II 2 on account of the REMIC I 1 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class RA-I RL Certificates, as the case may be:
(i) first, to the Holders of REMIC I 1 Regular Interests (other than REMIC I Regular Interest ILTI-LTP)P and LTI-R, in an amount equal to (x) the related Uncertificated Accrued Interest for such Distribution Date, plus (y) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC 1 Regular Interests LTI-1, LTI-S1, LTI-S2 and LTI-PF an amount equal to (x) the related Uncertificated Accrued Interest for such Distribution Date, plus (y) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) second, to the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above and, in the case of distributions made pursuant to Section 4.07(a)(ii)(b), the amount of any Prepayment Charges for such Distribution Date, allocated as follows:
(a) to the Holders of REMIC 1 Regular Interest LTI-R, an amount equal to the amount of principal distributed to the holder of the Corresponding Uncertificated Interest on such Distribution Date pursuant to Section 4.07(b)(ii)(a);
(b) to the Holders of REMIC 1 Regular Interest LTI-P, an amount equal to the amount distributed to the holder of the Corresponding Uncertificated Interest on such Distribution Date pursuant to Section 4.07(b)(ii)(b);
(c) to the Holders of REMIC 1 Regular Interest LTI-1, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTI-1 is reduced to zero; and
(d) to the Holders of REMIC 1 Regular Interest LTI-PF, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTI-PF is reduced to zero; and any remaining amount to the Holders of the Class A-RL Certificates; provided, however, that for the first three Distribution Dates, such amounts constituting Available Funds relating to the Initial Mortgage Loans shall be allocated to REMIC 1 Regular Interest LTI-1, and such amounts constituting Available Funds relating to the Subsequent Mortgage Loans and shall be allocated to REMIC 1 Regular Interest LTI-PF.
(b) Distributions on the REMIC 2 Regular Interests. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class A-R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the extent of the sum of Available Funds for such Distribution Date, to Holders of REMIC 2 Regular Interests MTI-AA, MTI-A-1, MTI-A-2A, MTI-A-2B, MTI-A-3, MTI-A-4, MTI-M-1, ▇▇▇-▇-▇, ▇▇▇-▇-▇, ▇▇▇-▇-▇, ▇▇▇-▇-▇, ▇▇▇-▇-▇, MTI-M-7, MTI-M-8, MTI-M-9A, MTI-M-9F, MTI-B-1, MTI-B-2, MTI-ZZ, MTI-P, MTI-R and M▇▇-▇ ▇▇▇ ▇▇▇▇, ▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇ (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC I 2 Regular Interest IMTI-LT7 ZZ shall be reduced when the REMIC I Overcollateralized 2 Overcollateralization Amount is less than the REMIC I Required Overcollateralized 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the REMIC 2 Regular Interest MTI ZZ Maximum I-LT7 Uncertificated Interest Deferral Amount; andAmount and such amount will be payable to the Holders of REMIC 2 Regular Interest MTI-A-1, REMIC 2 Regular Interest MTI-A-2A, REMIC 2 Regular Interest MTI-A-2B, REMIC 2 Regular Interest MTI-A-3, REMIC 2 Regular Interest MTI-A-4, REMIC 2 Regular Interest MTI-M-1, REMIC 2 Regular Interest MTI-M-2, REMIC 2 Regular Interest MTI-M-3, REMIC 2 Regular Interest MTI-M-4, REMIC 2 Regular Interest MTI-M-5, REMIC 2 Regular Interest MTI-M-6, REMIC 2 Regular Interest MTI-M-7, REMIC 2 Regular Interest MTI-M-8, REMIC 2 Regular Interest MTI-M-9A, REMIC 2 Regular Interest MTI-M-9F, REMIC 2 Regular Interest MTI-B-1 and REMIC 2 Regular Interest MTI-B-2 in the same proportion as the amounts are allocated to the Corresponding Certificate, pursuant to Section 4.02(b) herein, for each such REMIC 2 Regular Interest, and the Uncertificated Principal Balance of the REMIC 2 Regular Interest MTI-ZZ shall be increased by such amount;
(ii) on each Distribution Datesecond, to the Holders of REMIC I 2 Regular Interests, in an amount equal to the remainder of the Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) aboveabove and, in the case of distributions made pursuant to Section 4.07(b)(ii)(b), the amount of any Prepayment Charges for such Distribution Date, allocated as follows (except as provided below):follows:
(a) to the Holders of the REMIC I 2 Regular Interest IMTI-LTPR, an amount equal to the amount of principal distributed to the holder of the Corresponding Certificate on the such Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;Section 4.02(b); and
(b) to the Holders of the REMIC I 2 Regular Interest IMTI-LT1P, ____an amount equal to the amount of principal distributed to the holder of the Corresponding Certificate on such Distribution Date pursuant to Section 4.02(b); and
(iii) third, to the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(a) 98% of such remainder to the amount remaining after application Holders of clause (a)REMIC 2 Regular Interest MTI-AA, until the Uncertificated Principal Balance of such REMIC I 2 Regular Interest is reduced to zero zero;
(b) 2% of such remainder, first, to the Holders of REMIC 2 Regular Interest MTI-A-1, MTI-A-2A, MTI-A-2B, MTI-A-3, MTI-A-4, MTI-M-1, MT▇-▇-▇, ▇▇▇-▇-▇, ▇▇▇-▇-▇, ▇▇▇-▇-▇, ▇▇▇-▇-▇, ▇▇I-M-7, MTI-M-8, MTI-M-9A, MTI-M-9F, MTI-B-1 and MTI-B-2, equal to 1% of and ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero; and second, to the Holders of REMIC 2 Regular Interest MTI-ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; and
(c) any remaining amount to the Holders of the Class RA-I Certificates;
R Certificates (c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders respect of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (aR-2 Interest), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Acceptance Corp)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC I Regular Interest I-LTP)LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTA5, REMIC I Regular Interest I-LTA6, REMIC I Regular Interest I-LTA6A, REMIC I Regular Interest I-LTA7, REMIC I Regular Interest I-LTA8, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTB and REMIC I Regular Interest I-LTZZ, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced when the sum of the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral AmountAmount and such amounts will be payable to the Holders of REMIC I REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I- LTA4, REMIC I Regular Interest I-LTA5, REMIC I Regular Interest I-LTA6, REMIC I Regular Interest I-LTA6A, REMIC I Regular Interest I-LTA7, REMIC I Regular Interest I- LTA8, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I- LTM5 and REMIC I Regular Interest I-LTB in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC I Regular Interest I-LTZZ shall be increased by such amount; and
(ii) to the Holders of REMIC I Regular Interest I-LT1SUB, REMIC I Regular Interest I-LT1GRP, REMIC I Regular Interest I-LT2SUB, REMIC I Regular Interest I- LT2GRP and REMIC I Regular Interest I-LTXX, on each a PRO RATA basis, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) to the Holders of REMIC I Regular Interest I-LTAA, 98.00% of such remainder (less the amount payable in clause (d) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero;
(b) to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I- LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTA5, REMIC I Regular Interest I-LTA6, REMIC I Regular Interest I-LTA6A, REMIC I Regular Interest I-LTA7, REMIC I Regular Interest I-LTA8, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I- LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTB, 1.00% of such remainder (less the amount payable in clause (d) below), in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero;
(c) to the Holders of REMIC I Regular Interest I-LTZZ, 1.00% of such remainder (less the amount payable in clause (d) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; then
(d) to the Holders of REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; and
(be) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
R Certificates (c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders Holder of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (aInterest), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTZZ, respectively; and
(iv) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, such that distributions of principal shall be deemed to be made to the REMIC I Regular Interests first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificates in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I Regular Interest I-LTXX. Notwithstanding the distributions pursuant to this Section 4.01(1), distribution of funds shall conform to the distributions made pursuant to Section 4.01(2), (3) and (4).
(I) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group I Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Certificate Insurer, the amount owing to the Certificate Insurer under the Insurance Agreement for the premium payable in respect of the Insured Certificates;
(ii) concurrently, to the Holders of the Group I Certificates, on a PRO RATA basis based on the entitlement of each such Class, an amount equal to the Senior Interest Distribution Amount allocable to such Certificates;
(iii) to the Certificate Insurer, the Reimbursement Amount for such Distribution Date; and
(iv) to the Holders of the Class A-II Certificates, an amount equal to the Senior Interest Distribution Amount allocable to such Certificates, to the extent remaining undistributed after the distribution of the Group II Interest Remittance Amount as set forth in Section 4.01(a)(2)(II)(i).
(II) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group II Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of the Class A-II Certificates, an amount equal to the Senior Interest Distribution Amount allocable to such Certificates;
(ii) to the Certificate Insurer, the amount owing to the Certificate Insurer under the Insurance Agreement for the premium payable in respect of the Insured Certificates, to the extent remaining unpaid after the distribution of the Group I Interest Remittance Amount set forth in Section 4.01(a)(2)(I)(i);
(iii) concurrently, to the Holders of the Group I Certificates, on a PRO RATA basis based on the entitlement of each such Class, an amount equal to the Senior Interest Distribution Amount allocable to such Certificates, to the extent remaining undistributed after the distribution of the Group I Interest Remittance Amount set forth in Section 4.01(a)(2)(I)(ii); and
(iv) to the Certificate Insurer, the Reimbursement Amount for such Distribution Date, to the extent not paid pursuant to Section 4.01(a)(2)(I)(iii).
(III) On each Distribution Date, following the distributions made pursuant to Section 4.01(a)(2)(I) above, the Trustee shall withdraw from the Distribution Account an amount equal to any remaining Group I Interest Remittance Amount and Group II Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of the Class M-1 Certificates, an amount equal to the Interest Distribution Amount allocable to the Class M-1 Certificates;
(ii) to the Holders of the Class M-2 Certificates, an amount equal to the Interest Distribution Amount allocable to the Class M-2 Certificates;
(iii) to the Holders of the Class M-3 Certificates, an amount equal to the Interest Distribution Amount allocable to the Class M-3 Certificates;
(iv) to the Holders of the Class M-4 Certificates, an amount equal to the Interest Distribution Amount allocable to the Class M-4 Certificates;
(v) to the Holders of the Class M-5 Certificates, an amount equal to the Interest Distribution Amount allocable to the Class M-5 Certificates; and
(vi) to the Holders of the Class B Certificates, an amount equal to the Interest Distribution Amount allocable to the Class B Certificates.
(I) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Group I Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group I Certificates (allocated among the Classes of Group I Certificates in the priority described below), until the Certificate Principal Balances thereof have been reduced to zero;
(ii) to the Certificate Insurer, the Reimbursement Amount for such Distribution Date, to the extent not paid pursuant to Section 4.01(a)(2)(I)(iii) and Section 4.01(a)(2)(II)(iv); and
(iii) after taking into account the amount distributed to the Holders of the Class A-II Certificates pursuant to Section4.01(a)(3)(II)(i) on such Distribution Date, to the Holders of the Class A-II Certificates, until the Certificate Principal Balance thereof has been reduced to zero.
(II) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Group II Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Class A-II Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(ii) after taking into account the amount distributed to the Holders of the Group II Certificates pursuant to Section 4.01(a)(3)(I)(i) on such Distribution Date, to the Holders of the Group I Certificates (allocated among the Classes of Group I Certificates in the priority described below), until the Certificate Principal Balances thereof have been reduced to zero; and
(iii) after taking into account the amount distributed to the Certificate Insurer pursuant to Section 4.01(a)(3)(I)(ii), to the Certificate Insurer, the Reimbursement Amount for such Distribution Date, to the extent not paid pursuant to Section 4.01(a)(2)(I)(iii), Section 4.01(a)(2)(II)(iv) and Section 4.01(a)(3)(I)(ii).
(III) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Group I Principal Distribution Amount and the Group II Principal Distribution Amount remaining undistributed for such Distribution Date shall be distributed in the following order of priority:
(i) to the Holders of the Class M-1 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero;
(ii) to the Holders of the Class M-2 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero;
(iii) to the Holders of the Class M-3 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero;
(iv) to the Holders of the Class M-4 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero;
(v) to the Holders of the Class M-5 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; and
(vi) to the Holders of the Class B Certificates, until the Certificate Principal Balance of such Class has been reduced to zero.
(IV) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Group I Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group I Certificates (allocated among the Classes of Group I Certificates in the priority described below), the Group I Allocation Percentage of the Class A Principal Distribution Amount, until the Certificate Principal Balances thereof have been reduced to zero;
(ii) to the Certificate Insurer, the Reimbursement Amount for such Distribution Date, to the extent not paid pursuant to Section 4.01(a)(2)(I)(iii) and Section 4.01(a)(2)(II)(iv); and
(iii) to the Holders of the Class A-II Certificates, an amount equal to the excess, if any, of (x) the amount required to be distributed pursuant to Section 4.01(a)(3)(V)(i) for such Distribution Date over (y) the amount actually distributed pursuant to Section 4.01(a)(3)(V)(i) from the Group II Principal Distribution Amount on such Distribution Date.
(V) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Group II Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Class A-II Certificates, the Group II Allocation Percentage of the Class A Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(ii) to the Holders of the Group I Certificates (allocated among the Classes of Group I Certificates in the priority described below), an amount equal to the excess, if any, of (x) the amount required to be distributed pursuant to Section 4.01(a)(3)(IV)(i) for such Distribution Date over (y) the amount actually distributed pursuant to Section 4.01(a)(3)(IV)(i) from the Group I Principal Distribution Amount on such Distribution Date; and
(iii) after taking into account the amount distributed to the Certificate Insurer pursuant to Section 4.01(a)(3)(IV)(ii), to the Certificate Insurer, the Reimbursement Amount for such Distribution Date, to the extent not paid pursuant to Section 4.01(a)(3)(I)(iii), Section 4.01(a)(2)(II)(iv) and Section 4.01(a)(3)(IV)(iii).
(VI) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Group I Principal Distribution Amount and the Group II Principal Distribution Amount remaining undistributed for such Distribution Date shall be distributed in the following order of priority:
(i) to the holders of the Class M-1 Certificates, the Class M-1 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(ii) to the holders of the Class M-2 Certificates, the Class M-2 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the holders of the Class M-3 Certificates, the Class M-3 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(iv) to the holders of the Class M-4 Certificates, the Class M-4 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(v) to the holders of the Class M-5 Certificates, the Class M-5 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero; and
Appears in 1 contract
Sources: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2003-5)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates, in respect of the Class R-I CertificatesInterest, as the case may be:
(i) first, to the Holders of the REMIC I Regular Interests ending with the designation "B," in an amount equal to (other than A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of the REMIC I Regular Interests ending with the designation "A," REMIC I Regular Interest I-ILT, REMIC I Regular Interest I-IILT and REMIC I Regular Interest I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and;
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(biii) on each Distribution Date, the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) and clause (ii) above, first, to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), ILT and REMIC I Regular Interest I-IILT until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero zero, and any second, to the Holders of the remaining amount REMIC I Regular Interests with the lowest numerical designation, until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that each pair of such REMIC I Regular Interests with the same numerical designation shall be paid pro rata, until the Uncertificated Principal Balance of each such REMIC I Regular Interest is reduced to zero; and
(iv) to the Holders of the Class R Certificates (in respect of the Class R-I Interest), any amounts remaining after the distributions pursuant to clauses (i) through (iii) above.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates, in respect of the Class R-II Interest, as the case may be:
(i) to Holders of REMIC II Regular Interest II-LTAA, Regular Interest II-LT1A, REMIC II Regular Interest II-LT2A, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTB1, REMIC II Regular Interest II-LTB2, REMIC II Regular Interest II-LTZZ and REMIC II Regular Interest II-LTP, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC II Regular Interest II-LTZZ shall be reduced when the REMIC II Overcollateralization Amount is less than the REMIC II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum II-LTZZ Uncertificated Interest Deferral Amount and such amount will be payable to the Holders of REMIC II Regular Interest II-LT1A, REMIC II Regular Interest II-LT2A, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTB1 and REMIC II Regular Interest II-LTB2, in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC II Regular Interest II- LTZZ shall be increased by such amount;
(cii) to Holders of REMIC II Regular Interest II-LT1SUB, REMIC II Regular Interest II-LT1GRP, REMIC II Regular Interest II-LT2SUB, REMIC II Regular Interest II- LT2GRP and REMIC II Regular Interest II-LTXX, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the REMIC I II Marker Allocation Percentage of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows:
(A) to the Holders of REMIC II Regular Interest III-LT2LTAA, 98.00% of such remainder, until the Uncertificated Balance of such Uncertificated REMIC II Regular Interest is reduced to zero;
(B) to the Holders of REMIC II Regular Interest II-LT1A, REMIC I II Regular Interest III-LT3LT2A, REMIC I II Regular Interest III-LT4LTA3, REMIC I II Regular Interest III-LT5 LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II- LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTB1 and REMIC I II Regular Interest III-LT6LTB2, ____1.00% of the amount remaining after application of clause (a)such remainder, in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I II Regular Interests are reduced to zero and zero;
(C) to the Holders of REMIC II Regular Interest II-LTZZ, 1.00% of such remainder, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero;
(D) to the Holders of REMIC II Regular Interest II-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(E) any remaining amount to the Holders of the Class R-I R Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders in respect of the Class R-I CertificatesII Interest; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Deficiency Amount shall be allocated to Holders of the REMIC I II Regular Interest III-LT1 LTAA and REMIC I II Regular Interest III-LT7LTZZ, respectively.
(2) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group 1 Interest Remittance Amount and Group 2 Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group 1 Interest Remittance Amount or Group 2 Interest Amount, as applicable, remaining for such Distribution Date: first, concurrently, (i) from the Group 1 Interest Remittance Amount, to the Holders of the Class 1-A Certificates and the Group 1 Component of the Class A-SIO Certificates, the related Accrued Certificate Interest allocable to each such Class, on a pro rata basis, based on the entitlement of each such Class and (ii) from the Group 2 Interest Remittance Amount, to the Holders of the Class 2-A Certificates and the Group 2 Component of the Class A-SIO Certificates, the related Accrued Certificate Interest allocable to each such Class, on a pro rata basis, based on the entitlement of each such Class; and second, concurrently, (i) from the Group 1 Interest Remittance Amount, to the Holders of the Class 2-A Certificates and the Group 2 Component of the Class A-SIO Certificates, the related Accrued Certificate Interest allocable to each such Class, on a pro rata basis, based on the entitlement of each such class to the extent remaining unpaid after the distribution of the Group 2 Interest Remittance Amount as set forth in clause first above and (ii) from the Group 2 Interest Remittance Amount, to the Holders of the Class 1-A Certificates and the Group 1 Component of the Class A-SIO Certificates, the related Accrued Certificate Interest allocable to each such Class, on a pro rata basis, based on the entitlement of each such class to the extent remaining unpaid after the distribution of the Group 1 Interest Remittance Amount as set forth in clause first above.
(3) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group 1 Interest Remittance Amount and the Group 2 Interest Remittance Amount remaining after the distributions required by clause (2) above and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group 1 Interest Remittance Amount and Group 2 Interest Remittance Amount remaining for such Distribution Date: first, sequentially to the Holders of the Class A3, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class B1 and Class B2 Certificates, in that order, the related Accrued Certificate Interest and any Interest Carry Forward Amount for such Classes for such Distribution Date; and second, to pay the Trustee any amounts in excess of the limitation set forth in Section 3.09(b)(ii).
(4) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group 1 Principal Distribution Amount and the Group 2 Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) The Group 1 Principal Distribution Amount shall be distributed in the following order of priority: first, to the Holders of the Class 1-A Certificates, until the Certificate Principal Balance thereof has been reduced to zero; second, to the Holders of the Class 2-A Certificates, after taking into account the distribution of the Group 2 Principal Distribution Amount pursuant to clause first of Section 5.01(a)(4)(ii) below, until the Certificate Principal Balance of the Class 2-A Certificates has been reduced to zero.
(ii) The Group 2 Principal Distribution Amount shall be distributed in the following order of priority: first, to the Holders of the Class 2-A Certificates, until the Certificate Principal Balance of the Class 2-A Certificates has been reduced to zero; and
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Peoples Choice Home Loan Securities Trust Series 2004-1)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC Regular Interest I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4 REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I- LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I- LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral AmountAmount and such amount will be payable to the Holders of REMIC Regular Interest I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTM9 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC I Regular Interest I-LTZZ shall be increased by such amount; and
(ii) on each to Holders of REMIC I Regular Interest I-LT1SUB, REMIC I Regular Interest I-LT1GRP, REMIC I Regular Interest I-LT2SUB, REMIC I Regular Interest I-LT2GRP and REMIC I Regular Interest I-LTXX, PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates
(iii) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) to the Holders of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTP, on 98.00% of such remainder (other than amounts payable under clause (iv) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero, provided, however, that REMIC I Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LTP, until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2LTA1A, REMIC I Regular Interest I-LT3LTA1B, REMIC I Regular Interest I-LT4LTA2, REMIC I Regular Interest I-LT5 LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I- LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LT6LTM9, ____1.00% of the amount remaining after application of such remainder (other than amounts payable under clause (aiv) below), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; andzero;
(dc) to the Holders of the REMIC I Regular Interest I-LT7LTZZ, ____1.00% of the amount remaining after application of such remainder (other than amounts payable under clause (aiv) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest); provided, however, that _____(i) 98.00% and _____(ii) 2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the (i) REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTP, in that order and (ii) REMIC I Regular Interest I-LTZZ, respectively; provided that REMIC I Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LTP, until $100 has been distributed pursuant to this clause; and
(iv) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, such that distributions of principal shall be deemed to be made to the REMIC I Regular Interests first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I Regular Interest I- LTXX. Notwithstanding the priorities and amounts of distribution of funds pursuant to this Section 4.01(a)(1), actual distributions of Available Funds shall be made only in accordance with Section 4.01(a)(2), (3) and (4).
(I) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group I Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of each Class of Group I Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates; and
(ii) concurrently, to the Holders of each Class of Group II Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount for each such Class, to the extent remaining unpaid after the distribution of the Group II Interest Remittance Amount, as set forth in Section 4.01(a)(2)(II) below.
(II) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group I Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of each Class of Group II Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates; and
(ii) concurrently, to the Holders of each Class of Group I Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount for each such Class, to the extent remaining unpaid after the distribution of the Group I Interest Remittance Amount, as set forth in Section 4.01(a)(2)(I) above.
(III) On each Distribution Date, following the distributions made pursuant to Section 4.01(a)(2)(I) and (II) above, the Trustee shall withdraw from the Distribution Account an amount equal to any remaining Group I Interest Remittance Amount and Group II Interest Remittance Amount and will be distributed sequentially to the Class M-1, Class M-2, Class M-▇, ▇▇▇▇▇ ▇-▇, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that order, in an amount equal to the Interest Distribution Amount for each such Class.
(I) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the Group I Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of each Class of Group I Certificates, on a PRO RATA basis based on the Certificate Principal Balance of each such Class, until the Certificate Principal Balances of such Classes have been reduced to zero; and
(ii) to the Holders of the Group II Certificates (allocated among the Classes of Group II Certificates in the priority described in Section 4.01(a)(5) below), after taking into account the distribution of the Group II Principal Distribution Amount, as described in Section 4.01(a)(3)(II) below, until the Certificate Principal Balances of such Classes have been reduced to zero.
(II) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of the Group II Certificates (allocated among the Classes of Group II Certificates in the priority described in Section 4.01(a)(5) below), until the Certificate Principal Balances of such Classes have been reduced to zero; and
(ii) concurrently, to the Holders of each Class of Group I Certificates, on a PRO RATA basis based on the Certificate Principal Balance of each such Class, after taking into account the distribution of the Group I Principal Distribution Amount, respectively, as described in Section 4.01(a)(3)(I) above, until the Certificate Principal Balances of such Classes have been reduced to zero.
(III) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the sum of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount remaining undistributed for such Distribution Date will be distributed sequentially to the Class M-1, Class M-2, Class M-▇, ▇▇▇▇▇ ▇-▇, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that order, in each case, until the Certificate Principal Balance of such Class has been reduced to zero.
(IV) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the Group I Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of each Class of Group I Certificates, on a PRO RATA basis, based on the Certificate Principal Balance of each such Class, the Class A-1 Principal Distribution Amount, until the Certificate Principal Balances of such Classes have been reduced to zero; and
(ii) to the Holders of the Group II Certificates (allocated among the Classes of Group II Certificates in the priority described in Section 4.01(a)(5) below), after taking into account the distribution of the Group II Principal Distribution Amount, as described in Section 4.01(a)(3)(V)(i) below, up to an amount equal to the Class A-2 Principal Distribution Amount remaining undistributed, until the Certificate Principal Balances of such Classes have been reduced to zero.
(V) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of the Group II Certificates (allocated among the Classes of Group II Certificates in the priority described in Section 4.01(a)(5) below), the Class A-2 Principal Distribution Amount, until the Certificate Principal Balances of such Classes have been reduced to zero; and
(ii) concurrently, to the Holders of each Class of Group I Certificates, on a PRO RATA basis, based on the Certificate Principal Balance of each such Class, after taking into account the distribution of the Group I Principal Distribution Amount, as described in Section 4.01(a)(3)(IV)(i) above, up to an amount equal to the Class A-1 Principal Distribution Amount remaining undistributed, until the Certificate Principal Balances of such Classes have been reduced to zero.
(VI) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the sum of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount remaining undistributed for such Distribution Date and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of the Class M-1 Certificates, the Class M-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(ii) to the Holders of the Class M-2 Certificates, the Class M-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the Holders of the Class M-3 Certificates, the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) to the Holders of the Class M-4 Certificates, the Class M-4 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(v) to the Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(vi) to the Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(vii) to the Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(viii) to the Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; and
(ix) to the Holders of the Class M-9 Certificates, the Class M-9 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero.
(4) On each Distribution Date, the Net Monthly Excess Cashflow shall be distributed as follows:
(i) to the Holders of the Class or Classes of Certificates then entitled to receive distributions in respect of principal, in an amount equal to the Overcollateralization Increase Amount, applied to reduce the Certificate Principal Balance of such Certificates until the aggregate Certificate Principal Balance of such Certificates is reduced to zero;
(ii) sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that order, the related Interest Carry Forward Amount allocable to such Classes of Certificates;
(iii) to the Holders of the Class A-1B Certificates, in an amount equal to the Allocated Realized Loss Amount related to
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset-Backed Pass-Through Certificates Series 2004-R2)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be:
(1) With respect to the Group IA Mortgage Loans:
(i) to Holders of REMIC I Regular Interest A-I, and each of REMIC I Regular Interest I-1-A through I-46-B, PRO RATA, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest A-I, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest A-I is reduced to zero; and
(iii) to the extent of amounts remaining after the distributions made pursuant to clause (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular interests I-1-A through I-46-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated PRO RATA between such REMIC I Regular Interests.
(2) With respect to the Group IB Mortgage Loans:
(i) to Holders of REMIC I Regular Interest A-II, and each of REMIC I Regular Interest II-1-A through II-46-B, PRO RATA, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest A-II, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest A-II is reduced to zero; and
(iii) to the extent of amounts remaining after the distributions made pursuant to clause (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular interests II-1-A through II-46-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated PRO RATA between such REMIC I Regular Interests.
(3) With respect to the Group II Mortgage Loans:
(i) to Holders of REMIC I Regular Interest A-III and each of REMIC I Regular Interest III-1-A through III-46-B, PRO RATA, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest A-III, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest A-III is reduced to zero; and
(iii) to the extent of amounts remaining after the distributions made pursuant to clause (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular interests III-1-A through III-46-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated PRO RATA between such REMIC I Regular Interests.
(b) to the Holders of REMIC I Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until 100 has been distributed pursuant to this clause.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I CertificatesII Interest), as the case may be:
(i) first to the Holders of REMIC I Regular Interests (other than REMIC I II Regular Interest I-LTP)IO, in an amount equal to (A) Uncertificated Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC II Regular Interest AA, REMIC II Regular Interest A-1A, REMIC II Regular Interest A-1B1, REMIC II Regular Interest A-1B2, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest M-11 and REMIC II Regular Interest ZZ, PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I II Regular Interest I-LT7 ZZ shall be reduced when the REMIC I Overcollateralized II Overcollateralization Amount is less than the REMIC I II Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 ZZ Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, Amount and such amount will be payable to the Holders of REMIC I II Regular Interest A-1A, REMIC II Regular Interest A-1B1, REMIC II Regular Interest A-1B2, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II Regular Interest M-11 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC II Regular Interest ZZ shall be increased by such amount;
(ii) to Holders of REMIC II Regular Interest IA-SUB, REMIC II Regular Interest IA-GRP, REMIC II Regular Interest IB-SUB, REMIC II Regular Interest IB-GRP, REMIC II Regular Interest II-SUB, REMIC II Regular Interest II-GRP, and REMIC II Regular Interest XX, PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the Available Distribution Amount REMIC II Marker Allocation Percentage of the available funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(aA) the Holders 98.00% of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) such remainder to the Holders of the REMIC I II Regular Interest I-LT1, ____% of the amount remaining after application of clause (a)AA, until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount zero;
(B) 2.00% of such remainder, first, to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I II Regular Interest I-LT2A-1A, REMIC I II Regular Interest I-LT3A-1B1, REMIC I II Regular Interest I-LT4A-1B2, REMIC I II Regular Interest I-LT5 A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC I II Regular Interest I-LT6M-11, ____1% of the amount remaining after application of clause (a), and in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I II Regular Interests are reduced to zero and second to the Holders of REMIC II Regular Interest ZZ, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero;
(C) to the Holders of REMIC II Regular Interest P, 100% of the amounts deemed distributed on REMIC I Regular Interest P; then
(D) any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7R Certificate, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders in respect of the Class R-I CertificatesII Interest; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I II Regular Interest I-LT1 AA and REMIC I II Regular Interest I-LT7ZZ, respectively.
(iv) to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the REMIC II Sub WAC Allocation Percentage of available funds for such Distribution Date after the distributions made pursuant to clause (ii) above, such that distributions of principal shall be deemed to be made to the REMIC II Regular Interests first, so as to keep the Uncertificated Balance of each REMIC II Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group; second, to each REMIC II Regular Interest ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group over (y) the current Certificate Principal Balance of the Class A Certificate in the related loan group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC II Regular Interest XX.
(v) Notwithstanding the distributions described in Section 5.01(a)(1), distributions of funds shall be made to Certificateholders only in accordance with Section 5.01(a)(2) through (8).
(2) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group IA Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group IA Interest Remittance Amount remaining for such Distribution Date: FIRST, to the Supplemental Interest Trust, an amount equal to the Group I Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event; SECOND, to the Holders of the Class A-1A Certificates, the Senior Interest Distribution Amount allocable to the Class A-1A Certificates; and THIRD, concurrently, to the Holders of the Class A-1B1, Class A-1B2, Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, to the extent remaining unpaid after the distribution of the Group IB Interest Remittance Amount as set forth in Section 5.01(c)(3) below and the Group II Interest Remittance Amount as set forth in Section 5.01(c)(4) below, on a pro rata basis, based on the entitlement of each such Class.
(3) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group IB Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group IB Interest Remittance Amount remaining for such Distribution Date: FIRST, to the Supplemental Interest Trust, an amount equal to the Group IB Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event; SECOND, to the Holders of the Class A-1B1 Certificates and Class A-1B2 Certificates, the Senior Interest Distribution Amount allocable to each such Class on a pro rata basis, based on the entitlement of each such Class; and THIRD, concurrently, to the Holders of the Class A-1A, Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, to the extent remaining unpaid after the distribution of the Group IA Interest Remittance Amount as set forth in Section 5.01(c)(2) above and the Group II Interest Remittance Amount as set forth in Section 5.01(c)(4) below, on a pro rata basis, based on the entitlement of each such Class.
(4) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group II Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group II Interest Remittance Amount remaining for such Distribution Date: FIRST, to the Supplemental Interest Trust, an amount equal to the Group II Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event; SECOND, concurrently, to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, on a pro rata basis, based on the entitlement of each such Class; and THIRD, concurrently, to the Holders of the Class A-1A, Class A-1B1 and Class A-1B2 Certificates, the Senior Interest Distribution Amount allocable to each such Class, to the extent remaining unpaid after the distribution of the Group IA Interest Remittance Amount as set forth in Section 5.01(c)(2) above and the Group IB Interest Remittance Amount as set forth in Section 5.01(c)(3) above, on a pro rata basis, based on the entitlement of each such Class.
(5) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group IA Interest Remittance Amount, Group IB Interest Remittance Amount and Group II Interest Remittance Amount remaining after the distributions required by clauses (2), (3) and (4) above and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group IA Interest Remittance Amount, Group IB Interest Remittance Amount and Group II Interest Remittance Amount remaining for such Distribution Date: sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that order, the Interest Distribution Amount allocable to each such Class.
(6) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group IA Principal Distribution Amount, Group IB Principal Distribution Amount and Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) The Group IA Principal Distribution Amount shall be distributed in the following order of priority: FIRST, to the Supplemental Interest Trust, an amount equal to the Group IA Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event to the ex
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2005-He7)
Distributions. (a) (1)(Ai) On each Distribution Date, immediately following the following amountsdeemed distributions in respect of the CP Component Mortgage Loan REMIC Senior Regular Interest pursuant to Section 4.01(k), amounts held in the following order of priority, REMIC I Distribution Account shall be distributed by withdrawn or deemed to be withdrawn (to the extent of the Available Distribution Amount, the "REMIC I Distribution Amount") in the case of all Classes of REMIC I Regular Interests and distributed or deemed to REMIC II be distributed on account of the REMIC I Regular Interests or withdrawn from as set forth in Section 4.01(a)(ii) and distributed on the Distribution Account and Class R-I Certificates as set forth in Section 4.01(a)(iii). Thereafter, until distributed to the holders Certificateholders, such amounts shall be considered to be held in the REMIC II Distribution Account.
(ii) Principal and interest amounts, reimbursement of Realized Losses and Additional Trust Fund Expenses and timing of distributions on each REMIC I Regular Interest will be identical to such amounts, reimbursements and timing on the related Corresponding Certificates (in the case of distributions of principal or reimbursement 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) except that, solely for this purpose, all calculations of interest with respect to the Corresponding REMIC I Regular Interests shall be made as though the Class A-1, Class A-2, Class A-3, Class A-4, Class A-AB, Class A-5, Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O and Class P Certificate Pass-Through Rates were equal to the Weighted Average Adjusted Net Mortgage Rate and as though the Class XC and Class XP Notional Amounts were zero at all times and such that the amounts and timing of interest distributions on each Corresponding REMIC I Regular Interest represent the aggregate of the corresponding amounts on each Class of Corresponding Certificates (or portion thereof) and its related Component or Components of the Class XC and Class XP Certificates; provided that (A) interest shall be deemed distributed on such REMIC I Regular Interest only in the same priority and to the extent actually distributable on such related Class of Corresponding Certificates (and pro rata among such REMIC I Regular Interests corresponding to a related Class of Corresponding Certificates) or related Component and (B) interest distributable on a Class of Class X Certificates shall be distributable pro rata among the related Components.
(iii) Any amount that remains in the REMIC I Distribution Account on each Distribution Date after distribution of the REMIC I Distribution Amount and Prepayment Premiums allocable to the REMIC I Regular Interests pursuant to Section 4.01(c)(iv) shall be distributed to the Holders of the Class R-I Certificates, as the case may be:
Certificates (i) but only to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder extent of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of remaining in the REMIC I Regular Interest I-LTPDistribution Account, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;if any).
(b) On each Distribution Date, to the Holders extent of the Available Distribution Amount for such Distribution Date, the Trustee shall transfer or be deemed to transfer the REMIC I Regular Interest I-LT1, ____% Distribution Amount from the REMIC I Distribution Account to the REMIC II Distribution Account in the amounts set forth in Section 4.01(a)(ii) with respect to each Class of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced Interest, and immediately thereafter, shall make distributions thereof from the REMIC II Distribution Account to zero the REMIC II Regular Certificates in the order of priority set forth in clauses (i) through (xlvi) below, satisfying in full, to the extent required and possible, each priority before making any remaining amount distribution with respect to any succeeding priority.
(i) to distributions of interest to the Holders of the Class RA-1, Class A-2, Class A-3, the Class A-4, Class A-I AB, Class A-5 Certificates, Class XC Certificates and Class XP Certificates, pro rata as among such Classes in accordance with, all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates, if any;
(cii) to the Holders distributions of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class RA-1, Class A-2, Class A-3, Class A-4, Class A-I Certificates; and
(d) to the Holders AB and Class A-5 Certificates in reduction of the REMIC I Regular Interest I-LT7Class Principal Balances thereof (1) first, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class RA-I AB Certificates, in an amount up to the Principal Distribution Amount until the outstanding Class Principal Balance of the Class A-AB Certificates has been reduced to the Class A-AB Planned Principal Amount; provided(2) second, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to the Holders of the REMIC I Regular Class A-1 Certificates, in an amount up to the Principal Distribution Amount remaining after payments to the Holders of the Class A-AB Certificates (up to the Class A-AB Planned Principal Amount) have been made on such Distribution Date, until the outstanding Class Principal Balance of the Class A-1 Certificates has been reduced to zero; (3) third, to the Holders of the Class A-2 Certificates, in an amount up to the Principal Distribution Amount remaining after payments to the Holders of the Class A-AB (up to the Class A-AB Planned Principal Amount) and Class A-1 Certificates have been made on such Distribution Date, until the outstanding Class Principal Balance of the Class A-2 Certificates has been reduced to zero; (4) fourth, to the Holders of the Class A-3 Certificates, in an amount up to the Principal Distribution Amount remaining after payments to the Holders of the Class A-AB (up to the Class A-AB Planned Principal Amount), Class A-1 and Class A-2 Certificates have been made on such Distribution Date, until the outstanding Class Principal Balance of the Class A-3 Certificates has been reduced to zero; (5) fifth, to the Holders of the Class A-4 Certificates, in an amount up to the Principal Distribution Amount remaining after payments to the Holders of the Class A-AB (up to the Class A-AB Planned Principal Amount), Class A-1, Class A-2 and Class A-3 Certificates have been made on such Distribution Date, until the outstanding Class Principal Balance of the Class A-4 Certificates has been reduced to zero; (6) sixth, to the Holders of the Class A-AB Certificates, in an amount up to the Principal Distribution Amount remaining after payments to the Holders of the Class A-AB (up to the Class A-AB Planned Principal Amount), Class A-1, Class A-2, Class A-3 and Class A-4 Certificates have been made on such Distribution Date, until the outstanding Class Principal Balance of the Class A-AB Certificates has been reduced to zero and (7) seventh, to the Holders of the Class A-5 Certificates, in an amount up to the Principal Distribution Amount remaining after payments to the Holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-AB Certificates have been made on such Distribution Date, until the Class Principal Balance of the Class A-5 Certificates has been reduced to zero;
(iii) to reimburse the Holders of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class A-AB Certificates and the Class A-5 Certificates, up to an amount equal to, and pro rata as among such Classes in accordance with, the respective amounts of Realized Losses and Additional Trust Fund Expenses, if any, previously allocated to the Class Principal Balance of such Classes and for which no reimbursement has previously been paid;
(iv) to distributions of interest to the Holders of the Class A-M Certificates in an amount equal to all Distributable Certificate Interest Iin respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates;
(v) if the 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-LT1 AB Certificates and REMIC I Regular the Class A-5 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class A-M Certificates, in an amount (not to exceed the Class Principal Balance of the Class A-M Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date;
(vi) to distributions to the Holders of the Class A-M Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class Principal Balance of the Class A-M Certificates and that remain unreimbursed immediately prior to such Distribution Date;
(vii) to distributions of interest to the Holders of the Class A-J Certificates in an amount equal to all Distributable Certificate Interest Iin respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates;
(viii) if the 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-LT7AB Certificates, respectively.the Class A-5 Certificates and Class A-M Certificates have been reduced to zero, to distributions of principal to the Holders of the Class A-J Certificates, in an amount (not to exceed the Class Principal Balance of the Class A-J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date;
(ix) to distributions to the Holders of the Class A-J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class Principal Balance of the Class A-J Certificates and that remain unreimbursed immediately prior to such Distribution Date;
(x) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates;
(xi) if the 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-AB Certificates, the Class A-5 Certificates, Class A-M Certificates and the Class A-J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, in an amount (not to exceed the Class Principal Balance of the Class B Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date;
(xii) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class Principal Balance of the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date;
(xiii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates;
(xiv) if the 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-AB Certificates, the Class A-5 Certificates, the Class A-M Certificates, the Class A-J Certificates and the Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date;
(xv) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class Principal Balance of the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date;
(xvi) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates;
(xvii) if the 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-AB Certificates, the Class A-5 Certificates, the Class A-M Certificates, the Class A-J Certificates, the Class B Certificates and the Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date;
(xviii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class Principal Balance of the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date;
(xix) to distributions of interest to the Holders of the
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2005-2)
Distributions. (a) (1)(A) 1 On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be: With respect to the Group I Mortgage Loans:
(1) to Holders of REMIC I Regular Interest I, REMIC I Regular Interest I-LTP and each of REMIC I Regular Interest I-1-A through I-60-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interest I and then to REMIC I Regular Interests I-1-A through I-60-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests, and second, to the extent of the product of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Stated Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; and
(3) to the Holders of REMIC I Regular Interest I-60-B, (A) all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause. With respect to the Group II Mortgage Loans:
(1) to Holders of REMIC I Regular Interest II and each of REMIC I Regular Interest II-1-A through II-60-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interest II and then to REMIC I Regular Interests II-1-A through II-60-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests, and second, to the extent of the product of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Stated Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans, to REMIC I Regular Interest II until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero.
(3) On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period shall be distributed by REMIC I to the Holders of REMIC I Regular Interest II-60-B. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest II-60-B shall not reduce the Uncertificated Balance thereof.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesII Interest), as the case may be:
(i) (a) to the Holders of REMIC I Regular Interests (other than REMIC I II Regular Interest III-LTP)LTIO, in an amount equal to (A) the Uncertificated Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Wmc3)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be:
(1) With respect to the Group I Mortgage Loans:
(i) to Holders of REMIC I Regular Interest I, and each of REMIC I Regular Interest I-1-A through I-45-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest I, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest I is reduced to zero; and
(iii) to the extent of amounts remaining after the distributions made pursuant to clause (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular interests I-1-A through I-45-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(2) With respect to the Group II Mortgage Loans:
(i) to Holders of REMIC I Regular Interest II and each of REMIC I Regular Interest II-1-A through II-45-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest II, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest II is reduced to zero; and
(iii) to the extent of amounts remaining after the distributions made pursuant to clause (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular interests II-1-A through II-45-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(b) to the Holders of REMIC I Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I CertificatesII Interest), as the case may be:
(i) first to the Holders of REMIC I Regular Interests (other than REMIC I II Regular Interest I-LTP)IO, in an amount equal to (A) Uncertificated Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC II Regular Interest AA, REMIC II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest M-11 and REMIC II Regular Interest ZZ, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I II Regular Interest I-LT7 ZZ shall be reduced when the REMIC I Overcollateralized II Overcollateralization Amount is less than the REMIC I II Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 ZZ Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, Amount and such amount will be payable to the Holders of REMIC I II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II Regular Interest M-11 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC II Regular Interest ZZ shall be increased by such amount;
(ii) to Holders of REMIC II Regular Interest I-SUB, REMIC II Regular Interest I-GRP, REMIC II Regular Interest II-SUB, REMIC II Regular Interest II-GRP, and REMIC II Regular Interest XX, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the Available Distribution Amount REMIC II Marker Allocation Percentage of the available funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(aA) the Holders 98.00% of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) such remainder to the Holders of the REMIC I II Regular Interest I-LT1, ____% of the amount remaining after application of clause (a)AA, until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount zero;
(B) 2.00% of such remainder, first, to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I II Regular Interest I-LT2A-1, REMIC I II Regular Interest I-LT3A-2A, REMIC I II Regular Interest I-LT4A-2B, REMIC I II Regular Interest I-LT5 A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC I II Regular Interest I-LT6M-11, ____1% of the amount remaining after application of clause (a), and in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I II Regular Interests are reduced to zero and second to the Holders of REMIC II Regular Interest ZZ, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero;
(C) to the Holders of REMIC II Regular Interest P, 100% of the amounts deemed distributed on REMIC I Regular Interest P; then
(D) any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7R Certificate, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders in respect of the Class R-I CertificatesII Interest; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I II Regular Interest I-LT1 AA and REMIC I II Regular Interest I-LT7ZZ, respectively.
(iv) to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the REMIC II Sub WAC Allocation Percentage of available funds for such Distribution Date after the distributions made pursuant to clause (ii) above, such that distributions of principal shall be deemed to be made to the REMIC II Regular Interests first, so as to keep the Uncertificated Balance of each REMIC II Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group; second, to each REMIC II Regular Interest ending with the designation “SUB,” so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group over (y) the current Certificate Principal Balance of the Class A Certificate in the related loan group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC II Regular Interest XX.
(v) Notwithstanding the distributions described in Section 5.01(c)(1), distributions of funds shall be made to Certificateholders only in accordance with Section 5.01(c)(2) through (7).
(2) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group I Interest Remittance Amount remaining for such Distribution Date: first, to the Supplemental Interest Trust, an amount equal to the Group I Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event; second, to the Holders of the Class A-1 Certificates, the Senior Interest Distribution Amount allocable to the Class A-1 Certificates; and third, concurrently, to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, to the extent remaining unpaid after the distribution of the Group II Interest Remittance Amount as set forth in Section 5.01(c)(3) below on a pro rata basis, based on the entitlement of each such Class.
(3) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group II Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group II Interest Remittance Amount remaining for such Distribution Date: first, to the Supplemental Interest Trust, an amount equal to the Group II Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event; second, concurrently, to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, on a pro rata basis, based on the entitlement of each such Class; and third, to the Holders of the Class A-1 Certificates, the Senior Interest Distribution Amount allocable to the Class A-1 Certificates, to the extent remaining unpaid after the distribution of the Group I Interest Remittance Amount as set forth in Section 5.01(c)(2) above.
(4) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Interest Remittance Amount and the Group II Interest Remittance Amount remaining after the distributions required by clauses (2) and (3) above and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group I Interest Remittance Amount and Group II Interest Remittance Amount remaining for such Distribution Date: sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that order, to the extent of the Interest Distribution Amount allocable to each such Class.
(5) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Principal Distribution Amount and the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) The Group I Principal Distribution Amount shall be distributed in the following order of priority: first, to the Supplemental Interest Trust, an amount equal to the Group I Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event to the extent not paid from the Interest Remittance Amount on such Distribution Date; second, to the Holders of the Class A-1 Certificates until the Certificate Principal Balance of the Class A-1 Certificates has been reduced to zero; and third, sequentially, to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, in that order, after taking into account the distribution of the Group II Principal Distribution Amount as described in Section 5.01(c)(5)(ii) below, until the Certificate Principal Balance of each such Class has been reduced to zero.
(ii) The Group II Principal Distribution Amount shall be distributed in the following order of priority: first, to the Supplemental Interest Trust, an amount equal to the Group II Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event to the extent not paid from the Interest Remittance Amount on such Distribution Date; second, sequentially, to the Holders of the Class A-2A Class A-2B, Class A-2C and Class A-2D Certificates, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero; and
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-He2)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates, in respect of the Class R-I CertificatesInterest, as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC I Regular Interest I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTB1, REMIC I Regular Interest I-LTB2, REMIC I Regular Interest I-LTB3, REMIC I Regular Interest I-LTB4, REMIC I Regular Interest I-LTB5, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced when the REMIC I Overcollateralized Overcollateralization Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral Amount; andAmount and such amount will be payable to the Holders of REMIC I Regular Interest I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTB1, REMIC I Regular Interest I-LTB2, REMIC I Regular Interest I-LTB3, REMIC I Regular Interest I-LTB4 and REMIC I Regular Interest I-LTB5 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC I Regular Interest I-LTZZ shall be increased by such amount;
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(aA) 98.00% of such remainder to the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a)LTAA, until the Uncertificated Balance of such Uncertificated REMIC I Regular Interest is reduced to zero and any remaining amount zero;
(B) 2.00% of such remainder, first, to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2LTA, REMIC I Regular Interest I-LT3LTM1, REMIC I Regular Interest I-LT4LTM2, REMIC I Regular Interest I-LT5 LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTB1, REMIC I Regular Interest I-LTB2, REMIC I Regular Interest I-LTB3, REMIC I Regular Interest I- 105 LTB4 and REMIC I Regular Interest I-LT6LTB5, ____1% of the amount remaining after application of clause (a), and in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount second to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a)LTZZ, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero zero;
(C) to the Holders of REMIC I Regular Interest I-LTP, all Prepayment Charges and on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(D) any remaining amount to the Holders of the Class R-I CertificatesInterest, in respect of the Class R-I Interest; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTZZ, respectively.
(iii) Notwithstanding the distributions described in Section 5.01(a)(1), distributions of funds shall be made to Certificateholders only in accordance with Section 5.01(2) through (5) and Section 5.01(b).
(2) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Interest Remittance Amount remaining for such Distribution Date: FIRST, to the Holders of the Class A Certificates, the Senior Interest Distribution Amount allocable to the Class A Certificates; and SECOND, sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5 Certificates, the Interest Distribution Amount allocable to each such Class.
(3) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Principal Distribution Amount and the Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority: FIRST, to the Holders of the Class A Certificates, until the Certificate Principal Balance of the Class A Certificates has been reduced to zero; and SECOND, sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class B-1, Class B-2, Class B-3, 106 Class B-4 and Class B-5 Certificates, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero.
(4) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority: FIRST, to the Holders of the Class A Certificates, the Class A Principal Distribution Amount, until the Certificate Principal Balance of Class A Certificates has been reduced to zero; SECOND, to the Holders of the Class M-1 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amount distributed to the Holders of the Class A Certificates under clause FIRST above and to the Certificate Insurer under clause second above, and (y) the Class M-1 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-1 Certificates has been reduced to zero; THIRD, to the Holders of the Class M-2 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the Holders of the Class A Certificates under clause FIRST above and to the Holders of the Class M-1 Certificates under clause SECOND above, and (y) the Class M-2 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-2 Certificates has been reduced to zero; FOURTH, to the Holders of the Class M-3 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the holders of the Class A Certificates under clause FIRST above, to the Holders of the Class M-1 Certificates pursuant to clause SECOND above and to the Holders of the Class M-2 Certificates pursuant to clause THIRD above, and (y) the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-3 Certificates has been reduced to zero; FIFTH, to the Holders of the Class M-4 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the holders of the Class A Certificates under clause FIRST above, to the Holders of the Class M-1 Certificates pursuant to clause SECOND above, to the Holders of the Class M-2 Certificates pursuant to clause THIRD above and to the Holders of the Class M-3 Certificates pursuant to clause FOURTH above and (y) the Class M-4 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-4 Certificates has been reduced to zero. SIXTH, to the Holders of the Class M-5 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the holders of the Class A Certificates under clause FIRST above, to the Holders of the Class M-1 Certificates pursuant to clause SECOND above, to the Holders of the Class M-2 Certificates pursuant to clause THIRD above, to the Holders of the 107 Class M-3 Certificates pursuant to clause FOURTH above and to the Holders of the Class M-4 Certificates pursuant to clause FIFTH above, and (y) the Class M-5 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-5 Certificates has been reduced to zero. SEVENTH, to the Holders of the Class M-6 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the holders of the Class A Certificates under clause FIRST above, to the Holders of the Class M-1 Certificates pursuant to clause SECOND above, to the Holders of the Class M-2 Certificates pursuant to clause THIRD above, to the Holders of the Class M-3 Certificates pursuant to clause FOURTH above, to the Holders of the Class M-4 Certificates pursuant to clause FIFTH above and to the Holders of the Class M-5 Certificates under clause SIXTH above, and (y) the Class M-6 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-6 Certificates has been reduced to zero. EIGHTH, to the Holders of the Class M-7 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the holders of the Class A Certificates under clause FIRST above, to the Holders of the Class M-1 Certificates pursuant to clause SECOND above, to the Holders of the Class M-2 Certificates pursuant to clause THIRD above, to the Holders of the Class M-3 Certificates pursuant to clause FOURTH above, to the Holders of the Class M-4 Certificates pursuant to clause FIFTH above, to the Holders of the Class M-5 Certificates under clause SIXTH above and to the Holders of the Class M-6 Certificates under clause SEVENTH above, and (y) the Class M-7 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-7 Certificates has been reduced to zero. NINTH, to the Holders of the Class B-1 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the holders of the Class A Certificates UNDER clause FIRST above, to the Holders of the Class M-1 Certificates pursuant to clause SECOND above, to the Holders of the Class M-2 Certificates pursuant to clause THIRD above, to the Holders of the Class M-3 Certificates pursuant to clause FOURTH above, to the Holders of the Class M-4 Certificates pursuant to clause FIFTH above, to the Holders of the Class M-5 Certificates under clause SIXTH above, to the Holders of the Class M-6 Certificates under clause SEVENTH above and to the Holders of the Class M-7 Certificates under clause EIGHTH above, and (y) the Class B-1 Principal Distribution Amount, until the Certificate Principal Balance of the Class B-1 Certificates has been reduced to zero. TENTH, to the Holders of the Class B-2 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the holders of the Class A Certificates under clause FIRST above, to the Holders of the Class M-1 Certificates pursuant to clause SECOND above, to the Holders of the Class M-2 Certificates pursuant to clause THIRD above, to the Holders of the Class M-3 Certificates pursuant to clause FOURTH above, to the Holders of the Class M-4 Certificates pursuant to clause FIFTH above, to the Holders of the Class M-5 108 Certificates under clause SIXTH above, to the Holders of the Class M-6 Certificates under clause SEVENTH above, to the Holders of the Class M-7 Certificates under clause EIGHTH above and to the Holders of the Class B-1 Certificates under clause NINTH above, and (y) the Class B-2 Principal Distribution Amount, until the Certificate Principal Balance of the Class B-2 Certificates has been reduced to zero. ELEVENTH, to the Holders of the Class B-3 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the holders of the Class A Certificates under clause FIRST above, to the Holders of the Class M-1 Certificates pursuant to clause SECOND above, to the Holders of the Class M-2 Certificates pursuant to clause THIRD above, to the Holders of the Class M-3 Certificates pursuant to clause FOURTH above, to the Holders of the Class M-4 Certificates pursuant to clause FIFTH above, to the Holders of the Class M-5 Certificates under clause SIXTH above, to the Holders of the Class M-6 Certificates under clause SEVENTH above, to the Holders of the Class M-7 Certificates under clause EIGHTH above, to the Holders of the Class B-1 Certificates under clause NINTH above and to the Holders of the Class B-2 Certificates under clause TENTH above, and (y) the Class B-3 Principal Distribution Amount, until the Certificate Principal Balance of the Class B-3 Certificates has been reduced to zero. TWELFTH, to the Holders of the Class B-4 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the holders of the Class A Certificates under clause FIRST above, to the Holders of the Class M-1 Certificates pursuant to clause SECOND above, to the Holders of the Class M-2 Certificates pursuant to clause THIRD above, to the Holders of the Class M-3 Certificates pursuant to clause FOURTH above, to the Holders of the Class M-4 Certificates pursuant to clause FIFTH above, to the Holders of the Class M-5 Certificates under clause SIXTH above, to the Holders of the Class M-6 Certificates under clause SEVENTH above, to the Holders of the Class M-7 Certificates under clause EIGHTH above, to the Holders of the Class B-1 Certificates under clause NINTH above and to the Holders of the Class B-2 Certificates under clause TENTH above and to the Holders of the Class B-3 Certificates under clause ELEVENTH above, and (y) the Class B-4 Principal Distribution Amount, until the Certificate Principal Balance of the Class B-4 Certificates has been reduced to zero. THIRTEENTH, to the Holders of the Class B-5 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the holders of the Class A Certificates under clause FIRST above, to the Holders of the Class M-1 Certificates pursuant to clause SECOND above, to the Holders of the Class M-2 Certificates pursuant to clause THIRD above, to the Holders of the Class M-3 Certificates pursuant to clause FOURTH above, to the Holders of the Class M-4 Certificates pursuant to clause FIFTH above, to the Holders of the Class M-5 Certificates under clause SIXTH above, to the Holders of the Class M-6 Certificates under clause SEVENTH above, to the Holders of the Class M-7 Certificates under clause EIGHTH above, to the Holders of the Class B-1 Certificates under clause NINTH above and to the Holders of the Class B-2 109 Certificates under clause TENTH above, to the Holders of the Class B-3 Certificates under clause ELEVENTH above and to the Holders of the Class B-4 Certificates under clause TWELFTH above, and (y) the Class B-4 Principal Distribution Amount, until the Certificate Principal Balance of the Class B-4 Certificates has been reduced to zero.
(5) On each Distribution Date, the Net Monthly Excess Cashflow (or, in the case of clause (i) below, the Net Monthly Excess Cashflow exclusive of any Overcollateralization Reduction Amount) shall be distributed as follows:
(i) to the Holders of the Class or Classes of Certifi
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp Series 2004-Rm2)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates, in respect of the Class R-I CertificatesInterest, as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTB, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced when the REMIC I Overcollateralized Overcollateralization Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral Amount; andAmount and such amount will be payable to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I- LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTB, in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC I Regular Interest I-LTZZ shall be increased by such amount;
(ii) on each to Holders of REMIC I Regular Interest I-LT1A, REMIC I Regular Interest I-LT1B, REMIC I Regular Interest I-LT2A, REMIC I Regular Interest I-LT2B, REMIC I Regular Interest I-LT2C and REMIC I Regular Interest I-LTXX, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of the Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) to the Holders of REMIC I Regular Interest I-LTAA, 98.00% of such remainder, until the Uncertificated Balance of such Uncertificated REMIC I Regular Interest is reduced to zero;
(b) to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTB, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero;
(c) to the Holders of REMIC I Regular Interest I-LTZZ, 1.00% of such remainder, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero;
(d) to the Holders of REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; then
(be) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a)Interest, in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders respect of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I CertificatesInterest; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTZZ, respectively.
(iv) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of Available Funds for such Distribution Date after the distributions made pursuant to clause (ii) above, such that distributions of principal shall be deemed to be made to the REMIC I Regular Interests first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation "A," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I Regular Interest I-LTXX.
(v) Notwithstanding the distributions described in Section 5.01(a)(1), distributions of funds shall be made to Certificateholders only in accordance with Section 5.01(2) through (7) and Section 5.01(b).
(2) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group I Interest Remittance Amount remaining for such Distribution Date: FIRST, to the Holders of the Class A-1 Certificates, the Senior Interest Distribution Amount allocable to the Class A-1 Certificates; and SECOND, concurrently, to the Holders of the Class A-2A Certificates, Class A-2B Certificates and Class A-2C, the Senior Interest Distribution Amount allocable to each such Class, to the extent remaining unpaid after the distribution of the Group II Interest Remittance Amount as set forth in clause FIRST of Section 5.01(a)(3) below on a PRO RATA basis, based on the entitlement of such Class.
(3) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group II Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group II Interest Remittance Amount remaining for such Distribution Date: FIRST, concurrently, to the Holders of the Class A-2A Certificates, the Class A-2B Certificates and the Class A-2C Certificates, the Senior Interest Distribution Amount allocable to each such Class, on a PRO RATA basis, based on the entitlement of each such Class; and SECOND, to the Holders of the Class A-1 Certificates, the Senior Interest Distribution Amount allocable to the Class A-1 Certificates, to the extent remaining unpaid after the distribution of the Group I Interest Remittance Amount as set forth in clause FIRST of Section 5.01(a)(2) above.
(4) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Interest Remittance Amount and the Group II Interest Remittance Amount remaining after the distributions required by clauses (2) and (3) above and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group I Interest Remittance Amount and Group II Interest Remittance Amount remaining for such Distribution Date: FIRST, to the Holders of the Class M-1 Certificates, the Interest Distribution Amount allocable to the Class M-1 Certificates; SECOND, to the Holders of the Class M-2 Certificates, the Interest Distribution Amount allocable to the Class M-2 Certificates; THIRD, to the Holders of the Class M-3 Certificates, the Interest Distribution Amount allocable to the Class M-3 Certificates; FOURTH, to the Holders of the Class M-4 Certificates, the Interest Distribution Amount allocable to the Class M-4 Certificates; -104- FIFTH, to the Holders of the Class M-5 Certificates, the Interest Distribution Amount allocable to the Class M-5 Certificates; SIXTH, to the Holders of the Class M-6 Certificates, the Interest Distribution Amount allocable to the Class M-6 Certificates; and SEVENTH, to the Holders of the Class B Certificates, the Interest Distribution Amount allocable to the Class B Certificates.
(5) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Principal Distribution Amount and the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) The Group I Principal Distribution Amount shall be distributed in the following order of priority: FIRST, to the Holders of the Class A-1 Certificates until the Certificate Principal Balance of the Class A-1 Certificates has been reduced to zero; and SECOND, to the Holders of the Class A-2A Certificates, Class A-2B Certificates and Class A-2C Certificates, after taking into account the distribution of the Group II Principal Distribution Amount pursuant to clause FIRST of Section 5.01(a)(5)(ii) below on a sequential basis, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero.
(ii) The Group II Principal Distribution Amount shall be distributed in the following order of priority: FIRST, sequentially, to the Holders of the Class A-2A Certificates, Class A-2B Certificates and Class A-2C Certificates, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero; and SECOND, to the Holders of the Class A-1 Certificates, after taking into account the distribution of the Group I Principal Distribution Amount as described above, until the Certificate Principal Balance of the Class A-1 Certificates has been reduced to zero.
(iii) The Group I Principal Distribution Amount and Group II Principal Distribution Amount remaining after distributions pursuant to Section 5.01(a)(5)(i) and (ii) above shall be distributed in the following order of priority: FIRST, to the Holders of the Class M-1 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; SECOND, to the Holders of the Class M-2 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; THIRD, to the Holders of the Class M-3 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; FOURTH, to the Holders of the Class M-4 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; FIFTH, to the Holders of the Class M-5 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; SIXTH, to the Holders of the Class M-6 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; and SEVENTH, to the Holders of the Class B Certificates, until the Certificate Principal Balance of such Class has been reduced to zero.
(6) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Principal Distribution Amount and the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) The Group I Principal Distribution Amount shall be distributed in the following order of priority: FIRST, to the Holders of the Class A-1 Certificates an amount equal to the Class A- 1 Principal Distribution Amount, until ▇▇▇ Certificate Principal Balance of the Class A-1 Certificates has been reduced to zero; SECOND, to the extent of the portion, if any, of the Class A-1 Principal Distribution Amount remaining undistributed pursuant to clause FIRST of this Section 5.01(a)(6)(i), to the Holders of the Class A-2A Certificates, Class A-2B Certificates and Class A-2C Certificates and after taking into account the distribution of the Group II Principal Distribution Amount pursuant to clause FIRST of Section 5.01(a)(6)(ii) below on a sequential basis, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero; and THIRD, to the Holders of the Class A-2A Certificates, Class A-2B Certificates, and Class A-2C Certificates after taking into account the distribution of the Group II Principal Distribution Amount pursuant to clause FIRST of Section 5.01(a)(6)(ii) below on a sequential basis, in that order, up to the amount, if any, of the Class A- 2 Principal Distribution Amount remainin▇ ▇▇paid on such Distribution Date, until the Certificate Principal Balance of each such Class has been reduced to zero.
(ii) The Group II Principal Distribution Amount shall be distributed in the following order of priority: FIRST, sequentially to the Holders of the Class A-2A Certificates, Class A-2B Certificates and Class A-2C Certificates, in that order, the Class A-2 Principal Distribution Amount, until the Certificate Principal Balance of each such Class has been reduced to zero; SECOND, to the extent of the portion, if any, of the Class A-2 Principal Distribution Amount remaining undistributed pursuant to clause FIRST of this Section 5.01(a)(6)(ii) and after taking into account the distribution of the Group I Principal Distribution Amount pursuant to clause FIRST of Section 5.01(a)(6)(i) above, to the Holders of the Class A-1 Certificates until the Certificate Principal Balance of the Class A-1 Certificates has been reduced to zero; and THIRD, up to an amount equal to the amount, if any, of the Class A-1 Principal Distribution Amount remaining unpaid on such Distribution Date and after taking into account the distribution of the Group I Principal Distribution Amount pursuant to clause FIRST of Section 5.01(a)(6)(i) above, up to the amount, if any, of the Class A-1 Principal Distribution Amount remaining unpaid on such Distribution Date, to the Holders of the Class A-1 Certificates until the Certificate Principal Balance of the Class A-1 Certificates has been reduced to zero.
(iii) The Principal Distribution Amount remaining after distributions pursuant to Section 5.01(a)(6)(i) and (ii) above shall be distributed in the following order of priority: FIRST, to the Holders of the Class M-1 Certificates, the lesser of (x) the remaining Principal Distribution Amount and (y) the Class M-1 Principal Distribution Amount, until the Certificate Principal Balance of such Class has been reduced to zero; SECOND, to the Holders of the Class M-2 Certificates, the lesser of (x) the excess of (i) the remaining Principal Distribution Amount over (ii) the amount distributed to the Holders of the Class M-1 Certificates pursuant to clause FIRST of this Section 5.01(a)(6)(iii), and (y) the Class M-2 Principal Distribution Amount, until the Certificate Principal Balance of such Class has been reduced to zero; THIRD, to the Holders of the Class M-3 Certificates, the lesser of (x) the excess of (i) the remaining Principal Distribution Amount over (ii) the sum of the amounts distributed to the Holders of the Class M-1 Certificates pursuant to clause FIRST of this Section 5.01(a)(6)(iii) and to the Holders of the Class M-2 Certificates pursuant to clause SECOND of this Section 5.01(a)(6)(iii), and (y) the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance of such Class has been reduced to zero; FOURTH, to the Holders of the Class M
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Securities Corp Home Equity Loan Trust Series 2004-Op1)
Distributions. (a) On each Distribution Date, the Trustee (1)(Aor the Paying Agent on behalf of the Trustee) shall allocate and distribute the Available Distribution Amount to the extent on deposit in the Certificate Account for such date to the interests issued in respect of REMIC I and REMIC II as specified in this Section.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may beInterests:
(i) to the extent of the Available Distribution Amount (exclusive of amounts included therein received as payments on the Hedge Agreement), first, to the Holders of REMIC I Regular Interests (other than Interest LT-1, REMIC I Regular Interest I-LTP)LT-2, REMIC I Regular Interest LT-3 and REMIC I Regular Interest LT-4, pro rata, in an amount equal to (A) the their Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect Dates and, second, to the Holders of the REMIC I Regular Interest I-LT7 shall be reduced when LT-1, any prepayment charges received on the REMIC I Overcollateralized Amount is less than Group II Loans during the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amountrelated Prepayment Period; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date (exclusive of amounts included therein received as payments on the Hedge Agreement) after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(bA) to the Holders of the REMIC I Regular Interest I-LT1LT-2, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest LT-3 and REMIC I Regular Interest LT-4, their respective Principal Distribution Amounts;
(B) to the Holders of the REMIC I Regular Interest LT-1 any remainder until the Uncertificated Principal Balance thereof is reduced to zero zero;
(C) any remainder to the Holders of the REMIC I Regular Interest LT-2, REMIC I Regular Interest LT-3 and REMIC I Regular Interest LT-4 pro rata according to their respective Uncertificated Principal Balances as reduced by the distributions deemed made pursuant to (A) above, until their respective Uncertificated Principal Balances are reduced to zero; and
(D) any remaining amount amounts to the Holders of the Class R-I Certificates;.
(2) Notwithstanding the distributions on the REMIC Regular Interests described in this Section 4.02(b), distribution of funds from the Certificate Account shall be made only in accordance with Section 4.02(c) and (d).
(c) On each Distribution Date (x) the Master Servicer on behalf of the Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute to each Certificateholder of record on the next preceding Record Date (other than as provided in Section 9.01 respecting the final distribution) either in immediately available funds (by wire transfer or otherwise) to the Holders account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder has so notified the Master Servicer or the Paying Agent, as the case may be, or, if such Certificateholder has not so notified the Master Servicer or the Paying Agent by the Record Date, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register such Certificateholder's share (which share with respect to each Class of Certificates, shall be based on the aggregate of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% Percentage Interests represented by Certificates of the amount remaining after application applicable Class held by such Holder of clause (athe following amounts), in the same proportion as principal payments are allocated following order of priority, in each case to the related Corresponding Certificatesextent of the Available Distribution Amount on deposit in the Certificate Account (except with respect to clauses (ii), until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero (vi) and any remaining amount (viii) below, to the Holders extent of the remaining Available Distribution Amount plus the remaining Hedge Payment or, with respect to clause (viii)(B) below, to the extent of prepayment charges on deposit in the Certificate Account):
(i) sequentially:
(A) first, to the Class RA-I and Class A-II in the amounts and in the priority for each such Class set forth under the definition of "Class A Interest Distribution Amount";
(B) second, to the Class M-1 Certificates;
(C) third, to the Class M-2 Certificates; and
(dD) fourth, to the Class M-3 Certificates; in each case, the related REMIC II Interest Remittance Amount payable on such Certificates with respect to such Distribution Date, plus any related amounts accrued pursuant to this clause (i) but remaining unpaid from any prior Distribution Date, being paid from and in reduction of the Available Distribution Amount;
(ii) to each Class of Class A Certificates and Class M Certificates, the related Accrued Certificate Interest in excess of the related REMIC II Interest Remittance Amount, on a pro rata basis based upon the amount of the related Accrued Certificate Interest in excess of the related REMIC II Interest Remittance Amount due thereon, being paid from and in reduction of the Hedge Payment for such Distribution Date;
(iii) to the Holders Class A Certificateholders and the Class M Certificateholders from the amount, if any, of the REMIC I Regular Interest I-LT7, ____% of the amount Available Distribution Amount remaining after application of clause (athe foregoing distributions, the Principal Distribution Amount, which amount shall be allocated in the manner and priority set forth in Section 4.02(d), until the Uncertificated aggregate Certificate Principal Balance of such REMIC I Regular Interest is each Class of Class A Certificates and Class M Certificates has been reduced to zero and any remaining amount zero;
(iv) to the Holders Class A Certificateholders and Class M Certificateholders from the amount, if any, of Excess Cash Flow remaining after the Class R-I Certificates; providedforegoing distributions, however, that _____% and _____% the amount of any principal payments related Prepayment Interest Shortfalls with respect to the Mortgage Loans for that are attributable Distribution Date, to a Overcollateralization Reduction Amount the extent not covered by Compensating Interest on such Distribution Date, which amount shall be allocated to Holders the Class A Certificateholders and Class M Certificateholders on a pro rata basis, based on the amount of Accrued Certificate Interest thereon for such Distribution Date;
(v) to the Class A Certificateholders and Class M Certificateholders from the amount, if any, of Excess Cash Flow remaining after the foregoing distributions, the amount of any Prepayment Interest Shortfalls allocated thereto remaining unpaid from prior Distribution Dates together with interest thereon, which amount shall be allocated to the Class A Certificateholders and Class M Certificateholders on a pro rata basis, based on the amount of Prepayment Interest Shortfalls remaining unpaid;
(vi) to the Class A Certificates and Class M Certificates from the amount, if any, of Excess Cash Flow remaining after the foregoing distributions plus the amount, if any, of the remaining Hedge Payment, the amount of any Basis Risk Shortfall Carry-Forward Amount on such Certificates, which amount shall be allocated first, to the Class A Certificates on a pro rata basis, based on their respective Basis Risk Shortfall Carry-Forward Amounts for such Distribution Date, and then, sequentially, to the Class M-1 Certificateholders, Class M-2 Certificateholders and Class M-3 Certificateholders, in that order;
(vii) to the Depositor, for any amounts advanced with respect to the Mortgage Insurance Premium Taxes Reserve Fund Deposit, from the amount, if any, of Excess Cash Flow remaining after the foregoing distributions;
(viii) to the Class SB Certificates, (A) from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the sum of (I) Accrued Certificate Interest thereon, (II) the amount of any Overcollateralization Reduction Amount for such Distribution Date, (III) the amount of any Hedge Shortfall Amount for such Distribution Date, (IV) the amount of any Hedge Shortfall Carry-Forward Amount for such Distribution Date and (V) for any Distribution Date after the Certificate Principal Balance of each Class A Certificate and Class M Certificate has been reduced to zero, the Overcollateralization Amount, (B) from prepayment charges on deposit in the Certificate Account, any prepayment charges received on the Mortgage Loans during the related Prepayment Period and (C) from the Hedge Payment, if any, the amount of such Hedge Payment remaining after the foregoing distributions; and
(ix) to the Class R Certificateholders, the balance, if any, of the Available Distribution Amount. For purposes of the REMIC Provisions, payments made from the Hedge Payment pursuant to clauses (ii), (vi) and (viii) of this paragraph (c) are payments made outside of REMIC I Regular Interest I-LT1 and REMIC II from payments made under the Hedge Agreement, which is not an asset of either REMIC I Regular or REMIC II. To the extent that any Hedge Shortfall Amount or Hedge Shortfall Carry-Forward Amount is paid to the Class SB Certificate pursuant to clause (viii) of this paragraph (c) such payment shall be treated as reimbursement out of amounts to which the Class A Certificates are entitled as owners of a regular interest in REMIC II from the Class A Certificates and Class M Certificates to the Class SB Certificate of an advance of such Hedge Shortfall Amount or Hedge Shortfall Carry-Forward Amount by the Class SB Certificate from amounts belonging to it as the owner of the Hedge Agreement at the time the payment giving rise to such Hedge Shortfall Amount or Hedge Shortfall Carry-Forward Amount was paid to the Class A Certificates or Class M Certificates pursuant to clause (ii) of this paragraph (c).
(d) The Principal Distribution Amount payable to the Class A Certificateholders and the Class M Certificateholders shall be distributed as follows:
(i) first, the Class A Principal Distribution Amount shall be distributed as follows:
(A) first, concurrently, the Class A-I Principal Distribution Amount will be distributed to the Class A-I Certificates, until the Certificate Principal Balance of the Class A-I Certificates has been reduced to zero, and the Class A-II Principal Distribution Amount will be distributed to the Class A-II Certificates, until the Certificate Principal Balance of the Class A-II Certificates has been reduced to zero; and
(B) second, any remaining Class A Principal Distribution Amount will be distributed to the remaining Class of Class A Certificates, until the Certificate Principal Balance of that Class of Class A Certificates has been reduced to zero.
(ii) second, the Class M-1 Principal Distribution Amount shall be distributed to the Class M-1 Certificates until the Certificate Principal Balance thereof has been reduced to zero;
(iii) third, the Class M-2 Principal Distribution Amount shall be distributed to the Class M-2 Certificates until the Certificate Principal Balance thereof has been reduced to zero;
(iv) fourth, the Class M-3 Principal Distribution Amount shall be distributed to the Class M-3 Certificates until the Certificate Principal Balance thereof has been reduced to zero;
(e) Notwithstanding the foregoing clauses (c) and (d), upon the reduction of the Certificate Principal Balance of a Class of Class A Certificates or Class M Certificates to zero, such Class of Certificates will not be entitled to further distributions pursuant to Section 4.02, including, without limitation, the payment of current and unreimbursed Prepayment Interest IShortfalls pursuant to clauses (c)(iv) and (v) and the Basis Risk Shortfall Carry-LT7Forward Amount pursuant to clause (c)(vi).
(f) [Reserved].
(g) Each distribution with respect to a Book-Entry Certificate shall be paid to the Depository, respectivelyas Holder thereof, and the Depository shall be responsible for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures. Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners that it represents and to each indirect participating brokerage firm (a "brokerage firm" or "indirect participating firm") for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners that it represents. None of the Trustee, the Certificate Registrar, the Depositor or the Master Servicer shall have any responsibility therefor except as otherwise provided by this Agreement or applicable law.
(h) Except as otherwise provided in Section 9.01, if the Master Servicer anticipates that a final distribution with respect to any Class of Certificates will be made on the next Distribution Date, the Master Servicer shall, no later than the Determination Date in the month of such final distribution, notify the Trustee and the Trustee shall, no later than two (2) Business Days after such Determination Date, mail on such date to each Holder of such Class of Certificates a notice to the effect that: (i) the Trustee anticipates that the final distribution with respect to such Class of Certificates will be made on such Distribution Date but only upon presentation and surrender of such Certificates at the office of the Trustee or as otherwise specified therein, and (ii) no interest shall accrue on such Certificates from and after the end of the prior calendar month. In the event that Certificateholders required to surrender their Certificates pursuant to Section 9.01(c) do not surrender their Certificates for final cancellation, the Trustee shall cause funds distributable with respect to such Certificates to be withdrawn from the Certificate Account and credited to a separate escrow account for the benefit of such Certificateholders as provided in Section 9.01(d).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Distributions. (a) On each Distribution Date, the Trustee (1)(Aor the Paying Agent on behalf of the Trustee) shall allocate and distribute the Available Distribution Amount, if any, for such date to the interests issued in respect of REMIC I and REMIC II as specified in this Section.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may beInterests:
(iA) to the extent of the Available Distribution Amount, to the Holders of the REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)Interests, pro rata, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC I Regular Interest I-LT7 ZZ shall be reduced when the REMIC I Overcollateralized Overcollateralization Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC I Regular Interest ZZ Maximum I-LT7 Uncertificated Interest Deferral Amount, and such amount will be payable to the Holders of REMIC I Regular Interests A-1, A-2, A-3, M-1, M-2, M-3, M-4, M-5 ▇▇▇ ▇-▇ ▇▇ ▇▇▇ s▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇he Overcollateralization Increase Amount is allocated to the corresponding Class of Certificates, and the Uncertificated Principal Balance of the REMIC I Regular Interest ZZ shall be increased by such amount; and
(iiB) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
): (a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(bA) to the Holders of the REMIC I Regular Interest I-LT1AA, ____98.00% of the amount remaining after application of clause (a), such remainder until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount zero; (B) to the Holders of REMIC I Regular Interests A-1, A-2, A-3, M-1, M-2, M-3, M-4, M-5 and M-6, ▇.▇▇% ▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇ame proportion as amounts are distributed in respect of principal on the corresponding Class R-I of Certificates;
; (cC) to the Holders of the REMIC I Regular Interest I-LT2ZZ, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____1.00% of the amount remaining after application of clause such remainder; and (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and D) any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount amounts to the Holders of the Class R-I Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 AA and REMIC I Regular Interest I-LT7ZZ, respectively; and provided further, that any prepayment charges on deposit in the Certificate Account attributable to prepayment charges received on the Mortgage Loans during the related Payment Period shall be deemed distributed to REMIC II as the holder of the REMIC I Regular Interest AA.
(2) Notwithstanding the distributions described in this Section 4.02(b), distribution of funds from the Certificate Account shall be made only in accordance with Section 4.02(c).
(c) On each Distribution Date (x) the Master Servicer on behalf of the Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute to each Certificateholder of record on the next preceding Record Date (other than as provided in Section 9.01 respecting the final distribution) either in immediately available funds (by wire transfer or otherwise) to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder has so notified the Master Servicer or the Paying Agent, as the case may be, or, if such Certificateholder has not so notified the Master Servicer or the Paying Agent by the Record Date, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register such Certificateholder's share (which share with respect to each Class of Certificates, shall be based on the aggregate of the Percentage Interests represented by Certificates of the applicable Class held by such Holder of the following amounts, in the following order of priority, subject to the provisions of Section 4.02(d)), to the extent of the Available Distribution Amount on deposit in the Certificate Account with respect to clauses (i) through (xii), and to the extent of the sum of the remaining Available Distribution Amount on deposit in the Certificate Account with respect to clauses (xiii) through (xxii) (and, with respect to clause (xxi)(B) below, to the extent of prepayment charges on deposit in the Certificate Account):
(i) to the Class A Certificateholders, the Class A Interest Distribution Amount, with such amount allocated among the Class A Certificateholders on a pro rata basis;
(ii) to the Class M-1 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-1 Interest Distribution Amount;
(iii) to the Class M-2 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-2 Interest Distribution Amount;
(iv) to the Class M-3 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-3 Interest Distribution Amount;
(v) to the Class M-4 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-4 Interest Distribution Amount;
(vi) to the Class M-5 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-5 Interest Distribution Amount;
(vii) to the Class M-6 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-6 Interest Distribution Amount;
(viii) to the Class A and Class M Certificateholders, from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Principal Distribution Amount (other than the amounts set forth in clauses (b)(iv), (b)(v), and (b)(vi) of the definition thereof), in the order of priority described in Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A and Class M Certificates have been reduced to zero;
(ix) to the Class A and Class M Certificateholders, from the amount, if any, of Excess Cash Flow, an amount equal to the principal portion of Realized Losses previously allocated to reduce the Certificate Principal Balance of any Class of the Class A and Class M Certificates and remaining unreimbursed, but only to the extent of Subsequent Recoveries for that Distribution Date, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A and Class M Certificates have been reduced to zero;
(x) to the Class A and Class M Certificateholders, from the amount, if any, of Excess Cash Flow remaining after the foregoing distributions, an amount equal to the principal portion of Realized Losses on the Mortgage Loans during the immediately preceding Prepayment Period, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A and Class M Certificates have been reduced to zero;
(xi) to the Class A and Class M Certificateholders, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the Overcollateralization Increase Amount for such Distribution Date, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A and Class M Certificates have been reduced to zero;
(xii) to the Class A and Class M Certificateholders from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the amount of any Prepayment Interest Shortfalls allocated thereto for such Distribution Date, on a pro rata basis based on Prepayment Interest Shortfalls previously allocated thereto that remain unreimbursed, to the extent not covered by Eligible Master Servicing Compensation on such Distribution Date;
(xiii) to the Class A and Class M Certificateholders from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the amount of any Prepayment Interest Shortfalls previously allocated thereto on any prior Distribution Date that remain unreimbursed, together with interest thereon at the applicable Pass-Through Rate, on a pro rata basis based on Prepayment Interest Shortfalls previously allocated thereto that remain unreimbursed;
(xiv) from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, to pay the Class A Certificates, on a pro rata basis, based on the amount of Class A Net WAC Cap Shortfall Carry-Forward Amount previously allocated thereto that remain unreimbursed, the amount of any Class A Net WAC Cap Shortfall Carry-Forward Amounts remaining unpaid as of such Distribution Date and then to the Class M Certificates, in their order of payment priority, the amount of any Class M Net WAC Cap Shortfall Carry-Forward Amounts remaining unpaid as of such Distribution Date;
(xv) to the Class A and Class M Certificates on a pro rata basis, based on the amount of Relief Act Shortfalls allocated thereto on such Distribution Date, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the amount of any Relief Act Shortfalls allocated to those Certificates with respect to such Distribution Date;
(xvi) to the Class A and Class M Certificateholders, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the principal portion of any Realized Losses previously allocated to those Certificates and remaining unreimbursed, which amount shall be allocated first, to the Class A Certificateholders on a pro rata basis, based on their respective principal portion of any Realized Losses previously allocated thereto that remain unreimbursed, and then to the Class M Certificates, in their order of payment priority;
(xvii) to pay to the holders of the Class M-6 Certificates, as payment of principal on the Class M-6 Certificates, 50% of the Excess Cash Flow remaining after the foregoing distributions, after application of the Class M-6 Principal Distribution Amount for that Distribution Date, and the Class M-6 Targeted Certificate Principal Balance for that Distribution Date, until the Certificate Principal Balance of the Class M-6 Certificates has been reduced to zero;
(xviii) to the Supplemental Interest Trust Account, any Excess Cash Flow remaining after the foregoing distributions for payment to the Swap Counterparty of any Swap Termination Payment owed by the Supplemental Interest Trust due to a Swap Counterparty Trigger Event;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAAC Series 2006-Sp4 Trust)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates, in respect of the Class R-I CertificatesInterest, as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced when the REMIC I Overcollateralized Overcollateralization Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral Amount; andAmount and such amount will be payable to the Holders of REMIC I Regular Interest I- LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5 and REMIC I Regular Interest I-LTM6 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates;
(ii) on each to Holders of REMIC I Regular Interest I-LT1A, REMIC I Regular Interest I-LT1B, REMIC I Regular Interest I-LT2A, REMIC I Regular Interest I-LT2B and REMIC I Regular Interest I-LTXX, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates
(iii) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of the Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) to the Holders of REMIC I Regular Interest I-LTAA, 98.00% of such remainder, until the Uncertificated Balance of such Uncertificated REMIC I Regular Interest is reduced to zero;
(b) to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I -102- Regular Interest I-LTM5 and REMIC I Regular Interest I-LTM6, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero;
(c) to the Holders of REMIC I Regular Interest I-LTZZ, 1.00% of such remainder, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero;
(d) to the Holders of REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; then
(be) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a)Interest, in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders respect of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I CertificatesInterest; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTZZ, respectively.
(iv) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, such that distributions of principal shall be deemed to be made to the REMIC I Regular Interests first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation "A," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I Regular Interest I-LTXX.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Securities Corp Home Equity Loan Trust Series 2003 Hs1)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I CertificatesR Interest, as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than Interest I-LT1, REMIC Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LTP), PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LT5 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LT5 Uncertificated Interest Deferral Amount; and;
(ii) on each Distribution Datesecond, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) to the Holders of REMIC I Regular Interest I-LT1, 98.00% of such remainder, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero;
(b) to the Holders of REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3 and REMIC I Regular Interest I-LT4, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero;
(c) to the Holders of REMIC I Regular Interest I-LT5, 1.00% of such remainder, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; then
(d) to the Holders of REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; and
(be) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
R Certificates (c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders Holder of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (aInterest), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7LT5, respectively.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Float Rate Mort Pa Th Cer Ser 2001-1)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Certificate Account and distributed to the holders of the Class R-I CertificatesInterest, as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)LTAA, REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10 and REMIC I Regular Interest I-LTZZ, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced when the sum of the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral Amount; andAmount and such amounts will be payable to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC Regular Interest I-LTM10 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC I Regular Interest I-LTZZ shall be increased by such amount;
(ii) on each Distribution Datesecond, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) 98.00% of such remainder (less the amount payable in clause (e) below), to the Holders of REMIC I Regular Interest I-LTAA, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; 2% of such remainder, first to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC Regular Interest I-LTM10, 1.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero; and second, to the Holders of REMIC I Regular Interest I-LTZZ, (less the amount payable in clause (c) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; then
(b) to the Holders of REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; and
(bc) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
R Certificates (c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders Holder of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (aInterest), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTZZ, respectively.
(2) On each Distribution Date, the Trustee shall withdraw from the Certificate Account an amount equal to the Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of each Class of the Class A Certificates, on a pro rata basis based on the entitlement of each such Class, an amount equal to the Senior Interest Distribution Amount allocable to such Class of the Class A Certificates; and
(ii) sequentially, to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10 Certificates, in that order, an amount equal to the Interest Distribution Amount allocable to each such Class.
(3) On each Distribution Date, the Trustee shall withdraw from the Certificate Account an amount equal to the Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(A) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Principal Distribution Amount shall be distributed in the following order of priority:
(i) sequentially, to the holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates and Class A-4 Certificates, in that order, until the aggregate Certificate Principal Balance of the Class A Certificates have been reduced to zero; and
(ii) sequentially, to the holders of the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 84 Certificates, Class M-9 Certificates and Class M-10 Certificates, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero.
(B) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Principal Distribution Amount shall be distributed in the following order of priority:
(i) sequentially, to the holders of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates and Class A-4 Certificates, in that order, up to an amount equal to the Class A Principal Distribution Amount, until the aggregate Certificate Principal Balances of the Class A Certificates have been reduced to zero; and
(ii) sequentially, to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class M-10 Certificates, in that order, up to an amount equal to the related Class M Principal Distribution Amount until the Certificate Principal Balances of each such class has been reduced to zero.
(4) On each Distribution Date, the Net Monthly Excess Cashflow shall be distributed by the Trustee as follows:
(i) to the Holders of the Class or Classes of Certificates then entitled to receive distributions in respect of principal, as part of the Principal Distribution Amount in an amount equal to the Overcollateralization Increase Amount for the Certificates, applied to reduce the Certificate Principal Balance of such Certificates until the aggregate Certificate Principal Balance of such Certificates is reduced to zero;
(ii) sequentially, to the Holders of the Class M-1 Certificates, Class M-2 Certificates , Class M-3 Certificates , Class M-4 Certificates, Class M-5 Certificates , Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class M-10 Certificates in that order, in each case, in an amount equal to the Interest Carry Forward Amount allocable to such Class of Certificates;
(iii) on a pro rata basis to the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates and Class A-4 Certificates, and sequentially to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class M-10 Certificates, in that order, in each case up to the related Allocated Realized Loss Amount related to each such Class of Certificates for such Distribution Date;
(iv) to the Net WAC Rate Carryover Reserve Account, the amount by which any Net WAC Rate Carryover Amounts for such Distribution Date exceed the amounts received by the Trustee under the Cap Contracts;
(v) to the Holders of the Class CE Certificates, (a) the Interest Distribution Amount and any Overcollateralization Reduction Amount for such Distribution Date and (b) on any Distribution Date on which the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates have been reduced to zero, any remaining amounts in reduction of the Certificate Principal Balance of the Class CE Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and
(vi) to the Holders of the Class R Certificates, any remaining amounts; provided that if such Distribution Date is the Distribution Date immediately following the expiration of the latest Prepayment Charge term on a Mortgage Loan as identified on the Mortgage Loan Schedule or any Distribution Date thereafter, then any such remaining amounts will be distributed first, to the Holders of the Class P Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and second, to the Holders of the Class R Certificates.
(5) On each Distribution Date, after making the distributions of the Available Distribution Amount as set forth above, the Trustee will withdraw from the Net WAC Rate Carryover Reserve Account, to the extent of amounts remaining on deposit therein, the amount of any Net WAC Rate Carryover Amount with respect to the Class A Certificates and the Mezzanine Certificates for such Distribution Date and distribute such amount as follows:
(A) concurrently, to the Class A Certificates, on a pro rata basis based on the outstanding balance of each such class immediately prior to the Distribution Date, but only to the extent of amounts paid under the Class A Cap Contract and only up to the related Net WAC Carryover Amount;
(B) concurrently, to the Mezzanine Certificates, on a pro rata basis based on the outstanding balance of each such class immediately prior to the Distribution Date, but only to the extent of amounts paid under the Mezzanine Cap Contract and only up to the related Net WAC Carryover Amount; and
(C) to the Class A Certificates, any related unpaid Net WAC Rate Carryover Amount (after taking into account distributions pursuant to clause (A) above), distributed on a pro rata basis based on the remaining undistributed Net WAC Rate Carryover Amount, but only to the extent of amounts remaining under the Class A Cap Contract;
(D) to the Mezzanine Certificates, any related unpaid Net WAC Rate Carryover Amount (after taking into account distributions pursuant to clause (B) above), distributed on a pro rata basis based on the remaining undistributed Net WAC Rate Carryover Amount, but only to the extent of amounts remaining under the Mezzanine Cap Contract; and
(E) to the Class A Certificates and Mezzanine Certificates from Net Monthly Excess Cash Flow, any related unpaid Net WAC Carryover Amount (after taking into account distributions pursuant to (A) through (D) above), distributed in the following order of priority: (i) to the Class A Certificates, on a pro rata basis based first on the outstanding certificate principal balance immediately prior to the Distribution Date, and second on such remaining undistributed Net WAC Carryover Amount, (ii) sequentially to the Mezzanine Certificates any such remaining undistributed Net WAC Carryover Amount for each class.
(b) On each Distribution Date, the Trustee shall withdraw any amounts then on deposit in the Certificate Account that represent Prepayment Charges collected by the Servicer, during the related Prepayment Period in connection with the Principal Prepayment of any of the Mortgage Loans or any Servicer Prepayment Charge Payment Amount and shall distribute such amounts to the Holders of the Class P Certificates. Such distributions shall not be applied to reduce the Certificate Principal Balance of the Class P Certificates. Following the foregoing distributions, an amount equal to the amount of Subsequent Recoveries shall be applied to increase the Certificate Principal Balance of the Class of Certificates with the Highest Priority up to the extent of such Realized Losses previously allocated to that Class of Certificates pursuant to Section 4.04. An amount equal to the amount of any remaining Subsequent Recoveries shall be applied to increase the Certificate Principal Balance of the Class of Certificates with the next Highest Priority, up to the amount of such Realized Losses previously allocated to that Class of Certificates pursuant to Section 4.04. Holders of such Certificates will not be entitled to any distribution in respect of interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Certificate Principal Balance of each Certificate of such Class in accordance with its respective Percentage Interest.
(c) All distributions made with respect to each Class of Certificates on each Distribution Date shall be allocated pro rata among the outstanding Certificates in such Class based on their respective Percentage Interests. Payments in respect of each Class of Certificates on each Distribution Date shall be made to the Holders of the respective Class of record on the related Record Date (except as otherwise provided in Section 4.01(e) or Section 9.01 respecting the final distribution on such Class), based on the aggregate Percentage Interest represented by their respective Certificates, and shall be made by wire transfer of immediately available funds to the account of any such Holder at a bank or other entity having appropriate facilities therefor, if such Holder shall (i) own Certificates having denominations aggregating at least $1,000,000 and (ii) have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date, or otherwise by check mailed by first class mail to the address of such Holder appearing in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Trustee maintained for such purpose pursuant to Section 8.12 or such other location specified in the notice to Certificateholders of such final distribution. Each distribution with respect to a Book-Entry Certificate shall be paid to the Depository, as Holder thereof, and the Depository shall be responsible for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures. Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners that it represents and to each indirect participating brokerage firm (a "brokerage firm" or "indirect participating firm") for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners that it represents. None of the Trustee, the Depositor or the Servicer shall have any responsibility therefor except as otherwise provided by this Agreement or applicable law.
(d) The rights of the Certificateholders to receive distributions in respect of the Certificates, and all interests of the Certificateholders in such distributions, shall be as set forth in this Agreement. None of the Holders of any Class of Certificates, the Trustee or the Servicer shall in any way be responsible or liable to the Holders of any other Class of Certificates in respect of amounts properly previously distributed on the Certificates.
(e) Except as otherwise provided in Section 9.01, whenever
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Carrington Mortgage Loan Trust, Series 2006-Nc1)
Distributions. (a) On each Distribution Date, the Trustee (1)(Aor the Paying Agent on behalf of the Trustee) shall allocate and distribute the Available Distribution Amount, if any, for such date to the interests issued in respect of REMIC I, REMIC II and REMIC III as specified in this Section.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account LT-I-A and distributed to the holders of the Class RLT-I Certificates, as the case may beI-B:
(i) to the extent of the Group I Available Distribution Amount, to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest LT-I-LTP)A and LT-I-B, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests LT-I-A and LT-I-B, in an amount equal to the remainder of the Group I Available Distribution Amount after the distributions made pursuant to clause (i) above, allocated first, to cause the Uncertificated Principal Balance of REMIC I Regular Interest LT-I-A to equal 0.10% of the related Subordinate Component of the Group I Loans and, then, to REMIC I Regular Interest LT-I-B.
(2) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests LT-II-A and LT-II-B:
(i) to the extent of the Group II Available Distribution Amount, to the Holders of REMIC I Regular Interests LT-II-A and LT-II-B, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests LT-II-A and LT-II-B, in an amount equal to the remainder of the Group II Available Distribution Amount after the distributions made pursuant to clause (i) above, allocated first, to cause the Uncertificated Principal Balance of REMIC I Regular Interest LT-II-A to equal 0.10% of the related Subordinate Component of the Group II Loans and, then, to REMIC I Regular Interest LT-II-B.
(3) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Group I Regular Interests:
i. to the extent of the Group I Available Distribution Amount, to the Holders of each REMIC II Group I Regular Interest, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC II Group I Regular Interests for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC II Group I Regular Interest I-LT7 ZZ shall be reduced when the sum of (i) the REMIC II Group I Overcollateralized Amount and (ii) the REMIC II Group II Overcollateralized Amount is less than the REMIC I II Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum REMIC II Regular Interest I-LT7 Uncertificated ZZ Maximum Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interests A-I-1, A-I-2, A-I-3, M-1, M-2, ▇-▇, ▇-▇, M-5, M-6, M-7, M-8 ▇▇▇ ▇-▇ ▇▇ ▇▇▇ ▇▇▇▇ proportion as the Overcollateralization Increase Amount is allocated to the corresponding Class of Certificates, and the Uncertificated Principal Balance of the REMIC I Regular Interest I-ZZ shall be increased by such amount; and
(ii) . on each Distribution Date, to the Holders of REMIC II Group I Regular Interests, in an amount equal to the remainder of the Group I Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
): (a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(bA) to the Holders of the REMIC I II Regular Interest I-LT1A, ____98.00% of the amount remaining after application of clause (a), such remainder until the Uncertificated Principal Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount zero; (B) 2.00% of such remainder, first to the Holders of the Class RREMIC II Regular Interests A-I Certificates;
(c) I-1, A-I-2, A-I-3, M-1, M-2, ▇-▇, ▇-▇, M-5, M-6, M-7, M-8 and M-9, in an aggregate amount equal to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____1.00% of the amount remaining after application of clause (a), and in the same proportion as principal payments are allocated to the related Corresponding Certificatescorresponding Class of Certificates for each such REMIC II Group I Regular Interest, respectively, until the Uncertificated Balances Principal Balance of each such REMIC II Group I Regular Interest is reduced to zero; and, second, to the Holders of the REMIC II Regular Interest I-ZZ, until the Uncertificated Principal Balance of such REMIC I II Regular Interests are Interest is reduced to zero zero; and (C) any remaining amount amounts to the Holders of the Class R-II Certificates.
(4) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Group II Regular Interests:
i. to the extent of the Group II Available Distribution Amount, to the Holders of each REMIC II Group II Regular Interest, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC II Group II Regular Interests for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC II Group II Regular Interest II-ZZ shall be reduced when the sum of (i) the REMIC II Group I Overcollateralized Amount and (ii) the REMIC II Group II Overcollateralized Amount is less than the REMIC II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC II Regular Interest II-ZZ Maximum Interest Deferral Amount, and such amount will be payable to the Holders of REMIC II Regular Interests A-II, M-1, M-2, M-3, M-4, M-5, ▇-▇, ▇-▇, M-8 and M-9 in the same proportion as the Overcollateralization Increase Amount is allocated to the corresponding Class of Certificates, and the Uncertificated Principal Balance of the REMIC I Regular Interest II-ZZ shall be increased by such amount; and
ii. on each Distribution Date, to the Holders of REMIC II Group II Regular Interests, in an amount equal to the remainder of the Group II Available Distribution Amount after the distributions made pursuant to clause (di) above, allocated as follows (except as provided below): (A) to the Holders of the REMIC I II Regular Interest III-LT7A, ____98.00% of the amount remaining after application of clause (a), such remainder until the Uncertificated Principal Balance of such REMIC I II Regular Interest is reduced to zero zero; (B) 2.00% of such remainder, first to the Holders of REMIC II Regular Interests A-II, M-1, M-2, M-3, M-4, M-5, ▇-▇, ▇-▇, M-8 and M-9 in an aggregate amount equal to 1.00% of and in the same proportion as principal payments are allocated to the corresponding Class of Certificates for each such REMIC II Group II Regular Interest, respectively, until the Uncertificated Principal Balance of each such REMIC II Group II Regular Interest is reduced to zero; and, second, to the Holders of the REMIC II Regular Interest II-ZZ, until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero; and (C) any remaining amount amounts to the Holders of the Class R-I II Certificates; provided.
(5) Notwithstanding the distributions described in this Section 4.02(b), howeverdistribution of funds from the Certificate Account shall be made only in accordance with Section 4.02(c).
(c) On each Distribution Date (x) the Master Servicer on behalf of the Trustee or (y) the Paying Agent appointed by the Trustee, that _____% shall distribute to each Certificateholder of record on the next preceding Record Date (other than as provided in Section 9.01 respecting the final distribution) either in immediately available funds (by wire transfer or otherwise) to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder has so notified the Master Servicer or the Paying Agent, as the case may be, or, if such Certificateholder has not so notified the Master Servicer or the Paying Agent by the Record Date, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register such Certificateholder's share (which share with respect to each Class of Certificates, shall be based on the aggregate of the Percentage Interests represented by Certificates of the applicable Class held by such Holder of the following amounts, in the following order of priority, subject to the provisions of Section 4.02(d)), in each case to the extent of the Available Distribution Amount on deposit in the Certificate Account (or, with respect to clause (xxii) below, to the extent of prepayment charges on deposit in the Certificate Account) and _____% to the extent not covered by amounts on deposit in the Swap Account:
(i) to the Class A Certificateholders, the Class A Interest Distribution Amount, with such amount allocated among the Class A Certificateholders pursuant to the Class A Interest Distribution Priority;
(ii) to the Class M-1 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-1 Interest Distribution Amount;
(iii) to the Class M-2 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-2 Interest Distribution Amount;
(iv) to the Class M-3 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-3 Interest Distribution Amount;
(v) to the Class M-4 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-4 Interest Distribution Amount;
(vi) to the Class M-5 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-5 Interest Distribution Amount;
(vii) to the Class M-6 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-6 Interest Distribution Amount;
(viii) to the Class M-7 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-7 Interest Distribution Amount;
(ix) to the Class M-8 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-8 Interest Distribution Amount;
(x) to the Class M-9 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-9 Interest Distribution Amount;
(xi) [Reserved]
(xii) to the Class A and Class M Certificateholders, the Principal Distribution Amount (other than clauses (b)(iv), (b)(v), and (b)(vi) of the definition thereof), in the order of priority described in Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A and Class M Certificates have been reduced to zero;
(xiii) to the Class A and Class M Certificateholders, from the Excess Cash Flow, an amount equal to the principal portion of Realized Losses previously allocated to reduce the Certificate Principal Balance of any Class of the Class A and Class M Certificates and remaining unreimbursed, but only to the extent of Subsequent Recoveries on the related Mortgage Loans for that Distribution Date, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A and Class M Certificates have been reduced to zero;
(xiv) to the Class A and Class M Certificateholders, from the Excess Cash Flow, an amount equal to the principal portion of Realized Losses on the Mortgage Loans during the immediately preceding Prepayment Period, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A Certificates and Class M Certificates have been reduced to zero;
(xv) to the Class A and Class M Certificateholders, from the amount, if any, of Excess Cash Flow remaining after the foregoing distributions, the Overcollateralization Increase Amount for such Distribution Date, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A and Class M Certificates have been reduced to zero to the extent not covered by any payments under the Swap Agreement pursuant to Section 4.09(c)(B);
(xvi) to the Class A and Class M Certificateholders from the amount, if any, of Excess Cash Flow remaining after the foregoing distributions, the amount of any Prepayment Interest Shortfalls allocated thereto for such Distribution Date, on a pro rata basis based on Prepayment Interest Shortfalls previously allocated thereto that are attributable remain unreimbursed, to the extent not covered by Eligible Master Servicing Compensation on such Distribution Date to the extent not covered by any payments under the Swap Agreement pursuant to Section 4.09(c)(C);
(xvii) to the Class A and Class M Certificateholders from the amount, if any, Excess Cash Flow Amount remaining after the foregoing distributions, the amount of any Prepayment Interest Shortfalls previously allocated thereto on any prior Distribution Date together with interest thereon at the applicable Pass-Through Rate, on a pro rata basis based on Prepayment Interest Shortfalls previously allocated thereto that remain unreimbursed to the extent not covered by any payments under the Swap Agreement pursuant to Section 4.09(c)(D);
(xviii) from the amount, if any, of Excess Cash Flow remaining after the foregoing distributions, to pay the Class A Certificates, on a pro rata basis, based on the amount of Group I Basis Risk Shortfall Carry-Forward Amounts or Group II Basis Risk Shortfall Carry-Forward Amounts, as applicable, previously allocated thereto that remain unreimbursed, the amount of any Group I Basis Risk Shortfall Carry-Forward Amounts and Group II Basis Risk Shortfall Carry-Forward Amounts remaining unpaid as of such Distribution Date, and then to the Class M Certificates, in their order of their payment priority, the amount of any Subordinate Basis Risk Shortfall Carry-Forward Amounts remaining unpaid as of such Distribution Date, in each case to the extent not covered by any payments under the Swap Agreement pursuant to Section 4.09(c)(E);
(xix) to the Class A and Class M Certificates on a pro rata basis, based on the amount of Relief Act Shortfalls allocated thereto, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the amount of any Relief Act Shortfalls allocated to those Certificates with respect to such Distribution Date to the extent not covered by any payments under the Swap Agreement pursuant to Section 4.09(c)(F);
(xx) to the Class A and Class M Certificateholders, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the principal portion of any Realized Losses previously allocated to those Certificates and remaining unreimbursed, which amount shall be allocated first, to the Class A Certificateholders on a pro rata basis, based on their respective principal portion of any Realized Losses previously allocated thereto that remain unreimbursed, and then to the Class M Certificates, in their order of payment priority to the extent not covered by any payments under the Swap Agreement pursuant to Section 4.09(c)(G);
(xxi) from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, to the Swap Account for Payment to the Swap Counterparty, any Swap Termination Payments owed by the Trust Fund due to a Swap Counterparty Trigger Event;
(xxii) to the Class SB Certificates, (A) from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the sum of (I) Accrued Certificate Interest thereon, (II) the amount of any Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 for such Distribution Date and REMIC I Regular Interest I-LT7, respectively.(III) for any Distributi
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2006-Rs1 Trust)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be: With respect to the Group I Mortgage Loans:
(1) to Holders of REMIC I Regular Interest I, and each of REMIC I Regular Interest I-1-A through I-52-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interest I and then to REMIC I Regular Interests I-1-A through I-52-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests, and second, to the extent of the product of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Stated Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; and
(3) to the Holders of REMIC I Regular Interest I-LTP, (A) all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause. With respect to the Group II Mortgage Loans:
(1) to Holders of REMIC I Regular Interest I and each of REMIC I Regular Interest II-1-A through II-52-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(2) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interest II and then to REMIC I Regular Interests II-1-A through II-52-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests, and second, to the extent of the product of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Stated Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period shall be distributed by REMIC I to the Holders of REMIC I Regular Interest I. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest I shall not reduce the Uncertificated Balance thereof.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesII Interest), as the case may be:
(i) (a) to the Holders of REMIC I Regular Interests (other than REMIC I II Regular Interest III-LTAA, REMIC II Regular Interest II-LTA1A, REMIC II Regular Interest II-LTA2A, REMIC II Regular Interest II-LTA2B, REMIC II Regular Interest II-LTA2C, REMIC II Regular Interest II-LTA2D, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular Interest II-LTZZ and REMIC II Regular Interest II-LTP), pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I II Regular Interest III-LT7 LTZZ shall be reduced and deferred when the REMIC I II Overcollateralized Amount is less than the REMIC I II Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-LT7 LTZZ Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, Amount and such amount will be payable to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I II Regular Interest III-LTPLTA1A, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I II Regular Interest III-LT1LTA2A, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount to the Holders of the Class RII-I Certificates;
(c) to the Holders of the LTA2B, REMIC I II Regular Interest III-LT2LTA2C, REMIC I II Regular Interest III-LT3LTA2D, REMIC I II Regular Interest III-LT4LTM1, REMIC I II Regular Interest III-LT5 LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9 and REMIC I II Regular Interest III-LT6, ____% of the amount remaining after application of clause (a), LTM10 in the same proportion as principal payments are the Overcollateralization Deficiency Amount is allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero Certificates and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount to the Holders of the Class RII-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount LTZZ shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.increased by such amount; and
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2005-Wf1)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC Regular Interest I-LTAV1, REMIC I Regular Interest I-LTAV2, REMIC I Regular Interest I-LTAV3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTA5, REMIC I Regular Interest I-LTAF, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I- LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I- LTM7, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral Amount; andAmount and such amount will be payable to the Holders of REMIC Regular Interest I-LTAV1, REMIC I Regular Interest I- LTAV2, REMIC I Regular Interest I-LTAV3, REMIC I Regular Interest I-LTAV4,REMIC I Regular Interest I-LTAV5, REMIC I Regular Interest I-LTAF, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I- LTM6 and REMIC I Regular Interest I-LTM7 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC I Regular Interest I-LTZZ shall be increased by such amount;
(ii) on each to Holders of REMIC I Regular Interest I-LT1SUB, REMIC I Regular Interest I-LT1GRP, REMIC I Regular Interest I-LT2SUB, REMIC I Regular Interest I-LT2GRP, REMIC I Regular Interest I-LT3SUB, REMIC I Regular Interest I-LT3GRP and REMIC I Regular Interest I-LTXX, PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) to the Holders of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTP, on 98.00% of such remainder (other than amounts payable under clause (iv) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero, provided, however, that REMIC I Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LTP, until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2LTAV1, REMIC I Regular Interest I-LT3LTAV2, REMIC I Regular Interest I-LT4LTAV3, REMIC I Regular Interest I-LT5 LTAV4, REMIC I Regular Interest I-LTAV5, REMIC I Regular Interest I- LTAF, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LT6LTM7, ____1.00% of the amount remaining after application of such remainder (other than amounts payable under clause (aiv) below), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; andzero;
(dc) to the Holders of the REMIC I Regular Interest I-LT7LTZZ, ____1.00% of the amount remaining after application of such remainder (other than amounts payable under clause (aiv) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest); provided, however, that _____(i) 98.00% and _____(ii) 2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the (i) REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTP, in that order and (ii) REMIC I Regular Interest I-LTZZ, respectively; provided that REMIC I Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LTP, until $100 has been distributed pursuant to this clause; and
(iv) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, such that distributions of principal shall be deemed to be made to the REMIC I Regular Interests first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I Regular Interest I- LTXX. Notwithstanding the priorities and amounts of distribution of funds pursuant to this Section 4.01(a)(1), actual distributions of Available Funds shall be made only in accordance with Section 4.01(a)(2), (3) and (4).
(I) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group I Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of each Class of Group I Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution amount related to such Certificates; and
(ii) concurrently, to the Holders of each Class of Group II Certificates and the Group III Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates, to the extent remaining undistributed after the distribution of the Group II Interest Remittance Amount and the Group III Interest Remittance Amount, respectively, as set forth in Sections 4.01(a)(2)(II)(i) and 4.01(a)(2)(III)(i)below.
(II) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group II Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of each Class of Group II Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates; and
(ii) concurrently, to the Holders of each Class of Group I Certificates and the Group III Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates, to the extent remaining undistributed after the distribution of the Group I Interest Remittance Amount and the Group III Interest Remittance Amount, respectively, as set forth in Sections 4.01(a)(2)(I)(i) above and 4.01(a)(2)(III)(i) below.
(III) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group III Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of the Group III Certificates, the Senior Interest Distribution Amount related to such Certificates; and
(ii) concurrently, to the Holders of each Class of Group I Certificates and Group II Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates, to the extent remaining undistributed after the distribution of the Group I Interest Remittance Amount and Group II Interest Remittance Amount, respectively, as set forth in Sections 4.01(a)(2)(I)(i) and 4.01(a)(2)(II)(i) above.
(IV) On each Distribution Date, following the distributions of interest set forth in Sections 4.01(a)(I), (II) and (III), the sum of the Group I Interest Remittance Amount, the Group II Interest Remittance Amount and the Group III Interest Remittance Amount remaining will be distributed sequentially to the Class M-1, Class M-2, Class M-3, Cl▇▇▇ ▇-▇, ▇▇▇▇▇ M-5, Class M-6 and Class M-7 Certificates, in that order, in an amount equal to the Interest Distribution Amount for each such Class.
(I) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Group I Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group I Certificates (allocated among such Certificates in the priority described below), until the Certificate Principal Balance of each such Class has been reduced to zero; and
(ii) concurrently, to the holders of the Group II Certificates (allocated among such Certificates in the priority described below) and the Group III Certificates, on a PRO RATA basis based on the aggregate Certificate Principal Balance of each such group, after taking into account the distribution of the Group II Principal Distribution Amount and the Group III Principal Distribution Amount already distributed, respectively, as set forth in Sections 4.01(a)(3)(II) and (III) below, until the Certificate Principal Balance of each Class in each such group has been reduced to zero.
(II) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Group II Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group II Certificates (allocated among such Certificates in the priority described below), until the Certificate Principal Balances thereof have been reduced to zero; and
(ii) concurrently, to the Holders of the Group I Certificates (allocated among such Certificates in the priority described below) and the Group III Certificates, on a PRO RATA basis based on the Certificate Principal Balance of each such group, after taking into account the distribution of the Group I Principal Distribution Amount and the Group III Principal Distribution Amount already distributed, respectively, as set forth in Section 4.01(a)(3)(I) 104 above and 4.01(a)(3)(III) below, until the Certificate Principal Balance of each Class in each such group has been reduced to zero.
(III) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Group III Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group III Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and
(ii) concurrently, to the holders of the Group I Certificates (allocated among such Certificates in the priority described below) and the Group II Certificates (allocated among such Certificates in the priority described below), on a PRO RATA basis based on the aggregate Certificate Principal Balance of each such group, after taking into account the distribution of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount already distributed, respectively, as set forth in Sections 4.01(a)(3)(I) and (II) above, until the Certificate Principal Balance of each Class in each such group has been reduced to zero.
(IV) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, distributions in respect of principal to the extent of the sum of the Group I Principal Distribution Amount, the Group II Principal Distribution Amount and the Group III Principal Distribution Amount remaining undistributed for such Distribution Date will be made sequentially to the Class M-1, Class M-2, Class M-3, Cl▇▇▇ ▇-▇, ▇▇▇▇▇ M-5, Class M-6 and Class M-7 Certificates, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero.
(V) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Group I Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group I Certificates (allocated among such Certificates in the priority described below), the Class A-I Principal Distribution Amount, until the Certificate Principal Balances thereof have been reduced to zero; and
(ii) concurrently, to the Holders of the Group II Certificates (allocated among such Certificates in the priority described below) and the Group III Certificates, on a PRO RATA basis based on the remaining undistributed Class A-II Principal Distribution Amount and the Class A-III Principal Distribution Amount, after taking into account the distribution of the Group II Principal Distribution Amount and the Group III Principal Distribution Amount, respectively, as set forth in Sections 4.01(a)(3)(VI) and (VII) below, up to an amount equal to the Class A-II Principal Distribution Amount and the Class A-III Principal Distribution Amount, respectively, remaining undistributed, until the Certificate Principal Balance of each Class in each such group has been reduced to zero. 105
(VI) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Group II Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group II Certificates (allocated among such Certificates in the priority described below), the Class A-II Principal Distribution Amount, until the Certificate Principal Balances thereof have been reduced to zero; and
(ii) concurrently, to the Holders of the Group I Certificates (allocated among such Certificates in the priority described below) and the Group III Certificates, on a PRO RATA basis based on the remaining undistributed Class A-I Principal Distribution Amount and the Class A-III Principal Distribution Amount, after taking into account the distribution of the Group I Principal Distribution Amount and the Group III Principal Distribution Amount, respectively, as set forth in Sections 4.01(a)(3)(V) above and 4.01(a)(3)(VII) below, up to an amount equal to the Class A-I Principal Distribution Amount and the Class A-III Principal Distribution Amount, respectively, remaining undistributed, until the Certificate Principal Balance of each Class in each such group has been reduced to zero.
(VII) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Group III Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group III Certificates, the Class A-III Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; and
(ii) concurr
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Argent Securities Inc Asset Back Pass THR Certs Ser 2004-W6)
Distributions. on the REMIC 1 Regular Interests and REMIC 2 Regular Interests.
(a) (1)(A) Distributions on the REMIC 1 Regular Interests. On each Distribution Date, the following amounts, Trustee shall cause in the following order of priority, shall the following amounts to be distributed by REMIC I 1 to REMIC II 2 on account of the REMIC I 1 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class RA-I CertificatesR Certificates (in respect of the Class R-1 Interest), as the case may be:
(i) first, to the Holders of REMIC I 1 Regular Interests LTI-P and LTI-R, in an amount equal to (other than x) the related Uncertificated Accrued Interest for such Distribution Date, plus (y) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of Uncertificated REMIC I 1 Regular Interests LTI-1 and LTI-1PF an amount equal to (x) the related Uncertificated Accrued Interest for such Distribution Date, plus (y) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above and, in the case of distributions made pursuant to Section 4.07(a)(ii)(b), the amount of any Prepayment Penalties for such Distribution Date, allocated as follows:
(a) to the Holders of REMIC 1 Regular Interest ILTI-LTPR, an amount equal to the amount of principal distributed to the holder of the Corresponding Uncertificated Interest on such Distribution Date pursuant to Section 4.07(b)(ii)(a);
(b) to the Holders of REMIC 1 Regular Interest LTI-P, an amount equal to the amount distributed to the holder of the Corresponding Uncertificated Interest on such Distribution Date pursuant to Section 4.07(b)(ii)(b);
(c) to the Holders of REMIC 1 Regular Interest LTI-1, until the Uncertificated Principal Balance of Uncertificated REMIC 1 Regular Interest LTI-1 is reduced to zero;
(d) to the Holders of REMIC 1 Regular Interest LTI-1PF, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTI-1PF is reduced to zero; and
(iii) any remaining amount to the Holders of the Class R-1 Interest; provided, however, that for the first three Distribution Dates, such amounts constituting Available Funds relating to the Initial Mortgage Loans shall be allocated to REMIC 1 Regular Interest LT and such amounts constituting Available Funds relating to the Subsequent Mortgage Loans and shall be allocated to REMIC 1 Regular Interest LT-1PF.
(b) Distributions on the REMIC 2 Regular Interests. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class A-R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the extent of the sum of Available Funds for such Distribution Date, to Holders of REMIC 2 Regular Interests MT-AA, MT-A1, MT-A2, MT-M1, MT-M2, MT-B, MT-ZZ, MT-P and MT-R, pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC I 2 Regular Interest IMT-LT7 ZZ shall be reduced when the REMIC I Overcollateralized 2 Overcollateralization Amount is less than the REMIC I Required Overcollateralized 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the REMIC 2 Regular Interest MT-ZZ Maximum I-LT7 Uncertificated Interest Deferral Amount; and;
(ii) on each Distribution Datesecond, to the Holders of REMIC I 2 Regular Interests, in an amount equal to the remainder of the Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) aboveabove and, in the case of distributions made pursuant to Section 4.07(b)(ii)(b), the amount of any Prepayment Penalties for such Distribution Date, allocated as follows (except as provided below):follows:
(a) to the Holders of the REMIC I 2 Regular Interest IMT-LTPR, an amount equal to the amount of principal distributed to the holder of the Corresponding Certificate on the such Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;Section 4.02; and
(b) to the Holders of the REMIC I 2 Regular Interest IMT-LT1P, ____an amount equal to the sum of (i) the amount of principal distributed to the holder of the Corresponding Certificate on such Distribution Date pursuant to Section 4.02(b)(ii)A. and (ii) the amount distributed to the holder of the Corresponding Certificate on such Distribution Date pursuant to Section 4.02(b)(v); and
(iii) third, to the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(a) with respect to the Holders of REMIC 2 Regular Interest MT-AA, 98.00% of the amount remaining after application of clause (a)such remainder, until the Uncertificated Principal Balance of such Uncertificated REMIC I 2 Regular Interest is reduced to zero and any remaining amount zero;
(b) with respect to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I 2 Regular Interest IMT-LT2A1, REMIC I Regular Interest IMT-LT3A2, REMIC I Regular Interest IMT-LT4M1, REMIC I Regular Interest IMT-LT5 M2 and REMIC I Regular Interest IMT-LT6B, ____1.00% of the amount remaining after application of clause (a)such remainder, in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC I 2 Regular Interests are reduced to zero and zero;
(c) to the Holders of REMIC 2 Regular Interest MT-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; and
(d) any remaining amount to the Holders of the Class RA-I Certificates; and
R Certificates (d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders in respect of the Class R-I CertificatesR-2 Interest); provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Release Amount shall be allocated to Holders of the REMIC I 2 Regular Interest IMT-LT1 AA and REMIC I 2 Regular Interest IMT-LT7ZZ, respectively.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse Fist Boston Home Equity Mort Trust 2003-3)
Distributions. (a) (1)(A1)(I) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I I-A to REMIC II on account of the REMIC I I-A Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I CertificatesIA Interest, as the case may be:
(i) first, to the Holders of the REMIC I Regular Interests (other than REMIC I I-A Regular Interest LT-AF1, REMIC I-LTP)A Regular Interest LT-AF2, REMIC I-A Regular Interest LT-AF3, REMIC I-A Regular Interest LT-MF1, REMIC I-A Regular Interest LT-MF2 and REMIC I-A Regular Interest LT-MF3, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I I-A Regular Interest IIA-LT7 LTZZ shall be reduced when the sum of the REMIC I Overcollateralized I-A Overcollateralization Amount is less than the REMIC I I-A Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and. Amounts payable as Uncertificated Interest in respect of REMIC I-A Regular Interest IA-LTZZ shall be reduced when the REMIC I-A Overcollateralized Amount is less than the REMIC I-A Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum IA-LTZZ Uncertificated Interest Deferral Amount and such amount will be payable to the Holders of REMIC I-A Regular Interest IA-LTAF1, REMIC I-A Regular Interest IA-LTAF2, REMIC I-A Regular Interest IA-LTAF3, REMIC I-A Regular Interest IA-LTMF1, REMIC I-A Regular Interest IA-LTMF2 and REMIC I-A Regular Interest IA-LTMF3in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates;
(ii) on each Distribution Datesecond, to the Holders of REMIC I I-A Regular Interests, in an amount equal to the remainder of the Group I Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) to the Holders of the REMIC I I-A Regular Interest IA-LTAA, 98.000% of such remainder (less the amount payable in clause (d) below), until the Uncertificated Balance of such REMIC I-LTPA Regular Interest is reduced to zero;
(b) to the Holders of REMIC I-A Regular Interest IA-LTAF1, REMIC I- A Regular Interest IA-LTAF2, REMIC I-A Regular Interest IA-LTAF3, REMIC I-A Regular Interest IA-LTMF1, REMIC I-A Regular Interest IA- LTMF2 and REMIC I-A Regular Interest IA-LTMF3, 1.000% of such remainder (less the amount payable in clause (d) below), in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC I-A Regular Interests are reduced to zero;
(c) to the Holders of REMIC I-A Regular Interest IA-LTZZ, 1.000% of such remainder (less the amount payable in clause (d) below), until the Uncertificated Balance of such REMIC I-A Regular Interest is reduced to zero; then
(d) to the Holders of REMIC I-A Regular Interest IA-LTPF, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; and
(be) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
R Certificates (c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders Holder of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (aIA Interest), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____98.000% and _____2.000% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I I-A Regular Interest IA-LTAA and REMIC I-LT1 and REMIC I A Regular Interest IIA-LT7LTZZ, respectively.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Inc Salomon Home Equ Ln Tr 2001-1)
Distributions. (a) The Trustee shall deposit to the Certificate Account, without duplication, upon receipt, the proceeds of any liquidation of the assets of the Trust Fund and the Monthly Remittance remitted by the Servicer pursuant to Section 8.08(d)(ii).
(1)(Ab) On each Distribution Date, the Trustee shall cause the following amounts, in the following order of priority, shall to be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Certificate Account and distributed to the holders of the Class R-I R-1 Certificates, as the case may be:
(i) : INTEREST: On each Distribution Date the Interest Remittance Amount will be distributed in the following order of priority: FIRST, to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest ILT-LTP)A, in an amount equal to (A) the Uncertificated Interest for such REMIC I Regular Interest for such Distribution Date; SECOND, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of to REMIC I Regular Interest ILT-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized AmountM-1, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced for such Distribution Date; THIRD, to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest ILT-LT2M-2, REMIC I Regular Uncertificated Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of for such REMIC I Regular Interest is reduced for such Distribution Date; FOURTH, to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest ILT-LT1 and B, Uncertificated Interest for such REMIC I Regular Interest Ifor such Distribution Date; FIFTH, to REMIC I Regular Interest LT-LT7OC, respectivelyUncertificated Interest for such REMIC I Regular Interest for such Distribution Date; and SIXTH, to the holders of the Class R-1 Certificates.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC Regular Interest I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I- LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I- LTM10, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral AmountAmount and such amount will be payable to the Holders of REMIC Regular Interest I-LTA1A, REMIC I Regular Interest I- LTA1B, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I- LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I- LTM9 and REMIC I Regular Interest I-LTM10 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC I Regular Interest I-LTZZ shall be increased by such amount; and
(ii) on each to Holders of REMIC I Regular Interest I-LT1SUB, REMIC I Regular Interest I-LT1GRP, REMIC I Regular Interest I-LT2SUB, REMIC I Regular Interest I-LT2GRP and REMIC I Regular Interest I-LTXX, PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates
(iii) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) to the Holders of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTP, on 98.00% of such remainder (other than amounts payable under clause (iv) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero, provided, however, that REMIC I Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LTP, until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2LTA1A, REMIC I Regular Interest I-LT3LTA1B, REMIC I Regular Interest I-LT4LTA2, REMIC I Regular Interest I-LT5 LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I- LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LT6LTM10, ____1.00% of the amount remaining after application of such remainder (other than amounts payable under clause (aiv) below), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; andzero;
(dc) to the Holders of the REMIC I Regular Interest I-LT7LTZZ, ____1.00% of the amount remaining after application of such remainder (other than amounts payable under clause (aiv) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest); provided, however, that _____(i) 98.00% and _____(ii) 2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the (i) REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTP, in that order and (ii) REMIC I Regular Interest I-LTZZ, respectively; provided that REMIC I Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LTP, until $100 has been distributed pursuant to this clause; and
(iv) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, such that distributions of principal shall be deemed to be made to the REMIC I Regular Interests first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I Regular Interest I- LTXX. Notwithstanding the priorities and amounts of distribution of funds pursuant to this Section 4.01(a)(1), actual distributions of Available Funds shall be made only in accordance with Section 4.01(a)(2), (3) and (4).
(I) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group I Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of the Class A-1A Certificates and the Class A- 1B Certificates, the Senior Interest Distribution Amount allocable to such Certificates, on a PRO RATA basis based on the entitlement of each such Class; and
(ii) to the Holders of the Class A-2 Certificates, an amount equal to the Senior Interest Distribution Amount allocable to such Certificates, remaining unpaid after the distribution of the Group II Interest Remittance Amount as set forth in Section 4.01(a)(2)(II) below;
(II) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group I Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of the Class A-2 Certificates, an amount equal to the Senior Interest Distribution Amount allocable to such Certificates; and
(ii) concurrently, to the Holders of the Class A-1A Certificates and the Class A- 1B Certificates, any ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇ior Interest Distribution Amount allocable to such Certificates, on a PRO RATA basis based on the entitlement of each such Class remaining unpaid after the distribution of the Group I Interest Remittance Amount as set forth in Section 4.01(a)(2)(I) above;
(III) On each Distribution Date, following the distributions made pursuant to Section 4.01(a)(2)(I) and (II) above, the Trustee shall withdraw from the Distribution Account an amount equal to any remaining Group I Interest Remittance Amount and Group II Interest Remittance Amount and will be distributed sequentially to the Class M-1, Class M-2, Class M-▇, ▇▇▇▇▇ ▇-▇, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, in that order, in an amount equal to the Interest Distribution Amount for each such Class.
(I) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the Group I Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of the Class A-1A Certificates and the Class A- 1B Certificates, on a PRO RATA basis based on the Certificate Principal Balance of each such Class, until the Certificate Principal Balances of such Classes have been reduced to zero.; and
(ii) to the Holders of the Class A-2 Certificates, after taking into account the distribution of the Group II Principal Distribution Amount pursuant to Section 4.01(a)(3)(II), until the Certificate Principal Balance of the Class A-2 Certificates has been reduced to zero.
(II) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of the Class A-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and
(ii) concurrently, to the Holders of the Class A-1A Certificates and the Class A- 1B Certificates, on a PRO RATA basis based on the Certificate Principal Balance of the each such Class after taking into account the distribution of the Group I Principal Distribution Amount pursuant to Section 4.01(a)(3)(I), until the Certificate Principal Balances of such Classes have been reduced to zero.
(III) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the sum of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount remaining undistributed for such Distribution Date will be distributed sequentially to the Class M-1, Class M-2, Class M-▇, ▇▇▇▇▇ ▇-▇, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, in that order, until the Certificate Principal Balances of such Classes have been reduced to zero.
(IV) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the Group I Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of the Class A-1A Certificates and the Class A- 1B Certificates, the ▇▇▇▇▇ ▇-▇ ▇▇▇▇▇▇▇al Distribution Amount, on a PRO RATA basis based on the Certificate Principal Balance of each such Class, until the Certificate Principal Balances of such Classes have been reduced to zero.; and
(ii) to the Holders of the Class A-2 Certificates, after taking into account the distribution of the Group II Principal Distribution Amount, in Section 4.01(a)(3)(V)(i) below, up to an amount equal to any remaining unpaid Class A-2 Principal Distribution Amount, until the Certificate Principal Balance of the Class A-2 Certificates has been reduced to zero.
(V) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of the Class A-2 Certificates, the Class A-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(ii) concurrently, to the Holders of the Class A-1A Certificates and the Class A- 1B Certificates, after taking into account the distribution of the Group I Principal Distribution Amount, as described in Section 4.01(a)(3)(IV)(i) above, up to an amount equal to any remaining unpaid Class A-1 Principal Distribution Amount, on a PRO RATA basis based on the Certificate Principal Balance of each such Class, until the Certificate Principal Balances of such Classes have been reduced to zero.
(VI) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the sum of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount remaining undistributed for such Distribution Date and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of the Class M-1 Certificates, the Class M-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(ii) to the Holders of the Class M-2 Certificates, the Class M-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the Holders of the Class M-3 Certificates, the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) to the Holders of the Class M-4 Certificates, the Class M-4 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(v) to the Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(vi) to the Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(vii) to the Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(viii) to the Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(ix) to the Holders of the Class M-9 Certificates, the Class M-9 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; and
(x) to the Holders of the Class M-10 Certificates, the Class M-10 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero.
(4) On each Distribution Date, the Net Monthly Excess Cashflow shall be distributed as follows:
(i) to the Holders of the Class or Classes of Certificates then entitled to receive distributions in respect of principal, in an amount equal to the Overcollateralization Increase Amount, applied to reduce the Certificate Principal Balance of such Certificates until the aggregate Certificate Principal Balance of such Certificates is reduced to zero;
(ii) to the Holders of the Class A-1B Certificates, in an amount equal to the Allocated Realized Loss Amount related to such Certificates for such Distribution Date;
(iii) sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, in that order, the related Interest Carry Forward Amount allocable to such Classes of Certificates.
(iv) sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates, in that order, the related Allocated Realized Loss Amount allocable to such Classes of Certificates.
(v) to the Net WAC Rate Carryover Reserve Ac
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc Asset Back Ser 2004-R1)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Group I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be:
(i) to Holders of REMIC I Regular Interest I, REMIC I Regular Interest I-1-A through I-43-B and REMIC I Regular Interest II-1-A through I-31-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated as follows: (A) first, to REMIC I Regular Interest I and then to REMIC I Regular Interests I-1-A through I-43-B and REMIC I Regular Interests I-1-A through I-31-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated (y) first to the REMIC I Group I Regular Interests pro rata between such REMIC I Regular Interests and (z) then to the REMIC I Group II Regular Interests pro rata between such REMIC I Regular Interests and (B) second, to the extent of any Overcollateralization Reduction Amounts, first to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero, then, to REMIC I Regular Interests I-1-A through I-43-B and REMIC I Regular Interests I-1-A through I-31-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Overcollateralization Reduction Amounts shall be allocated (y) first to the REMIC I Group I Regular Interests pro rata between such REMIC I Regular Interests and (z) then to the REMIC I Group II Regular Interests pro rata between such REMIC I Regular Interests.
(iii) to the Holders of REMIC I Regular Interest I-LTP, (A) all amounts representing Prepayment Charges (other than any Originator Prepayment Charge Payment Amount) in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(b) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesII Interest), as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I II Regular Interest III-LTIO-1 and REMIC II Regular Interest II-LTIO-2, in an amount equal to (a) Uncertificated Accrued Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates.
(ii) to Holders of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, REMIC II Regular Interest II-LTM11, REMIC II Regular Interest II-LTZZ and REMIC II Regular Interest II-LTP), pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I II Regular Interest III-LT7 LTZZ shall be reduced and deferred when the REMIC I II Overcollateralized Amount is less than the REMIC I II Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-LT7 LTZZ Uncertificated Interest Deferral AmountAmount and such amount will be payable to the Holders of REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10 and REMIC II Regular Interest II-LTM11 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC II Regular Interest II-LTZZ shall be increased by such amount; and
(iiiii) to the Holders of REMIC II Regular Interest II-LTP, (A) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder 100% of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause amount paid in respect of Prepayment Charges (iother than any Originator Prepayment Charge Payment Amount) above, allocated as follows and (except as provided below):
(aB) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(biv) to the Holders of the REMIC I II Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i), (ii) and (iii) above, allocated as follows:
(a) 98.00% of such remainder to the Holders of REMIC II Regular Interest III-LT1, ____% of the amount remaining after application of clause (a)LTAA, until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount zero;
(b) 2.00% of such remainder, first to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I II Regular Interest III-LT2LTA1, REMIC I II Regular Interest III-LT3LTA2, REMIC I II Regular Interest III-LT4LTA3, REMIC I II Regular Interest III-LT5 LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10 and REMIC I II Regular Interest III-LT6LTM11, ____equal to 1.00% of the amount remaining after application of clause (a), and in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I II Regular Interests are reduced to zero and second, to the Holders of REMIC II Regular Interest II-LTZZ, 1.00%, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero; and
(c) any remaining amount to the Holders of the Class R-I Certificates; and
R Certificates (d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders in respect of the Class R-I CertificatesII Interest); provided, however, that _____(i) 98.00% and _____(ii) 2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Release Amount shall be allocated to Holders of the (i) REMIC I II Regular Interest III-LT1 LTAA and REMIC I II Regular Interest III-LT7LTZZ, respectively; once the Uncertificated Principal Balances of REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTM10, and REMIC II Regular Interest II-LTM11 have been reduced to zero. On each Distribution Date, all amounts representing Prepayment Charges (other than any Originator Prepayment Charge Payment Amount) in respect of the Mortgage Loans during the related Prepayment Period will be distributed by REMIC II to the Holders of REMIC II Regular Interest II-LTP. The payment of the foregoing amounts to the Holders of REMIC II Regular Interest II-LTP shall not reduce the Uncertificated Balance thereof.
(c) On each Distribution Date, the Trust Administrator shall withdraw from the Distribution Account that portion of Available Funds for such Distribution Date consisting of the Interest Remittance Amount for such Distribution Date, and make the following distributions in the order of priority described below, in each case to the extent of the Interest Remittance Amount remaining for such Distribution Date:
(i) concurrently, to the Holders of the Class A Certificates, on a pro rata basis based on the entitlement of each such Class, the Monthly Interest Distributable Amount and the Unpaid Interest Shortfall Amount, if any, for such Certificates for such Distribution Date; and
(ii) sequentially, to the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates, the Class M-9 Certificates, the Class M-10 Certificates and the Class M-11 Certificates, in that order, the Monthly Interest Distributable Amount allocable to each such Class of Certificates.
(I) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, distributions in respect of principal to the extent of the Principal Distribution Amount shall be made in the following amounts and order of priority:
(i) to the Holders of the Class A Certificates (allocated among the Class A Certificates in the priority described below), until the Certificate Principal Balances thereof have been reduced to zero; and
(ii) sequentially, to the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates, the Class M-9 Certificates, the Class M-10 Certificates and the Class M-11 Certificates, in that order, until the Certificate Principal Balances thereof have been reduced to zero.
(II) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, distributions in respect of principal to the extent of the Principal Distribution Amount shall be made in the following amounts and order of priority:
(i) to the Holders of the Class A Certificates (allocated among the Class A Certificates in the priority described below), the Senior Principal Distribution Amount until the Certificate Principal Balances thereof have been reduced to zero;
(ii) to the Holders of the Class M-1 Certificates, the Class M-1 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the Holders of the Class M-2 Certificates, the Class M-2 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(iv) to the Holders of the Class M-3 Certificates, the Class M-3 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(v) to the Holders of the Class M-4 Certificates, the Class M-4 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(vi) to the Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(vii) to the Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(viii) to the Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(ix) to the Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(x) to the Holders of the Class M-9 Certificates, the Class M-9 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(xi) to the Holders of the Class M-10 Certificates, the Class M-10 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero; and
(xii) to the Holders of the Class M-11 Certificates, the Class M-11 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero. With respect to the Class A Certificates, all principal distributions will be distributed sequentially to the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates and the Class A-4 Certificates, in that order, until their respective Certificate Principal Balances have been reduced to zero. Notwithstanding any provisions contained in this Agreement to the contrary, on any Distribution Date on which the aggregate Certificate Principal Balance of the Subordinate Certificates has been reduced to zero, all distributions of principal to the Class A Certificates shall be distributed concurrently to the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates and the Class A-4 Certificates, on a pro rata basis based on the Certificate Principal Balance of each such Class.
(e) On each Distribution Date, the Net Monthly Excess Cashflow shall be distributed as follows:
(i) to the Holders of the Class or Classes of Certificates then entitled to receive distributions in respect of principal, in an amount equal to any Extra Principal Distribution Amount, without taking into account amounts, if any, received under the Cap Contract and the Interest Rate Swap Agreements, distributable to such Holders as part of the Principal Distribution Amount, as applicable, as described under Section 4.01(b) above;
(ii) sequentially, to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10 Certificates and Class M-11 Certificates, in that order, in each case first, in an amount equal to the Unpaid Interest Shortfall Amount allocable to such Certificates and second, in an amount equal to the Allocated Realized Loss Amount allocable to such Certificates;
(iii) to the Net WAC Rate Carryover Reserve Account, the amount of any Net WAC Rate Carryover Amounts, without taking into account amounts, if any, received under the Cap Contract and the Interest Rate Swap Agreements;
(iv) to the Swap Providers, any Swap Termination Payments resulting from a Swap Provider Trigger Event;
(v) to the Holders of the Class CE Certificates, (a) the Monthly Interest Distributable Amount and any Overcollateralization Release Amount for such Distribution Date and (b) on any Distribution Date on which the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates has been reduced to zero, any remaining amounts in reduction of the Certificate Principal Balance of the Class CE Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(vi) if such Distribution Date follows the Prepayment Period during which occurs the latest date on which a Prepayment Charge may be required to be paid in respect of any Mortgage Loans, to the Holders of the Class P Certificates, in reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance thereof is reduced to zero; and
(vii) any remaining amounts to the Holders of the Residual Certificates (in respect of the appropriate Class R Interest). Without limiting the provisions of Section 9.01(b), by acceptance of the Residual Certificates the Holders of the Residual Certificates agree, and it is the understanding of t
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2006-He1)
Distributions. (a) (1)(A) on the Group 1 Uncertificated Lower-Tier Interest. On each Distribution Date, the following amounts, in the following order of priority, interest shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular the Group 1 Uncertificated Lower-Tier Interest Iat the pass-LT7 through rate thereon, which shall be reduced when equal the REMIC I Overcollateralized Amount is less than Net WAC for the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and
(ii) on Group 1 Mortgage Loans. On each Distribution Date, distributions of principal with respect to the Holders Group 1 Uncertificated Lower-Tier Interests shall be made to the to the Class 1-L Interest. Realized Losses shall be applied after all distributions have been made on each Distribution Date to the Class 1-L Interest. Recoveries and Reimbursement Amounts shall be applied to the Group 1 Uncertificated Lower-Tier Interests in a manner analogous to the application of REMIC I Regular Realized Losses to the Group 1 Uncertificated Lower-Tier Interests. As of any date, the aggregate principal balance of the Class 1-L Interest shall equal the aggregate Stated Principal Balance of Loan Group 1. Amounts distributed to the Group 1 Uncertificated Lower-Tier Interests in respect of principal and interest with respect to any Distribution Date are referred to herein collectively as the "Group 1 Lower-Tier Distribution Amount." Distributions on the Aggregate Group 2 Uncertificated Lower-Tier Interests. On each Distribution Date, interest shall be distributed in respect of each Aggregate Group 2 Uncertificated Lower-Tier Interest at the pass-through rate thereon, as described in the fourth succeeding paragraph. On each Distribution Date, distributions of principal with respect to the Aggregate Group 2 Uncertificated Lower-Tier Interests shall be made first, to the Class 2-LS Interest, Class 3-LS Interest and Class 4-LS Interest, so as to keep their principal balances equal to 0.1% of the Group Subordinate Amount for Loan Group 2, Loan Group 3 and Loan Group 4, respectively (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to the Class 2-LS Interest, Class 3-LS Interest and Class 4-LS Interest such that the Aggregate Group 2 Subordinate Balance Ratio is maintained); and second, any remaining principal to the Class 2-L Interest, Class 3-L Interest and Class 4-L Interest. Any distributions made to the Aggregate Group 2 Uncertificated Lower-Tier Interests pursuant to this paragraph shall be made (a) from the Pool Distribution Amount for Loan Group 2 to Aggregate Group 2 Uncertificated Lower-Tier Interests beginning with the numeral "2," (b) from the Pool Distribution Amount for Loan Group 3 to Aggregate Group 2 Uncertificated Lower-Tier Interests beginning with the numeral "3," and (c) from the Pool Distribution Amount for Loan Group 4 to Aggregate Group 3 Uncertificated Lower-Tier Interests beginning with the numeral "4." Realized Losses shall be applied after all distributions have been made on each Distribution Date first, to the Class 2-LS Interest, the Class 3-LS Interest and the Class 4-LS Interest, so as to keep their principal balances equal to 0.1% of the Group Subordinate Amount for Loan Group 2, Loan Group 3 and Loan Group 4, respectively (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be allocated to the Class 2-LS Interest, Class 3-LS Interest and Class 4-LS Interest such that the Aggregate Group 2 Subordinate Balance Ratio is maintained); and second, the remaining Realized Losses shall be allocated to the Class 2-L Interest, the Class 3-L Interest and the Class 4-L Interest. Any Realized Losses allocated to the Aggregate Group 2 Uncertificated Lower-Tier Interests pursuant to this paragraph shall be (a) from Realized Losses allocated to Loan Group 2 in the case of Aggregate Group 2 Uncertificated Lower-Tier Interests beginning with the numeral "2," (b) from Realized Losses allocated to Loan Group 3 in the case of Aggregate Group 2 Uncertificated Lower-Tier Interests beginning with the numeral "3," and (c) from Realized Losses allocated to Loan Group 4 in the case of Aggregate Group 2 Uncertificated Lower-Tier Interests beginning with the numeral "4." Recoveries and Reimbursement Amounts shall be applied to the Aggregate Group 2 Uncertificated Lower-Tier Interests in a manner analogous to the application of Realized Losses to the Aggregate Group 2 Uncertificated Lower-Tier Interests. As of any date, the aggregate principal balance of the Class 2-L Interest and the Class 2-LS Interest shall equal the aggregate Stated Principal Balance of Loan Group 2. As of any date, the aggregate principal balance of the Class 3-L Interest and the Class 3-LS Interest shall equal the aggregate Stated Principal Balance of Loan Group 3. As of any date, the aggregate principal balance of the Class 4-L Interest and the Class 4-LS Interest shall equal the aggregate Stated Principal Balance of Loan Group 4. The pass-through rate with respect to the Class 2-L Interest and the Class 2-LS Interest shall be the Net WAC for the Group 2 Mortgage Loans. The pass-through rate with respect to the Class 3-L Interest and the Class 3-LS Interest shall be the Net WAC for the Group 3 Mortgage Loans. The pass-through rate with respect to the Class 4-L Interest and the Class 4-LS Interest shall be the Net WAC for the Group 4 Mortgage Loans. Amounts distributed to the Aggregate Group 2 Uncertificated Lower-Tier Interests in respect of principal and interest with respect to any Distribution Date are referred to herein collectively as the "Aggregate Group 2 Lower-Tier Distribution Amount." Distributions on the Aggregate Group 3 Uncertificated Lower-Tier Interests. On each Distribution Date, interest shall be distributed in respect of each Aggregate Group 3 Uncertificated Lower-Tier Interest at the pass-through rate thereon, as described in the fourth succeeding paragraph. On each Distribution Date, distributions of principal with respect to the Aggregate Group 3 Uncertificated Lower-Tier Interests shall be made first, to the Class 5-LS Interest and Class 6-LS Interest, so as to keep their principal balances equal to 0.1% of the Group Subordinate Amount for Loan Group 5 and Loan Group 6, respectively (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to the Class 5-LS Interest and Class 6-LS Interest such that the Aggregate Group 3 Subordinate Balance Ratio is maintained); and second, any remaining principal to the Class 5-L Interest and Class 6-L Interest. Any distributions made to the Aggregate Group 3 Uncertificated Lower-Tier Interests pursuant to this paragraph shall be made (a) from the Pool Distribution Amount for Loan Group 5 to Aggregate Group 3 Uncertificated Lower-Tier Interests beginning with the numeral "5" and (b) from the Pool Distribution Amount for Loan Group 6 to Aggregate Group 3 Uncertificated Lower-Tier Interests beginning with the numeral "6." Realized Losses shall be applied after all distributions have been made on each Distribution Date first, to the Class 5-LS Interest and the Class 6-LS Interest, so as to keep their principal balances equal to 0.1% of the Group Subordinate Amount for Loan Group 5 and Loan Group 6, respectively (except that if any such excess is a larger number than in the preceding distribution period, the least amount of Realized Losses shall be allocated to the Class 5-LS Interest and Class 6-LS Interest such that the Aggregate Group 3 Subordinate Balance Ratio is maintained); and second, the remaining Realized Losses shall be allocated to the Class 5-L Interest and the Class 6-L Interest. Any Realized Losses allocated to the Aggregate Group 3 Uncertificated Lower-Tier Interests pursuant to this paragraph shall be (a) from Realized Losses allocated to Loan Group 5 in the case of Aggregate Group 3 Uncertificated Lower-Tier Interests beginning with the numeral "5" and (b) from Realized Losses allocated to Loan Group 6 in the case of Aggregate Group 3 Uncertificated Lower-Tier Interests beginning with the numeral "6." Recoveries and Reimbursement Amounts shall be applied to the Aggregate Group 3 Uncertificated Lower-Tier Interests in a manner analogous to the application of Realized Losses to the Aggregate Group 3 Uncertificated Lower-Tier Interests. As of any date, the aggregate principal balance of the Class 5-L Interest and the Class 5-LS Interest shall equal the aggregate Stated Principal Balance of Loan Group 5. As of any date, the aggregate principal balance of the Class 6-L Interest and the Class 6-LS Interest shall equal the aggregate Stated Principal Balance of Loan Group 6. The pass-through rate with respect to the Class 5-L Interest and the Class 5-LS Interest shall be the Net WAC for the Group 5 Mortgage Loans. The pass-through rate with respect to the Class 6-L Interest and the Class 6-LS Interest shall be the Net WAC for the Group 6 Mortgage Loans. Amounts distributed to the Aggregate Group 3 Uncertificated Lower-Tier Interests in respect of principal and interest with respect to any Distribution Date are referred to herein collectively as the "Aggregate Group 3 Lower-Tier Distribution Amount." Distributions on the Uncertificated Subsidiary Lower-Tier Interests. On each Distribution Date, each Uncertificated Subsidiary Lower-Tier Interest shall receive distributions in respect of principal in an amount equal to the remainder amount of principal distributed to its respective Corresponding Upper-Tier Class or Classes as provided herein. On each Distribution Date, each Uncertificated Subsidiary Lower-Tier Interest shall receive distributions in respect of interest in an amount equal to the Available Interest Distribution Amount for such Distribution Date after in respect of its Corresponding Upper-Tier Class or Classes to the distributions made pursuant extent actually distributed thereon. Such amounts distributed to clause (i) above, allocated as follows (except as provided below):
(a) the Holders Uncertificated Subsidiary Lower-Tier Interests in respect of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or principal and interest with respect to any Distribution Date thereafter until $100 has been distributed pursuant are referred to this clause;
(b) to herein collectively as the Holders "Subsidiary Lower-Tier Distribution Amount." As of any date, the REMIC I Regular principal balance of each Uncertificated Subsidiary Lower-Tier Interest I-LT1, ____% of equals the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders aggregate of the Class RCertificate Balances of the respective Corresponding Upper-I Certificates;
(c) Tier Class or Classes. The initial principal balance of each Uncertificated Subsidiary Lower-Tier Interest equals the aggregate of the Initial Class Certificate Balances of the respective Corresponding Upper-Tier Class or Classes. The pass-through rate with respect to the Holders of Class 1-A-SL1 Interest, Class 1-B-SL1 Interest, Class 1-B-SL2 Interest, Class 1-B-SL3 Interest, Class 1-B-SL4 Interest, Class 1-B-SL5 Interest, Class 1-B-SL6 Interest and Class 1-A-SLR Interest shall be the REMIC I Regular Interest INet WAC for the Group 1 Mortgage Loans. The pass-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated through rate with respect to the related Corresponding Certificates, until Class 2-A-SL1 Interest shall be the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount Net WAC for the Group 2 Mortgage Loans. The pass-through rate with respect to the Holders Class 3-A-SL1 Interest shall be the Net WAC for the Group 3 Mortgage Loans. The pass-through rate with respect to the Class 4-A-SL1 Interest shall be the Net WAC for the Group 4 Mortgage Loans. The pass-through rate with respect to the Class 5-A-SL1 Interest shall be the Net WAC for the Group 5 Mortgage Loans. The pass-through rate with respect to the Class 6-A-SL1 Interest shall be the Net WAC for the Group 6 Mortgage Loans. The pass-through rate with respect to the Class 2-M-SL1 Interest, Class 2-B-SL1 Interest, Class 2-B-SL2 Interest, Class 2-B-SL3 Interest, Class 2-B-SL4 Interest, Class 2-B-SL5 Interest, Class 2-B-SL6 Interest, shall be the weighted average of the Class R2-I Certificates; and
(d) LS Interest, the Class 3-LS Interest and the Class 4-LS Interest. The pass-through rate with respect to the Holders of Class 3-B-SL1 Interest, Class 3-B-SL2 Interest, Class 3-B-SL3 Interest, Class 3-B-SL4 Interest, Class 3-B-SL5 Interest and Class 3-B-SL6 Interest, shall be the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders weighted average of the Class R5-I Certificates; provided, however, that _____% LS Interest and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest IClass 6-LT1 and REMIC I Regular Interest I-LT7, respectivelyLS Interest.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Banc of America Funding Corp)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC Regular Interest I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4 REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral AmountAmount and such amount will be payable to the Holders of REMIC Regular Interest I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTM7 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC I Regular Interest I-LTZZ shall be increased by such amount; and
(ii) on each to Holders of REMIC I Regular Interest I-LT1SUB, REMIC I Regular Interest I-LT1GRP, REMIC I Regular Interest I-LT2SUB, REMIC I Regular Interest I-LT2GRP and REMIC I Regular Interest I-LTXX, PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) to the Holders of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTP, on 98.00% of such remainder (other than amounts payable under clause (iv) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero, provided, however, that REMIC I Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LTP, until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2LTA1A, REMIC I Regular Interest I-LT3LTA1B, REMIC I Regular Interest I-LT4LTA2, REMIC I Regular Interest I- LTA3, REMIC I Regular Interest I-LT5 and LTA4, REMIC I Regular Interest I-LT6LTM1, ____REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I- LTM6, REMIC I Regular Interest I-LTM7, 1.00% of the amount remaining after application of such remainder (other than amounts payable under clause (aiv) below), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; andzero;
(dc) to the Holders of the REMIC I Regular Interest I-LT7LTZZ, ____1.00% of the amount remaining after application of such remainder (other than amounts payable under clause (aiv) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest); provided, however, that _____(i) 98.00% and _____(ii) 2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the (i) REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTP, in that order and (ii) REMIC I Regular Interest I-LTZZ, respectively; provided that REMIC I Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LTP, until $100 has been distributed pursuant to this clause; and
(iv) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, such that distributions of principal shall be deemed to be made to the REMIC I Regular Interests first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I Regular Interest I-LTXX. Notwithstanding the priorities and amounts of distribution of funds pursuant to this Section 4.01(a)(1), actual distributions of Available Funds shall be made only in accordance with Section 4.01(a)(2), (3) and (4).
(I) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group I Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of each Class of Group I Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates; and
(ii) concurrently, to the Holders of each Class of Group II Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount for each such Class, to the extent remaining unpaid after the distribution of the Group II Interest Remittance Amount, as set forth in Section 4.01(a)(2)(II) below.
(II) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group II Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of each Class of Group II Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates; and
(ii) concurrently, to the Holders of each Class of Group I Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount for each such Class, to the extent remaining unpaid after the distribution of the Group I Interest Remittance Amount, as set forth in Section 4.01(a)(2)(I) above.
(III) On each Distribution Date, following the distributions made pursuant to Section 4.01(a)(2)(I) and (II) above, the Trustee shall withdraw from the Distribution Account an amount equal to any remaining Group I Interest Remittance Amount and Group II Interest Remittance Amount and will be distributed sequentially to the Class M-1, Class M-2, Class M-▇, ▇▇▇▇▇ ▇-▇, Class M-5, Class M-6 and Class M-7 Certificates, in that order, in an amount equal to the Interest Distribution Amount for each such Class.
(I) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the Group I Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of each Class of Group I Certificates, on a PRO RATA basis based on the Certificate Principal Balance of each such Class, until the Certificate Principal Balances of such Classes have been reduced to zero; and
(ii) to the Holders of the Group II Certificates (allocated among the Classes of Group II Certificates in the priority described in Section 4.01(a)(5) below), after taking into account the distribution of the Group II Principal Distribution Amount, as described in Section 4.01(a)(3)(II) below, until the Certificate Principal Balances of such Classes have been reduced to zero.
(II) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of the Group II Certificates (allocated among the Classes of Group II Certificates in the priority described in Section 4.01(a)(5) below), until the Certificate Principal Balances of such Classes have been reduced to zero; and
(ii) concurrently, to the Holders of each Class of Group I Certificates, on a PRO RATA basis based on the Certificate Principal Balance of each such Class, after taking into account the distribution of the Group I Principal Distribution Amount, respectively, as described in Section 4.01(a)(3)(I) above, until the Certificate Principal Balances of such Classes have been reduced to zero.
(III) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the sum of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount remaining undistributed for such Distribution Date will be distributed sequentially to the Class M-1, Class M-2, Class ▇-▇, ▇lass M-4, Class M-5, Class M-6 and Class M-7 Certificates, in that order, in each case, until the Certificate Principal Balance of such Class has been reduced to zero.
(IV) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the Group I Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of each Class of Group I Certificates, on a PRO RATA basis, based on the Certificate Principal Balance of each such Class, the Senior Group I Principal Distribution Amount, until the Certificate Principal Balances of such Classes have been reduced to zero; and
(ii) to the Holders of the Group II Certificates (allocated among the Classes of Group II Certificates in the priority described in Section 4.01(a)(5) below), after taking into account the distribution of the Group II Principal Distribution Amount, as described in Section 4.01(a)(3)(V)(i) below, up to an amount equal to the Senior Group II Principal Distribution Amount remaining undistributed, until the Certificate Principal Balances of such Classes have been reduced to zero.
(V) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of the Group II Certificates (allocated among the Classes of Group II Certificates in the priority described in Section 4.01(a)(5) below), the Senior Group II Principal Distribution Amount, until the Certificate Principal Balances of such Classes have been reduced to zero; and
(ii) concurrently, to the Holders of each Class of Group I Certificates, on a PRO RATA basis, based on the Certificate Principal Balance of each such Class, after taking into account the distribution of the Group I Principal Distribution Amount, as described in Section 4.01(a)(3)(IV)(i) above, up to an amount equal to the Senior Group I Principal Distribution Amount remaining undistributed, until the Certificate Principal Balances of such Classes have been reduced to zero.
(VI) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the sum of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount remaining undistributed for such Distribution Date and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of the Class M-1 Certificates, the Class M-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(ii) to the Holders of the Class M-2 Certificates, the Class M-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the Holders of the Class M-3 Certificates, the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) to the Holders of the Class M-4 Certificates, the Class M-4 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(v) to the Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(vi) to the Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; and
(vii) to the Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero.
(4) On each Distribution Date, the Net Monthly Excess Cashflow shall be distributed as follows:
(i) to the Holders of the Class or Classes of Certificates then entitled to receive distributions in respect of principal, in an amount equal to the Overcollateralization Increase Amount, applied to reduce the Certificate Principal Balance of such Certificates until the aggregate Certificate Principal Balance of such Certificates is reduced to zero;
(ii) sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class M-7 Certificates, in that order, the related Interest Carry Forward Amount allocable to such Classes of Certificates;
(iii) to the Holders of the Class A-1B Certificates, in an amount equal to the Allocated Realized Loss Amount related to such Certificates for such Distribution Date;
(iv) sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 and Class M-7 Certificates, in that order, the related Allocated Realized Loss Amount allocable to such Classes of Certificates;
(v) to the Net WAC Rate Carryover Reserve Account, the amount required by Section 4.10(b), after taking into account amounts received under the Cap Contracts;
(vi) to the Holders of the Class CE Certificates the related Interest Distribution Amount for such Distribution Date and any remaining Overcollate
Appears in 1 contract
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral Amount; andAmount and such amount will be payable to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTM9 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC I Regular Interest I-LTZZ shall be increased by such amount;
(ii) on each to the Holders of REMIC I Regular Interest I-LT1SUB, REMIC I Regular Interest I-LT1GRP, REMIC I Regular Interest I-LT2SUB, REMIC I Regular Interest I-LT2GRP and REMIC I Regular Interest I-LTXX, PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) 98.00% of such remainder (other than amounts payable under clause (c) below), to the Holders of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTP, on until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero, provided, however, that REMIC I Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LTP, until $100 has been distributed pursuant to this clause;
(b) 2.00% of such remainder, first, to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2LTA1, REMIC I Regular Interest I-LT3LTA2, REMIC I Regular Interest I-LT4LTA3, REMIC I Regular Interest I-LT5 LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LT6, ____LTM9 1.00% of the amount remaining after application of clause (a), and in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero zero, and any remaining amount second, to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of LTZZ (other than amounts payable under clause (ac) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and zero; and
(c) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest); provided, however, that _____(i) 98.00% and _____(ii) 2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to the Holders of the (i) REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTP, in that order and (ii) REMIC I Regular Interest I-LTZZ, respectively; provided that REMIC I Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LTP, until $100 has been distributed pursuant to this clause; and
(iv) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above, such that distributions of principal shall be deemed to be made to the REMIC I Regular Interests FIRST, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; SECOND, to each REMIC I Regular Interest ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and THIRD, any remaining principal to REMIC I Regular Interest I-LTXX. Notwithstanding the priorities and amounts of distribution of funds pursuant to this Section 4.01(a)(1), actual distributions of Available Funds shall be made only in accordance with Section 4.01(a)(2), (3) and (4).
(I) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group I Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Certificate Insurer, the amount owing to the Certificate Insurer under the Insurance Agreement for the Certificate Insurer Premium;
(ii) to the Holders of the Group I Certificates, the Senior Interest Distribution Amount related to such Certificates;
(iii) to the Certificate Insurer, the Reimbursement Amount for such Distribution Date; and
(iv) concurrently, to the Holders of each Class of Group II Certificates, on a pro rata basis based on the entitlement of each such Class, the Senior Interest Distribution Amount for each such Class, to the extent remaining unpaid after the distribution of the Group II Interest Remittance Amount, as set forth in Section 4.01(a)(2)(II)(i) below.
(II) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Group II Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of each Class of Group II Certificates, on a pro rata basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates;
(ii) to the Holders of the Group I Certificates the Senior Interest Distribution Amount related to such Certificates, to the extent remaining unpaid after the distribution of the Group I Interest Remittance Amount, as set forth in Section 4.01(a)(2)(I)(ii) above;
(iii) to the Certificate Insurer, the amount owing to the Certificate Insurer under the Insurance Agreement for the Certificate Insurer Premium, to the extent remaining unpaid after the distribution of the Group I Interest Remittance Amount, as set forth in Section 4.01(a)(2)(I)(i); and
(iv) to the Certificate Insurer, the Reimbursement Amount for such Distribution Date, to the extent not paid pursuant to Section 4.01(a)(2)(I)(iii).
(III) On each Distribution Date, following the distributions made pursuant to Section 4.01(a)(2)(I) and (II) above, the Trustee shall withdraw from the Distribution Account an amount equal to any remaining Group I Interest Remittance Amount and Group II Interest Remittance Amount and will be distributed sequentially to the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that order, in an amount equal to the Interest Distribution Amount for each such Class.
(I) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Group I Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group I Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(ii) to the Certificate Insurer, the Reimbursement Amount for such Distribution Date, to the extent not paid pursuant to Sections 4.01(a)(2)(I)(iii) and 4.01(a)(2)(II)(iv); and
(iii) to the Holders of the Group II Certificates (allocated among the Classes of Group II Certificates in the priority described in Section 4.01(a)(5) below), after taking into account the distribution of the Group II Principal Distribution Amount, as described in Section 4.01(a)(3)(II) below, until the Certificate Principal Balances of such Classes have been reduced to zero.
(II) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Group II Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group II Certificates (allocated among the Classes of Group II Certificates in the priority described in Section 4.01(a)(5) below), until the Certificate Principal Balances of such Classes have been reduced to zero; and
(ii) to the Holders of the Group I Certificates, after taking into account the distribution of the Group I Principal Distribution Amount as set forth in Section 4.01(a)(3)(I) above until the Certificate Principal Balance thereof has been reduced to zero.
(III) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the sum of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount remaining undistributed for such Distribution Date will be distributed sequentially to the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that order, in each case, until the Certificate Principal Balance of such Class has been reduced to zero.
(IV) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Group I Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group I Certificates, the Senior Group I Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(ii) to the Certificate Insurer, the Reimbursement Amount for such Distribution Date, to the extent not paid pursuant to the foregoing provisions; and
(iii) to the Holders of the Group II Certificates (allocated among the Classes of Group II Certificates in the priority described in Section 4.01(a)(5) below), after taking into account the distribution of the Group II Principal Distribution Amount, as described in Section 4.01(a)(3)(V)(i) below, up to an amount equal to the Senior Group II Principal Distribution Amount remaining undistributed, until the Certificate Principal Balances of such Classes have been reduced to zero.
(V) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Group II Principal Distribution Amount shall be distributed in the following order of priority:
(i) to the Holders of the Group II Certificates (allocated among the Classes of Group II Certificates in the priority described in Section 4.01(a)(5) below), the Senior Group II Principal Distribution Amount, until the Certificate Principal Balances of such Classes have been reduced to zero; and
(ii) to the Holders of the Group I Certificates after taking into account the distribution of the Group I Principal Distribution Amount, as set forth in Section 4.01(a)(3)(IV) above, up to an amount equal to the Senior Group I Principal Distribution Amount remaining undistributed, until the Certificate Principal Balance thereof has been reduced to zero.
(VI) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the sum of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount remaining undistributed for such Distribution Date shall be distributed in the following order of priority:
(i) to the Holders of the Class M-1 Certificates, the Class M-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(ii) to the Holders of the Class M-2 Certificates, the Class M-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the Holders of the Class M-3 Certificates, the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) to the Holders of the Class M-4 Certificates, the Class M-4 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(v) to the Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(vi) to the Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(vii) to the Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(viii) to the Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; and
(ix) to the Holders of the Class M-9 Certificates, the Class M-9 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero.
(4) On each Distribution Date, the Net Monthly Excess Cashflow shall be distributed as follows:
(i) to the Holders of the Class or Classes of Certificates then entitled to receive distributions in respect of principal, in an amount equal to the Overcollateralization Increase Amount, applied as part of the Group I Principal Distribution Amount or the Group II Principal Distribution Amount, as applicable, to reduce the Certificate Principal Balance of such Certificates until the aggregate Certificate Principal Balance of such Certificates is reduced to zero;
(ii) sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that order, the related Interest Carry Forward Amount allocable to such Classes of Certificates;
(iii) sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that order, the related Allocated Realized Loss Amount allocable to such Classes of Certificates;
(iv) to the Net WAC Rate Carryover Reserve Account, the amount required by Section 4.10(b), after taking into account amounts, if an
Appears in 1 contract
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I CertificatesInterest, as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than the REMIC I Regular Interest I-LTP)LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTM4, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced when the sum of the REMIC I Overcollateralized Overcollateralization Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LTZZ shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LTZZ Uncertificated Interest Deferral Amount and such amount will be payable to the Holders of REMIC I Regular Interest I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3 and REMIC I Regular Interest I-LTM4 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates;
(ii) on each Distribution Datesecond, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) to the Holders of the REMIC I Regular Interest I-LTPLTAA, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____98.000% of such remainder (less the amount remaining after application of payable in clause (ad) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificateszero;
(cb) to the Holders of the REMIC I Regular Interest I-LT2LTA, REMIC I Regular Interest I-LT3LTM1, REMIC I Regular Interest I-LT4LTM2, REMIC I Regular Interest I-LT5 LTM3 and REMIC I Regular Interest I-LT6LTM4, ____1.000% of such remainder (less the amount remaining after application of payable in clause (ad) below), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.zero;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Bros Mort Sec Vii Sal Home Equ Ln Tr Ser 2002 Wmc1)
Distributions. (a) On each Distribution Date, the Trustee (1)(Aor the Paying Agent on behalf of the Trustee) shall allocate and distribute the Available Distribution Amount, if any, for such date to the interests issued in respect of REMIC I and REMIC II as specified in this Section.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed Interests:
i. to the holders extent of the Class R-I CertificatesAvailable Distribution Amount, as the case may be:
(i) to the Holders of the REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)Interests, pro rata, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC I Regular Interest I-LT7 ZZ shall be reduced when the REMIC I Overcollateralized Overcollateralization Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC I Regular Interest ZZ Maximum I-LT7 Uncertificated Interest Deferral Amount, and such amount will be payable to the Holders of REMIC I Regular Interests A-1, A-2, A-3, M-1, M-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇ ▇▇▇ ▇-▇▇ ▇▇ ▇▇▇ same proportion as the Overcollateralization Increase Amount is allocated to the corresponding Class of Certificates, and the Uncertificated Principal Balance of the REMIC I Regular Interest ZZ shall be increased by such amount; and
(ii) . on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
): (a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(bA) to the Holders of the REMIC I Regular Interest I-LT1AA, ____98.00% of the amount remaining after application of clause (a), such remainder until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount zero; (B) to the Holders of REMIC I Regular Interests A-1, A-2, A-3, M-1, M-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇ ▇▇▇ ▇-▇▇, ▇.▇▇% of such remainder in the same proportion as amounts are distributed in respect of principal on the corresponding Class R-I of Certificates;
; (cC) to the Holders of the REMIC I Regular Interest I-LT2ZZ, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____1.00% of the amount remaining after application of clause such remainder; and (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and D) any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount amounts to the Holders of the Class R-I Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 AA and REMIC I Regular Interest I-LT7ZZ, respectively;
(2) Notwithstanding the distributions described in this Section 4.02(b), distribution of funds from the Certificate Account shall be made only in accordance with Section 4.02(c).
(c) On each Distribution Date (x) the Master Servicer on behalf of the Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute to each Certificateholder of record on the next preceding Record Date (other than as provided in Section 9.01 respecting the final distribution) either in immediately available funds (by wire transfer or otherwise) to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder has so notified the Master Servicer or the Paying Agent, as the case may be, or, if such Certificateholder has not so notified the Master Servicer or the Paying Agent by the Record Date, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register such Certificateholder's share (which share with respect to each Class of Certificates, shall be based on the aggregate of the Percentage Interests represented by Certificates of the applicable Class held by such Holder of the following amounts, in the following order of priority, subject to the provisions of Section 4.02(d)), to the extent of the Available Distribution Amount on deposit in the Certificate Account with respect to clauses (i) through (xii), and to the extent of the sum of the remaining Available Distribution Amount and the Yield Maintenance Payments on deposit in the Certificate Account with respect to clauses (xiii) through (xxii) (and, with respect to clause (xxi)(B) below, to the extent of prepayment charges on deposit in the Certificate Account):
(i) to the Class A Certificateholders, the Class A Interest Distribution Amount, with such amount allocated among the Class A Certificateholders on a pro rata basis;
(ii) to the Class M-1 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-1 Interest Distribution Amount;
(iii) to the Class M-2 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-2 Interest Distribution Amount;
(iv) to the Class M-3 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-3 Interest Distribution Amount;
(v) to the Class M-4 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-4 Interest Distribution Amount;
(vi) to the Class M-5 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-5 Interest Distribution Amount;
(vii) to the Class M-6 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-6 Interest Distribution Amount;
(viii) to the Class M-7 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-7 Interest Distribution Amount;
(ix) to the Class M-8 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-8 Interest Distribution Amount;
(x) to the Class M-9 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-9 Interest Distribution Amount;
(xi) to the Class M-10 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-10 Interest Distribution Amount;
(xii) to the Class A and Class M Certificateholders, from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Principal Distribution Amount (other than the amounts set forth in clauses (b)(iv), (b)(v), and (b)(vi) of the definition thereof), in the order of priority described in Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A and Class M Certificates have been reduced to zero;
(xiii) to the Class A and Class M Certificateholders, from the amount, if any, of Excess Cash Flow, an amount equal to the principal portion of Realized Losses previously allocated to reduce the Certificate Principal Balance of any Class of the Class A and Class M Certificates and remaining unreimbursed, but only to the extent of Subsequent Recoveries for that Distribution Date, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A and Class M Certificates have been reduced to zero;
(xiv) to the Class A and Class M Certificateholders, from the amount, if any, of Excess Cash Flow remaining after the foregoing distributions, an amount equal to the principal portion of Realized Losses on the Mortgage Loans during the immediately preceding Prepayment Period, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A Certificates and Class M Certificates have been reduced to zero;
(xv) to the Class A and Class M Certificateholders, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the Overcollateralization Increase Amount for such Distribution Date, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A and Class M Certificates have been reduced to zero;
(xvi) to the Class A and Class M Certificateholders from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the amount of any Prepayment Interest Shortfalls allocated thereto for such Distribution Date, on a pro rata basis based on Prepayment Interest Shortfalls previously allocated thereto that remain unreimbursed, to the extent not covered by Eligible Master Servicing Compensation on such Distribution Date;
(xvii) to the Class A and Class M Certificateholders from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the amount of any Prepayment Interest Shortfalls previously allocated thereto on any prior Distribution Date that remain unreimbursed, together with interest thereon at the applicable Pass-Through Rate, on a pro rata basis based on Prepayment Interest Shortfalls previously allocated thereto that remain unreimbursed;
(xviii) from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, to pay the Class A Certificates, on a pro rata basis, based on the amount of Class A Basis Risk Shortfall Carry-Forward Amount previously allocated thereto that remain unreimbursed, the amount of any Class A Basis Risk Shortfall Carry-Forward Amounts remaining unpaid as of such Distribution Date and then to the Class M Certificates, in their order of payment priority, the amount of any Class M Basis Risk Shortfall Carry-Forward Amounts remaining unpaid as of such Distribution Date;
(xix) to the Class A and Class M Certificates on a pro rata basis, based on the amount of Relief Act Shortfalls allocated thereto on such Distribution Date, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the amount of any Relief Act Shortfalls allocated to those Certificates with respect to such Distribution Date;
(xx) to the Class A and Class M Certificateholders, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the principal portion of any Realized Losses previously allocated to those Certificates and remaining unreimbursed, which amount shall be allocated first, to the Class A Certificateholders on a pro rata basis, based on their respective principal portion of any Realized Losses previously allocated thereto that remain unreimbursed, and then to the Class M Certificates, in their order of payment priority;
(xxi) to the Class SB Certificates, (A) from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the sum of (I) Accrued Certificate Interest thereon, (II) the amount of any Overcollateralization Reduction Amount for such Distribution Date and (III) for any Distribution Date after the Certificate Principal Balance of each Class of Class A Certificates and Class M Certificates has been reduced to zero, the Overcollateralization Amount, and (B) from prepayment charges on deposit in the Certificate Account, any prepayment charges received on the Mortgage Loans during the related Prepayment Period; and
(xxii) to the Class R-II Certificateholders, the balance, if any, of the Excess Cash Flow.
(d) On each Distribution Date, the Principal Distribution Amount will be paid as follows:
(i) the Class A Principal Distribution Amount shall be distributed, sequentially, to the Class A-1, Class A-2 and Class A-3 Certificates, in that order, in each case until the Certificate Principal Balances thereof have been reduced to zero;
(ii) the Class M-1 Principal Distribution Amount shall be distributed to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) the Class M-2 Principal Distribution Amount shall be distributed to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) the Class M-3 Principal Distribution Amount shall be distributed to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(v) the Class M-4 Principal Distribution Amount shall be distributed to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(vi) the Class M-5 Principal Distribution Amount shall be distributed to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(vii) the Class M-6 Principal Distribution Amount shall be distributed to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(viii) the Class M-7 Principal Distribution Amount shall be distributed to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(ix) the Class M-8 Principal Distribution Amount shall be distributed to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(x) the Class M-9 Principal Distribution Amount shall be distributed to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and
(xi) the Class M-10 Principal Distribution Amount shall be distributed to the Class M-10 Certificates, until the Certificate Principal Balance thereof has been reduced to zero.
(e) Notwithstanding the foregoing clauses (c) and (d), upon the reduction of the Certificate Principal Balance of a Class of Class A and Class M Certificates to zero, such Class of Certificates will not be entitled to further distributions pursuant to Section 4.02 (other than in respect of Subsequent Recoveries).
(f) Notwithstanding the foregoing, on any Distribution Date, the amounts allocated from Excess Cash Flow pursuant to clauses (c)(xiii) through (c)(xv) of this Section 4.02 on such Distribution Date shall be paid first from the Available Distribution Amount for such Distribution Date and second from any Yield Maintenance Payment for such Distribution Date.
(g) Any Prepayment Interest Shortfalls on the Mortgage Loans which are not covered by Eligible Master Servicing Compensation as described in Section 3.16 and Relief Act Shortfalls on the Mortgage Loans will be allocated among the Class A and Class M Certificates pro rata in accordance with the amount of Accrued Certificate Interest payable on such Distribution Date absent such shortfalls. Any such uncovered Prepayment Interest Shortfalls will be paid solely pursuant to Section 4.02(c)(xvi) and (xvii) to the extent funds are available therefor. Any such Relief Act Shortfalls will be paid solely pursuant to Section 4.02(c)(xix) to the extent funds are available therefor.
(h) In addition to the foregoing distributions, with respect to any Subsequent Recoveries, the Master Servicer shall deposit such funds into the Custodial Account pursuant to Section 3.07(b)(iii).
(i) Each distribution with respect to a Book-Entry Certificate shall be paid to the Depository, as Holder thereof, and the Depository shall be responsible for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures. Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners that it represents and to each indirect participating brokerage firm (a "brokerage firm" or "indirect participating firm") for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners that it represents. None of the Trustee, the Certificate Registrar, the Depositor or the Master Servicer shall have any responsibility therefor except as otherwise provided by this Agreement or applicable law.
(j) Except as otherwise provided in Section 9.01, if the Master Servicer anticipates that a final distribution with respect to any Class of Certificates will be made on the next Distribution Date, the Master Servicer shall, no later than the Determination Date in the month of such final distribution
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Funding Mortgage Securities Ii Inc)
Distributions. (a) On each Distribution Date, the Trustee (1)(Aor the Paying Agent on behalf of the Trustee) shall allocate and distribute the Available Distribution Amount, to the extent on deposit in the Certificate Account, for such date to the interests issued in respect of REMIC I and REMIC II as specified in this Section.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may beInterests:
(iA) to the extent of the Available Distribution Amount, to the Holders of the REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)Interests, pro rata, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC I Regular Interest I-LT7 ZZ shall be reduced when the REMIC I Overcollateralized Overcollateralization Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC I Regular Interest ZZ Maximum I-LT7 Uncertificated Interest Deferral Amount, and such amount will be payable to the Holders of REMIC I Regular Interests A-1, A-2, M-1, M-2, M-3 and M-4 in the same proportion as the Overcollateralizatio▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇t is allocated to the corresponding Class of Certificates, and the Uncertificated Principal Balance of the REMIC I Regular Interest ZZ shall be increased by such amount; and
(iiB) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
): (a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(bA) to the Holders of the REMIC I Regular Interest I-LT1AA, ____98.00% of the amount remaining after application of clause (a), such remainder until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount zero; (B) to the Holders of REMIC I Regular Interests A-1, A-2, M-1, M-2, M-3 and M-4, 1.00% of such remainder in the same proport▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇▇ distributed in respect of principal on the corresponding Class R-I of Certificates;
; (cC) to the Holders of the REMIC I Regular Interest I-LT2ZZ, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____1.00% of the amount remaining after application of clause such remainder; and (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and D) any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount amounts to the Holders of the Class R-I Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 AA and REMIC I Regular Interest I-LT7ZZ, respectively; and provided further, that any prepayment charges on deposit in the Certificate Account attributable to prepayment charges received on the Mortgage Loans during the related Payment Period shall be deemed distributed to REMIC II as the holder of the REMIC I Regular Interest AA.
(2) Notwithstanding the distributions described in this Section 4.02(b), distribution of funds from the Certificate Account shall be made only in accordance with Section 4.02(c).
(c) On each Distribution Date (x) the Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute to each Certificateholder of record on the next preceding Record Date (other than as provided in Section 9.01 respecting the final distribution) either in immediately available funds (by wire transfer or otherwise) to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder has so notified the Master Servicer or the Paying Agent, as the case may be, or, if such Certificateholder has not so notified the Master Servicer or the Paying Agent by the Record Date, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register such Certificateholder's share (which share with respect to each Class of Certificates, shall be based on the aggregate of the Percentage Interests represented by Certificates of the applicable Class held by such Holder of the following amounts, in the following order of priority, subject to the provisions of Section 4.02(d)), to the extent of the Available Distribution Amount on deposit in the Certificate Account with respect to clauses (i) through (xii), and to the extent of the sum of the remaining Available Distribution Amount on deposit in the Certificate Account with respect to clauses (xiii) through (xxii) (and, with respect to clause (xxi)(B) below, to the extent of prepayment charges on deposit in the Certificate Account):
(i) to the Class A Certificateholders, the Class A Interest Distribution Amount, with such amount allocated among the Class A Certificateholders on a pro rata basis;
(ii) to the Class M-1 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-1 Interest Distribution Amount;
(iii) to the Class M-2 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-2 Interest Distribution Amount;
(iv) to the Class M-3 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-3 Interest Distribution Amount;
(v) to the Class M-4 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-4 Interest Distribution Amount;
(vi) [Reserved]
(vii) [Reserved]
(viii) to the Class A and Class M Certificateholders, from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Principal Distribution Amount (other than the amounts set forth in clauses (b)(iv), (b)(v), and (b)(vi) of the definition thereof), in the order of priority described in Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A and Class M Certificates have been reduced to zero;
(ix) to the Class A-2 and Class M Certificateholders, from the amount, if any, of Excess Cash Flow, an amount equal to the principal portion of Realized Losses previously allocated to reduce the Certificate Principal Balance of any Class of the Class A-2 and Class M Certificates and remaining unreimbursed, but only to the extent of Subsequent Recoveries for that Distribution Date, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A-2 and Class M Certificates have been reduced to zero; provided that, if the Certificate Principal Balance of the Class A-2 Certificates will be reduced to zero on such Distribution Date when the Certificate Principal Balance of the Class A-1 Certificates is greater than zero, all Excess Cash Flow shall first be paid on such Distribution Date to the Class A-1 Certificates in reduction of their Certificate Principal Balance until the Overcollateralization Amount is equal to zero;
(x) to the Class A-2 and Class M Certificateholders, from the amount, if any, of Excess Cash Flow remaining after the foregoing distributions, an amount equal to the principal portion of Realized Losses on the Mortgage Loans during the immediately preceding Prepayment Period, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A-2 and Class M Certificates have been reduced to zero;
(xi) to the Class A and Class M Certificateholders, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the Overcollateralization Increase Amount for such Distribution Date, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A and Class M Certificates have been reduced to zero;
(xii) to the Class A and Class M Certificateholders from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the amount of any Prepayment Interest Shortfalls allocated thereto for such Distribution Date, on a pro rata basis based on Prepayment Interest Shortfalls previously allocated thereto that remain unreimbursed, to the extent not covered by Eligible Master Servicing Compensation on such Distribution Date;
(xiii) to the Class A and Class M Certificateholders from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the amount of any Prepayment Interest Shortfalls previously allocated thereto on any prior Distribution Date that remain unreimbursed, together with interest thereon at the applicable Pass-Through Rate, on a pro rata basis based on Prepayment Interest Shortfalls previously allocated thereto that remain unreimbursed;
(xiv) from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, to pay the Class A Certificates, on a pro rata basis, based on the amount of Class A Net WAC Cap Shortfall Carry-Forward Amount previously allocated thereto that remain unreimbursed, the amount of any Class A Net WAC Cap Shortfall Carry-Forward Amounts remaining unpaid as of such Distribution Date and then to the Class M Certificates, in their order of payment priority, the amount of any Class M Net WAC Cap Shortfall Carry-Forward Amounts remaining unpaid as of such Distribution Date;
(xv) to the Class A and Class M Certificates on a pro rata basis, based on the amount of Relief Act Shortfalls allocated thereto on such Distribution Date, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the amount of any Relief Act Shortfalls allocated to those Certificates with respect to such Distribution Date;
(xvi) to the Class A-2 and Class M Certificateholders, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the principal portion of any Realized Losses previously allocated to those Certificates and remaining unreimbursed, which amount shall be allocated first, to the Class A-2 Certificateholders based on their respective principal portion of any Realized Losses previously allocated thereto that remain unreimbursed, and then to the Class M Certificates, in their order of payment priority;
(xvii) to pay to the holders of the Class M-4 Certificates, as payment of principal on the Class M-4 Certificates, 75% of the Excess Cash Flow remaining after the foregoing distributions, after application of the Class M-4 Principal Distribution Amount for that Distribution Date, until the Certificate Principal Balance of the Class M-4 Certificates has been reduced to zero;
(xviii) to the Supplemental Interest Trust Account, any Excess Cash Flow remaining after the foregoing distributions for payment to the Swap Counterparty of any Swap Termination Payment owed by the Supplemental Interest Trust due to a Swap Counterparty Trigger Event; and
(xix) to the Class SB Certificates, (A) from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the sum of (i) Accrued Certificate Interest thereon, (ii) the amount of any Overcollateralization Reduction Amount for such Distribution Date and (iii) for any Distribution Date after the Certificate Principal Balance of each Class of Class A Certificates and Class M Certificates has been reduced to zero, the Overcollateralization Amount, and (B) from prepayment charges on deposit in the Certificate Account, any prepayment charges received on the Mortgage Loans during the related Prepayment Period, and any balance of the Excess Cash Flow.
(d) On each Distribution Date, the Principal Distribution Amount will be paid as follows:
(i) the Class A Principal Distribution Amount shall be distributed, sequentially, to the Class A-1 and Class A-2 Certificates, in that order, in each case until the Certificate Principal Balances thereof have been reduced to zero;
(ii) the Class M-1 Principal Distribution Amount shall be distributed to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) the Class M-2 Principal Distribution Amount shall be distributed to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) the Class M-3 Principal Distribution Amount shall be distributed to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(v) the Class M-4 Principal Distribution Amount shall be distributed to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(vi) [Reserved]
(vii) [Reserved]
(e) Notwithstanding the foregoing clauses (c) and (d), upon the reduction of the Certificate Principal Balance of a Class of Class A and Class M Certificates to zero, such Class of Certificates will not be entitled to further distributions pursuant to Section 4.02 (other than in respect of Subsequent Recoveries).
(f) [Reserved]
(g) Any Prepayment Interest Shortfalls on the Mortgage Loans which are not covered by Eligible Master Servicing Compensation as described in Section 3.16 and Relief Act Shortfalls on the Mortgage Loans will be allocated among the Class A and Class M Certificates pro rata in accordance with the amount of Accrued Certificate Interest payable on such Distribution Date absent such shortfalls. Any such uncovered Prepayment Interest Shortfalls will be paid solely pursuant to Sections 4.02(c)(xii) and (xiii), Sections 4.09(c)(iii) and (iv) and Sections 4.10(c) (iii) and (iv) to the extent funds are available therefore. Any such Relief Act Shortfalls will be paid solely pursuant to Section 4.02(c)(xv) and Section 4.09(c)(vi) and Section 4.10(c)(vi) to the extent funds are available therefore.
(h) To the extent on any Distribution Date for which Deferred Interest exists on such Distribution Date, the Deferred Interest Shortfall, if any, shall result in a reduction in Accrued Certificate Interest on the Class A Certificates and Class M Certificates, which reduction shall be allocated among the Class A Certificates and Class M Certificates on a pro rata basis, based on the amount of Accrued Certificate Interest on such Classes of Certificates.
(i) In addition to the foregoing distributions, with respect to any Subsequent Recoveries, the Master Servicer shall deposit such funds into the Custodial Account pursuant to Section 3.07(b)(iii) .
(j) Each distribution with respect to a Book-Entry Certificate shall be paid to the Depository, as Holder thereof, and the Depository shall be responsible for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures. Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners that it represents and to each indirect participating brokerage firm (a "brokerage firm" or "indirect participating firm") for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners that it represents. None of the Trustee, the Certificate Registrar, the Depositor or the Master Servicer shall have any responsibility therefor except as otherwise provided by this Agreement or applicable law.
(k) Except as otherwise provided in Section 9.01, if the Master Servicer anticipates that a final distribution with respect to any Class of Certificates will be made on the next Distribution Date, the Master Servicer shall, no later than the Determination Date in the month of such final distribution, notify the Trustee and the Trustee shall, no later than two (2) Business Days after such Determination Date, mail on such date to each Holder of such Class of Certificates a notice to the effect that: (i) the Trustee anticipates that the final distribution with respect to such Class of Certificates will be made on such Distribution Date but only upon presentation and surrender of such Certificates at the office of the Trustee or as otherwise specified therein, and (ii) no interest shall accrue on such Certificates from and after the end of the prior calendar month. In the event that Certificateholders required to surrender their Certificates pursuant to Section 9.01(c) do not surrender their Certificates for final cancellation,
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAAC Series 2007-Sp3 Trust)
Distributions. on the REMIC 1 Regular Interests and REMIC 2 Regular Interests.
(a) (1)(A) Distributions on the REMIC 1 Regular Interests. On each Distribution Date, the following amounts, Trustee shall cause in the following order of priority, shall the following amounts to be distributed by REMIC I 1 to REMIC II 2 on account of the REMIC I 1 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class RA-I RL Certificates, as the case may be:
(i) first, to the Holders of REMIC I 1 Regular Interests LTI-P and LTI-R, in an amount equal to (other than x) the related Uncertificated Accrued Interest for such Distribution Date, plus (y) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of Uncertificated REMIC I 1 Regular Interests LTI-1, LTI-S and LTI-PF an amount equal to (x) the related Uncertificated Accrued Interest for such Distribution Date, plus (y) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the Holders of REMIC 1 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) above and, in the case of distributions made pursuant to Section 4.07(a)(ii)(b), the amount of any Prepayment Charges for such Distribution Date, allocated as follows:
(a) to the Holders of REMIC 1 Regular Interest ILTI-LTPR, an amount equal to the amount of principal distributed to the holder of the Corresponding Uncertificated Interest on such Distribution Date pursuant to Section 4.07(b)(ii)(a);
(b) to the Holders of REMIC 1 Regular Interest LTI-P, an amount equal to the amount distributed to the holder of the Corresponding Uncertificated Interest on such Distribution Date pursuant to Section 4.07(b)(ii)(b);
(c) to the Holders of REMIC 1 Regular Interest LTI-1, until the Uncertificated Principal Balance of Uncertificated REMIC 1 Regular Interest LTI-1 is reduced to zero;
(d) to the Holders of REMIC 1 Regular Interest LTI-1PF, until the Uncertificated Principal Balance of REMIC 1 Regular Interest LTI-1PF is reduced to zero; and
(iii) any remaining amount to the Holders of the Class A-RL Certificates; provided, however, that for the first three Distribution Dates, such amounts constituting Available Funds relating to the Initial Mortgage Loans shall be allocated to REMIC 1 Regular Interest LTI-1, and such amounts constituting Available Funds relating to the Subsequent Mortgage Loans and shall be allocated to REMIC 1 Regular Interest LT-1PF.
(b) Distributions on the REMIC 2 Regular Interests. On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class A-R Certificates (in respect of the Class R-2 Interest), as the case may be:
(i) first, to the extent of the sum of Available Funds for such Distribution Date, to Holders of REMIC 2 Regular Interests MTI-AA, MTI-A-1, MTI-M-1, MTI-M-2, MTI-M-3, MTI-M-4, MTI-M-5, MTI-M-6, MTI-M-7, MTI-M-8, MTI-M-9, MTI-B-1, MTI-B-2, MTI-ZZ, MTI-P, MTI-R and MTI-S pro rata, in an amount equal to (A) the Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC I 2 Regular Interest IMTI-LT7 ZZ shall be reduced when the REMIC I Overcollateralized 2 Overcollateralization Amount is less than the REMIC I Required Overcollateralized 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the REMIC 2 Regular Interest MTI-ZZ Maximum I-LT7 Uncertificated Interest Deferral Amount; andAmount and such amount will be payable to the Holders of REMIC 2 Regular Interest MTI-A-1, REMIC 2 Regular Interest MTI-M-1, REMIC 2 Regular Interest MTI-M-2, REMIC 2 Regular Interest MTI-M-3, REMIC 2 Regular Interest MTI-M-4, REMIC 2 Regular Interest MTI-M-5, REMIC 2 Regular Interest MTI-M-6, REMIC 2 Regular Interest MTI-M-7, REMIC 2 Regular Interest MTI-M-8, REMIC 2 Regular Interest MTI-M-9, REMIC 2 Regular Interest MTI-B-1 and REMIC 2 Regular Interest MTI-B-2 in the same proportion as the amounts are allocated to the Corresponding Certificate, pursuant to Section 4.02(b) herein, for each such REMIC 2 Regular Interest, and the Uncertificated Principal Balance of the REMIC 2 Regular Interest MTI-ZZ shall be increased by such amount;
(ii) on each Distribution Datesecond, to the Holders of REMIC I 2 Regular Interests, in an amount equal to the remainder of the Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) aboveabove and, in the case of distributions made pursuant to Section 4.07(b)(ii)(b), the amount of any Prepayment Charges for such Distribution Date, allocated as follows (except as provided below):follows:
(a) to the Holders of the REMIC I 2 Regular Interest IMTI-LTPR, an amount equal to the amount of principal distributed to the holder of the Corresponding Certificate on the such Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;Section 4.02(b); and
(b) to the Holders of the REMIC I 2 Regular Interest IMTI-LT1P, ____an amount equal to the amount of principal distributed to the holder of the Corresponding Certificate on such Distribution Date pursuant to Section 4.02(b); and
(iii) third, to the Holders of REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows:
(a) 98% of such remainder to the amount remaining after application Holders of clause (a)REMIC 2 Regular Interest MTI-AA, until the Uncertificated Principal Balance of such Uncertificated REMIC I 2 Regular Interest is reduced to zero and any remaining amount zero;
(b) 2% of such remainder, first, to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I 2 Regular Interest IMTI-LT2A-1, REMIC I Regular Interest IMTI-LT3M-1, REMIC I Regular Interest IMTI-LT4M-2, REMIC I Regular Interest IMTI-LT5 M-3, MTI-M-4, MTI-M-5, MTI-M-6, MTI-M-7, MTI-M-8, MTI-M-9, MTI-B-1 and REMIC I Regular Interest IMTI-LT6B-2, ____equal to 1% of the amount remaining after application of clause (a), and in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC I 2 Regular Interests are reduced to zero zero; and second, to the Holders of REMIC 2 Regular Interest MTI-ZZ, 1.00% of such remainder, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; and
(c) any remaining amount to the Holders of the Class RA-I Certificates; and
R Certificates (d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders in respect of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectivelyR-2 Interest).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Home Equity Mortgage Trust 2005-1)
Distributions. (a) On each Distribution Date, the Trustee (1)(Aor the Paying Agent on behalf of the Trustee) shall allocate and distribute the Principal Distribution Amount for such date to the interests issued in respect of REMIC I, REMIC II and REMIC III as specified in this Section.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may beInterests:
(i) to the extent of the Available Distribution Amounts, first, to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest ILT-LTP)wrap, in an amount equal to to
(A) the Uncertificated Accrued Interest for such Distribution Date, plus plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC I Regular Interest LT-ZZ in an amount equal to
(A) the Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated in the following order of priority:
(A) to the Holders of REMIC I Regular Interest LT-wrap, an amount equal to the amount distributed as principal in respect of the Class A-IB-1 Certificate for such Distribution Date pursuant to Sections 4.02(c) and 4.02(d), until the Uncertificated Principal Balance of REMIC I Regular Interest LT-wrap is reduced to zero; and
(B) to the Holders of REMIC I Regular Interest LT-ZZ, until the Uncertificated Principal Balance of REMIC I Regular Interest LT-ZZ is reduced to zero;
(2) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests:
(i) to the extent of the Available Distribution Amount, first, to the Holders of REMIC II Regular Interest MT-wrap, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates, and second, to the Holders of REMIC II Regular Interest MT-IA, REMIC II Regular Interest MT-IB-1, REMIC II Regular Interest MT-IB-2, REMIC II Regular Interest MT-IB-3 and REMIC II Regular Interest MT-ZZ, pro rata, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC II Regular Interest MT-ZZ shall be reduced when the REMIC II Overcollateralization Amount is less than the REMIC II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC II Regular Interest MT-ZZ Maximum Interest Deferral Amount , and such amount will be payable to the Holders of REMIC II Regular Interest MT-IA, REMIC II Regular Interest MT-IB-1, REMIC II Regular Interest MT-IB-2 and REMIC II Regular Interest MT-IB-3 in the same proportion as the Overcollateralization Increase Amount is allocated to the Class A-IA Certificates, Class A- IB-1 Certificates, Class A-IB-2 Certificates and Class A-IB-3 Certificates, respectively; and
(ii) on each Distribution Date, to the Holders of REMIC II Regular Interests (other than REMIC II Regular Interest MT-wrap) in an amount equal to the remainder of the Available Distribution Amount after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
): (a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(bA) to the Holders of the REMIC I II Regular Interest IMT-LT1AA, ____98.00% of the amount remaining after application of clause (a), such remainder until the Uncertificated Principal Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
zero; (cB) to the Holders of the REMIC I II Regular Interest IMT-LT2IA, REMIC I Regular Interest IMT-LT3IB-1, REMIC I Regular Interest IMT-LT4IB-2 and MT-IB-3, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____1.00% of the amount remaining after application of clause (a)such remainder, in the same proportion as principal payments are allocated to the related Corresponding Class A-IA Certificates, until Class A- IB-1 Certificates, Class A-IB-2 Certificates and Class A-IB-3 Certificates, respectively; (C) to the Uncertificated Balances Holders of the REMIC II Regular Interest MT-ZZ, 1.00% of such REMIC I Regular Interests are reduced to zero remainder; and (D) any remaining amount amounts to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I III Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I II Regular Interest IMT-LT1 AA and REMIC I II Regular Interest IMT-LT7ZZ, respectively.
(3) Notwithstanding the distributions on the REMIC Regular Interests described in this Section 4.02(b), distribution of funds from the Certificate Account shall be made only in accordance with Section 4.02(c).
(c) On each Distribution Date (x) the Master Servicer on behalf of the Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute to each Certificateholder of record on the next preceding Record Date (other than as provided in Section 9.01 respecting the final distribution) either in immediately available funds (by wire transfer or otherwise) to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder has so notified the Master Servicer or the Paying Agent, as the case may be, or, if such Certificateholder has not so notified the Master Servicer or the Paying Agent by the Record Date, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register such Certificateholder's share (which share with respect to each Class of 77 Certificates, shall be based on the aggregate of the Percentage Interests represented by Certificates of the applicable Class held by such Holder of the following amounts), in the following order of priority, in each case to the extent of the remaining Available Distribution Amount:
(i) to the Class A Certificateholders, the related Accrued Certificate Interest payable on such Certificates with respect to such Distribution Date, plus any related Accrued Certificate Interest remaining unpaid from any prior Distribution Date, less any related Prepayment Interest Shortfalls, to the extent not covered by Compensating Interest pursuant to Section 3.16;
(ii) to the Class A Certificateholders, the Principal Distribution Amount (other than with respect to clauses (iv) and (v) of the definition thereof), which amount shall be allocated in the manner and priority set forth in Section 4.02(d) below, until the aggregate Certificate Principal Balance of the Class A Certificates has been reduced to zero;
(iii) to the Class A Certificateholders, from Excess Cash Flow, an amount equal to the Realized Losses (other than Excess Losses) on the Mortgage Loans during the immediately preceding Due Period, which shall be included in the Principal Distribution Amount and allocated in the manner and priority set forth in Section 4.02(d) below, until the aggregate Certificate Principal Balance of the Class A Certificates has been reduced to zero;
(iv) to the Certificate Insurer, from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the amount, if any, described in clause (a) of the definition of Cumulative Insurance Payments;
(v) commencing on the Distribution Date in March 2003, to the Class A Certificateholders, the Overcollateralization Increase Amount, which amount shall be included in the Principal Distribution Amount and allocated in the manner and priority set forth in Section 4.02(d) below, until the aggregate Certificate Principal Balance of the Class A Certificates has been reduced to zero;
(vi) to the Class A Certificateholders, from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the amount of any related Prepayment Interest Shortfalls with respect to the Mortgage Loans for that Distribution Date, to the extent not covered by Compensating Interest and Excess Cash Flow on such Distribution Date, which amount shall be allocated to the Class A Certificateholders on a pro rata basis, based on the amount of Accrued Certificate Interest thereon for such Distribution Date;
(vii) to the Class A Certificateholders, from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the amount of any Prepayment Interest Shortfalls allocated thereto remaining unpaid from prior Distribution Dates together with interest thereon, which amount shall be allocated to the Class A Certificateholders on a pro rata basis, based on the amount of Prepayment Interest Shortfalls remaining unpaid to the extent not covered by Excess Cash Flow;
(viii) to make payments, from amounts otherwise payable to the Class SB Certificates, to the Basis Risk Shortfall Reserve Fund to pay to the Certificate Insurer the amount, if any, described in clause (b) of the definition of Cumulative Insurance Payments;
(ix) to make payments, from amounts otherwise payable to the Class SB Certificates: to the Basis Risk Shortfall Reserve Fund to pay to the Class A-IA and A-IB-3 Certificates the amount of any Basis Risk Shortfall Carry-Forward Amount on such Certificates on a pro rata basis, based on the amount of Basis Risk Carry Forward Amount thereon, and to maintain a balance in the Basis Risk Shortfall Reserve Fund equal to the Basis Risk Shortfall Reserve Fund Deposit;
(x) to the Class SB Certificates, from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, Accrued Certificate Interest thereon, the amount of any Overcollateralization Reduction Amount for such Distribution Date and, after the Certificate Principal Balance of the Class A Certificates and the Class R Certificates have been reduced to zero (including, in the case of the Class A-IB-1 Certificates, all payments to the Certificate Insurer as subrogee with respect to any Class A- IB-1 Termination Payment), the amount of any Overcollateralization Amount; and in addition to the foregoing, any prepayment charges received on the Mortgage Loans during the related Prepayment Period; and
(xi) to the related Class R Certificateholders, the balance, if any, of the Available Distribution Amount.
(d) On each Distribution Date, the Class A-IA and Class A-IB Principal Distribution Amount shall be distributed concurrently as follows:
(i) the Class A-IA Principal Distribution Amount will be distributed first to the Class A-IA Certificates, until the Certificate Principal Balance of the Class A-IA Certificates has been reduced to zero; and second sequentially, to the Class A-IB-1, Class A-IB-2 and Class A-IB-3 Certificates, in that order, in each case in reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance thereof has been reduced to zero, except as provided in clause (f) below: and
(ii) the Class A-IB Principal Distribution Amount will be distributed first, sequentially, to the Class A-IB-1, Class A-IB-2 and Class A-IB-3 Certificates, in that order, in each case in reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance thereof has been reduced to zero, except as provided below; and second to the Class A-IA Certificates, until the Certificate Principal Balance thereof has been reduced to zero.
(e) Notwithstanding the foregoing clauses (c) and (d), upon the reduction of the Certificate Principal Balance of a Class of Class A Certificates to zero, such Class of Certificates will not be entitled to further distributions pursuant to this Section 4.02, including, without limitation, the payment of current and unreimbursed Prepayment Interest Shortfalls pursuant to clauses (c)(vi) and (vii) and the Basis Risk Shortfall Carry-Forward Amount pursuant to clause (c)(ix).
(f) Notwithstanding the foregoing, to the extent the Certificate Insurer makes a Class A- IB-1 Termination Payment, the Certificate Insurer, as subrogee of the Class A-IB-1 Certificates, will receive payments from the Trustee in the same priority as payments would otherwise have been made to the Class A-IB-1 Certificates as provided above had the Certificate Insurer not made the Class A- IB-1
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Securities Corp)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates, in respect of the Class R-I CertificatesInterest, as the case may be:
(iii) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)LT1SUB, REMIC I Regular Interest I-LT1GRP, REMIC I Regular Interest I-LT2SUB, REMIC I Regular Interest I-LT2GRP, and REMIC I Regular Interest I-LTXX, PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and;
(iiiii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount REMIC I Marker Allocation Percentage of the available funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows: 112
(aA) 98.00% of such remainder to the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a)LTAA, until the Uncertificated Balance of such Uncertificated REMIC I Regular Interest is reduced to zero and any remaining amount zero;
(B) 2.00% of such remainder, first, to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2LTA1A, REMIC I Regular Interest I-LT3LTA1B, REMIC I Regular Interest I-LT4LTA2A, REMIC I Regular Interest I-LT5 LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTB1, REMIC I Regular Interest I-LTB2 and REMIC I Regular Interest I-LT6LTB3, ____1% of the amount remaining after application of clause (a), and in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount second to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a)LTZZ, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero zero;
(C) to the Holders of REMIC I Regular Interest I-LTP, all Prepayment Charges and on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(D) any remaining amount to the Holders of the Class R-I CertificatesInterest, in respect of the Class R-I Interest; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTZZ, respectively.
(iv) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of available funds for such Distribution Date after the distributions made pursuant to clause (ii) above, such that distributions of interest are deemed to be made to the Holders of REMIC I Regular Interest I-LTISUB, REMIC I Regular Interest I-LT1GRP, REMIC I Regular Interest I-LT2SUB, REMIC I Regular Interest I-LT2GRP and REMIC I Regular Interest I-LTXX, pro rata, in an amount equal to (A) the Uncertificated Interest for each such REMIC I Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and such that distributions of principal shall be deemed to be made to the REMIC I Regular Interests first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "GRP" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation "SUB," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such 113 excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I Regular Interest I-LTXX.
(v) Notwithstanding the distributions described in Section 5.01(a)(1), distributions of funds shall be made to Certificateholders only in accordance with Section 5.01(2) through (7) and Section 5.01(b).
(2) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group I Interest Remittance Amount remaining for such Distribution Date: FIRST, concurrently, to the Holders of the Class A-1A Certificates and Class A-1B Certificates, the Senior Interest Distribution Amount allocable to each such Class, on a pro rata basis, based on the entitlement of each such Class; and SECOND, concurrently, to the Holders of the Class A-2A, Class A-2B and Class A-2C Certificates, the Senior Interest Distribution Amount allocable to each such Class, to the extent remaining unpaid after the distribution of the Group II Interest Remittance Amount as set forth in Section 5.01(a)(3) below on a pro rata basis, based on the entitlement of each such Class.
(3) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group II Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group II Interest Remittance Amount remaining for such Distribution Date: FIRST, concurrently, to the Holders of the Class A-2A, Class A-2B and Class A-2C Certificates, the Senior Interest Distribution Amount allocable to each such Class, on a pro rata basis, based on the entitlement of each such Class; and SECOND, concurrently, to the Holders of the Class A-1A Certificates and Class A-1B Certificates, the Senior Interest Distribution Amount allocable to each such Class, to the extent remaining unpaid after the distribution of the Group I Interest Remittance Amount as set forth in Section 5.01(a)(2) above on a pro rata basis, based on the entitlement of each such Class.
(4) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Interest Remittance Amount, and the Group II Interest Remittance Amount remaining after the distributions required by clauses (2) and (3) above and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group I Interest Remittance Amount and Group II Interest Remittance Amount remaining for such Distribution Date: sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class B-1, Class B-2 and Class B-3 Certificates, in that order, the Interest Distribution Amount allocable to each such Class.
(5) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Principal Distribution Amount and the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp Series Home Equity Trust 2005-Rm1)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Certificate Account and distributed to the holders of the Class R-I CertificatesInterest, as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)LTAA, REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10, REMIC I Regular Interest I-LTM11 and REMIC I Regular Interest I-LTZZ, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced when the sum of the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral Amount; andAmount and such amounts will be payable to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular ▇▇▇▇▇▇▇▇ ▇-▇▇▇▇, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC Regular Interest I-LTM10 and REMIC I Regular Interest I-LTM11 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC I Regular Interest I-LTZZ shall be increased by such amount;
(ii) on each Distribution Datesecond, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) 98.00% of such remainder (less the amount payable in clause (e) below), to the Holders of REMIC I Regular Interest I-LTAA, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; 2% of such remainder, first to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC Regular Interest I-LTM10 and REMIC I Regular Interest I-LTM11, 1.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero; and second, to the Holders of REMIC I Regular Interest I-LTZZ, (less the amount payable in clause (c) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; then
(b) to the Holders of REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; and
(bc) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
R Certificates (c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders Holder of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (aInterest), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTZZ, respectively.
(2) On each Distribution Date, the Trustee shall withdraw from the Certificate Account an amount equal to the Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of each Class of the Class A Certificates, on a pro rata basis based on the entitlement of each such Class, an amount equal to the Senior Interest Distribution Amount allocable to such Class of the Class A Certificates; and
(ii) sequentially, to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10 Certificates and Class M-11 Certificates, in that order, an amount equal to the Interest Distribution Amount allocable to each such Class.
(3) On each Distribution Date, the Trustee shall withdraw from the Certificate Account an amount equal to the Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(A) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Principal Distribution Amount shall be distributed in the following order of priority:
(i) sequentially, to the Holders of the Class A-1 Certificates, Class A-2 Certificates and Class A-3 Certificates, in that order, until the aggregate Certificate Principal Balance of the Class A Certificates has been reduced to zero; and
(ii) sequentially, to the holders of the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10 Certificates and Class M-11 Certificates, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero.
(B) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Principal Distribution Amount shall be distributed in the following order of priority:
(i) sequentially, to the Holders of the Class A-1 Certificates, Class A-2 Certificates and Class A-3 Certificates, in that order, up to an amount equal to the Class A Principal Distribution Amount, until the aggregate Certificate Principal Balance of the Class A Certificates has been reduced to zero; and
(ii) sequentially, to the Holders of the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 84 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10 Certificates and Class M-11 Certificates, in that order, up to an amount equal to the related Class M Principal Distribution Amount until the Certificate Principal Balances of each such class has been reduced to zero.
(4) On each Distribution Date, the Net Monthly Excess Cashflow shall be distributed by the Trustee as follows, in each case to the extent not covered by amounts from the Swap Agreement:
(i) to the Holders of the Class or Classes of Certificates then entitled to receive distributions in respect of principal, as part of the Principal Distribution Amount in an amount equal to the Overcollateralization Increase Amount for the Certificates, applied to reduce the Certificate Principal Balance of such Certificates until the aggregate Certificate Principal Balance of such Certificates is reduced to zero;
(ii) sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10 Certificates and Class M-11 Certificates in that order, in each case, in an amount equal to the Interest Carry Forward Amount allocable to such Class of Certificates;
(iii) on a pro-rata basis to the Class A-1 Certificates, Class A-2 Certificates and Class A-3 Certificates, and sequentially to the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10 Certificates and Class M-11 Certificates, in that order, in each case up to the related Allocated Realized Loss Amount related to each such Class of Certificates for such Distribution Date;
(iv) to the Holders of the Class A Certificates and the Mezzanine Certificates, any related unpaid Net WAC Rate Carryover Amount distributed to the Class A Certificates, on a pro rata basis based on the remaining Net WAC Rate Carryover Amount for each such Class and then to the Class of Mezzanine Certificates with the next Highest Priority;
(v) to pay any Swap Termination Payments owed to the Swap Counterparty due to a Swap Counterparty Trigger Event;
(vi) to the Holders of the Class CE Certificates, (a) the Interest Distribution Amount and any Overcollateralization Reduction Amount for such Distribution Date and (b) on any Distribution Date on which the aggregate Certificate Principal Balance of the Class A Certificates and the Mezzanine Certificates have been reduced to zero, any remaining amounts in reduction of the
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Carrington Mortgage Loan Trust, Series 2005-Nc5)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be:
(1) With respect to the Group I Mortgage Loans:
(i) to Holders of REMIC I Regular Interest I, REMIC I Regular Interest CE-2 and REMIC I Regular Interest I-1-A through I-43-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest I, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest I is reduced to zero; and
(iii) to the extent of amounts remaining after distributions made pursuant to clauses (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular Interests I-1-A through I-43-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(2) With respect to the Group II Mortgage Loans:
(i) to Holders of REMIC I Regular Interest II, REMIC I Regular Interest CE-2 and each of REMIC I Regular Interest II-1-A through II-43-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest II, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest II is reduced to zero; and
(iii) to the extent of amounts remaining after distributions made pursuant to clauses (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular Interests II-1-A through II-43-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(b) to the Holders of REMIC I Regular Interest I-43-B, all amounts representing Prepayment Charges in respect of the Group I Mortgage Loans received during the related Prepayment Period and to the Holders of REMIC I Regular Interest II-43-B, all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I CertificatesII Interest), as the case may be:
(i) first to the Holders of REMIC I Regular Interests (other than REMIC I II Regular Interest I-LTP)IO and REMIC II Regular Interest CE-2, in an amount equal to (A) Uncertificated Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC II Regular Interest AA, REMIC II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest M-11 and REMIC II Regular Interest ZZ, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I II Regular Interest I-LT7 ZZ shall be reduced when the REMIC I Overcollateralized II Overcollateralization Amount is less than the REMIC I II Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 ZZ Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, Amount and such amount will be payable to the Holders of REMIC I II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II Regular Interest M-11 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC II Regular Interest ZZ shall be increased by such amount;
(ii) to Holders of REMIC II Regular Interest I-SUB, REMIC II Regular Interest I-GRP, REMIC II Regular Interest II-SUB, REMIC II Regular Interest II-GRP, and REMIC II Regular Interest XX, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the Available Distribution Amount REMIC II Marker Allocation Percentage of the available funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(aA) 98.00% of such remainder to the Holders of REMIC II Regular Interest AA, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II Regular Interest M-11, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC II Regular Interests are reduced to zero and second to the Holders of REMIC II Regular Interest ZZ, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero;
(C) to the Holders of REMIC II Regular Interest P, (1) 100% of the Prepayment Charges deemed distributed on REMIC I Regular Interest I-LTP, P and (2) on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; then
(bD) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a)R Certificate, in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders respect of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I CertificatesII Interest; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I II Regular Interest I-LT1 AA and REMIC I II Regular Interest I-LT7ZZ, respectively.
(iv) to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the REMIC II Sub WAC Allocation Percentage of available funds for such Distribution Date after the distributions made pursuant to clause (c)(ii) above, such that distributions of principal shall be deemed to be made to the REMIC II Regular Interests first, so as to keep the Uncertificated Balance of each REMIC II Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group; second, to each REMIC II Regular Interest ending with the designation “SUB,” so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group over (y) the current Certificate Principal Balance of the Class A Certificate in the related loan group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC II Regular Interest XX.
(v) Notwithstanding the distributions described in Section 5.01(c)(1), distributions of funds shall be made to Certificateholders only in accordance with Section 5.01(c)(2) through (7) and Section 5.01(d).
(2) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group I Interest Remittance Amount remaining for such Distribution Date: first, to the Supplemental Interest Trust, an amount equal to the Group I Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event (to the extent such amount has not been paid by the Securities Administrator from any upfront payment received pursuant to any related replacement interest rate swap agreement that may be entered into by the Trustee on behalf of the Supplemental Interest Trust); second, to the Holders of the Class A-1 Certificates, the Senior Interest Distribution Amount allocable to the Class A-1 Certificates; and third, concurrently, to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, to the extent remaining unpaid after the distribution of the Group II Interest Remittance Amount as set forth in Section 5.01(c)(3) below on a pro rata basis, based on the entitlement of each such Class.
(3) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group II Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group II Interest Remittance Amount remaining for such Distribution Date: first, to the Supplemental Interest Trust, an amount equal to the Group II Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event (to the extent such amount has not been paid by the Securities Administrator from any upfront payment received pursuant to any related replacement interest rate swap agreement that may be entered into by the Trustee on behalf of the Supplemental Interest Trust); second, concurrently, to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, on a pro rata basis, based on the entitlement of each such Class; and third, to the Holders of the Class A-1 Certificates, the Senior Interest Distribution Amount allocable to the Class A-1 Certificates, to the extent remaining unpaid after the distribution of the Group I Interest Remittance Amount as set forth in Section 5.01(c)(2) above.
(4) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Interest Remittance Amount and the Group II Interest Remittance Amount remaining after the distributions required by clauses (2) and (3) above and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group I Interest Remittance Amount and Group II Interest Remittance Amount remaining for such Distribution Date: sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Certificates, in that order, to the extent of the Interest Distribution Amount allocable to each such Class.
(5) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Principal Distribution Amount and the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap3)
Distributions. (ai) [Reserved]
(1)(Aii) On each Distribution Date, amounts held in the following amountsLower-Tier Distribution Account shall be withdrawn (to the extent of the Available Funds, including or reduced by, to the extent required by Section 3.05(f), the Withheld Amounts, plus any amount withdrawn from the Excess Liquidation Proceeds Account pursuant to Section 3.05(j)) in the case of all Classes of Lower-Tier Regular Interests (such amount, the "Lower-Tier Distribution Amount"). Each Class of Lower-Tier Regular Interests shall be deemed to have received distributions in respect of principal in an amount equal to the amount of principal actually distributable to its respective Corresponding Certificates as provided in Section 4.01(b). As of any date, the principal balance of each Lower-Tier Regular Interest shall equal the Lower-Tier Principal Balance thereof. On each Distribution Date, distributions of interest made in respect of any Class of Pooled Regular Certificates on each Distribution Date pursuant to Section 4.01(b) or Section 9.01 shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest; provided that each Pooled Lower-Tier Regular Interest shall be deemed to have received distributions in respect of interest in an amount equal to the Interest Accrual Amount and Class Interest Shortfalls in respect of the Class X Strip Rate of its Corresponding Certificates, in each case to the following order extent actually distributable thereon as provided in Section 4.01(b). All distributions of priorityreimbursements of Realized Losses and Additional Trust Fund Expenses made in respect of any Class of Principal Balance Certificates on each Distribution Date pursuant to Section 4.01(b) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest. On each Distribution Date, the Trustee shall apply amounts related to each Prepayment Premium and Yield Maintenance Charge then on deposit in the Lower-Tier Distribution Account and received during or prior to the related Collection Period to the Lower-Tier Regular Interests in proportion to the amount of principal distributed to each Class of Lower-Tier Regular Interests on such Distribution Date pursuant to this Section 4.01(a)(ii). The Trustee shall be deemed to deposit the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and any Yield Maintenance Charges distributed to the Upper-Tier REMIC pursuant to this Section 4.01(a)(ii) into the Upper-Tier Distribution Account. Any amount in respect of the Mortgage Pool that remains in the Lower-Tier Distribution Account on each Distribution Date after distribution of the Lower-Tier Distribution Amount and distribution of Prepayment Premiums and Yield Maintenance Charges in respect of the Mortgage Pool shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class RLR Certificates (but only to the extent of such amount for such Distribution Date remaining in the Lower-I CertificatesTier Distribution Account, as if any).
(b) On each Distribution Date occurring prior to the case may beCrossover Date, the Trustee shall withdraw from the Upper-Tier Distribution Account the amounts deposited in the Upper-Tier Distribution Account in respect of such Distribution Date pursuant to Section 4.01(a)(ii), and distribute such amount to Certificateholders in the amounts and in the order of priority set forth below:
(i) First, to pay interest, pro rata, (i) on the Class A-1, Class A-2, Class A-3, Class A-AB and Class A-4 Certificates from the portion of the Available Funds for such Distribution Date attributable to Mortgage Loans in Loan Group 1 up to an amount equal to the Holders aggregate Interest Accrual Amount for those Classes, in each case in accordance with their respective interest entitlements; (ii) on the Class A-1A Certificates from the portion of REMIC I Regular Interests the Available Funds for such Distribution Date attributable to Mortgage Loans in Loan Group 2 up to an amount equal to the aggregate Interest Accrual Amount for such Class; and (other than REMIC I Regular iii) on the Class X Certificates from the Available Funds for such Distribution Date up to an amount equal to the Interest IAccrual Amount for such Class; provided, however, if on any Distribution Date, the Available Funds (or applicable portion thereof) are insufficient to pay in full the total Interest Accrual Amount to be paid to any of the Classes described in this subclause (i), the Available Funds for such Distribution Date will be allocated among all those Classes pro rata, in accordance with their respective interest entitlements;
(ii) Second, pro rata, to the Class A-1, Class A-2, Class A-3, Class A-LTP)AB, Class A-4, Class A-1A and Class X Certificates, in respect of interest, up to an amount equal to the aggregate unpaid Class Interest Shortfalls previously allocated to such Classes,
(iii) Third, in reduction of the Certificate Balances thereof,
(A) to the Class A-1, Class A-2, Class A-3, Class A-AB, Class A-4 Certificates,
(1) first, to the Class A-AB Certificates, in an amount equal up to (A) the Uncertificated Interest for Group 1 Principal Distribution and, after the outstanding Certificate Balance of the Class A-1A Certificates have been reduced to zero, the Loan Group 2 Principal Distribution Amount remaining after payments to the Class A-1A Certificates have been made on such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect until the outstanding Certificate Balance of REMIC I Regular Interest Ithe Class A-LT7 shall be AB Certificates is reduced when to the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum IClass A-LT7 Uncertificated Interest Deferral Amount; andAB Planned Principal Balance,
(ii2) on each Distribution Datethen, to the Holders of REMIC I Regular InterestsClass A-1 Certificates, in an amount equal to the remainder Group 1 Principal Distribution Amount (or the portion of it remaining after distributions on the Available Class A-AB Certificates pursuant to (1) above in this clause Third) for such Distribution Date and, after the Class A-1A Certificates have been reduced to zero, the Loan Group 2 Principal Distribution Amount remaining after payments to the Class A-1A Certificates, and after payments to the Class A-AB Certificates pursuant to (1) above in this clause Third have been made on such Distribution Date, until the Class A-1 Certificates are reduced to zero,
(3) then, to the Class A-2 Certificates, in an amount equal to the Group 1 Principal Distribution Amount (or the portion thereof remaining after distributions to the Class A-1 Certificates and distributions on the Class A-1 Certificates) for such Distribution Date and, after the Class A-AB Certificates pursuant to (1) above in this clause Third) for such Distribution Date and, after the Class A-1A Certificates have been reduced to zero, the Loan Group 2 Principal Distribution Amount remaining after payments to the Class A-1A, and Class A-1 Certificates and payments to the Class A-AB Certificates pursuant to (1) above in this clause Third have been made on such Distribution Date, until the Class A-2 Certificates are reduced to zero,
(4) then, to the Class A-3 Certificates, in an amount equal to the Group 1 Principal Distribution Amount (or the portion of it remaining after distributions on the Class A-1 and Class A-2 Certificates and distributions on the Class A-AB Certificates pursuant to (1) above in this clause Third) for such Distribution Date and, after the Class A-1A Certificates have been reduced to zero, the Loan Group 2 Principal Distribution Amount remaining after payments to the Class A-1A, Class A-1 and Class A-2 Certificates and payments to the Class A-AB Certificates pursuant to (1) above in this clause Third have been made on such Distribution Date, until the Class A-3 Certificates have been reduced to zero,
(5) then, to the Class A-AB Certificates, in an amount equal to the Group 1 Principal Distribution Amount (or the portion of it remaining after distributions on the Class A-1, Class A-2 and Class A-3 Certificates) for such Distribution Date and, after the Class A-1A Certificates have been reduced to zero, the Loan Group 2 Principal Distribution Amount remaining after payments to the Class A-1A, Class A-1, Class A-2 and Class A-3 Certificates have been made on such Distribution Date, until the Class A-AB Certificates have been reduced to zero,
(6) then, to the Class A-4 Certificates, in an amount equal to the Group 1 Principal Distribution Amount (or the portion of it remaining after distributions to the Class A-1, Class A-2 and Class A-3 Certificates and distributions on the Class A-AB Certificates pursuant to (1) above in this clause Third) for such Distribution Date and, after the Class A-1A Certificates have been reduced to zero, the Loan Group 2 Principal Distribution Amount remaining after payments to the Class A-1A, Class A-1, Class A-2 and Class A-3 Certificates and payments to the Class A-AB Certificates pursuant to (1) above in this clause Third have been made on such Distribution Date, until the Class A-4 Certificates have been reduced to zero,
(B) to the Class A-1A Certificates, in an amount equal to the Loan Group 2 Principal Distribution Amount for such Distribution Date and to the Class A-1A Certificates, in an amount equal to the Loan Group 1 Principal Distribution Amount remaining after payments to the distributions Class A-1, Class A-2, Class A-3, Class A-AB and Class A-4 Certificates have been made pursuant on such Distribution Date, until the Class A-1A Certificates are reduced to clause (i) above, allocated as follows (except as provided below):zero;
(aiv) Fourth, to the Holders of Class A-1, Class A-2, Class A-3, Class A-AB, Class A-4 and Class A-1A Certificat▇▇, ▇▇▇ ▇▇▇▇, to the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been extent not distributed pursuant to this clauseall prior clauses, for the unreimbursed amounts of Realized Losses, if any, an amount equal to the aggregate of such unreimbursed Realized Losses previously allocated to such Class;
(bv) Fifth, to the Holders Class A-M Certificates in respect of interest, up to an amount equal to the aggregate Interest Accrual Amount of such Class;
(vi) Sixth, to the Class A-M Certificates in respect of interest, up to an amount equal to the aggregate unpaid Class Interest Shortfalls previously allocated to such Class;
(vii) Seventh, to the Class A-M Certificates, in reduction of the REMIC I Regular Interest I-LT1Certificate Balance thereof, ____% an amount equal to the Principal Distribution Amount less amounts of the amount remaining after application of clause (a)Principal Distribution Amount distributed pursuant to all prior clauses, until the Uncertificated Certificate Balance of such REMIC I Regular Interest Class is reduced to zero and any remaining amount to the Holders of the Class R-I Certificateszero;
(cviii) Eighth, to the Holders Class A-M Certificates, to the extent not distributed pursuant to all prior clauses, for the unreimbursed amounts of Realized Losses, if any, an amount equal to the aggregate of such unreimbursed Realized Losses previously allocated to such Class;
(ix) Ninth, to the Class A-J Certificates in respect of interest, up to an amount equal to the aggregate Interest Accrual Amount of such Class;
(x) Tenth, to the Class A-J Certificates in respect of interest, up to an amount equal to the aggregate unpaid Class Interest Shortfalls previously allocated to such Class;
(xi) Eleventh, to the Class A-J Certificates, in reduction of the REMIC I Regular Interest I-LT2Certificate Balance thereof, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the an amount remaining after application of clause (a), in the same proportion as principal payments are allocated equal to the related Corresponding CertificatesPrincipal Distribution Amount less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Uncertificated Balances Certificate Balance of such REMIC I Regular Interests are Class is reduced to zero and any remaining amount zero;
(xii) Twelfth, to the Holders Class A-J Certificates, to the extent not distributed pursuant to all prior clauses, for the unreimbursed amounts of Realized Losses, if any, an amount equal to the aggregate of such unreimbursed Realized Losses previously allocated to such Class;
(xiii) Thirteenth, to the Class B Certificates in respect of interest, up to an amount equal to the aggregate Interest Accrual Amount of such Class;
(xiv) Fourteenth, to the Class B Certificates in respect of interest, up to an amount equal to the aggregate unpaid Class Interest Shortfalls previously allocated to such Class;
(xv) Fifteenth, to the Class B Certificates, in reduction of the Class R-I Certificates; and
(d) Certificate Balance thereof, an amount equal to the Holders Principal Distribution Amount less amounts of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a)Principal Distribution Amount distributed pursuant to all prior clauses, until the Uncertificated Certificate Balance of such REMIC I Regular Interest Class is reduced to zero and any remaining amount zero;
(xvi) Sixteenth, to the Holders Class B Certificates, to the extent not distributed pursuant to all prior clauses, for the unreimbursed amounts of Realized Losses, if any, an amount equal to the aggregate of such unreimbursed Realized Losses previously allocated to such Class;
(xvii) Seventeenth, to the Class C Certificates in respect of interest, up to an amount equal to the aggregate Interest Accrual Amount of such Class;
(xviii) Eighteenth, to the Class C Certificates in respect of interest, up to an amount equal to the aggregate unpaid Class Interest Shortfalls previously allocated to such Class;
(xix) Nineteenth, to the Class C Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount less the amount of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class R-I is reduced to zero;
(xx) Twentieth, to the Class C Certificates; provided, howeverto the extent not distributed pursuant to all prior clauses, that _____% and _____% for the unreimbursed amounts of any principal payments that are attributable Realized Losses, if any, up to a Overcollateralization Reduction Amount shall be an amount equal to the aggregate of such unreimbursed Realized Losses previously allocated to Holders such Class;
(xxi) Twenty-first, to the Class D Certificates in respect of interest, up to an amount equal to the aggregate Interest Accrual Amount of such Class;
(xxii) Twenty-second, to the Class D Certificates in respect of interest, up to an amount equal to the aggregate unpaid Class Interest Shortfalls previously allocated to such Class;
(xxiii) Twenty-third, to the Class D Certificates, in reduction of the REMIC I Regular Certificate Balance thereof, an amount equal to the Principal Distribution Amount less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;
(xxiv) Twenty-fourth, to the Class D Certificates, to the extent not distributed pursuant to all prior clauses, for the unreimbursed amounts of Realized Losses, if any, an amount equal to the aggregate of such unreimbursed Realized Losses previously allocated to such Class;
(xxv) Twenty-fifth, to the Class E Certificates in respect of interest, up to an amount equal to the aggregate Interest IAccrual Amount of such Class;
(xxvi) Twenty-LT1 and REMIC I Regular sixth, to the Class E Certificates in respect of interest, up to an amount equal to the aggregate unpaid Class Interest IShortfalls previously allocated to such Class;
(xxvii) Twenty-LT7seventh, respectively.to the Class E Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount, less the amount of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;
(xxviii) Twenty-eighth, to the Class E Certificates, to the extent not distributed pursuant to all prior clauses, for the unreimbursed amounts of Realized Losses, if any, an amount equal to the aggregate of such unreimbursed Realized Losses previously allocated to such Class;
(xxix) Twenty-ninth, to the Class F Certificates in respect of interest, up to an amount equal to the aggregate Interest Accrual Amount of such Class;
(xxx) Thirtieth, to the Class F Certificates in respect of interest, up to an amount equal to the aggregate unpaid Class Interest Shortfalls previously allocated to such Class;
(xxxi) Thirty-first, to the Class F Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount less the amount of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;
(xxxii) Thirty-second, to the Class F Certificates, to the extent not distributed pursuant to all prior clauses, for the unreimbursed amounts of Realized Losses, if any, an amount equal to the aggregate of such unreimbursed Realized Losses previously allocated to such Class;
(xxxiii) Thirty-third, to the Class G Certificates in respect of interest, up to an amount equal to the aggregate Interest Accrual Amount of such Class;
(xxxiv) Thirty-fourth, to the Class G Certificates in respect of interest, up to an amount equal to the aggregate unpaid Class Interest Shortfalls previously allocated to such Class;
(xxxv) Thirty-fifth, to the Class G Certificates, in reduction of the Certificate Ba
Appears in 1 contract
Sources: Pooling and Servicing Agreement (COMM 2006-C7 Mortgage Trust)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be:
(1) With respect to the Group IA Mortgage Loans:
(i) to Holders of REMIC I Regular Interest IA and REMIC I Regular Interest IA-1-A through IA-57-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest IA, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest IA is reduced to zero; and
(iii) to the extent of amounts remaining after distributions made pursuant to clauses (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular Interests IA-1-A through IA-57-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(2) With respect to the Group IB Mortgage Loans:
(i) to Holders of REMIC I Regular Interest IB and REMIC I Regular Interest IB-1-A through IB-57-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest IB, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest IB is reduced to zero; and
(iii) to the extent of amounts remaining after distributions made pursuant to clauses (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular Interests IB-1-A through IB-57-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(3) With respect to the Group II Mortgage Loans:
(i) to Holders of REMIC I Regular Interest II and each of REMIC I Regular Interest II-1-A through II-57-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest II, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest II is reduced to zero; and
(iii) to the extent of amounts remaining after distributions made pursuant to clauses (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular Interests II-1-A through II-57-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(b) to the Holders of REMIC I Regular Interest IA-57-B, all amounts representing Prepayment Charges in respect of the Group IA Mortgage Loans received during the related Prepayment Period, to the Holders of REMIC I Regular Interest IB-57-B, all amounts representing Prepayment Charges in respect of the Group IB Mortgage Loans received during the related Prepayment Period and to the Holders of REMIC I Regular Interest II-57-B, all amounts representing Prepayment Charges in respect of the Group II Mortgage Loans received during the related Prepayment Period.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I CertificatesII Interest), as the case may be:
(i) first to the Holders of REMIC I Regular Interests (other than REMIC I II Regular Interest I-LTP)IO, in an amount equal to (A) Uncertificated Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC II Regular Interest AA, REMIC II Regular Interest A-1A, REMIC II Regular Interest A-1B, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest M-11, REMIC II Regular Interest ZZ and REMIC II Regular Interest P, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I II Regular Interest I-LT7 ZZ shall be reduced when the REMIC I Overcollateralized II Overcollateralization Amount is less than the REMIC I II Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 ZZ Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, Amount and such amount will be payable to the Holders of REMIC I II Regular Interest A-1A, REMIC II Regular Interest A-1B, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II Regular Interest M-11 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC II Regular Interest ZZ shall be increased by such amount;
(ii) to Holders of REMIC II Regular Interest IA-SUB, REMIC II Regular Interest IA-GRP, REMIC II Regular Interest IB-SUB, REMIC II Regular Interest IB-GRP, REMIC II Regular Interest II-SUB, REMIC II Regular Interest II-GRP, and REMIC II Regular Interest XX, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the Available Distribution Amount REMIC II Marker Allocation Percentage of the available funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(aA) 98.00% of such remainder to the Holders of REMIC II Regular Interest AA, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC II Regular Interest A-1A, REMIC II Regular Interest A-1B, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II Regular Interest M-11, 1% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC II Regular Interests are reduced to zero and second to the Holders of REMIC II Regular Interest ZZ, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero;
(C) to the Holders of REMIC II Regular Interest P, (1) 100% of the Prepayment Charges deemed distributed on REMIC I Regular Interest IIA-57B, REMIC I Regular Interest IB-57B and REMIC I Regular Interest II-57-LTP, B and (2) on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; then
(bD) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a)R Certificate, in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders respect of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I CertificatesII Interest; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I II Regular Interest I-LT1 AA and REMIC I II Regular Interest I-LT7ZZ, respectively.
(iv) to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the REMIC II Sub WAC Allocation Percentage of available funds for such Distribution Date after the distributions made pursuant to clause (c)(ii) above, such that distributions of principal shall be deemed to be made to the REMIC II Regular Interests first, so as to keep the Uncertificated Balance of each REMIC II Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group; second, to each REMIC II Regular Interest ending with the designation “SUB,” so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group over (y) the current Certificate Principal Balance of the Class A Certificate in the related loan group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC II Regular Interest XX.
(v) Notwithstanding the distributions described in Section 5.01(c)(1), distributions of funds shall be made to Certificateholders only in accordance with Section 5.01(c)(2) through (8) and Section 5.01(e).
(2) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group IA Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group IA Interest Remittance Amount remaining for such Distribution Date: first, commencing on the Distribution Date in April 2007, to the Supplemental Interest Trust, an amount equal to the Group IA Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event (to the extent such amount has not been paid by the Securities Administrator from any upfront payment received pursuant to any related replacement interest rate swap agreement that may be entered into by the Trustee on behalf of the Supplemental Interest Trust); second, to the Holders of the Class A-1A Certificates, the Senior Interest Distribution Amount allocable to the Class A-1A Certificates; and third, concurrently, to the Holders of the Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, ▇▇▇▇▇ ▇-▇▇, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, to the extent remaining unpaid after the distribution of the Group IB Interest Remittance Amount as set forth in Section 5.01(c)(3) below and to the extent remaining unpaid after the distribution of the Group II Interest Remittance Amount as set forth in Section 5.01(c)(4) below, on a pro rata basis, based on the entitlement of each such Class.
(3) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group IB Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group IB Interest Remittance Amount remaining for such Distribution Date: first, commencing on the Distribution Date in April 2007, to the Supplemental Interest Trust, an amount equal to the Group IB Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event (to the extent such amount has not been paid by the Securities Administrator from any upfront payment received pursuant to any related replacement interest rate swap agreement that may be entered into by the Trustee on behalf of the Supplemental Interest Trust); second, to the Holders of the Class A-1B Certificates, the Senior Interest Distribution Amount allocable to the Class A-1B Certificates; and third, concurrently, to the Holders of the Class A-1A, Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, to the extent remaining unpaid after the distribution of the Group IA Interest Remittance Amount as set forth in Section 5.01(c)(2) above and to the extent remaining unpaid after the distribution of the Group II Interest Remittance Amount as set forth in Section 5.01(c)(4) below, on a pro rata basis, based on the entitlement of each such Class.
(4) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group II Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group II Interest Remittance Amount remaining for such Distribution Date: first, commencing on the Distribution Date in April 2007, to the Supplemental Interest Trust, an amount equal to the Group II Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event (to the extent such amount has not been paid by the Securities Administrator from any upfront payment received pursuant to any related replacement interest rate swap agreement that may be entered into by the Trustee on behalf of the Supplemental Interest Trust); second, concurrently, to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, on a pro rata basis, based on the entitlement of each such Class; and third, to the Holders of the Class A-1A Certificates and Class A-1B Certificates, the Senior Interest Distribution Amount allocable to each such Class, to the extent remaining unpaid after the distribution of the Group IA Interest Remittance Amount as set forth in Section 5.01(c)(2) above and to the extent remaining unpaid after the distribution of the Group IB Interest Remittance Amount as set forth in Section 5.01(c)(3) above, on a pro rata basis, based on the entitlement of each such Class.
(5) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group IA Interest Remittance Amount, the Group IB Interest Remittance Amount and the Group II Interest Remittance Amount remaining after the distributions require
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2006-Asap5)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates, in respect of the Class R-I CertificatesInterest, as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTB, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced when the REMIC I Overcollateralized Overcollateralization Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral Amount; andAmount and such amount will be payable to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTB, in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC I Regular Interest I-LTZZ shall be increased by such amount;
(ii) on each to Holders of REMIC I Regular Interest I-LT1A, REMIC I Regular Interest I-LT1B, REMIC I Regular Interest I-LT2A, REMIC I Regular Interest I-LT2B and REMIC I Regular Interest I-LTXX, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Marker Allocation Percentage of the Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) to the Holders of REMIC I Regular Interest I-LTAA, 98.00% of such remainder, until the Uncertificated Balance of such Uncertificated REMIC I Regular Interest is reduced to zero;
(b) to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6 and REMIC I Regular Interest I-LTB, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero;
(c) to the Holders of REMIC I Regular Interest I-LTZZ, 1.00% of such remainder, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero;
(d) to the Holders of REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; then
(be) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a)Interest, in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders respect of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I CertificatesInterest; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTZZ, respectively.
(iv) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of Available Funds for such Distribution Date after the distributions made pursuant to clause (ii) above, such that distributions of principal shall be deemed to be made to the REMIC I Regular Interests first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation "A," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I Regular Interest I-LTXX.
(v) Notwithstanding the distributions described in Section 5.01(a)(1), distributions of funds shall be made to Certificateholders only in accordance with Section 5.01(2) through (7) and Section 5.01(b).
(2) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group I Interest Remittance Amount remaining for such Distribution Date: FIRST, concurrently, to the Holders of the Class A-1 Certificates and Class A-3 Certificates, the Senior Interest Distribution Amount allocable to each such Class, on a pro rata basis, based on the entitlement of each such Class; and SECOND, to the Holders of the Class A-2 Certificates, the Senior Interest Distribution Amount allocable to the Class A-2 Certificates, to the extent remaining unpaid after the distribution of the Group II Interest Remittance Amount as set forth in clause FIRST of Section 5.01(a)(3) below.
(3) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group II Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group II Interest Remittance Amount remaining for such Distribution Date: FIRST, to the Holders of the Class A-2 Certificates, the Senior Interest Distribution Amount allocable to the Class A-2 Certificates; and SECOND, concurrently, to the Holders of the Class A-1 Certificates and Class A-3 Certificates, the Senior Interest Distribution Amount allocable to each such Class, on a pro rata basis, based on the entitlement of each such Class, to the extent remaining unpaid after the distribution of the Group I Interest Remittance Amount as set forth in clause FIRST of Section 5.01(a)(2) above.
(4) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Interest Remittance Amount and the Group II Interest Remittance Amount remaining after the distributions required by clauses (2) and (3) above and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group I Interest Remittance Amount and Group II Interest Remittance Amount remaining for such Distribution Date: FIRST, to the Holders of the Class M-1 Certificates, the Interest Distribution Amount allocable to the Class M-1 Certificates; SECOND, to the Holders of the Class M-2 Certificates, the Interest Distribution Amount allocable to the Class M-2 Certificates; THIRD, to the Holders of the Class M-3 Certificates, the Interest Distribution Amount allocable to the Class M-3 Certificates; FOURTH, to the Holders of the Class M-4 Certificates, the Interest Distribution Amount allocable to the Class M-4 Certificates; FIFTH, to the Holders of the Class M-5 Certificates, the Interest Distribution Amount allocable to the Class M-5 Certificates; SIXTH, to the Holders of the Class M-6 Certificates, the Interest Distribution Amount allocable to the Class M-6 Certificates; and SEVENTH, to the Holders of the Class B Certificates, the Interest Distribution Amount allocable to the Class B Certificates.
(5) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Principal Distribution Amount and the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) The Group I Principal Distribution Amount shall be distributed in the following order of priority: FIRST, concurrently, to the Holders of the Class A-1 Certificates and Class A-3 Certificates, on a pro rata basis, based on the Certificate Principal Balance of each such Class, until the Certificate Principal Balance of each such Class has been reduced to zero; and SECOND, to the Holders of the Class A-2 Certificates after taking into account the distribution of the Group II Principal Distribution Amount pursuant to clause FIRST of Section 5.01(a)(5)(ii) below, until the Certificate Principal Balance of such Class has been reduced to zero.
(ii) The Group II Principal Distribution Amount shall be distributed in the following order of priority: FIRST, to the Holders of the Class A-2 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; and SECOND, concurrently, to the Holders of the Class A-1 Certificates and Class A-3 Certificates, on a pro rata basis, based on the Certificate Principal Balance of each such Class, after taking into account the distribution of the Group I Principal Distribution Amount pursuant to clause FIRST of Section 5.01(a)(5)(i) above, until the Certificate Principal Balance of each such Class has been reduced to zero.
(iii) The Group I Principal Distribution Amount and Group II Principal Distribution Amount remaining after distributions pursuant to Section 5.01(a)(5)(i) and (ii) above shall be distributed in the following order of priority: FIRST, to the Holders of the Class M-1 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; SECOND, to the Holders of the Class M-2 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; THIRD, to the Holders of the Class M-3 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; FOURTH, to the Holders of the Class M-4 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; FIFTH, to the Holders of the Class M-5 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; SIXTH, to the Holders of the Class M-6 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; and SEVENTH, to the Holders of the Class B Certificates, until the Certificate Principal Balance of such Class has been reduced to zero.
(6) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Principal Distribution Amount and the Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) The Group I Principal Distribution Amount shall be distributed in the following order of priority: FIRST, concurrently, to the Holders of the Class A-1 Certificates and Class A-3 Certificates, the Class A-1/A-3 Principal Distribution Amount, on a pro rata basis, based on the Certificate Principal Balance of each such Class, until the Certificate Principal Balance of each such Class has been reduced to zero; SECOND, to the extent of the portion, if any, of the Class A-1/A-3 Principal Distribution Amount remaining undistributed pursuant to clause FIRST of this Section 5.01(a)(6)(i), to the Holders of the Class A-2 Certificates, after taking into account the distribution of the Group II Principal Distribution Amount pursuant to clause FIRST of Section 5.01(a)(6)(ii) below, until the Certificate Principal Balance of such Class has been reduced to zero; and THIRD, to the Holders of the Class A-2 Certificates, after taking into account the distribution of the Group II Principal Distribution Amount pursuant to clause FIRST of Section 5.01(a)(6)(ii) below, up to the amount, if any, of the Class A-2 Principal Distribution Amount remaining unpaid on such Distribution Date, until the Certificate Principal Balance of such Class has been reduced to zero.
(ii) The Group II Principal Distribution Amount shall be distributed in the following order of priority: FIRST, to the Holders of the Class A-2 Certificates, the Class A-2 Principal Distribution Amount, until the Certificate Principal Balance of such Class has been reduced to zero; SECOND, to the extent of the portion, if any, of the Class A-2 Principal Distribution Amount remaining undistributed pursuant to clause FIRST of this Section 5.01(a)(6)(ii), concurrently, to the Holders of the Class A-1 Certificates and Class A-3 Certificates, on a pro rata basis, based on the Certificate Principal Balance of each such Class, after taking into account the distribution of the Group I Principal Distribution Amount pursuant to clause FIRST of Section 5.01(a)(6)(i) above, until the Certificate Principal Balance of each such Class has been reduced to zero; and THIRD, concurrently, to the Holders of the Class A-1 Certificates and Class A-3 Certificates, on a pro rata basis, based on the Certificate Principal Balance of each such Class, after taking into account the distribution of the Group I Principal Distribution Amount pursuant to clause FIRST of Section 5.01(a)(6)(i) above, up to the amount, if any, of the Class A-1/A-3 Principal Distribution Amount remaining unpaid on such Distribution Date, until the Certificate Principal Balance of each such Class has been reduced to zero.
(iii) The Principal Distribution Amount remaining after distributions pursuant to Section 5.01(a)(6)(i) and (ii) above shall be distributed in the following order of priority: FIRST, to the Class M-1 Certificates, the lesser of (x) the remaining Principal Distribution Amount and (y) the Class M-1 Principal Distribution Amount, until the Certificate Principal Balance of such Class has been reduced to zero; SECOND, to the Class M-2 Certificates, the lesser of (x) the excess of (i) the remaining Principal Distribution Amount over (ii) the amount distributed to the Holders of the Class M-1 Certificates pursuant to clause FIRST of this Section 5.01(a)(6)(iii) and (y) the Class M-2 Principal Distribution Amount until the Certificate Principal Balance of such Class has been reduced to zero; THIRD, to the Class M-3 Certificates, the lesser of (x) the excess of (i) the remaining Principal Distribution Amount over (ii) the sum of the amounts distributed to the Holders of the Class M-1 Certificates pursuant to clause FIRST of this Section 5.01(a)(6)(iii) and to the Holders of the Class M-2 Certificates pursuant to clause SECOND of this Section 5.01(a)(6)(iii) and (y) the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance of such Class has been reduced to zero; FOURTH, to the Class M-4 Certificates, the lesser of (x) the excess of (i) the remaining Principal Distribution Amount over (ii) the sum of the amounts distributed to the Holders of the Class M-1 Certificates pursuant to clause FIRST of this Section 5.01(a)(6)(iii), to the Holders of
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Sec Corp Hom Eq Ln Tr Ser 2003-Op1)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be:
(i) to Holders of REMIC I Regular Interest I-1-A through I-43-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (1) above, payments of principal shall be allocated as follows: first, to REMIC I Regular Interest I and then to REMIC I Regular Interests I-1-A through I-43-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests, and second, to the extent of any Overcollateralization Reduction Amounts, to REMIC I Regular Interests I-1-A through I-43-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such Overcollateralization Reduction Amounts shall be allocated pro rata between such REMIC I Regular Interests.
(iii) to the Holders of REMIC I Regular Interest I-LTP, (A) all amounts representing Prepayment Charges (other than any Originator Prepayment Charge Payment Amount) in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(b) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesII Interest), as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I II Regular Interest III-LTIO, in an amount equal to (a) Uncertificated Accrued Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates.
(ii) to Holders of REMIC II Regular Interest II-LTAA, REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8, REMIC II Regular Interest II-LTM9, REMIC II Regular Interest II-LTZZ and REMIC II Regular Interest II-LTP), pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I II Regular Interest III-LT7 LTZZ shall be reduced and deferred when the REMIC I II Overcollateralized Amount is less than the REMIC I II Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum III-LT7 LTZZ Uncertificated Interest Deferral AmountAmount and such amount will be payable to the Holders of REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8 and REMIC II Regular Interest II-LTM9 in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC II Regular Interest II-LTZZ shall be increased by such amount; and
(iiiii) to the Holders of REMIC II Regular Interest II-LTP, (A) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder 100% of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause amount paid in respect of Prepayment Charges (iother than any Originator Prepayment Charge Payment Amount) above, allocated as follows and (except as provided below):
(aB) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(biv) to the Holders of the REMIC I II Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i), (ii) and (iii) above, allocated as follows:
(a) 98.00% of such remainder to the Holders of REMIC II Regular Interest III-LT1, ____% of the amount remaining after application of clause (a)LTAA, until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount zero;
(b) 2.00% of such remainder, first to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I II Regular Interest III-LT2LTA1, REMIC I II Regular Interest III-LT3LTA2, REMIC I II Regular Interest III-LT4LTA3, REMIC I II Regular Interest III-LT5 LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8 and REMIC I II Regular Interest III-LT6LTM9, ____equal to 1.00% of the amount remaining after application of clause (a), and in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I II Regular Interests are reduced to zero and second, to the Holders of REMIC II Regular Interest II-LTZZ, 1.00%, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero; and
(c) any remaining amount to the Holders of the Class R-I Certificates; and
R Certificates (d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders in respect of the Class R-I CertificatesII Interest); provided, however, that _____(i) 98.00% and _____(ii) 2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Release Amount shall be allocated to Holders of the (i) REMIC I II Regular Interest III-LT1 LTAA and REMIC I II Regular Interest III-LT7LTZZ, respectively; once the Uncertificated Principal Balances of REMIC II Regular Interest II-LTA1, REMIC II Regular Interest II-LTA2, REMIC II Regular Interest II-LTA3, REMIC II Regular Interest II-LTA4, REMIC II Regular Interest II-LTM1, REMIC II Regular Interest II-LTM2, REMIC II Regular Interest II-LTM3, REMIC II Regular Interest II-LTM4, REMIC II Regular Interest II-LTM5, REMIC II Regular Interest II-LTM6, REMIC II Regular Interest II-LTM7, REMIC II Regular Interest II-LTM8 and REMIC II Regular Interest II-LTM9 have been reduced to zero. On each Distribution Date, all amounts representing Prepayment Charges (other than any Originator Prepayment Charge Payment Amount) in respect of the Mortgage Loans during the related Prepayment Period will be distributed by REMIC II to the Holders of REMIC II Regular Interest II-LTP. The payment of the foregoing amounts to the Holders of REMIC II Regular Interest II-LTP shall not reduce the Uncertificated Balance thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2006-Fre1)
Distributions. (a) On each Distribution Date, the Trustee (1)(Aor the Paying Agent on behalf of the Trustee) shall allocate and distribute the Available Distribution Amount, if any, for such date to the interests issued in respect of REMIC I and REMIC II as specified in this Section.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed Interests:
i. to the holders extent of the Class R-I CertificatesAvailable Distribution Amount, as the case may be:
(i) to the Holders of the REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)Interests, pro rata, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC I Regular Interest I-LT7 ZZ shall be reduced when the REMIC I Overcollateralized Overcollateralization Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC I Regular Interest ZZ Maximum I-LT7 Uncertificated Interest Deferral Amount, and such amount will be payable to the Holders of REMIC I Regular Interests A-1, A-2, ▇-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇ ▇▇▇ ▇-▇ in the same proportion as the Overcollateralization Increase Amount is allocated to the corresponding Class of Certificates, and the Uncertificated Principal Balance of the REMIC I Regular Interest ZZ shall be increased by such amount; and
(ii) . on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
): (a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(bA) to the Holders of the REMIC I Regular Interest I-LT1AA, ____98.00% of the amount remaining after application of clause (a), such remainder until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount zero; (B) to the Holders of REMIC I Regular Interests A-1, A-2, A-3, ▇-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇ ▇▇▇ ▇-▇, 1.▇▇% ▇▇ ▇▇▇▇ ▇▇▇▇▇▇der in the same proportion as amounts are distributed in respect of principal on the corresponding Class R-I of Certificates;
; (cC) to the Holders of the REMIC I Regular Interest I-LT2ZZ, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____1.00% of the amount remaining after application of clause such remainder; and (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and D) any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount amounts to the Holders of the Class R-I Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 AA and REMIC I Regular Interest I-LT7ZZ, respectively.
(2) Notwithstanding the distributions described in this Section 4.02(b), distribution of funds from the Certificate Account shall be made only in accordance with Section 4.02(c).
(c) On each Distribution Date (x) the Master Servicer on behalf of the Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute to each Certificateholder of record on the next preceding Record Date (other than as provided in Section 9.01 respecting the final distribution) either in immediately available funds (by wire transfer or otherwise) to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder has so notified the Master Servicer or the Paying Agent, as the case may be, or, if such Certificateholder has not so notified the Master Servicer or the Paying Agent by the Record Date, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register such Certificateholder's share (which share with respect to each Class of Certificates, shall be based on the aggregate of the Percentage Interests represented by Certificates of the applicable Class held by such Holder of the following amounts, in the following order of priority, subject to the provisions of Section 4.02(d)), to the extent of the Available Distribution Amount on deposit in the Certificate Account (with respect to clauses (i) through (xi), and to the extent of the sum of the remaining Available Distribution Amount and the Yield Maintenance Payments on deposit in the Certificate Account with respect to clauses (xii) through (xx) and, with respect to clause (xx)(B) below, to the extent of prepayment charges on deposit in the Certificate Account) :
(i) to the Class A Certificateholders, the Class A Interest Distribution Amount, with such amount allocated among the Class A Certificateholders on a pro rata basis based on the Accrued Certificate Interest on each such Class;
(ii) to the Class M-1 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-1 Interest Distribution Amount;
(iii) to the Class M-2 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-2 Interest Distribution Amount;
(iv) to the Class M-3 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-3 Interest Distribution Amount;
(v) to the Class M-4 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-4 Interest Distribution Amount;
(vi) to the Class M-5 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-5 Interest Distribution Amount;
(vii) to the Class M-6 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-6 Interest Distribution Amount;
(viii) to the Class M-7 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-7 Interest Distribution Amount;
(ix) to the Class M-8 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-8 Interest Distribution Amount;
(x) to the Class M-9 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-9 Interest Distribution Amount;
(xi) to the Class A Certificateholders and Class M Certificateholders, from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Principal Distribution Amount (other than the amounts set forth in clauses (b)(iv), (b)(v), and (b)(vi) of the definition thereof), in the order of priority described in Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A Certificates and Class M Certificates have been reduced to zero;
(xii) to the Class A Certificateholders and Class M Certificateholders, from the amount, if any, of the Excess Cash Flow, an amount equal to the principal portion of Realized Losses previously allocated to reduce the Certificate Principal Balance of any Class of the Class A Certificates or Class M Certificates and remaining unreimbursed, but only to the extent of Subsequent Recoveries for that Distribution Date, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A Certificates and Class M Certificates have been reduced to zero;
(xiii) to the Class A Certificateholders and Class M Certificateholders, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, an amount equal to the principal portion of Realized Losses on the Mortgage Loans during the immediately preceding Prepayment Period, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A Certificates and Class M Certificates have been reduced to zero;
(xiv) to the Class A Certificateholders and Class M Certificateholders, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the Overcollateralization Increase Amount for such Distribution Date, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A Certificates and Class M Certificates have been reduced to zero;
(xv) to the Class A Certificateholders and Class M Certificateholders from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the amount of any Prepayment Interest Shortfalls allocated thereto for such Distribution Date, on a pro rata basis based on Accrued Certificate Interest otherwise due thereon, to the extent not covered by Eligible Master Servicing Compensation on such Distribution Date;
(xvi) to the Class A Certificateholders and Class M Certificateholders from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the amount of any Prepayment Interest Shortfalls previously allocated thereto on any prior Distribution Date that remain unreimbursed, together with interest thereon at the applicable Pass-Through Rate, on a pro rata basis based on Prepayment Interest Shortfalls previously allocated thereto that remain unreimbursed;
(xvii) from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, to pay the Class A Certificates, on a pro rata basis, based on the amount of Class A Basis Risk Shortfall Carry-Forward Amount previously allocated thereto that remain unreimbursed, the amount of any Class A Basis Risk Shortfall Carry-Forward Amounts remaining unpaid as of such Distribution Date, and then to the Class M Certificates, in their order of their payment priority, the amount of any Class M Basis Risk Shortfall Carry-Forward Amounts remaining unpaid as of such Distribution Date;
(xviii) to the Class A Certificates and Class M Certificates on a pro rata basis, based on the amount of Relief Act Shortfalls allocated thereto on such Distribution Date, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the amount of any Relief Act Shortfalls allocated to those Certificates with respect to such Distribution Date;
(xix) to the Class A Certificateholders and Class M Certificateholders, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the principal portion of any Realized Losses previously allocated to those Certificates and remaining unreimbursed, which amount shall be allocated first, to the Class A Certificateholders on a pro rata basis, based on their respective principal portion of any Realized Losses previously allocated thereto that remain unreimbursed, and then to the Class M Certificates, in their order of payment priority;
(xx) to the Class SB Certificates, (A) from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the sum of (I) Accrued Certificate Interest thereon, (II) the amount of any Overcollateralization Reduction Amount for such Distribution Date and (III) for any Distribution Date after the Certificate Principal Balance of each Class of Class A Certificates and Class M Certificates has been reduced to zero, the Overcollateralization Amount, and (B) from prepayment charges on deposit in the Certificate Account, any prepayment charges received on the Mortgage Loans during the related Prepayment Period; and
(xxi) to the Class R-II Certificateholders, the balance, if any, of the Excess Cash Flow.
(d) On each Distribution Date, the Principal Distribution Amount will be paid as follows:
(i) the Class A Principal Distribution Amount shall be distributed, sequentially, as follows: (w) first, to the Class A-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, (x) second, to the Class A-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and (y) third, to the Class A-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(ii) the Class M-1 Principal Distribution Amount shall be distributed to the Class M-1 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) the Class M-2 Principal Distribution Amount shall be distributed to the Class M-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) the Class M-3 Principal Distribution Amount shall be distributed to the Class M-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(v) the Class M-4 Principal Distribution Amount shall be distributed to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(vi) the Class M-5 Principal Distribution Amount shall be distributed to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(vii) the Class M-6 Principal Distribution Amount shall be distributed to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(viii) the Class M-7 Principal Distribution Amount shall be distributed to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(ix) the Class M-8 Principal Distribution Amount shall be distributed to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and
(x) the Class M-9 Principal Distribution Amount shall be distributed to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero.
(e) Notwithstanding the foregoing clauses (c) and (d), upon the reduction of the Certificate Principal Balance of a Class of Class A Certificates and Class M Certificates to zero, such Class of Certificates will not be entitled to further distributions pursuant to Section 4.02 (other than in respect of Subsequent Recoveries).
(f) Notwithstanding the foregoing, on any Distribution Date, the amounts allocated from Excess Cash Flow pursuant to clauses (c)(xiii) through (c)(xiv) of this Section 4.02 on such Distribution Date shall be paid first from the Available Distribution Amount for such Distribution Date and second from any Yield Maintenance Payment for such Distribution Date.
(g) Any Prepayment Interest Shortfalls on the Mortgage Loans which are not covered by Eligible Master Servicing Compensation as described in Section 3.16 and Relief Act Shortfalls on the Mortgage Loans will be allocated among the Class A Certificates and Class M Certificates, pro rata in accordance with the amount of Accrued Certificate Interest payable on such Distribution Date absent such shortfalls. Any such uncovered Prepayment Interest Shortfalls will be paid solely pursuant to Section 4.02(c)(xv) and (xvi) to the extent funds are available therefor. Any such Relief Act Shortfalls will be paid solely pursuant to Section 4.02(c)(xviii) to the extent funds are available therefor.
(h) In addition to the foregoing distributions, with respect to any Subsequent Recoveries, the Master Servicer shall deposit such funds into the Custodial Account pursuant to Section 3.07(b)(iii).
(i) Each distribution with respect to a Book-Entry Certificate shall be paid to the Depository, as Holder thereof, and the Depository shall be responsible for crediting the amount of such distribution to the accounts of its Depository Participants in accordance with its normal procedures. Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners that it represents and to each indirect participating brokerage firm (a "brokerage firm" or "indirect participating firm") for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners that it represents. None of the Trustee, the Certificate Registrar, the Depositor or the Master Servicer shall have any responsibility therefor except as otherwise provided by this Agreement or applicable law.
(j) Except as otherwise provided in Section 9.01, if the Master Servicer anticipates that a final distribution with respect to any Class of Certificates will be made on the next Distribution Date, the Master Servicer s
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2006-Rz3 Trust)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be: With respect to the Group I Mortgage Loans:
(i1) to the Holders of REMIC I Regular Interests (other than Interest I, and each of REMIC I Regular Interest II-1-LTP)A through I-52-B, PRO RATA, in an amount equal to (A) the Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and.
(ii2) on each Distribution Date, to the Holders extent of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows (except as provided below):
(a) follows: first, to REMIC I Regular interests I-1-A through I-52-B starting with the Holders lowest numerical denomination until the Uncertificated Balance of the each such REMIC I Regular Interest I-LTPis reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated PRO RATA between such REMIC I Regular Interests, and second, to the extent of the product of (a) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; and
(3) to the Holders of REMIC I Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;. With respect to the Group II Mortgage Loans:
(b1) to the Holders of the REMIC I Regular Interest II and each of REMIC I Regular Interest II-1-LT1A through II-52-B, ____% PRO RATA, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates. to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC I Regular interests II-1-A through II-52-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated PRO RATA between such REMIC I Regular Interests, and second, to the extent of the amount remaining after application product of clause (a)) any Overcollateralization Reduction Amounts multiplied by (b) a fraction, the numerator of which is the aggregate Scheduled Principal Balance of the Group I Mortgage Loans and the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans, to REMIC I Regular Interest I until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero zero. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period shall be distributed by REMIC I to the Holders of REMIC I Regular Interest I. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest I shall not reduce the Uncertificated Balance thereof.
(b) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests and any remaining amount distributed to the Holders of the Class R-I Certificates;
R Certificates (c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders respect of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (aII Interest), until as the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.case may be:
Appears in 1 contract
Distributions. (a) On each Distribution Date, the Trustee (1)(Aor the Paying Agent on behalf of the Trustee) shall allocate and distribute the Available Distribution Amount, if any, for such date to the interests issued in respect of REMIC I and REMIC II as specified in this Section.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed Interests:
i. to the holders extent of the Class R-I CertificatesAvailable Distribution Amount other than the portion of the Available Distribution Amount described in clause(a)(vi) of the definition of Available Distribution Amount), as the case may be:
(i) to the Holders of the REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)Interests, pro rata, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC I Regular Interest I-LT7 ZZ shall be reduced when the REMIC I Overcollateralized Overcollateralization Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC I Regular Interest ZZ Maximum I-LT7 Uncertificated Interest Deferral Amount, and such amount will be payable to the Holders of REMIC I Regular Interests A-1, A-2, A-3, A-4, M-1S, M-2S, M-3S, M-4, M-5, ▇-▇, ▇-▇, ▇-▇, ▇-9 and ▇ ▇▇ ▇▇▇ same proportion as the Overcollateralization Increase Amount is allocated to the corresponding Class of Certificates, and the Uncertificated Principal Balance of the REMIC I Regular Interest ZZ shall be increased by such amount; and
(ii) . on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such (other than the portion of the Available Distribution Date Amount described in clause (a)(vi) of the definition of Available Distribution Amount) after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
): (a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(bA) to the Holders of the REMIC I Regular Interest I-LT1AA, ____98.00% of the amount remaining after application of clause (a), such remainder until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount zero; (B) to the Holders of REMIC I Regular Interests A-1, A-2, A-3, A-4, ▇-▇▇, ▇-▇▇, ▇-▇S, M-4, M-5, M-6, M-7, M-8, M-9 and B 1.00% of s▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇me proportion as amounts are distributed in respect of principal on the corresponding Class R-I of Certificates;
; (cC) to the Holders of the REMIC I Regular Interest I-LT2ZZ, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____1.00% of the amount remaining after application of clause such remainder; and (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and D) any remaining amount amounts to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I R Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 AA and REMIC I Regular Interest I-LT7ZZ, respectively; and provided further, that any prepayment charges on deposit in the Certificate Account attributable to prepayment charges received on the Mortgage Loans during the related Prepayment Period shall be deemed distributed to REMIC II as the holder of the REMIC I Regular Interest AA.
(2) Notwithstanding the distributions described in this Section 4.02(b), distribution of funds from the Certificate Account shall be made only in accordance with Section 4.02(c).
(c) On each Distribution Date (x) the Master Servicer on behalf of the Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute to each Certificateholder of record on the next preceding Record Date (other than as provided in Section 9.01 respecting the final distribution) either in immediately available funds (by wire transfer or otherwise) to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder has so notified the Master Servicer or the Paying Agent, as the case may be, or, if such Certificateholder has not so notified the Master Servicer or the Paying Agent by the Record Date, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register such Certificateholder's share (which share with respect to each Class of Certificates, shall be based on the aggregate of the Percentage Interests represented by Certificates of the applicable Class held by such Holder of the following amounts, in the following order of priority, subject to the provisions of Section 4.02(d)), to the extent of the Available Distribution Amount on deposit in the Certificate Account with respect to clauses (i) through (xi), and to the extent of the sum of the remaining Available Distribution Amount (other than the portion of the Available Distribution Amount described in clause (a)(vi) of the definition of Available Distribution Amount)) and to the extent of prepayment charges on deposit in the Certificate Account):
(i) to the Class A Certificateholders, the Class A Interest Distribution Amount, with such amount allocated among the Class A Certificateholders on a pro rata basis based on the Accrued Certificate Interest on each such Class;
(ii) to the Class M-1S Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-1S Interest Distribution Amount;
(iii) to the Class M-2S Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-2S Interest Distribution Amount;
(iv) to the Class M-3S Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-3S Interest Distribution Amount;
(v) to the Class M-4 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-4 Interest Distribution Amount;
(vi) to the Class M-5 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-5 Interest Distribution Amount;
(vii) to the Class M-6 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-6 Interest Distribution Amount;
(viii) to the Class M-7 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-7 Interest Distribution Amount;
(ix) to the Class M-8 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-8 Interest Distribution Amount;
(x) to the Class M-9 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-9 Interest Distribution Amount;
(xi) to the Class B Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class B Interest Distribution Amount;
(xii) to the Class A, Class M and Class B Certificateholders, from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Principal Distribution Amount (other than the amounts set forth in clauses (b)(iv), (b)(v), and (b)(vi) of the definition thereof), in the order of priority described in Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A, Class M and Class B Certificates have been reduced to zero;
(xiii) to the Class A, Class M and Class B Certificateholders, from the amount, if any, of the Excess Cash Flow, an amount equal to the principal portion of Realized Losses previously allocated to reduce the Certificate Principal Balance of any Class of the Class A Certificates or Class M Certificates and remaining unreimbursed, but only to the extent of Subsequent Recoveries for that Distribution Date, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A, Class M and Class B Certificates have been reduced to zero;
(xiv) to the Class A, Class M and Class B Certificateholders, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, an amount equal to the principal portion of Realized Losses on the Mortgage Loans during the immediately preceding Prepayment Period, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A, Class M and Class B Certificates have been reduced to zero;
(xv) to the Class A, Class M and Class B Certificateholders, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the Overcollateralization Increase Amount for such Distribution Date, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A, Class M and Class B Certificates have been reduced to zero;
(xvi) to the Class A, Class M and Class B Certificateholders from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the amount of any Prepayment Interest Shortfalls allocated thereto for such Distribution Date, on a pro rata basis based on Accrued Certificate Interest otherwise due thereon, to the extent not covered by Eligible Master Servicing Compensation on such Distribution Date;
(xvii) to the Class A, Class M and Class B Certificateholders from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the amount of any Prepayment Interest Shortfalls previously allocated thereto on any prior Distribution Date that remain unreimbursed, together with interest thereon at the applicable Pass-Through Rate, on a pro rata basis based on Prepayment Interest Shortfalls previously allocated thereto that remain unreimbursed;
(xviii) from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, to pay the Class A Certificates, on a pro rata basis, based on the amount of Class A Basis Risk Shortfall Carry-Forward Amount previously allocated thereto that remain unreimbursed, the amount of any Class A Basis Risk Shortfall Carry-Forward Amounts remaining unpaid as of such Distribution Date and then to the Class M Certificates, in their order of their payment priority, the amount of any Class M Basis Risk Shortfall Carry-Forward Amounts remaining unpaid as of such Distribution Date and then to the Class B Certificates the amount of any Class B Basis Risk Shortfall Carry-Forward Amounts remaining unpaid as of each Distribution Date;
(xix) to the Class A, Class M and Class B Certificates on a pro rata basis, based on the amount of Relief Act Shortfalls allocated thereto on such Distribution Date, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the amount of any Relief Act Shortfalls allocated to those Certificates with respect to such Distribution Date;
(xx) to the Class A, Class M and Class B Certificateholders, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the principal portion of any Realized Losses previously allocated to those Certificates and remaining unreimbursed, which amount shall be allocated first, to the Class A Certificateholders on a pro rata basis, based on their respective principal portion of any Realized Losses previously allocated thereto that remain unreimbursed, and then to the Class M Certificates, in their order of payment priority and then to the Class B Certificates;
(xxi) from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, to the Supplemental Interest Trust Account for Payment to the Swap Counterparty, any Swap Termination Payment owed by the Supplemental Interest Trust Trustee, on behalf of the Supplemental Interest Trust, due to a Swap Counterparty Trigger Event;
(xxii) to the Class SB Certificates, (A) from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the sum of (I) Accrued Certificate Interest thereon, (II) the amount of any Overcollateralization Reduction Amount for such Distribution Date and (III) for any Distribution Date after the Certificate Principal Balance of each Class of Class A Certificates and Class M Certificates and the Class B Certificates has been reduced to zero, the Overcollateralization Amount, and (B) from prepayment charges on deposit in the Certificate Account, any prepayment charges received on the Mortgage Loans during the related Prepayment Period; and
(xxiii) to the Class R Certificateholders, the balance, if any, of the Excess Cash Flow.
(d) On each Distribution Date, the Principal Distribution Amount will be paid as follows:
(i) the Class A Principal Distribution Amount shall be distributed, sequentially, as follows: (w) first, to the Class A-1, Certificates until the Certificate Principal Balance thereof has been reduced to zero, (x) second, to the Class A-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero, and (y) third, to the Class A-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero and (z) fourth, to the Class A-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(ii) the Class M-1S Principal Distribution Amount shall be distributed to the Class M-1S Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) the Class M-2S Principal Distribution Amount shall be distributed to the Class M-2S Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) the Class M-3S Principal Distribution Amount shall be distributed to the Class M-3S Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(v) the Class M-4 Principal Distribution Amount shall be distributed to the Class M-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(vi) the Class M-5 Principal Distribution Amount shall be distributed to the Class M-5 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(vii) the Class M-6 Principal Distribution Amount shall be distributed to the Class M-6 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(viii) the Class M-7 Principal Distribution Amount shall be distributed to the Class M-7 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(ix) the Class M-8 Principal Distribution Amount shall be distributed to the Class M-8 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(x) the Class M-9 Principal Distribution Amount shall be distributed to the Class M-9 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and
(xi) the Class B Principal Distribution Amount shall be distributed to the Class B Certificates, until the Certificate Principal Balance thereof has been reduced to zero.
(e) Notwithstanding the foregoing clauses (c) and (d), upon the reduction of the Certificate Principal Balance of a Class of Class A Certificates and Class M Certificates or the Class B Certificates to zero, such Class of Certificates will not be entitled to further distributions pursuant to Section 4.02 (other than in respect of Subsequent Recoveries).
(f) Any Prepayment Interest Shortfalls on the Mortgage Loans which are not covered by Eligible Master Servicing Compensation as described in Section 3.16 and Relief Act Shortfalls on the Mortgage Loans will be allocated among the Class A, Class M and Class B Certificates, pro rata in accordance with the amount of Accrued Certificate Interest payable on such Distribution Date absent such shortfalls. Any such uncovered Prepayment Interest Shortfalls will be paid solely pursuant to Section 4.02(c), (xvi) and (xvii) and Section 4.09(c)(iii) and (iv) to the extent funds are available therefor. Any such Relief Act Shortfalls will be paid solely pursuant to Section 4.02(c)(xix) and Section 4.09(c)(vi) to the extent funds are available therefor.
(g) I
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2006-Efc2 Trust)
Distributions. (a) On each Distribution Date, the Trustee (1)(Aor the Paying Agent on behalf of the Trustee) shall allocate and distribute the Group I Principal Distribution Amount and Group II Principal Distribution Amount to the extent on deposit in the Certificate Account for such date to the interests issued in respect of REMIC I, REMIC II, REMIC III and REMIC IV as specified in this Section.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II III on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may beInterests:
(i) to the extent of the Group I Available Distribution Amounts, first, to the Holders of REMIC I Regular Interests LT-A-2 through LT-A-31, in an amount equal to
(A) the Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC I Regular Interest LT-A-1 in an amount equal to
(A) the Uncertificated Accrued Interest for such Distribution Date, plus
(B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Group I Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated in the following order of priority:
(A) to the Holders of REMIC I Regular Interest LT-A-1, until the Uncertificated Principal Balance of REMIC I Regular Interest LT-A-1 is reduced to zero;
(B) to the Holders of REMIC I Regular Interests (other than LT-A-2 through LT-A- 31, sequenti▇▇▇▇, ▇ntil the Uncertificated Principal Balance of each such REMIC I Regular Interest Iis reduced to zero; and
(C) any remaining amount to the Holders of the Class R-LTP)I Certificates.
(2) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests:
(i) to the extent of the Group II Available Distribution Amounts, to the Holders of REMIC II Regular Interest LT-B, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates; and
(ii) to the Holders of REMIC II Regular Interest LT-B, in an amount equal to the remainder of the Group II Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated in the following order of priority:
(A) to the Holders REMIC II Regular Interest LT-B, until the Uncertificated Principal Balance of REMIC II Regular Interest LT-B is reduced to zero; and
(B) any remaining amount to the Holders of the Class R-II Certificates.
(3) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC III to REMIC IV on account of the REMIC III Regular Interests:
(i) to the extent of the Group I Available Distribution Amount, first, to the Holders of REMIC III Regular Interest LT3-IAIO, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates, and second, to the Holders of REMIC III Regular Interest LT3-AI-AA, REMIC III Regular Interest LT3-AI-1, REMIC III Regular Interest LT3-AI-2, REMIC III Regular Interest LT3-AI-3, REMIC III Regular Interest LT3-AI-4, REMIC III Regular Interest LT3-AI-5, REMIC III Regular Interest LT3- AI-6, REMIC III Regular Interest LT3-MI-1, REMIC III Regular Interest LT3-MI-2, REMIC III Regular Interest LT3-MI-3 and REMIC III Regular Interest LT3-AI-ZZ, pro rata, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC I III Regular Interest ILT3-LT7 AI-ZZ shall be reduced when the REMIC III Group I Overcollateralized Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC III Group I Regular Interest LT3-AI-ZZ Maximum I-LT7 Uncertificated Interest Deferral Amount, and such amount will be payable to the Holders of REMIC III Regular Interest LT3-AI-1, REMIC III Regular Interest LT3-AI-2, REMIC III Regular Interest LT3-AI-3, REMIC III Regular Interest LT3-AI-4, REMIC III Regular Interest LT3-AI-5, REMIC III Regular Interest LT3-AI-6, REMIC III Regular Interest LT3- MI-1, REMIC III Regular Interest LT3-MI-2 and REMIC III Regular Interest LT3-MI-3 in the same proportion as the Group I Overcollateralization Increase Amount is allocated to the Class A-I-1 Certificates, Class A-I-2 Certificates, Class A-I-3 Certificates, Class A-I-4 Certificates, Class A-I-5 Certificates, Class A-I-6 Certificates, Class M-I-1 Certificates, Class M-I-2 Certificates and Class M-I-3 Certificates, respectively; and
(ii) on each Distribution Date, to the Holders of REMIC III Group I Regular Interests, Interests (other than REMIC III Regular Interest LT3-IAIO) in an amount equal to the remainder of the Group I Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
): (a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(bA) to the Holders of the REMIC I III Regular Interest ILT3-LT1AI-AA, ____98.00% of the amount remaining after application of clause (a), such remainder until the Uncertificated Principal Balance of such REMIC I III Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
zero; (cB) to the Holders of the REMIC I III Regular Interest ILT3-LT2AI-1, REMIC I Regular Interest ILT3-AI-2, LT3-AI-3, REMIC I Regular Interest ILT3-LT4AI-4, REMIC I Regular Interest ILT3-LT5 AI-5, LT3-AI-6, LT3-MI-1, LT3-MI-2 and REMIC I Regular Interest ILT3-LT6MI-3, ____1.00% of the amount remaining after application of clause (a)such remainder, in the same proportion as principal payments are allocated to the related Corresponding Class A-I-1 Certificates, Class A- I-2 Certificates, Class A-I-3 Certificates, Class A-I-4 Certificates, Class A-I-5 Certificates, Class A-I-6 Certificates, Class M-I-1 Certificates, Class M-I-2 Certificates and Class M-I-3 Certificates, respectively, until the Uncertificated Balances Principal Balance of such REMIC I III Regular Interests are Interest is reduced to zero zero; (C) to the Holders of the REMIC III Regular Interest LT3-AI-ZZ, 1.00% of such remainder until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and (D) any remaining amount amounts to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I III Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a Group I Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I III Regular Interest ILT3-LT1 AI-AA and REMIC I III Regular Interest ILT3-LT7AI-ZZ, respectively.
(iii) to the extent of the Group II Available Distribution Amount, to the Holders of REMIC III Regular Interest LT3-AII-AA, REMIC III Regular Interest LT3-AII-1 and REMIC III Regular Interest LT3-AII-ZZ, pro rata, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC III Regular Interest LT3-AII-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC III Group II Regular Interest LT3-AII-ZZ Maximum Interest Deferral Amount, and such amount will be payable to the Holders of REMIC III Regular Interest LT3-AII-1 in an amount equal to 1% of the amount of Group II Overcollateralization Increase Amount allocated to the Class A-II Certificates; and
(iv) on each Distribution Date, to the Holders of REMIC III Group II Regular Interests, in an amount equal to the remainder of the Group II Available Distribution Amount after the distributions made pursuant to clause (iii) above, allocated as follows (except as provided below): (A) to the Holders of the REMIC III Regular Interest LT3-AII-AA 98.00% of such remainder until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; (B) to the Holders of the REMIC III Regular Interest LT3-AII-1, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Class A-II- 1 Certificates, (C) to the Holders of the REMIC III Regular Interest LT3-AII-ZZ, 1.00% of such remainder; and (D) any remaining amounts to the Holders of the Class R-III Certificates; provided, however, that 98.00% and 2.00% of any principal payments that are attributable to Group II Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC III Regular Interest LT3-AII-AA and REMIC III Regular Interest LT3-AII-ZZ, respectively.
(4) Notwithstanding the distributions on the REMIC Regular Interests described in this Section 4.02(b), distribution of funds from the Certificate Account shall be made only in accordance with Section 4.02(c) and (d).
(c) On each Distribution Date (x) the Master Servicer on behalf of the Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute to each Certificateholder of record on the next preceding Record Date (other than as provided in Section 9.01 respecting the final distribution) either in immediately available funds (by wire transfer or otherwise) to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder has so notified the Master Servicer or the Paying Agent, as the case may be, or, if such Certificateholder has not so notified the Master Servicer or the Paying Agent by the Record Date, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register such Certificateholder's share (which share with respect to each Class of Certificates, shall be based on the aggregate of the Percentage Interests represented by Certificates of the applicable Class held by such Holder of the following amounts, in the following order of priority, subject to the provisions of Section 4.02(e) and (f)), in each case to the extent of the Group I Available Distribution Amount on deposit in the Certificate Account (or, with respect to clause (xvii) below, to the extent of prepayment charges on deposit in the Certificate Account):
(i) to the Class A-I Certificateholders, Accrued Certificate Interest payable on such Certificates with respect to such Distribution Date, plus any Accrued Certificate Interest remaining unpaid from any prior Distribution Date, less any Prepayment Interest Shortfalls on the Group I Loans, to the extent not covered by Compensating Interest pursuant to Section 3.16, allocated to the Class A-I Certificateholders as described in Section 4.02(h) (the "Class A-I Interest Distribution Amount"), with such amount allocated among the Class A-I Certificateholders on a pro rata basis;
(ii) to the Class M-I-1 Certificateholders from the amount, if any, of the Group I Available Distribution Amount remaining after the foregoing distributions, Accrued Certificate Interest payable on such Certificates with respect to such Distribution Date, plus any Accrued Certificate Interest remaining unpaid from any prior Distribution Date, less any Prepayment Interest Shortfalls on the Group I Loans, to the extent not covered by Compensating Interest pursuant to Section 3.16, allocated to the Class M-I-1 Certificates as described in Section 4.02(h) (the "Class M-I-1 Interest Distribution Amount");
(iii) to the Class M-I-2 Certificateholders from the amount, if any, of the Group I Available Distribution Amount remaining after the foregoing distributions, Accrued Certificate Interest payable on such Certificates with respect to such Distribution Date, plus any Accrued Certificate Interest remaining unpaid from any prior Distribution Date, less any Prepayment Interest Shortfalls on the Group I Loans, to the extent not covered by Compensating Interest pursuant to Section 3.16, allocated to the Class M-I-2 Certificates as described in Section 4.02(h) (the "Class M-I-2 Interest Distribution Amount");
(iv) to the Class M-I-3 Certificateholders from the amount, if any, of the Group I Available Distribution Amount remaining after the foregoing distributions, Accrued Certificate Interest payable on such Certificates with respect to such Distribution Date, plus any Accrued Certificate Interest remaining unpaid from any prior Distribution Date, less any Prepayment Interest Shortfalls on the Group I Loans, to the extent not covered by Compensating Interest pursuant to Section 3.16, allocated to the Class M-I-3 Certificates as described in Section 4.02(h) (the "Class M-I-3 Interest Distribution Amount");
(v) to the Class A-I Certificateholders and Class M-I Certificateholders (other than the Class A-I-IO Certificateholders), the Group I Principal Distribution Amount (other than clauses (iv) and (v) of the definition thereof), in the order described in Section 4.02(e), until the Certificate Principal Balances of the Class A-I Certificates and Class M-I Certificates have been reduced to zero;
(vi) to the Class A-I Certificateholders (other than the Class A-I-IO Certificateholders) and the Class M-I Certificateholders, from the Group I Excess Cash Flow, an amount equal to the Realized Losses (other than Group I Excess Losses) on the Group I Loans during the immediately preceding Due Period, which amount shall be included in the Group I Principal Distribution Amount and paid in accordance with Section 4.02(e) hereof, until the Certificate Principal Balances of the Class A-I Certificates and the Class M-I Certificates have been reduced to zero;
(vii) to the Class A-II Certificateholders, from the amount, if any, of the Group I Available Distribution Amount remaining after the foregoing distributions, an amount equal to the Realized Losses (other than Group II Excess Losses) on the Group II Loans during the immediately preceding Due Period to the extent not covered by the Group II Excess Cash Flow, which amount shall be included in the Group II Principal Distribution Amount and paid to the Class A-II Certificateholders, until the Certificate Principal Balances of the Class A-II Certificates have been reduced to zero;
(viii) to the Insurer, from the amount, if any, of the Group I Available Distribution Amount remaining after the foregoing distributions, in respect of any Group II Cumulative Insurance Payments, to the extent not covered by the Group II Excess Cash Flow;
(ix) to the Class A-II Certificateholders, from the amount, if any, of the Group I Available Distribution Amount remaining after the foregoing distributions, the Group II Overcollateralization Increase Amount for such Distribution Date, which amount shall be included in the Group II Principal Distribution Amount and paid to the Class A-II Certificateholders, until the Certificate Principal Balance of the Class A-II Certificates has been reduced to zero, but only to the extent the Certificate Principal Balance of the Class A- II Certificates immediately prior to such Distribution Date exceeded the aggregate Stated Principal Balance of the Group II Loans at the end of the immediately preceding Due Period and to the extent not covered by the Group II Excess Cash Flow;
(x) to the Class A-I Certificateholders (other than the Class A-I-IO Certificateholders) and Class M-I Certificateholders, from the amount, if any, of the Group I Available Distribution Amount remaining after the foregoing distributions, the Group I Overcollateralization Increase Amount for such Distribution Date, which amount shall be included in the Group I Principal Distribution Amount and paid in accordance with Section
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Residential Asset Mortgage Products Inc)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests and distributed to the holders of the Class R Certificates (in respect of the Class R-I Interest), as the case may be:
(1) With respect to the Group IA Mortgage Loans:
(i) to Holders of REMIC I Regular Interest A-I, and each of REMIC I Regular Interest I-1-A through I-42-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest A-I, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest A-I is reduced to zero; and
(iii) to the extent of amounts remaining after the distributions made pursuant to clause (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular interests I-1-A through I-42-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(2) With respect to the Group IB Mortgage Loans:
(i) to Holders of REMIC I Regular Interest A-II, and each of REMIC I Regular Interest II-1-A through II-42-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest A-II, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest A-II is reduced to zero; and
(iii) to the extent of amounts remaining after the distributions made pursuant to clause (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular interests II-1-A through II-42-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(3) With respect to the Group II Mortgage Loans:
(i) to Holders of REMIC I Regular Interest A-III and each of REMIC I Regular Interest III-1-A through III-42-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates.
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to the Holders of REMIC I Regular Interest A-III, an amount of principal shall be distributed to such Holders until the Uncertificated Balance of REMIC I Regular Interest A-III is reduced to zero; and
(iii) to the extent of amounts remaining after the distributions made pursuant to clause (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular interests III-1-A through III-42-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests.
(b) to the Holders of REMIC I Regular Interest P, (A) all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I CertificatesII Interest), as the case may be:
(i) first to the Holders of REMIC I Regular Interests (other than REMIC I II Regular Interest I-LTP)IO, in an amount equal to (A) Uncertificated Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC II Regular Interest AA, REMIC II Regular Interest A-1A, REMIC II Regular Interest A-1B1, REMIC II Regular Interest A-1B2, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest B-1, REMIC II Regular Interest B-2, REMIC II Regular Interest B-3, REMIC II Regular Interest B-4, REMIC II Regular Interest B-5 and REMIC II Regular Interest ZZ, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I II Regular Interest I-LT7 ZZ shall be reduced when the REMIC I Overcollateralized II Overcollateralization Amount is less than the REMIC I II Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 ZZ Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, Amount and such amount will be payable to the Holders of REMIC I II Regular Interest A-1A, REMIC II Regular Interest A-1B1, REMIC II Regular Interest A-1B2, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest B-1, REMIC II Regular Interest B-2, REMIC II Regular Interest B-3, REMIC II Regular Interest B-4 and REMIC II Regular Interest B-5 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC II Regular Interest ZZ shall be increased by such amount;
(ii) to Holders of REMIC II Regular Interest IA-SUB, REMIC II Regular Interest IA-GRP, REMIC II Regular Interest IB-SUB, REMIC II Regular Interest IB-GRP, REMIC II Regular Interest II-SUB, REMIC II Regular Interest II-GRP, and REMIC II Regular Interest XX, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the Available Distribution Amount REMIC II Marker Allocation Percentage of the available funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(aA) the Holders 98.00% of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) such remainder to the Holders of the REMIC I II Regular Interest I-LT1, ____% of the amount remaining after application of clause (a)AA, until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and any remaining amount zero;
(B) 2.00% of such remainder, first, to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I II Regular Interest I-LT2A-1A, REMIC I II Regular Interest I-LT3A-1B1, REMIC I II Regular Interest I-LT4A-1B2, REMIC I II Regular Interest I-LT5 A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest B-1, REMIC II Regular Interest B-2, REMIC II Regular Interest B-3, REMIC II Regular Interest B-4 and REMIC I II Regular Interest I-LT6B-5, ____1% of the amount remaining after application of clause (a), and in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I II Regular Interests are reduced to zero and second to the Holders of REMIC II Regular Interest ZZ, until the Uncertificated Balance of such REMIC II Regular Interest is reduced to zero;
(C) to the Holders of REMIC II Regular Interest P, 100% of the amounts deemed distributed on REMIC I Regular Interest P.; then
(D) any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7R Certificate, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders in respect of the Class R-I CertificatesII Interest; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I II Regular Interest I-LT1 AA and REMIC I II Regular Interest I-LT7ZZ, respectively.
(iv) to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the REMIC II Sub WAC Allocation Percentage of available funds for such Distribution Date after the distributions made pursuant to clause (c)(ii) above, such that distributions of principal shall be deemed to be made to the REMIC II Regular Interests first, so as to keep the Uncertificated Balance of each REMIC II Regular Interest ending with the designation “GRP” equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group; second, to each REMIC II Regular Interest ending with the designation “SUB,” so that the Uncertificated Balance of each such REMIC II Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related loan group over (y) the current Certificate Principal Balance of the Class A Certificate in the related loan group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC II Regular Interests such that the REMIC II Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC II Regular Interest XX.
(v) Notwithstanding the distributions described in Section 5.01(a)(1), distributions of funds shall be made to Certificateholders only in accordance with Section 5.01(a)(2) through (8).
(2) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group IA Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group IA Interest Remittance Amount remaining for such Distribution Date: first, to the Supplemental Interest Trust, an amount equal to the Group I Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event; second, to the Holders of the Class A-1A Certificates, the Senior Interest Distribution Amount allocable to the Class A-1A Certificates; and third, concurrently, to the Holders of the Class A-1B1, Class A-1B2, Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, to the extent remaining unpaid after the distribution of the Group IB Interest Remittance Amount as set forth in Section 5.01(c)(3) below and the Group II Interest Remittance Amount as set forth in Section 5.01(c)(4) below, on a pro rata basis, based on the entitlement of each such Class.
(3) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group IB Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group IB Interest Remittance Amount remaining for such Distribution Date: first, to the Supplemental Interest Trust, an amount equal to the Group IB Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event; second, to the Holders of the Class A-1B1 Certificates and Class A-1B2 Certificates, the Senior Interest Distribution Amount allocable to each such Class on a pro rata basis, based on the entitlement of each such Class; and third, concurrently, to the Holders of the Class A-1A, Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, to the extent remaining unpaid after the distribution of the Group IA Interest Remittance Amount as set forth in Section 5.01(c)(2) above and the Group II Interest Remittance Amount as set forth in Section 5.01(c)(4) below, on a pro rata basis, based on the entitlement of each such Class.
(4) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group II Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group II Interest Remittance Amount remaining for such Distribution Date: first, to the Supplemental Interest Trust, an amount equal to the Group II Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event; second, concurrently, to the Holders of the Class A-2A, Class A-2B, Class A-2C and Class A-2D Certificates, the Senior Interest Distribution Amount allocable to each such Class, on a pro rata basis, based on the entitlement of each such Class; and third, concurrently, to the Holders of the Class A-1A, Class A-1B1 and Class A-1B2 Certificates, the Senior Interest Distribution Amount allocable to each such Class, to the extent remaining unpaid after the distribution of the Group IA Interest Remittance Amount as set forth in Section 5.01(c)(2) above and the Group IB Interest Remittance Amount as set forth in Section 5.01(c)(3) above, on a pro rata basis, based on the entitlement of each such Class.
(5) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group IA Interest Remittance Amount, Group IB Interest Remittance Amount and Group II Interest Remittance Amount remaining after the distributions required by clauses (2), (3) and (4) above and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group IA Interest Remittance Amount, Group IB Interest Remittance Amount and Group II Interest Remittance Amount remaining for such Distribution Date: sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5 Certificates, in that order, the Interest Distribution Amount allocable to each such Class.
(6) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group IA Principal Distribution Amount, Group IB Principal Distribution Amount and Group II Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) The Group IA Principal Distribution Amount shall be distributed in the following order of priority: first, to the Supplemental Interest Trust, an amount equal to the Group IA Allocation Percentage of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event to the exten
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2005-Ag1)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) to the Holders of REMIC I Regular Interests Interest CE-2, in an amount equal to (other than A) Uncertificated Interest for such REMIC I Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(ii) to Holders of REMIC I Regular Interest A-I, and each of REMIC I Regular Interest I-1-LTP)A through I-49-B, pro rata, in an amount equal to (A) Uncertificated Interest for such REMIC I Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the extent of amounts remaining after the distributions made pursuant to clause (i) and (ii) above, payments of principal shall be allocated to REMIC I Regular interests I-1-A through I-49-B starting with the lowest numerical denomination until the Uncertificated Balance of each such REMIC I Regular Interest is reduced to zero, provided that, for REMIC I Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC I Regular Interests, and second, to the extent of any Overcollateralization Reduction Amounts, to the Holders of REMIC I Regular Interest A-I until the Uncertificated Balance of REMIC I Regular Interest A-I is reduced to zero.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC II to REMIC III on account of the REMIC II Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates, in respect of the Class R-II Interest, as the case may be:
(i) to the Holders of REMIC II Regular Interest CE-2, 100% of the amount of interest distributed on REMIC I Regular Interest CE-2 on each Distribution Date;
(ii) to the extent of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, first to the Holders of REMIC II Regular Interest IO, in an amount equal to (A) Uncertificated Interest for such REMIC II Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to Holders of REMIC II Regular Interest AA, REMIC II Regular Interest A, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest B-1 and REMIC II Regular Interest ZZ, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I II Regular Interest I-LT7 ZZ shall be reduced when the REMIC I Overcollateralized II Overcollateralization Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 ZZ Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, Amount and such amount will be payable to the Holders of REMIC I II Regular Interest A, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5 and REMIC II Regular Interest B-1, in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC II Regular Interest ZZ shall be increased by such amount;
(iii) to the Holders of REMIC II Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) and (ii) above, allocated as follows (except as provided below):follows:
(aA) the Holders 98.00% of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) such remainder to the Holders of the REMIC I II Regular Interest I-LT1AA, ____until the Uncertificated Balance of such Uncertificated REMIC II Regular Interest is reduced to zero;
(B) 2.00% of such remainder first to the amount remaining after application Holders of clause (a)REMIC II Regular Interest A, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5 and REMIC II Regular Interest B-1, 1.00% of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC II Regular Interests are reduced to zero and second to the Holders of REMIC II Regular Interest ZZ, until the Uncertificated Balance of such REMIC I II Regular Interest is reduced to zero and zero;
(C) any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a)II Interest, in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders respect of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I CertificatesII Interest; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I II Regular Interest I-LT1 AA and REMIC I II Regular Interest I-LT7ZZ, respectively. Notwithstanding the distributions described in Section 5.01(b)(1), distributions of funds shall be made to Certificateholders only in accordance with Section 5.01(b)(2) through (5) and Section 5.01(d).
(2) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Interest Remittance Amount remaining for such Distribution Date: first, to the Supplemental Interest Trust, any Net Swap Payment owed to the Swap Provider and any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event; second, to the Holders of the Class A Certificates, the Senior Interest Distribution Amount allocable to the Class A Certificates; and third, sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class B-1 Certificates, in that order, the Interest Distribution Amount allocable to each such Class.
(3) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority: first, to the Supplemental Interest Trust, any Net Swap Payment owed to the Swap Provider and any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event to the extent not paid from the Interest Remittance Amount on such Distribution Date; second, to the Holders of the Class A Certificates until the Certificate Principal Balance of the Class A Certificates has been reduced to zero; and third, sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class B-1 Certificates, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero.
(4) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority: first, to the Supplemental Interest Trust, any Net Swap Payment owed to the Swap Provider and any Swap Termination Payment owed to the Swap Provider not due to a Swap Provider Trigger Event to the extent not paid from the Interest Remittance Amount on such Distribution Date; second, to the Holders of the Class A Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the amount distributed to the Supplemental Interest Trust under clause first above and (y) Class A Principal Distribution Amount until the Certificate Principal Balance of the Class A Certificates has been reduced to zero; third, to the Holders of the Class M-1 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the Supplemental Interest Trust under clause first above and to the Holders of the Class A Certificates under clause second above, and (y) the Class M-1 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-1 Certificates has been reduced to zero; fourth, to the Holders of the Class M-2 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the Supplemental Interest Trust under clause first above, to the Holders of the Class A Certificates under clause second above and to the Holders of the Class M-1 Certificates under clause third above, and (y) the Class M-2 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-2 Certificates has been reduced to zero; fifth, to the Holders of the Class M-3 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the Supplemental Interest Trust under clause first above, to the Holders of the Class A Certificates under clause second above, to the Holders of the Class M-1 Certificates under to clause third above and to the Holders of the Class M-2 Certificates under clause fourth above, and (y) the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-3 Certificates has been reduced to zero; sixth, to the Holders of the Class M-4 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the Supplemental Interest Trust under clause first above, to the Holders of the Class A Certificates under clause second above, to the Holders of the Class M-1 Certificates under clause third above, to the Holders of the Class M-2 Certificates under clause fourth above and to the Holders of the Class M-3 Certificates under clause fifth above and (y) the Class M-4 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-4 Certificates has been reduced to zero; seventh, to the Holders of the Class M-5 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the Supplemental Interest Trust under clause first above, to the Holders of the Class A Certificates under clause second above, to the Holders of the Class M-1 Certificates under clause third above, to the Holders of the Class M-2 Certificates under clause fourth above, to the Holders of the Class M-3 Certificates under clause fifth above and to the Holders of the Class M-4 Certificates under clause sixth above and (y) the Class M-5 Principal Distribution Amount, until the Certificate Principal Balance of the Class M-5 Certificates has been reduced to zero; and eighth, to the Holders of the Class B-1 Certificates, the lesser of (x) the excess of (i) the Principal Distribution Amount over (ii) the sum of the amounts distributed to the Supplemental Interest Trust under clause first above, to the Holders of the Class A Certificates under clause second above, to the Holders of the Class M-1 Certificates under clause third above, to the Holders of the Class M-2 Certificates under clause fourth above, to the Holders of the Class M-3 Certificates under clause fifth above, to the Holders of the Class M-4 Certificates under clause sixth above and to the Holders of the Class M-5 Certificates under clause seventh above and (y) the Class B-1 Principal Distribution Amount, until the Certificate Principal Balance of the Class B-1 Certificates has been reduced to zero.
(5) On each Distribution Date, the Net Monthly Excess Cashflow (or, in the case of clause first below, the Net Monthly Excess Cashflow exclusive of any Overcollateralization Reduction Amount) shall be distributed as follows: first, to the Holders of the Class or Classes of Certificates then entitled to receive distributions in respect of principal, in an amount equal to any Extra Principal Distribution Amount, payable to such Holders in accordance with the priorities set forth in Section 5.01(c) below; second, sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class B-1 Certificates, in that order, in an amount equal to the Interest Carry Forward Amount allocable to each such Class; third, sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class B-1 Certificates, in that order, in an amount equal to the Allocated Realized Loss Amount allocable to each such Class; fourth, to the Holders of the Class A Certificates, in an amount equal to such Certificates’ allocated share of any Prepayment Interest Shortfalls on the Mortgage Loans to the extent not covered by payments pursuant to Section 3.22 or 4.18 of this Agreement or pursuant to the Servicing Agreement and any shortfalls resulting from the application of the Relief Act or similar state or local law or the bankruptcy code with respect to the Mortgage Loans to the extent not previously reimbursed pursuant to Section 1.02 of this Agreement; fifth, sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5 and Class B-1 Certificates, in an amount equal to such Certificates’ allocated share of any Prepayment Interest Shortfalls on the Mortgage Loans to the extent not covered by payments pursuant to Section 3.22 or 4.18 of this Agreement or pursuant to the Servicing Agreement and any shortfalls resulting from the application of the Relief Act or similar state or local law or the bankruptcy code with respect to the Mortgage Loans to the extent not previously reimbursed pursuant to Section 1.02 of this Agreement; sixth, to the Reserve Fund, the amount by which the Net WAC Rate Carryover Amounts, if any, with respect to the Offered Certificates and the Class B-1 Certificates exceeds the amount in the Reserve Fund that was not distributed on prior Distribution Dates; seventh, to the Supplemental Interest Trust, an amount equal to any Swap Termination Payment owed to the Swap Provider due to a Swap Provider Trigger Event pursuant to the Swap Agreement; eighth, to the Class B-1 Certificates, to the extent of amounts remaining following distributions pursuant to clauses first through seventh above and any amounts in respect of Prepayment Charges on the Mortgage Loans (other than the WAMU Mortgage Loans until the Certificate Principal Balance of the Class B-1 Certificates has been reduced to zero; ninth, to the Class M-5 Certificates, to the extent of amounts remaining following distributions pursuant to clauses first through eighth above and any amounts in respect of Prepayment Charges on the Mortgage Loans (other than the WAMU Mortgage Loans), until the Certificate Principal Balance of the Class M-5 Certificates has been reduced to zero; tenth, to the Holders of the Class CE-1 Certificates the sum of (a) the Interest Distribution Amount, (b) any Overcollateralization Reduction Amount and (c) any amounts in respect of Prepayment Charges on the Mortgage Loans (other than the WAMU Mortgage Loans), in each case, for such Distribution Date; and eleventh, to the Holders of the Class R Certificates, in respect of the Class R-III Interest, any remaining amounts. The Class CE-1 Certificates are intended to receive all principal and interest received by the Trust on the Mortgage Loans that is not otherwise distributable to any other Class of Regular Certificates or REMIC Regular Interests. If the Securities Administrator determines that the Residual Certificates are entitled to any distributions on any Distribution Date other than the final Distribution Date, the Securities Administrator, prior to any such distribution to any Residual Certificate, shall notify the Depositor of such impending distribution. Upon such notification, the Depositor will prepare and requ
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Securities Corp. Home Equity Loan Trust, Series 2005-Sd3)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates, in respect of the Class R-I CertificatesInterest, as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTB1, REMIC I Regular Interest I-LTB2, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced when the REMIC I Overcollateralized Overcollateralization Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral Amount; andAmount and such amount will be payable to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTB1 and REMIC I Regular Interest I-LTB2, in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC I Regular Interest I-LTZZ shall be increased by such amount;
(ii) on each to Holders of REMIC I Regular Interest I-LT1A, REMIC I Regular Interest I-LT1B, REMIC I Regular Interest I-LT2A, REMIC I Regular Interest I-LT2B, and REMIC I Regular Interest I-LTXX, PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
(iii) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount REMIC I Marker Allocation Percentage of the available funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(aA) 98.00% of such remainder to the Holders of REMIC I Regular Interest I-LTAA, until the Uncertificated Balance of such Uncertificated REMIC I Regular Interest is reduced to zero;
(B) 2.00% of such remainder, first, to the Holders of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTB1 and REMIC I Regular Interest I-LTB2, 1 % of and in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and second to the Holders of REMIC I Regular Interest I-LTZZ, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero;
(C) to the Holders of REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; then
(bD) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a)Interest, in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders respect of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I CertificatesInterest; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTZZ, respectively.
(iv) to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the REMIC I Sub WAC Allocation Percentage of available funds for such Distribution Date after the distributions made pursuant to clause (ii) above, such that distributions of principal shall be deemed to be made to the REMIC I Regular Interests first, so as to keep the Uncertificated Balance of each REMIC I Regular Interest ending with the designation "B" equal to 0.01% of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group; second, to each REMIC I Regular Interest ending with the designation "A," so that the Uncertificated Balance of each such REMIC I Regular Interest is equal to 0.01% of the excess of (x) the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group over (y) the current Certificate Principal Balance of the Class A Certificate in the related Loan Group (except that if any such excess is a larger number than in the preceding distribution period, the least amount of principal shall be distributed to such REMIC I Regular Interests such that the REMIC I Subordinated Balance Ratio is maintained); and third, any remaining principal to REMIC I Regular Interest I-LTXX.
(v) Notwithstanding the distributions described in Section 5.01(a)(1), distributions of funds shall be made to Certificateholders only in accordance with Section 5.01(2) through (7) and Section 5.01(b).
(2) On each Distribution Date, the Securities Administrator shall withdraw from the Distribution Account to the extent on deposit therein an amount equal to the Group I Interest Remittance Amount and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group I Interest Remittance Amount remaining for such Distribution Date: FIRST, to the Certificate Insurer, the Premium Amount; SECOND, to the Holders of the Class A-1 Certificates, the Senior Interest Distribution Amount allocable to the Class A-1 Certificates; THIRD, concurrently, to the Holders of the Class A-2A, Class A-2B and Class A-2C Certificates, the Interest Distribution Amount allocable to each such Class, on a PRO RATA basis, based on the entitlement of each such Class, to the extent remaining unpaid after the distribution of the Group II Interest Remittance Amount as set forth in Section 5.01(a)(3) below;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ace Securities Corp Series HE2)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates, in respect of the Class R-I CertificatesInterest, as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)LTAA, REMIC I Regular Interest I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTB1, REMIC I Regular Interest I-LTB2, REMIC I Regular Interest I-LTZZ, REMIC I Regular Interest I-LTP and REMIC I Regular Interest I-LTCE2, pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced when the REMIC I Overcollateralized Overcollateralization Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral Amount; andAmount and such amount will be payable to the Holders of REMIC I Regular Interest I-LTA1A, REMIC I Regular Interest I-LTA1B, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTB1 and REMIC I Regular Interest I-LTB2 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Balance of REMIC I Regular Interest I-LTZZ shall be increased by such amount;
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount available funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(aA) 98.00% of such remainder to the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a)LTAA, until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount zero;
(B) 2.00% of such remainder, first, to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2LTA1A, REMIC I Regular Interest I-LT3LTA1B, REMIC I Regular Interest I-LT4LTM1, REMIC I Regular Interest I-LT5 LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTB1 and REMIC I Regular Interest I-LT6LTB2, ____1.00% of the amount remaining after application of clause (a), and in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount second to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), LTZZ until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero zero;
(C) to the Holders of REMIC I Regular Interest I-LTP, all Prepayment Charges and on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; then
(D) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest); provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTZZ, respectively.
(iii) Notwithstanding the distributions described in Section 5.01(a)(1), distributions of funds shall be made to Certificateholders only in accordance with Section 5.01(2) through (5) and Section 5.01(b).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (ACE Securities Corp. Home Equity Loan Trust, Series 2005-Sl1)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) (a) to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, Amount and such amount will be payable to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2LTA1, REMIC I Regular Interest I-LT3LTA2, REMIC I Regular Interest I-LT4LTM1, REMIC I Regular Interest I-LT5 LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), LTM10 in the same proportion as principal payments are the Overcollateralization Deficiency Amount is allocated to the related Corresponding Certificates, until Certificates and the Uncertificated Balances Balance of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount LTZZ shall be allocated increased by such amount; and
(b) to Holders of the REMIC I Regular Interest I-LT1 LT1SUB, REMIC I Regular Interest I-LT1GRP, REMIC I Regular Interest I-LT2SUB, REMIC I Regular Interest I- LT2GRP, REMIC I Regular Interest I-LT3SUB, REMIC I Regular Interest I-LT3GRP and REMIC I Regular Interest I-LT7LTXX, respectively.PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mastr Asset Backed Securities Trust 2004-Fre1)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) first, to the Holders of REMIC I Regular Interests Interest I-LTS1A, REMIC I Regular Interest I-LTS1B, REMIC I Regular Interest I-LTS1C, REMIC I Regular Interest I-LTS1D, REMIC I Regular Interest I-LTS2A, REMIC I Regular Interest I-LTS2B, REMIC I Regular Interest I-LTS2C and REMIC I Regular Interest I-LTS2D, in an amount equal to (other than A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC I Regular Interest I-LT1, REMIC I Regular Interest I-LT1PF, REMIC I Regular Interest I- LT2, REMIC I Regular Interest I-LT2PF, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT3PF and REMIC I Regular Interest I-LTP), in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and;
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(biii) on each Distribution Date, the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clause (i) and clause (ii) above, first, to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class RI-I Certificates;
(c) to the Holders of the LT1PF, REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3LT2PF, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 LT3 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), LT3PF until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero zero, and any remaining amount second, to the Holders of REMIC I Regular Interest I-LTS1A, REMIC I Regular Interest I-LTS1B, REMIC I Regular Interest I- LTS1C, REMIC I Regular Interest I-LTS1D, REMIC I Regular Interest I-LTS2A, REMIC I Regular Interest I-LTS2B, REMIC I Regular Interest I-LTS2C and REMIC I Regular Interest I-LTS2D, until the Class R-Uncertificated Balance of each such REMIC I CertificatesRegular Interest is reduced to zero; provided, however, that _____% and _____% of any principal payments that are attributable for the first two Distribution Dates, (i) such amounts relating to a Overcollateralization Reduction Amount the Initial Group I Mortgage Loans shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7LT1SA, respectivelyREMIC I Regular Interest I-LT1SB, REMIC I Regular Interest I-LT1SC and REMIC I Regular Interest I-LT1SD in the order and priority described above and such amounts relating to the Subsequent Group I Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT1PF; (ii) such amounts relating to the Initial Group II Mortgage Loans shall be allocated to REMIC I Regular Interest I-LT2 and REMIC I Regular Interest I-LT2SA, REMIC I Regular Interest I-LT2SB, REMIC I Regular Interest 103
(iv) to the Holders of the Class R Certificates (in respect of the Class R-I Interest), any amounts remaining after the distributions pursuant to clauses (i) through (iii) above. On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period will be distributed by REMIC I to the Holders of REMIC I Regular Interest I-LTP. The payment of the foregoing amounts to the Holders of REMIC I Regular Interest I-LTP shall not reduce the Uncertificated Balance thereof.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ameriquest Mortgage Securities Inc as Bk Ps THR CRTS Se 02-4)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders Holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4 REMIC I Regular Interest I-LTA5, REMIC I Regular Interest I- LTA6, REMIC I Regular Interest I-LTA7, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I- LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I- LTM9, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), PRO RATA, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral AmountAmount and such amount will be payable to the Holders of REMIC Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTA5, REMIC I Regular Interest I-LTA6, REMIC I Regular Interest I-LTA7, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I- LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I- LTM8 and REMIC I Regular Interest I-LTM9 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of the REMIC I Regular Interest I-LTZZ shall be increased by such amount; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount Funds for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) to the Holders of the REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTP, 98.00% of such remainder (other than amounts payable under clause (iv) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero, provided, however, that REMIC I Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LTP, until $100 has been distributed pursuant to this clause;
(b) to the Holders of REMIC Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTA5, REMIC I Regular Interest I-LTA6, REMIC I Regular Interest I-LTA7, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8 and REMIC I Regular Interest I-LTM9, 1.00% of such remainder (other than amounts payable under clause (iv) below), in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and the Uncertificated Balance of REMIC I Regular Interest I-LTZZ shall be increased by such amount;
(c) to the Holders of REMIC I Regular Interest I-LTZZ, 1.00% of such remainder (other than amounts payable under clause (iv) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; and
(d) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-I Interest); provided, however, that (i) 98.00% and (ii) 2.00% of any principal payments that are attributable to an Overcollateralization Reduction Amount shall be allocated to Holders of (i) REMIC I Regular Interest I-LTAA and REMIC I Regular Interest I-LTP, in that order and (ii) REMIC I Regular Interest I-LTZZ, respectively; provided that REMIC I Regular Interest I-LTP shall not be reduced until the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter, at which point such amount shall be distributed to REMIC I Regular Interest I-LTP, until $100 has been distributed pursuant to this clause. Notwithstanding the priorities and amounts of distribution of funds pursuant to this Section 4.01(a)(1), actual distributions of Available Funds shall be made only in accordance with Section 4.01(a)(2), (3) and (4).
(2) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) concurrently, to the Holders of each Class of Class A Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Senior Interest Distribution Amount related to such Certificates; and
(ii) sequentially, to the Class M-1, Class M-2, Class M-▇, ▇lass M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that order, in an amount equal to the Interest Distribution Amount for each such Class.
(I) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of each Class of Class A Certificates (allocated among such Certificates in the priority described below), until the Certificate Principal Balances of such Classes have been reduced to zero; and
(ii) sequentially, to the Class M-1, Class M-2, Class M-▇, ▇lass M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that order, in each case, until the Certificate Principal Balance of such Class has been reduced to zero.
(II) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the Trustee shall withdraw from the Distribution Account an amount equal to the Principal Distribution Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of each Class of Class A Certificates (allocated among such Certificates in the priority described below), the Class A Principal Distribution Amount, until the Certificate Principal Balances of such Classes have been reduced to zero; and
(ii) to the holders of each class of Mezzanine Certificates in the following amounts and order of priority:
(a) to the Holders of the Class M-1 Certificates, the Class M-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(b) to the Holders of the Class M-2 Certificates, the Class M-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(c) to the Holders of the Class M-3 Certificates, the Class M-3 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(d) to the Holders of the Class M-4 Certificates, the Class M-4 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(e) to the Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(f) to the Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(g) to the Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(h) to the Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; and
(i) to the Holders of the Class M-9 Certificates, the Class M-9 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero. With respect to the Class A Certificates, all principal distributions will be distributed as follows: first, to the holders of the Class A-7 Certificates, the Lockout Distribution Percentage of the principal distributions, until the Certificate Principal Balance of the Class A-7 Certificates has been reduced to zero; and second, sequentially to the holders of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and Class A-7 Certificates, in that order, until the Certificate Principal Balance of each such Class has been reduced to zero; provided, however, on any Distribution Date on which the aggregate Certificate Principal Balance of the Subordinate Certificates has been reduced to zero, notwithstanding anything contained herein to the contrary, all distributions of principal to the Class A Certificates will be distributed concurrently, on a PRO RATA basis based on the Certificate Principal Balance of each such Class.
(4) On each Distribution Date, the Net Monthly Excess Cashflow shall be distributed as follows:
(i) to the Holders of the Class or Classes of Certificates then entitled to receive distributions in respect of principal, in an amount equal to the Overcollateralization Increase Amount, applied to reduce the Certificate Principal Balance of such Certificates until the aggregate Certificate Principal Balance of such Certificates is reduced to zero;
(ii) sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that order, the related Interest Carry Forward Amount allocable to such Classes of Certificates;
(iii) sequentially, to the Holders of the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that order, the related Allocated Realized Loss Amount allocable to such Classes of Certificates;
(iv) to the Net WAC Rate Carryover Reserve Account, the amount required by Section 4.10(b);
(v) to the Holders of the Class CE Certificates the related Interest Distribution Amount for such Distribution Date and any remaining Overcollateralization Reduction Amount for such Distribution Date; and
(vi) to the Holders of the Residual Certificates, any remaining amounts; provided that if such Distribution Date is the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been thereafter, then any such remaining amounts will be distributed pursuant to this clause;
(b) first, to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a)Class P Certificates, until the Uncertificated Certificate Principal Balance thereof has been reduced to zero; and second, to the Holders of the Residual Certificates. On each Distribution Date, following the foregoing distributions, an amount equal to the amount of Subsequent Recoveries deposited into the Collection Account pursuant to Section 3.05 and included in the Available Funds for such Distribution Date shall be applied to increase the Certificate Principal Balance of such REMIC I Regular Interest is reduced the Class of Certificates with the Highest Priority up to zero and the extent of the Realized Losses previously allocated to that Class of Certificates pursuant to Section 4.04. An amount equal to the amount of any remaining Subsequent Recoveries shall be applied to increase the Certificate Principal Balance of the Class of Certificates with the next Highest Priority, up to the amount of the Realized Losses previously allocated to that Class of Certificates pursuant to Section 4.04, and so on. Holders of such Certificates will not be entitled to any distribution in respect of interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Certificate Principal Balance of each Certificate of such Class in accordance with its respective Percentage Interest.
(b) On each Distribution Date, after making the distributions of the Available Funds as set forth above, the Trustee will FIRST, withdraw from the Net WAC Rate Carryover Reserve Account all income from the investment of funds in the Net WAC Rate Carryover Reserve Account and distribute such amount to the Holders of the Class R-I CE Certificates;
(c) , and SECOND, withdraw from the Net WAC Rate Carryover Reserve Account, to the Holders extent of the REMIC I Regular Interest I-LT2amounts remaining on deposit therein, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (aany Net WAC Rate Carryover Amount for such Distribution Date and distribute such amount as follows: FIRST, concurrently, to each Class of Class A Certificates, the related Net WAC Rate Carryover Amount on a PRO RATA basis based on their respective Net WAC Rate Carryover Amounts; and SECOND, sequentially to the Class M-1, Class M-2, Class M-▇, ▇▇▇▇▇ ▇-▇, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates, in that order, the related Net WAC Rate Carryover Amount. On each Distribution Date, the Trustee shall withdraw any amounts then on deposit in the Distribution Account that represent Prepayment Charges collected by the Master Servicer, Prepayment Charges payable by the Master Servicer pursuant to Section 2.03(b)(ii)(A) and Master Servicer Prepayment Charge Payment Amounts payable by the Master Servicer pursuant to Section 2.03(b)(ii)(B), subject to Section 2.03(b)(iii), in the same proportion as principal payments are allocated each case to the extent not related Corresponding Certificatesto Principal Prepayments occurring after the related Prepayment Period, until and the Uncertificated Balances of Trustee shall distribute such REMIC I Regular Interests are reduced to zero and any remaining amount amounts to the Holders of the Class R-I P Certificates; and. Such distributions shall not be applied to reduce the Certificate Principal Balance of the Class P Certificates.
(dc) All distributions made with respect to each Class of Certificates on each Distribution Date shall be allocated PRO RATA among the outstanding Certificates in such Class based on their respective Percentage Interests. Payments in respect of each Class of Certificates on each Distribution Date will be made to the Holders of the REMIC I Regular respective Class of record on the related Record Date (except as otherwise provided in Section 4.01(e) or Section 9.01 respecting the final distribution on such Class), based on the aggregate Percentage Interest I-LT7represented by their respective Certificates, ____% and shall be made by wire transfer of immediately available funds to the account of any such Holder at a bank or other entity having appropriate facilities therefor, if such Holder shall have so notified the Trustee in writing at least five Business Days prior to the Record Date immediately prior to such Distribution Date, or otherwise by check mailed by first class mail to the address of such Holder appearing in the Certificate Register. The final distribution on each Certificate will be made in like manner, but only upon presentment and surrender of such Certificate at the office of the amount remaining after application of clause (a), until Trustee maintained for such purpose pursuant to Section 8.12 or such other location specified in the Uncertificated Balance notice to Certificateholders of such REMIC I Regular Interest is reduced final distribution. Each distribution with respect to zero and any remaining amount a Book-Entry Certificate shall be paid to the Holders of Depository, as Holder thereof, and the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount Depository shall be allocated responsible for crediting the amount of such distribution to Holders the accounts of its Depository Participants in accordance with its normal procedures. Each Depository Participant shall be responsible for disbursing such distribution to the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7, respectively.Cert
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ameriquest Mortgage Sec Inc as Bk Pas THR Cers Ser 2004 Fr1)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-I CertificatesInterest), as the case may be:
(i) (a) to the Holders of REMIC I Regular Interests (other than Interest I-LTAA, REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTA5, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10, REMIC I Regular Interest I-LTM11, REMIC I Regular Interest I-LTM12, REMIC I Regular Interest I-LTZZ and REMIC I Regular Interest I-LTP), pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced and deferred when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LTZZ Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, Amount and such amount will be payable to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
(c) to the Holders of the REMIC I Regular Interest I-LT2LTA1, REMIC I Regular Interest I-LT3LTA2, REMIC I Regular Interest I-LT4LTA3, REMIC I Regular Interest I-LT5 LTA4, REMIC I Regular Interest I-LTA5, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10, REMIC I Regular Interest I-LTM11 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), LTM12 in the same proportion as principal payments are the Overcollateralization Deficiency Amount is allocated to the related Corresponding Certificates, until Certificates and the Uncertificated Balances Balance of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount LTZZ shall be allocated increased by such amount; and
(b) to Holders of the REMIC I Regular Interest I-LT1 LT1SUB, REMIC I Regular Interest I-LT1GRP, REMIC I Regular Interest I-LT2SUB, REMIC I Regular Interest I-LT2GRP and REMIC I Regular Interest I-LT7LTXX, respectively.pro rata, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates;
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mortgage Asset Securitization Transactions Inc)
Distributions. (a) On each Distribution Date, the Trustee (1)(Aor the Paying Agent on behalf of the Trustee) shall allocate and distribute the Group I Principal Distribution Amount and Group II Principal Distribution Amount to the extent on deposit in the Certificate Account for such date to the interests issued in respect of REMIC I, REMIC II, REMIC III and REMIC IV as specified in this Section.
(1) On each Distribution Date, the following amounts, in the following order of priority, to the extent of the Group I Available Distribution Amount, reduced by distributions made to the Class R-I Certificates pursuant to Section 4.02(c), shall be deemed distributed by REMIC I to REMIC III on account of REMIC I Regular Interest A:
(i) Uncertificated Accrued Interest on REMIC I Regular Interest A for such Distribution Date, plus any Uncertificated Accrued Interest thereon remaining unpaid from any previous Distribution Date; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, to REMIC I Regular Interest A until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero.
(2) On each Distribution Date, the following amounts, in the following order of priority, to the extent of the Group II Available Distribution Amount, reduced by distributions made to the Class R-II Certificates pursuant to Section 4.02(d), shall be deemed distributed by REMIC II to REMIC III on account of REMIC II Regular Interest B:
(i) Uncertificated Accrued Interest on REMIC II Regular Interest B for such Distribution Date, plus any Uncertificated Accrued Interest thereon remaining unpaid from any previous Distribution Date; and
(ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, allocated as follows: to REMIC II Regular Interest B until the Uncertificated Principal Balance of such REMIC II Regular Interest is reduced to zero.
(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I III to REMIC II IV on account of the REMIC III Group I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may beInterests:
(i) to the extent of the Group I Available Distribution Amount, reduced by distributions made to the Class R-I Certificates and Class R-III Certificates pursuant to Section 4.02(c), to the Holders of the REMIC III Group I Regular Interests (other than REMIC I Regular Interest I-LTP)Interests, pro rata, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC I III Regular Interest I-LT7 ZZ shall be reduced when the REMIC III Group I Overcollateralized Overcollateralization Amount is less than the REMIC III Group I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the Maximum REMIC III Regular Interest I-LT7 Uncertificated ZZ Maximum Interest Deferral Amount, and such amount will be payable to the Holders of REMIC III Regular Interest A-I-1, REMIC III Regular Interest A-I-2, REMIC III Regular Interest A-I-3, REMIC III Regular Interest A-I-4, REMIC III Regular Interest A-I-5 and REMIC III Regular Interest A-I-6 in the same proportion as the Group I Overcollateralization Increase Amount is allocated to the Corresponding Class for each such REMIC III Regular Interest, respectively, and the Uncertificated Principal Balance of REMIC III Regular Interest I-ZZ shall be increased by such amount; and
(ii) on each Distribution Date, to the Holders of REMIC III Group I Regular Interests, Interests in an amount equal to the remainder of the Group I Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
): (a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(bA) to the Holders of the REMIC I III Regular Interest I-LT1AA, ____98.00% of the amount remaining after application of clause (a), such remainder until the Uncertificated Principal Balance of such REMIC I III Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
zero; (cB) to the Holders of the REMIC I III Regular Interest IInterests A-LT2I-1, REMIC I Regular Interest IA-LT3I-2, REMIC I Regular Interest IA-LT4I-3, REMIC I Regular Interest I▇-LT5 and REMIC I Regular Interest I▇-LT6▇, ____▇-▇-▇ ▇▇▇ ▇-▇-▇, ▇.▇▇% of the amount remaining after application of clause (a)▇f such remainder, in the same proportion as principal payments are allocated to the related Corresponding CertificatesClass for each such REMIC III Regular Interest, respectively, until the Uncertificated Balances Principal Balance of each such REMIC III Regular Interest is reduced to zero; (C) to the Holders of the REMIC III Regular Interest I-ZZ, 1.00% of such remainder until the Uncertificated Principal Balance of such REMIC I III Regular Interests are Interest is reduced to zero zero; and (D) any remaining amount amounts to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I III Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a Group I Overcollateralization Reduction Amount shall be allocated to Holders of REMIC III Regular Interest I-AA and REMIC III Regular Interest I-ZZ, respectively.
(B) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC III to REMIC IV on account of the REMIC III Group II Regular Interests:
(i) to the extent of the Group II Available Distribution Amount, reduced by distributions made to the Class R-II Certificates and Class R-III Certificates pursuant to Section 4.02(d), to the Holders of the REMIC III Group II Regular Interests, pro rata, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC III Regular Interest II-ZZ shall be reduced when the REMIC III Group II Overcollateralization Amount is less than the REMIC III Group II Required Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC III Regular Interest II-ZZ Maximum Interest Deferral Amount, and such amount will be payable to the Holders of REMIC III Regular Interest A-II-A, REMIC III Regular Interest A-II-B1, REMIC III Regular Interest A-II-B2, REMIC III Regular Interest A-II-B3, REMIC III Regular Interest M-II-1, REMIC III Regular Interest M-II-2, REMIC III Regular Interest M-II-3, REMIC III Regular Interest M-II-4 and REMIC III Regular Interest M-II-5 in the same proportion as the Group II Overcollateralization Increase Amount is allocated to the Corresponding Class for each such REMIC III Regular Interest, respectively, and the Uncertificated Principal Balance of REMIC III Regular Interest II-ZZ shall be increased by such amount; and
(ii) on each Distribution Date, to the Holders of REMIC III Group II Regular Interests in an amount equal to the remainder of the Group II Available Distribution Amount after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below): (A) to the Holders of the REMIC III Regular Interest II-AA, 98.00% of such remainder until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; (B) to the Holders of the REMIC III Regular Interest A-II-A, A-II-B1, A-II-B2, A-II-B3, M-II-1, M-II-2, M-II- 3, M-II-4 and M-II-5, 1.00% of such remainder, in the same proportion as principal payments are allocated to the Corresponding Class for each such REMIC III Regular Interest, respectively, until the Uncertificated Principal Balance of each such REMIC III Regular Interest is reduced to zero; (C) to the Holders of the REMIC III Regular Interest II-ZZ, 1.00% of such remainder until the Uncertificated Principal Balance of such REMIC III Regular Interest is reduced to zero; and (D) any remaining amounts to the Holders of the Class R-III Certificates; provided, however, that 98.00% and 2.00% of any principal payments that are attributable to a Group II Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I III Regular Interest III-LT1 AA and REMIC I III Regular Interest III-LT7ZZ, respectively.
(4) Notwithstanding the distributions described in this Section 4.02(b), distribution of funds from the Certificate Account shall be made only in accordance with Section 4.02(c) and (d).
(c) On each Distribution Date (x) the Master Servicer on behalf of the Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute to each Certificateholder of record on the next preceding Record Date (other than as provided in Section 9.01 respecting the final distribution) either in immediately available funds (by wire transfer or otherwise) to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder has so notified the Master Servicer or the Paying Agent, as the case may be, or, if such Certificateholder has not so notified the Master Servicer or the Paying Agent by the Record Date, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register such Certificateholder's share (which share with respect to each Class of Certificates, shall be based on the aggregate of the Percentage Interests represented by Certificates of the applicable Class held by such Holder of the following amounts, in the following order of priority, subject to the provisions of Section 4.02(e) and (f)), in each case to the extent of the Group I Available Distribution Amount on deposit in the Certificate Account (or, with respect to clause (xxi) below, to the extent of prepayment charges on deposit in the Certificate Account):
(i) to the Class A-I Certificateholders, the Class A-I Interest Distribution Amount, with such amount allocated among the Class A-I Certificateholders on a pro rata basis;
(ii) to the Class A-I Certificateholders, the Group I Principal Distribution Amount (other than clauses (iv) and (v) of the definition thereof), in the order described in Section 4.02(e), until the Certificate Principal Balances of the Class A-I Certificates have been reduced to zero;
(iii) to the Class A-I Certificateholders, from the Group I Excess Cash Flow, an amount equal to the principal portion of Realized Losses (other than Excess Realized Losses) on the Group I Loans during the immediately preceding Due Period, which amount shall be included in the Group I Principal Distribution Amount and paid in accordance with Section
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Ramp Series 2004-Rs5 Trus)
Distributions. (a) (1)(A1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I CertificatesInterest, as the case may be:
(i) first, to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)LTAA, REMIC I Regular Interest I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4 and REMIC I Regular Interest I-LTZZ, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LTZZ shall be reduced when the sum of the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; andAmount and such amounts will be payable to the Holders of REMIC I Regular Interest I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I- LTM3 and REMIC I Regular Interest I-LTM4 in the same proportion as the Overcollateralization Increase Amount is allocated to the Corresponding Certificates;
(ii) on each Distribution Datesecond, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):follows:
(a) to the Holders of REMIC I Regular Interest I-LTAA, 98.00% of such remainder (less the amount payable in clause (d) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero;
(b) to the Holders of REMIC I Regular Interest I-LTA, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I- LTM3 and REMIC I Regular Interest I-LTM4, 1.00% of such remainder (less the amount payable in clause (d) below), in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero;
(c) to the Holders of REMIC I Regular Interest I-LTZZ, 1.00% of such remainder (less the amount payable in clause (d) below), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero; then
(d) to the Holders of REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;; and
(be) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates;
R Certificates (c) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders Holder of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (aInterest), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 LTAA and REMIC I Regular Interest I-LT7LTZZ, respectively.
(2) On each Distribution Date, the Trustee shall withdraw from the Distribution Account an amount equal to the Interest Remittance Amount and distribute to the Certificateholders the following amounts, in the following order of priority:
(i) to the Holders of the Class A Certificates, an amount equal to the Senior Interest Distribution Amount allocable to the Class A Certificates;
(ii) to the Holders of the Class M-1 Certificates, an amount equal to the Interest Distribution Amount allocable to the Class M-1 Certificates;
(iii) to the Holders of the Class M-2 Certificates, an amount equal to the Interest Distribution Amount allocable to the Class M-2 Certificates;
(iv) to the Holders of the Class M-3 Certificates, an amount equal to the Interest Distribution Amount allocable to the Class M-3 Certificates; and
(v) to the Holders of the Class M-4 Certificates, an amount equal to the Interest Distribution Amount allocable to the Class M-4
Appears in 1 contract
Sources: Pooling and Servicing Agreement (New Century Home Equity Loan Trust Series 2003-1)
Distributions. (a) On each Distribution Date, the Trustee (1)(Aor the Paying Agent on behalf of the Trustee) shall allocate and distribute the Available Distribution Amount , if any, for such date to the interests issued in respect of REMIC I and REMIC II as specified in this Section.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may beInterests:
(i) to the Holders of REMIC I Regular Interests (other than Interest LT1, REMIC I Regular Interest I-LTP)LT2, REMIC I Regular Interest LT3 and REMIC I Regular Interest LT4, pro rata, in an amount equal to (Ato(A) the their Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; and
(ii) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(bA) to the Holders of the REMIC I Regular Interest I-LT1LT2, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest LT3 and REMIC I Regular Interest LT4, their respective Principal Distribution Amounts;
(B) to the Holders of the REMIC I Regular Interest LT1 any remainder until the Uncertificated Principal Balance thereof is reduced to zero zero;
(C) any remainder to the Holders of the REMIC I Regular Interest LT2, REMIC I Regular Interest LT3 and REMIC I Regular Interest LT4 pro rata according to their respective Uncertificated Principal Balances as reduced by the distributions deemed made pursuant to (i) above, until their respective Uncertificated Principal Balances are reduced to zero; and
(D) any remaining amount amounts to the Holders of the Class R-I Certificates;.
(2) Notwithstanding the distributions described in this Section 4.02(b), distribution of funds from the Certificate Account shall be made only in accordance with Section 4.02(c).
(c) On each Distribution Date, the Master Servicer on behalf of the Trustee or the Paying Agent appointed by the Trustee, shall distribute to each Certificateholder of record on the next preceding Record Date (other than as provided in Section 9.01 respecting the final distribution) either in immediately available funds (by wire transfer or otherwise) to the Holders account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder has so notified the Master Servicer or the Paying Agent, as the case may be, or, if such Certificateholder has not so notified the Master Servicer or the Paying Agent by the Record Date, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register such Certificateholder's share (which share with respect to each Class of Certificates, shall be based on the aggregate of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% Percentage Interests represented by Certificates of the amount remaining after application applicable Class held by such Holder of clause (athe following amounts), in the same proportion as principal payments are allocated following order of priority, in each case to the related Corresponding extent of the Available Distribution Amount:
(1) to the Class A Certificateholders, Accrued Certificate Interest payable on such Certificates with respect to such Distribution Date, plus any Accrued Certificate Interest remaining unpaid from any prior Distribution Date (the "Class A Interest Distribution Amount"), with such amount allocated among the Class A Certificateholders on a pro rata basis in proportion to Accrued Certificate Interest owed pursuant to this clause (1) to each such Class;
(2) from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class A Principal Distribution Amount, which shall be distributed: first, to the Class A-5 Certificates, in an amount equal to the Class A-5 Lockout Distribution Amount for that Distribution Date, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders Certificate Principal Balance of the Class R-I CertificatesA-5 Certificates has been reduced to zero; andsecond, to the Class A-1 Certificateholders, until the Certificate Principal Balance of the Class A-1 Certificates has been reduced to zero; third, to Class A-2 Certificateholders, until the Certificate Principal Balance of the Class A-2 Certificates has been reduced to zero; fourth, to the Class A-3 Certificateholders, until the Certificate Principal Balance of the Class A-3 Certificates has been reduced to zero; fifth, to the Class A-4 Certificateholders, until the Certificate Principal Balance of the Class A-4 Certificates has been reduced to zero; and sixth, to the Class A-5 Certificateholders, until the Certificate Principal Balance of the Class A-5 Certificates has been reduced to zero;
(d3) to the Holders Class A Certificateholders and the Credit Enhancer from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the amounts set forth in Section 4.02(g) to the extent not distributed pursuant to the preceding paragraphs of this subsection 4.02(c); (4) to the Class SB Certificates, from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, Accrued Certificate Interest thereon and the amount of any Overcollateralization Reduction Amount for such Distribution Date, amounts payable to the Class SB Certificateholders pursuant to this clause (5) being deemed paid: first, in respect of the REMIC I II Regular Interest ISB-LT7IO in respect of Accrued Certificate Interest thereon for the current Distribution Date; second, ____% in respect of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I II Regular Interest SB-PO in reduction of the principal balance thereof until such principal balance is reduced to zero zero; and any remaining amount to the Holders of the Class R-I Certificates; providedthird, however, that _____% and _____% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders in respect of the REMIC I II Regular Interest ISB-LT1 IO in respect of unpaid Accrued Certificate Interest thereon for prior Distribution Dates and REMIC I Regular Interest I-LT7in addition to the foregoing to the Class SB Certificateholders, respectively.the amount of any payments or collections in the nature of prepayment charges received on the Mortgage Loans by the Master Servicer in respect of the related Collection Period; and
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RFMSII Series 2006-Hsa1 Trust)
Distributions. (a) (1)(AI) On each Distribution Date, the following amounts, in the following order of priority, Trustee shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn withdraw from the Distribution Account that portion of Available Funds for such Distribution Date consisting of the Group I Interest Remittance Amount for such Distribution Date, and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group I Interest Remittance Amount remaining for such Distribution Date:
(i) concurrently, to the Holders of the Group I Certificates, on the PRO RATA basis based on the entitlement of each such Class, the Monthly Interest Distributable Amount and the Unpaid Interest Shortfall Amount, if any, for such Class; and
(ii) concurrently, to the Holders of the Group II Certificates, on a PRO RATA basis based on the entitlement of each such Class, an amount equal to the excess, if any, of (x) the amount required to be distributed pursuant to Section 4.01(a)(II)(i) below for such Distribution Date over (y) the amount actually distributed pursuant to such clause from the Group II Interest Remittance Amount.
(II) On each Distribution Date the Trustee shall withdraw from the Distribution Account that portion of Available Funds for such Distribution Date consisting of the Group II Interest Remittance Amount for such Distribution Date, and make the following disbursements and transfers in the order of priority described below, in each case to the extent of the Group II Interest Remittance Amount remaining for such Distribution Date.
(i) concurrently, to the Holders of the Group II Certificates, on a PRO RATA basis based on the entitlement of each such Class, the Monthly Interest Distributable Amount and the Unpaid Interest Shortfall Amount, if any, for each such Class; and
(ii) concurrently, to the Holders of the Group I Certificates, on a PRO RATA basis based on the entitlement of each such Class, an amount equal to the excess, if any, of (x) the amount required to be distributed pursuant to Section 4.01(a)(I)(i) above for such Distribution Date over (y) the amount actually distributed pursuant to such clause from the Group I Interest Remittance Amount.
(III) On each Distribution Date, distributions to the extent of the sum of the Group I Interest Remittance Amount and the Group II Interest Remittance Amount remaining undistributed for such Distribution Date shall be distributed sequentially to the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates, the Class M-9 Certificates and the Class M-10 Certificates, in that order, in an amount equal to the Monthly Interest Distributable Amount for each such Class.
(I) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, distributions in respect of principal to the extent of the Group I Principal Distribution Amount shall be made in the following amounts and order of priority:
(i) first, to the Holders of the Group I Certificates (allocated among Group I Certificates in the priority described below), until the Certificate Principal Balances thereof have been reduced to zero; and
(ii) second, after taking into account the amount distributed to the Holders of the Group II Certificates pursuant to Section 4.01(b)(II)(i) below on such Distribution Date, to the Holders of the Group II Certificates (allocated among Group II Certificates in the priority described below), until the Certificate Principal Balances thereof have been reduced to zero.
(II) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, distributions in respect of principal to the extent of the Group II Principal Distribution Amount shall be made in the following amounts and order of priority:
(i) first, to the Holders of the Group II Certificates (allocated among Group II Certificates in the priority described below), until the Certificate Principal Balances thereof have been reduced to zero; and
(ii) second, after taking into account the amount distributed to the Holders of the Group I Certificates pursuant to Section 4.01(b)(I)(i) above on such Distribution Date, to the Holders of the Group I Certificates (allocated among Group I Certificates in the priority described below), until the Certificate Principal Balances thereof have been reduced to zero.
(III) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect, distributions in respect of principal to the extent of the sum of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount remaining undistributed for such Distribution Date shall be distributed sequentially, to the Holders of the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates, the Class M-9 Certificates and the Class M-10 Certificates, in that order, in each case, until the Certificate Principal Balance thereof has been reduced to zero.
(IV) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, distributions in respect of principal to the extent of the Group I Principal Distribution Amount shall be made in the following amounts and order of priority:
(i) first, to the Holders of the Group I Certificates (allocated among Group I Certificates in the priority described below), the Group I Senior Principal Distribution Amount until the Certificate Principal Balances thereof have been reduced to zero; and
(ii) second, to the Holders of the Group II Certificates (allocated among Group II Certificates in the priority described below), an amount equal to the excess, if any, of (x) the amount required to be distributed pursuant to Section 4.01(c)(II)(i) below for such Distribution Date over (y) the amount actually distributed pursuant to Section 4.01(c)(II)(i) below from the Group II Principal Distribution Amount on such Distribution Date.
(V) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, distributions in respect of principal to the extent of the Group II Principal Distribution Amount shall be made in the following amounts and order of priority:
(i) first, to the Holders of the Group II Certificates (allocated among Group II Certificates in the priority described below), the Group II Senior Principal Distribution Amount until the Certificate Principal Balances thereof have been reduced to zero; and
(ii) second, to the Holders of the Group I Certificates (allocated among Group I Certificates in the priority described below), an amount equal to the excess, if any, of (x) the amount required to be distributed pursuant to Section 4.01(c)(I)(i) above for such Distribution Date over (y) the amount actually distributed pursuant to Section(c)(I)(i) above from the Group I Principal Distribution Amount on such Distribution Date.
(VI) On each Distribution Date (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, distributions in respect of principal to the extent of the sum of the Group I Principal Distribution Amount and the Group II Principal Distribution Amount remaining undistributed for such Distribution Date shall be made in the following amounts and order of priority:
(i) first, to the Holders of the Class M-1 Certificates, the Class M-1 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(ii) second, to the Holders of the Class M-2 Certificates, the Class M-2 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(iii) third, to the Holders of the Class M-3 Certificates, the Class M-3 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(iv) fourth, to the Holders of the Class M-4 Certificates, the Class M-4 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(v) fifth, to the Holders of the Class M-5 Certificates, the Class M-5 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(vi) sixth, to the Holders of the Class M-6 Certificates, the Class M-6 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(vii) seventh, to the Holders of the Class M-7 Certificates, the Class M-7 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(viii) eighth, to the Holders of the Class M-8 Certificates, the Class M-8 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero;
(ix) ninth, to the Holders of the Class M-9 Certificates, the Class M-9 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero; and
(x) tenth, to the Holders of the Class M-10 Certificates, the Class M-10 Principal Distribution Amount until the Certificate Principal Balance thereof has been reduced to zero; and With respect to the Group I Certificates, all principal distributions will be distributed on a PRO RATA basis based on the Certificate Principal Balance of each such class, with the exception that if a Sequential Trigger Event is in effect, principal distributions will be distributed sequentially, first, to the holders of the Class RI-I A1 until the Certificate Principal Balance of the Class I-A1 Certificates has been reduced to zero; and second, to the holders of the Class I-A2 Certificates, until the Certificate Principal Balance of the Class I-A2 Certificates has been reduced to zero. With respect to the Group II Certificates, all principal distributions will be distributed sequentially, first, to the Holders of the Class II-A1 Certificates, until the Certificate Principal Balance of the Class II-A1 Certificates has been reduced to zero; second, to the Holders of the Class II-A2 Certificates, until the Certificate Principal Balance of the Class II-A2 Certificates has been reduced to zero; and third, to the Holders of the Class II-A3 Certificates, until the Certificate Principal Balance of the Class II-A3 Certificates has been reduced to zero.
(c) On each Distribution Date, the Net Monthly Excess Cashflow shall be distributed as the case may befollows:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)the Class or Classes of Certificates then entitled to receive distributions in respect of principal, in an amount equal to (A) the Uncertificated Interest for such any Extra Principal Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by distributable to such Holders as part of the lesser of (xGroup I Principal Distribution Amount and/or the Group II Principal Distribution Amount as described under Section 4.01(b) the amount of such difference and (y) the Maximum I-LT7 Uncertificated Interest Deferral Amount; andabove;
(ii) sequentially, to the holders of the Class I-A2 Certificates, with respect to Allocated Realized Loss Amounts only, and the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class M-10 Certificates, in that order, in each case, first up to the Unpaid Interest Shortfall Amount for each such class and second up to the Allocated Realized Loss Amount, for each such class;
(iii) to the Net WAC Rate Carryover Reserve Account, the aggregate of any Net WAC Rate Carryover Amounts for the Floating Rate Certificates which exceed the amounts received under the cap contract;
(iv) [reserved];
(v) to the Holders of the Class C Certificates, (a) the Monthly Interest Distributable Amount and any Overcollateralization Release Amount for such Distribution Date and (b) on each any Distribution DateDate on which the Certificate Principal Balances of the Floating Rate Certificates have been reduced to zero, any remaining amounts in reduction of the Certificate Principal Balance of the Class C Certificates, until the Certificate Principal Balance thereof has been reduced to zero;
(vi) if such Distribution Date follows the Prepayment Period during which occurs the latest date on which a Prepayment Charge may be required to be paid in respect of any Mortgage Loans, to the Holders of REMIC I Regular Intereststhe Class P Certificates, in an reduction of the Certificate Principal Balance thereof, until the Certificate Principal Balance thereof is reduced to zero; and
(vii) any remaining amounts to the Holders of the Residual Certificates (in respect of the Class R-2 Interest, as appropriate).
(d) On each Distribution Date, after making the distributions of the Available Funds as set forth in Section 4.01(a) through (c) above, the Trustee shall withdraw from the Net WAC Rate Carryover Reserve Account, to the extent of amounts remaining on deposit therein, the aggregate of any Net WAC Rate Carryover Amounts for such Distribution Date and distribute such amount in the following order of priority:
(i) concurrently, to each Class of Class A Certificates, the related Cap Amount, from payments made under the Cap Contract, in each case up to a maximum amount equal to the remainder of the Available Distribution related Net WAC Rate Carryover Amount for such Distribution Date after Date;
(ii) sequentially, to the distributions Holders of the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates, the Class M-9 Certificates and the Class M-10 Certificates, in that order, the related Cap Amount, from payments made under the Cap Contract, in each case up to a 100 maximum amount equal to the related Net WAC Rate Carryover Amount for such Distribution Date;
(iii) concurrently, to each Class of Class A Certificates, the related Net WAC Rate Carryover Amount remaining undistributed pursuant to clause (i) above, allocated as follows (except as provided below):on a PRO RATA basis based on such respective remaining Net WAC Rate Carryover Amounts; and
(aiv) the Holders of the REMIC I Regular Interest I-LTPsequentially, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Interest I-LT1, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I M-1 Certificates;, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the Class M-5 Certificates, the Class M-6 Certificates, the Class M-7 Certificates, the Class M-8 Certificates, the Class M-9 Certificates and the Class M-10 Certificates, in that order, the related Net WAC Rate Carryover Amount remaining undistributed pursuant to clause (ii) above.
(ce) to the Holders On each Distribution Date, all amounts representing Prepayment Charges in respect of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____% of the amount remaining after application of clause (a), in the same proportion as principal payments are allocated to Mortgage Loans received during the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero Prepayment Period and any remaining amount Servicer Prepayment Charge Amounts paid by the Servicer during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Trustee to the Holders of the Class R-I Certificates; and
(d) P Certificates and shall not be available for distribution to the Holders of the REMIC I Regular Interest I-LT7, ____% any other Class of Certificates. The payment of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount foregoing amounts to the Holders of the Class R-I P Certificates shall not reduce the Certificate Principal Balances thereof.
(f) The Trustee shall make distributions in respect of a Distribution Date to each Certificateholder of record on the related Record Date (other than as provided in Section 10.01 respecting the final distribution), in the case of Certificateholders of the Regular Certificates; provided, howeverby check or money order mailed to such Certificateholder at the address appearing in the Certificate Register, that _____% and _____% of any principal payments that are attributable or by wire transfer. Distributions among Certificateholders shall be made in proportion to the Percentage Interests evidenced by the Certificates held by such Certificateholders.
(g) Each distribution with respect to a Overcollateralization Reduction Amount Book-Entry Certificate shall be allocated paid to Holders the Depository, which shall credit the amount of such distribution to the REMIC I Regular Interest Iaccounts of its Depository Participants in accordance with its normal procedures. Each Depository Participant shall be responsible for disbursing such distribution to the Certificate Owners that it represents and to each indirect participating brokerage firm (a "brokerage firm" or "indirect participating firm") for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Certificate Owners that it represents. All such credits and disbursements with respect to a Book-LT1 and REMIC I Regular Interest I-LT7, respectively.Entry Certificate are to be made by the Depository an
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Soundview Home Loan Trust 2004-Wmc1)
Distributions. (a) On each Distribution Date, the Trustee (1)(Aor the Paying Agent on behalf of the Trustee) shall allocate and distribute the Available Distribution Amount, if any, for such date to the interests issued in respect of REMIC I and REMIC II as specified in this Section.
(1) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may beInterests:
(iA) to the Holder of the REMIC I Regular Interest LTX, in an amount equal to the related Uncertificated Accrued Interest for such Distribution Date computed at the applicable Uncertificated REMIC I Pass-Through Rate, plus any amounts in respect thereof remaining unpaid from previous Distribution Dates and (B) to the extent of the Available Distribution Amount, to the Holders of the REMIC I Regular Interests (other than the REMIC I Regular Interest I-LTPLTX), pro rata, in an amount equal to (A1) the related Uncertificated Accrued Interest for such Distribution Date, plus (B2) any amounts in respect thereof remaining unpaid from previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC I Regular Interest I-LT7 ZZ shall be reduced when the REMIC I Overcollateralized Overcollateralization Amount is less than the REMIC I Required Overcollateralized Overcollateralization Amount, by the lesser of (x) the amount of such difference and (y) the REMIC I Regular Interest ZZ Maximum I-LT7 Uncertificated Interest Deferral Amount, and such amount will be payable to the Holders of REMIC I Regular Interests ▇-▇, ▇-▇, ▇-▇, ▇-▇, M-1, M-2, M-3, M-4, M-5, M-6, M-7, M-8 and M-9 in the same proportion as the Overcollateralization Increase Amount is allocated to the corresponding Class of Certificates, and the Uncertificated Principal Balance of the REMIC I Regular Interest ZZ shall be increased by such amount; and
(ii) . on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause (i) above, allocated as follows (except as provided below):
): (a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(bA) to the Holders of the REMIC I Regular Interest I-LT1AA, ____98.00% of the amount remaining after application of clause (a), such remainder until the Uncertificated Principal Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount zero; (B) to the Holders of REMIC I Regular Interests ▇-▇, ▇-▇, ▇-▇, ▇-▇, M-1, M-2, ▇-▇, ▇-▇, ▇-▇, ▇-▇, ▇-▇, M-8 and M-9, 1.00% of such remainder in the same proportion as amounts are distributed in respect of principal on the corresponding Class R-I of Certificates;
; (cC) to the Holders of the REMIC I Regular Interest I-LT2ZZ, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 and REMIC I Regular Interest I-LT6, ____1.00% of the amount remaining after application of clause such remainder; and (a), in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and D) any remaining amount to the Holders of the Class R-I Certificates; and
(d) to the Holders of the REMIC I Regular Interest I-LT7, ____% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount amounts to the Holders of the Class R-I Certificates; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a an Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 AA and REMIC I Regular Interest I-LT7ZZ, respectively; and provided further, that any prepayment charges on deposit in the Certificate Account attributable to prepayment charges received on the Mortgage Loans during the related Prepayment Period shall be deemed distributed to REMIC II as the holder of the REMIC I Regular Interest AA.
(2) Notwithstanding the distributions described in this Section 4.02(b), distribution of funds from the Certificate Account shall be made only in accordance with Section 4.02(c).
(c) On each Distribution Date (x) the Master Servicer on behalf of the Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute to each Certificateholder of record on the next preceding Record Date (other than as provided in Section 9.01 respecting the final distribution) either in immediately available funds (by wire transfer or otherwise) to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder has so notified the Master Servicer or the Paying Agent, as the case may be, or, if such Certificateholder has not so notified the Master Servicer or the Paying Agent by the Record Date, by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register such Certificateholder's share (which share with respect to each Class of Certificates, shall be based on the aggregate of the Percentage Interests represented by Certificates of the applicable Class held by such Holder of the following amounts, in the following order of priority, subject to the provisions of Section 4.02(d)), to the extent of the Available Distribution Amount on deposit in the Certificate Account (with respect to clauses (i) through (xi), and to the extent of the sum of the remaining Available Distribution Amount and the Yield Maintenance Payments on deposit in the Certificate Account with respect to clauses (xii) through (xxi) and, with respect to clause (xxi)(B) below, to the extent of prepayment charges on deposit in the Certificate Account) :
(i) to the Class A Certificateholders, the Class A Interest Distribution Amount, with such amount allocated among the Class A Certificateholders on a pro rata basis based on the Accrued Certificate Interest on each such Class;
(ii) to the Class M-1 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-1 Interest Distribution Amount;
(iii) to the Class M-2 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-2 Interest Distribution Amount;
(iv) to the Class M-3 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-3 Interest Distribution Amount;
(v) to the Class M-4 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-4 Interest Distribution Amount;
(vi) to the Class M-5 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-5 Interest Distribution Amount;
(vii) to the Class M-6 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-6 Interest Distribution Amount;
(viii) to the Class M-7 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-7 Interest Distribution Amount;
(ix) to the Class M-8 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-8 Interest Distribution Amount;
(x) to the Class M-9 Certificateholders from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Class M-9 Interest Distribution Amount;
(xi) to the Class A Certificateholders and Class M Certificateholders, from the amount, if any, of the Available Distribution Amount remaining after the foregoing distributions, the Principal Distribution Amount (other than the amounts set forth in clauses (b)(iv), (b)(v), and (b)(vi) of the definition thereof), in the order of priority described in Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A Certificates and Class M Certificates have been reduced to zero;
(xii) to the Class A Certificateholders and Class M Certificateholders, from the amount, if any, of the Excess Cash Flow, an amount equal to the principal portion of Realized Losses previously allocated to reduce the Certificate Principal Balance of any Class of the Class A Certificates and Class M Certificates and remaining unreimbursed, but only to the extent of Subsequent Recoveries for that Distribution Date, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A Certificates and Class M Certificates have been reduced to zero;
(xiii) to the Class A Certificateholders and Class M Certificateholders, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, an amount equal to the principal portion of Realized Losses on the Mortgage Loans during the immediately preceding Prepayment Period, which amount shall be included in the Principal Distribution Amount and paid in accordance with Section 4.02(d) hereof, until the Certificate Principal Balances of the Class A Certificates and Class M Certificates have been reduced to zero;
(xiv) to the Class A Certificateholders and Class M Certificateholders, from the amount, if any, of the Excess Cash Flow remaining after the foregoing distributions, the Overcollateralization Increase Amount for such Distribution Date, which amount shall be included in the Principal Distribution Amount and paid in accordance with
Appears in 1 contract
Sources: Pooling and Servicing Agreement (RAMP Series 2006-Rs4 Trust)
Distributions. (a) (1)(A) On each Distribution Date, the following amounts, in the following order of priority, shall be distributed by REMIC I to REMIC II on account of the REMIC I Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R-I Certificates, as the case may be:
(i) to the Holders of REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP)Interests, in an amount equal to (A) the Uncertificated Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates. On the first Distribution Date, the Class R-I Certificates shall be entitled to interest accrued on its Certificate Principal Balance at the related Pass-Through Rate. Amounts payable as Uncertificated Interest in respect of REMIC I Regular Interest I-LT7 LT6 shall be reduced when the REMIC I Overcollateralized Amount is less than the REMIC I Required Overcollateralized Amount, by the lesser of (x) the amount of such difference and (y) the Maximum I-LT7 LT6 Uncertificated Interest Deferral Amount; and
(ii) (x) on the first Distribution Date, to the Holders of the Class R-I Certificates, the Certificate Principal Balance thereof and (y) on each Distribution Date, to the Holders of REMIC I Regular Interests, in an amount equal to the remainder of the Available Distribution Amount for such Distribution Date after the distributions made pursuant to clause clauses (i) and (ii)(x) above, allocated as follows (except as provided below):
(a) the Holders of the REMIC I Regular Interest I-LTP, on the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause;
(b) to the Holders of the REMIC I Regular Regular\ Interest I-LT1, ____98.00% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificatesremainder;
(cb) to the Holders of the REMIC I Regular Interest I-LT2, REMIC I Regular Interest I-LT3, REMIC I Regular Interest I-LT4, REMIC I Regular Interest I-LT5 LT4 and REMIC I Regular Interest I-LT6LT5, ____1.00% of the amount remaining after application of clause (a)such remainder, in the same proportion as principal payments are allocated to the related Corresponding Certificates, until the Uncertificated Balances of such REMIC I Regular Interests are reduced to zero and any remaining amount to the Holders of the Class R-I Certificates; and
(dc) to the Holders of the REMIC I Regular Interest I-LT7LT6, ____1.00% of the amount remaining after application of clause (a), until the Uncertificated Balance of such REMIC I Regular Interest is reduced to zero and any remaining amount to the Holders of the Class R-I Certificatesremainder; provided, however, that _____98.00% and _____2.00% of any principal payments that are attributable to a Overcollateralization Reduction Amount shall be allocated to Holders of the REMIC I Regular Interest I-LT1 and REMIC I Regular Interest I-LT7LT6, respectively.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Salomon Bros Mort Sec Viiinc Ast Bk Fl Rte Cer Se 1997-Lb5)