REMIC III. (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, which shall be distributed in accordance with Section 6.5(c)), in the following amounts and order of priority:
REMIC III. On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective EX XXXXX III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows:
REMIC III. As provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class D, Class E, Class F and Class G Certificates and the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest will evidence ownership of a class of “regular interests” in REMIC III and the Class X-A Certificates will evidence ownership of seven (7) classes of “regular interests” in REMIC III, all as described herein. The Class A-S Certificates and Class A-S-PEX Component will each evidence ownership of a specified portion from time to time of the Class A-S Regular Interest. The Class B Certificates and Class B-PEX Component will each evidence ownership of a specified portion from time to time of the Class B Regular Interest. The Class C Certificates and Class C-PEX Component will each evidence ownership of a specified portion from time to time of the Class C Regular Interest. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Class X-A Certificates), the Class A-S Regular Interest, Class B Regular Interest and Class C Regular Interest and the REMIC III Components is the Rated Final Distribution Date. Designations of the REMIC III Components The REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. Corresponding REMIC II Regular Interests The following table irrevocably sets forth, with respect to each REMIC II Regular Interest (i) the Class of Certificates, Class PEX Component and/or Class A-S Regular Interest, Class B Regular Interest or Class C Regular Interest and (ii) the REMIC III Component of the Class X-A Certificates, in each case for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: REMIC II Regular Interest Class of Certificates or REMIC III Regular Interest REMIC III Component of Class X-A Certificates X-0 X-0 Xxxxxxxxxxxx X-0-X-X A-SB A-SB Certificates A-SB...
REMIC III. As provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class X-0, Xxxxx X-0, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class F and Class G Certificates will evidence ownership of a class of “regular interests” in REMIC III and the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-Y Certificates will evidence ownership of seven (7), three (3), one (1), one (1), one (1) and one (1) classes of “regular interests” in REMIC III, respectively, all as described herein. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Interest Only Certificates) and the REMIC III Components is the date that is the Rated Final Distribution Date. Designations of the REMIC III Components The REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-C Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-C Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-D Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-D Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-E Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-E Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-Y C...
REMIC III. On each Distribution Date, all Realized Losses and Expense Losses on the REMIC II Regular Interests for such Distribution Date (or for prior Distribution Dates, to the extent not previously allocated) shall be allocated to the REMIC Regular Certificates in Reverse Sequential Order, with such reductions being allocated among the Class A-1, Class A-1A, Class A-2, Class A-3 and Class A-4 Certificates and, in the case of interest, Class X and Class X-Y Certificates, pro rata (treating principal and interest losses separately), in each case reducing (A) the Certificate Balance of such Class (excluding the Class X and the Class X-Y Certificates) until such Certificate Balance is reduced to zero; (B) Unpaid Interest owing to such Class to the extent thereof; and (C) Distributable Certificate Interest owing to such Class, provided that Realized Losses and Expense Losses shall not reduce the Aggregate Certificate Balance of the REMIC Regular Certificates below the sum of the Aggregate Certificate Balances of the REMIC II Regular Interests.
REMIC III. (a) On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Interest) and Excess Liquidation Proceeds in the following amounts and order of priority:
REMIC III. 49 REMIC III Group I Diverted Excess Spread.....................................49 REMIC III Group II Diverted Excess Spread....................................49 REMIC III Group I Interest Loss Allocation Amount............................49 REMIC III Group II Interest Loss Allocation Amount...........................49 REMIC III Group I Overcollateralized Amount..................................49 REMIC III Group II Overcollateralized Amount.................................50 REMIC III Group I Principal Loss Allocation Amount...........................50 REMIC III Group II Principal Loss Allocation Amount..........................50 REMIC III Group I Regular Interests..........................................50 REMIC III Group II Regular Interests.........................................50 REMIC III Group I Required Overcollateralization Amount......................50 REMIC III Group II Required Overcollateralized Amount........................50 REMIC III Regular Interest LT3-AI-AA.........................................50 REMIC III Regular Interest LT3-AI-1..........................................50 REMIC III Regular Interest LT3-AI-2..........................................51 REMIC III Regular Interest LT3-AI-3..........................................51 REMIC III Regular Interest LT3-AI-4..........................................51 REMIC III Regular Interest LT3-AI-5..........................................51 REMIC III Regular Interest LT3-AI-6..........................................51 REMIC III Regular Interest LT3-AI-ZZ Maximum Interest Deferral Amount ............................................................................51 REMIC III Regular Interest LT3-IAIO..........................................51 REMIC III Regular Interest LT3-AII-AA........................................52 REMIC III Regular Interest LT3-AII-1.........................................52 REMIC III Regular Interest LT3-AII-ZZ........................................52 REMIC III Regular Interest LT3-AII-ZZ Maximum Interest Deferral Amount ............................................................................52
REMIC III. 44 REMIC III Group I Diverted Excess Spread.......................................................44 REMIC III Group II Diverted Excess Spread......................................................44 REMIC III Group I Interest Loss Allocation Amount..............................................44 REMIC III Group II Interest Loss Allocation Amount.............................................44 REMIC III Group I Overcollateralized Amount....................................................44 REMIC III Group II Overcollateralized Amount...................................................44 REMIC III Group I Principal Loss Allocation Amount.............................................44 REMIC III Group II Principal Loss Allocation Amount............................................44 REMIC III Group I Regular Interests............................................................44 REMIC III Group II Regular Interests...........................................................45 REMIC III Group I Required Overcollateralization Amount........................................45 REMIC III Group II Required Overcollateralized Amount..........................................45 REMIC III Regular Interest LT1-I...............................................................45 REMIC III Regular Interest MT-I-2..............................................................45
REMIC III. (a) On each Distribution Date, following the deemed payments to REMIC III in respect of the REMIC II Regular Interests on such date pursuant to Section 6.3, the Trustee shall withdraw from the Distribution Account the REMIC III Distribution Amount for such Distribution Date and shall apply such amount for the following purposes and in the following order of priority:
REMIC III. As provided herein, the Securities Administrator will elect to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC III.” The Class R-III Interest will evidence the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The following table irrevocably sets forth the designation, the Pass-Through Rate, the initial aggregate Certificate Principal Balance and, for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for the indicated Classes of Certificates. Designation Pass-Through Rate Initial Aggregate Certificate Principal Balance Latest Possible Maturity Date (1) Class A-1 Variable(2) $ 348,483,000.00 July 25, 2036 Class A-2A Variable(2) $ 152,935,000.00 July 25, 2036 Class A-2B Variable(2) $ 47,569,000.00 July 25, 2036 Class A-2C Variable(2) $ 75,530,000.00 July 25, 2036 Class A-2D Variable(2) $ 42,114,000.00 July 25, 2036 Class M-1 Variable(2) $ 29,956,000.00 July 25, 2036 Class M-2 Variable(2) $ 27,425,000.00 July 25, 2036 Class M-3 Variable(2) $ 16,033,000.00 July 25, 2036 Class M-4 Variable(2) $ 13,923,000.00 July 25, 2036 Class M-5 Variable(2) $ 13,923,000.00 July 25, 2036 Class M-6 Variable(2) $ 12,236,000.00 July 25, 2036 Class M-7 Variable(2) $ 11,814,000.00 July 25, 2036 Class M-8 Variable(2) $ 9,704,000.00 July 25, 2036 Class M-9 Variable(2) $ 7,595,000.00 July 25, 2036 Class M-10 Variable(2) $ 4,641,000.00 July 25, 2036 Class M-11 Variable(2) $ 8,438,000.00 July 25, 2036 Class P N/A(3) $ 100.00 July 25, 2036 Class CE N/A(4) $ 21,518,421.20 July 25, 2036 Class IO Interest N/A(5) (5 ) July 25, 2036