Common use of Allocation and Distribution of Yield Maintenance Premiums Clause in Contracts

Allocation and Distribution of Yield Maintenance Premiums. (a) On each Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the Non-Retained Percentage of any Yield Maintenance Premiums actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “Non-Retained Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the respective Classes of the Non-Retained Regular Certificates in the following manner: (i) the Holders of each Class of Non-Retained Regular Certificates shall be entitled to receive that portion of such Non-Retained Yield Maintenance Premium equal to the product of (x) a fraction, the numerator of which is the amount of principal distributed to such Class of Certificates on such Distribution Date and the denominator of which is the total amount of principal distributed to the holders of all of the Non-Retained Regular Certificates on such Distribution Date and (y) the amount of such Non-Retained Yield Maintenance Premium. If both the Class D and Class E Certificates are entitled to distributions of principal on any particular Distribution Date on which any Non-Retained Yield Maintenance Premium is distributable, such Non-Retained Yield Maintenance Premium will be allocated between both such Classes of Non-Retained Regular Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with the first sentence of this paragraph. (b) On each Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the VRR Percentage of any Yield Maintenance Premium actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “VRR Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner, pro rata based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance, respectively. (c) Any Non-Retained Yield Maintenance Premium distributable pursuant to Section 4.3(a) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LD Uncertificated Interest and the Class LE Uncertificated Interest pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitled. Any VRR Yield Maintenance Premium distributable to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner pursuant to Section 4.3(b) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LVRR Uncertificated Interest and the LUVRR Uncertificated Interest, pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitled. (d) Notwithstanding the foregoing, Yield Maintenance Premiums will be distributed to some or all of the Non-Retained Regular Certificates, the Class VRR Certificates and the Uncertificated VRR Interest on any Distribution Date only to the extent they are received in respect of the Trust Loan and on deposit in the Collection Account as of the related Determination Date. (e) No Yield Maintenance Premiums shall be distributed to the Holders of the Class R Certificates.

Appears in 7 contracts

Samples: Trust and Servicing Agreement (CSAIL 2021-C20 Commercial Mortgage Trust), Trust and Servicing Agreement (BBCMS Mortgage Trust 2021-C9), Trust and Servicing Agreement (Benchmark 2021-B23 Mortgage Trust)

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Allocation and Distribution of Yield Maintenance Premiums. (a) On each any Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the Non-Retained Percentage of any Yield Maintenance Premiums actually collected in respect of the Mortgage Trust Loan during the related Collection Period and allocable shall be distributed to the Trust Loan pursuant to holders of each Class of Certificates (other than the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(dClass R Certificates) (such portion of any Yield Maintenance Premium, a “Non-Retained Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the respective Classes of the Non-Retained Regular Certificates in the following manner: (i) the Holders Certificateholders of each Class of Non-Retained Regular Sequential Pay Certificates shall be entitled to receive that portion on each Distribution Date, an amount of such Non-Retained Yield Maintenance Premium Premiums for the Trust Loan prepayments, in an amount equal to the product of (x) a fraction, the fraction whose numerator of which is the amount of principal distributed to such Class of Certificates on such Distribution Date and the whose denominator of which is the total amount of principal distributed to the holders of all of the Non-Retained Regular Certificates representing principal payments collected in respect of the Trust Loan on such Distribution Date, (y) the Base Interest Fraction for the related principal prepayment on such Class of Certificates, and (z) the Yield Maintenance Premiums collected during the related Collection Period; and (ii) any Yield Maintenance Premiums collected during the related Collection Period remaining after such distributions will be further distributed as follows: to the Class X Certificates, in an amount equal to the product of (1) a fraction whose numerator is the amount of principal distributed to the Class A Certificates on such Distribution Date and whose denominator is the total amount of principal distributed to all of the Certificates representing principal payments in respect of the Trust Loan on such Distribution Date, and (y2) the Yield Maintenance Premium collected during the related Collection Period, minus (b) the amount of such Non-Retained Yield Maintenance PremiumPremium distributable to the Class A, Class B, Class C and Class D Certificates on such Distribution Date. If both the there is more than one such Class D and Class E of Certificates are entitled to distributions of principal on any particular Distribution Date on which any Non-Retained Yield Maintenance Premium is Premiums are distributable, the aggregate amount of such Non-Retained Yield Maintenance Premium will Premiums shall be allocated between both among all such Classes of Non-Retained Regular Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with the first sentence of this paragraph. (b) On each Distribution Date. For the avoidance of doubt, the Certificate Administrator Class X Certificates shall withdraw from the not be entitled to any Yield Maintenance Premiums Distribution Account an amount that represents the VRR Percentage of any Yield Maintenance Premium actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “VRR Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner, pro rata based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance, respectively. (c) Any Non-Retained Yield Maintenance Premium distributable pursuant to Section 4.3(a) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LD Uncertificated Interest and the Class LE Uncertificated Interest pro rata in accordance with after their respective Lower-Tier Principal Notional Amounts outstanding immediately prior has been reduced to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitled. Any VRR Yield Maintenance Premium distributable to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner pursuant to Section 4.3(b) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LVRR Uncertificated Interest and the LUVRR Uncertificated Interest, pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitledzero. (d) Notwithstanding the foregoing, Yield Maintenance Premiums will be distributed to some or all of the Non-Retained Regular Certificates, the Class VRR Certificates and the Uncertificated VRR Interest on any Distribution Date only to the extent they are received in respect of the Trust Loan and on deposit in the Collection Account as of the related Determination Date. (e) No Yield Maintenance Premiums shall be distributed to the Holders of the Class R Certificates.

Appears in 4 contracts

Samples: Trust and Servicing Agreement (BBCMS Mortgage Trust 2019-C5), Trust and Servicing Agreement (BBCMS Mortgage Trust 2019-C3), Trust and Servicing Agreement (CSAIL 2018-Cx11 Commercial Mortgage Trust)

Allocation and Distribution of Yield Maintenance Premiums. (a) On each Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the Non-Retained Percentage of any Yield Maintenance Premiums actually collected in respect of the Mortgage Trust Loan during the related Collection Period and allocable shall be distributed to the Trust Loan pursuant to holders of each Class of Certificates (other than the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(dClass R Certificates) (such portion of any Yield Maintenance Premium, a “Non-Retained Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the respective Classes of the Non-Retained Regular Certificates in the following manner: (i) the Holders Certificateholders of each Class of Non-Retained Regular Sequential Pay Certificates shall be entitled to receive that portion on each Distribution Date an amount of such Non-Retained Yield Maintenance Premium Premiums for the Trust Loan prepayments, in an amount equal to the product of (x) a fraction, the fraction whose numerator of which is the amount of principal distributed to such Class of Certificates on such Distribution Date and the whose denominator of which is the total amount of principal distributed to the holders of all Sequential Pay Certificates representing principal payments collected in respect of the Non-Retained Regular Certificates Trust Loan on such Distribution Date and Date, (y) the amount Base Interest Fraction for the related principal prepayment and such Class of such Non-Retained Certificates, and (z) the Yield Maintenance PremiumPremiums collected during the related Collection Period; and (ii) any Yield Maintenance Premiums collected during the related Collection Period remaining after such distributions will be distributed to the Class X Certificates. If both the there is more than one such Class D and Class E of Certificates are entitled to distributions of principal on any particular Distribution Date on which any Non-Retained Yield Maintenance Premium is Premiums are distributable, the aggregate amount of such Non-Retained Yield Maintenance Premium will Premiums shall be allocated between both among all such Classes of Non-Retained Regular Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with the first sentence of this paragraph. For the avoidance of doubt, the Class X Certificates shall not be entitled to any Yield Maintenance Premiums after their respective Notional Amounts has been reduced to zero. (b) On each Distribution Date, the Certificate Administrator shall withdraw from the All Yield Maintenance Premiums Distribution Account an amount that represents the VRR Percentage of any Yield Maintenance Premium actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “VRR Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner, pro rata based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance, respectively. (c) Any Non-Retained Yield Maintenance Premium distributable pursuant to Section 4.3(a) shall first be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LD LA Uncertificated Interest and (whether or not the Class LE Uncertificated Interest pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any Amount of such Uncertificated Lower-Tier Interest, as applicable, Interest has received all distributions of interest been reduced to zero) and principal to which it is entitled. Any VRR Yield Maintenance Premium distributable to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner pursuant to Section 4.3(b) shall be deemed to have first been distributed from the LowerUpper-Tier REMIC to the Upper-Tier REMIC Grantor Trust in respect of the related Classes of Regular Interests. (c) On each Distribution Date, any Yield Maintenance Premiums distributed in respect of: (i) the Class LVRR Uncertificated A Regular Interest shall be further allocated between and distributed on the Class A Certificates, the Class V-ABC Certificates and the LUVRR Uncertificated InterestClass V2 Certificates, pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior proportion to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Class A Percentage Interest, as applicablethe Class V-ABC Percentage Interest and the Class V2 Percentage Interest, has received all distributions of interest and principal to which it is entitled.respectively; (dii) Notwithstanding the foregoingClass X Regular Interest shall be further allocated between and distributed on the Class X Certificates, Yield Maintenance Premiums will Class V-ABC Certificates and the Class V2 Certificates, pro rata in proportion to the Class X Percentage Interest, the Class V-ABC Percentage Interest and the Class V2 Percentage Interest, respectively; (iii) the Class B Regular Interest shall be further allocated between and distributed to some or all of on the Non-Retained Regular Class B Certificates, the Class VRR V-ABC Certificates and the Uncertificated VRR Interest on any Distribution Date only Class V2 Certificates, pro rata in proportion to the extent they are received Class B Percentage Interest, the Class V-ABC Percentage Interest and the Class V2 Percentage Interest, respectively; (iv) the Class C Regular Interest shall be further allocated between and distributed on the Class C Certificates, the Class V-ABC Certificates and the Class V2 Certificates, pro rata in respect of proportion to the Trust Loan Class C Percentage Interest, the Class V-ABC Percentage Interest and the Class V2 Percentage Interest, respectively; and (v) the Class D Regular Interest shall be further allocated between and distributed on deposit the Class D Certificates, the Class V-D Certificates and the Class V2 Certificates, pro rata in proportion to the Collection Account as of Class D Percentage Interest, the related Determination DateClass V-D Percentage Interest and the Class V2 Percentage Interest, respectively. (evi) No Yield Maintenance Premiums the Class E Regular Interest shall be further allocated between and distributed on the Class E Certificates, the Class V-E Certificates and the Class V2 Certificates, pro rata in proportion to the Holders of Class E Percentage Interest, the Class R V-E Percentage Interest and the Class V2 Percentage Interest, respectively. (vii) the Class F Regular Interest shall be further allocated between and distributed on the Class F Certificates, the Class V-F Certificates and the Class V2 Certificates, pro rata in proportion to the Class F Percentage Interest, the Class V-F Percentage Interest and the Class V2 Percentage Interest, respectively.

Appears in 4 contracts

Samples: Trust and Servicing Agreement (BBCMS Mortgage Trust 2019-C5), Trust and Servicing Agreement (UBS Commercial Mortgage Trust 2019-C17), Trust and Servicing Agreement (BBCMS Mortgage Trust 2019-C4)

Allocation and Distribution of Yield Maintenance Premiums. On any Distribution Date, Yield Maintenance Premiums, if any, collected in respect of the Trust Loan during the related Collection Period shall be distributed by the Certificate Administrator to the Holders of each Class of Certificates in the following manner: (a1) pro rata, between (x) the group (the “YM Group A”) of Class A and Class X-A Certificates, and (y) the group (the “YM Group B” and collectively with the YM Group A, the “YM Groups”) of Class X-B, Class B, Class C and Class D Certificates, based upon the aggregate amount of principal distributed to the Classes of Sequential Pay Certificates in each YM Group on such Distribution Date, and (2) as among the Classes of Certificates in each YM Group, in the following manner: (A) the Certificateholders of each Class of Sequential Pay Certificates in such YM Group shall be entitled to receive on each Distribution Date an amount of Yield Maintenance Premiums, if any, collected in respect of the Trust Loan prepayments, equal to the product of (i) a fraction whose numerator is the amount of principal distributed to such Class on such Distribution Date and whose denominator is the total amount of principal distributed to all of the Certificates in that YM Group representing principal payments in respect of the Trust Loan on such Distribution Date, (ii) the Base Interest Fraction for the related principal prepayment and such Class of Sequential Pay Certificates, and (iii) the Yield Maintenance Premiums, as applicable, collected during the related Collection Period and allocated to such YM Group, and (B) any Yield Maintenance Premiums, as applicable, allocated to such YM Group collected during the related Collection Period remaining after such distributions to the Sequential Pay Certificates in such YM Group will be distributed to the Class of Class X Certificates in such YM Group. On each Distribution Date, the Certificate Administrator shall withdraw from the apply amounts related to Yield Maintenance Premiums then on deposit in the Lower-Tier Distribution Account an amount that represents the Non-Retained Percentage of any Yield Maintenance Premiums actually collected in respect of the Mortgage Loan and received during or prior to the related Collection Period and allocable to the Trust Loan Class LA Uncertificated Interest pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to this Section 3.4(d) (such portion of any Yield Maintenance Premium, a “Non-Retained Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the respective Classes of the Non-Retained Regular Certificates in the following manner: (i) the Holders of each Class of Non-Retained Regular Certificates shall be entitled to receive that portion of such Non-Retained Yield Maintenance Premium equal to the product of (x) a fraction, the numerator of which is the amount of principal distributed to such Class of Certificates on such Distribution Date and the denominator of which is the total amount of principal distributed to the holders of all of the Non-Retained Regular Certificates on such Distribution Date and (y) the amount of such Non-Retained Yield Maintenance Premium. If both the Class D and Class E Certificates are entitled to distributions of principal on any particular Distribution Date on which any Non-Retained Yield Maintenance Premium is distributable, such Non-Retained Yield Maintenance Premium will be allocated between both such Classes of Non-Retained Regular Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with the first sentence of this paragraph4.3. (b) On each Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the VRR Percentage of any Yield Maintenance Premium actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “VRR Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner, pro rata based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance, respectively. (c) Any Non-Retained Yield Maintenance Premium distributable pursuant to Section 4.3(a) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LD Uncertificated Interest and the Class LE Uncertificated Interest pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitled. Any VRR Yield Maintenance Premium distributable to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner pursuant to Section 4.3(b) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LVRR Uncertificated Interest and the LUVRR Uncertificated Interest, pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitled. (d) Notwithstanding the foregoing, Yield Maintenance Premiums will be distributed to some or all of the Non-Retained Regular Certificates, the Class VRR Certificates and the Uncertificated VRR Interest on any Distribution Date only to the extent they are received in respect of the Trust Loan and on deposit in the Collection Account as of the related Determination Date. (e) No Yield Maintenance Premiums shall be distributed to the Holders of the Class R Certificates.

Appears in 4 contracts

Samples: Trust and Servicing Agreement (CSAIL 2016-C7 Commercial Mortgage Trust), Trust and Servicing Agreement (CSAIL 2016-C6 Commercial Mortgage Trust), Trust and Servicing Agreement (Morgan Stanley Capital I Trust 2016-Ubs9)

Allocation and Distribution of Yield Maintenance Premiums. (a) On each any Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the Non-Retained Percentage of any Yield Maintenance Premiums actually collected in respect of the Mortgage Trust Loan during the related Collection Period and allocable shall be distributed to the Trust Loan pursuant to holders of each Class of Certificates (other than the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(dClass R Certificates) (such portion of any Yield Maintenance Premium, a “Non-Retained Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the respective Classes of the Non-Retained Regular Certificates in the following manner: (i) the Holders Certificateholders of each Class of Non-Retained Regular Sequential Pay Certificates shall be entitled to receive that portion on each Distribution Date, an amount of such Non-Retained Yield Maintenance Premium Premiums for the Trust Loan prepayments, in an amount equal to the product of (x) a fraction, the fraction whose numerator of which is the amount of principal distributed to such Class of Certificates on such Distribution Date and the whose denominator of which is the total amount of principal distributed to the holders of all of the Non-Retained Regular Certificates representing principal payments collected in respect of the Trust Loan on such Distribution Date and Date, (y) the amount Base Interest Fraction for the related principal prepayment on such Class of such Non-Retained Certificates, and (z) the Yield Maintenance PremiumPremiums collected during the related Collection Period, and (ii) any Yield Maintenance Premiums collected during the related Collection Period remaining after such distributions will be distributed to the Class X Certificates. If both the there is more than one such Class D and Class E of Certificates are entitled to distributions of principal on any particular Distribution Date on which any Non-Retained Yield Maintenance Premium is Premiums are distributable, the aggregate amount of such Non-Retained Yield Maintenance Premium will Premiums shall be allocated between both among all such Classes of Non-Retained Regular Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with the first sentence of this paragraph. (b) On each Distribution Date, the Certificate Administrator shall withdraw from the All Yield Maintenance Premiums Distribution Account an amount that represents the VRR Percentage of any Yield Maintenance Premium actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “VRR Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner, pro rata based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance, respectively. (c) Any Non-Retained Yield Maintenance Premium distributable pursuant to Section 4.3(a) shall first be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LD LA Uncertificated Interest and (whether or not the Class LE Uncertificated Interest pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any Amount of such Uncertificated Lower-Tier Interest, as applicable, Interest has received all distributions of interest and principal been reduced to which it is entitled. Any VRR Yield Maintenance Premium distributable to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner pursuant to Section 4.3(b) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LVRR Uncertificated Interest and the LUVRR Uncertificated Interest, pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitledzero). (d) Notwithstanding the foregoing, Yield Maintenance Premiums will be distributed to some or all of the Non-Retained Regular Certificates, the Class VRR Certificates and the Uncertificated VRR Interest on any Distribution Date only to the extent they are received in respect of the Trust Loan and on deposit in the Collection Account as of the related Determination Date. (e) No Yield Maintenance Premiums shall be distributed to the Holders of the Class R Certificates.

Appears in 3 contracts

Samples: Trust and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-P6), Trust and Servicing Agreement (Citigroup Commercial Mortgage Trust 2016-P5), Trust and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2016-C30)

Allocation and Distribution of Yield Maintenance Premiums. (a) On each Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the Non-Retained Percentage of any Yield Maintenance Premiums actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “Non-Retained Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the respective Classes of the Non-Retained Regular Certificates in the following manner: (i) the Holders of each Class of Non-Retained Regular Certificates shall be entitled to receive that portion of such Non-Retained Yield Maintenance Premium equal to the product of (x) a fraction, the numerator of which is the amount of principal distributed to such Class of Certificates on such Distribution Date and the denominator of which is the total amount of principal distributed to the holders of all of the Non-Retained Regular Certificates on such Distribution Date and (y) the amount of such Non-Retained Yield Maintenance Premium. If both the Class D and Class E Certificates are entitled to distributions of principal on any particular Distribution Date on which any Non-Retained Yield Maintenance Premium is distributable, such Non-Retained Yield Maintenance Premium will be allocated between both such Classes of Non-Retained Regular Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with the first sentence of this paragraph. (b) On each Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the VRR Percentage of any Yield Maintenance Premium actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “VRR Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the following Classes of Regular Certificates in the following manner: (i) the holders of the Principal Balance Certificates will, in the case of each Class VRR thereof, be entitled to receive that portion of such Yield Maintenance Premium equal to the product of (A) a fraction whose numerator is the amount of principal distributed to the subject Class of Principal Balance Certificates on such Distribution Date and whose denominator is the total amount of principal distributed to all of the Principal Balance Certificates on such Distribution Date, (B) the Base Interest Fraction for the related principal prepayment and the Uncertificated VRR Interest Ownersubject Class of Principal Balance Certificates, pro rata based on and (C) the Certificate Balance amount of such Yield Maintenance Premium allocated to the Trust Loan; and (ii) the holders of the Class VRR X Certificates will be entitled to receive the excess, if any, of (a) the amount of such Yield Maintenance Premium allocated to the Trust Loan, over (b) the amount thereof distributed with respect to the Principal Balance Certificates on such Distribution Date in accordance with the immediately preceding clause (i). If there is more than one Class of Principal Balance Certificates entitled to distributions of principal on any particular Distribution Date on which any Yield Maintenance Premium allocated to the Trust Loan is distributable, then the amount of such Yield Maintenance Premium allocated to the Trust Loan will be allocated among all such Classes of Principal Balance Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with the Uncertificated VRR Interest Balancefirst sentence of this paragraph. Notwithstanding the foregoing, respectivelyYield Maintenance Premiums shall be distributed to some or all of the Regular Certificates on any Distribution Date only to the extent such they are received in respect of the Trust Loan and on deposit in the Collection Account as of the related Determination Date. (b) [Reserved]. (c) Any Non-Retained Yield Maintenance Premium distributable pursuant to Section 4.3(a) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LA Uncertificated Interest, Class LB Uncertificated Interest, Class LC Uncertificated Interest, Class LD Uncertificated Interest and the Class LE LHRR Uncertificated Interest pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitled. Any VRR Yield Maintenance Premium distributable to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner pursuant to Section 4.3(b) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LVRR Uncertificated Interest and the LUVRR Uncertificated Interest, pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitled. (d) Notwithstanding the foregoing, Yield Maintenance Premiums will be distributed to some or all of the Non-Retained Regular Certificates, the Class VRR Certificates and the Uncertificated VRR Interest on any Distribution Date only to the extent they are received in respect of the Trust Loan and on deposit in the Collection Account as of the related Determination Date. (e) No Yield Maintenance Premiums shall be distributed to the Holders of the Class R Certificates.

Appears in 3 contracts

Samples: Trust and Servicing Agreement (Bank 2022-Bnk41), Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2022-C62), Trust and Servicing Agreement (Morgan Stanley Capital I Trust 2022-L8)

Allocation and Distribution of Yield Maintenance Premiums. (a) On each any Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the Non-Retained Percentage of any Yield Maintenance Premiums actually collected in respect of the Mortgage Trust Loan during the related Collection Period and allocable shall be distributed to the Trust Loan pursuant to holders of each Class of Certificates (other than the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(dClass R Certificates) (such portion of any Yield Maintenance Premium, a “Non-Retained Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the respective Classes of the Non-Retained Regular Certificates in the following manner: (i) the Holders Certificateholders of each Class of Non-Retained Regular Sequential Pay Certificates shall be entitled to receive that portion on each Distribution Date, an amount of such Non-Retained Yield Maintenance Premium Premiums for the Trust Loan prepayments, in an amount equal to the product of (x) a fraction, the fraction whose numerator of which is the amount of principal distributed to such Class of Certificates on such Distribution Date and the whose denominator of which is the total amount of principal distributed to the holders of all of the NonCertificates representing principal payments collected in respect of the Trust Loan on such Distribution Date, (y) the Base Interest Fraction for the related principal prepayment on such Class of Certificates, and (z) the Yield Maintenance Premiums collected during the related Collection Period; and (ii) any Yield Maintenance Premiums collected during the related Collection Period remaining after such distributions will be further distributed on a pro rata basis (a) to the Class X-Retained Regular A Certificates, in an amount equal to (1) the product of (A) a fraction whose numerator is the amount of principal distributed to the Class A Certificates on such Distribution Date and whose denominator is the total amount of principal distributed to all of the Sequential Pay Certificates representing principal payments in respect of the Trust Loan on such Distribution Date, and (yB) the Yield Maintenance Premium collected during the related Collection Period, minus (2) the amount of such Non-Retained Yield Maintenance PremiumPremium distributable to the Class A Certificates on such Distribution Date, and (b) to the Class X-B Certificates, in an amount equal to (1) the product of (A) a fraction whose numerator is the amount of principal distributed to the Class B, Class C and Class D Certificates on such Distribution Date and whose denominator is the total amount of principal distributed to all of the Sequential Pay Certificates representing principal payments in respect of the Trust Loan on such Distribution Date, and (B) the Yield Maintenance Premium collected during the related Collection Period, minus (2) the amount of Yield Maintenance Premium distributable to the Class B, Class C and Class D Certificates on such Distribution Date. If both the there is more than one such Class D and Class E of Certificates are entitled to distributions of principal on any particular Distribution Date on which any Non-Retained Yield Maintenance Premium is Premiums are distributable, the aggregate amount of such Non-Retained Yield Maintenance Premium will Premiums shall be allocated between both among all such Classes of Non-Retained Regular Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with the first sentence of this paragraph. For the avoidance of doubt, the Class X-A and Class X-B Certificates shall not be entitled to any Yield Maintenance Premiums after their respective Notional Amounts has been reduced to zero. (b) On each Distribution Date, the Certificate Administrator shall withdraw from the All Yield Maintenance Premiums Distribution Account an amount that represents the VRR Percentage of any Yield Maintenance Premium actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “VRR Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner, pro rata based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance, respectively. (c) Any Non-Retained Yield Maintenance Premium distributable pursuant to Section 4.3(a) shall first be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LD LA Uncertificated Interest and (whether or not the Class LE Uncertificated Interest pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any Amount of such Uncertificated Lower-Tier Interest, as applicable, Interest has received all distributions of interest been reduced to zero) and principal to which it is entitled. Any VRR Yield Maintenance Premium distributable to form the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner pursuant to Section 4.3(b) shall be deemed to have first been distributed from the LowerUpper-Tier REMIC to the Upper-Tier REMIC Grantor Trust in respect of the related Classes of Regular Interests. (c) On each Distribution Date, any Yield Maintenance Premiums distributed in respect of: (i) the Class LVRR Uncertificated A Regular Interest shall be further allocated between and distributed on the Class A Certificates, the Class V-A Certificates and the LUVRR Uncertificated InterestClass V2 Certificates, pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior proportion to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Class A Percentage Interest, as applicablethe Class V-A Percentage Interest and the Class V2 Percentage Interest, has received all distributions of interest and principal to which it is entitled.respectively; (dii) Notwithstanding the foregoingClass X-A Regular Interest shall be further allocated between and distributed on the Class X-A Certificates, Yield Maintenance Premiums will Class V-A Certificates and the Class V2 Certificates, pro rata in proportion to the Class X-A Percentage Interest, the Class V-A Percentage Interest and the Class V2 Percentage Interest, respectively; (iii) the Class X-B Regular Interest shall be further allocated between and distributed on the Class X-B Certificates, Class V-BCD Certificates and the Class V2 Certificates, pro rata in proportion to some or all of the NonClass X-Retained B Percentage Interest, the Class V-BCD Percentage Interest and the Class V2 Percentage Interest, respectively; (iv) the Class B Regular Interest shall be further allocated between and distributed on the Class B Certificates, the Class VRR V-BCD Certificates and the Uncertificated VRR Interest on any Distribution Date only Class V2 Certificates, pro rata in proportion to the extent they are received Class B Percentage Interest, the Class V-BCD Percentage Interest and the Class V2 Percentage Interest, respectively; (v) the Class C Regular Interest shall be further allocated between and distributed on the Class C Certificates, the Class V-BCD Certificates and the Class V2 Certificates, pro rata in respect of proportion to the Trust Loan Class C Percentage Interest, the Class V-BCD Percentage Interest and the Class V2 Percentage Interest, respectively; and (vi) the Class D Regular Interest shall be further allocated between and distributed on deposit the Class D Certificates, the Class V-BCD Certificates and the Class V2 Certificates, pro rata in proportion to the Collection Account as of Class D Percentage Interest, the related Determination DateClass V-BCD Percentage Interest and the Class V2 Percentage Interest, respectively. (evii) No Yield Maintenance Premiums the Class E Regular Interest shall be further allocated between and distributed on the Class E Certificates, the Class V-E Certificates and the Class V2 Certificates, pro rata in proportion to the Holders of Class E Percentage Interest, the Class R CertificatesV-E Percentage Interest and the Class V2 Percentage Interest, respectively.

Appears in 2 contracts

Samples: Trust and Servicing Agreement (BBCMS Mortgage Trust 2019-C4), Trust and Servicing Agreement (CSAIL 2019-C15 Commercial Mortgage Trust)

Allocation and Distribution of Yield Maintenance Premiums. (a) On each Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the Non-Retained Percentage of any Yield Maintenance Premiums actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “Non-Retained Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the respective Classes of the Non-Retained Regular Certificates in the following manner: (i) the Holders of each Class of Non-Retained Regular the Principal Balance Certificates shall shall, in the case of each Class thereof, be entitled to receive that portion of such Non-Retained Yield Maintenance Premium equal to the product of (xA) a fraction, the fraction whose numerator of which is the amount of principal distributed to such Class class of Principal Balance Certificates on such Distribution Date and the whose denominator of which is the total amount of principal distributed to all Classes of Principal Balance Certificates on such Distribution Date, (B) the Base Interest Fraction for the related principal prepayment and such Class of Certificates and (C) the amount of such Yield Maintenance Premiums; and (ii) the holders of all the Class X Certificates shall be entitled to receive the excess, if any, of (A) the Non-Retained Regular amount of such Yield Maintenance Premiums, over (B) the amount thereof distributed with respect to the Principal Balance Certificates on such Distribution Date and in accordance with the immediately preceding clause (y) the amount of such Non-Retained Yield Maintenance Premiumi). If both the there is more than one Class D and Class E of Principal Balance Certificates are entitled to distributions of principal on any particular Distribution Date on which any Non-Retained such Yield Maintenance Premium is Premiums are distributable, the aggregate amount of such Non-Retained Yield Maintenance Premium will Premiums shall be allocated between both among all such Classes of Non-Retained Regular Principal Balance Certificates up to, and on a pro rata basis in accordance with, with their respective entitlements thereto in accordance with the first sentence of this paragraphclause (a). (b) On each Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the VRR Percentage of any Yield Maintenance Premium actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “VRR Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner, pro rata based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance, respectively[Reserved]. (c) Any Non-Retained Yield Maintenance Premium distributable pursuant to Section 4.3(a) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LA Uncertificated Interest, Class LB Uncertificated Interest, Class LC Uncertificated Interest, Class LD Uncertificated Interest and the Interest, Class LE Uncertificated Interest pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicableClass LF Uncertificated Interest, has received all distributions of interest and principal to which it is entitled. Any VRR Yield Maintenance Premium distributable to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner pursuant to Section 4.3(b) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LVRR LG Uncertificated Interest and the LUVRR Class LHRR Uncertificated Interest, Interest pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitled. (d) Notwithstanding the foregoing, Yield Maintenance Premiums will be distributed to some or all of the Non-Retained Regular Certificates, the Class VRR Certificates and the Uncertificated VRR Interest on any Distribution Date only to the extent they are received in respect of the Trust Loan and on deposit in the Collection Account as of the related Determination Date. (e) No Yield Maintenance Premiums shall be distributed to the Holders of the Class R Certificates.

Appears in 2 contracts

Samples: Trust and Servicing Agreement (BBCMS Mortgage Trust 2022-C15), Trust and Servicing Agreement (Morgan Stanley Capital I Trust 2022-L8)

Allocation and Distribution of Yield Maintenance Premiums. (a) On each any Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the Non-Retained Percentage of any Yield Maintenance Premiums actually collected in respect of the Mortgage Trust Loan during the related Collection Period and allocable shall be distributed to the Trust Loan pursuant to holders of each Class of Certificates (other than the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(dClass R Certificates) (such portion of any Yield Maintenance Premium, a “Non-Retained Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the respective Classes of the Non-Retained Regular Certificates in the following manner: (i) the Holders Certificateholders of each Class of Non-Retained Regular Sequential Pay Certificates shall be entitled to receive that portion on each Distribution Date, an amount of such Non-Retained Yield Maintenance Premium Premiums for the Trust Loan prepayments, in an amount equal to the product of (x) a fraction, the fraction whose numerator of which is the amount of principal distributed to such Class of Certificates on such Distribution Date and the whose denominator of which is the total amount of principal distributed to the holders of all of the Non-Retained Regular Certificates representing principal payments collected in respect of the Trust Loan on such Distribution Date and Date, (y) the amount Base Interest Fraction for the related principal prepayment on such Class of such Non-Retained Certificates, and (z) the Yield Maintenance PremiumPremiums collected during the related Collection Period, and (ii) any Yield Maintenance Premiums collected during the related Collection Period remaining after such distributions will be distributed to the Class X Certificates so long as the Class A and Class B Certificates are outstanding. If both the there is more than one such Class D and Class E of Certificates are entitled to distributions of principal on any particular Distribution Date on which any Non-Retained Yield Maintenance Premium is Premiums are distributable, the aggregate amount of such Non-Retained Yield Maintenance Premium will Premiums shall be allocated between both among all such Classes of Non-Retained Regular Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with the first sentence of this paragraph. For the avoidance of doubt, the Class X Certificates shall not be entitled to any Yield Maintenance Premiums after its Notional Amount has been reduced to zero. (b) On each Distribution Date, the Certificate Administrator shall withdraw from the All Yield Maintenance Premiums Distribution Account an amount that represents the VRR Percentage of any Yield Maintenance Premium actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “VRR Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner, pro rata based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance, respectively. (c) Any Non-Retained Yield Maintenance Premium distributable pursuant to Section 4.3(a) shall first be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LD LA Uncertificated Interest and (whether or not the Class LE Uncertificated Interest pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any Amount of such Uncertificated Lower-Tier Interest, as applicable, Interest has received all distributions of interest and principal been reduced to which it is entitled. Any VRR Yield Maintenance Premium distributable to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner pursuant to Section 4.3(b) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LVRR Uncertificated Interest and the LUVRR Uncertificated Interest, pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitledzero). (d) Notwithstanding the foregoing, Yield Maintenance Premiums will be distributed to some or all of the Non-Retained Regular Certificates, the Class VRR Certificates and the Uncertificated VRR Interest on any Distribution Date only to the extent they are received in respect of the Trust Loan and on deposit in the Collection Account as of the related Determination Date. (e) No Yield Maintenance Premiums shall be distributed to the Holders of the Class R Certificates.

Appears in 2 contracts

Samples: Trust and Servicing Agreement (Wells Fargo Commercial Mortgage Trust 2016-C35), Trust and Servicing Agreement (SG Commercial Mortgage Securities Trust 2016-C5)

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Allocation and Distribution of Yield Maintenance Premiums. (a) On each Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the Non-Retained Percentage of any Yield Maintenance Premiums Premium (such portion of any Yield Maintenance Premium, a “Non-Retained Yield Maintenance Premium”) actually collected in with respect of the to any particular Mortgage Loan Component during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “Non-Retained Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the respective Classes of the Non-Retained Regular Certificates Principal Balance Certificates, pro rata in accordance with the following manner: (i) the Holders of each Class of Non-Retained Regular Certificates shall be entitled to receive that respective portion of such Non-Retained Yield Maintenance Premium equal Premiums allocable to the product of (x) a fraction, the numerator of which is the amount of principal distributed to Related Mortgage Loan Component for each such Class of Certificates on such Distribution Date and the denominator of which is the total amount of principal distributed to the holders of all of the Non-Retained Regular Certificates on such Distribution Date and (y) the amount of such Non-Retained Yield Maintenance Premium. If both the Class D and Class E Certificates are entitled to distributions of principal on any particular Distribution Date on which any Non-Retained Yield Maintenance Premium is distributable, such Non-Retained Yield Maintenance Premium will be allocated between both such Classes of Non-Retained Regular Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with the first sentence of this paragraphPrincipal Balance Certificates. (b) On each Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the VRR Percentage of any Yield Maintenance Premium (such portion of any Prepayment Premium, a “VRR Yield Maintenance Premium”) actually collected in with respect of the to any particular Mortgage Loan Component during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “VRR Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the Class VRR Certificates Interest and the Uncertificated VRR Interest OwnerOwners, pro rata based on the Certificate Balance of the Class VRR Certificates and the respective Uncertificated VRR Interest BalanceBalances of the Uncertificated VRR Interests, respectively. (c) Any Non-Retained Yield Maintenance Premium distributable pursuant to Section 4.3(a) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LD Uncertificated Interest and the Class LE Uncertificated Interest pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such related Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitled. Any VRR Yield Maintenance Premium distributable to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner Owners pursuant to Section 4.3(b) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LVRR Uncertificated Interest and the LUVRR Uncertificated Interest, pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such related Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitledInterests. (d) Notwithstanding the foregoing, Yield Maintenance Premiums will be distributed to some or all of the Non-Retained Regular Certificates, the Class VRR Certificates and the Uncertificated VRR Interest on any Distribution Date only to the extent they are received in respect of the Trust Loan and on deposit in the Collection Account as of the related Determination Date. (e) No Yield Maintenance Premiums Premium shall be distributed to the Holders of the Class R Certificates.

Appears in 1 contract

Samples: Trust and Servicing Agreement (Benchmark 2024-V10 Mortgage Trust)

Allocation and Distribution of Yield Maintenance Premiums. (a) On each Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the Non-Vertically Retained Percentage of any Yield Maintenance Premiums actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “Non-Vertically Retained Yield Maintenance Premium”) actually collected during the related Collection Period allocable to the Trust Loan and remitted by the Servicer pursuant to Section 3.4(d), and shall distribute such withdrawn amount to the Holders holders of the respective following Classes of the Non-Vertically Retained Regular Certificates in the following manner: (i) the Holders holders of the Class A, Class B, Class C, Class D, Class E, Class F and/or Class G Certificates will, in the case of each Class of Non-Retained Regular Certificates shall thereof, be entitled to receive that portion of such Non-Vertically Retained Yield Maintenance Premium equal to the product of (xA) a fraction, the fraction whose numerator of which is the amount of principal distributed to such Class of Certificates on such Distribution Date and the whose denominator of which is the total amount of principal distributed to the holders of all of the Non-Retained Regular Class A, Class B, Class C, Class D, Class E, Class F and/or Class G Certificates on such Distribution Date Date, (B) the Base Interest Fraction for the related principal prepayment and such Class of Certificates, and (yC) the amount of such Non-Vertically Retained Yield Maintenance Premiums; and (ii) the holders of the Class X Certificates will be entitled to receive the excess, if any, of (a) the amount of such Non-Vertically Retained Yield Maintenance Premium. If both , over (b) the amount thereof distributed with respect to the Class D A, Class B, Class C, Class D, Class E, Class F and Class E G Certificates are entitled to distributions of principal on any particular such Distribution Date on which any Non-Retained Yield Maintenance Premium is distributable, such Non-Retained Yield Maintenance Premium will be allocated between both such Classes of Non-Retained Regular Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with the first sentence of this paragraphimmediately preceding clause (i). (b) On each Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the VRR Percentage of any Yield Maintenance Premium actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “VRR Yield Maintenance Premium”) actually collected during the related Collection Period with respect to the Trust Loan and remitted by the Servicer pursuant to Section 3.4(d), and shall distribute such withdrawn amount to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner, pro rata based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance, respectivelyInterest. (c) Any Non-Vertically Retained Yield Maintenance Premium distributable pursuant to Section 4.3(a) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LA Uncertificated Interest, Class LB Uncertificated Interest, Class LC Uncertificated Interest, Class LD Uncertificated Interest, Class LE Uncertificated Interest, Class LF Uncertificated Interest and the Class LE LG Uncertificated Interest pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitled. Any VRR Yield Maintenance Premium distributable to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner pursuant to Section 4.3(b) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LVRR Uncertificated Interest and the LUVRR Uncertificated Interest, pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitled. (d) Notwithstanding the foregoing, Yield Maintenance Premiums will be distributed to some or all of the Non-Retained Regular Certificates, the Class VRR Certificates and the Uncertificated VRR Interest on any Distribution Date only to the extent they are received in respect of the Trust Loan and on deposit in the Collection Account as of the related Determination Date. (e) No Yield Maintenance Premiums shall be distributed to the Holders of the Class R Certificates.

Appears in 1 contract

Samples: Trust and Servicing Agreement (GS Mortgage Securities Trust 2020-Gc47)

Allocation and Distribution of Yield Maintenance Premiums. (a) On each any Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the Non-Retained Percentage of any Yield Maintenance Premiums actually collected in respect of the Mortgage Whole Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted shall be distributed by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “Non-Retained Yield Maintenance Premium”), and shall distribute such withdrawn amount Certificate Administrator to the Holders holders of each Class of Certificates (other than the respective Classes of the Non-Retained Regular Certificates Class R Certificates) in the following manner: (i) the Holders Certificateholders of each Class of Non-Retained Regular Class A, Class B, Class C and Class D Certificates shall be entitled to receive that portion on each Distribution Date, an amount of such Non-Retained Yield Maintenance Premium Premiums for the Trust Loan prepayments, in an amount equal to the product of (x) a fraction, the fraction whose numerator of which is the amount of principal distributed to such Class of Certificates on such Distribution Date and the whose denominator of which is the total amount of principal distributed to the holders of all of the Non-Retained Regular Class A, Class B, Class C and Class D Certificates representing principal payments in respect of the Trust Loan on such Distribution Date and Date, (y) the amount Base Interest Fraction for the related principal prepayment and such Class of such Non-Retained Certificates, and (z) the Yield Maintenance PremiumPremiums collected during the related Collection Period and allocable to the Trust Loan, and (ii) any Yield Maintenance Premiums collected during the related Collection Period and allocable to the Trust Loan remaining after such distributions will be distributed to the Class X-A Certificates so long as the Class A Certificates are outstanding (including, if applicable, on the Distribution Date on which the Certificate Balance of the Class A Certificates is reduced to zero). If both the there is more than one Class of Class A, Class B, Class C and Class D and Class E Certificates are entitled to distributions of principal on any particular Distribution Date on which any Non-Retained Yield Maintenance Premium is Premiums are distributable, the aggregate amount of such Non-Retained Yield Maintenance Premium will Premiums shall be allocated between both among all such Classes of Non-Retained Regular Class A, Class B, Class C and Class D Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with the first sentence of this paragraph. (b) On each Distribution Date, the Certificate Administrator shall withdraw from the All Yield Maintenance Premiums Distribution Account an amount that represents the VRR Percentage of any Yield Maintenance Premium actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “VRR Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner, pro rata based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance, respectively. (c) Any Non-Retained Yield Maintenance Premium distributable pursuant to Section 4.3(a) shall first be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LD LA Uncertificated Interest and (whether or not the Class LE Uncertificated Interest pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any Amount of such Uncertificated Lower-Tier Interest, as applicable, Interest has received all distributions of interest and principal been reduced to which it is entitled. Any VRR Yield Maintenance Premium distributable to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner pursuant to Section 4.3(b) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LVRR Uncertificated Interest and the LUVRR Uncertificated Interest, pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitledzero). (d) Notwithstanding the foregoing, Yield Maintenance Premiums will be distributed to some or all of the Non-Retained Regular Certificates, the Class VRR Certificates and the Uncertificated VRR Interest on any Distribution Date only to the extent they are received in respect of the Trust Loan and on deposit in the Collection Account as of the related Determination Date. (e) No Yield Maintenance Premiums shall be distributed to the Holders of the Class R Certificates.

Appears in 1 contract

Samples: Trust and Servicing Agreement (Deutsche Mortgage & Asset Receiving Corp)

Allocation and Distribution of Yield Maintenance Premiums. (a) On each any Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the Non-Retained Percentage of any Yield Maintenance Premiums actually collected in respect of the Mortgage Trust Loan during the related Collection Period and allocable shall be distributed to the Trust Loan pursuant to holders of each Class of Certificates (other than the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(dClass R Certificates) (such portion of any Yield Maintenance Premium, a “Non-Retained Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the respective Classes of the Non-Retained Regular Certificates in the following manner: (i) the Holders Certificateholders of each Class of Non-Retained Regular Sequential Pay Certificates shall be entitled to receive that portion on each Distribution Date, an amount of such Non-Retained Yield Maintenance Premium Premiums for the Trust Loan prepayments, in an amount equal to the product of (x) a fraction, the fraction whose numerator of which is the amount of principal distributed to such Class of Certificates on such Distribution Date and the whose denominator of which is the total amount of principal distributed to the holders of all of the NonCertificates representing principal payments collected in respect of the Trust Loan on such Distribution Date, (y) the Base Interest Fraction for the related principal prepayment on such Class of Certificates, and (z) the Yield Maintenance Premiums collected during the related Collection Period; and (ii) any Yield Maintenance Premiums collected during the related Collection Period remaining after such distributions will be further distributed as follows: to the Class X-Retained Regular A Certificates, in an amount equal to (a) the product of (1) a fraction whose numerator is the amount of principal distributed to the Class A Certificates on such Distribution Date and whose denominator is the total amount of principal distributed to all of the Certificates representing principal payments in respect of the Trust Loan on such Distribution Date, and (y2) the Yield Maintenance Premium collected during the related Collection Period, minus (b) the amount of such Non-Retained Yield Maintenance Premium. If both Premium distributable to the Class A Certificates on such Distribution Date; and (b) to the Class X-B Certificates, in an amount equal to (a) the product of (1) a fraction whose numerator is the amount of principal distributed to the Class B, Class C, Class D and Class E Certificates are on such Distribution Date and whose denominator is the total amount of principal distributed to all of the Certificates representing principal payments in respect of the Trust Loan on such Distribution Date, and (2) the Yield Maintenance Premium collected during the related Collection Period, minus (b) the amount of Yield Maintenance Premium distributable to the Class B, Class C, Class D and Class E Certificates on such Distribution Date. If there is more than one such Class of Certificates entitled to distributions of principal on any particular Distribution Date on which any Non-Retained Yield Maintenance Premium is Premiums are distributable, the aggregate amount of such Non-Retained Yield Maintenance Premium will Premiums shall be allocated between both among all such Classes of Non-Retained Regular Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with the first sentence of this paragraph. (b) On each Distribution Date. For the avoidance of doubt, the Certificate Administrator Class X-A and Class X-B Certificates shall withdraw from the not be entitled to any Yield Maintenance Premiums Distribution Account an amount that represents the VRR Percentage of any Yield Maintenance Premium actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “VRR Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner, pro rata based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance, respectively. (c) Any Non-Retained Yield Maintenance Premium distributable pursuant to Section 4.3(a) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LD Uncertificated Interest and the Class LE Uncertificated Interest pro rata in accordance with after their respective Lower-Tier Principal Notional Amounts outstanding immediately prior has been reduced to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitled. Any VRR Yield Maintenance Premium distributable to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner pursuant to Section 4.3(b) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LVRR Uncertificated Interest and the LUVRR Uncertificated Interest, pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitledzero. (d) Notwithstanding the foregoing, Yield Maintenance Premiums will be distributed to some or all of the Non-Retained Regular Certificates, the Class VRR Certificates and the Uncertificated VRR Interest on any Distribution Date only to the extent they are received in respect of the Trust Loan and on deposit in the Collection Account as of the related Determination Date. (e) No Yield Maintenance Premiums shall be distributed to the Holders of the Class R Certificates.

Appears in 1 contract

Samples: Trust and Servicing Agreement (UBS Commercial Mortgage Trust 2017-C1)

Allocation and Distribution of Yield Maintenance Premiums. On any Distribution Date, Yield Maintenance Premiums, if any, collected in respect of the Trust Loan prepayments during the related Collection Period shall be distributed by the Certificate Administrator to the Holders of each Class of Certificates in the following manner: (a1) pro rata, between (x) the group (the “YM Group A”) of Class A and Class X-A Certificates, and (y) the group (the “YM Group B” and collectively with the YM Group A, the “YM Groups”) of Class B, Class C, Class D and Class E Certificates, based upon the aggregate amount of principal distributed to the Classes of Sequential Pay Certificates in each YM Group on such Distribution Date, and (2) as among the Classes of Certificates in each YM Group, in the following manner: (A) the Certificateholders of each Class of Sequential Pay Certificates in such YM Group shall be entitled to receive on each Distribution Date an amount of Yield Maintenance Premiums, if any, collected in respect of the Trust Loan prepayments, equal to the product of (i) a fraction whose numerator is the amount of principal distributed to such Class on such Distribution Date and whose denominator is the total amount of principal distributed to all of the Certificates in that YM Group on such Distribution Date, (ii) the Base Interest Fraction for the related principal prepayment and such Class of Sequential Pay Certificates, and (iii) the Yield Maintenance Premiums, as applicable, collected during the related Collection Period and allocated to such YM Group, and (B) any Yield Maintenance Premiums, as applicable, allocated to such YM Group collected during the related Collection Period remaining after such distributions to the Sequential Pay Certificates in such YM Group will be distributed to the Class X Certificates in such YM Group. On each Distribution Date, the Certificate Administrator shall withdraw from the apply amounts related to Yield Maintenance Premiums then on deposit in the Lower-Tier Distribution Account an amount that represents the Non-Retained Percentage of any Yield Maintenance Premiums actually collected in respect of the Mortgage Loan and received during or prior to the related Collection Period and allocable to the Trust Loan Class LA Uncertificated Interest pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to this Section 3.4(d) (such portion of any Yield Maintenance Premium, a “Non-Retained Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the respective Classes of the Non-Retained Regular Certificates in the following manner: (i) the Holders of each Class of Non-Retained Regular Certificates shall be entitled to receive that portion of such Non-Retained Yield Maintenance Premium equal to the product of (x) a fraction, the numerator of which is the amount of principal distributed to such Class of Certificates on such Distribution Date and the denominator of which is the total amount of principal distributed to the holders of all of the Non-Retained Regular Certificates on such Distribution Date and (y) the amount of such Non-Retained Yield Maintenance Premium. If both the Class D and Class E Certificates are entitled to distributions of principal on any particular Distribution Date on which any Non-Retained Yield Maintenance Premium is distributable, such Non-Retained Yield Maintenance Premium will be allocated between both such Classes of Non-Retained Regular Certificates up to, and on a pro rata basis in accordance with, their respective entitlements thereto in accordance with the first sentence of this paragraph4.3. (b) On each Distribution Date, the Certificate Administrator shall withdraw from the Yield Maintenance Premiums Distribution Account an amount that represents the VRR Percentage of any Yield Maintenance Premium actually collected in respect of the Mortgage Loan during the related Collection Period and allocable to the Trust Loan pursuant to the Co-Lender Agreement and remitted by the Servicer pursuant to Section 3.4(d) (such portion of any Yield Maintenance Premium, a “VRR Yield Maintenance Premium”), and shall distribute such withdrawn amount to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner, pro rata based on the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance, respectively. (c) Any Non-Retained Yield Maintenance Premium distributable pursuant to Section 4.3(a) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LD Uncertificated Interest and the Class LE Uncertificated Interest pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitled. Any VRR Yield Maintenance Premium distributable to the Holders of the Class VRR Certificates and the Uncertificated VRR Interest Owner pursuant to Section 4.3(b) shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of the Class LVRR Uncertificated Interest and the LUVRR Uncertificated Interest, pro rata in accordance with their respective Lower-Tier Principal Amounts outstanding immediately prior to the applicable Distribution Date, whether or not any such Uncertificated Lower-Tier Interest, as applicable, has received all distributions of interest and principal to which it is entitled. (d) Notwithstanding the foregoing, Yield Maintenance Premiums will be distributed to some or all of the Non-Retained Regular Certificates, the Class VRR Certificates and the Uncertificated VRR Interest on any Distribution Date only to the extent they are received in respect of the Trust Loan and on deposit in the Collection Account as of the related Determination Date. (e) No Yield Maintenance Premiums shall be distributed to the Holders of the Class R Certificates.

Appears in 1 contract

Samples: Trust and Servicing Agreement (GS Mortgage Securities Trust 2015-Gs1)

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