Certificate Distributions. (a) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Account of an amount equal to the Group I Interest Funds in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date: (i) to the Group I Class A Certificates and the Class A-IO-I Component, the Current Interest and any Interest Carry Forward Amount for the Group I Class A Certificates and the Class A-IO-I Component; provided, however, if the Group I Interest Funds and Group I Pledged Prepayment Penalties are not sufficient to make a full distribution of the Current Interest and any Interest Carry Forward Amount with respect to all the Group I Class A Certificates and the Class A-IO-I Component, such amount will be distributed pro rata among each Class of the Group I Class A Certificates and the Class A-IO-I Component based on the ratio of (x) the Current Interest and Interest Carry Forward Amount for each Class of the Group I Class A Certificates and the Class A-IO-I Component to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Group I Class A Certificates and the Class A-IO-I Component; (ii) to the Class MF-1 Certificates, the Class MF-1 Current Interest; (iii) to the Class MF-2 Certificates, the Class MF-2 Current Interest; (iv) to the Class BF-1 Certificates, the Class BF-1 Current Interest; and (v) any remainder pursuant to Section 3.03(e) hereof. (b) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Account of an amount equal to the Group II Interest Funds in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date: (i) to the Group II Class A Certificates and the Class A-IO-II Component, the Current Interest and any Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Component; provided, however, if the Group II Interest Funds and Group II Pledged Prepayment Penalties are not sufficient to make a full distribution of the Current Interest and any Interest Carry Forward Amount with respect to the Group II Class A Certificates and the Class A-IO-II Component, such amount will be distributed pro rata among the Group II Class A Certificates and the Class A-IO-II Component based on the ratio of (x) the Current Interest and Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Component to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Component; (ii) to the Class MV-1 Certificates, the Class MV-1 Current Interest; (iii) to the Class MV-2 Certificates, the Class MV-2 Current Interest; (iv) to the Class BV-1 Certificates, the Class BV-1 Current Interest; and (v) any remainder pursuant to Section 3.03(f) hereof. (c) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Account of an amount equal to the Group I Principal Distribution Amount in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date: (i) to the Group I Class A Certificates, the Group I Class A Principal Distribution Amount to be distributed as follows: (x) the Class AF-6 Principal Distribution Amount to the Class AF-6 Certificates; and (y) the balance of the Group I Class A Principal Distribution Amount sequentially to the Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5 and Class AF-6 Certificates, in that order, so that no such distribution pursuant to this clause (i) will be made to any such Class until the Certificate Principal Balances of all Group I Class A Certificates with a lower numeral designation shall have been reduced to zero; provided, however, that, on any Distribution Date on which the Group I Class A Certificate Principal Balance is equal to or greater than the Scheduled Principal Balances of the Mortgage Loans in Group I, the Group I Class A Principal Distribution Amount will be distributed pro rata and not sequentially to the Group I Class A Certificates; (ii) to the Class MF-1 Certificates, the Group I Class MF-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; (iii) to the Class MF-2 Certificates, the Group I Class MF-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; (iv) to the Class BF-1 Certificates, the Group I Class BF-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; (v) to the Class PF-1 Certificates until the Certificate Principal Balance thereof has been reduced to zero; and (vi) any remainder pursuant to Section 3.03(e) hereof; provided, however, that, before the Group I Stepdown Date or if a Group I Trigger Event is in effect on any Distribution Date the Group I Principal Distribution Amount shall be distributed in the following order of priority: (a) to the Group I Class A Certificates in accordance with clause (i) of this Section 3.03(c) until the Certificate Principal Balance of the Group I Class A Certificates has been reduced to zero; (b) after the Certificate Principal Balance of the Group I Class A Certificates has been reduced to zero, to the Class MF-1 Certificates until the Certificate Principal Balance of the Class MF-1 Certificates has been reduced to zero; (c) after the Certificate Principal Balance of the Class MF-1 Certificates has been reduced to zero, to the Class MF-2 Certificates until the Certificate Principal Balance of the Class MF-2 Certificates has been reduced to zero, and (d) after the Certificate Principal Balance of the Class MF-2 Certificates has been reduced to zero, to the Class BF-1 Certificates until the Certificate Principal Balance of the Class BF-1 Certificates has been reduced to zero.
Appears in 2 contracts
Samples: Trust Agreement (Saxon Asset Securities Co), Trust Agreement (Saxon Asset Securities Co)
Certificate Distributions. (a) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Account of an amount equal to the Group I Interest Funds in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group I Class A Certificates and AV-1 Certificates, the Class A-IO-I Component, the AV-1 Current Interest and any Interest Carry Forward Amount for the Group I Class A Certificates and the Class A-IO-I Component; provided, however, if the Group I Interest Funds and Group I Pledged Prepayment Penalties are not sufficient to make a full distribution of the Current Interest and any Interest Carry Forward Amount with respect to all the Group I Class A Certificates and the Class A-IO-I Component, such amount will be distributed pro rata among each Class of the Group I Class A Certificates and the Class A-IO-I Component based on the ratio of (x) the Current Interest and Interest Carry Forward Amount for each Class of the Group I Class A Certificates and the Class A-IO-I Component to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Group I Class A Certificates and the Class A-IO-I Component;
(ii) to the Class MF-1 AV-1 Certificates, the Class MF-1 Current Interest;
(iii) to the Class MF-2 Certificates, the Class MF-2 Current Interest;
(iv) to the Class BF-1 Certificates, the Class BF-1 Current Interest; and
(v) any remainder pursuant to Section 3.03(e) hereof.
(b) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Account of an amount equal to the Group II Interest Funds in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group II Class A Certificates and the Class A-IO-II Component, the Current Interest and any Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Component; provided, however, if the Group II Interest Funds and Group II Pledged Prepayment Penalties are not sufficient to make a full distribution of the Current Interest and any Interest Carry Forward Amount with respect to the Group II Class A Certificates and the Class A-IO-II Component, such amount will be distributed pro rata among the Group II Class A Certificates and the Class A-IO-II Component based on the ratio of (x) the Current Interest and Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Component to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Component;
(ii) to the Class MV-1 Certificates, the Class MV-1 Current Interest;
(iii) to the Class MV-2 Certificates, the Class MV-2 Current Interest;
(iv) to the Class BV-1 Certificates, the Class BV-1 Current Interest; andand any remainder pursuant to Section 3.01(c) hereof.
(v) any remainder pursuant to Section 3.03(f3.01(c) hereof.
(cb) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Account of an amount equal to the Group I Principal Distribution Amount in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group I Class A AV-1 Certificates, the Group I Class A AV-1 Principal Distribution Amount to be distributed as follows: (x) the Class AF-6 Principal Distribution Amount to the Class AF-6 Certificates; and (y) the balance of the Group I Class A Principal Distribution Amount sequentially to the Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5 and Class AF-6 Certificates, in that order, so that no such distribution pursuant to this clause (i) will be made to any such Class until the Certificate Principal Balances of all Group I Class A Certificates with a lower numeral designation shall have been reduced to zero; provided, however, that, on any Distribution Date on which the Group I Class A Certificate Principal Balance is equal to or greater than the Scheduled Principal Balances of the Mortgage Loans in Group I, the Group I Class A Principal Distribution Amount will be distributed pro rata and not sequentially to the Group I Class A CertificatesAmount;
(ii) to the Class MF-1 MV-1 Certificates, the Group I Class MF-1 MV-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the Class MF-2 MV-2 Certificates, the Group I Class MF-2 MV-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) if a Subordinated Trigger Event exists on such Distribution Date, sequentially, to the Class BF-1 MV-1 and Class MV-2 Certificates, in that order, the Group I Class BF-1 BV-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(v) to the Class PF-1 Certificates until BV-1 Certificates, the Certificate Class BV-1 Principal Balance thereof has been reduced to zeroDistribution Amount (provided that a Subordinated Trigger Event does not exist on such Distribution Date); and
(vi) any remainder pursuant to Section 3.03(e) hereofthe Class R Certificates; provided, however, that, before the Group I Stepdown Date or if a Group I Trigger Event is in effect on any Distribution Date Date: (a) the Group I Class AV-1 Principal Distribution Amount shall be distributed in equal the following order of priority:
(a) to the Group I Class A Certificates in accordance with clause (i) of this Section 3.03(c) until the Certificate Principal Balance of the Group I Class A Certificates has been reduced to zero;
Distribution Amount; (b) after the Certificate Principal Balance of the Group I Class A AV-1 Certificates has been reduced to zero, to the Class MF-1 Certificates until MV-1 Principal Distribution Amount shall equal the Certificate Principal Balance of the Class MF-1 Certificates has been reduced to zero;
Distribution Amount for such Distribution Date; (c) after the Certificate Principal Balance of the Class MF-1 MV-1 Certificates has been reduced to zero, to the Class MF-2 Certificates until MV-2 Principal Distribution Amount shall equal the Certificate Principal Balance of the Class MF-2 Certificates has been reduced to zero, and
Distribution Amount for such Distribution Date; and (d) after the Certificate Principal Balance of the Class MF-2 MV-2 Certificates has been reduced to zero, the Class BV-1 Principal Distribution Amount shall equal the Principal Distribution Amount for such Distribution Date.
(c) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Account of the remainder pursuant to Section 3.01(a)(v) hereof, and each such allocation shall be made only after all preceding allocations shall have been made until such remainder has been fully allocated :
(i) the Extra Principal Distribution Amount;
(ii) to the Class BF-1 MV-1 Certificates, the Class MV-1 Interest Carry Forward Amount;
(iii) to the Class MV-1 Certificates, the Class MV-1 Unpaid Realized Loss Amount;
(iv) to the Class MV-2 Certificates, the Class MV-2 Interest Carry Forward Amount;
(v) to the Class MV-2 Certificates, the Class MV-2 Unpaid Realized Loss Amount;
(vi) to the Class BV-1 Certificates, the Class BV-1 Interest Carry Forward Amount;
(vii) to the Class BV-1 Certificates, the Class BV-1 Unpaid Realized Loss Amount;
(viii) on any Distribution Date on or before the last Distribution Date with respect to the Class AV-1 Certificates, to the Class AV-1 Certificates, the Class AV-1 Certificates until Carryover;
(ix) on any Distribution Date on or before the last Distribution Date with respect to the Class MV-1 Certificates, to the Class MV-1 Certificates, the Class MV-1 Certificates Carryover;
(x) on any Distribution Date on or before the last Distribution Date with respect to the Class MV-2 Certificates, to the Class MV-2 Certificates, the Class MV-2 Certificates Carryover;
(xi) on any Distribution Date on or before the last Distribution Date with respect to the Class BV-1 Certificates, to the Class BV-1 Certificates, the Class BV-1 Certificates Carryover;
(xii) the remainder pursuant to Section 3.01(d) hereof.
(d) On each Distribution Date, the Trustee shall allocate the amount remaining in the Asset Proceeds Account pursuant to Section 3.01(c)(xi) hereof to the Class R Certificates.
(e) On each Distribution Date, the Trustee shall allocate any excess of the Certificate Principal Balance over the Scheduled Principal Balances to reduce the Certificate Principal Balances of the Subordinated Certificates in the following order of priority:
(i) to the Class BF-1 BV-1 Certificates has been until the Class BV-1 Certificate Principal Balance is reduced to zero;
(ii) to the Class MV-2 Certificates until the Class MV-2 Certificate Principal Balance is reduced to zero; and
(iii) to the Class MV-1 Certificates until the Class MV-1 Certificate Principal Balance is reduced to zero.
Appears in 1 contract
Certificate Distributions. (a) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Distribution Account of an amount equal to the Group I Interest Funds in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) premiums and expenses associated with the PMI Policy covering the Group I Mortgage Loans;
(ii) to the Group I Class A Certificates and the Class A-IO-I Component, the Current Interest and any Interest Carry Forward Amount for the Group I Class A Certificates and the Class A-IO-I Component; provided, however, if the Group I Interest Funds and any amounts transferred from the Capitalized Interest Account for the Group I Pledged Prepayment Penalties Mortgage Loans are not sufficient to make a full distribution of the Current Interest and any Interest Carry Forward Amount with respect to all the Group I Class A Certificates and the Class A-IO-I Component, such amount will be distributed pro rata among each Class of the Group I Class A Certificates and the Class A-IO-I Component based on the ratio of (x) the Current Interest and Interest Carry Forward Amount for each Class of the Group I Class A Certificates and or the Class A-IO-I Component to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Group I Class A Certificates and the Class A-IO-I Component;
(iiiii) to the Class MF-1 Certificates, the Class MF-1 Current Interest;
(iiiiv) to the Class MF-2 Certificates, the Class MF-2 Current Interest;
(ivv) to the Class BF-1 Certificates, the Class BF-1 Current Interest;
(vi) to the Class BF-2 Certificates, the Class BF-2 Current Interest; and
(vvii) any remainder pursuant to Section 3.03(e) hereof.
(b) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Distribution Account of an amount equal to the Group II Interest Funds in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) premiums and expenses associated with the PMI Policy covering the Group II Mortgage Loans;
(ii) to the Group II Class A Certificates and the Class A-IO-II Component, the Current Interest and any Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IOI0-II Component; provided, however, if the Group II Interest Funds and any amounts transferred from the Capitalized Interest Account for the Group II Pledged Prepayment Penalties Mortgage Loans are not sufficient to make a full distribution of the Current Interest and any Interest Carry Forward Amount with respect to the Group II Class A Certificates and the Class A-IO-IO- II Component, such amount will be distributed pro rata among the Group II Class A Certificates and the Class A-IO-II Component based on the ratio of (x) the Current Interest and Interest Carry Forward Amount for the Group II Class A Certificates and or the Class A-IO-II Component to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Component;
(iiiii) to the Class MV-1 Certificates, the Class MV-1 Current Interest;
(iiiiv) to the Class MV-2 Certificates, the Class MV-2 Current Interest;
(ivv) to the Class BV-1 Certificates, the Class BV-1 Current Interest;
(vi) to the Class BV-2 Certificates, the Class BV-2 Current Interest; and
(vvii) any remainder pursuant to Section 3.03(f) hereof.
(c) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Distribution Account of an amount equal to the Group I Principal Distribution Amount in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group I Class A Certificates, the Group I Class A Principal Distribution Amount to be distributed as follows: (x) the Class AF-6 Principal Distribution Amount to the Class AF-6 Certificates; and (y) the balance of the Group I Class A Principal Distribution Amount sequentially to the Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5 and Class AF-6 Certificates, in that order, Certificates so that no such distribution pursuant to this clause (iy) will be made to any such Class until the Certificate Principal Balances of all Group I Class A Certificates with a lower numeral designation shall have been reduced to zero; provided, however, that, on any Distribution Date on which the Group I Class A Certificate Principal Balance is equal to or greater than the Scheduled Principal Balances of the Mortgage Loans in Group I, the Group I Class A Principal Distribution Amount will be distributed pro rata and not sequentially to the Group I Class A Certificates;
(ii) to the Class MF-1 Certificates, the Group I Class MF-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the Class MF-2 Certificates, the Group I Class MF-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) to the Class BF-1 Certificates, the Group I Class BF-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(v) to the Class PF-1 Certificates BF-2 Certificates, the Group I Class BF-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(vi) if a Group I Subordinated Trigger Event exists on such Distribution Date, any remaining amounts, sequentially, to the Class BF-2, Class BF-1, Class MF-2 and Class MF-1 Certificates, in that order;
(vii) to the Class PF-1 Certificates; and
(viviii) any remainder pursuant to Section 3.03(e) hereofthe Class R Certificates; provided, however, that, before the Group I Stepdown Date or if a Group I Trigger Event is in effect on any Distribution Date the Group I Principal Distribution Amount shall be distributed in the following order of priorityDate:
(a) to the Group I Class A Certificates in accordance with clause (i) of this Section 3.03(c) until the Certificate Principal Balance of the Group I Class A Certificates has been reduced to zero;
(b) after the Certificate Principal Balance of the Group I Class A Certificates has been reduced to zero, to the Class MF-1 Certificates until the Certificate Principal Balance of the Class MF-1 Certificates has been reduced to zero;
(c) after the Certificate Principal Balance of the Class MF-1 Certificates has been reduced to zero, to the Class MF-2 Certificates until the Certificate Principal Balance of the Class MF-2 Certificates has been reduced to zero, and
(d) after the Certificate Principal Balance of the Class MF-2 Certificates has been reduced to zero, to the Class BF-1 Certificates until the Certificate Principal Balance of the Class BF-1 Certificates has been reduced to zero.
Appears in 1 contract
Certificate Distributions. (a) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Account of an amount equal to the Group I Interest Funds in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group I Class A Certificates and the Class A-IO-I Component, the Current Interest and any Interest Carry Forward Amount for the Group I Class A Certificates and the Class A-IO-I Component; provided, however, if the Group I Interest Funds and any amounts transferred from the Capitalized Interest Account for the Group I Pledged Prepayment Penalties Mortgage Loans are not sufficient to make a full distribution of the Current Interest and any Interest Carry Forward Amount with respect to all the Group I Class A Certificates and the Class A-IO-I Component, such amount will be distributed pro rata among each Class of the Group I Class A Certificates and the Class A-IO-I Component based on the ratio of (x) the Current Interest and Interest Carry Forward Amount for each Class of the Group I Class A Certificates and the Class A-IO-I Component to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Group I Class A Certificates and the Class A-IO-I Component;
(ii) to the Class MF-1 Certificates, the Class MF-1 Current Interest;
(iii) to the Class MF-2 Certificates, the Class MF-2 Current Interest;
(iv) to the Class BF-1 Certificates, the Class BF-1 Current Interest; and
(v) any remainder pursuant to Section 3.03(e3.03(g) hereof.
(b) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Account of an amount equal to the Group II Interest Funds in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group II Class A Certificates and the Class A-IO-II Component, the Current Interest and any Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Component; provided, however, if the Group II Interest Funds and Group II Pledged Prepayment Penalties are not sufficient to make a full distribution of the Current Interest and any Interest Carry Forward Amount with respect to the Group II Class A Certificates and the Class A-IO-II Component, such amount will be distributed pro rata among the Group II Class A Certificates and the Class A-IO-II Component based on the ratio of (x) the Current Interest and Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Component to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Component;
(ii) to the Class MV-1 Certificates, the Class MV-1 Current Interest;
(iii) to the Class MV-2 Certificates, the Class MV-2 Current Interest;
(iv) to the Class BV-1 Certificates, the Class BV-1 Current Interest; and
(v) any remainder pursuant to Section 3.03(f) hereof.
(c) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Account of an amount equal to the Group I Principal Distribution Amount in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group I Class A Certificates, the Group I Class A Principal Distribution Amount to be distributed as follows: (x) the Class AF-6 Principal Distribution Amount to the Class AF-6 Certificates; and (y) the balance of the Group I Class A Principal Distribution Amount sequentially to the Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5 and Class AF-6 Certificates, in that order, so that no such distribution pursuant to this clause (i) will be made to any such Class until the Certificate Principal Balances of all Group I Class A Certificates with a lower numeral designation shall have been reduced to zero; provided, however, that, on any Distribution Date on which the Group I Class A Certificate Principal Balance is equal to or greater than the Scheduled Principal Balances of the Mortgage Loans in Group I, the Group I Class A Principal Distribution Amount will be distributed pro rata and not sequentially to the Group I Class A Certificates;
(ii) to the Class MF-1 Certificates, the Group I Class MF-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the Class MF-2 Certificates, the Group I Class MF-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) to the Class BF-1 Certificates, the Group I Class BF-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(v) to the Class PF-1 Certificates until the Certificate Principal Balance thereof has been reduced to zero; and
(vi) any remainder pursuant to Section 3.03(e) hereof; provided, however, that, before the Group I Stepdown Date or if a Group I Trigger Event is in effect on any Distribution Date the Group I Principal Distribution Amount shall be distributed in the following order of priority:
(a) to the Group I Class A Certificates in accordance with clause (i) of this Section 3.03(c) until the Certificate Principal Balance of the Group I Class A Certificates has been reduced to zero;
(b) after the Certificate Principal Balance of the Group I Class A Certificates has been reduced to zero, to the Class MF-1 Certificates until the Certificate Principal Balance of the Class MF-1 Certificates has been reduced to zero;
(c) after the Certificate Principal Balance of the Class MF-1 Certificates has been reduced to zero, to the Class MF-2 Certificates until the Certificate Principal Balance of the Class MF-2 Certificates has been reduced to zero, and
(d) after the Certificate Principal Balance of the Class MF-2 Certificates has been reduced to zero, to the Class BF-1 Certificates until the Certificate Principal Balance of the Class BF-1 Certificates has been reduced to zero.
Appears in 1 contract
Certificate Distributions. (a) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall make the following allocations from the Asset Proceeds Distribution Account of an amount equal to the Group I Interest Funds in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group I Class A Certificates and the Class A-IO-I ComponentCertificates, the Current Interest and any Interest Carry Forward Amount for the Group I Class A Certificates and the Class A-IO-I ComponentCertificates; provided, however, if the Group I Interest Funds and Group I Pledged Prepayment Penalties are such amount is not sufficient to make a full distribution of the Current Interest and any Interest Carry Forward Carryforward Amount with respect to all the Group I Class A Certificates and the Class A-IO-I ComponentCertificates, such amount will be distributed pro rata among each Class of the Group I Class A Certificates and the Class A-IO-I Component based on the ratio of (x) the Current Interest and Interest Carry Forward Amount for each Class of the Group I Class A Certificates and the Class A-IO-I Component to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Group I Class A Certificates and the Class A-IO-I ComponentCertificates;
(ii) to the Class MF-1 Certificates, the Class MF-1 Current Interest;
(iii) to the Class MF-2 Certificates, the Class MF-2 Current Interest;
(iv) to the Class BF-1 BF Certificates, the Class BF-1 BF Current Interest; and
(v) any remainder pursuant to Section 3.03(e3.02(e) hereof.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall make the following allocations from the Asset Proceeds Distribution Account of an amount equal to the Group II Interest Funds in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Dateallocated:
(i) to the Group II Class A Certificates and the Class A-IO-II ComponentCertificates, the Current Interest and any Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II ComponentCertificates; provided, however, if the Group II Interest Funds and Group II Pledged Prepayment Penalties are such amount is not sufficient to make a full distribution of the Current Interest and any Interest Carry Forward Amount with respect to all the Group II Class A Certificates and the Class A-IO-II ComponentCertificates, such amount will be distributed pro rata among each Class of the Group II Class A Certificates and the Class A-IO-II Component based on the ratio of (x) the Current Interest and Interest Carry Forward Amount for each Class of the Group II Class A Certificates and the Class A-IO-II Component to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II ComponentCertificates;
(ii) to the Class MV-1 Certificates, the Class MV-1 Current Interest;
(iii) to the Class MV-2 Certificates, the Class MV-2 Current Interest;
(iv) to the Class BV-1 BV Certificates, the Class BV-1 BV Current Interest; and
(v) any remainder pursuant to Section 3.03(f3.02(f) hereof.
(c) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall make the following allocations from the Asset Proceeds Distribution Account of an amount equal to the Group I Principal Distribution Amount in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group I Class A Certificates, the Group I Class A Principal Distribution Amount to be distributed as follows: (x) the Class AF-6 Principal Distribution Amount to the Class AF-6 Certificates; and (y) the balance of the Group I Class A Principal Distribution Amount sequentially to the Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5 and Class AF-6 Certificates, in that order, Certificates so that no such distribution pursuant to this clause (iy) will be made to any such Class until the Certificate Principal Balances of all Group I Class A Certificates with a lower numeral designation denomination shall have been reduced to zero; provided, however, that, on any Distribution Date on which the Group I Class A Certificate Principal Balance is equal to or greater than the Scheduled Principal Balances of the Mortgage Loans in Group I, the Group I Class A Principal Distribution Amount will be distributed pro rata and not sequentially to the Group I Class A Certificates;
(ii) to the Class MF-1 Certificates, the Group I Class MF-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the Class MF-2 Certificates, the Group I Class MF-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) to the Class BF-1 BF Certificates, the Group I Class BF-1 BF Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(v) to the Class PF-1 Certificates until the Certificate Principal Balance thereof has been reduced to zero; and
(vi) any remainder pursuant to Section 3.03(e3.02(e) hereof; provided, however, that, before the Group I Stepdown Date or (i) if a Group I Trigger Event is in effect on any Distribution Date the Group I Principal Distribution Amount shall be distributed in the following order of priority:
Date: (a) to the Group I Class A Certificates in accordance with clause (i) of this Section 3.03(c) until the Certificate Principal Balance of the Group I Class A Certificates has been reduced to zero;
(b) after the Certificate Principal Balance of the Group I Class A Certificates has been reduced to zero, to the Class MF-1 Certificates until Principal Distribution Amount shall equal the Certificate Group I Principal Balance of the Class MF-1 Certificates has been reduced to zero;
Distribution Amount for such Distribution Date; (cb) after the Certificate Principal Balance of the Class MF-1 Certificates has been reduced to zero, to the Class MF-2 Certificates until Principal Distribution Amount shall equal the Certificate Group I Principal Balance of the Class MF-2 Certificates has been reduced to zero, and
Distribution Amount for such Distribution Date; and (dc) after the Certificate Principal Balance of the Class MF-2 Certificates has been reduced to zero, the Class BF Principal Distribution Amount shall equal the Group I Principal Distribution Amount; and (ii)(a) if the Group I Class A Certificate Principal Balance has been reduced to zero before November 2000, the Class MF-1 Principal Distribution Amount shall equal the Group I Principal Distribution Amount until the Distribution Date in November 2000 (or until the Class MF-1 Certificate Principal Balance has been reduced to zero); (b) if the Class MF-1 Certificate Principal Balance has been reduced to zero before November 2000, the Class MF-2 Principal Distribution Amount shall equal the Group I Principal Distribution Amount until the Distribution Date in November 2000 (or until the Class MF-2 Certificate Principal Amount has been reduced to zero); and (c) if the Class MF-2 Certificate Principal Balance has been reduced to zero before November 2000, the Class BF Certificate Principal Distribution Amount shall equal the Group I Principal Distribution Amount until the Distribution Date in November 2000.
(d) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall make the following allocations from the Distribution Account of an amount equal to the Group II Principal Distribution Amount in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group II Class A Certificates, the Group II Class A Principal Distribution Amount, to be distributed as follows:
(x) amounts constituting Principal Funds attributable to Subgroup A to the Class BF-1 AV-1 Certificates until and amounts constituting Principal Funds attributable to Subgroup B to the Class AV-2 Certificates and (y) the excess of the Class A Principal Distribution Amount over the amounts specified in clause (x) shall be prorated between the Class AV-1 Certificates and the Class AV-2 Certificates, based on the outstanding Certificate Principal Balances thereof; provided, however, when the Certificate Principal Balance of the Class BF-1 AV-1 Certificates or the Class AV-2 Certificates has been reduced to zero, the Class A Principal Distribution Amount shall be distributed to the remaining Group II Class A Certificates;
(ii) to the Class MV-1 Certificates, the Group II Class MV-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the Class MV-2 Certificates, the Group II Class MV-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) to the Class BV Certificates, the Group II Class BV Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; and
(v) any remainder pursuant to Section 3.02(f) hereof; provided, however, that, (i) if a Group II Trigger Event is in effect on any Distribution Date: (a) after the Certificate Principal Balance of the Group II Class A Certificates has been reduced to zero, the Group II Class MV-1 Principal Distribution Amount shall equal the Group II Principal Distribution Amount for such Distribution Date; (b) after the Certificate Principal Balance of the Class MV-1 Certificates has been reduced to zero, the Class MV-2 Principal Distribution Amount shall equal the Group II Principal Distribution Amount for such Distribution Date; and (c) after the Certificate Principal Balance of the Class MV-2 Certificates has been reduced to zero, the Class BV Principal Distribution Amount shall equal the Group II Principal Distribution Amount for such Distribution Date; and (ii)(a) if the Group II Class A Certificate Principal Balance has been reduced to zero before November 2000, the Class MV-1 Principal Distribution Amount shall equal the Group II Principal Distribution Amount until the Distribution Date in November 2000 (or until the Class MV-1 Certificate Principal Balance has been reduced to zero); (b) if the Class MV-1 Certificate Principal Balance has been reduced to zero before November 2000, the Class MV-2 Principal Distribution Amount shall equal the Group II Principal Distribution Amount until the Distribution Date in November 2000 (or until the Class MV-2 Certificate Principal Amount has been reduced to zero); and (c) if the Class MV-2 Certificate Principal Balance has been reduced to zero before November 2000, the Class BV Certificate Principal Distribution Amount shall equal the Group II Principal Distribution Amount until the Distribution Date in November 2000.
Appears in 1 contract
Certificate Distributions. (a) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Distribution Account of an amount equal to the Group I Interest Funds in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group I Class A Certificates and the Class A-IO-I ComponentCertificates, the Current Interest and any Interest Carry Forward Amount for the Group I Class A Certificates and the Class A-IO-I ComponentCertificates; provided, however, if the Group I Interest Funds and Group I Pledged Prepayment Penalties are such amount is not sufficient to make a full distribution of the Current Interest and any Interest Carry Forward Amount with respect to all the Group I Class A Certificates and the Class A-IO-I ComponentCertificates, such amount will be distributed pro rata among each Class of the Group I Class A Certificates and the Class A-IO-I Component based on the ratio of (x) the Current Interest and Interest Carry Forward Amount for each Class of the Group I Class A Certificates and the Class A-IO-I Component to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Group I Class A Certificates and the Class A-IO-I ComponentCertificates;
(ii) to the Class MF-1 Certificates, the Class MF-1 Current Interest;
(iii) to the Class MF-2 Certificates, the Class MF-2 Current Interest;
(iv) to the Class BF-1 Certificates, the Class BF-1 Current Interest; and
(v) any remainder pursuant to Section 3.03(e3.02(e) hereof.
(b) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Distribution Account of an amount equal to the Group II Interest Funds in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group II Class A Certificates and the Class A-IO-II ComponentCertificates, the Current Interest and any Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Component; provided, however, if the Group II Interest Funds and Group II Pledged Prepayment Penalties are not sufficient to make a full distribution of the Current Interest and any Interest Carry Forward Amount with respect to the Group II Class A Certificates and the Class A-IO-II Component, such amount will be distributed pro rata among the Group II Class A Certificates and the Class A-IO-II Component based on the ratio of (x) the Current Interest and Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Component to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II ComponentCertificates;
(ii) to the Class MV-1 Certificates, the Class MV-1 Current Interest;
(iii) to the Class MV-2 Certificates, the Class MV-2 Current Interest;
(iv) to the Class BV-1 Certificates, the Class BV-1 Current Interest; and
(v) any remainder pursuant to Section 3.03(f3.02(f) hereof.
(c) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Distribution Account of an amount equal to the Group I Principal Distribution Amount in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group I Class A Certificates, the Group I Class A Principal Distribution Amount to be distributed as follows: (x) the Class AF-6 Principal Distribution Amount to the Class AF-6 Certificates; and (y) the balance of the Group I Class A Principal Distribution Amount sequentially to the Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5 and Class AF-6 Certificates, in that order, Certificates so that no such distribution pursuant to this clause (iy) will be made to any such Class until the Certificate Principal Balances of all Group I Class A Certificates with a lower numeral designation shall have been reduced to zero; provided, however, that, on any Distribution Date on which the Group I Class A Certificate Principal Balance is equal to or greater than the Scheduled Principal Balances of the Mortgage Loans in Group I, the Group I Class A Principal Distribution Amount will be distributed pro rata and not sequentially to the Group I Class A Certificates;
(ii) to the Class MF-1 Certificates, the Group I Class MF-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the Class MF-2 Certificates, the Group I Class MF-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) to the Class BF-1 Certificates, the Group I Class BF-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(v) to the Class PF-1 Certificates until the Certificate Principal Balance thereof has been reduced to zero; and
(viv) any remainder pursuant to Section 3.03(e3.02(e) hereof; provided, however, that, before the Group I Stepdown Date or (i) if a Group I Trigger Event is in effect on any Distribution Date the Group I Principal Distribution Amount shall be distributed in the following order of priority:
Date: (a) to the Group I Class A Certificates in accordance with clause (i) of this Section 3.03(c) until the Certificate Principal Balance of the Group I Class A Certificates has been reduced to zero;
(b) after the Certificate Principal Balance of the Group I Class A Certificates has been reduced to zero, to the Class MF-1 Certificates until Principal Distribution Amount shall equal the Certificate Group I Principal Balance of the Class MF-1 Certificates has been reduced to zero;
Distribution Amount for such Distribution Date; (cb) after the Certificate Principal Balance of the Class MF-1 Certificates has been reduced to zero, to the Class MF-2 Certificates until Principal Distribution Amount shall equal the Certificate Group I Principal Balance of the Class MF-2 Certificates has been reduced to zero, and
Distribution Amount for such Distribution Date; and (dc) after the Certificate Principal Balance of the Class MF-2 Certificates has been reduced to zero, the Class BF-1 Principal Distribution Amount shall equal the Group I Principal Distribution Amount, (ii)(a) if the Group I Class A Certificate Principal Balance has been reduced to zero before December 2001, the Class MF-1 Principal Distribution Amount shall equal the Group I Principal Distribution Amount until the Distribution Date in December 2001 (or until the Class MF-1 Certificate Principal Balance has been reduced to zero); (b) if the Class MF-1 Certificate Principal Balance has been reduced to zero before December 2001, the Class MF-2 Principal Distribution Amount shall equal the Group I Principal Distribution Amount until the Distribution Date in December 2001 (or until the Class MF-2 Certificate Principal Balance has been reduced to zero); and (c) if the Class MF-2 Certificate Principal Balance has been reduced to zero before December 2001, the Class BF-1 Principal Distribution Amount shall equal the Group I Principal Distribution Amount until the Distribution Date in December 2001 (or until the Class BF-1 Certificate Principal Balance has been reduced to zero), and (iii) while a Group I Subordinated Trigger Event exists, principal otherwise distributable to the related Class C and Class R Certificates will be distributed to the Class BF-1, Class MF-2 and Class MF-1 Certificates (in inverse order of seniority).
(d) On each Distribution Date, the Trustee shall make the following allocations from the Distribution Account of an amount equal to the Group II Principal Distribution Amount in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group II Class A Certificates, the Group II Class A Principal Distribution Amount;
(ii) to the Class MV-1 Certificates, the Group II Class MV-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the Class MV-2 Certificates, the Group II Class MV-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) to the Class BV-1 Certificates, the Group II Class BV-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero; and
(v) any remainder pursuant to Section 3.02(f) hereof; provided, however, that, (i) if a Group II Trigger Event is in effect on any Distribution Date: (a) after the Certificate Principal Balance of the Group II Class A Certificates has been reduced to zero, the Group II Class MV-1 Principal Distribution Amount shall equal the Group II Principal Distribution Amount for such Distribution Date; (b) after the Certificate Principal Balance of the Class MV-1 Certificates has been reduced to zero, the Class MV-2 Principal Distribution Amount shall equal the Group II Principal Distribution Amount for such Distribution Date; and (c) after the Certificate Principal Balance of the Class MV-2 Certificates has been reduced to zero, the Class BV-1 Principal Distribution Amount shall equal the Group II Principal Distribution Amount for such Distribution Date; (ii)(a) if the Group II Class A Certificate Principal Balance has been reduced to zero before December 2001, the Class MV-1 Principal Distribution Amount shall equal the Group II Principal Distribution Amount until the Distribution Date in December 2001 (or until the Class MV-1 Certificate Principal Balance has been reduced to zero); (b) if the Class MV-1 Certificate Principal Balance has been reduced to zero before December 2001, the Class MV-2 Principal Distribution Amount shall equal the Group II Principal Distribution Amount until the Distribution Date in December 2001 (or until the Class MV-2 Certificate Principal Amount has been reduced to zero); and (c) if the Class MV-2 Certificate Principal Balance has been reduced to zero before December 2001, the Class BV-1 Principal Distribution Amount shall equal the Group II Principal Distribution Amount until the Distribution Date in December 2001 (or until the Class BV-1 Certificate Principal Amount has been reduced to zero) and (iii) while a Group II Subordinated Trigger Event exists, principal otherwise distributable to the related Class C and Class R Certificates will be distributed to the Class BV-1, Class MV-2 and Class MV-1 Certificates (in inverse order of seniority).
(e) On each Distribution Date, the Trustee shall make the following allocations from the Distribution Account of the remainders pursuant to Section 3.02(a)(v) and (c)(v) hereof and, to the extent required to make the allocations set forth below in clauses (i) through (vii) of this Section 3.02(e), Section 3.02(f)(viii) hereof in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such remainders shall have been fully allocated:
(i) the Group I Extra Principal Distribution Amount;
(ii) to the Class MF-1 Certificates, the Class MF-1 Interest Carry Forward Amount;
(iii) to the Class MF-1 Certificates, the Class MF-1 Unpaid Realized Loss Amount;
(iv) to the Class MF-2 Certificates, the Class MF-2 Interest Carry Forward Amount;
(v) to the Class MF-2 Certificates, the Class MF-2 Unpaid Realized Loss Amount;
(vi) to the Class BF-1 Certificates, the Class BF-1 Interest Carry Forward Amount;
(vii) to the Class BF-1 Certificates, the Class BF-1 Unpaid Realized Loss Amount;
(viii) to the extent required to make the allocations set forth in clauses (i) through (vii) of Section 3.02(f) hereof, pursuant to Section 3.02(f) hereof;
(ix) if a Group I Subordinated Trigger Event exists, to the Class BF-1, Class MF-2 and Class MF-1 Certificates, in that order (such that no such amounts shall be distributed to any such Class unless the Certificate Principal Balance of each such Class having lower priority has been reduced to zero), the excess of (x) the Group I Principal Funds for such Distribution Date over (y) the sum of (A) the Group I Class A Principal Distribution Amount, (B) the Group I Class MF-1 Principal Distribution Amount, (C) the Group I Class MF-2 Principal Distribution Amount and (D) the Group I Class BF-1 Principal Distribution Amount in each case for such Distribution Date; and
(x) the remainder pursuant to Section 3.02(g) hereof.
(f) On each Distribution Date, the Trustee shall make the following allocations from the Distribution Account of the remainders pursuant to Section 3.02(b)(v) and (d)(v) hereof and, to the extent required to make the allocations set forth below in clauses (i) through (vii) of this Section 3.02(f), Section 3.02(e)(viii) hereof in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such remainders have been fully allocated:
(i) the Group II Extra Principal Distribution Amount;
(ii) to the Class MV-1 Certificates, the Class MV-1 Interest Carry Forward Amount;
(iii) to the Class MV-1 Certificates, the Class MV-1 Unpaid Realized Loss Amount;
(iv) to the Class MV-2 Certificates, the Class MV-2 Interest Carry Forward Amount;
(v) to the Class MV-2 Certificates, the Class MV-2 Unpaid Realized Loss Amount;
(vi) to the Class BV-1 Certificates, the Class BV-1 Interest Carry Forward Amount;
(vii) to the Class BV-1 Certificates, the Class BV-1 Unpaid Realized Loss Amount;
(viii) to the extent required to make the allocations set forth in clauses (i) through (vii) of Section 3.02(e) hereof, pursuant to Section 3.02(e) hereof;
(ix) on any Distribution Date on or before the last Distribution Date with respect to the Class AV-1 Certificates, to the Class AV-1 Certificates, the Class AV-1 Certificates Carryover;
(x) on any Distribution Date on or before the last Distribution Date with respect to the Class MV-1 Certificates, to the Class MV-1 Certificates, the Class MV-1 Certificates Carryover;
(xi) on any Distribution Date on or before the last Distribution Date with respect to the Class MV-2 Certificates, to the Class MV-2 Certificates, the Class MV-2 Certificates Carryover;
(xii) on any Distribution Date on or before the last Distribution Date with respect to the Class BV-1 Certificates, to the Class BV-1 Certificates, the Class BV-1 Certificates Carryover;
(xiii) if a Group II Subordinated Trigger Event exists, to the Class BV-1, Class MV-2 and Class MV-1 Certificates, in that order (such that no such amounts shall be distributed to any such Class unless the Certificate Principal Balance of each such Class having lower priority has been reduced to zero), the excess of (x) the Group II Principal Funds for such Distribution Date over (y) the sum of (A) the Group II Class A Principal Distribution Amount, (B) the Group II Class MV-1 Principal Distribution Amount, (C) the Group II Class MV-2 Principal Distribution Amount and (D) the Group II Class BV-1 Principal Distribution Amount in each case for such Distribution Date; and
(xiv) the remainder pursuant to Section 3.02(g) hereof.
(g) On each Distribution Date, the Trustee shall make the following allocations from the Distribution Account of the remainders pursuant to Section 3.02(e)(x) and (f)(xiv) hereof in the following order of priority, and each such allocation shall be made only after the preceding allocations shall have been made until such remainders have been fully allocated:
(i) to the Class C Certificates, the Class C Distribution Amount; and
(ii) to the Class R Certificates, the remainder.
(h) On each Distribution Date, the Trustee shall allocate any excess of the Group I Certificate Principal Balance over the Scheduled Principal Balances of Group I to reduce the Certificate Principal Balances of the Group I Subordinated Certificates in the following order of priority:
(i) to the Class BF-1 Certificates until the Class BF-1 Certificate Principal Balance of is reduced to zero;
(ii) to the Class BF-1 MF-2 Certificates has been until the Class MF-2 Certificate Principal Balance is reduced to zero; and
(iii) to the Class MF-1 Certificates until the Class MF-1 Certificate Principal Balance is reduced to zero.
(i) On each Distribution Date, the Trustee shall allocate any excess of the Group II Certificate Principal Balance over the Scheduled Principal Balances of Group II to reduce the Certificate Principal Balances of the Group II Subordinated Certificates in the following order of priority:
(i) to the Class BV-1 Certificates until the Class BV-1 Certificate Principal Balance is reduced to zero;
(ii) to the Class MV-2 Certificates until the Class MV-2 Certificate Principal Balance is reduced to zero; and
(iii) to the Class MV-1 Certificates until the Class MV-1 Certificate Principal Balance is reduced to zero.
Appears in 1 contract
Certificate Distributions. (a) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Distribution Account of an amount equal to the Group I Interest Funds in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group I Class A Certificates and the Class A-IO-I ComponentCertificates, the Current Interest and any Interest Carry Forward Amount for the Group I Class A Certificates and the Class A-IO-I ComponentCertificates; provided, however, if the Group I Interest Funds and Group I Pledged Prepayment Penalties are such amount is not sufficient to make a full distribution of the Current Interest and any Interest Carry Forward Amount with respect to all the Group I Class A Certificates and the Class A-IO-I ComponentCertificates, such amount will be distributed pro rata among each Class of the Group I Class A Certificates and the Class A-IO-I Component based on the ratio of (x) the Current Interest and Interest Carry Forward Amount for each Class of the Group I Class A Certificates and the Class A-IO-I Component to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Group I Class A Certificates and the Class A-IO-I ComponentCertificates;
(ii) to the Class MF-1 Certificates, the Class MF-1 Current Interest;
(iii) to the Class MF-2 Certificates, the Class MF-2 Current Interest;
(iv) to the Class BF-1 Certificates, the Class BF-1 Current Interest;
(v) to the Class BF-2 Certificates, the Class BF-2 Current Interest;
(vi) to the Class BF-3 Certificates, the Class BF-3 Current Interest; and
(vvii) any remainder pursuant to Section 3.03(e3.02(e) hereof.
(b) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Distribution Account of an amount equal to the Group II Interest Funds in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group II Class A Certificates and the Class A-IO-II ComponentCertificates, the Current Interest and any Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Component; provided, however, if the Group II Interest Funds and Group II Pledged Prepayment Penalties are not sufficient to make a full distribution of the Current Interest and any Interest Carry Forward Amount with respect to the Group II Class A Certificates and the Class A-IO-II Component, such amount will be distributed pro rata among the Group II Class A Certificates and the Class A-IO-II Component based on the ratio of (x) the Current Interest and Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Component to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II ComponentCertificates;
(ii) to the Class MV-1 Certificates, the Class MV-1 Current Interest;
(iii) to the Class MV-2 Certificates, the Class MV-2 Current Interest;
(iv) to the Class BV-1 Certificates, the Class BV-1 Current Interest;
(v) to the Class BV-2 Certificates, the Class BV-2 Current Interest;
(vi) to the Class BV-3 Certificates, the Class BV-3 Current Interest; and
(vvii) any remainder pursuant to Section 3.03(f3.02(f) hereof.
(c) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Distribution Account of an amount equal to the Group I Principal Distribution Amount in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group I Class A Certificates, the Group I Class A Principal Distribution Amount to be distributed as follows: (x) the Class AF-6 Principal Distribution Amount to the Class AF-6 Certificates; and (y) the balance of the Group I Class A Principal Distribution Amount sequentially to the Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5 and Class AF-6 Certificates, in that order, Certificates so that no such distribution pursuant to this clause (iy) will be made to any such Class until the Certificate Principal Balances of all Group I Class A Certificates with a lower numeral designation shall have been reduced to zero; provided, however, that, on any Distribution Date on which the Group I Class A Certificate Principal Balance is equal to or greater than the Scheduled Principal Balances of the Mortgage Loans in Group I, the Group I Class A Principal Distribution Amount will be distributed pro rata and not sequentially to the Group I Class A Certificates;
(ii) to the Class MF-1 Certificates, the Group I Class MF-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the Class MF-2 Certificates, the Group I Class MF-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) to the Class BF-1 Certificates, the Group I Class BF-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(v) if a Group I Subordinated Trigger Event exists, to the Class PF-1 BF-1, Class MF-2, Class MF-1 and Group I Class A Certificates, in that order, the remainder of the Group I Principal Funds; provided however, that any such amounts distributable to the Group I Class A Certificates shall be distributable pro rata;
(vi) to the Class BF-2 Certificates, the Group I Class BF-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zerozero (so long as a Subordinated Group I Trigger Event does not exist on such Distribution Date);
(vii) to the Class BF-3 Certificates, the Group I Class BF-3 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero (so long as a Subordinated Group I Trigger Event does not exist on such Distribution Date); and
(viviii) any remainder pursuant to Section 3.03(e) hereofthe Class R Certificates; provided, however, that, before the Group I Stepdown Date or if a Group I Trigger Event is in effect on any Distribution Date the Group I Principal Distribution Amount shall be distributed in the following order of priority:
Date: (a) to the Group I Class A Certificates in accordance with clause (i) of this Section 3.03(c) until the Certificate Principal Balance of the Group I Class A Certificates has been reduced to zero;
(b) after the Certificate Principal Balance of the Group I Class A Certificates has been reduced to zero, to the Class MF-1 Certificates until Principal Distribution Amount shall equal the Certificate Group I Principal Balance of the Class MF-1 Certificates has been reduced to zero;
Distribution Amount for such Distribution Date; (cb) after the Certificate Principal Balance of the Class MF-1 Certificates has been reduced to zero, to the Class MF-2 Certificates until Principal Distribution Amount shall equal the Certificate Group I Principal Balance of the Class MF-2 Certificates has been reduced to zero, and
Distribution Amount for such Distribution Date; (dc) after the Certificate Principal Balance of the Class MF-2 Certificates has been reduced to zero, to the Class BF-1 Certificates until Principal Distribution Amount shall equal the Group I Principal Distribution Amount, (d) after the Certificate Principal Balance of the Class BF-1 Certificates has been reduced to zero, the Class BF-2 Principal Distribution Amount shall equal the Group I Principal Distribution Amount and (e) after the Certificate Principal Balance of the Class BF-2 Certificates has been reduced to zero, the Class BF-3 Principal Distribution Amount shall equal the Group I Principal Distribution Amount;
(d) On each Distribution Date, the Trustee shall make the following allocations from the Distribution Account of an amount equal to the Group II Principal Distribution Amount in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group II Class A Certificates, the Group II Class A Principal Distribution Amount;
(ii) to the Class MV-1 Certificates, the Group II Class MV-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iii) to the Class MV-2 Certificates, the Group II Class MV-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iv) to the Class BV-1 Certificates, the Group II Class BV-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(v) if a Group II Subordinated Trigger Event exists, to the Class BV-1, Class MV-2, Class MV-1 and Group II Class A Certificates, in that order, the remainder of the Group II Principal Funds;
(vi) to the Class BV-2 Certificates, the Group II Class BV-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero (so long as a Group II Subordinated Trigger Event does not exist on such Distribution Date);
(vii) to the Class BV-3 Certificates, the Group II Class BV-3 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero (so long as a Group II Subordinated Trigger Event does not exist on such Distribution Date); and
(viii) to the Class R Certificates; provided, however, that, if a Group II Trigger Event is in effect on any Distribution Date: (a) after the Certificate Principal Balance of the Group II Class A Certificates has been reduced to zero, the Group II Class MV-1 Principal Distribution Amount shall equal the Group II Principal Distribution Amount for such Distribution Date; (b) after the Certificate Principal Balance of the Class MV-1 Certificates has been reduced to zero, the Class MV-2 Principal Distribution Amount shall equal the Group II Principal Distribution Amount for such Distribution Date; (c) after the Certificate Principal Balance of the Class MV-2 Certificates has been reduced to zero, the Class BV-1 Principal Distribution Amount shall equal the Group II Principal Distribution Amount for such Distribution Date; (d) after the Certificate Principal Balance of the Class BV-1 Certificates has been reduced to zero, the Class BV-2 Principal Distribution Amount shall equal the Group II Principal Distribution Amount for such Distribution Date; and (e) after the Certificate Principal Balance of the Class BV-2 Certificates has been reduced to zero, the Class BV-3 Principal Distribution Amount shall equal the Group II Principal Distribution Amount for such Distribution Date.
(e) On each Distribution Date, the Trustee shall make the following allocations from the Distribution Account of the remainders pursuant to Section 3.02(a)(vii) hereof and, to the extent required to make the allocations set forth below in clauses (i) through (vii) of this Section 3.02(e), Section 3.02(f)(vii) hereof in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such remainders shall have been fully allocated:
(i) the Group I Extra Principal Distribution Amount;
(ii) to the Class MF-1 Certificates, the Class MF-1 Interest Carry Forward Amount;
(iii) to the Class MF-2 Certificates, the Class MF-2 Interest Carry Forward Amount;
(iv) to the Class BF-1 Certificates, the Class BF-1 Interest Carry Forward Amount;
(v) to the Class BF-2 Certificates, the Class BF-2 Interest Carry Forward Amount;
(vi) to the Class BF-3 Certificates, the Class BF-3 Interest Carry Forward Amount;
(vii) to the extent required to make the allocations set forth in clauses (i) through (vi) of Section 3.02(f) hereof, pursuant to Section 3.02(f) hereof; and
(viii) the remainder pursuant to Section 3.02(g) hereof.
(f) On each Distribution Date, the Trustee shall make the following allocations from the Distribution Account of the remainders pursuant to Section 3.02(b)(vii) hereof and, to the extent required to make the allocations set forth below in clauses (i) through (vi) of this Section 3.02(f), Section 3.02(e)(viii) hereof in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such remainders have been fully allocated:
(i) the Group II Extra Principal Distribution Amount;
(ii) to the Class MV-1 Certificates, the Class MV-1 Interest Carry Forward Amount;
(iii) to the Class MV-2 Certificates, the Class MV-2 Interest Carry Forward Amount;
(iv) to the Class BV-1 Certificates, the Class BV-1 Interest Carry Forward Amount;
(v) to the Class BV-2 Certificates, the Class BV-2 Interest Carry Forward Amount;
(vi) to the Class BV-3 Certificates, the Class BV-3 Interest Carry Forward Amount;
(vii) to the extent required to make the allocations set forth in clauses (i) through (vi) of Section 3.02(e) hereof;
(viii) on any Distribution Date on or before the last Distribution Date with respect to the Class AV-1 Certificates, to the Class AV-1 Certificates, the Class AV-1 Certificates Carryover;
(ix) on any Distribution Date on or before the last Distribution Date with respect to the Class MV-1 Certificates, to the Class MV-1 Certificates, the Class MV-1 Certificates Carryover;
(x) on any Distribution Date on or before the last Distribution Date with respect to the Class MV-2 Certificates, to the Class MV-2 Certificates, the Class MV-2 Certificates Carryover;
(xi) on any Distribution Date on or before the last Distribution Date with respect to the Class BV-1 Certificates, to the Class BV-1 Certificates, the Class BV-1 Certificates Carryover;
(xii) on any Distribution Date on or before the last Distribution Date with respect to the Class BV-2 Certificates, the Class BV-2 Certificates Carryover;
(xiii) on any Distribution Date on or before the last Distribution Date with respect to the Class BV-3 Certificates, the Class BV-3 Certificates Carryover; and
(xiv) the remainder pursuant to Section 3.02(g) hereof.
(g) On each Distribution Date, the Trustee shall make the following allocations from the Distribution Account of the remainders pursuant to Section 3.02(e)(viii) and (f)(xiv) hereof in the following order of priority, and each such allocation shall be made only after the preceding allocations shall have been made until such remainders have been fully allocated:
(i) to the Class C Certificates, the Class C Distribution Amount; and
(ii) to the Class R Certificates, the remainder.
(h) On each Distribution Date, the Trustee shall allocate any excess of the Group I Certificate Principal Balance over the Scheduled Principal Balances of Group I to reduce the Certificate Principal Balances of the Group I Subordinated Certificates in the following order of priority:
(i) to the Class BF-3 Certificates until the Class BF-3 Certificate Principal Balance is reduced to zero;
(ii) to the Class BF-2 Certificates until the Class BF-2 Certificate Principal Balance is reduced to zero;
(iii) to the Class BF-1 Certificates until the Class BF-1 Certificate Principal Balance is reduced to zero;
(iv) to the Class MF-2 Certificates until the Class MF-2 Certificate Principal Balance is reduced to zero; and
(v) to the Class MF-1 Certificates until the Class MF-1 Certificate Principal Balance is reduced to zero.
(i) On each Distribution Date, the Trustee shall allocate any excess of the Group II Certificate Principal Balance over the Scheduled Principal Balances of Group II to reduce the Certificate Principal Balances of the Group II Subordinated Certificates in the following order of priority:
(i) to the Class BV-3 Certificates until the Class BV-3 Certificate Principal Balance is reduced to zero;
(ii) to the Class BV-2 Certificates until the Class BV-2 Certificate Principal Balance is reduced to zero;
(iii) to the Class BV-1 Certificates until the Class BV-1 Certificate Principal Balance is reduced to zero;
(iv) to the Class MV-2 Certificates until the Class MV-2 Certificate Principal Balance is reduced to zero; and
(v) to the Class MV-1 Certificates until the Class MV-1 Certificate Principal Balance is reduced to zero.
(j) On each Distribution Date, the Trustee shall allocate an amount equal to the Group I Extra Principal Distribution Amount for such Distribution Date as an increase in the Certificate Principal Balances of the Group I Subordinated Certificates in the following order of priority:
(i) to the Class MF-1 Certificates in an amount up to the Class MF-1 Unpaid Realized Loss Amount;
(ii) to the Class MF-2 Certificates in an amount up to the Class MF-2 Unpaid Realized Loss Amount;
(iii) to the Class BF-2 Certificates in an amount up to the Class BF-1 Unpaid Realized Loss Amount;
(iv) to the Class BF-2 Certificates in an amount up to the Class BF-2 Unpaid Realized Loss Amount; and
(v) to the Class BF-3 Certificates in an amount up to the Class BFl-3
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Certificate Distributions. (a) On each Distribution Date, the Trustee shall make the following allocations distributions from the Asset Proceeds Account of an amount equal to the Group I and Group II Interest Funds in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) from the Interest Funds for each Group, to the Group I related Class A Certificates and the Class A-IO-I ComponentIO Certificate, the Current Interest and any Interest Carry Forward Amount for the Group I such Class A Certificates and (or, in the case of the Class A-IO-I ComponentIO Certificates, the applicable Allocable Portion thereof); provided, however, if the that any Group I II Interest Funds and Group I Pledged Prepayment Penalties are not sufficient distributable to make a full distribution of the Current Interest Class AV-1 Certificates shall be derived solely from the Subgroup IIA Mortgage Loans, and any Interest Carry Forward Amount with respect such funds distributable to all the Group I Class A Certificates and the Class A-IO-I ComponentAV-2 Certificates shall be derived solely from the Subgroup IIB Mortgage Loans; provided further, such amount will be distributed pro rata among each Class that any shortfall in available amounts in respect of the Group I Class A Certificates and the Class A-IO-I Component based on the ratio of (x) the Current Interest and Interest Carry Forward Amount for each Class of shall be applied, pro rata, among the Group I Class A Certificates and the Class A-IO-I Component to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Group I Class A Certificates and the Class A-IO-I Component;Certificates.
(ii) to any remaining amounts from both the Class MF-1 Certificates, the Class MF-1 Current Interest;
(iii) to the Class MF-2 Certificates, the Class MF-2 Current Interest;
(iv) to the Class BF-1 Certificates, the Class BF-1 Current Interest; and
(v) any remainder Group I and Group II Interest Funds shall be combined and distributed pursuant to Section 3.03(e3.01(b) hereof.
(b) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Account of an amount equal apply all amounts remaining pursuant to the Group II Interest Funds Section 3.01(a)(ii) in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to the Group II Class A Certificates and the Class A-IO-II ComponentM-1 Certificates, the Current Interest and any Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Component; provided, however, if the Group II Interest Funds and Group II Pledged Prepayment Penalties are not sufficient to make a full distribution of the Current Interest and any Interest Carry Forward Amount with respect to the Group II Class A Certificates and the Class A-IO-II Component, such amount will be distributed pro rata among the Group II Class A Certificates and the Class A-IO-II Component based on the ratio of (x) the Current Interest and Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Component to (y) the total amount of Current Interest and any Interest Carry Forward Amount for the Group II Class A Certificates and the Class A-IO-II Componentthereon;
(ii) to the Class MV-1 M-2 Certificates, the Class MV-1 Current InterestInterest thereon;
(iii) to the Class MV-2 B-1 Certificates, the Class MV-2 Current InterestInterest thereon;
(iv) to the Class BV-1 X-IO Certificates, the Class BV-1 Current InterestInterest thereon; and
(v) any remainder remaining amounts pursuant to Section 3.03(f3.01(f) hereof.
(c) On each Distribution Date, the Trustee shall make the following allocations distributions from the Asset Proceeds Account of an amount equal to the Group I and Group II Principal Distribution Amount in the following order of priority, and each such allocation shall be made only after all preceding allocations shall have been made until such amount shall have been fully allocated for such Distribution Date:
(i) to Amounts as follows: o From the Group I Class A CertificatesPrincipal Distribution Amount, in an amount up to the Group I Class A Principal Distribution Amount to be distributed as follows: (x) the Class AF-6 Principal Distribution Amount to the Class AF-6 Certificates; Certificates until the Certificate Principal Balance thereof has been reduced to zero, and (y) the balance of the Group I Class A Principal Distribution Amount sequentially to the Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5 and Class AF-6 Certificates, in that order, so that no such distribution pursuant to this clause (iy) will be made to any such Class until the Certificate Principal Balances of all Group I Class A Certificates with a lower numeral designation shall have been reduced to zero; provided, however, that, on any Distribution Date on which or after the Group I Class A Certificate Principal Balance is equal to or greater than the Scheduled Principal Balances of the Mortgage Loans in Group ICredit Support Depletion Date, the Group I Class A Principal Distribution Amount will be distributed pro rata and not sequentially to the Group I Class A Certificates;; o From the Group II Principal Distribution Amount, in an amount up to the Group II Class A Principal Distribution Amount as follows: (x) amounts constituting Principal Funds for the Subgroup IIA Mortgage Loan will be distributed to the Class AV-1 Certificates until the Certificate Principal Balance thereof has been reduced to zero; and (y) amounts constituting Principal Funds for the Subgroup IIB Mortgage Loans will be distributed to the Class AV-2 Certificates until the Certificate Principal Balance thereof has been reduced to zero; provided that any excess interest (representing the allocable portion of the Extra Principal Distribution Amount) included in the Group II Class A Principal Distribution Amount will be distributed to the Class AV-1 and Class AV-2 Certificate pro rata, based on the Principal Funds received for each Subgroup; o In the event the Certificate Principal Balance of one or more of the (A) Group I Class A Certificates, (B) the Class AV-1 Certificates or (C) the Class AV-2 Certificates has been reduced to zero, on each Distribution Date thereafter principal distributions otherwise distributable to such retired Certificates will be applied to such remaining Classes, pro rata, on the basis of their Certificate Principal Balances. Any such distributions in respect of the Group I Class A Certificates will be distributed to such Classes in the manner provided in the first subparagraph of this Section.
(iid) On each Distribution Date, the Trustee shall distribute the aggregate Group I and Group II Principal Distribution Amount remaining after distributions pursuant to Section 3.01(c) in the following order of priority:
(i) to the Class MF-1 M-1 Certificates, the Group I Class MF-1 M-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;
(iiiii) to the Class MF-2 M-2 Certificates, the Group I Class MF-2 M-2 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;; and
(iviii) to the Class BF-1 B-1 Certificates, the Group I Class BF-1 B-1 Principal Distribution Amount, until the Certificate Principal Balance thereof has been reduced to zero;.
(ve) to the Class PF-1 Certificates until the Certificate Principal Balance thereof has been reduced to zero; and
Notwithstanding Section 3.01(c) and (vi) any remainder pursuant to Section 3.03(ed) hereof; provided, however, that, before the Group I Stepdown Date or if a Group I Trigger Event is in effect on any Distribution Date the Group I each Principal Distribution Amount shall be distributed in the following order of priority:
(ai) to the Group I related Class A Certificates in accordance with clause (i) of this the manner described in Section 3.03(c3.01(c) until the Certificate Principal Balance of the Group I such Class A Certificates has been reduced to zero;
(bii) after the Certificate Principal Balance of the Group I Class A Certificates has been reduced to zero, the remaining combined Principal Distribution Amounts shall be distributed to the Class MF-1 M-1 Certificates until the Certificate Principal Balance of the Class MF-1 M-1 Certificates has been reduced to zero;
(ciii) after the Certificate Principal Balance of the Class MF-1 M-1 Certificates has been reduced to zero, the remaining combined Principal Distribution Amounts shall be distributed to the Class MF-2 M-2 Certificates until the Certificate Principal Balance of the Class MF-2 M-2 Certificates has been reduced to zero, and
(div) after the Certificate Principal Balance of the Class MF-2 M-2 Certificates has been reduced to zero, the remaining combined Principal Distribution Amounts shall be distributed to the Class BF-1 B-1 Certificates until the Certificate Principal Balance of the Class BF-1 B-1 Certificates has been reduced to zero.
(f) On each Distribution Date, the Trustee shall make the following allocations from the Asset Proceeds Account of any remaining amounts pursuant to Sections 3.01(b)(v) hereof in the following order of priority:
(i) the Group I Percentage of the Extra Principal Distribution Amount will be added to the Group I Principal Distribution Amount; and the Group II Percentage of the Extra Principal Distribution Amount will be added to the Group II Principal Distribution Amount;
(ii) to the Class X-IO Certificates, any related Interest Carry Forward Amount;
(iii) to the Class M-1 Certificates, any related Interest Carry Forward Amount;
(iv) to the Class M-1 Certificates, any related Unpaid Realized Loss Amount;
(v) to the Class M-2 Certificates, any related Interest Carry Forward Amount;
(vi) to the Class M-2 Certificates, any related Unpaid Realized Loss Amount;
(vii) to the Class B-1 Certificates, any related Interest Carry Forward Amount;
(viii) to the Class B-1 Certificates, any related Unpaid Realized Loss Amount;
(ix) to the Basis Risk Reserve Fund, any Basis Risk Payment for such date;
(x) on any Distribution Date on or before the Distribution Date on which the Certificate Principal Balance thereof has been reduced to zero, from and to the extent of amounts held in the Basis Risk Reserve Fund, to the Class A Certificates, on a pro rata basis any applicable Certificate Carryover Amount;
(xi) on any Distribution Date on or before the Distribution Date on which the Certificate Principal Balance of the Class M-1 Certificates has been reduced to zero, from and to the extent of amounts held in the Basis Risk Reserve Fund, to the Class M-1 Certificates, any applicable Certificate Carryover Amount;
(xii) on any Distribution Date on or before the Distribution Date on which the Certificate Principal Balance of the Class M-2 Certificates has been reduced to zero, from and to the extent of amounts held in the Basis Risk Reserve Fund, to the Class M-2 Certificates, any applicable Certificate Carryover Amount;
(xiii) on any Distribution Date on or before the Distribution Date on which the Certificate Principal Balance of the Class B-1 Certificates has been reduced to zero, from and to the extent of amounts held in the Basis Risk Reserve Fund, to the Class B-1 Certificates, any applicable Certificate Carryover Amount
(xiv) the remainder pursuant to Section 3.01(h) hereof.
(g) On each Distribution Date, the Trustee shall distribute an amount equal to the Class P Prepayment Amount for such Distribution Date to the Class P Certificates.
(h) On each Distribution Date, the Trustee shall distribute to the Class C Certificates any remaining amounts pursuant to Section 3.01(c) hereof, to the extent of the sum of the interest accrued thereon at the rate described in the Preliminary Statement and that has not been distributed thereon (amounts deposited in the Basis Risk Reserve Fund under Section 3.01(f)(ix) are treated as distributed for this purpose), amounts representing earnings on the Basis Risk Reserve Fund, and any amounts released from the Basis Risk Reserve Fund.
(i) On each Distribution Date, the Trustee shall allocate any excess of the aggregate Certificate Principal Balance of the Certificates over the Scheduled Principal Balances of the Mortgage Loans to reduce the Certificate Principal Balances of the Subordinated Certificates in the following order of priority:
(i) to the Class B-1 Certificates until the Certificate Principal Balance thereof is reduced to zero;
(ii) to the Class M-2 Certificates until the Certificate Principal Balance thereof is reduced to zero; and
(iii) to the Class M-1 Certificates until the Certificate Principal Balance thereof is reduced to zero.
(j) On each Distribution Date, the Trustee shall distribute to the Class C Certificates any Released Principal Amount.
(k) On each Distribution Date the Trustee shall distribute to the Class R Certificates any remaining amounts in the Asset Proceeds Account after the distributions pursuant to Section 3.01(a) through (j).
Appears in 1 contract
Samples: Trust Agreement (Saxon Asset Securities Trust 2001-2)
