Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section. (b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority: (i) to the Senior Certificates, pro rata, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; (ii) to the Class M-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; (iii) to the Class M-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; (iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; (v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; (vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; (vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and (viii) any remaining Interest Remittance Amount to the Class R Certificates. (c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows: (i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; (ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; (iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; (iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; (v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; (vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and (vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and (viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero. (d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for (to the extent such date, amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1, Pool 2, Pool 3 and Pool 4 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata, to the each Class of Group 1 Senior Certificates, pro rata, Accrued Certificate Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateshall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to the each Class M-1 of Group 2, Group 3 and Group 4 Senior Certificates, Accrued Certificate Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateshall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to the each Class M-2 of Subordinate Senior Certificates, Accrued Certificate Current Interest for each such Class and such Distribution Date, plus any unpaid Accrued Certificate Date and Carryforward Interest remaining unpaid from any prior for each such Class and such Distribution Date;
(iv) sequentially, to the Class M-3 M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, Accrued Certificate in that order (the “Class M Priority”), Current Interest for each such Class and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for each such Class and such Distribution Date;
(v) to the Class B-1 CertificatesCredit Risk Manager, Accrued Certificate Interest the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 CertificatesTrustee, Accrued Certificate Interest any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for such Class and application as part of Monthly Excess Cashflow for such Distribution Date, plus as provided in subsection (g) of this Section, any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount for Pool 1 remaining after application pursuant to the Class R Certificatesclauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata, to each Class of Group 2 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 3 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above, and subsections 5.02(d)(i) and 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vi) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) pro rata, to each Class of Group 3 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 4 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(e)(i) below, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 4 for such date in the following order of priority:
(i) pro rata, to each Class of Group 4 Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to each Class of Group 1, Group 2 and Group 3 Senior Certificates, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(c)(i) and 5.02(d)(i) above, as applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) pro rata, to each Class of Subordinate Senior Certificates, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iv) sequentially, to each Class of Subordinate Certificates, in accordance with the Class M Priority, Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 4 for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (g) of this Section, any Interest Remittance Amount for Pool 4 remaining after application pursuant to clauses (i) through (vi) above.
(f) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class R Certificates A1 and Class A A2 Certificates, sequentially, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.;
(d2) On or prior concurrently, to each Determination DateClass of the Group 2, the Master Servicer shall determine the amount of any Deferred Interest Group 3 and Group 4 Senior Certificates (in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information case in proportion to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Class Principal Amount of each such Class the related Group after giving effect to distributions pursuant to subsections 5.02 (f)(i)(B)(1), 5.02(f)(i)(C)(1) and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.5.02
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Investment Loan Trust 2004-10), Trust Agreement (Structured Asset Investment Loan Trust 2004-10)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for such datepayment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (g) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (j) through (l) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the Senior Certificates, pro rata, Accrued Certificate Interest lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Class Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Class M-1 Certificates, Accrued Certificate Interest Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause 5.02(b)(i) above and subsection 5.02(c)(i) below for such Class and such Distribution Date), plus any unpaid Accrued Certificate to be paid concurrently and in proportion to the Interest remaining unpaid from any prior Remittance Amount available with respect to Pool 2 for such Distribution Date;
(iii) concurrently, on a pro rata basis, to the each Class M-2 of Group 1 Senior Certificates, Accrued Certificate Current Interest and any Carryforward Interest for each such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest and Carryforward Interest shall be allocated between such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon; and
(iv) for application pursuant to Section 5.02(d) below, any Interest Remittance Amount for Pool 1 remaining unpaid from undistributed after application pursuant to clauses (i) through (iii) of this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any prior Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ivii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above for such Distribution Date);
(iii) concurrently, on a pro rata basis, to each Class M-3 of the Group 2 Senior Certificates, Accrued Certificate Current Interest and any Carryforward Interest for each such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Date;
(v) and Carryforward Interest shall be allocated among such Classes in proportion to the Class B-1 Certificates, Accrued Certificate amount of Current Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datethat would otherwise be distributable thereon; and
(viiiiv) for application pursuant to Section 5.02(d) below, any remaining Interest Remittance Amount for Pool 2 remaining undistributed after application pursuant to the Class R Certificatesclauses (i) through (iii) of this Section 5.02(c) for such Distribution Date.
(cd) On each Distribution Date, the Trustee shall distribute the Principal aggregate of any remaining Interest Remittance Amounts from subsections 5.02(b)(iv) and 5.02(c)(iv) above in the following order of priority:
(i) concurrently, on a pro rata basis, to each Class of Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsections 5.02(b)(iii) and 5.02(c)(iii) above) for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(ii) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iii) to the Credit Risk Manager, the Credit Risk Manager’s Fee;
(iv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(v) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Interest Remittance Amount remaining undistributed for such Distribution Date.
(e) On each Distribution Date or related Swap Payment Date, as applicable, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and (B)(2) below of this Section 5.02(e), on the related Swap Payment Date) (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Class R LIBOR Certificates and Class A Certificatesequals the Target Amount for such Distribution Date, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: The Principal Distribution Amount for Pool 1 will be distributed in that orderthe following order of priority:
(1) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (to the extent of not paid previously or from the Principal Interest Remittance Amount, Amount for such Distribution Date) and (B) the Senior Principal Pool Percentage for Pool 1 for such Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
Date and (iiy) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal for Pool 1 for such Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zeroDate;
(iii2) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(e)(i)(A)(1) above and 5.02(e)(i)(B)(1) below, and to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date);
(3) to the holders of the Class M-2 A1 and Class A6 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amountpro rata, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced proportion to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the their outstanding Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zeroAmounts, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.; and
(d4) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee for application pursuant to Section 3.20. With respect to subsection 5.02(e)(ii) below, any such Principal Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to for Pool 1 remaining undistributed for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Wf1), Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Wf1)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for such datepayment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the Senior Certificates, pro rata, Accrued Certificate Interest lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Class Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (after giving effect to distributions made pursuant to subsection 5.02(c)(i) below);
(iii) for deposit into the Final Maturity Reserve Account, the Final Maturity Reserve Amount for Pool 1;
(iv) concurrently, to each Class M-1 of Group 1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class Classes and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon; and
(v) for application pursuant to clause 5.02(d), any Interest Remittance Amount remaining unpaid from any prior undistributed for such Distribution Date;
(iiic) On each Distribution Date (or with respect to clauses (i) and (ii) below on the related Swap Payment Date) the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the Class M-2 Certificates, Accrued Certificate Interest lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Class Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (after giving effect to distributions made pursuant to subsection 5.02(b)(i) above);
(iii) for deposit into the Final Maturity Reserve Account, the Final Maturity Reserve Amount for Pool 2;
(iv) concurrently, to the each Class M-3 of Group 2 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class Classes and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon; and
(v) for application pursuant to clause 5.02(d), any Interest Remittance Amount remaining unpaid from any prior undistributed for such Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(cd) On each Distribution Date, the Trustee shall distribute the Principal aggregate of any remaining Interest Remittance Amounts from subsections 5.02(b)(v) and 5.02(c)(v) above in the following order of priority:
(i) concurrently, to each Class of Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsections 5.02(b)(iv) and 5.02(c)(iv) above) for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(ii) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iii) to the Credit Risk Manager, the Credit Risk Manager’s Fee;
(iv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(v) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Interest Remittance Amount remaining undistributed for such Distribution Date.
(e) On each Distribution Date or related Swap Payment Date, as applicable, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (iA)(1), (A)(2), (B)(1) and (iiB)(2) abovebelow, on the related Swap Payment Date) (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Class M-2 Principal Distribution Amount, in reduction of Trustee shall make the Current Principal Amount thereof, following distributions until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class aggregate Certificate Principal Amount of each Class of the Offered Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until and the Class Principal B2 Certificates equals the Target Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.:
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Securities Corp), Trust Agreement (Structured Asset Investment Loan Trust 2005-7)
Distributions from the Certificate Account. (a) On ------------------------------------------ each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount for such date, shall allocate such amount with respect to the interests issued in respect of the Trust Fund each Mortgage Pool and shall distribute such amount as specified to Financial Security in this Section.
(b) On payment of the Aggregate FSA Premium and to the Holders of record of each Distribution Date, Class of Certificates in the Trustee shall distribute the Interest Remittance Amount for such date related Certificate Group in the following order of priority:
(i) from the Available Distribution Amount for Pool 1, as long as no Financial Security Default exists, to Financial Security, the Senior Certificates, pro rata, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution DateAggregate FSA Premium;
(ii) from the Available Distribution Amount for the related Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group (other than any Class M-1 of Principal Only Certificates), the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus any unpaid as reduced by such Class's pro rata share (determined on the basis of Accrued Certificate Interest remaining unpaid from otherwise distributable thereon) of any prior Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts shall be allocated among such Classes in the related Certificate Group in proportion to the amount of Accrued Certificate Interest (as so reduced) otherwise distributable thereon;
(iii) from the remaining Available Distribution Amount for the related Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group (other than any Class M-2 of Principal Only Certificates), Accrued Certificate any related Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in available amounts shall be allocated among such Classes in proportion to the Interest remaining unpaid from any prior Shortfall for each such Class on such Distribution Date;
(iv) from the remaining Available Distribution Amount for the related Mortgage Pool, to the Class M-3 CertificatesSenior Certificates of each Certificate Group, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corporation)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account, the Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount) with respect to each Mortgage Pool, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates or Components, in the following order of priority:
(i) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components relating to such Mortgage Pool (other than the Senior Class AP Certificates), pro rata, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced, in each case, by such Class’s or Component’s allocable share of any unpaid Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Mortgage Pool in proportion to the amount of Accrued Certificate Interest remaining unpaid from (as so reduced) that would otherwise be distributable thereon; and provided further, that any prior Accrued Certificate Interest allocable to a Class of Accrual Certificates shall not be distributable thereto until the Distribution DateDate immediately following the related Accretion Termination Date but instead shall be distributable as provided in Section 5.02(h);
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components relating to such Mortgage Pool (other than the Class AP Certificates), any related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Mortgage Pool in proportion to the Class M-1 Certificatesamount of such interest (as so reduced) that would otherwise be distributable thereon; and provided further, that any Accrued Certificate Interest for such allocable to a Class and such of Accrual Certificates shall not be distributable thereto until the Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution DateDate immediately following the related Accretion Termination Date but instead shall be distributable as provided in Section 5.02(h);
(iii) from the remaining Available Distribution Amount for each Mortgage Pool to the Class M-2 Senior Certificates (other than any related Notional Certificates) as set forth in the Senior Principal Priorities attached as Exhibit O hereto, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datewithout regard to references to the word “approximately”;
(iv) from the remaining Available Distribution Amounts for Pool 1, Pool 6 and Pool 8, to the Class M-3 CertificatesAP(1), Accrued Certificate Interest for such Class AP(6) and such Distribution DateAP(8) Components, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that orderrespectively, to the extent of the Principal Remittance Amountremaining Available Distribution Amounts for Pool 1, Pool 6 and Pool 8, respectively, the Senior related AP Deferred Amount for such Component for such Distribution Date, until the Component Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution AmountAmount for all eight Mortgage Pools for such date; (B) such amounts will not reduce the Component Principal Amounts of the related Component; and (C) in the event the total Subordinate Principal Distribution Amount for all eight Mortgage Pools is insufficient to fully pay the related AP Deferred Amount for the AP(1), AP(6) and AP(8) Components, the amount will be distributed proportionately among such Components based on their respective AP Deferred Amounts; and
(v) from the remaining Available Distribution Amount for all eight Mortgage Pools, to the Subordinate Certificates, subject to the prior distribution of amounts pursuant to Section 5.02(g) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinate Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiR) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Class of Certificates having a higher priority of distribution has been reduced to zeroSubordinate Principal Distribution Amount for such Distribution Date, any remaining Principal Remittance Amount will be distributed to the remaining Certificates except as provided in the order of priority set forth above Section 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero.
(db) On or prior Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates and Components related to each Determination such Mortgage Pool (other than the related Components of the Class AP Certificates) pro rata based on (i) in the case of the related Non-AP Senior Certificates and Components, the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(c) After the Credit Support Depletion Date, the Master Servicer shall determine the amount Senior Distribution Amount with respect to Pool 1 or Pool 8 remaining after distribution of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information interest to the Trustee pursuant to Section 3.20. With respect to any Distribution Daterelated Non-AP Senior Certificates on such date shall be distributed among the related Classes of Senior Certificates proportionately, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current basis of their respective Class Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate , regardless of the priorities and amounts set forth in Section 5.02(a)(iii).
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added to made in respect of the Current Principal Amount thereof Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will thereafter bear interest at be made in respect of the then applicable Pass-Through RateClass B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event or a Trust Fund Termination Event, as applicable, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount and amounts that are available for such date, payment to the Swap Counterparty and shall allocate such amount amounts to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount amounts as specified in subparagraphs (b) through (i) of this SectionSection 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event (or, with respect to clause (i) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for such Distribution Date;
(ii) concurrently, to the Senior Certificates, pro rata, Accrued Certificate Current Interest and any Carryforward Interest for such Class and Classes for such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Date;
(ii) and Carryforward Interest shall be allocated among such Classes in proportion to the Class M-1 Certificates, Accrued Certificate amount of Current Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior Distribution Datethat would otherwise be distributable thereon;
(iii) to the Class M-2 Offered Subordinated Certificates, Accrued Certificate in accordance with the Subordinate Priority, Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest Classes for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viiiiv) for application as part of the Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any remaining Monthly Excess Interest Remittance Amount to the Class R Certificatesfor such Distribution Date.
(c) [Reserved].
(d) On each Distribution Date or related Swap Payment Date on or prior to a Section 7.01(d) Purchase Event, the Trustee shall distribute the Principal Distribution Amount for such date, as follows:
(i) On each Distribution Date (or with respect to clause (A) below, on the related Swap Payment Date) (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the LIBOR Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount, in the following order of priority:
(A) for deposit into the Swap Account, any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (to the extent not deposited previously from the Interest Remittance Amount for such date in accordance with Section 5.02(b)(i) above);
(B) concurrently, to the Senior Certificates (other than the Class AIO Certificates), pro rata, based on (x) the aggregate Class Principal Amount of the Class A1, Class A2 and Class A3 Certificates, (y) the Class Principal Amount of the Class A4 Certificates and (z) the Class Principal Amount of the Class A5 Certificates, as follows:
(i1) sequentially, to the holders of the Class R Certificates A1, Class A2 and Class A A3 Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero;
(2) to the Class A4 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(3) to the Class A5 Certificates, until the Class Principal Amount of such class has been reduced to zero.
(dC) On or prior to each Determination Datethe Offered Subordinate Certificates, in accordance with the Master Servicer shall determine Subordinate Priority, until the amount of any Deferred Interest in respect Class Principal Amount of each Mortgage Loan that occurred during such class has been reduced to zero; and
(D) for application as part of the immediately preceding calendar month and provide Monthly Excess Cashflow for such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, as provided in subsection (f) of this Section, any such Principal Distribution Amount remaining after application pursuant to clauses (A) through (C) above.
(ii) On each Distribution Date (or, with respect to clause (A) below, on the aggregate related Swap Payment Date) (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Trustee shall distribute the Principal Distribution Amount for such date, in the following order of priority:
(A) for deposit into the Swap Account, any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (to the extent not deposited previously);
(B) (1) so long as any of the Offered Subordinate Certificates are outstanding, to the Senior Certificates (other than the Class AIO Certificates), in accordance with the Senior Priority, in an amount equal to the lesser of Deferred Interest(x) the excess, if any, that is added to of (a) the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which Distribution Amount for such Distribution Date occurs will be added over (b) the amount distributed to the Current Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clause (A) above and (y) the Senior Principal Amounts of Distribution Amount for such Distribution Date until the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Class Principal Amount of each such Class has been reduced to zero; or (2) otherwise to the Senior Certificates (other than the Class AIO Certificates), in accordance with the Senior Priority, the excess of (A) the Principal Distribution Amount for such Distribution Date over (B) the amount distributed to the Supplemental Interest Trust for deposit into the Swap Account with respect to such Distribution Date pursuant to clause (A) above, in each case until the Class Principal Amount of each such Class has been reduced to zero;
(C) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates) and the denominator of which is amount paid to the aggregate Current Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (B) above, and (y) the M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Classes of Class has been reduced to zero;
(D) to the Class M2 Certificates, in each case immediately prior an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added over (b) the amount distributed to the Current Principal Amount thereof Senior Certificates (other than the Class AIO Certificates), the Class M1 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (C) above, and (y) the M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Class M1 and Class M2 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (D) above, and (y) the M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Class M1, Class M2 and Class M3 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (E) above, and (y) the M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Class M1, Class M2, Class M3 and Class M4 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (F) above, and (y) the M5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (G) above, and (y) the M6 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (H) above, and (y) the M7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class M8 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (I) above, and (y) the M8 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class M9 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (J) above, and (y) the M9 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; and
(L) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (K) above.
(e) [Reserved].
(f) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event, the Trustee shall distribute the Monthly Excess Cashflow for such Distribution Date in the following order of priority (except in the case of Section 5.02(f)(iv)(A)(1) below, where such payments will thereafter bear interest at be applied after making distributions pursuant Section 5.02(g)(iv) below and Sections 5.02(h)(v) and (vii) below, in the then applicable Pass-Through Rate.priority set forth therein):
(i) (A) concurrently, on a pro rata basis, based on amounts due, to the Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date, to the extent unpaid pursuant to Section 5.02(b)(ii) above; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for the related Pool for such date in the following order of prioritypriority based on the report of the Master Servicer:
(i) to the Senior Class A1 Certificates, pro rata, Accrued Certificate Current Interest for such Class class and any Carryforward Interest and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Class M-1 A2 Certificates, Accrued Certificate Current Interest for such Class class and any Carryforward Interest and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 M1 Certificates, Accrued Certificate Current Interest for such Class class and any Carryforward Interest and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M2 Certificates, Accrued Certificate Current Interest for such Class class and any Carryforward Interest and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 B1 Certificates, Accrued Certificate Current Interest for such Class class and any Carryforward Interest and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 B2 Certificates, Accrued Certificate Current Interest for such Class class and any Carryforward Interest and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 CertificatesTrustee and the Master Servicer, Accrued Certificate Interest previously unreimbursed extraordinary costs, liabilities and expenses pursuant to Section 4.04(b)(i);
(viii) to the Credit Risk Manager, such Pool’s allocable portion (based on the Pool percentage) of the Credit Risk Manager’s Fee; and
(ix) for such Class and application as part of Monthly Excess Cashflow for such Distribution Date, plus as provided in subsection (d) of this Section, any unpaid Accrued Certificate such Interest Remittance Amount for Pool 1 remaining unpaid from any prior Distribution Date; and
after application pursuant to clauses (i) through (viii) any remaining Interest Remittance Amount to the Class R Certificatesabove.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount for the related Pool for such date as follows:
(i) On each Distribution Date (a) prior to the holders of the Class R Certificates and Class A Certificates, Stepdown Date or (b) with respect to which a Trigger Event is in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereofeffect, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the aggregate Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal A1, Class A2, Class M1, Class M2, Class B1 and Class B2 Certificates equals the Target Amount of each for such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to Trustee shall distribute the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring Distribution Amount in the month in which such Distribution Date occurs will be added to the Current Principal Amounts following order of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.priority:
Appears in 1 contract
Samples: Trust Agreement (Encore Credit Corp Mortgage Pass Through Certs Ser 2003-1)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount, determined in accordance with the Remittance Report provided by the Securities Administrator for such Distribution Date, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates, in the following order of priority:
(i) to the Senior Class A-X Certificates, pro rataand then from the Class A-X Certificates, Accrued Certificate Interest for such Class and such to the Swap Agreement Payment Account, solely with respect to the Available Distribution DateAmount derived from or with respect to interest, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior the aggregate Net Swap Payments, if any, due to the Swap Counterparty under the Swap Agreements on that Distribution Date;
(ii) to the each Class M-1 of Senior Certificates, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced by such Class’s allocable share of any unpaid Net Prepayment Interest Shortfalls for such Distribution Date; provided, however, that any shortfall in available amounts shall be allocated among the Classes of Senior Certificates (other than the Class A-X Certificates) in proportion to the amount of Accrued Certificate Interest remaining unpaid from any prior (as so reduced) that would otherwise be distributable thereon; provided, further, to the extent of the Required Reserve Fund Deposit for that Distribution Date, interest that would otherwise be payable to the Class A-X Certificates will be deposited in the Available Funds Cap Reserve Fund and will not be distributed to that Class;
(iii) to the each Class M-2 of Senior Certificates, Accrued Certificate any related Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate Interest remaining unpaid from any prior shortfall in available amounts shall be allocated among the Classes of Senior Certificates (other than the Class A-X Certificates) in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon; provided, further, to the extent of the Required Reserve Fund Deposit for that Distribution Date, interest that would otherwise be payable to the Class A-X Certificates will be deposited in the Available Funds Cap Reserve Fund and will not be distributed to that Class;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class A and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that orderreduction of their respective Class Principal Amounts, to from the extent of the Principal Remittance Available Distribution Amount, in an amount up to the Senior Principal Distribution Amount, in reduction the following order of priority:
(A) to the Current Principal Amounts thereofClass R Certificate, until its Class Principal Amount has been reduced to zero; and
(B) to the Current Class A Certificates, until their Class Principal Amounts thereof have Amount has been reduced to zero;
(iiv) from the remaining Available Distribution Amount to the Subordinate Certificates in the following order of priority:
(A) to the holders Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class M-1 B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution AmountB1 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero; and
(viiS) to the holders of Swap Agreement Payment Account, any Additional Swap Payment due to the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, Swap Counterparty under the Principal Remittance Amount remaining after Swap Agreements for such Distribution Date.
(b) Net Prepayment Interest Shortfalls shall be allocated among the distributions in clauses Certificates pro rata based on the Accrued Certificate Interest otherwise distributable thereon.
(c) (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, If on any Distribution Date on which the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest made in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution DateClass B2, the aggregate amount of Deferred InterestClass B3, if anyClass B4, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Class B5 or Class B6 Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added to made in respect of the Current Principal Amount thereof Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will thereafter bear interest at be made in respect of the then applicable Pass-Through RateClass B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date. If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Classes of Subordinate Certificates in proportion to their respective Certificate Principal Amounts.
Appears in 1 contract
Samples: Trust Agreement (Thornburg Mortgage Securities Trust 2004-3)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for such datepayment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (h) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent acting on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (j) and (k) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 and for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the Senior Certificates, pro rata, Accrued Certificate Interest lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Class Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Class M-1 Certificates, Accrued Certificate Interest Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsection 5.02(b)(i) above and subsection 5.02(c)(i) below) for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) concurrently, on a pro rata basis, to the Class M-2 A1 and Class A2 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and Classes for such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon; and
(iv) for application pursuant to Section 5.02(d) below, any Interest Remittance Amount for Pool 1 remaining unpaid from undistributed after application pursuant to clause (i) through (iii) of this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any prior Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ivii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Class M-3 Certificates, Accrued Certificate Interest Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above) for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(viii) concurrently, on a pro rata basis, to the Class B-1 A3 and Class A4 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class Classes and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Date;
(vi) and Carryforward Interest shall be allocated among such Classes in proportion to the Class B-2 Certificates, Accrued Certificate amount of Current Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datethat would otherwise be distributable thereon; and
(viiiiv) for application pursuant to Section 5.02(d) below, any remaining Interest Remittance Amount for Pool 2 remaining undistributed after application pursuant to the Class R Certificatesclauses (i) through (iii) of this Section 5.02(c) for such Distribution Date.
(cd) On each Distribution Date, the Trustee shall distribute the Principal aggregate of any remaining Interest Remittance Amounts from subsections 5.02(b)(iv) and 5.02(c)(iv) above in the following order of priority:
(i) concurrently, on a pro rata basis, to each Class of Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsections 5.02(b)(iii) and 5.02(c)(iii) above) for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(ii) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iii) to the Credit Risk Manager, the Credit Risk Manager’s Fee;
(iv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(v) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Interest Remittance Amount remaining undistributed for such Distribution Date. In the event that any Class of Exchange Certificates is exchanged for the corresponding classes of Exchangeable Certificates, the Exchangeable Certificates will be entitled to a fractional share of the interest distributions of Current Interest and Carryforward Interest received by such Class of Exchange Certificates pursuant to subsections 5.02(b)(iii), 5.02(c)(iii), 5.02(d)(i) and 5.02(d)(ii).
(e) On each Distribution Date or related Swap Payment Date, as applicable, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and (B)(2) below of this Section 5.02(e), on the related Swap Payment Date) (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Class Principal Amount of the Class R LIBOR Certificates and the Fixed Rate Certificates equals the Target Amount for such Distribution Date, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: The Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date) and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Principal Remittance Amount for Pool 1 for such Distribution Date;
(2) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(e)(i)(A)(1) above and 5.02(e)(i)(B)(1) below, and to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date);
(3) sequentially, to the Class A A1 and Class A2 Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.; and
(d4) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee for application pursuant to Section 3.20. With respect to subsection 5.02(e)(ii) below, any such Principal Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to for Pool 1 remaining undistributed for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Samples: Trust Agreement (BNC CORP Mortgage Loan Trust 2007-Bnc4)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount), and shall distribute such amount to the Holders of record of each Class of Certificates, in the following order of priority to the extent of remaining Available Distribution Amount:
(i) to each Class of Senior Certificates (other than any Principal Only Certificates) of any Class of Senior Certificates, the Accrued Certificate Interest Remittance thereon for such Distribution Date, as reduced, in each case, by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date; provided, however, that any shortfall in available amounts shall be allocated among the Classes of Senior Certificates in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) to each Class of Senior Certificates (other than any Principal Only Certificates), any Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts shall be allocated among the Classes of Senior Certificates in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(iii) to the Senior Certificates (other than any Notional Certificates), as set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word “approximately;”
(iv) to the Class AP Certificates, the AP Deferred Amount for such Class and Distribution Date, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the Subordinate Principal Distribution Amount for such date and (B) such amounts will not reduce the Class Principal Amount of such Class; and
(v) to the Subordinate Certificates, in the following order of priority:
(iA) to the Senior Class B1 Certificates, pro rata, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced by such Class’s allocable share of any unpaid Accrued Certificate Net Prepayment Interest remaining unpaid from any prior Shortfalls for such Distribution Date;
(iiB) to the Class M-1 B1 Certificates, Accrued Certificate any Interest Shortfall for such Class and on such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iiiC) to the Class M-2 B1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiR) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Class of Certificates having a higher priority of distribution has been reduced to zerothe Subordinate Principal Distribution Amount for such Distribution Date, any remaining Principal Remittance Amount will be distributed to the remaining Certificates except as provided in the order of priority set forth above Section 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero.
(db) On or prior Net Prepayment Interest Shortfalls shall be allocated among the Certificates (other than any Principal Only Certificates) pro rata based on the Accrued Certificate Interest otherwise distributable thereon.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to each Determination Datethe contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the Master Servicer shall determine the amount definition of any Deferred Interest Subordinate Principal Distribution Amount will be made in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution DateClass B2, the aggregate amount of Deferred InterestClass B3, if anyClass B4, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Class B5 or Class B6 Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added to made in respect of the Current Principal Amount thereof Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will thereafter bear interest at be made in respect of the then applicable Pass-Through RateClass B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 03 4)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee Securities Administrator (or any successor Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account, to the extent of funds available therefor, the Available Distribution Amount (excluding all Prepayment Penalty Amounts) with respect to each Mortgage Pool, and shall distribute such amount in the following order of priority based on the report of the Securities Administrator:
(i) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for a Mortgage Pool shall be allocated among the Classes of the related Certificate Group in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) from the remaining Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group, any related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of the related Certificate Group in proportion to the Interest Remittance Shortfall (as so reduced) for each such Class on such Distribution Date;
(iii) from the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates of the related Certificate Group in reduction of the Class Principal Amounts thereof, concurrently, as follows:
(A) to the Class R, Class 1-A1 and Class 1-A2 Certificates from the Available Distribution Amount for Pool 1, the Senior Principal Distribution Amount for such date Mortgage Pool, in reduction of their Class Principal Amounts, sequentially as follows:
(I) first, to the Class R Certificate, until its Class Principal Amount has been reduced to zero; and
(II) second, pro rata, to the Class 1-A1 and Class 1-A2 Certificates until their Class Principal Amounts have been reduced to zero;
(B) to the Class 2-A Certificates from the Available Distribution Amount for Pool 2 for such Distribution Date, the Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in reduction of its Class Principal Amount until its Class Principal Amount has been reduced to zero;
(C) to the Class 3-A Certificates from the Available Distribution Amount for Pool 3 for such Distribution Date, the Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in reduction of its Class Principal Amount until its Class Principal Amount has been reduced to zero;
(D) pro rata, to the Class 4-A1 and Class 4-A2 Certificates from the Available Distribution Amount for Pool 4 for such Distribution Date, the Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in reduction of their Class Principal Amounts until their Class Principal Amounts have been reduced to zero;
(E) pro rata, to the Class 5-A1 and Class 5-A2 Certificates from the Available Distribution Amount for Pool 5 for such Distribution Date, the Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in reduction of their Class Principal Amounts until their Class Principal Amounts have been reduced to zero;
(F) to the Class 6-A Certificates from the Available Distribution Amount for Pool 6 for such Distribution Date, the Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in reduction of its Class Principal Amount until its Class Principal Amount has been reduced to zero; and
(iv) from the remaining Available Distribution Amount for each Mortgage Pool, subject to the prior distribution of amounts pursuant to Section 5.02(g) in the case of clauses (C), (F), (I), (L), (O), (R), (U), (X), (AA), (DD), (GG), (JJ) and (MM) below, to the Subordinated Certificates, in the following order of priority:
(iA) concurrently, to the Senior Class B1 and Class B1X Certificates, pro rata, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced by such Class's allocable share of any unpaid Accrued Certificate Net Prepayment Interest remaining unpaid from any prior Shortfalls for such Distribution Date;
(iiB) concurrently, to the Class M-1 B1 and Class B1X Certificates, Accrued Certificate any Interest Shortfall for such Class and on such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iiiC) to the Class M-2 B1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) concurrently, to the Class B2 and Class B2X Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) concurrently, to the Class B2 and Class B2X Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the holders of the Class M-2 B2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) concurrently, to the Class B3 and Class B3X Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) concurrently, to the Class B3 and Class B3X Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the holders of the Class M-3 B3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Class Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders such Class's Subordinate Class Percentage of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 each Subordinate Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each for such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.except as provided in
Appears in 1 contract
Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Senior CertificatesCertificate Insurer, pro rata, Accrued the Aggregate Certificate Interest Insurance Premium due for such Class and such Distribution Date, plus any unpaid Accrued the Certificate Interest remaining unpaid from any prior Insurance Policy for that Distribution Date;
(ii) to the Class M-1 A Certificates, Accrued Certificate Current Interest and any Carryforward Interest thereon for such Class and such Distribution Date; provided, plus however, that if amounts distributable are insufficient to pay such amounts, any unpaid Accrued Certificate resulting shortfalls will be allocated pro rata on the basis of Current Interest remaining unpaid from any prior and Carryforward Interest due such classes on such Distribution Date;
(iii) concurrently, (a) to the Certificate Insurer, any due and owing Reimbursement Amounts and (b) to the Class M-2 A Certificates, Accrued Certificate all accrued and unpaid interest at the related Interest for Rate on any Deferred Amounts previously allocated to such Class classes and any Deferred Amounts previously allocated to such Distribution Dateclasses not previously reimbursed, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datepro rata based on the amounts owed under each of subclause (a) and (b);
(iv) to the Class M-3 M1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M2 Certificates, Accrued Certificate Current Interest and any Carryforward Interests for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 M3 Certificates, Accrued Certificate Current Interest and any Carryforward Interests for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 CertificatesTrustee, Accrued Certificate Interest for such Class any amounts reimbursable pursuant to Section 4.04(b)(i) and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datenot previously reimbursed to the Trustee; and
(viii) for application as part of Monthly Excess Cashflow for such Remittance Date, as provided in subsection (d) of this Section, any remaining Interest Remittance Amount remaining after application pursuant to the Class R Certificatesclauses (i) through (vii) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Class R Certificates A, Class M1, Class M2 and Class A M3 Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(A) to the Class A6 Certificates, in that order, to the extent of the Principal Remittance Class A6 Priority Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of such Class has been reduced to zero;
(iiiB) sequentially to the holders of Class A Certificates (other than the Class M-2 A6 Certificates) in the following order of priority:
(1) concurrently, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) Class A1A and (ii) aboveClass A1B and A1C Certificates, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereofpro rata, until the Current Class Principal Amount thereof of each such Class has been reduced to zero;
(iv2) to the holders of the Class M-3 A2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof has been reduced to zero;
(v) to the holders of the such Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii3) concurrently, pro rata, in proportion to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions Amounts in clauses (i) through and (viii), (i) aboveto the Class A3 Certificates and (ii) sequentially, in reduction of to (A) the Current Principal Amounts thereofClass A4 Certificates and (B) pro rata, to the Class A5A and Class A5B Certificates, until the Current respective Class Principal Amounts thereof have Amount of each such Class has been reduced to zero;
(C) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(viiiF) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (E) above. The priority of distributions set forth in sub-clauses (A) and (B) above is referred to hereinafter as the “Senior Priority.” Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) to the holders Class A Certificates in accordance with the Senior Priority, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, if none of the Class R M1, Class M2 or Class M3 Certificates are outstanding, the entire Principal Distribution Amount on such Distribution Date will be distributable to the Class A Certificates (in accordance with the Senior Priority);
(B) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates on such date pursuant to clause (A) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates and the Class M1 Certificates on such date pursuant to clauses (A) and (B) above, respectively, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates, the Class M1 Certificates and the Class M2 Certificates on such date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(E) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to sub-clauses (A) through (D) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above above.
(d) On each Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) For each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date if a Trigger Event is in effect on such Distribution Date, then until the aggregate Certificate Principal Amount of the Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in reduction of the Class Principal Amounts of the Certificates and in the following order of priority:
(A) to the Class A Certificates, in reduction of their respective Class Principal Amounts, in accordance with the Senior Priority, until the Class Principal Amounts thereof have been reduced to zero;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of each such Class has been reduced to zero.;
(dC) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to Section 3.20. With respect zero; and
(D) to any the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority,
(A) to the Class A Certificates, in accordance with the Senior Priority, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate amount of Deferred InterestClass Principal Amount for such Class and the Class A Certificates, if anyafter giving effect to distributions on such Distribution Date, that is added equals the M1 Target Amount;
(C) to the Scheduled Class M2 Certificates, in reduction of their Class Principal Balance Amount, until the aggregate Class Principal Amount for such Class, the Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount; and
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Mortgage Loans aggregate Class Principal Amount for such Class, the Class M2 Certificates, the Class M1 Certificates and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the Due Date occurring in M3 Target Amount;
(iii) from the month in which Class A1A Reserve Fund, first, to the Class A1A Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date occurs will be added and, second, to the Current Principal Amounts Class X Certificates, the sum of (a) any amounts remaining in the Class A1A Reserve Fund, after taking into account distributions pursuant to clause first above, in excess of the Required Reserve Fund Amount for such Distribution Date, and (b) any amounts payable under the Class A1A Cap Agreement and distributable to the Class X Certificates on a under Section 5.07(b);
(iv) to the Class A Certificates, pro rata basis based on a fractiontheir respective Net Funds Cap Shortfalls plus all related Unpaid Net Funds Cap Shortfalls, the numerator of which is the Current Principal Amount of any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for each such Class and such Distribution Date (with any such calculation being made after giving effect to clause (iii) above);
(v) to the denominator of which is the aggregate Current Principal Amount of such Classes of Class M1 Certificates, in each case immediately prior to any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date. ;
(vi) to the Class M2 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vii) to the Class M3 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(viii) to the Class M1 Certificates, any Deferred Interest allocated Amount for such Class and such Distribution Date;
(ix) to the Class M2 Certificates, any Certificate Deferred Amount for such Class and such Distribution Date;
(x) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(xi) to the Class X Certificate, the Class X Distributable Amount for such Distribution Date;
(xii) on any the earlier of (a) Distribution Date will be added occurring in March 2009 (or the next occurring Distribution Date on which sufficient funds are available in the Certificate Account) and (b) the final Distribution Date, to the Current Class P Certificates, $100 in payment of its Class P Principal Amount thereof Amount; and
(xiii) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (xii) above.
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Holders of the Class P Certificates.
(f) Any payments made pursuant to Section 5.02(b)(iii)(b) on a Distribution Date shall be made in the following order of priority:
(i) to the Class A Certificates, all accrued and will thereafter bear unpaid interest at the then related Certificate Interest Rate for each applicable Pass-Through RateClass on any Deferred Amounts previously allocated to such Class, pro rata based on amounts of such accrued and unpaid interest owed to each such Class, for such Distribution Date; and
(ii) to the Class A Certificates, any Deferred Amounts previously allocated to such Class, pro rata based on the Deferred Amounts owed to each such Class, for such Distribution Date.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2004 6xs)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount with respect to each Mortgage Pool (to the extent on deposit in the Distribution Account), and shall distribute such amount to itself (in the Interest Remittance Amount for such date case of clause (i)) and to the Holders of record of each Class of Certificates, in the following order of priority:
(i) to payment of the Senior Certificates, pro rata, Accrued Certificate Interest Trustee Fee for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) from the remaining Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the Class M-1 Certificatesrelated Certificate Group, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced by such Class's allocable share of any unpaid Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for a Mortgage Pool shall be allocated among the Classes of the related Certificate Group in proportion to the amount of Accrued Certificate Interest remaining unpaid from any prior Distribution Date(as so reduced) that would otherwise be distributable thereon; provided, further, however, that payments that would otherwise be made to the Class 3-AX or Class 3-PAX Certificates hereunder shall be made to the Class 3-A1, Class 3-A2 or Class 3-A3 Certificates or Subordinate Certificates (other than the Class B1 and Class B1-X Certificates) to the extent required by Section 5.02(h);
(iii) from the remaining Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the Class M-2 Certificatesrelated Certificate Group, Accrued Certificate any related Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of the related Certificate Interest remaining unpaid from any prior Group in proportion to the amount of such interest (so reduced) that would otherwise be distributed thereon for each such Class on such Distribution Date;
(iv) from the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates of the related Certificate Group (other than any Class M-3 of Notional Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to in reduction of the Class B-1 CertificatesPrincipal Amounts thereof, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(iA) sequentially, to the holders of the Class R Certificates and Class 1-A Certificates, in that order, to Certificates from the extent of the Principal Remittance AmountAvailable Distribution Amount for Pool 1, the Senior Principal Distribution AmountAmount for such Mortgage Pool, in reduction of the Current their Class Principal Amounts thereof(i) to the Class R Certificate, until the Current its Class Principal Amounts thereof have Amount has been reduced to zero;
zero and (ii) to the holders of Class 1-A Certificates until the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iiiB) to the holders of Class 2-A Certificates from the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Available Distribution Amount remaining after distributions in clauses (i) and (ii) abovefor Pool 2 for such Distribution Date, the Class M-2 Senior Principal Distribution AmountAmount for such Mortgage Pool for such Distribution Date, in reduction of the Current their Class Principal Amount thereof, Amounts until the Current Class Principal Amount thereof has been reduced to zero;
(ivC) to the holders of the Class M-3 Certificatespro rata, to the extent of Class 3-A1, Class 3-A2 and Class 3-A3 Certificates from the portion of Available Distribution Amount for Pool 3 for such Distribution Date in an amount up to the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Senior Principal Distribution AmountAmount for such Mortgage Pool for such Distribution Date, in reduction of their Class Principal Amounts until their Class Principal Amounts have been reduced to zero;
(D) to the Current Class 4-A Certificates from the Available Distribution Amount for Pool 4 for such Distribution Date in an amount up to the Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in reduction of their Class Principal Amount thereof, until the Current Class Principal Amount thereof has been reduced to zero;
(vE) to the holders of Class 5-A Certificates from the Class B-1 Certificates, Available Distribution Amount for Pool 5 for such Distribution Date in an amount up to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Senior Principal Distribution AmountAmount for such Mortgage Pool for such Distribution Date, in reduction of the Current their Class Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(viiv) from the remaining Available Distribution Amount for each Mortgage Pool, subject to the prior distribution of amounts pursuant to Section 5.02(g) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinated Certificates, in the following order of priority:
(A) to the holders Class B1 and Class B1-X Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A B1 and Class B-3 B1-X Certificates, in that order, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) aboveClass B1 Certificates, in reduction of the Current Class Principal Amounts Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Amounts Balance thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero;
(D) to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B2 Certificates, any remaining Principal Remittance Amount will be distributed Interest Shortfall for such Class on such Distribution Date;
(F) to the remaining Certificates Class B2 Certificates, in reduction of the order Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of priority set forth above each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Balance thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates of the related Certificate Group and the Subordinate Certificates pro rata based on (i) in the case of the related Senior Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates (other than the Class B1-X Certificates), interest accrued (at the Underlying Subordinate Rate for each Mortgage Pool) on the related Apportioned Principal Balances. Amounts so allocated to the Class B1 Certificates will be allocated between the Class B1 and Class B1-X Certificates proportionately, based on the Accrued Certificate Interest thereon.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date; (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date; (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date; (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date; and (v) If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Subordinate Classes in proportion to their respective Certificate Principal Amounts.
(d) On or prior to each Determination Distribution Date, the Master Servicer Trustee shall determine distribute to the Holders of (i) the Class B1 Certificates any payments received under the terms of the Cap Agreement up to the amount of any Deferred Interest in respect Floating Rate Certificate Shortfall related to such Certificates; and (ii) the Class CX Certificates any amounts received under the terms of the Cap Agreement that are not used to pay the Floating Rate Certificate Shortfall.
(e) On each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount Trustee shall distribute to Holders of Deferred Interestthe Class P-I Certificates any Prepayment Penalty Amounts related to Pool 1, if anyPool 2, that is added Pool 4 and Pool 5 and to Holders of the Class P-II Certificates any Prepayment Penalty Amounts related to Pool 3, for such Distribution Date.
(f) On each Distribution Date, the Trustee shall distribute to the Scheduled Principal Balance Holder of the Class R Certificate any Available Distribution Amount for each of the Mortgage Loans on the Due Date occurring in the month in which Pools remaining for such Distribution Date occurs will be added to the Current Principal Amounts after application of the Certificates on a pro rata basis based on a fraction, the numerator all amounts described in paragraph (a) and (d) of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Ratethis Section 5.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Passthr Certs Ser 2003 40a)
Distributions from the Certificate Account. (a) On ------------------------------------------ each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On to the Holders of record of each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date Class of Certificates in the following order of priority:
(i) to each Class of Senior Certificates (other than any Class of Principal Only Certificates), the Senior Certificates, pro rata, Accrued Certificate Interest thereon for such Class and such Distribution Date, plus any unpaid as reduced by such Class's pro rata share (determined on the basis of Accrued Certificate Interest remaining unpaid from otherwise distributable thereon) of any prior Net Prepayment Interest Shortfalls for such Distribution Date; provided, however, that any shortfall in available amounts shall be allocated among such Classes in proportion to the respective amounts of Accrued Certificate Interest (as so reduced) otherwise distributable thereon;
(ii) to the each Class M-1 of Senior Certificates (other than any Class of Principal Only Certificates), Accrued Certificate any related Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in available amounts shall be allocated among such Classes in proportion to the Interest remaining unpaid from any prior Shortfall for each such Class on such Distribution Date;
(iii) to the Class M-2 Classes of Senior Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders in reduction of the Class R Certificates and Class A Certificates, in that order, to the extent of the Certificate Principal Remittance AmountAmounts thereof, the Senior Principal Distribution Amount, in reduction the following order of priority: first, to the Current Principal Amounts thereofClass A Certificates, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Certificate Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates; and second, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereofR Certificate, until the Current Class Certificate Principal Amount thereof has been reduced to zero;
(iv) to the holders Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's pro rata share (determined on the basis of Accrued Certificate Interest otherwise distributable thereon) of any Net Prepayment Interest Shortfalls for such Distribution Date;
(v) to the Class M-3 B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(vi) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB1 Certificates, in reduction of the Current Class Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Certificate Principal Amount thereof has been reduced to zero;
(vvii) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's pro rata share (determined on the basis of Accrued Certificate Interest otherwise distributable thereon) of any Net Prepayment Interest Shortfalls for such Distribution Date;
(viii) to the Class B-1 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(ix) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Certificate Principal Amount thereof has been reduced to zero;
(vix) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's pro rata share (determined on the basis of Accrued Certificate Interest otherwise distributable thereon) of any Net Prepayment Interest Shortfalls for such Distribution Date;
(xi) to the Class B-2 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(xii) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Certificate Principal Amount thereof has been reduced to zero; and;
(viixiii) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's pro rata share (determined on the basis of Accrued Certificate Interest otherwise distributable thereon) of any Net Prepayment Interest Shortfalls for such Distribution Date;
(xiv) to the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B4 Certificates, in that order, any Interest Shortfall for such Class on such Distribution Date;
(xv) to the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) aboveClass B4 Certificates, in reduction of the Current Class Certificate Principal Amounts Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Certificate Principal Amount of each Class of Certificates having a higher priority of distribution thereof has been reduced to zero;
(xvi) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's pro rata share (determined on the basis of Accrued Certificate Interest otherwise distributable thereon) of any Net Prepayment Interest Shortfalls for such Distribution Date;
(xvii) to the Class B5 Certificates, any remaining Principal Remittance Amount will be distributed Interest Shortfall for such Class on such Distribution Date;
(xviii) to the remaining Certificates Class B5 Certificates, in reduction of the order Class Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of priority set forth above the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Certificate Principal Amount thereof has been reduced to zero;
(xix) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's pro rata share (determined on the basis of each Accrued Certificate Interest otherwise distributable thereon) of any Net Prepayment Interest Shortfalls for such Distribution Date;
(xx) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(xxi) to the Class B6 Certificates, in reduction of the Class Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Certificate Principal Amount thereof has been reduced to zero.
(db) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to If on any Distribution Date, Date the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Class Certificate Principal Amounts of the Subordinate Certificates on a pro rata basis based on a fractionhave each been reduced to zero, the numerator of which is amounts distributable to the Current Principal Amount of Senior Certificates pursuant to Section 5.02(a)(iii) for such Distribution Date and each such Class and the denominator of which is the aggregate Current Principal Amount of succeeding Distribution Date shall be allocated among such Classes of CertificatesSenior Certificates pro rata, in each case on the basis of their respective Class Certificate Principal Amounts immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate , regardless of the priorities and amounts set forth in Section 5.02(a)(iii).
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added made to the Current Principal Amount thereof Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will thereafter bear interest at be made to the then applicable Pass-Through RateClass B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made to the Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made to the Class B5 or Class B6 Certificates on such Distribution Date.
(v) If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made to the Class B6 Certificates on such Distribution Date. Any amount not distributed to any Classes of Subordinate Certificates on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Classes of Subordinate Certificates in proportion to their respective Class Certificate Principal Amounts.
(d) On each Distribution Date, the Trustee shall distribute to the Holder of the Class R Certificate any remaining Available Distribution Amount for such Distribution Date after application of all amounts described in paragraph (a) of this Section 5.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corporation)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for (to the extent such date, amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section. All allocations and distributions made among and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) to the Senior Certificatesconcurrently, pro rata, Accrued Certificate to the Class 1-A1, Class 1-A2 Certificates and the A-IO(1) Component, Current Interest (taking into account the Pool 1 Net Funds Cap, if applicable, and after giving effect to the distribution of the Interest Remittance Amount relating to such Certificates) for such Class and Component and such Distribution Date and any Carryforward Interest for such Class and Component and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateshall be allocated among the Class 1-A1 and Class 1-A2 Certificates and the A-IO(1) Component in proportion to the amount of Current Interest (as so reduced) that would otherwise be distributable thereon;
(ii) concurrently, pro rata, to the Class M-1 Certificates2-A1 and Class 2-A2 Certificates and the A-IO(2) Component, Accrued Certificate Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i) below and the Pool 2 Net Funds Cap, if applicable) for such Class and Component and such Distribution Date and any Carryforward Interest for such Class and Component and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 M1 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M2 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M3 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 M4 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 M5 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B Certificates, plus Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(ix) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(x) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiixi) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any remaining Interest Remittance Amount for Pool 1 remaining after application pursuant to the Class R Certificatesclauses (i) through (x) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) concurrently, pro rata, to the Class 2-A1 and Class 2-A2 Certificates and the A-IO(2) Component, Current Interest (taking into account the Pool 2 Net Funds Cap, if applicable) for each such Class and Component and such Distribution Date and any Carryforward Interest for each such Class and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among the Class 2-A1 and Class 2-A2 Certificates and the A-IO(2) Component in proportion to the amount of Current Interest (as so reduced) that would otherwise be distributable thereon;
(ii) concurrently, pro rata, to the Class 1-A1 and Class 1-A2 Certificates, the A-IO(1) Component, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) above and the Pool 1 Net Funds Cap, if applicable) for such Class and Component and such Distribution Date and any Carryforward Interest for such Class and Component and such Distribution Date;
(iii) to the Class M1 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(iv) to the Class M2 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(x) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(xi) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (x) above.
(d) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee will make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Class R Certificates 1-A1, Class 1-A2, Class 2-A1, Class 2-A2, Class M1, Class M2, Class M3, Class M4, Class M5 and Class A B Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class 1-A1 and Class 1-A2 Certificates, sequentially, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.;
(d2) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee Class 2-A1 and Class 2-A2 Certificates, sequentially, in that order, after giving effect to distributions pursuant to Section 3.20. With respect to any Distribution DateSubsections 5.02(d)(i)(B)(1) below, until the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Class Principal Amount of each such Class and has been reduced to zero;
(3) to the denominator of which is Class M1 Certificates, until the aggregate Current Class Principal Amount of such Classes of Class has been reduced to zero;
(4) to the Class M2 Certificates, in each case immediately prior until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(8) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(9) for application as part of Monthly Excess Cashflow for such Distribution Date. Deferred Interest allocated , as provided in subsection (e) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rateclauses (1) through (8) of this Section 5.02(e)(i)(A).
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc3)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee Securities Administrator shall withdraw from the Certificate Account the Total Available Distribution Amount with respect to each Mortgage Pool, determined in accordance with the Remittance Report for such dateDistribution Date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On to the Holders of record of each Distribution DateClass of Certificates, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) on the Distribution Date in September 2015 and on each Distribution Date thereafter, for deposit in to the Senior CertificatesFinal Maturity Reserve Account, pro rata, Accrued Certificate Interest the Final Maturity Reserve Amount for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datethe related Mortgage Pool;
(ii) to the Class M-1 Certificates, payment of Accrued Certificate Interest on each Class of Senior Certificates relating to such Mortgage Pool, on a pro rata basis with respect to each Class of Certificates related to the same Mortgage Pool (reduced, in each case, by any Net Prepayment Interest Shortfalls for the related Mortgage Pool allocated to that Class of Certificates on that Distribution Date); provided, however, that any shortfall in available amounts for the related Mortgage Pool will be allocated among the Classes of Senior Certificates relating to such Mortgage Pool (other than the Class A-X Certificates) in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon; provided, further, that for the purpose of distributions to the Class A-X Certificates, only the portion of the Class Notional Amount derived from the Mortgage Loans in the related Mortgage Pool will be used to calculate distributions to the Class A-X Certificates from the related Available Distribution Amount; and such provided, further, to the extent of the Required Reserve Fund Deposit for that Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Dateinterest that would otherwise be payable to the Class A-X Certificates will be deposited in the Available Funds Cap Reserve Fund and will not be distributed to that Class;
(iii) to payment of any Interest Shortfalls for the related Mortgage Pool on each Class of Senior Certificates relating to such Mortgage Pool; provided, however, that any shortfall in available amounts for the related Mortgage Pool will be allocated among the Classes of Senior Certificates (other than the Class M-2 A-X Certificates) in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon; provided, further, that for the purpose of distributions to the Class A-X Certificates, Accrued Certificate Interest only the portion of the Class Notional Amount derived from the Mortgage Loans in the related Mortgage Pool will be used to calculate distributions to the Class A-X Certificates from the Available Distribution Amount; and provided, further, to the extent of the Required Reserve Fund Deposit for such Class and such that Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Dateinterest that would otherwise be payable to the Class A-X Certificates will be deposited in the Available Funds Cap Reserve Fund and will not be distributed to that Class;
(iv) to the Class M-3 CertificatesSenior Certificates of the related Certificate Group, Accrued Certificate Interest to the extent of the remaining Available Distribution Amount for such Class and such Distribution Datethe related Mortgage Pool, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Dateas follows;
(vA) sequentially, to the Class B-1 Certificates, Accrued Certificate Interest for such Class A1 and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, in reduction of their respective Class Principal Amounts, from the Available Distribution Amount for Pool 1, in an amount up to the extent of the Principal Remittance Amount, the Senior Principal Distribution AmountAmount for Pool 1;
(B) to the Class A2 Certificates, in reduction of their Class Principal Amount, from the Current Available Distribution for Pool 2, in an amount up to the Senior Principal Amounts thereofDistribution Amount for Pool 2, until the Current their Class Principal Amounts thereof have Amount has been reduced to zero;
(iiC) to the holders Class A3 Certificates, in reduction of their Class Principal Amount, from the Available Distribution for Pool 3, in an amount up to the Senior Principal Distribution Amount for Pool 3, until their Class Principal Amount has been reduced to zero;
(D) to the Class M-1 A4 Certificates, in reduction of their Class Principal Amount, from the Available Distribution for Pool 4, in an amount up to the Senior Principal Distribution Amount for Pool 4, until their Class Principal Amount has been reduced to zero;
(v) from the remaining Available Distribution Amount for all four Mortgage Pools, subject to the prior distribution of amounts pursuant to Section 5.02(e) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the extent Subordinate Certificates in the following order of priority:
(A) to the portion of the Principal Remittance Amount remaining after the distribution in clause (i) aboveClass B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class M-1 Principal B1 Certificates, any Interest Shortfall for such Class on such Distribution AmountDate;
(C) to the Class B1 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero; and;
(viiP) to the holders Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, any Interest Shortfall for such Class on such Distribution Date;
(R) to the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) aboveClass B6 Certificates, in reduction of the Current Class Principal Amounts Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(S) to the Holder of the Class R Certificate, any remaining Available Distribution Amount for all four Mortgage Pools.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Senior Certificates of the related Certificate Group and the Subordinate Certificates proportionately based on (1) in the case of such Senior Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (2) in the case of the Subordinate Certificates, interest accrued on their related Apportioned Principal Balances.
(c) (i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date. If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Classes of Subordinate Certificates in proportion to their respective Class Principal Amounts.
(d) On each Distribution Date, the Securities Administrator shall distribute to the Holder of the Class R Certificate any amounts remaining in REMIC 1 or REMIC 2 for such Distribution Date after application of all amounts described in paragraph (a) of this Section 5.02. Any distributions pursuant to this paragraph (d) shall not reduce the Class Principal Amount of the Class R Certificate.
(i) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the aggregate Certificate Principal Amount of the Senior Certificates (other than the Class A-X Certificates) of any Certificate Group has been reduced to zero, amounts otherwise distributable as principal under clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount on each Class of Subordinate Certificates pursuant to Section 5.02(a)(v), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Mortgage Pool relating to such retired Certificates, shall be distributed as principal to the Senior Certificates (other than the Class A-X Certificates) remaining outstanding pursuant to Section 5.02(a)(iv) until the Class Principal Amounts thereof have each been reduced to zero; and, provided that on such Distribution Date (a) the Aggregate Subordinate Percentage for such Distribution Date is less than 200% of the Aggregate Subordinate Percentage as of the Cut-off Date or (b) the average outstanding principal balance of all of the Mortgage Loans that are delinquent 60 days or more (including Mortgage Loans in foreclosure and REO Property) averaged over the last six months as a percentage of the sum of the related Group Subordinate Amounts for all Mortgage Pools is greater than or equal to 50%.
(viiiA) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any On each Distribution Date on which the Class aggregate Certificate Principal Amount of each the Senior Certificates (other than the Class A-X Certificates) of Certificates having a higher priority of distribution two or more Certificate Groups has been reduced to zero, any amounts distributable pursuant to this Section 5.02(e)(i) will be allocated, as to each applicable Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Mortgage Pool relating to each such retired Certificate Group.
(B) On each Distribution Date on which the Senior Certificates (other than the Class A-X Certificates) of two or more Certificate Groups remain outstanding, any amounts distributable pursuant to this Section 5.02(e)(i) will be distributed in proportion to the aggregate Certificate Principal Amounts of such Certificates in each such Certificate Group.
(ii) (A) On any Distribution Date on which any Certificate Group constitutes an Undercollateralized Group, all amounts otherwise distributable as principal on the Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay unpaid Interest Shortfalls) (or, following the Credit Support Depletion Date, such other amounts described in the immediately following sentence), will be distributed as principal to the Senior Certificates of such Undercollateralized Group pursuant to Section 5.02(a)(iv), until the aggregate Certificate Principal Amount of such Senior Certificates equals the Pool Balance of the related Mortgage Pool (such distribution, an “Undercollateralization Distribution”). In the event that any Certificate Group constitutes an Undercollateralized Group on any Distribution Date following the Credit Support Depletion Date, Undercollateralization Distributions will be made from the excess of the Available Distribution Amount from the Mortgage Pools not related to the Undercollateralized Group remaining Principal Remittance Amount after all required amounts have been distributed to the Senior Certificates of such other Certificate Groups. In addition, the amount of any unpaid Interest Shortfalls with respect to an Undercollateralized Group on any Distribution Date (including any Interest Shortfalls for such Distribution Date) will be distributed to the remaining Senior Certificates of such Undercollateralized Group prior to the payment of any Undercollateralization Distributions from amounts otherwise distributable as principal on the Subordinate Certificates, in the reverse order of priority set forth above until (or, following the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Credit Support Depletion Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring as provided in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Ratepreceding sentence).
Appears in 1 contract
Samples: Trust Agreement (Thornburg Mortgage Securities Trust 2005-3)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Senior Class A Certificates, pro rata, Accrued Certificate Current Interest and any Carryforward Interest thereon for such Class and such Distribution Date; provided, plus however, that if amounts distributable are insufficient to pay such amounts, any unpaid Accrued Certificate resulting shortfalls will be allocated pro rata on the basis of Current Interest remaining unpaid from any prior and Carryforward Interest due such classes on such Distribution Date;
(ii) to the Class M-1 A Certificates, Accrued Certificate all accrued and unpaid interest at the related Interest for Rate on any Deferred Amounts previously allocated to such Class classes and any Deferred Amounts previously allocated to such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Dateclasses not previously reimbursed;
(iii) to the Class M-2 M1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M2 Certificates, Accrued Certificate Current Interest and any Carryforward Interests for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M3 Certificates, Accrued Certificate Current Interest and any Carryforward Interests for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 CertificatesTrustee, Accrued Certificate Interest for such Class any amounts reimbursable pursuant to Section 4.04(b)(i) and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;not previously reimbursed to the Trustee; and
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for application as part of Monthly Excess Cashflow for such Class and such Distribution Remittance Date, plus as provided in subsection (d) of this Section, any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount remaining after application pursuant to the Class R Certificatesclauses (i) through (vii) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Class R Certificates A (other than the Class A-IO), Class M1, Class M2 and Class A CertificatesM3 Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(A) sequentially to the Class A1, Class A2, Class A3 and Class A4 Certificates in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the respective Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of each such Class has been reduced to zero;
(iiiB) to the holders of the Class M-2 M1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(ivC) to the holders of the Class M-3 M2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(vD) to the holders of the Class B-1 M3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof has been reduced to zero;
(vi) to the holders of the such Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(viiE) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (D) above. The priority of distributions set forth in sub-clause (A) above is referred to hereinafter as the “Senior Priorities.” Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) to the holders Class A Certificates (other than the Class A-IO Certificates) in accordance with the Senior Priorities, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, if none of the Class B-2M1, Class B-1M2 or Class M3 Certificates are outstanding, Class M-3, Class M-2, Class M-1, the entire Principal Distribution Amount on such Distribution Date will be distributable to the Class A and Certificates (in accordance with the Senior Priorities);
(B) to the Class B-3 M1 Certificates, in that order, an amount equal to the lesser of (x) the excess of (a) the Principal Remittance Distribution Amount remaining after for such Distribution Date over (b) the distributions in clauses amount distributed to the Class A Certificates on such date pursuant to clause (i) through (viA) above, in reduction of and (y) the Current M1 Principal Amounts thereofDistribution Amount for such date, until the Current Class Principal Amounts thereof have Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates and the Class M1 Certificates on such date pursuant to clauses (A) and (B) above, respectively, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates, the Class M1 Certificates and the Class M2 Certificates on such date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(viiiE) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to the holders of the Class R Certificatessub-clauses (A) through (D) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above above.
(d) On each Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) For each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in reduction of the Class Principal Amounts of the Certificates and in the following order of priority:
(A) to the Class A Certificates (other than the Class A-IO Certificates), in reduction of their respective Class Principal Amounts, in accordance with the Senior Priorities, until the Class Principal Amounts thereof have been reduced to zero;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of each such Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority,
(A) to the Class A Certificates, in accordance with the Senior Priorities, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount; and
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class M2 Certificates, the Class M1 Certificates and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(iii) from the Class A1 Reserve Fund, first, to the Class A1 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date and, second, to the Class X Certificates, the sum of (a) any amounts remaining in the Class A1 Reserve Fund, after taking into account distributions pursuant to clause first above, in excess of the Required Reserve Fund Amount for such Distribution Date, and (b) any amounts paid by the Cap Provider to the Trust Fund with respect to the Class X Cap;
(iv) to the Class A Certificates, pro rata based on their respective Net Funds Cap Shortfalls plus all related Unpaid Net Funds Cap Shortfalls, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for each such Class and such Distribution Date (with any such calculation being made after giving effect to clause (iii) above);
(v) to the Class M1 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vi) to the Class M2 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vii) to the Class M3 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(viii) to the Class M1 Certificates, any Deferred Amount for such Class and such Distribution Date;
(ix) to the Class M2 Certificates, any Deferred Amount for such Class and such Distribution Date;
(x) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(xi) to the Class X Certificate, the Class X Distributable Amount for such Distribution Date;
(xii) on the earlier of (a) Distribution Date occurring in [__________] 20[__] (or the next occurring Distribution Date on which sufficient funds are available in the Certificate Account) and (b) the final Distribution Date, to the Class P Certificates, $[___] in payment of its Class P Principal Amount; and
(xiii) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (xii) above.
(de) On or prior to each Determination Distribution Date, an amount equal to the Master Servicer shall determine the amount aggregate of any Deferred Interest in respect of each Mortgage Loan that occurred all Prepayment Premiums collected during the immediately preceding calendar month and provide such information Prepayment Period shall be distributed to the Trustee pursuant to Section 3.20. With respect to any Holders of the Class P Certificates.
(f) On each Distribution Date, the aggregate amount of Deferred Interest, if any, that is added Trustee shall distribute to the Scheduled Principal Balance Holders of the Mortgage Loans Class E Certificates the Class E Distributable Amount for such date.
(g) Any payments made pursuant to Section 5.02(b)(iii)(b) on the Due a Distribution Date occurring shall be made in the month in which such Distribution Date occurs will be added following order of priority:
(i) to the Current Principal Class A Certificates (other than the Class A-IO Certificates), all accrued and unpaid interest at the related Certificate Interest Rate for each applicable Class on any Deferred Amounts of the Certificates on a previously allocated to such Class, pro rata basis based on a fraction, the numerator amounts of which is the Current Principal Amount of such accrued and unpaid interest owed to each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of CertificatesClass, in each case immediately prior to for such Distribution Date. ; and
(ii) to the Class A Certificates (other than the Class A-IO Certificates), any Deferred Interest Amounts previously allocated to any Certificate such Class, pro rata based on any Distribution Date will be added the Deferred Amounts owed to the Current Principal Amount thereof on each such Class, for such Distribution Date and will thereafter bear interest at the then applicable Pass-Through RateDate.
Appears in 1 contract
Samples: Trust Agreement (Lehman Abs Corp)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for such datepayment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (h) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (i) and (j) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date, ) the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the Senior Certificates, pro rata, Accrued Certificate Interest lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Class Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Class M-1 CertificatesSwap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause (i) above and subsection 5.02(c)(i) below), Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 A1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(iv) for application pursuant to Section 5.02(d) below, plus any unpaid Accrued Certificate Interest Remittance Amount remaining unpaid from undistributed after application pursuant to clauses (i) through (iii) of this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the product of (A) the amount of any prior Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ivii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above for such Distribution Date);
(iii) concurrently, to each Class M-3 of the Group 2 Senior Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Date;
(v) and Carryforward Interest shall be allocated among such Classes in proportion to the Class B-1 Certificates, Accrued Certificate amount of Current Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datethat would otherwise be distributable thereon; and
(viiiiv) for application pursuant to clause 5.02(d), any remaining Interest Remittance Amount remaining undistributed after application pursuant to the Class R Certificatesclauses (i) through (iii) of this Section 5.02(c) for such Distribution Date.
(cd) On each Distribution Date, the Trustee shall distribute the Principal aggregate of any remaining Interest Remittance Amounts from subsections 5.02(b)(iv) and 5.02(c)(iv) above in the following order of priority:
(i) concurrently, to each Class of Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsections 5.02(b)(iii) and 5.02(c)(iii) above) for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(ii) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iii) to the Credit Risk Manager, the Credit Risk Manager’s Fee;
(iv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(v) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Interest Remittance Amount remaining undistributed for such Distribution Date.
(e) On each Distribution Date or related Swap Payment Date, as applicable, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and (B)(2) below, on the related Swap Payment Date) (a) prior to the holders of the Class R Certificates and Class A Certificates, Stepdown Date or (b) with respect to which a Trigger Event is in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereofeffect, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class aggregate Certificate Principal Amount of each Class of the LIBOR Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance equals the Target Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each for such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred InterestTrustee shall make the following distributions, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.concurrently:
Appears in 1 contract
Samples: Trust Agreement (Sasco 2006-Wf1)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for such datepayment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (i) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent acting on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (j) through (l) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 and for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the Senior Certificates, pro rata, Accrued Certificate Interest lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Class Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Class M-1 Certificates, Accrued Certificate Interest Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause 5.02(b)(i) above and subsection 5.02(c)(i) below for such Class and such Distribution Date), plus any unpaid Accrued Certificate to be paid concurrently and in proportion to the Interest remaining unpaid from any prior Remittance Amount available with respect to Pool 2 for such Distribution Date;
(iii) to the Class M-2 A1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class for such Distribution Date; and
(iv) for application pursuant to Section 5.02(d) below, any Interest Remittance Amount for Pool 1 remaining undistributed after application pursuant to clause (i) through (iii) of this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant subsections 5.02(b)(i) and 5.02(c)(i) above for such Distribution Date) to be paid concurrently and in proportion to Interest Remittance Amount available with respect to Pool 1 for such Distribution Date;
(iii) concurrently, to each Class of the Group 2 Senior Certificates, Current Interest and any Carryforward Interest for each such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Date;and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon; and
(iv) for application pursuant to the Class M-3 CertificatesSection 5.02(d) below, Accrued Certificate any Interest Remittance Amount for such Class and Pool 2 remaining undistributed after application pursuant to clauses (i) through (iii) of this Section 5.02(c) for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(cd) On each Distribution Date, the Trustee shall distribute the Principal aggregate of any remaining Interest Remittance Amounts from subsections 5.02(b)(iv) and 5.02(c)(iv) above in the following order of priority:
(i) concurrently, on a pro rata basis, to each Class of Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsections 5.02(b)(iii) and 5.02(c)(iii) above) for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(ii) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iii) to the Credit Risk Manager, the Credit Risk Manager’s Fee;
(iv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(v) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Interest Remittance Amount remaining undistributed for such Distribution Date.
(e) On each Distribution Date or related Swap Payment Date, as applicable, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and (B)(2) below of this Section 5.02(e), on the related Swap Payment Date) (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Class R LIBOR Certificates and Class A Certificatesequals the Target Amount for such Distribution Date, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: The Principal Distribution Amount for Pool 1 will be distributed in that orderthe following order of priority:
(1) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (to the extent of not paid previously or from the Principal Interest Remittance Amount, Amount for such Distribution Date) and (B) the Senior Principal Pool Percentage for Pool 1 for such Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
Date and (iiy) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after for Pool 1 for such Distribution Date;
(2) for deposit into the distribution in clause (i) aboveSwap Account, the Class M-1 amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(e)(i)(A)(1) above and 5.02(e)(i)(B)(1) below, and to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date), to be paid concurrently and in proportion to the related Principal Distribution Amount, in reduction of Amount available with respect to Pool 2 for such Distribution Date;
(3) to the Current Principal Amount thereofClass A1 Certificates, until the Current Class Principal Amount thereof has been reduced to zero;
(iii) to the holders of the such Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii4) for application pursuant to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (isubsection 5.02(e)(ii) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zerobelow, any such Principal Distribution Amount for Pool 1 remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to undistributed for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc6)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account, the Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount) with respect to each Mortgage Pool, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates or Components, in the following order of priority:
(i) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components in the related Certificate Group (other than any related Principal Only Certificates), the Accrued Certificate Interest thereon for such Distribution Date, as reduced, in each case, by such Class’s or Component’s allocable share of any Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components of the related Certificate Group in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components in the related Certificate Group (other than any related Principal Only Certificates), any related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components of the related Certificate Group in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(iii) from the remaining Available Distribution Amount for each Mortgage Pool to the Senior Certificates of each Certificate Group, other than any related Notional Certificates, pro rataas set forth in the Senior Principal Priorities attached as Exhibit O hereto, Accrued Certificate Interest without regard to references to the word “approximately”;
(iv) from the remaining Available Distribution Amounts for Pool 1 and Pool 3, respectively, to the Class 1-AP and Class 3-AP Certificates, the related AP Deferred Amount for such Class and Distribution Date, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amount for all three Mortgage Pools for such date; (B) such amounts will not reduce the Class Principal Amounts of such Classes; and (C) in the event the aggregate Subordinate Principal Distribution Amount for all three Mortgage Pools is insufficient to fully pay the AP Deferred Amount for the Class 1-AP and Class 3-AP Certificates, the amount shall be distributed pro rata to such Certificates on the basis of their respective AP Deferred Amounts; and
(v) from the remaining Available Distribution Amount for all three Mortgage Pools, subject to the prior distribution of amounts pursuant to Section 5.02(f) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinated Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, plus as reduced by such Class’s allocable share of any unpaid Accrued Certificate Net Prepayment Interest remaining unpaid from any prior Shortfalls for such Distribution Date;
(iiB) to the Class M-1 B1 Certificates, Accrued Certificate any Interest Shortfall for such Class and on such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iiiC) to the Class M-2 B1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiR) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Class of Certificates having a higher priority of distribution has been reduced to zeroSubordinate Principal Distribution Amount for such Distribution Date, any remaining Principal Remittance Amount will be distributed to the remaining Certificates except as provided in the order of priority set forth above Section 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero.
(db) On or prior to Net Prepayment Interest Shortfalls for each Determination DateMortgage Pool shall be allocated among the Certificates and Components of the related Certificate Group (other than any related Principal Only Certificates) pro rata based on (i) in the case of the related Non-AP Senior Certificates and Non-AP Senior Components, the Master Servicer shall determine Accrued Certificate Interest otherwise distributable thereon, and (ii) in the amount case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Deferred Interest Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution DateClass B2, the aggregate amount of Deferred InterestClass B3, if anyClass B4, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Class B5 or Class B6 Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added to made in respect of the Current Principal Amount thereof Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will thereafter bear interest at be made in respect of the then applicable Pass-Through RateClass B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 30)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (excluding all Prepayment Premiums) and amounts that are available for such date, payment to the Swap Counterparty and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1, Pool 1C and Pool 2 as follows:
(i) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date concurrently, as follows:
(1) for deposit into the Supplemental Interest Trust Account, the Pool 1 Swap Allocation Payment Amount (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (including amounts remaining unpaid from previous Distribution Dates);
(2) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment not due to a Swap Counterparty Trigger Event owed to the Swap Counterparty to the extent not paid previously from the Interest Remittance Amount from Pool 1C and Pool 2 pursuant to Sections 5.02(b)(ii)(1) and 5.02(b)(iii)(1);
(3) concurrently, to each Class of Pool 1 Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any resulting shortfalls will be allocated pro rata on the basis of Current Interest and Carryforward Interest due such Classes on such Distribution Date;
(4) for application pursuant to Section 5.02(b)(iv), any such Interest Remittance Amount remaining undistributed for such Distribution Date.
(ii) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1C for such date as follows:
(1) for deposit into the Supplemental Interest Trust Account, the Pool 1C Swap Allocation Payment Amount (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (including amounts remaining unpaid from previous Distribution Dates);
(2) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment not due to a Swap Counterparty Trigger Event owed to the Swap Counterparty to the extent not paid previously from the Interest Remittance Amount from Pool 1 and Pool 2 pursuant to Sections 5.02(b)(i)(1) and 5.02(b)(iii)(1);
(3) concurrently, to each Class of Pool 1C Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any resulting shortfalls will be allocated pro rata on the basis of Current Interest and Carryforward Interest due such Classes on such Distribution Date;
(4) for application pursuant to Section 5.02(b)(iv), any such Interest Remittance Amount remaining undistributed for such Distribution Date.
(iii) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date as follows:
(1) for deposit into the Supplemental Interest Trust Account, the Pool 2 Swap Allocation Payment Amount (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (including amounts remaining unpaid from previous Distribution Dates);
(2) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment not due to a Swap Counterparty Trigger Event owed to the Swap Counterparty to the extent not paid previously from the Interest Remittance Amount from Pool 1 and Pool 1C pursuant to Sections 5.02(b)(i)(1) and 5.02(b)(ii)(1);
(3) concurrently, to each Class of Pool 2 Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any resulting shortfalls will be allocated pro rata on the basis of Current Interest and Carryforward Interest due such Classes on such Distribution Date;
(4) for application pursuant to Section 5.02(b)(iv), any such Interest Remittance Amount remaining undistributed for such Distribution Date.
(iv) On each Distribution Date, the Trustee will distribute the aggregate of any remaining Interest Remittance Amounts from Sections 5.02(b)(i)(4), 5.02(b)(ii)(4) and 5.02(b)(iii)(4), as applicable, as follows:
(A) concurrently, to each Class of Group I Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date (any shortfall in Current Interest and Carryforward Interest to be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon) to the extent not paid on such Distribution Date pursuant to Sections 5.02(b)(i)(3), 5.02(b)(ii)(3) and 5.02(b)(iii)(3) above;
(B) to each Class of Group I Subordinate Certificates (other than the Class M8-I and Class M9-I Certificates), in accordance with the Group I Subordinate Priority, Current Interest and any Carryforward Interest for such Classes for such Distribution Date;
(C) to the Trustee, previously unreimbursed extraordinary costs, liabilities and expenses related to the Group I Certificates; and
(D) for application as part of Pool 1-2 Monthly Excess Cashflow for such Distribution Date, as provided in Section 5.02(f), any such Interest Remittance Amount remaining after application pursuant to clauses (A) through (C) above.
(c) On each Distribution Date, the Interest Remittance Amount for Pool 3 and Pool 4 for such date will be distributed in the following order of priority:
(i) to the Senior Certificates, pro rata, Accrued Certificate Interest for such Class and such On each Distribution Date, plus any unpaid Accrued the Interest Remittance Amount for Pool 3 for such date will be distributed in the following order of priority:
(1) to the Certificate Interest remaining unpaid from any prior Insurer, the Certificate Insurer Premium with respect to the Class 3-A2 Certificates and such Distribution Date;
(ii2) concurrently, to the each Class M-1 of Pool 3 Senior Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and Classes for such Distribution Date; provided, plus however, that if funds available are insufficient to pay such amounts, any unpaid Accrued Certificate resulting shortfalls will be allocated pro rata on the basis of Current Interest remaining unpaid from any prior and Carryforward Interest due such Classes on such Distribution Date;
(iii3) to the Certificate Insurer, any unreimbursed Insured Payments with respect to the Class M-2 3-A2 Certificates, Accrued plus all amounts due to the Certificate Interest Insurer under the Commitment Letter, together with interest thereon at the rate specified in the Commitment Letter;
(4) for such Class and application as part of Pool 3-4 Monthly Excess Cashflow for such Distribution Date, plus as provided in Section 5.02(g), any unpaid Accrued such Interest Remittance Amount remaining after application pursuant to clauses (1) through (3) above.
(ii) On each Distribution Date, the Interest Remittance Amount for Pool 4 for such date will be distributed in the following order of priority:
(1) to the Certificate Interest remaining unpaid from any prior Insurer, the Certificate Insurer Premium with respect to the Class 4-A3 Certificates and such Distribution Date;
(iv2) concurrently, to the each Class M-3 of Pool 4 Senior Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and Classes for such Distribution Date; provided, plus however, that if funds available are insufficient to pay such amounts, any unpaid Accrued Certificate resulting shortfalls will be allocated pro rata on the basis of Current Interest remaining unpaid from any prior and Carryforward Interest due such Classes on such Distribution Date;
(v3) to the Certificate Insurer, any unreimbursed Insured Payments with respect to the Class B-1 4-A3 Certificates, Accrued plus all amounts due to the Certificate Interest Insurer under the Commitment Letter, together with interest thereon at the rate specified in the Commitment Letter;
(4) for such Class and application as part of Pool 3-4 Monthly Excess Cashflow for such Distribution Date, plus as provided in Section 5.02(g), any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount remaining after application pursuant to the Class R Certificatesclauses (1) through (3) above.
(ciii) On each Distribution Date, the Trustee shall will distribute the Principal aggregate of any remaining Interest Remittance Amount for such date Amounts from Sections 5.02(c)(i)(4) and 5.02(c)(ii)(4), as applicable, as follows:
(i1) to the holders of Certificate Insurer, the monthly premium due under the Certificate Insurance Policy with respect to the Class R Certificates 3-A2 and Class A 4-A3 Certificates to the extent not paid pursuant to Sections 5.02(c)(i)(1) and 5.02(c)(ii)(1);
(2) concurrently, to each Class of Group II Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any resulting shortfalls will be allocated pro rata on the basis of Current Interest and Carryforward Interest due such Classes on such Distribution Date;
(3) to the Certificate Insurer, any unreimbursed Insured Payments with respect to the Class 3-A2 and Class 4-A3 Certificates, plus all amounts due to the Certificate Insurer under the Commitment Letter, together with interest thereon at the rate specified in the Commitment Letter to the extent not paid pursuant to Sections 5.02(c)(i)(3) and 5.02(c)(ii)(3);
(4) to each Class of Group II Subordinate Certificates, in that orderaccordance with the Group II Subordinate Priority, to the extent of the Principal Remittance Amount, the Senior Principal Current Interest and any Carryforward Interest for such Classes for such Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zeroDate;
(ii5) to the holders of the Class M-1 CertificatesTrustee, previously unreimbursed extraordinary costs, liabilities and expenses related to the extent Group II Certificates; and
(6) for application as part of the portion of the Principal Pool 3-4 Monthly Excess Cashflow for such Distribution Date, as provided in Section 5.02(g), any such Interest Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced application pursuant to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i1) through (iii5) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of prioritypriority based on the report of the Master Servicer:
(i) to the holders of each Class of Senior Certificates, pro rata, Accrued Certificate Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in available amounts shall be allocated among such Classes in proportion to the amount of Current Interest remaining unpaid from any prior Distribution Dateand Carryforward Interest that would otherwise be distributable thereon;
(ii) to the Class M-1 M1 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 M2 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 B Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 CertificatesLoss Mitigation Advisor, Accrued Certificate Interest the Loss Mitigation Advisor's Fee for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 CertificatesMaster Servicer, Accrued Certificate Interest any amounts reimburseable pursuant to Section 4.02(v) and not previously reimbursed to the Master Servicer; and
(vii) for such Class and application as part of Monthly Excess Cashflow for such Distribution Date, plus as provided in subsection (d) of this Section, any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount remaining after application pursuant to the Class R Certificatesclauses (i) through (vi) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event has occurred, until the aggregate Certificate Principal Amount of all of the Class R Certificates and equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(A) to the Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of such Class has been reduced to zero;
(iiiB) to the holders of the Class M-2 M1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(ivC) to the holders of the Class M-3 M2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(vD) to the holders of the Class B-1 B Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof has been reduced to zero;
(vi) to the holders of the such Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(viiE) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (D) above. Any Principal Distribution Amount remaining after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event has not occurred, the Trustee shall distribute the Principal Distribution Amount for such date in the following order of priority:
(1) so long as the Class M1, Class M2 or Class B Certificates are outstanding, to the Class A Certificates, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such date, in each case until the Class Principal Amount of such Class has been reduced to zero; otherwise to the Class A Certificates, the Principal Distribution Amount for such Distribution Date;
(2) to the holders Class M1 Certificates, an amount equal to the lesser of (x) the amount, if any, by which (a) the Principal Distribution Amount for such Distribution Date exceeds (b) the amount distributed to the Class B-2A Certificates on such date pursuant to clause (1) above, and (y) the M1 Principal Distribution Amount for such date, until the Class B-1Principal Amount of such Class has been reduced to zero;
(3) to the Class M2 Certificates, Class M-3an amount equal to the lesser of (x) the amount, Class M-2if any, Class M-1, by which (a) the Principal Distribution Amount for such Distribution Date exceeds (b) the amount distributed to the Class A and Class B-3 M1 Certificates on such date pursuant to clauses (1) and (2) above, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class B Certificates, in that orderan amount equal to the lesser of (x) the amount, if any, by which (a) the Principal Remittance Distribution Amount remaining after for such Distribution Date exceeds (b) the distributions in amount distributed to the Class A, Class M1 and Class M2 Certificates on such date pursuant to clauses (i1) through (vi3) above, in reduction of and (y) the Current B Principal Amounts thereofDistribution Amount for such date, until the Current Class Principal Amounts thereof have Amount of such Class has been reduced to zero; and
(viii5) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to the holders of the Class R Certificatesclauses (1) through (4) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) for each Distribution Date occurring prior to the Distribution Date in February 2002, until the aggregate Certificate Principal Amount of all of the Certificates equals the Total Loan Balance for such Distribution Date:
(1) after giving effect to distribution of the Principal Distribution Amount on such Distribution Date pursuant to Section 5.02(c), to the Class A Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(2) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(4) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring (a) on or after the Distribution Date in February 2002 but before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event has occurred, in each case until the aggregate Certificate Principal Amount of all of the Certificates equals the Target Amount for such date, to the extent of Monthly Excess Interest for such Distribution Date, to the Certificates, in the following order of priority:
(1) to the Class A Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(2) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(4) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(iii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect,
(1) so long as the Class M1, Class M2, or Class B Certificates are outstanding, to the Class A Certificates, an amount equal to the lesser of Deferred Interest(x) Monthly Excess Cashflow for such Distribution Date and (y) the Senior Principal Distribution Amount remaining unpaid after distribution of the Principal Distribution Amount on such date, in each case until the Class Principal Amount of such Class has been reduced to zero; otherwise, to the Class A Certificates, the Principal Distribution Amount for such Distribution Date;
(2) to the Class M1 Certificates, an amount equal to the lesser of (x) the amount, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in by which (a) Monthly Excess Cashflow for such Distribution Date occurs will be added exceeds (b) the amount distributed to the Current Class A Certificates on such date pursuant to clause (1) above, and (y) the M1 Principal Amounts Distribution Amount for such date remaining unpaid after distribution of the Certificates Principal Distribution Amount on a pro rata basis based on a fractionsuch date, until the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Class has been reduced to zero;
(3) to the Class M2 Certificates, an amount equal to the lesser of (x) the amount, if any, by which (a) Monthly Excess Cashflow for such Distribution Date exceeds (b) the amount distributed to the Class A and Class M1 Certificates on such date pursuant to clauses (1) and (2) above, respectively, and (y) the M2 Principal Distribution Amount for such date remaining unpaid after distribution of the Principal Distribution Amount on such date, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class B Certificates, an amount equal to the lesser of (x) the amount, if any, by which (a) Monthly Excess Cashflow for such Distribution Date exceeds (b) the amount distributed to the Class A, Class M1 and Class M2 Certificates on such date pursuant to clauses (1), (2) and (3) above, respectively, and (y) the B Principal Distribution Amount for such date remaining unpaid after distribution of the Principal Distribution Amount on such date, until the Class Principal Amount of such Class has been reduced to zero;
(iv) to the Basis Risk Reserve Fund, and then, from the Basis Risk Reserve Fund, to the extent of amounts on deposit therein, to the Class A Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such date, as required by Section 5.06 of this Agreement;
(v) to the Basis Risk Reserve Fund, and then, from the Basis Risk Reserve Fund, to the extent of amounts on deposit therein, to the Class M1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such date, as required by Section 5.06 of this Agreement;
(vi) to the Basis Risk Reserve Fund, and then, from the Basis Risk Reserve Fund, to the extent of amounts on deposit therein, to the Class M2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such date, as required by Section 5.06 of this Agreement;
(vii) to the Basis Risk Reserve Fund, and then, from the Basis Risk Reserve Fund, to the extent of amounts on deposit therein, to the Class B Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such date, as required by Section 5.06 of this Agreement;
(viii) to the Class M1 Certificates, any Carryforward Interest for such Class and such date;
(ix) to the Class M1 Certificates, any Deferred Amount for such Class and such date;
(x) to the Class M2 Certificates, any Carryforward Interest for such Class and such date;
(xi) to the Class M2 Certificates, any Deferred Amount for such Class and such date;
(xii) to the Class B Certificates, any Carryforward Interest for such Class and such date;
(xiii) to the Class B Certificates, any Deferred Amount for such Class and such date;
(xiv) to the Basis Risk Reserve Fund, an amount sufficient to cause the balance in each case immediately prior the Basis Risk Reserve Fund to equal the Required Reserve Fund Amount for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added ;
(xv) to the Current Principal Class X Certificate, the Class X Distributable Amount thereof for such Distribution Date, together with any amounts withdrawn from the Basis Risk Reserve Fund for distribution to such Class X Certificate pursuant to Section 5.06 on such date; and
(xvi) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (xv) above.
(e) On each Distribution Date and will thereafter bear interest at Date, an amount equal to the then applicable Pass-Through Rateaggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Class P Certificate.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Ce Se 2001-Bc3)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for (to the extent such date, amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1, REMIC 2, REMIC 3 and REMIC 4 and shall distribute such amount as specified in this Section. All allocations and distributions made between and with respect to Pool 1, Pool 2 and Pool 3 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) concurrently, pro rata to the Senior CertificatesClass 1-A1 and Class 1-A2 Certificates and the A-IO(1) Component, pro rataCurrent Interest (taking into account the Pool 1 Net Funds Cap, Accrued Certificate if applicable) for such Classes and Component and such Distribution Date and any Carryforward Interest for such Class Classes and Component and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateshall be allocated among the Class 1-A1 and Class 1-A2 Certificates and the A-IO(1) Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) concurrently, pro rata to the Class M-1 2-A Certificates, Accrued Certificate the A-IO(2) Component, the Class 3-A1 and Class 3-A2 Certificates and the A-IO(3) Component, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i) and 5.02(d)(i) below, as applicable, and the related Net Funds Cap, if applicable) for such Classes and Components and such Distribution Date and any Carryforward Interest for such Class Classes and Components and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 M1 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M2 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M3 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 M4 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 M5 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B Certificates, plus Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(ix) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(x) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiixi) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any remaining Interest Remittance Amount for Pool 1 remaining after application pursuant to the Class R Certificatesclauses (i) through (x) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) concurrently, pro rata to the Class 2-A Certificates and the A-IO(2) Component, Current Interest (taking into account the Pool 2 Net Funds Cap, if applicable) for each such Class and Component and such Distribution Date and any Carryforward Interest for each such Class and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among the Class 2-A Certificates and the A-IO(2) Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) concurrently, pro rata to the Class 1-A1 and Class 1-A2 Certificates, the A-IO(1) Component, the Class 3-A1 and Class 3-A2 Certificates and the A-IO(3) Component, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) above and 5.02(d)(i) below, as applicable, and the related Net Funds Cap, if applicable) for such Classes and Components and such Distribution Date and any Carryforward Interest for such Classes and Components and such Distribution Date;
(iii) to the Class M1 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(iv) to the Class M2 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(x) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(xi) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (x) above.
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) concurrently, pro rata to the Class 3-A1 and Class 3-A2 Certificates and the A-IO(3) Component, Current Interest (taking into account the Pool 3 Net Funds Cap, if applicable) for such Classes and Component and such Distribution Date and any Carryforward Interest for such Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among the Class 3-A1 and Class 3-A2 Certificates and the A-IO(3) Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) concurrently, pro rata to the Class 1-A1 and Class 1-A2 Certificates, the A-IO(1) Component, the Class 2-A Certificates and the A-IO(2) Component, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above, as applicable, and the related Net Funds Cap, if applicable) for such Classes and Components and such Distribution Date and any Carryforward Interest for such Classes and Components and such Distribution Date;
(iii) to the Class M1 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and for such Distribution Date;
(iv) to the Class M2 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 3 for such Distribution Date;
(x) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(xi) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (i) through (x) above.
(e) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee will make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Class R Certificates 1-A1, Class 1-A2, Class 2-A, Class 3-A1, Class 3-A2, Class M1, Class M2, Class M3, Class M4, Class M5 and Class A B Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class 1-A1 and Class 1-A2 Certificates, sequentially, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of each such class has been reduced to zero;
(iii2) concurrently to the Class 2-A, Class 3-A1 and Class 3-A2 Certificates, in proportion to the aggregate Class Principal Amount of the Class A Certificates related to each Mortgage Pool, after giving effect to distributions made pursuant to subsections 5.02(e)(i)(B)(1) and 5.02(e)(i)(C)(1) below for such Distribution Date, as follows:
(a) to the holders of the Class M-2 2-A Certificates, after giving effect to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (imade pursuant to subsection 5.02(e)(i)(B)(1) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereofbelow, until the Current Class Principal Amount thereof has been reduced to zero;
(iv) to the holders of the such Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(viib) to the holders of the Class B-23A-1and Class 3A-2 Certificates, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificatessequentially, in that order, the Principal Remittance Amount remaining after the giving effect to distributions in clauses (imade pursuant to subsection 5.02(e)(i)(C)(1) through (vi) abovebelow, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.;
(d3) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution DateClass M1 Certificates, until the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Class has been reduced to zero;
(4) to the Class M2 Certificates, in each case immediately prior until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(8) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(9) for application as part of Monthly Excess Cashflow for such Distribution Date. Deferred Interest allocated , as provided in subsection (f) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rateclauses (1) through (8) of this Section 5.02(e)(i)(A).
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Inv Loan Mort Pass Thru Cer Ser 2003-Bc7)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account, the Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount) with respect to each Mortgage Pool, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates or Components, in the following order of priority:
(i) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components relating to such Mortgage Pool (other than the Class 2-AP Certificates in the case of Pool 2), the Accrued Certificate Interest thereon for such Distribution Date, as reduced, in each case, by such Class’s or Component’s allocable share of any Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Mortgage Pool in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components relating to such Mortgage Pool (other than the Class 2-AP Certificates), any related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Mortgage Pool in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(iii) from the remaining Available Distribution Amount for each Mortgage Pool to the Senior Certificates, pro rataother than any related Notional Certificates, Accrued Certificate Interest as set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word “approximately”;
(iv) from the remaining Available Distribution Amounts for Pool 2, to the Class 2-AP Certificates, the related Class 2-AP Deferred Amount for such Class and Distribution Date, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amount for all five Mortgage Pools for such date; and (B) such amounts will not reduce the Class Principal Amounts of such Class; and
(v) from the remaining Available Distribution Amount for all five Mortgage Pools, subject to the prior distribution of amounts pursuant to Section 5.02(f) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinated Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, plus as reduced by such Class’s allocable share of any unpaid Accrued Certificate Net Prepayment Interest remaining unpaid from any prior Shortfalls for such Distribution Date;
(iiB) to the Class M-1 B1 Certificates, Accrued Certificate any Interest Shortfall for such Class and on such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iiiC) to the Class M-2 B1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiR) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Class of Certificates having a higher priority of distribution has been reduced to zeroSubordinate Principal Distribution Amount for such Distribution Date, any remaining Principal Remittance Amount will be distributed to the remaining Certificates except as provided in the order of priority set forth above Section 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero.
(db) On or prior Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates and Components related to each Determination Datesuch Mortgage Pool (other than the Class 2-AP Certificates) pro rata based on (i) in the case of the related Non-AP Senior Certificate and Components, the Master Servicer shall determine Accrued Certificate Interest otherwise distributable thereon, and (ii) in the amount case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Deferred Interest Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution DateClass B2, the aggregate amount of Deferred InterestClass B3, if anyClass B4, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Class B5 or Class B6 Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added to made in respect of the Current Principal Amount thereof Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will thereafter bear interest at be made in respect of the then applicable Pass-Through RateClass B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
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Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for (to the extent such date, amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1, REMIC 2, REMIC 3 and REMIC 4 and shall distribute such amount as specified in this Section. All allocations and distributions made between and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) to the Senior Certificatesconcurrently, pro rata, Accrued Certificate to the Class 1-A1 and Class 1-A2 Certificates and the A-IO(1) Component, Current Interest (taking into account the Pool 1 Net Funds Cap, if applicable) for each such Class and Component and such Distribution Date and any Carryforward Interest for each such Class and Component and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateshall be allocated among the Class 1-A1 and Class 1-A2 Certificates and the A-IO(1) Component in proportion to the amount of Current Interest (as so reduced) that would otherwise be distributable thereon;
(ii) concurrently, pro rata, to the Class M-1 Certificates2-A Certificates and the A-IO(2) Component, Accrued Certificate Current Interest (taking into account distributions pursuant to subsection 5.02(c)(i) below and the Pool 2 Net Funds Cap, if applicable) for each such Class and Component and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for each such Class and Component and such Distribution Date;
(iii) to the Class M-2 M1 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M2 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M3 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 M4 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 M5 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, plus Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(ix) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(xi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiixii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any remaining Interest Remittance Amount for Pool 1 remaining after application pursuant to the Class R Certificatesclauses (i) through (xi) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) concurrently, pro rata, to the Class 2-A Certificates and the A-IO(2) Component, Current Interest (taking into account the Pool 2 Net Funds Cap, if applicable) for each such Class and Component and such Distribution Date and any Carryforward Interest for each such Class and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among the Class 2-A Certificates and the A-IO(2) Component in proportion to the amount of Current Interest (as so reduced) that would otherwise be distributable thereon
(ii) concurrently, pro rata, to the Class 1-A1 and Class 1-A2 Certificates and the A-IO(1) Component, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above and the Pool 1 Net Funds Cap, if applicable) for each such Class and Component and such Distribution Date and any Carryforward Interest for each such Class and Component and such Distribution Date;
(iii) to the Class M1 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(iv) to the Class M2 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(xi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(xii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (xi) above.
(d) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee will make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Class R Certificates 1-A1, Class 1-A2, Class 2-A, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class A B Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class 1-A1 and Class 1-A2 Certificates, sequentially, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of such Class has been reduced to zero;
(iii2) to the holders of the Class M-2 2-A Certificates, after giving effect to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (ipursuant to subsection 5.02(d)(i)(B)(1) and (ii) abovebelow, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.;
(d3) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution DateClass M1 Certificates, until the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Class has been reduced to zero;
(4) to the Class M2 Certificates, in each case immediately prior until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(8) to the Class M6 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(9) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(10) for application as part of Monthly Excess Cashflow for such Distribution Date. Deferred Interest allocated , as provided in subsection (e) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rateclauses (1) through (9) of this Section 5.02(d)(i)(A).
Appears in 1 contract
Samples: Trust Agreement (Aames Mortgage Tr Mort Pas Thru Cert Sers 2003-1)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount with respect to each Mortgage Pool for such date, shall allocate such amount to the interests issued in respect of the Trust Fund Pooling REMIC, REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the MBIA Premium for such date to the Certificate Insurer.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount with respect to each Mortgage Pool for such date in the following order of priority:
(i) to the Senior CertificatesTrustee, pro rata, Accrued Certificate Interest the Trustee Fee allocable to such Mortgage Pool for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) (x) in the case of the Interest Remittance Amount for Pool 1, pro rata, to the Class M-1 CertificatesA1 Certificates and the Class AIO(1) Component, Accrued Certificate Current Interest and any Carryforward Interest for each such Class and Component on such Distribution Date, and (y) in the case of the Interest Remittance Amount for Pool 2, pro rata, to the Class A2 Certificates and the Class AIO(2) Component, Current Interest and any Carryforward Interest for such Class and or Component on such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Component of the Class M-2 CertificatesM1 Certificates in the related Component Group, Accrued Certificate Current Interest for such Class Component and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Component of the Class M-3 CertificatesM2 Certificates in the related Component Group, Accrued Certificate Current Interest for such Class Component and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Component of the Class B-1 CertificatesB Certificates in the related Component Group, Accrued Certificate Current Interest for such Class Component and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viiivi) for application as part of Monthly Excess Cashflow for such Mortgage Pool for such Distribution Date, as provided in subsection (e) of this Section, any remaining Interest Remittance Amount for such Mortgage Pool remaining after application pursuant to the Class R Certificatesclauses (i) through (v) above.
(cd) On each Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (x) prior to the holders Stepdown Date applicable to such Mortgage Pool or (y) with respect to which a Trigger Event has occurred with respect to such Mortgage Pool, the Trustee shall distribute the Principal Distribution Amount for such Mortgage Pool for such date in the following order of priority:
(1) to the Class R A1 Certificates and Class A Certificates, (in that order, to the extent case of the Principal Remittance Amount, Distribution Amount for Pool 1) and to the Senior Class A2 Certificates (in the case of the Principal Distribution AmountAmount for Pool 2), in reduction of the Current Principal Amounts thereofeach case, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Certificate Principal Amount thereof, until the Current Principal Amount thereof of such Class has been reduced to zero;
(iii2) in the case of Pool 2, to the Certificate Insurer, payment of any unreimbursed Insured Payments plus all amounts due to the Certificate Insurer under the Insurance Agreement, together with interest thereon at the rate specified in the Insurance Agreement (collectively, the "Reimbursement Amounts") due to the Certificate Insurer;
(3) to the holders Component of the Class M-2 Certificates, to M1 Certificates in the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereofrelated Component Group, until the Current Component Principal Amount thereof of such Component has been reduced to zero;
(iv4) to the holders Component of the Class M-3 Certificates, to M2 Certificates in the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereofrelated Component Group, until the Current Component Principal Amount thereof of such Component has been reduced to zero;
(v5) to the holders Component of the Class B-1 Certificates, to B Certificates in the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereofrelated Component Group, until the Current Component Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof such Component has been reduced to zero; and
(vii6) for application as part of Monthly Excess Cashflow for such Mortgage Pool for such Distribution Date, as provided in subsection (e) of this Section, any Principal Distribution Amount for such Mortgage Pool remaining after application pursuant to clauses (1) through (5) above.
(ii) On each Distribution Date (x) on or after the Stepdown Date applicable to such Mortgage Pool and (y) with respect to which a Trigger Event has not occurred with respect to such Mortgage Pool, the Trustee shall distribute the Principal Distribution Amount for such Mortgage Pool for such date in the following order of priority:
(1) to the holders Class A1 Certificates (in the case of Pool 1) and to the Class A2 Certificates (in the case of Pool 2), an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Mortgage Pool for such date, in each case, until the Certificate Principal Amount of each class has been reduced to zero;
(2) in the case of Pool 2, to the Certificate Insurer, payment of any Reimbursement Amounts;
(3) to the Component of the Class B-2M1 Certificates in the related Component Group, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, an amount equal to the lesser of (A) the excess of (I) the Principal Remittance Distribution Amount remaining after for such Mortgage Pool for such Distribution Date over (II) the distributions in amount distributed to the related Senior Certificates and the Certificate Insurer on such date pursuant to clauses (i1) through and (vi2) above, in reduction of above and (B) the Current M1 Principal Amounts thereofDistribution Amount for such Mortgage Pool for such date, until the Current Component Principal Amounts thereof have Amount of such Component has been reduced to zero;
(4) to the Component of the Class M2 Certificates in the related Component Group, an amount equal to the lesser of (A) the excess of (I) the Principal Distribution Amount for such Mortgage Pool for such Distribution Date over (II) the amount distributed to the related Senior Certificates, the related Component of the Class M1 Certificates and the Certificate Insurer on such date pursuant to clauses (1), (2) and (3) above and (B) the M2 Principal Distribution Amount for such Mortgage Pool for such date, until the Component Principal Amount of such Component has been reduced to zero;
(5) to the Component of the Class B Certificates in the related Component Group, an amount equal to the lesser of (A) the excess of (1) the Principal Distribution Amount for such Mortgage Pool for such Distribution Date over (II) the amount distributed to the related Senior Certificates, the related Component of the Class M1 and Class M2 Certificates and the Certificate Insurer on such date pursuant to clauses (1), (2), (3) and (4) above and (B) the B Principal Distribution Amount for such Mortgage Pool for such date, until the Component Principal Amount of such Component has been reduced to zero; and
(viii6) for application as part of Monthly Excess Cashflow for such Mortgage Pool for such Distribution Date, as provided in subsection (e) of this Section, any Principal Distribution Amount for such Mortgage Pool remaining after application pursuant to the holders of the Class R Certificatesclauses (1) through (5) above. Notwithstanding the foregoing, on any Distribution Date on which the Class A1 Certificates (in the case of Pool 1) or the Class A2 Certificates (in the case of Pool 2) or the Component Principal Amount of each Class of Certificates Component in any Component Group having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Distribution Amount for the related Mortgage Pool will be distributed to the remaining Certificates Components of such Component Group, in the order of priority set forth above above, until the Class Component Principal Amount of each such Class Component has been reduced to zero.;
(de) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate Trustee shall distribute the Monthly Excess Cashflow with respect to each Mortgage Pool for such date in the following order of priority:
(i) in the case of Pool 2, to the Certificate Insurer, payment of any Reimbursement Amounts;
(ii) to the extent of Monthly Excess Interest for such Mortgage Pool for such Distribution Date to fund the Extra Principal Distribution Amount for such Mortgage Pool for such date,
(iii) to the Basis Risk Reserve Fund for such Mortgage Pool, and then, concurrently, to the related Senior Certificates, in proportion to any outstanding Basis Risk Shortfall and Unpaid Basis Risk Shortfall with respect to each such Senior Certificates, and then sequentially, to the related Components of the Class M1, Class M2 and Class B Certificates, in that order, from the Basis Risk Reserve Fund for such Mortgage Pool, in an amount equal to the unpaid amount of Deferred Interestany Basis Risk Shortfall for such Mortgage Pool for such date and any Unpaid Basis Risk Shortfall for such Mortgage Pool for such date, if any, that is added as required by Section 5.09 of this Agreement;
(iv) to the Scheduled Principal Balance Component of the Class M1 Certificates in the related Component Group, any Carryforward Interest for such Component and such date;
(v) to the Component of the Class M1 Certificates in the related Component Group, any Deferred Amount for such Component and such date;
(vi) to the Component of the Class M2 Certificates in the related Component Group, any Carryforward Interest for such Component and such date;
(vii) to the Component of the Class M2 Certificates in the related Component Group, any Deferred Amount for such Component and such date;
(viii) to the Component of the Class B Certificates in the related Component Group, any Carryforward Interest for such Component and such date;
(ix) to the Component of the Class B Certificates in the related Component Group, any Deferred Amount for such Component and such date;
(x) to the Special Servicer, any monthly servicing compensation with respect to the Mortgage Loans in such Mortgage Pool, other than the Base Servicing Fee and any Incentive Fees with respect to the related Collection Period;
(xi) to the Basis Risk Reserve Fund for such Mortgage Pool, an amount equal to the Required Reserve Fund Deposit for such Mortgage Pool;
(xii) to the Class X Certificate related to such Mortgage Pool, the Class X Distributable Amount for such Mortgage Pool for such Distribution Date, together with any amounts withdrawn from the Basis Risk Reserve Fund for such Mortgage Pool for distribution to such Class X Certificate pursuant to Section 5.09(c) and (d) on such date;
(xiii) to Aurora, the Due Date occurring in the month in which Extra Servicing Fee for such Distribution Date occurs will be added to the Current Principal Amounts extent such Extra Servicing Fee is due and payable under Section 5.08 of this Agreement; and
(xiv) to the Certificates Class R Certificate, any amount remaining on a pro rata basis based on a fractionsuch date after application pursuant to clauses (i) through (xiii) above.
(f) On each Distribution Date, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is an amount equal to the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will all prepayment penalties and premiums collected during the preceding Prepayment Period shall be added distributed to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through RateClass P Certificate.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 1999-Bc1)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of prioritypriority based on the report of the Master Servicer:
(i) concurrently, to the Senior Class A Certificates and the Class A-IO Certificates, pro rata, Accrued Certificate Current Interest for each such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Class M-1 M1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 M2 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M3 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 B Certificates, Accrued Certificate Current Interest and any Carryforward Interests for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 CertificatesCredit Risk Manager, Accrued Certificate Interest the Credit Risk Manager's Fee for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 CertificatesTrustee, Accrued Certificate Interest for such Class any amounts reimbursable pursuant to Section 4.04(b)(i) and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datenot previously reimbursed to the Trustee; and
(viii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any remaining Interest Remittance Amount remaining after application pursuant to the Class R Certificatesclauses (i) through (vii) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Class Principal Amount of the Class R A, Class M1, Class M2, Class M3 and Class B Certificates and equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(A) to the Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of such Class has been reduced to zero;
(iiiB) to the holders of the Class M-2 M1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(ivC) to the holders of the Class M-3 M2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(vD) to the holders of the Class B-1 M3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(viE) to the holders of the Class B-2 B Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero; and
(viiF) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (E) above. Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(1) so long as the Class M1, Class M2, Class M3 or Class B Certificates are outstanding, to the Class A Certificates, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date until the Class Principal Amount of such Class has been reduced to zero; otherwise to the Class A Certificates, the Principal Distribution Amount for such Distribution Date until the Class Principal Amount of such Class has been reduced to zero;
(2) to the holders Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class B-2A Certificates on such date pursuant to clause (1) above, and (y) the M1 Principal Distribution Amount for such date, until the Class B-1Principal Amount of such Class has been reduced to zero;
(3) to the Class M2 Certificates, Class M-3, Class M-2, Class M-1, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A and Class B-3 M1 Certificates on such date pursuant to clauses (1) and (2) above, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M3 Certificates, in that order, an amount equal to the lesser of (x) the excess of (a) the Principal Remittance Distribution Amount remaining after for such Distribution Date over (b) the distributions in amount distributed to the Class A, Class M1 and Class M2 Certificates on such date pursuant to clauses (i1), (2) and (3) above, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class B Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1, Class M2 and Class M3 Certificates on such date pursuant to clauses (1) through (vi4) above, in reduction of respectively, and (y) the Current B Principal Amounts thereofDistribution Amount for such date, until the Current Class Principal Amounts thereof have Amount of such Class has been reduced to zero; and
(viii6) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to the holders of the Class R Certificatesclauses (1) through (5) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow, and for purposes of distributions pursuant to Section 5.02(d)(iii) of this Agreement, any amounts distributable from the Basis Risk Reserve Fund, for such date in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Certificate Principal Balance Amount of the Mortgage Loans on LIBOR Certificates equals the Due Date occurring in the month in which Pool Balance for such Distribution Date occurs will be added minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority,
(A) to the Current Class A Certificates, in reduction of their Class Principal Amounts of Amount, until the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Class Principal Amount of such Class has been reduced to zero;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(E) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority,
(A) to the Class A Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class and the denominator Class A Certificates, after giving effect to distributions on such Distribution Date equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of which is their Class Principal Amount, until the aggregate Current Class Principal Amount of such Classes of Class, the Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(D) to the Class M3 Certificates, in each case immediately prior reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Class M1, the Class M2 and the Class A Certificates, after giving effect to distributions on such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added , equals the M3 Target Amount;
(E) to the Current Class B Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount thereof of such Class, the Class M3, the Class M2, the Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date Date, equals the B Target Amount;
(iii) to the Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for such Distribution Date, and will thereafter bear interest at then from the then Basis Risk Reserve Fund in the following order of priority,
(A) to the Class A Certificates, any applicable Pass-Through RateBasis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(B) to the Class M1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(C) to the Class M2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(D) to the Class M3 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(E) to the Class B Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for Class and for such Distribution Date; and
(F) to the Class X Certificateholder, the sum of (a) any amounts remaining in the Basis Risk Reserve Fund, after taking into account distributions pursuant to clauses (A) through (E) above, in excess of the Required Reserve Fund Amount for such Distribution Date, and (b) any amounts paid by the Cap Provider to the Trust Fund with pursuant to the Class X Cap;
(iv) to the Class M1 Certificates, any Deferred Amount for such Class and such Distribution Date;
(v) to the Class M2 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vi) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vii) to the Class B Certificates, any Deferred Amount for such Class and such Distribution Date;
(viii) to the Class X Certificate, the Class X Distributable Amount for such Distribution Date; and
(ix) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (viii) above.
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Class P Certificate.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002 Hf1)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event or a Trust Fund Termination Event, as applicable, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount and amounts that are available for such date, payment to the Swap Counterparty and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount as specified in subparagraphs (b) through (i) of this SectionSection 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. All allocations and distributions made between and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently.
(bA) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the Senior Certificates, pro rata, Accrued Certificate lesser of (x) the Group 1 Swap Percentage of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for Pool 1 for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Class M-1 Swap Counterparty to the extent not paid in clause (i) above or from the Interest Remittance Amount for Pool 2 pursuant to clause (b)(B)(i) below;
(iii) concurrently, to the Group 1 Senior Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and Classes for such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iv) for application pursuant to clause (b)(C) below, any such Interest Remittance Amount for Pool 1 remaining unpaid from undistributed for such Distribution Date.
(B) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the Group 2 Swap Percentage of any prior Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty to the extent not paid in clause (i) above or from the Interest Remittance Amount for Pool 1 pursuant to clause (b)(A)(i) above;
(iii) concurrently, to the Group 2 Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iv) for application pursuant to clause (b)(C) below, any such Interest Remittance Amount for Pool 2 remaining undistributed for such Distribution Date.
(C) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event, the Trustee shall distribute the sum of any remaining Interest Remittance Amounts referred to in clauses (b)(A)(iv) and (b)(B)(iv) above for such Distribution Date in the following order of priority:
(i) pro rata, based on amounts due, to the Group 1 Senior Certificates and Group 2 Senior Certificates, any Current Interest and Carryforward Interest for such Classes for such Distribution Date to the extent remaining unpaid after application pursuant to Section 5.02(b)(A) and (b)(B);
(ii) sequentially, to the Offered Subordinate Certificates, in that order, any Current Interest and Carryforward Interest for such Classes for such Distribution Date; and
(iii) to the Class M-2 CertificatesTrustee, Accrued Certificate Interest for such Class any amounts reimbursable pursuant to Section 4.04(b)(i) and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) not previously reimbursed to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution DateTrustee;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) [Reserved].
(d) On each Distribution Date or related Swap Payment Date on or prior to a Section 7.01(d) Purchase Event, the Trustee shall distribute the Principal Distribution Amount for Pool 1 and Pool 2 for such date, as follows:
(i) (a) Prior to the Stepdown Date or (b) on or after the Stepdown Date and with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Group 1 Senior Certificates, the Group 2 Senior Certificates and the Offered Subordinate Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) to the holders each of the Class R Certificates Pool 1 and Class A CertificatesPool 2 concurrently, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the following order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.priority:
Appears in 1 contract
Samples: Trust Agreement (LXS 2006-7)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Trustee, the Trustee Fee for such Distribution Date; and
(ii) to the Senior Certificates, pro rata, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iiiii) to the Class M-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iiiiv) to the Class M-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ivv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vvi) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vivii) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(viiviii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viiiix) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)
Distributions from the Certificate Account. (a) On each ------------------------------------------ Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount with respect to each Mortgage Pool for such date, shall allocate such amount to the interests issued in respect of the Trust Fund Pooling REMIC, REMIC 1, REMIC 2, REMIC 3, and REMIC 4 and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount with respect to each Mortgage Pool for such date in the following order of priority:
(i) to the Senior CertificatesTrustee, pro rata, Accrued Certificate Interest the Trustee Fee for such Class and Mortgage Pool for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Class M-1 CertificatesY Certificate related to such Mortgage Pool, Accrued the amount of interest accrued on the related Class X Certificate Interest for such Class and with respect to such Distribution Date, plus any unpaid Accrued until such Class Y Certificate Interest remaining unpaid from any prior Distribution Datehas received, in the aggregate, an amount equal to the Initial Class X Distributable Amount for the related Class X Certificate;
(iii) concurrently, to the Components of the Class M-2 A-1, Class A-2 and Class A-3 Certificates, Accrued Certificate in proportion to the amount of interest distributable on each such Component, Current Interest for each such Class Component and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior Distribution Datefor each such Component and such date;
(iv) to the Component of the Class M-3 CertificatesM-1 Certificates in the related Component Group, Accrued Certificate Current Interest for such Class Component and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Component of the Class B-1 CertificatesM-2 Certificates in the related Component Group, Accrued Certificate Current Interest for such Class Component and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Component of the Class B-2 CertificatesB Certificates in the related Component Group, Accrued Certificate Current Interest for such Class Component and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viiivii) for application as part of Monthly Excess Cashflow for such Mortgage Pool for such Distribution Date, as provided in subsection (d) of this Section, any remaining Interest Remittance Amount for such Mortgage Pool remaining after application pursuant to the Class R Certificatesclauses (i) through (v) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (x) prior to the holders Stepdown Date applicable to such Mortgage Pool or (y) with respect to which a Trigger Event has occurred with respect to such Mortgage Pool, the Trustee shall distribute the Principal Distribution Amount for such Mortgage Pool for such date in the following order of priority:
(1) to the Component of the Class R A-1 Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereofrelated Component Group, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Component Principal Amount thereof, until the Current Principal Amount thereof of such Component has been reduced to zero;
(iii2) to the holders Component of the Class M-2 Certificates, to A-2 Certificates in the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereofrelated Component Group, until the Current Component Principal Amount thereof of such Component has been reduced to zero;
(iv3) to the holders Component of the Class M-3 Certificates, to A-3 Certificates in the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereofrelated Component Group, until the Current Component Principal Amount thereof of such Component has been reduced to zero;
(v4) to the holders Component of the Class B-1 Certificates, to M-1 Certificates in the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereofrelated Component Group, until the Current Component Principal Amount thereof of such Component has been reduced to zero;
(vi5) to the holders Component of the Class B-2 Certificates, to M-2 Certificates in the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereofrelated Component Group, until the Current Component Principal Amount thereof of such Component has been reduced to zero;
(6) to the Component of the Class B Certificates in the related Component Group, until the Component Principal Amount of such Component has been reduced to zero; and
(vii7) for application as part of Monthly Excess Cashflow for such Mortgage Pool for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount for such Mortgage Pool remaining after application pursuant to clauses (1) through (6) above.
(ii) On each Distribution Date (x) on or after the Stepdown Date applicable to such Mortgage Pool and (y) with respect to which a Trigger Event has not occurred with respect to such Mortgage Pool, the Trustee shall distribute the Principal Distribution Amount for such Mortgage Pool for such date in the following order of priority:
(1) to the holders Components of the Class B-2A-1, Class B-1, Class M-3, Class M-2, Class M-1, Class A A-2 and Class B-3 CertificatesA-3 Certificates in the related Component Group, an amount equal to the lesser of (A) the Principal Distribution Amount for such Mortgage Pool for such Distribution Date and (B) the Senior Principal Distribution Amount for such Mortgage Pool for such date, in that orderthe following order of priority: FIRST, to the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction Component of the Current Principal Amounts thereofClass A-1 Certificates in the related Component Group, until the Current Component Principal Amounts thereof have Amount of such Component has been reduced to zero; SECOND, to the Component of the Class A-2 Certificates in the related Component Group, until the Component Principal Amount of such Component has been reduced to zero; THIRD, to the Component of the Class A-3 Certificates in the related Component Group, until the Component Principal Amount of such Component has been reduced to zero;
(2) to the Component of the Class M-1 Certificates in the related Component Group, an amount equal to the lesser of (A) the excess of (I) the Principal Distribution Amount for such Mortgage Pool for such Distribution Date over (II) the amount distributed to the Components of the Senior Certificates in the related Component Group on such date pursuant to clause (1) above and (B) the M-1 Principal Distribution Amount for such Mortgage Pool for such date, until the Component Principal Amount of such Component has been reduced to zero;
(3) to the Component of the Class M-2 Certificates in the related Component Group, an amount equal to the lesser of (A) the excess of (I) the Principal Distribution Amount for such Mortgage Pool for such Distribution Date over (II) the amount distributed to the Components of the Senior Certificates and the Class M-1 Certificates in the related Component Group on such date pursuant to clauses (1) and (2) above and (B) the M-2 Principal Distribution Amount for such Mortgage Pool for such date, until the Component Principal Amount of such Component has been reduced to zero;
(4) to the Component of the Class B Certificates in the related Component Group, an amount equal to the lesser of (A) the excess of (1) the Principal Distribution Amount for such Mortgage Pool for such Distribution Date over (II) the amount distributed to the Components of the Senior Certificates and the Class M-1 and Class M-2 Certificates in the related Component Group on such date pursuant to clauses (1), (2) and (3) above and (B) the B Principal Distribution Amount for such Mortgage Pool for such date, until the Component Principal Amount of such Component has been reduced to zero; and
(viii5) for application as part of Monthly Excess Cashflow for such Mortgage Pool for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount for such Mortgage Pool remaining after application pursuant to the holders of the Class R Certificatesclauses (1) through (4) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Component Principal Amount of each Class of Certificates Component in any Component Group having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Distribution Amount for the related Mortgage Pool will be distributed to the remaining Certificates Components of such Component Group, in the order of priority set forth above above, until the Class Component Principal Amount of each such Class Component has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for (to the extent such date, amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1 and REMIC 2 and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee Trustee, to the extent of amounts on deposit in the Certificate Account, shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Senior Class A Certificates, pro rata, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Class M-1 M1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 M2 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M3 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M4 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 B Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 CertificatesCredit Risk Manager, Accrued Certificate Interest the Credit Risk Manager’s Fee for such Class Distribution Date;
(viii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(ix) for application as part of Monthly Excess Cashflow for such Distribution Date, plus as provided in subsection (e) of this Section, any unpaid Accrued Certificate Interest Remittance Amount remaining unpaid from any prior Distribution Date; and
after application pursuant to clauses (i) through (viii) any remaining Interest Remittance Amount to the Class R Certificatesabove.
(c) On each Distribution Date, the Trustee Trustee, to the extent of amounts on deposit in the Certificate Account, shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Class R A, Class M1, Class M2, Class M3, Class M4 and Class B Certificates and equals the Target Amount for such Distribution Date, the Principal Distribution Amount will be distributed in the following order of priority:
(1) to the Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of such Class has been reduced to zero;
(iii2) to the holders of the Class M-2 M1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(iv3) to the holders of the Class M-3 M2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(v4) to the holders of the Class B-1 M3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(vi5) to the holders of the Class B-2 M4 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero; and;
(vii6) to the holders of Class B Certificates, until the Class B-2Principal Amount of such Class has been reduced to zero;
(7) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (6) of this Section 5.02(c)(i). Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(1) so long as the Class M1, Class B-1M2, Class M-3M3, Class M-2M4 or Class B Certificates are outstanding, to the Class M-1A Certificates, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(2) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates on such date pursuant to clause (1) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in M1 Certificates on such date pursuant to clauses (i1) through and (vi2) above, in reduction of respectively, and (y) the Current M2 Principal Amounts thereofDistribution Amount for such date, until the Current Class Principal Amounts thereof have Amount of such Class has been reduced to zero; and;
(viii4) to the holders Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class R A, Class M1 and Class M2 Certificates on such date pursuant to clauses (1), (2) and (3) above, respectively, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1, Class M2 and Class M3 Certificates on such date pursuant to clauses (1), (2), (3) and (4) above, respectively, and (y) the M4 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class B Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1, Class M2, Class M3 and Class M4 Certificates on such date pursuant to clauses (1), (2), (3), (4) and (5) above, respectively, and (y) the B Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(7) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (6) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Distribution Date, the Master Servicer Trustee, to the extent of funds on deposit in the Certificate Account, shall determine distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate Certificate Principal Amount of the Class A, Class M1, Class M2, Class M2, Class M3, Class M4 and Class B Certificates equals the Target Amount, in the following order of priority:
(A) to the Class A Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount such Class has been reduced to zero;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class B Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority,
(A) to the Class A Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amounts, until the aggregate Class Principal Amounts for such Class and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amounts, until the aggregate Class Principal Amounts for such Class and the Class M1 and Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class and the Class M2, Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class and the Class M3, Class M2, Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M4 Target Amount;
(F) to the Class B Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class and the Class M4, Class M3, Class M2, Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the B Target Amount;
(iii) to the Basis Risk Reserve Fund, the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which Basis Risk Payment for such Distribution Date occurs will be added and any payments under the Cap Agreement and then from the Basis Risk Reserve Fund in the following order of priority:
(A) to the Current Principal Amounts of the Certificates on a pro rata basis based on a fractionClass A Certificates, the numerator of which is the Current Principal Amount of each any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(B) to the denominator Class M1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and Distribution Date;
(C) to the Class M2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and Distribution Date;
(D) to the Class M3 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(E) to the Class M4 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(F) to the Class B Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(iv) to the Class B Certificates, in reduction of which is their Class Principal Amount, until the aggregate Current Class Principal Amount of such Classes of Class has been reduced to zero;
(v) to the Class M1 Certificates, in each case immediately prior to any Deferred Amount for such Class and such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added ;
(vi) to the Current Principal Class M2 Certificates, any Deferred Amount thereof on for such Class and such Distribution Date;
(vii) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(viii) to the Class M4 Certificates, any Deferred Amount for such Class and such Distribution Date;
(ix) to the Class B Certificates, any Deferred Amount for such Class and such Distribution Date;
(x) to the Class X Certificates, the sum of (A) the Class X Distributable Amount for such Distribution Date and will thereafter bear interest at (B) any Class X Excess Cap Amount for such Distribution Date;
(xi) on the then applicable Pass-Through RateDistribution Date occurring in March 2009 (or the next succeeding Distribution Date on which sufficient funds are available in the Certificate Account to make such distributions), $100.00 to the Class P Certificates; and
(xii) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (xi) above.
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums remitted to the Certificate Account for the preceding Prepayment Period shall be distributed to the Class P Certificates.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass-THR Certs Ser 2004-Gel1)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Senior CertificatesCertificate Insurer, pro rata, Accrued the Aggregate Certificate Interest Insurance Premium due for such Class and such Distribution Date, plus any unpaid Accrued the Certificate Interest remaining unpaid from any prior Insurance Policy for that Distribution Date;
(ii) to the Class M-1 A Certificates, Accrued Certificate pro rata, Current Interest and any Carryforward Interest for such Class Classes and for such Distribution Date; provided, plus however, that if amounts distributable are insufficient to pay such amounts, any unpaid Accrued Certificate resulting shortfalls shall be allocated pro rata on the basis of Current Interest remaining unpaid from any prior and Carryforward Interest due such Classes on such Distribution Date;
(iii) concurrently, (a) to the Certificate Insurer, any due and owing Reimbursement Amounts and (b) to the Class M-2 A Certificates, Accrued Certificate all accrued and unpaid interest at the related Interest for Rate on any Deferred Amounts previously allocated and not previously distributed to such Class Classes and any Deferred Amounts previously allocated to such Distribution DateClasses and not previously reimbursed, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datepro rata, on the amounts owed under each subclause (a) and (b);
(iv) to the Class M-3 M1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M2 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 M3 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 CertificatesTrustee, Accrued Certificate Interest for such Class any amounts reimbursable pursuant to Section 4.04(b)(i) and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datenot previously reimbursed to the Trustee; and
(viii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any remaining Interest Remittance Amount remaining after application pursuant to clauses (i) through (vii) above. Any payments made pursuant to clause (iii)(b) of this paragraph (b) shall be made in the following order of priority:
(1) to the Class R A Certificates, all accrued and unpaid interest at the related Interest Rate for each applicable Class on any Deferred Amount previously allocated to each such Class, pro rata, based on amounts of such accrued and unpaid interest owed to each such Class, for such date; and
(2) to the Class A Certificates, any Deferred Amounts previously allocated to each such Class, pro rata, based on the Deferred Amounts owed to each such Class, for such date.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders of the Class R Certificates and Class A Certificates, Stepdown Date or (b) with respect to which a Trigger Event is in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereofeffect, until the Current aggregate Certificate Principal Amounts thereof have been reduced to zero;Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(iiA) to the holders of the Class M-1 A4A and Class A4B Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) abovepro rata, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal A4 Priority Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero;
(B) sequentially, to the Class A Certificates (other than the Class A4A and Class A4B Certificates) in the following order of priority:
(1) to the Class A1 Certificates until the Class Principal Amount of such Class has been reduced to zero;
(2) to the Class A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(3) concurrently, to the Class A3A and Class A3B Certificates, pro rata, based on their respective Class Principal Amounts, until the Class Principal Amount of each such Class has been reduced to zero;
(C) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(F) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (E) above.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) to the Class A Certificates, in accordance with the Senior Priority, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, if none of the Class M Certificates are outstanding, the entire Principal Distribution Amount on such Distribution Date will be distributable to the Class A Certificates (in accordance with the Senior Priority);
(B) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates on such date pursuant to clause (A) above, and (y) the M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A and Class M1 Certificates on such Distribution Date pursuant to clauses (A) and (B) above, respectively, and (y) the M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1 and Class M2 Certificates for such Distribution Date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; and
(E) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to sub-clauses (A) through (D) above.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) For each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate amount Certificate Principal Amount of Deferred Interestthe Offered Certificates equals the Target Amount, if any, that is added in reduction of the Aggregate Class Principal Amount of the Offered Certificates in the following order of priority:
(A) to the Scheduled Class A Certificates, in reduction of their respective Class Principal Balance of Amounts, in accordance with the Mortgage Loans on Senior Priority, until the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Class Principal Amount of each such Class and have been reduced to zero;
(B) to the denominator Class M1 Certificates, in reduction of which is their Class Principal Amount, until the aggregate Current Class Principal Amount of such Classes of Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each case immediately prior Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority,
(A) to the Class A Certificates, in accordance with the Senior Priority, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the Class A Certificates, after giving effect to distributions on such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added , equals the Senior Target Amount;
(B) to the Current Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount thereof of the Class A and Class M1 Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A, Class M1 and Class M2 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount; and
(D) to the Class M3 Certificates, in reduction of its Class Principal Amount, until the aggregate Class Principal Amount of the Class A, Class M1, Class M2 and Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(iii) from the Reserve Fund, first: to the Class A1 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date; and second, to the Class X Certificates, the sum of (a) any amounts remaining in the Reserve Fund, after taking into account distributions pursuant to clause first above in excess of the Required Reserve Fund Amount for such Distribution Date, and (b) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 5.07(b);
(iv) to the Class A Certificates, pro rata, based on their respective Net Funds Cap Shortfalls plus all related Unpaid Net Funds Cap Shortfalls, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for each such Class and such Distribution Date (with any such calculation with respect to the Class A1 Certificates being made after giving effect to clause (iii) above);
(v) to the Class M1 Certificates, any applicable Net Funds Cap Shortfall and will thereafter bear Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vi) to the Class M2 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vii) to the Class M3 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(viii) to the Class A Certificates, pro rata, based on their respective Deferred Amounts, any accrued but unpaid interest at on any Deferred Amount and any unpaid Deferred Amount for each such Class and such Distribution Date;
(ix) to the then applicable Pass-Through RateClass M1 Certificates, any Deferred Amounts for such Class and such Distribution Date;
(x) to the Class M2 Certificates, any Deferred Amounts for such Class and such Distribution Date;
(xi) to the Class M3 Certificates, any Deferred Amounts for such Class and such Distribution Date;
(xii) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date;
(xiii) on the earlier of (a) Distribution Date occurring in September 2009 (or the next occurring Distribution Date on which sufficient funds are available in the Certificate Account) and (b) the final Distribution Date, to the Class P Certificates, $100 in payment of the Class P Principal Amount; and
(xiv) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (xii) above.
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Holders of the Class P Certificates.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount with respect to each Mortgage Pool, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates, in the following order of priority:
(i) to the Senior CertificatesTrustee, pro rata, Accrued Certificate Interest the Trustee Fee for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group (other than any related Class M-1 of Principal Only Certificates), the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced by such Class's allocable share of any unpaid Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates of the related Certificate Group in proportion to the amount of Accrued Certificate Interest remaining unpaid from any prior Distribution Date;(as so reduced) that would otherwise be distributable thereon.
(iii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group (other than any related Class M-2 of Principal Only Certificates), Accrued Certificate any related Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates of the related Certificate Group in proportion to the Interest remaining unpaid from any prior Shortfall for each such Class on such Distribution Date;.
(iv) from the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates of the related Certificate Group (other than any Class M-3 of Notional Certificates), Accrued Certificate Interest for as provided in the Senior Principal Priorities set forth in Exhibit O attached hereto, except use of the word "approximately" therein shall be disregarded in applying such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;priorities.
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates 1-AP and Class A 2-AP Certificates, in that order, to the extent of the Principal Remittance Amountremaining Available Distribution Amount for both Mortgage Pools, the Senior AP Deferred Amount for such Certificates and Distribution Date, until the Certificate Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution AmountAmount for both Mortgage Pools for such date; (B) such amounts will not reduce the Certificate Principal Amounts of such Certificates; and (C) in the event the aggregate Subordinate Principal Distribution Amount for both Mortgage Pools is insufficient to fully pay the AP Deferred Amount for the Class 1-AP and Class 2-AP Certificates, such amount shall be distributed pro rata to such Class on the basis of their respective AP Deferred Amounts; and
(vi) from the remaining Available Distribution Amount for both Mortgage Pools, subject to the prior distribution of amounts pursuant to Section 5.02(g) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinated Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Current Class Principal Amounts Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Amounts Balance thereof have has been reduced to zero;
(iiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-1 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution AmountB2 Certificates, in reduction of the Current Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-2 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB3 Certificates, in reduction of the Current Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(ivJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class M-3 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB4 Certificates, in reduction of the Current Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Amount Balance thereof has been reduced to zero;
(vM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-1 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB5 Certificates, in reduction of the Current Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount Balance thereof has been reduced to zero;
(viP) to the holders Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B-2 B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB6 Certificates, in reduction of the Current Certificate Principal Amount thereof, until the Current such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2for such Distribution Date, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, except as provided in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereofSection 5.02(c), until the Current Certificate Principal Amounts Balance thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates of the related Certificate Group (other than any related Principal Only Certificates) pro rata based on (i) in the case of the related Non-AP Senior Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
(v) If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Subordinate Classes in proportion to their respective Certificate Principal Amounts.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added Trustee shall distribute to the Scheduled Principal Balance Holder of the Mortgage Loans on the Due Date occurring Class R Certificate any amounts remaining in the month in which REMIC for such Distribution Date occurs will be added to the Current Principal Amounts after application of the Certificates on a pro rata basis based on a fraction, the numerator all amounts described in paragraph (a) of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Ratethis Section 5.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for such datepayment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (i) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent acting on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (k) through (m) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 and for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the Senior Certificates, pro rata, Accrued Certificate Interest lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Class Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Class M-1 Certificates, Accrued Certificate Interest Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause 5.02(b)(i) above and subsection 5.02(c)(i) below for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date);
(iii) on the Distribution Date in June 2017 and each Distribution Date thereafter:
(A) for deposit into the Final Maturity Reserve Account, the Final Maturity Reserve Amount for Pool 1; and
(B) for deposit into the Final Maturity Reserve Account, the Final Maturity Reserve Amount for Pool 2 to the Class M-2 Certificates, Accrued Certificate Interest extent not previously paid pursuant to subsection 5.02(c)(iii) below for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) concurrently, on a pro rata basis, to the each Class M-3 of Group 1 Senior Certificates, Accrued Certificate Current Interest and any Carryforward Interest for each such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Date;and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would have otherwise been distributed thereon; and
(v) for application pursuant to the Class B-1 CertificatesSection 5.02(d) below, Accrued Certificate any Interest Remittance Amount for such Class and Pool 1 remaining undistributed after application pursuant to clause (i) through (iv) of this Section 5.02(b) for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
Date (i) or with respect to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) abovebelow, on the related Swap Payment Date), the Class M-2 Principal Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution AmountDate and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above for such Distribution Date);
(iii) on the Distribution Date in reduction of June 2017 and each Distribution Date thereafter:
(A) for deposit into the Current Principal Final Maturity Reserve Account, the Final Maturity Reserve Amount thereoffor Pool 2; and
(B) for deposit into the Final Maturity Reserve Account, until the Current Principal Final Maturity Reserve Amount thereof has been reduced for Pool 1 to zerothe extent not paid pursuant to subsection 5.02(b)(iii) above for such Distribution Date;
(iv) concurrently, on a pro rata basis, to each Class of the Group 2 Senior Certificates, Current Interest and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the holders amount of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;Interest and Carryforward Interest that would otherwise be distributable thereon; and
(v) for application pursuant to the holders of the Class B-1 CertificatesSection 5.02(d) below, to the extent of the portion of the Principal any Interest Remittance Amount for Pool 2 remaining undistributed after the distributions in application pursuant to clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vithis Section 5.02(c) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc3)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) concurrently, to the Senior Certificates, pro ratarata on the basis of the amount of interest distributable thereon, Accrued Certificate Current Interest and any Carryforward Interest for such Class Classes and for such Distribution Date; provided, plus however, that if amounts distributable are insufficient to pay such amounts, any unpaid Accrued Certificate resulting shortfalls shall be allocated pro rata on the basis of Current Interest remaining unpaid from any prior and Carryforward Interest due such Classes on such Distribution Date;
(ii) to the Class M-1 M1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 M2 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M3 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M4 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust 2005-8xs)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event or a Trust Fund Termination Event, as applicable, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount and amounts that are available for such date, payment to the Swap Counterparty and shall allocate such amount amounts to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount amounts as specified in subparagraphs (b) through (i) of this SectionSection 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. All allocations and distributions made between and with respect to Pool 1, Pool 2 and Pool 3 in this Section shall be made concurrently.
(bA) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the Senior Certificates, pro rata, Accrued Certificate lesser of (x) the Group 1 Swap Percentage of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for Pool 1 for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Class M-1 Swap Counterparty to the extent not paid in clause (i) above or from the Interest Remittance Amount for Pool 2 or Pool 3 pursuant to clause (b)(B)(i) or (b)(C)(i) below;
(iii) concurrently, to the Group 1 Senior Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and Classes for such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iv) for application pursuant to clause (b)(D) below, any such Interest Remittance Amount for Pool 1 remaining unpaid from undistributed for such Distribution Date.
(B) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the Group 2 Swap Percentage of any prior Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty to the extent not paid in clause (i) above or from the Interest Remittance Amount for Pool 1 or Pool 3 pursuant to clause (b)(A)(i) above or clause (b)(C)(i) below;
(iii) concurrently, to the Group 2 Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iv) for application pursuant to clause (b)(D) below, any such Interest Remittance Amount for Pool 2 remaining undistributed for such Distribution Date.
(C) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the Group 3 Swap Percentage of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for Pool 3 for such Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty to the extent not paid in clause (i) above or from the Interest Remittance Amount for Pool 1 or Pool 2 pursuant to clause (b)(A)(i) or (b)(B)(i) above;
(iii) concurrently, to the Group 3 Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iv) for application pursuant to clause (b)(D) below, any such Interest Remittance Amount for Pool 3 remaining undistributed for such Distribution Date.
(D) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event, the Trustee shall distribute the sum of any remaining Interest Remittance Amounts referred to in clauses (b)(A)(iv), (b)(B)(iv) and (b)(C)(iv) above for such Distribution Date in the following order of priority:
(i) pro rata, based on amounts due, to the Group 1 Senior Certificates, Group 2 Senior Certificates and Group 3 Senior Certificates, any Current Interest and Carryforward Interest for such Classes for such Distribution Date to the extent remaining unpaid after application pursuant to Section 5.02(b)(A), (b)(B) and (b)(C);
(ii) sequentially, to the Offered Subordinate Certificates, in that order, any Current Interest and Carryforward Interest for such Classes for such Distribution Date; and
(iii) to the Class M-2 CertificatesTrustee, Accrued Certificate Interest for such Class any amounts reimbursable pursuant to Section 4.04(b)(i) and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) not previously reimbursed to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution DateTrustee;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) [Reserved].
(d) On each Distribution Date or related Swap Payment Date on or prior to a Section 7.01(d) Purchase Event, the Trustee shall distribute the Principal Distribution Amount for Pool 1, Pool 2 and Pool 3 for such date, as follows:
(i) (a) Prior to the Stepdown Date or (b) on or after the Stepdown Date and with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Group 1 Senior Certificates, the Group 2 Senior Certificates, the Group 3 Senior Certificates and the Offered Subordinate Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) to the holders each of the Class R Certificates Pool 1, Pool 2 and Class A CertificatesPool 3 concurrently, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the following order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.priority:
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for such datepayment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (g) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (j) through (l) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the Senior lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause 5.02(b)(i) above and subsection 5.02(c)(i) below for such Distribution Date);
(iii) to the Class 1A Certificates, pro rata, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Class M-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;; and
(iv) for application pursuant to the Class M-3 CertificatesSection 5.02(d) below, Accrued Certificate any Interest Remittance Amount for such Class and Pool 1 remaining undistributed after application pursuant to clauses (i) through (iii) of this Section 5.02(b) for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
Date (i) or with respect to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) abovebelow, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above for such Distribution Date);
(iii) concurrently, on a pro rata basis, to each Class M-2 Principal Distribution Amount, in reduction of the Group 2 Senior Certificates, Current Principal Amount thereofInterest and any Carryforward Interest for each such Class and such Distribution Date; provided, until however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Principal Amount thereof has been reduced to zero;Interest and Carryforward Interest that would otherwise be distributable thereon; and
(iv) for application pursuant to the holders of the Class M-3 CertificatesSection 5.02(d) below, to the extent of the portion of the Principal any Interest Remittance Amount for Pool 2 remaining undistributed after distributions in application pursuant to clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vthis Section 5.02(c) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Samples: Trust Agreement (Sasco 2007-Eq1)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event, a Pool 1-2 Termination Event and a Pool 3 Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account (i) the Total Distribution Amount for Pool 1 and Pool 2 (to the extent such dateamount is on deposit in the Certificate Account) and amounts that are available for payment to the Swap Counterparty and shall allocate such amounts to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amounts as specified in subparagraphs (b), (c), (e), (g) and (i) through (k) of this Section 5.02 and (ii) the Total Distribution Amount for Pool 3 and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount as specified in subparagraphs (d), (f) and (h) of this SectionSection 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(d) Purchase Event but on or prior to a Pool 1-2 Termination Event and a Pool 3 Termination Event, the Trustee (or the Paying Agent acting on behalf of the Trustee) shall withdraw from the Certificate Account (i) the Total Distribution Amount for Pool 1 and Pool 2 (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (l) through (n) of this Section 5.02 and (ii) the Total Distribution Amount for Pool 3 (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraph (l) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. All allocations and distributions made between and with respect to Pool 1, Pool 2 and Pool 3 in this Section shall be made concurrently.
(b) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 1 Regular Interest (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Swap Account, the Group 1 Swap Percentage of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (including amounts remaining unpaid from previous Distribution Dates);
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty to the extent not paid previously from the Interest Remittance Amount for Pool 2 pursuant to Section 5.02(c)(i) below;
(iii) concurrently, to the Group 1 Senior Certificates, pro rata, Current Interest and any Carryforward Interest for such Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon; and
(iv) for application pursuant to Section 5.02(g) below, as part of Pool 1-2 Monthly Excess Cashflow for such Distribution Date, any Pool 1 Interest Remittance Amount remaining undistributed after application pursuant clauses (i) through (iii) of this Section 5.02(b).
(c) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 1 Regular Interests (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, the Group 2 Swap Percentage of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (including amounts remaining unpaid from previous Distribution Dates);
(ii) to the Class 2-A1 Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date; and
(iii) for application pursuant to Section 5.02(g) below, as part of Pool 1-2 Monthly Excess Cashflow for such Distribution Date, any Pool 2 Interest Remittance Amount remaining undistributed after application pursuant clauses (i) and (ii) of this Section 5.02(c).
(d) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 2 Regular Interests, the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date in the following order of priority:
(i) to the Senior Class WF-1 Certificates, pro rata, Accrued Certificate Current Interest and any Carryforward Interest for such Class Classes and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the each Class M-1 of Group 3 Subordinate Certificates, Accrued Certificate in accordance with the Group 3 Subordinate Priority, Current Interest and any Carryforward Interest for such Class Classes and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 CertificatesTrustee, Accrued Certificate Interest any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(iv) for such Class and application pursuant to Section 5.02(h) below, as part of Pool 3 Monthly Excess Cashflow for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Pool 3 Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining undistributed after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in application pursuant clauses (i) through (iii) aboveof this Section 5.02(d).
(e) On each Distribution Date or related Swap Payment Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 1 Regular Interests, the Class M-3 Trustee shall distribute the Principal Distribution AmountAmount for Pool 1 and Pool 2 for such date concurrently, as follows:
(i) On each Distribution Date (or, with respect to clause (A)(1), (A)(2), (B)(1), and (B)(2) below of this Section 5.02(e)(i), on the related Swap Payment Date) (a) prior to the Pool 1-2 Stepdown Date or (b) on or after the Pool 1-2 Stepdown Date and with respect to which a Pool 1-2 Trigger Event is in reduction of the Current Principal Amount thereofeffect, until the Current aggregate Certificate Principal Amount thereof has been reduced of the Group 1 Senior Certificates, the Group 2 Senior Certificates and the Group 1-2 Subordinate Certificates equals the Pool 1-2 Target Amount for such Distribution Date, , the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: The Principal Distribution Amount for Pool 1 shall be distributed in the following order of priority:
(1) for deposit into the Swap Account, any Net Swap Payment or Swap Termination Payment (not due to zeroa Swap Counterparty Trigger Event) owed to the Swap Counterparty (to the extent not deposited previously from the Interest Remittance Amount for Pool 1 and Pool 2 in accordance with Sections 5.02(b)(i) and (ii) and Sections 5.02(c)(i) and (ii), respectively);
(v2) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty to the extent not paid previously from the Interest Remittance Amount for Pool 1 and Pool 2 pursuant to Sections 5.02(b)(i) and (ii) and Sections 5.02(c)(i) and (ii), respectively, pursuant to Section 5.02(e)(i)(A)(1) above and, for so long as any of the Group 1-2 Subordinate Certificates are outstanding, from the Principal Distribution Amount for Pool 2 pursuant to Section 5.02(e)(i)(B)(1) below;
(3) to the holders Group 1 Senior Certificates, pro rata, based on (x) the aggregate Class Principal Amount of the Class B-1 1-A1, Class 1-A2, Class 1-A3 and Class 1-A4 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses and (iy) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each the Class of Certificates having a higher priority of distribution has been reduced to zero1-A5 Certificates, any remaining Principal Remittance Amount will be distributed as follows as follows;
(I) to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such 1-A1, Class has been reduced to zero.
(d) On or prior to each Determination Date1-A2, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month Class 1-A3 and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of 1-A4 Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.as follows
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Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount), and shall distribute such amount to the Certificate Insurer and the Holders of record of each Class of Certificates, in the following order of priority to the extent of remaining Available Distribution Amount:
(i) to the payment to the Certificate Insurer, the Aggregate Certificate Insurance Premium of the Class A4 Certificates for such Distribution Date;
(ii) to each Class of Senior Certificates (other than any Principal Only Certificates), the Accrued Certificate Interest Remittance thereon for such Distribution Date, as reduced, in each case, by such Class’ allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date; provided, however, that any shortfall in available amounts shall be allocated among the Classes of Senior Certificates in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon; and provided further, that any Accrued Certificate Interest allocable to a Class of Accrual Certificates shall not be distributable thereto until the Distribution Date immediately following the related Accretion Termination Date, but instead shall be distributable as provided in Section 5.02(f);
(iii) to each Class of Senior Certificates (other than any Principal Only Certificates), any Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts shall be allocated among the Classes of Senior Certificates in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon; and provided further, that any Interest Shortfall allocable to a Class of Accrual Certificates shall not be distributable thereto until the Distribution Date immediately following the related Accretion Termination Date, but instead shall be distributable as provided in Section 5.02(f);
(iv) to the Senior Certificates, other than any Notional Certificates, as set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word “approximately;” provided that all references to each Scheduled Certificate Principal Amount Schedule or PAC Principal Amount Schedule shall be deemed to refer to such schedule included in the Scheduled Balances Tables attached as Exhibit P-1 and P-2, respectively, hereto;
(v) to the Class AP Certificates, the AP Deferred Amount for such Class and Distribution Date, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the Subordinate Principal Distribution Amount for such date and (B) such amounts will not reduce the Class Principal Amount of such Class;
(vi) to the Certificate Insurer, any unreimbursed Insured Payments, plus all amounts due to the Certificate Insurer under the Insurance Agreement, together with interest thereon at the Late Payment Rate (collectively, the “Reimbursement Amounts”); and
(vii) to the Subordinate Certificates, in the following order of priority:
(iA) to the Senior Class B1 Certificates, pro rata, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced by such Class’s allocable share of any unpaid Accrued Certificate Net Prepayment Interest remaining unpaid from any prior Shortfalls for such Distribution Date;
(iiB) to the Class M-1 B1 Certificates, Accrued Certificate any Interest Shortfall for such Class and on such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iiiC) to the Class M-2 B1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiR) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Class of Certificates having a higher priority of distribution has been reduced to zerothe Subordinate Principal Distribution Amount for such Distribution Date, any remaining Principal Remittance Amount will be distributed to the remaining Certificates except as provided in the order of priority set forth above Section 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero.
(db) On or prior Net Prepayment Interest Shortfalls shall be allocated among the Certificates (other than any Principal Only Certificates) pro rata based on the Accrued Certificate Interest otherwise distributable thereon.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to each Determination Datethe contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the Master Servicer shall determine the amount definition of any Deferred Interest Subordinate Principal Distribution Amount will be made in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution DateClass B2, the aggregate amount of Deferred InterestClass B3, if anyClass B4, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Class B5 or Class B6 Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added to made in respect of the Current Principal Amount thereof Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will thereafter bear interest at be made in respect of the then applicable Pass-Through RateClass B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Co Mor Pass-THR Cer Ser 2002-19)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account, the Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount), and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates, in the following order of priority:
(i) to the each Class of Senior Certificates, pro rata, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced, in each case, by such Class’s allocable share of any unpaid Net Prepayment Interest Shortfalls for such Distribution Date; provided, however, that any shortfall in available amounts shall be allocated among the Classes of Senior Certificates in proportion to the amount of Accrued Certificate Interest remaining unpaid from any prior Distribution Date(as so reduced) that would otherwise be distributable thereon;
(ii) to the each Class M-1 of Senior Certificates, Accrued Certificate any Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Dateshortfall in available amounts shall be allocated among the Classes of Senior Certificates in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(iii) to the Class M-2 Senior Certificates, Accrued Certificate Interest for such Class and such Distribution Dateas set forth in the Senior Principal Priorities attached as Exhibit O hereto, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datewithout regard to references to the word “approximately;” and
(iv) to the Class M-3 Subordinate Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced by such Class’s allocable share of any unpaid Accrued Certificate Net Prepayment Interest remaining unpaid from any prior Shortfalls for such Distribution Date;
(vB) to the Class B-1 B1 Certificates, Accrued Certificate any Interest Shortfall for such Class and on such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(viC) to the Class B-2 B1 Certificates, Accrued Certificate Interest in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Class and such Distribution Date, plus any unpaid except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(D) to the Class B2 Certificates, the Accrued Certificate Interest remaining unpaid from thereon for such Distribution Date, as reduced by such Class’s allocable share of any prior Net Prepayment Interest Shortfalls for such Distribution Date;
(viiE) to the Class B-3 B2 Certificates, Accrued Certificate any Interest Shortfall for such Class and on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, plus any unpaid except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest remaining unpaid from thereon for such Distribution Date, as reduced by such Class’s allocable share of any prior Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiiR) any remaining Interest Remittance Amount to the Class R B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls shall be allocated among the Senior Certificates and the Subordinate Certificates pro rata based on the Accrued Certificate Interest otherwise distributable thereon.
(c) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date. If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date. If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph shall be allocated among the remaining Classes of Subordinate Certificates in proportion to their respective Class Principal Amounts.
(d) On each Distribution Date, the Trustee shall distribute to the Holder of the Class R Certificate any amounts remaining in the REMIC for such Distribution Date after application of all amounts described in paragraph (a) of this Section 5.02. Any distributions pursuant to this paragraph (d) shall not reduce the Class Principal Amount of the Class R Certificate.
(e) On each Distribution Date, the Trustee shall distribute the Principal Remittance Class P Distributable Amount for such date as follows:
(i) to the holders Holder of the Class R P Certificates and the Class A Certificates, in that order, E Distributable Amount for such date to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders Holder of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zeroE Certificate.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for such datepayment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee Trustee, to the extent of amounts on deposit in the Certificate Account, shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the Senior Certificates, pro rata, Accrued Certificate lesser of (x) any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty and (y) the Interest Remittance Amount for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Class M-1 A Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) sequentially, to the Class M-2 M1, Class M2, Class M3, Class M4 and Class B Certificates, Accrued Certificate in that order (the “Subordinate Priority”), Current Interest and any Carryforward Interest for each such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 CertificatesCredit Risk Manager, Accrued Certificate Interest the Credit Risk Manager’s Fee for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 CertificatesTrustee, Accrued Certificate Interest any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vi) for such Class and application as part of Monthly Excess Cashflow for such Distribution Date, plus as provided in subsection (d) of this Section, any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount remaining after application pursuant to the Class R Certificatesclauses (i) through (v) above.
(c) On each Distribution Date, the Trustee Trustee, to the extent of amounts on deposit in the Certificate Account, shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Class R Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount will be distributed in the following order of priority:
(A) for deposit into the Supplemental Interest Trust Account an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not paid from the Interest Remittance Amount pursuant to Section 5.02(b)) and (y) the Principal Distribution Amount for such Distribution Date;
(B) to the Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of such Class has been reduced to zero;
(iiiC) to the holders of the Class M-2 Subordinate Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amountsequentially, in reduction of accordance with the Current Principal Amount thereofSubordinate Priority, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero; and
(D) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (C) of this Section 5.02(c)(i). Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) for deposit into the Supplemental Interest Trust Account an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not paid from the Interest Remittance Amount pursuant to Section 5.02(b)) and (y) the Principal Distribution Amount for such Distribution Date;
(B) (1) so long as any of the Subordinate Certificates are outstanding, to the Senior Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) above and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; or (2) if none of the Subordinate Certificates are outstanding, to the Senior Certificates, the Principal Distribution Amount for such Distribution Date until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) and (B) above and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (C) above and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 and Class M2 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (D) above and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2 and Class M3 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (E) above and (y) the M4 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class B Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3 and Class M4 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (F) above and (y) the B Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(H) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (G) above.
(d) On or prior to For each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, any Monthly Excess Cashflow will be distributed in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate amount Certificate Principal Amount of Deferred Interestthe Offered Certificates equals the Target Amount for such Distribution Date, if any, that is added in the following order of priority:
(A) to the Scheduled Class A Certificates, in reduction of their Class Principal Balance Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(B) to each Class of Subordinate Certificates, sequentially, in accordance with the Mortgage Loans on Subordinate Priority, in reduction of their respective Class Principal Amounts, until the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Class Principal Amount of each such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the denominator following order of which is priority:
(A) to the Senior Certificates, until the Class Principal Amount of the Senior Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Current Class Principal Amount of such Classes of Class and the Senior Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in each case immediately prior reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Senior Certificates and the Class M1 Certificates, after giving effect to distributions on such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added , equals the M2 Target Amount;
(D) to the Current Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount thereof of such Class, the Senior Certificates and the Class M1 and Class M2 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Senior Certificates and the Class M1, Class M2 and Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M4 Target Amount; and
(F) to the Class B Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Senior Certificates and the Class M1, Class M2 and Class M3 and Class M4 Certificates, after giving effect to distributions on such Distribution Date, equals the B Target Amount;
(iii) to the Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for such Distribution Date, and then from the Basis Risk Reserve Fund, in the following order of priority:
(A) concurrently, in proportion to their respective Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, to the Class A Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(B) to each Class of Subordinate Certificates, sequentially, in accordance with the Subordinate Priority, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for each such Class and such Distribution Date; and
(C) to the Supplemental Interest Trust, for application pursuant to Section 5.02(e)(ix), any amounts remaining in the Basis Risk Reserve Fund, after taking into account distributions pursuant to clauses (A) and (B) above, in excess of the Required Reserve Fund Amount for such Distribution Date;
(iv) to each Class of Subordinate Certificates, sequentially, in accordance with the Subordinate Priority, any Deferred Amount for each such Class and such date;
(v) on the Distribution Date occurring in April 2010 (or the next succeeding Distribution Date on which sufficient funds are available in the Certificate Account to make such distributions to the Class P Certificates), $100 in payment of its Class P Principal Amount;
(vi) to the Supplemental Interest Trust, the Class X Distributable Amount (less any Basis Risk Payment for such Distribution Date) for such Distribution Date, for application pursuant to Section 5.02(e)(ix); and
(vii) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (vi) above.
(e) On each Distribution Date, the Trustee shall distribute the Supplemental Interest Trust Amount, together with any investment earnings on deposit in the Supplemental Interest Trust Account, for such date as follows:
(i) to the Swap Counterparty, any Net Swap Payment owed to the Swap Counterparty pursuant to the Swap Agreement for such Distribution Date;
(ii) to the Swap Counterparty, any Swap Termination Payment not due to a Swap Counterparty Trigger Event owed to the Swap Counterparty pursuant to the Swap Agreement;
(iii) to the Offered Certificates, Current Interest and will thereafter bear interest at any Carryforward Interest for each such Class and such Distribution Date; for application pursuant to the then applicable Pass-Through Ratepriorities set forth in Sections 5.02(b)(ii) and (b)(iii), to the extent unpaid pursuant to such Sections;
(iv) to the Offered Certificates, any amount necessary to maintain the Targeted Overcollateralization Amount specified in Sections 5.02(d)(i) and 5.02(d)(ii) for such Distribution Date, for application pursuant to the priorities set forth in such clauses, after giving effect to distributions pursuant to such clauses;
(v) to the Offered Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for each such class for such Distribution Date, for application pursuant to the priorities set forth in Sections 5.02(d)(iii)(A) and (B), to the extent unpaid pursuant to such clauses;
(vi) to the Subordinate Certificates, any Deferred Amount for each such class and such Distribution Date for application pursuant to the priorities set forth in Section 5.02(d)(iv), to the extent unpaid pursuant to such clause;
(vii) if applicable, to the Termination Receipts Account for application to the purchase of a replacement swap agreement pursuant to Section 5.09;
(viii) to the Swap Counterparty, any Swap Termination Payment due to a Swap Counterparty Trigger Event owed to the Swap Counterparty pursuant to the Swap Agreement;
(ix) to the Class X Certificates, any amount deposited into the Supplemental Interest Trust Account pursuant to Section 5.02(d)(iii)(C) or Section 5.02(d)(vi) and any remaining Supplemental Interest Trust Amount; and
(x) on the first Distribution Date on which the Class Principal Amount of each Class of Certificates has been reduced to zero, to the Class X Certificates, all amounts remaining in the Supplemental Interest Trust Account. With respect to each Distribution Date, the sum of all amounts distributed pursuant to clauses (iv) and (vi) above may not exceed cumulative Realized Losses incurred.
(f) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Class P Certificates.
Appears in 1 contract
Samples: Trust Agreement (SASCO Mortgage Loan Trust Series 2005-Gel2)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee Securities Administrator, as initial Paying Agent, shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee Securities Administrator shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Senior CertificatesCertificate Insurer, pro rata, Accrued the Aggregate Certificate Interest Insurance Premium due for such Class and such Distribution Date, plus any unpaid Accrued the Certificate Interest remaining unpaid from any prior Insurance Policy for that Distribution Date;
(ii) to the Class M-1 A Certificates, Accrued Certificate pro rata, Current Interest and any Carryforward Interest for such Class Classes and for such Distribution Date; provided, plus however, that if amounts distributable are insufficient to pay such amounts, any unpaid Accrued Certificate resulting shortfalls shall be allocated pro rata on the basis of Current Interest remaining unpaid from any prior and Carryforward Interest due such Classes on such Distribution Date;
(iii) concurrently, (a) to the Certificate Insurer, any due and owing Reimbursement Amounts and (b) to the Class M-2 A Certificates, Accrued Certificate all accrued and unpaid interest at the related Interest for Rate on any Deferred Amounts previously allocated and not previously distributed to such Class Classes and any Deferred Amounts previously allocated to such Distribution DateClasses and not previously reimbursed, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datepro rata, on the amounts owed under each subclause (a) and (b);
(iv) to the Class M-3 M1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M2 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 M3 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 CertificatesSecurities Administrator and the Trustee, Accrued Certificate Interest for such Class any amounts reimbursable pursuant to Section 4.04(b)(i) and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datenot previously reimbursed to the Securities Administrator or the Trustee; and
(viii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any remaining Interest Remittance Amount remaining after application pursuant to the Class R Certificatesclauses (i) through (vii) above.
(c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Class R Certificates A, Class M1, Class M2 and Class A M3 Certificates equals the Target Amount for such Distribution Date, the Securities Administrator shall distribute the Principal Distribution Amount in the following order of priority:
(A) to the Class A4A and Class A4B Certificates, in that order, to the extent of the Principal Remittance Amountpro rata, the Senior Principal Distribution Class A4 Priority Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of each such Class has been reduced to zero;
(iiiB) sequentially to the Class A Certificates (other than the Class A4A and Class A4B Certificates) in the following order of priority:
(1) to the holders of the Class M-2 A1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof has been reduced to zero;
(iv2) to the holders of the Class M-3 A2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(v3) to the holders of the Class B-1 A3A and Class A3B Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereofpro rata, until the Current Class Principal Amount thereof has been reduced to zero;
(vi) to the holders of the such Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(viiC) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 M1 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Class Principal Amounts thereof have Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(viiiF) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (E) above. The priority of distributions set forth in sub-clauses (A) and (B) above is referred to hereinafter as the “Senior Priority.” Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) to the holders Class A Certificates in accordance with the Senior Priority, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, if none of the Class R M1, Class M2 or Class M3 Certificates are outstanding, the entire Principal Distribution Amount on such Distribution Date will be distributable to the Class A Certificates (in accordance with the Senior Priority);
(B) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates on such date pursuant to clause (A) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates and the Class M1 Certificates on such date pursuant to clauses (A) and (B) above, respectively, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates, the Class M1 Certificates and the Class M2 Certificates on such date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(E) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to sub-clauses (A) through (D) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above above.
(d) On each Distribution Date, the Securities Administrator shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) For each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date if a Trigger Event is in effect on such Distribution Date, then until the aggregate Certificate Principal Amount of the Certificates equals the Pool Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such Distribution Date, in reduction of the Class Principal Amounts of the Certificates and in the following order of priority:
(A) to the Class A Certificates, in reduction of their respective Class Principal Amounts, in accordance with the Senior Priority, until the Class Principal Amounts thereof have been reduced to zero;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of each such Class has been reduced to zero.;
(dC) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to Section 3.20. With respect zero; and
(D) to any the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority,
(A) to the Class A Certificates, in accordance with the Senior Priority, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate amount of Deferred InterestClass Principal Amount for such Class and the Class A Certificates, if anyafter giving effect to distributions on such Distribution Date, that is added equals the M1 Target Amount;
(C) to the Scheduled Class M2 Certificates, in reduction of their Class Principal Balance Amount, until the aggregate Class Principal Amount for such Class, the Class M1 and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount; and
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Mortgage Loans aggregate Class Principal Amount for such Class, the Class M2 Certificates, the Class M1 Certificates and the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the Due Date occurring in M3 Target Amount;
(iii) from the month in which Reserve Fund, first, to the Class A1 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date occurs will be added and, second, to the Current Principal Amounts Class X Certificates, the sum of (a) any amounts remaining in the Reserve Fund, after taking into account distributions pursuant to clause first above, in excess of the Required Reserve Fund Amount for such Distribution Date, and (b) any amounts payable under the Cap Agreement and distributable to the Class X Certificates on a under Section 5.07(b);
(iv) to the Class A Certificates, pro rata basis based on a fractiontheir respective Net Funds Cap Shortfalls plus all related Unpaid Net Funds Cap Shortfalls, the numerator of which is the Current Principal Amount of any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for each such Class and such Distribution Date (with any such calculation being made after giving effect to clause (iii) above);
(v) to the denominator of which is the aggregate Current Principal Amount of such Classes of Class M1 Certificates, in each case immediately prior to any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date. ;
(vi) to the Class M2 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vii) to the Class M3 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(viii) to the Class A Certificates, any Deferred Interest allocated Amount for such class and such date;
(ix) to the Class M1 Certificates, any Certificate Deferred Amount for such Class and such Distribution Date;
(x) to the Class M2 Certificates, any Deferred Amount for such Class and such Distribution Date;
(xi) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(xii) to the Class X Certificate, the Class X Distributable Amount for such Distribution Date;
(xiii) on any the earlier of (a) Distribution Date will be added occurring in August 2009 (or the next occurring Distribution Date on which sufficient funds are available in the Certificate Account) and (b) the final Distribution Date, to the Current Class P Certificates, $100 in payment of its Class P Principal Amount thereof Amount; and
(xiv) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (xii) above.
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Holders of the Class P Certificates.
(f) Any payments made pursuant to Section 5.02(b)(iii)(b) on a Distribution Date shall be made in the following order of priority:
(i) to the Class A Certificates, all accrued and will thereafter bear unpaid interest at the then related Certificate Interest Rate for each applicable Pass-Through RateClass on any Deferred Amounts previously allocated to such Class, pro rata based on amounts of such accrued and unpaid interest owed to each such Class, for such Distribution Date; and
(ii) to the Class A Certificates, any Deferred Amounts previously allocated to such Class, pro rata based on the Deferred Amounts owed to each such Class, for such Distribution Date.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event or a Trust Fund Termination Event, as applicable, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount and amounts that are available for such date, payment to the Swap Counterparty and shall allocate such amount amounts to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount amounts as specified in subparagraphs (b) through (i) of this SectionSection 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. All allocations and distributions made between and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently.
(b) (A) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the Senior Certificates, pro rata, Accrued Certificate lesser of (x) the Group 1 Swap Percentage of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for Pool 1 for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Class M-1 Certificates, Accrued Certificate Swap Counterparty to the extent not paid in clause (i) above or from the Interest Remittance Amount for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution DatePool 2 pursuant to clause (b)(B)(i) below;
(iii) concurrently, to the Class M-2 Group 1 Senior Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and Classes for such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateand Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iv) for application pursuant to the Class M-3 Certificatesclause (b)(C) below, Accrued Certificate any such Interest Remittance Amount for such Class and Pool 1 remaining undistributed for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section. All allocations and distributions made between and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) concurrently, to the Senior CertificatesClass A1 Certificates and the A-IO(1) Component, pro rataCurrent Interest (taking into account the Pool 1 Net Funds Cap, Accrued Certificate if applicable) for such Class and Component and such Distribution Date and any Carryforward Interest for such Class and Component and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateshall be allocated among the Class A1 Certificates and the A-IO(1) Component in proportion to the amount of Current Interest (as so reduced) that would otherwise be distributable thereon;
(ii) concurrently, to the Class M-1 CertificatesA2, Accrued Certificate Class A3 and Class A4 Certificates and the A-IO(2) Component, Current Interest (taking into account distributions pursuant to Subsection 5.02(c)(ii) below and the Pool 2 Net Funds Cap, if applicable) for each such Class and Component and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for each such Class and Component and such Distribution Date;
(iii) to the Class M-2 M1 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M2 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M3 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Samples: Trust Agreement (Amoritizing Residential Col Tr Mor Pas Thru Cer Ser 2002-Bc6)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section. All allocations and distributions made between and with respect to Pool 1 and Pool 2 in this Section 5.02 shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of prioritypriority based on the report of the Master Servicer:
(i) concurrently, to the Senior Class A1 Certificates and the Class A-IO Certificates, pro rataCurrent Interest (taking into account in the case of the Class A1 Certificates the Pool 1 Net Funds Cap, Accrued Certificate if applicable) for each such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Class M-1 A2 Certificates, Accrued Certificate Current Interest (taking into account the Pool 2 Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 M1 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap) for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M2 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap) for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 B Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap) for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 CertificatesLoss Mitigation Advisor, Accrued Certificate Interest the product of (a) the Loss Mitigation Advisor's Fee divided by twelve and (b) the Pool Percentage for Pool 1 for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 CertificatesMaster Servicer, Accrued Certificate Interest for such Class any amounts reimbursable pursuant to Section 4.02(v) and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datenot previously reimbursed to the Master Servicer; and
(viii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any remaining Interest Remittance Amount remaining after application pursuant to the Class R Certificatesclauses (i) through (vii) above.
(c) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority based on the report of the Master Servicer:
(i) to the Class A2 Certificates, Current Interest (taking into account the Pool 2 Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ii) concurrently, to the Class A1 Certificates and the Class Al-IO Certificates, Current Interest (taking into account in the case of the Class A1 Certificates the Pool 1 Net Funds Cap, if applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date;
(iii) to the Class M1 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date;
(iv) to the Class M2 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date;
(v) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date;
(vi) to the Loss Mitigation Advisor, the product of (a) the Loss Mitigation Advisor's Fee divided by twelve and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(vii) to the Master Servicer, any amounts reimbursable pursuant to Section 4.02(v) and not previously reimbursed to the Master Servicer; and
(viii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vii) above.
(d) On each Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee will make the following distributions: For Pool 1: Until the aggregate Certificate Principal Amount of the Class R Certificates A1, Class A2, Class M1, Class M2 and Class A CertificatesB Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in that order, the following order of priority:
(A) to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereofClass A1 Certificates, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of such Class has been reduced to zero;
(iiiB) to the holders of the Class M-2 A2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(ivC) to the holders of the Class M-3 M1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(vD) to the holders of the Class B-1 M2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(viE) to the holders of the Class B-2 B Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero; and
(viiF) to the holders for application as part of the Class B-2Monthly Excess Cashflow for such Distribution Date, Class B-1as provided in subsection (e) of this Section, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the any Principal Remittance Distribution Amount for Pool 1 remaining after the distributions in application pursuant to clauses (iA) through (viE) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mor Pas THR Cer Se 2001-Bc5)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount with respect to each Mortgage Pool, and shall distribute such amount to the Class 2-A5 Certificate Insurer, to itself and to the Holders of record of each Class of Certificates, in the following order of priority based on the report of the Securities Administrator:
(i) from the Available Distribution Amount for Pool 2, to the Class 2-A5 Certificate Insurer, the Aggregate Class 2-A5 Certificate Insurance Premium;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group (other than any Class of Principal Only Certificates), the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of the related Certificate Group in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(iii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group (other than any Class of Principal Only Certificates), any related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of the related Certificate Group in proportion to the Interest Remittance Shortfall for each such Class on such Distribution Date;
(iv) from the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates of the related Certificate Group (other than any Class of Notional Certificates), as follows:
(A) to the Class 1-A1, Class 1-A3, Class 1-A5, Class 1-A7, Class 1-AP and Class R Certificates, from the Available Distribution Amount for Pool 1 for such date Distribution Date, in reduction of their respective Class Principal Amounts, concurrently, as follows:
(1) to the Class 1-A1, Class 1-A3, Class 1-A5, Class 1-A7 and Class R Certificates, the Senior Principal Distribution Amount for Pool 1 for such Distribution Date, in the following order of priority:
(ia) to the Senior Class 1-A7 Certificates, pro rata, Accrued Certificate Interest the lesser of (i) the Class 1-A7 Priority Amount for such Class Distribution Date and (ii) 98.6% of the Senior Principal Distribution Amount for Pool 1 for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to until the Class M-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(viib) to the holders of the Class B-21-A1, Class B-11-A3, Class M-3, Class M-2, Class M-1, Class A 1-A5 and Class B-3 R Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of their respective Class Principal Amounts, the Current remaining Senior Principal Amounts thereofDistribution Amount for Pool 1 for such Distribution Date, until in the Current Principal Amounts thereof have been reduced to zero; andfollowing order of priority:
(viiiI) to the holders of the Class R Certificates. Notwithstanding the foregoingCertificate, on any Distribution Date on which until the Class Principal Amount of each Class of Certificates having a higher priority of distribution thereof has been reduced to zero, any remaining Principal Remittance Amount will be distributed ;
(II) to the remaining Certificates in the order Class 1-A1 and Class 1-A3 Certificates, until a total of priority set forth above until the Class Principal Amount of each such Class $1,650,000 has been reduced to zero.
distributed under this clause (div)(A)(1)(b)(II) On or prior to for each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interestconcurrently, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.as follows:
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 2000 3)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for (to the extent such date, amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Senior Certificatesconcurrently, pro rata, Accrued Certificate to the Class A1, Class A2, Class A-IO and Class A-SIO Certificates, Current Interest (taking into account the Net Funds Cap, if applicable) for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateshall be allocated among the Class A1, Class A2, Class A-IO and Class A-SIO Certificates in proportion to the amount of Current Interest (as so reduced) that would otherwise be distributable thereon;
(ii) to the Class M-1 M1 Certificates, Accrued Certificate Current Interest (taking into account the Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 M2 Certificates, Accrued Certificate Current Interest (taking into account the Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M3 Certificates, Accrued Certificate Current Interest (taking into account the Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M4 Certificates, Accrued Certificate Current Interest (taking into account the Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 B Certificates, Accrued Certificate Current Interest (taking into account the Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 CertificatesCredit Risk Manager, Accrued Certificate Interest the Credit Risk Manager’s Fee for such Class Distribution Date;
(viii) to the Trustee and the Master Servicer, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee and the Master Servicer; and
(ix) for application as part of Monthly Excess Cashflow for such Distribution Date, plus as provided in subsection (e) of this Section, any unpaid Accrued Certificate Interest Remittance Amount remaining unpaid from any prior Distribution Date; and
after application pursuant to clauses (i) through (viii) any remaining Interest Remittance Amount to the Class R Certificatesabove.
(c) [Reserved]
(d) On each Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Class R Certificates A1, Class A2, Class M1, Class M2, Class M3, Class M4 and Class A CertificatesB Certificates equals the Target Amount for such Distribution Date, in that order, to the extent of the Principal Remittance Amount, Distribution Amount will be distributed in the Senior Principal Distribution Amount, in reduction following order of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;priority:
(ii1) to the holders of Class A1 Certificates until the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of such Class has been reduced to zero;
(iii2) to the holders of Class A2 Certificates until the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of such Class has been reduced to zero;
(iv3) to the holders of the Class M-3 M1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(v4) to the holders of the Class B-1 M2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(vi5) to the holders of the Class B-2 M3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(vii8) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (7) of this Section 5.02(d)(i).
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(1) so long as the Class M1, Class M2, Class M3, Class M4 or Class B Certificates are outstanding, to the holders Class A1 and Class A2 Certificates, sequentially, in that order, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date until the Class Principal Amount of each such Class has been reduced to zero; provided, however, that if none of the Class B-2M1, Class B-1M2, Class M-3M3, Class M-2M4 or Class B Certificates are outstanding, then to the Class M-1, Class A A1 and Class B-3 A2 Certificates, sequentially, in that order, the Principal Remittance Distribution Amount remaining after for such Distribution Date until the distributions in Class Principal Amount of each such Class has been reduced to zero;
(2) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1 and Class A2 Certificates on such date pursuant to clause (1) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2 and Class M1 Certificates on such date pursuant to clauses (i1) and (2) above, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1 and Class M2 Certificates on such date pursuant to clauses (1) through (vi3) above, in reduction of and (y) the Current M3 Principal Amounts thereofDistribution Amount for such date, until the Current Class Principal Amounts thereof have Amount of such Class has been reduced to zero;
(5) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1, Class M2 and Class M3 Certificates on such date pursuant to clauses (1) through (4) above, respectively, and (y) the M4 Principal Distribution Amount for such date, until the Class Principal Amount of each such Class has been reduced to zero;
(6) to the Class B Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1, Class M2, Class M3 and Class M4 Certificates on such date pursuant to clauses (1) through (6) above, respectively, and (y) the B Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(viii7) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Principal Distribution Amount remaining after application pursuant to the holders of the Class R Certificatesclauses (1) through (6) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(de) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Certificate Principal Balance Amount of the Mortgage Loans on LIBOR Certificates equals the Due Date occurring in the month in which Aggregate Loan Balance for such Distribution Date occurs will be added minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority:
(A) to the Current Class A1 Certificates, in reduction of their Class Principal Amounts of Amount, until the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Class Principal Amount of such Class has been reduced to zero;
(B) to the Class A2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(G) to the Class B Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority:
(A) to the Class A1 and Class A2 Certificates, sequentially in that order, in reduction of their respective Class Principal Amounts until the aggregate Class Principal Amount of the Class A1 and Class A2 Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class and the Class A1 and Class A2 Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class M1, Class A1 and Class A2 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class M1, Class M2, Class A1 and Class A2 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class M1, Class M2, Class M3, Class A1 and Class A2 Certificates, after giving effect to distributions on such Distribution Date, equals the M4 Target Amount; and
(F) to the Class B Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Class M4, Class M3, Class M2, Class M1, Class A1 and Class A2 Certificates, after giving effect to distributions on such Distribution Date, equals the B Target Amount;
(iii) to the Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for such Distribution Date, and then from the Basis Risk Reserve Fund in the following order of priority:
(A) concurrently, in proportion to their respective Unpaid Basis Risk Shortfalls, after giving effect to previous distributions on such Distribution Date, to the Class A1 and Class A2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. ;
(B) to the Class M1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and Distribution Date;
(C) to the Class M2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and Distribution Date;
(D) to the Class M3 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(E) to the Class M4 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and for such Distribution Date;
(F) to the Class B Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date; and
(G) to the Class X Certificateholder, the sum of (a) any amounts remaining in the Basis Risk Reserve Fund, after taking into account distributions pursuant to clauses (A) through (F) above, in excess of the Required Reserve Fund Amount for such Distribution Date, and (b) any amounts paid by the Cap Provider to the Trust Fund with respect to the Class X Cap;
(iv) to the Class M1 Certificates, any Deferred Interest allocated Amount for such Class and such Distribution Date;
(v) to the Class M2 Certificates, any Certificate Deferred Amount for such Class and such Distribution Date;
(vi) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vii) to the Class M4 Certificates, any Deferred Amount for such Class and such Distribution Date;
(viii) to the Class B Certificates, any Deferred Amount for such Class and such Distribution Date; and
(ix) on any the Distribution Date will be added occurring in August 2008 (or the next succeeding Distribution Date on which sufficient funds are available in the Certificate Account to make such distributions to the Current Class P Certificates), $100 in payment of its Class P Principal Amount;
(x) to the Class X Certificate, the Class X Distributable Amount thereof for such Distribution Date; and
(xi) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (x) above.
(f) On each Distribution Date Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period and will thereafter bear interest at received by the then applicable Pass-Through RateTrustee shall be distributed to the Class P Certificate.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 S1)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount) with respect to each Mortgage Pool, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates, in the following order of priority:
(i) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the Senior related Certificate Group (other than any related Principal Only Certificates), pro rata, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced, in each case, by such Class's allocable share of any unpaid Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates of the related Certificate Group in proportion to the amount of Accrued Certificate Interest remaining unpaid from (as so reduced) that would otherwise be distributable thereon; and provided further, that any prior Accrued Certificate Interest allocable to a Class of Accrual Certificates shall not be distributable thereto until the Distribution DateDate immediately following the related Accretion Termination Date but instead shall be distributable as provided in Section 5.02(e);
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group (other than any related Principal Only Certificates), any related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates of the related Certificate Group in proportion to the Class M-1 Certificatesamount of such interest (as so reduced) that would otherwise be distributable thereon; and provided further, that any Accrued Certificate Interest for such allocable to a Class and such of Accrual Certificates shall not be distributable thereto until the Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution DateDate immediately following the related Accretion Termination Date but instead shall be distributable as provided in Section 5.02(e);
(iii) from the remaining Available Distribution Amount for each Mortgage Pool to the Senior Certificates of any Class M-2 of Senior Certificates of each Certificate Group, other than any related Notional Certificates, Accrued as set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word "approximately"; provided that all references to each PAC Principal Amount Schedule , Scheduled Certificate Interest for Principal Amount Schedule or TAC Principal Amount Schedule shall be deemed to refer to such Class schedule included in the Scheduled Balances Table attached as Exhibits P-1, P-2 and such Distribution DateP-3, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Daterespectively hereto;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates 1-AP and Class A Certificates, in that order2-AP, to the extent of the Principal Remittance Amountremaining Available Distribution Amount for each Mortgage Pool, the Senior AP Deferred Amount for such Class and Distribution Date, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution AmountAmount for each Mortgage Pool for such date; (B) such amounts will not reduce the Class Principal Amounts of such Classes; and (C) in the event the aggregate Subordinate Principal Distribution Amount for each Mortgage Pool is insufficient to fully pay the Class 1-AP and Class 2-AP Certificates, the amount shall be distributed pro rata to such Classes on the basis of their respective AP Deferred Amounts; and
(v) from the remaining Available Distribution Amount for each Mortgage Pool, subject to the prior distribution of amounts pursuant to Section 5.02(g) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinate Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiR) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Class of Certificates having a higher priority of distribution has been reduced to zeroSubordinate Principal Distribution Amount for such Distribution Date, any remaining Principal Remittance Amount will be distributed to the remaining Certificates except as provided in the order of priority set forth above Section 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero.
(db) On or prior to Net Prepayment Interest Shortfalls for each Determination DateMortgage Pool shall be allocated among the Certificates of the related Certificate Group (other than any related Principal Only Certificates) pro rata based on (i) in the case of the related Non-AP Senior Certificates, the Master Servicer shall determine Accrued Certificate Interest otherwise distributable thereon, and (ii) in the amount case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Deferred Interest Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution DateClass B2, the aggregate amount of Deferred InterestClass B3, if anyClass B4, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Class B5 or Class B6 Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added to made in respect of the Current Principal Amount thereof Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will thereafter bear interest at be made in respect of the then applicable Pass-Through RateClass B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Ce Se 2002 17)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates, in the following order of priority:
(i) to payment of the Senior Certificates, pro rata, Accrued Certificate Interest Trustee Fee for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) from the remaining Available Distribution Amount, to the each Class M-1 of Senior Certificates, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced by such Class's allocable share of any unpaid Net Prepayment Interest Shortfalls for such Distribution Date; provided, however, that any shortfall in available amounts for the Mortgage Pool shall be allocated among the Classes of Certificates in proportion to the amount of Accrued Certificate Interest remaining unpaid from any prior Distribution Date(as so reduced) that would otherwise be distributable thereon;
(iii) from the remaining Available Distribution Amount, to the each Class M-2 of Senior Certificates, Accrued Certificate any related Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in available amounts shall be allocated among the Classes of Certificates in proportion to the Interest remaining unpaid from any prior Shortfall for each such Class on such Distribution Date;
(iv) from the remaining Available Distribution Amount, to the Senior Certificates (other than the Class M-3 A2X1 and Class A2X2 Certificates), Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) an amount equal to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Senior Principal Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to Amount in reduction of the Class B-2 CertificatesPrincipal Amounts thereof, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date sequentially as follows:
(iA) first, to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution AmountCertificate, in reduction of its Class Principal Amount, until its Class Principal Amount has been reduced to zero; and
(B) second, pro rata, to the Current Class A1 and Class A2 Certificates, in reduction of their Class Principal Amount, until their Class Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(iiv) from the remaining Available Distribution Amount, to the Subordinated Certificates, in the following order of priority:
(A) to the holders Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class M-1 B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution AmountB1 Certificates, in reduction of the Current Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Balance thereof has been reduced to zero;
(D) to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(iiiG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-2 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(ivJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class M-3 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Balance thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(S) sequentially, to the Class B1, Class B2, Class B3, Class B4, Class B5 and Class B6 Certificates, from amounts otherwise paid to the Class BX Certificates pursuant to clause 5.02(a)(v)(T), the Subordinate Floating Rate Certificate Shortfall and Unpaid Subordinate Floating Rate Certificate Shortfall for each such class;
(T) to the Class BX Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(U) to the Class BX Certificates, any Interest Shortfall for such Class on such Distribution Date (provided, however, that the Class BX Certificates shall not be entitled to reimbursement for amounts distributed to the Class B1, Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates in respect of Subordinate Floating Rate Certificate Shortfalls or Unpaid Subordinate Floating Rate Certificate Shortfalls);
(V) to the Class B7 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(W) to the Class B7 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(X) to the Class B7 Certificates, in reduction of the Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(vY) to the holders Class B8 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Z) to the Class B-1 B8 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(AA) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB8 Certificates, in reduction of the Current Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Amount Balance thereof has been reduced to zero;
(viBB) to the holders Class B9 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(CC) to the Class B-2 B9 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(DD) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB9 Certificates, in reduction of the Current Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount Balance thereof has been reduced to zero;
(EE) to the Class B10 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(FF) to the Class B10 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiGG) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B10 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Class Principal Amounts Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Amounts Balance thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(b) Net Prepayment Interest Shortfalls shall be allocated among the Certificates pro rata based on the Accrued Certificate Interest otherwise distributable thereon.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5, Class B6, Class B7, Class B8, Class B9 or Class B10 Certificates on such Distribution Date; (ii) if on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5, Class B6, Class B7, Class B8, Class B9 or Class B10 Certificates on such Distribution Date; (iii) if on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5, Class B6, Class B7, Class B8, Class B9 or Class B10 Certificates on such Distribution Date; (iv) if on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5, Class B6, Class B7, Class B8, Class B9 or Class B10 Certificates on such Distribution Date; (v) if on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described 72 in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6, Class B7, Class B8, Class B9 or Class B10 Certificates on such Distribution Date; (vi) if on any Distribution Date the Credit Support Percentage for the Class B6 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B7, Class B8, Class B9 or Class B10 Certificates on such Distribution Date; (vii) if on any Distribution Date the Credit Support Percentage for the Class B7 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B8, Class B9 or Class B10 Certificates on such Distribution Date; (viii) if on any Distribution Date the Credit Support Percentage for the Class B8 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B9 or Class B10 Certificates on such Distribution Date; and (ix) if on any Distribution Date the Credit Support Percentage for the Class B9 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the B10 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Subordinate Classes in proportion to their respective Certificate Principal Amounts.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount Trustee shall distribute to Holders of Deferred Interest, if any, that is added the Class P Certificates any Prepayment Penalty Amounts related to the Scheduled Principal Balance Mortgage Pool for such Distribution Date.
(e) On each Distribution Date, the Trustee shall distribute to the Holder of the Mortgage Loans on the Due Date occurring in the month in which Class R Certificate any Available Distribution Amount remaining for such Distribution Date occurs will be added to the Current Principal Amounts after application of the Certificates on a pro rata basis based on a fraction, the numerator all amounts described in paragraph (a) and (d) of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Ratethis Section 5.
Appears in 1 contract
Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust Series 2005-2)
Distributions from the Certificate Account. (a) On each --------------------------------------------- Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount for such datewith respect to each Mortgage Pool, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified to itself (in this Section.
the case of clause (bi)) On and to the Holders of record of each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date Class of Certificates in the following order of priority:
(i) from the Available Distribution Amount for each Mortgage Pool, to the Senior CertificatesTrustee, pro rata, Accrued Certificate Interest the Trustee Fee allocable to such Mortgage Pool for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group (other than any Class M-1 of Principal Only Certificates), the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced by such Class's allocable share of any unpaid Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated between the Classes of the related Certificate Group in proportion to the amount of Accrued Certificate Interest remaining unpaid from any prior Distribution Date(as so reduced) that would otherwise be distributable thereon;
(iii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group (other than any Class M-2 of Principal Only Certificates), Accrued Certificate any related Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued shortfall in available amounts for each Mortgage Pool shall be allocated between the Classes of the related Certificate Group in proportion to the Interest remaining unpaid from any prior Shortfall for each such Class on such Distribution Date;
(iv) from the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates of the related Certificate Group (other than any Class M-3 of Notional Certificates), Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(iA) to the holders Class 1-A and Class 1-AP Certificates, from the Available Distribution Amount for Pool 1 for such Distribution Date, in reduction of their respective Class Principal Amounts, concurrently, as follows:
(1) to the Class R Certificates and Class 1-A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereofAmount for Pool 1 for such Distribution Date, until the Current Class Principal Amounts Amount thereof have has been reduced to zero;; and
(ii2) to the holders of the Class M-1 1-AP Certificates, to the extent of the portion of the Principal Remittance AP Distribution Amount remaining after the distribution in clause (i) above, the Class M-1 Principal for Pool 1 for such Distribution Amount, in reduction of the Current Principal Amount thereofDate, until the Current Class Principal Amount thereof has been reduced to zero;
(iiiB) to the holders of the Class M-2 2-A, Class 2-AP and Class R Certificates, to from the extent of the portion of the Principal Remittance Available Distribution Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal for Pool 2 for such Distribution AmountDate, in reduction of their respective Class Principal Amounts, concurrently, as follows:
(1) sequentially, to the Current Class 2-Aand Class R Certificates, in that order, the Senior Principal Distribution Amount thereoffor Pool 2 for such Distribution Date, until the Current Class Principal Amount of each such Class has been reduced to zero; and
(2) to the Class 2-AP Certificates, the AP Principal Distribution Amount for Pool 2 for such Distribution Date, until the Class Principal Amount thereof has been reduced to zero;
(ivC) to the holders of the Class M-3 3-A and Class 3-AP Certificates, to from the extent of the portion of the Principal Remittance Available Distribution Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal for Pool 3 for such Distribution AmountDate, in reduction of their respective Class Principal Amounts, concurrently, as follows:
(1) to the Current Class 3-A Certificates, the Senior Principal Distribution Amount thereoffor Pool 3 for such Distribution Date, until the Current Class Principal Amount thereof has been reduced to zero; and
(2) to the Class 3-AP Certificates, the AP Distribution Amount for Pool 3 for such Distribution Date, until the Class Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 1-AP, Class 2-AP and Class 3-AP Certificates, to the extent of the portion of the Principal Remittance remaining Available Distribution Amount remaining after the distributions in clauses (i) through (iv) abovefor each Mortgage Pool, the Class B-1 AP Deferred Amount for such Class and Distribution Date, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution AmountAmount for all Mortgage Pools for such date; (B) such amounts will not reduce the Class Principal Amounts of such Classes; and (C) in the event the aggregate Subordinate Principal Distribution Amount for all Mortgage Pools is insufficient to fully pay the Class AP Deferred Amount for the Class 1-AP, Class 2-AP and Class 3-AP Certificates, such amount shall be distributed pro rata to such Classes on the basis of their respective Class AP Deferred Amounts; and
(vi) from the remaining Available Distribution Amount for all Mortgage Pools, subject to the prior distribution of amounts pursuant to Section 5.02(e) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinated Certificates, as follows:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Current Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Balance thereof has been reduced to zero;
(D) to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(viG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B-2 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB3 Certificates, in reduction of the Current Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero; and;
(viiJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B4 Certificates, in that order, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) aboveClass B4 Certificates, in reduction of the Current Certificate Principal Amounts Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Amounts Balance thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any remaining Principal Remittance Amount will be distributed Interest Shortfall for such Class on such Distribution Date;
(O) to the remaining Certificates Class B5 Certificates, in reduction of the order Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of priority set forth above each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Balance thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Class Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates of the related Certificate Group (other than any related Principal Only Certificates) pro rata based on (i) in the case of the Non-AP Senior Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
(v) If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Subordinate Classes in proportion to their respective Certificate Principal Amounts.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added Trustee shall distribute to the Scheduled Principal Balance Holder of the Mortgage Loans on the Due Date occurring Class R Certificate any amounts remaining in the month in which Upper Tier REMIC for such Distribution Date occurs will be added to the Current Principal Amounts after application of the Certificates on a pro rata basis based on a fraction, the numerator all amounts described in paragraph (a) of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Ratethis Section 5.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of prioritypriority based on the report of the Master Servicer:
(i) concurrently, to the Senior Class A Certificates and the Class A-IO Certificates, pro rata, Accrued Certificate Current Interest for each such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Class M-1 M1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 M2 Certificates, Accrued Certificate Current Interest and any Carryforward Interests for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M3 Certificates, Accrued Certificate Current Interest and any Carryforward Interests for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 B1 Certificates, Accrued Certificate Current Interest and any Carryforward Interests for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 CertificatesCredit Risk Manager, Accrued Certificate Interest the Credit Risk Manager’s Fee for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 CertificatesMaster Servicer, Accrued Certificate Interest for such Class any amounts reimbursable pursuant to Section 4.02(v) and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datenot previously reimbursed to the Master Servicer; and
(viii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any remaining Interest Remittance Amount remaining after application pursuant to the Class R Certificatesclauses (i) through (vii) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Class Principal Amount of the Class R A, Class M1, Class M2, Class M3 and Class B1 Certificates and equals the Target Amount for such Distribution Date, the Trustee will distribute the Principal Distribution Amount in the following order of priority:
(A) to the Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of such Class has been reduced to zero;
(iiiB) to the holders of the Class M-2 M1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(ivC) to the holders of the Class M-3 M2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(vD) to the holders of the Class B-1 M3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(viE) to the holders of the Class B-2 B1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero; and
(viiF) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (E) above. Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(1) so long as the Class M1, Class M2, Class M3 or Class B1 Certificates are outstanding, to the Class A Certificates, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date until the Class Principal Amount of such Class has been reduced to zero; otherwise to the Class A Certificates, the Principal Distribution Amount for such Distribution Date until the Class Principal Amount of such Class has been reduced to zero;
(2) to the holders Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class B-2A Certificates on such date pursuant to clause (1) above, and (y) the M1 Principal Distribution Amount for such date, until the Class B-1Principal Amount of such Class has been reduced to zero;
(3) to the Class M2 Certificates, Class M-3, Class M-2, Class M-1, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A and Class B-3 M1 Certificates on such date pursuant to clauses (1) and (2) above, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(4) to the Class M3 Certificates, in that order, an amount equal to the lesser of (x) the excess of (a) the Principal Remittance Distribution Amount remaining after for such Distribution Date over (b) the distributions in amount distributed to the Class A, Class M1 and Class M2 Certificates on such date pursuant to clauses (i1) through (vi3) above, in reduction of and (y) the Current M3 Principal Amounts thereofDistribution Amount for such date, until the Current Class Principal Amounts thereof have Amount of such Class has been reduced to zero;
(5) to the Class B1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1, Class M2 and Class M3 Certificates on such date pursuant to clauses (1) through (4) above, respectively, and (y) the B1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(viii6) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to the holders of the Class R Certificatesclauses (1) through (5) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date, and for purposes of distributions pursuant to Section 5.02(d)(iii), (viii), (ix), (x) and (xi), any amounts distributable from the Basis Risk Reserve Fund, and for purposes of distributions pursuant to Section 5.02(d) (viii) and (x), any amounts distributable from the Class B2 Reserve Fund, and for purposes of distributions pursuant to Sections 5.02(d)(viii) through (xi), and Section 5.02(e), any Prepayment Premiums available for distribution on such Distribution Date, in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Certificate Principal Balance Amount of the Mortgage Loans on LIBOR Certificates equals the Due Date occurring in the month in which Pool Balance for such Distribution Date occurs will be added minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority,
(A) to the Current Class A Certificates, in reduction of their Class Principal Amounts of Amounts, until the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Class has been reduced to zero;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amounts, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amounts, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amounts, until the Class Principal Amount of such Class has been reduced to zero; and
(E) to the Class B1 Certificates, in reduction of their Class Principal Amounts, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each case immediately prior Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority,
(A) to the Class A Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates, after giving effect to distributions on such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added , equals the Senior Target Amount;
(B) to the Current Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount thereof of the Class A and Class M1 Certificates, after giving effect to distributions on such Distribution Date Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of the Class A, Class M1 and will thereafter bear interest at Class M2 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amounts, until the Class Principal Amount of the Class A, Class M1, Class M2 and Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount; and
(E) to the Class B1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of the Class A, Class M1, Class M2, Class M3 and Class B1 Certificates, after giving effect to distributions on such Distribution Date, equals the B1 Target Amount;
(iii) to the Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for such Distribution Date, and then from the Basis Risk Reserve Fund in the following order of priority,
(A) to the Class A Certificates, any applicable Pass-Through RateBasis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and for such Distribution Date;
(B) to the Class M1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and for Distribution Date;
(C) to the Class M2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and for Distribution Date;
(D) to the Class M3 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and for Distribution Date;
(E) to the Class B1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for Class and for such Distribution Date; and
(F) for distribution pursuant to Section 5.02(d)(viii) through (xi) below, the sum of (a) any amounts remaining in the Basis Risk Reserve Fund, after taking into account distributions pursuant to clauses (A) through (E) above, in excess of the Required Reserve Fund Amount for such Distribution Date, and (b) any amounts paid by the Cap Provider to the Trust Fund with respect to the Class X Cap; and
(iv) to the Class M1 Certificates, any Deferred Amount for such Class and such Distribution Date;
(v) to the Class M2 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vi) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vii) to the Class B1 Certificates, any Deferred Amount for such Class and such Distribution Date;
(viii) to the Class B2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B2 Reserve Fund, an amount sufficient to cause the amount then held in the Class B2 Reserve Fund to equal the Required Class B2 Reserve Fund Amount for such Distribution Date;
(x) to the Class B2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(xi) to the Class X Certificates, any amount remaining on such date after application pursuant to clauses (i) through (x) above.
(e) The Class B2 Certificates shall be entitled to receive all amounts in respect of Prepayment Premiums, which amounts shall be distributed pursuant to Section 5.02(d).
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2002 Bc4)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account, the Available Distribution Amount with respect to each Collateral Group, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates, in the following order of priority:
(i) from the Available Distribution Amount for Collateral Group 1, to each Class of Senior Certificates (or related Component) relating to such Collateral Group, the Senior Certificates, pro rata, Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced, in each case, by such Class’s (or related Component’s) allocable share of any unpaid Net Prepayment Interest Shortfalls for such Collateral Group for such Distribution Date; provided, however, that any shortfall in available amounts for such Collateral Group shall be allocated among the Classes of Senior Certificates related to such Collateral Group in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) from the remaining unpaid Available Distribution Amount for Collateral Group 1, to each Class of Senior Certificates (or related Component) relating to such Collateral Group, any related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts for such Collateral Group shall be allocated among the Classes of Senior Certificates (or related Component) related to such Collateral Group in proportion to the amount of such interest (as so reduced) related that would otherwise be distributable thereon;
(iii) from the remaining Available Distribution Amount for each Collateral Group to the Senior Certificates (other than any related Notional Certificates) as set forth in the Senior Principal Priorities attached as Exhibit O hereto;
(iv) from the remaining Available Distribution Amounts for all the Collateral Groups, to the Subordinate Certificates, subject to the prior distribution of amounts pursuant to Section 5.02(f), in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(iiB) to the Class M-1 B1 Certificates, Accrued Certificate any Interest Shortfall for each such Class and on such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iiiC) to the Class M-2 B1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for each such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiR) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Class Principal Amounts Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for Collateral Group 1 shall be allocated among the Senior Certificates related to such Collateral Group (including any interest-bearing Component thereof) and the Subordinate Certificates pro rata based on (i) in the case of the related Senior Certificates (and any such Component), the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(c) After the applicable Credit Support Depletion Date, the Senior Distribution Amount with respect to each Collateral Group remaining after distribution of interest to the related Senior Certificates on such date shall be distributed among the related Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a)(iii).
(d) With respect to each Class of Subordinate Certificates (other than the Class B1 Certificates), if on any Distribution Date the Credit Support Percentage for that Class is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of the related Subordinate Principal Distribution Amount will be made to any Subordinate Certificates of lower priority. Any such amounts will be distributed proportionately to such Class of Subordinate Certificates entitled to distributions in respect such clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount on such date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph shall be allocated among the remaining Classes of Subordinate Certificates in proportion to their respective Class Principal Amounts.
(e) On each Distribution Date, the Trustee shall distribute to the Holder of the Class R Certificate any amounts remaining in REMIC III for such Distribution Date after application of all amounts described in paragraph (a) of this Section 5.02. Any distributions pursuant to this paragraph (e) shall not reduce the Class Principal Amount of the Class R Certificate.
(f) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the total Certificate Principal Amount of the Senior Certificate or Certificates (other than any interest-only Certificates) relating to a Collateral Group has been reduced to zero, amounts otherwise distributable as principal on each Class of Subordinate Certificates pursuant to Section 5.02(a)(iv), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount relating to such retired Certificates, shall be distributed as principal to such Senior Certificates (other than any interest-only Certificates) remaining outstanding pursuant to Section 5.02(a)(iii) until the Class Principal Amounts thereof have been reduced to zero; and
, provided that on such Distribution Date (viiia) to the holders Aggregate Subordinate Percentage for both Collateral Groups for such Distribution Date is less than 200% of such Aggregate Subordinate Percentage for the Subordinate Certificates, as of the Class R CertificatesCut-off Date or (b) the average outstanding principal balance of the Mortgage Loans in any of such Collateral Groups that are delinquent 60 days or more for the last six months (including for this purpose any REO Property or Mortgage Loans in foreclosure or bankruptcy and the Scheduled Payments that would have been due on Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust Fund if the related Mortgage Loan had remained in existence) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. Notwithstanding the foregoing, on any On each Distribution Date on which the Class Principal Amount Amounts of each Class of the Senior Certificates having (other than any interest-only Certificates) relating to a higher priority of distribution Collateral Group has been reduced to zero, any amounts distributable pursuant to this Section 5.02(f) will be allocated, as to each applicable Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Senior Certificate. On each Distribution Date on which the Senior Certificates (other than any interest-only Certificates) for a Collateral Group remains outstanding, any amounts distributable pursuant to this Section 5.02(f) will be distributed in proportion to the aggregate Certificate Principal Amount of such Certificates relating to each such Collateral Group.
(g) (A) On any Distribution Date on which the Senior Certificates relating to any Collateral Group constitute an Undercollateralized Class or Classes, all amounts otherwise distributable as principal on the Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay any unpaid Interest Shortfalls) (or, following the Credit Support Depletion Date, such other amounts described in the immediately following sentence), will be distributed as principal to such Undercollateralized Class or Classes pursuant to Section 5.02(a)(iii), until the total Certificate Principal Amount of the Undercollateralized Class or Classes equals the Pool Balance of the related Collateral Group, (such distribution, an “Undercollateralization Distribution”). In the event that any Senior Certificate or Certificates constitute an Undercollateralized Class or Classes on any Distribution Date following the Credit Support Depletion Date, Undercollateralization Distributions will be made from any Available Distribution Amount not related to an Undercollateralized Class or Classes remaining Principal Remittance Amount after all required amounts have been distributed to the Senior Certificates related to such other Collateral Groups. In addition, the amount of any unpaid Interest Shortfalls with respect to an Undercollateralized Class on any Distribution Date (including any Interest Shortfalls for such Distribution Date) will be distributed to such Undercollateralized Class or Classes prior to the remaining Certificates payment of any related Undercollateralization Distributions from amounts otherwise distributable as principal on the Subordinate Certificates, in the reverse order of priority set forth above until (or, following the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Credit Support Depletion Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring as provided in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Ratepreceding sentence).
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount with respect to each Mortgage Pool, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates, in the following order of priority:
(i) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the Senior Certificatesrelated Certificate Group, pro rata, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced by such Class's allocable share of any unpaid Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for a Mortgage Pool shall be allocated among the Classes of the related Certificate Group in proportion to the amount of Accrued Certificate Interest remaining unpaid (as so reduced) that would otherwise be distributable thereon;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group, any prior related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of the related Certificate Group in proportion to the Interest Shortfall for each such Class on such Distribution Date;
(iiA) On each Distribution Date with respect to which the applicable Senior Enhancement Test has not been satisfied or with respect to which the applicable Trigger Event is in effect, to the Senior Certificates of each Certificate Group, other than any related Interest Only Certificates, to the extent of the remaining related Available Distribution Amount, as follows; provided, however, that any amounts remaining after making the distributions described in clauses (1) through (6) below shall be distributed, pro rata, to the remaining Senior Certificates in Group I:
(1) sequentially, to the Class R and Class 1-A Certificates, from the Available Distribution Amount for Pool 1, the Principal Distribution Amount for such Mortgage Pool, in reduction of their Class Principal Amounts, until their Class Principal Amounts have been reduced to zero;
(2) to the Class M-1 2-A Certificates, Accrued Certificate Interest from the Available Distribution Amount for Pool 2, the Principal Distribution Amount for such Mortgage Pool, in reduction of their Class and such Distribution DatePrincipal Amount, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Dateuntil their Class Principal Amount has been reduced to zero;
(iii3) to the Class M-2 3-A Certificates, Accrued Certificate Interest from the Available Distribution Amount for Pool 3, the Principal Distribution Amount for such Mortgage Pool, in reduction of their Class Principal Amount, until their Class Principal Amount has been reduced to zero;
(4) concurrently, from the Available Distribution Amount for Pool 4, (x) pro rata, to the Class 4-A1, Class 4-A2 and Class 4-A3 Certificates, the Pool 4 Non-PO Principal Distribution Amount, in reduction of their Class Principal Amounts, until their Class Principal Amounts have been reduced to zero and (y) to the Class 4-A4 Certificates, the Pool 4 PO Principal Distribution Amount, until their Class Principal Amount has been reduced to zero;
(5) to the Class 5-A Certificates, from the Available Distribution Amount for Pool 5, the Principal Distribution Amount for such Mortgage Pool, in reduction of their Class Principal Amount, until their Class Principal Amount has been reduced to zero;
(6) to the Class 6-A Certificates, from the Available Distribution DateAmount for Pool 6, plus the Principal Distribution Amount for such Mortgage Pool, in reduction of their Class Principal Amount, until their Class Principal Amount has been reduced to zero; and
(7) to the Class 7-A1 Certificates, from the Available Distribution Amount for Pool 7, the Principal Distribution Amount for such Mortgage Pool, in reduction of their Class Principal Amount, until their Class Principal Amount has been reduced to zero.
(B) On each Distribution Date with respect to which the applicable Senior Enhancement Test has been satisfied and with respect to which the applicable Trigger Event is not in effect, to the Senior Certificates of each Certificate Group, other than any unpaid Accrued related Interest Only Certificates, to the extent of the remaining related Available Distribution Amount, as follows; provided, however, that any amounts remaining after making the distributions described in clauses (1) through (6) below shall be distributed, pro rata, to the remaining Senior Certificates in Group I:
(1) sequentially, to the Class R and Class 1-A Certificates, from the Available Distribution Amount for Pool 1, the lesser of (i) the Principal Distribution Amount for such Mortgage Pool and (ii) the Allocated Senior Target Amount with respect to Certificate Interest remaining unpaid Group 1, in reduction of their Class Principal Amounts, until their Class Principal Amounts have been reduced to zero;
(2) to the Class 2-A Certificates from any prior the Available Distribution DateAmount for Pool 2, the lesser of (i) the Principal Distribution Amount for such Mortgage Pool and (ii) the Allocated Senior Target Amount with respect to Certificate Group 2, in reduction of their Class Principal Amount, until their Class Principal Amount has been reduced to zero;
(3) to the Class 3-A Certificates from the Available Distribution Amount for Pool 3, the lesser of (i) the Principal Distribution Amount for such Mortgage Pool and (ii) the Allocated Senior Target Amount with respect to Certificate Group 3, in reduction of their Class Principal Amount, until their Class Principal Amount has been reduced to zero;
(4) concurrently, from the Available Distribution Amount for Pool 4, (x) pro rata, to the Class 4-A1, Class 4-A2 and Class 4-A3 Certificates, the lesser of (i) the Pool 4 Non-PO Principal Distribution Amount and (ii) the Allocated Senior Target Amount with respect to Certificate Group 4, in reduction of their Class Principal Amounts, until their Class Principal Amounts have been reduced to zero and (y) to the Class 4-A4 Certificates, the Pool 4 PO Principal Distribution Amount, until their Class Principal Amount has been reduced to zero;
(5) to the Class 5-A Certificates from the Available Distribution Amount for Pool 5, the lesser of (i) the Principal Distribution Amount for such Mortgage Pool and (ii) the Allocated Senior Target Amount with respect to Certificate Group 5, in reduction of their Class Principal Amount, until their Class Principal Amount has been reduced to zero;
(6) to the Class 6-A Certificates, from the Available Distribution Amount for Pool 6, the lesser of (i) the Principal Distribution Amount for such Mortgage Pool and (ii) the Allocated Senior Target Amount with respect to Certificate Group 6, in reduction of their Class Principal Amount, until their Class Principal Amount has been reduced to zero; and
(7) to the Class 7-A1 Certificates, from the Available Distribution Amount for Pool 7, the Principal Distribution Amount for such Mortgage Pool up to the Senior Target Amount II, in reduction of their Class Principal Amount, until their Class Principal Amount has been reduced to zero.
(iv) to the Class M-3 4-A4 Certificates, Accrued Certificate Interest the Class 4-A4 Deferred Amount for such Class and such that Distribution Date, plus any unpaid Accrued Certificate Interest until their Class Principal Amount has been reduced to zero; provided, however, that (x) distributions pursuant to this priority will not exceed the remaining unpaid from any prior Available Distribution DateAmount for Pool 4 which is to be distributed to the related Subordinate Certificates pursuant to priority (vi) below and (y) such amounts will not reduce the Class Principal Amounts of those Classes;
(v) to the Class B-1 extent of the remaining Available Distribution Amounts for each Mortgage Pool, to the related Subordinate Certificates, concurrently, as follows:
(A) to the extent of the remaining aggregate Available Distribution Amounts for Pool 1, Pool 2, Pool 3, Pool 4, Pool 5 and Pool 6, to the Class B1-I Certificates, Class B2-I Certificates, Component B3-I, Class B4-I Certificates, Class B5-I Certificates and Class B6-I Certificates, the following amounts, in the following order of priority: (x) Accrued Certificate Interest thereon (as reduced by any Net Prepayment Interest Shortfalls for such the related Mortgage Pools allocated to that Class and such or Component on that Distribution Date) and (y) any outstanding Interest Shortfalls previously allocated to that Class or Component; and
(B) to the extent of the remaining Available Distribution Amount for Pool 7, plus any unpaid to the Class B1-II Certificates, Class B2-II Certificates, Component B3-II, Class B4-II Certificates, Class B5-II Certificates and Class B6-II Certificates, in that order, of the following amounts, in the following order of priority: (x) Accrued Certificate Interest remaining unpaid from thereon (as reduced by any prior Net Prepayment Interest Shortfalls for the related Mortgage Pool allocated to that Class or Component on that Distribution Date) and (y) any outstanding Interest Shortfalls previously allocated to that Class or Component;
(A) to the extent of the remaining aggregate Available Distribution Amounts for Pool 1, Pool 2, Pool 3, Pool 4, Pool 5 and Pool 6, pay the Subordinate Certificates relating to Pool 1, Pool 2, Pool 3, Pool 4, Pool 5 and Pool 6 as follows:
(1) to the Class B1-I Certificates, the Class B1-I Principal Distribution Amount, in reduction of their Class Principal Amount until their Class Principal Amount has been reduced to zero;
(2) to the Class B2-I Certificates, the Class B2-I Principal Distribution Amount, in reduction of their Class Principal Amount until their Class Principal Amount has been reduced to zero;
(3) to Component B3-I, the Component B3-I Principal Distribution Amount, in reduction of their Component Principal Amount until their Component Principal Amount has been reduced to zero;
(4) to the Class B4-I Certificates, the Class B4-I Principal Distribution Amount, in reduction of their Class Principal Amount until their Class Principal Amount has been reduced to zero;
(5) to the Class B5-I Certificates, the Class B5-I Principal Distribution Amount, in reduction of their Class Principal Amount until their Class Principal Amount has been reduced to zero; and
(6) to the Class B6-I Certificates, the Class B6-I Principal Distribution Amount, in reduction of their Class Principal Amount until their Class Principal Amount has been reduced to zero; provided, however, that the Class B6-I Certificates shall not be entitled to receive any distributions in respect of principal until the Class Principal Amount of each of the Class 1-A, Class 2-A, Class 3-A, Class 4-A1, Class 4-A2, Class 4-A3, Class 5-A, Class 6-A, Class B1-I, Class B2-I, Class B4-I and Class B5-I Certificates and Component B3-I has been reduced to zero.
(B) to the extent of the remaining Available Distribution Amount for Pool 7, pay the Subordinate Certificates relating to Pool 7 as follows:
(1) to the Class B1-II Certificates, the Class B1-II Principal Distribution Amount, in reduction of their Class Principal Amount until their Class Principal Amount has been reduced to zero;
(2) to the Class B2-II Certificates, the Class B2-II Principal Distribution Amount, in reduction of their Class Principal Amount until their Class Principal Amount has been reduced to zero;
(3) to Component B3-II, the Component B3-II Principal Distribution Amount, in reduction of their Component Principal Amount until their Component Principal Amount has been reduced to zero;
(4) to the Class B4-II Certificates, the Class B4-II Principal Distribution Amount, in reduction of their Class Principal Amount until their Class Principal Amount has been reduced to zero;
(5) to the Class B5-II Certificates, the Class B5-II Principal Distribution Amount, in reduction of their Class Principal Amount until their Class Principal Amount has been reduced to zero; and
(6) to the Class B6-II Certificates, the Class B6-II Principal Distribution Amount, in reduction of their Class Principal Amount until their Class Principal Amount has been reduced to zero; provided, however, that the Class B6-II Certificates shall not be entitled to receive any distributions in respect of principal until the Class Principal Amount of each of the Class 7-A1, Class B1-II, Class B2-II, Class B4-II and Class B5-II Certificates and Component B3-II has been reduced to zero.
(i) Net Prepayment Interest Shortfalls for Pool 1 shall be allocated among the Group 1 Certificates and the Class I-B Certificates pro rata based on (x) in the case of the related Group 1 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class I-B Certificates, interest accrued on the related Apportioned Principal Balances.
(ii) Net Prepayment Interest Shortfalls for Pool 2 shall be allocated among the Group 2 Certificates and the Class I-B Certificates pro rata based on (x) in the case of the Group 2 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class I-B Certificates, interest accrued on the related Apportioned Principal Balances.
(iii) Net Prepayment Interest Shortfalls for Pool 3 shall be allocated among the Group 3 Certificates and the Class I-B Certificates pro rata based on (x) in the case of the Group 3 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class I-B Certificates, interest accrued on the related Apportioned Principal Balances.
(iv) Net Prepayment Interest Shortfalls for Pool 4 shall be allocated among the Group 4 Certificates and the Class I-B Certificates pro rata based on (x) in the case of the Group 4 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class I-B Certificates, interest accrued on the related Apportioned Principal Balances.
(v) Net Prepayment Interest Shortfalls for Pool 5 shall be allocated among the Group 5 Certificates and the Class I-B Certificates pro rata based on (x) in the case of the Group 5 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class I-B Certificates, interest accrued on the related Apportioned Principal Balances.
(vi) to Net Prepayment Interest Shortfalls for Pool 6 shall be allocated among the Group 6 Certificates and the Class B-2 I-B Certificates pro rata based on (x) in the case of the Group 6 Certificates, the Accrued Certificate Interest for such otherwise distributable thereon, and (y) in the case of the Class and such Distribution DateI-B Certificates, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;interest accrued on the related Apportioned Principal Balances.
(vii) to Net Prepayment Interest Shortfalls for Pool 7 shall be allocated among the Group 7 Certificates and the Class B-3 II-B Certificates pro rata based on (x) in the case of the Group 7 Certificates, the Accrued Certificate Interest for such Class otherwise distributable thereon, and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viiiy) any remaining Interest Remittance Amount to in the case of the Class R II-B Certificates, interest accrued on the related Apportioned Principal Balances.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders Holders of the Class R P Certificates and Class A Certificates, in that order, any Prepayment Penalty Amounts related to the extent of the Principal Remittance Amount, the Senior Principal Pool 7 for such Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zeroDate.
(d) [Reserved.]
(e) [Reserved.]
(f) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added Trustee shall distribute to the Scheduled Principal Balance Holder of the Class R Certificate any portion of the Available Distribution Amount for any of the Mortgage Loans on the Due Date occurring in the month in which Pools for such Distribution Date occurs will be added to the Current Principal Amounts remaining after application of the Certificates on a pro rata basis based on a fractionall amounts described in paragraphs (a), the numerator (b) and (c) of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Ratethis Section 5.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mor Pas THR Cer Ser 2002-8a)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event or a Trust Fund Termination Event, as applicable, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount and amounts that are available for such date, payment to the Swap Counterparty and shall allocate such amount amounts to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount amounts as specified in subparagraphs (b) through (i) of this SectionSection 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event (or, with respect to clause (i) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Senior Certificate Insurer, the monthly premium due under the Certificate Insurance Policy with respect to the Insured Certificates, pro rata, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) for deposit into the Swap Account, an amount equal to the Class M-1 Certificates, Accrued Certificate lesser of (x) any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) concurrently, on a pro rata basis, to the Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon, provided, further, that the Trustee shall make no distributions to the Class M-2 Certificates, Accrued Certificate Interest for such Class and such AIO Certificates after the Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution DateDate in May 2012;
(iv) to the Class M-3 CertificatesCertificate Insurer, Accrued any Reimbursement Amounts owed to the Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Insurer with respect to draws made under the Certificate Interest remaining unpaid from any prior Distribution DateInsurance Policy with respect to interest;
(v) to the Class B-1 Subordinate Certificates, Accrued Certificate in accordance with the Interest Subordinate Priority, Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest Classes for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viiivi) for application as part of the Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any remaining Monthly Excess Interest Remittance Amount to the Class R Certificatesfor such Distribution Date.
(c) [Reserved].
(d) On each Distribution Date or related Swap Payment Date on or prior to a Section 7.01(d) Purchase Event, the Trustee shall distribute the Principal Distribution Amount for such date, as follows:
(i) On each Distribution Date (or with respect to clause (A) below, on the related Swap Payment Date) (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Senior Certificates (other than the Class AIO Certificates) and the Subordinate Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount for such date date, in the following order of priority:
(A) for deposit into the Swap Account, any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (to the extent not deposited previously from the Interest Remittance Amount in accordance with Section 5.02(b)(ii) above);
(B) to the Senior Certificates (other than the Class AIO Certificates), sequentially as follows:
(i1) pro rata, to the holders Class A1-1, Class A1-2, Class A2-1-1, Class A2-1-2, Class A2-2 and Class A4 Certificates, based on (x) the aggregate Class Principal Amount of the Class R A1-1 and Class A1-2 Certificates, (y) the aggregate Class Principal Amount of the Class A2-1-1, Class A2-1-2 and Class A2-2 Certificates and (z) the Class A Principal Amount of the Class A4 Certificates, as follows:
a. sequentially, to the Class A1-1 and Class A1-2 Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Class Principal Amounts thereof have Amount of each such class has been reduced to zero;
(ii) b. to the holders Class A2-1-1, Class A2-1-2 and Class A2-2 Certificates, in the following order of the Class M-1 Certificatespriority:
i. pro rata, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) aboveClass A2-1-1 and Class A2-1-2 Certificates, based on the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereofof each such class, until the Current Class Principal Amount thereof of each such class has been reduced to zero; and
ii. to the Class A2-2 Certificates, until the Class Principal Amount of such class has been reduced to zero; and
c. to the Class A4 Certificates, until the Class Principal Amount of such class has been reduced to zero;
(iii2) to the holders of the Class M-2 A3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero.
(C) to the Certificate Insurer, any Reimbursement Amounts owed to the Certificate Insurer with respect to draws made under the Certificate Insurance Policy with respect to principal for the Insured Certificates;
(ivD) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Subordinate Certificates, in that order, accordance with the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) aboveSubordinate Priority, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero; and
(E) for application as part of the Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any such Principal Distribution Amount remaining after application pursuant to clauses (A) through (D) above.
(dii) On each Distribution Date (or, with respect to clause (A) below, on the related Swap Payment Date) (a) on or prior after the Stepdown Date and (b) with respect to each Determination Datewhich a Trigger Event is not in effect, the Master Servicer Trustee shall determine distribute the amount Principal Distribution Amount for such date in the following order of priority:
(A) for deposit into the Swap Account, any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Trustee Swap Counterparty (to the extent not distributed previously pursuant to Section 3.20. With respect subsection 5.02(b)(ii));
(B) to any Distribution Datethe Senior Certificates (other than the Class AIO Certificates), in accordance with the aggregate Senior Priority, in an amount equal to the lesser of Deferred Interest(x) the excess, if any, that is added to of (a) the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which Distribution Amount for such Distribution Date occurs will be added over (b) the amount distributed to the Current Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clause (A) above and (y) the Senior Principal Amounts of Distribution Amount for such Distribution Date until the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Class Principal Amount of each such Class and has been reduced to zero;
(C) to the denominator of which is Certificate Insurer, any Reimbursement Amounts owed to the aggregate Current Principal Amount of such Classes of Certificate Insurer with respect to draws made under the Certificate Insurance Policy with respect to principal for the Insured Certificates;
(D) to the Class M1 Certificates, in each case immediately prior an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added over (b) the amount distributed to the Current Principal Amount thereof Senior Certificates (other than the Class AIO Certificates), the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rateamount distributed to the Certificate Insurer pursuant to clauses (A) through (C) above, and (y) the M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (D) above, and (y) the M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1 and Class M2 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (E) above, and (y) the M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1, Class M2 and Class M3 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (F) above, and (y) the M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1, Class M2, Class M3 and Class M4 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (G) above, and (y) the M5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (H) above, and (y) the M6 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (I) above, and (y) the M7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class M8 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Swap Account on such Distribution Date pursuant to clauses (A) through (J) above, and (y) the M8 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(L) to the Class M9 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Interest Rate Swap Account pursuant to clauses (A) through (K) above, and (y) the M9 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero;
(M) to the Class M10 Certificates, an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates (other than the Class AIO Certificates), the Certificate Insurer, the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates and the amount paid to the Supplemental Interest Trust for deposit into the Interest Rate Swap Account pursuant to clauses (A) through (L) above, and (y) the M10 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such class has been reduced to zero; and
(N) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (M) above.
(e) [Reserved].
(f) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event, the Trustee shall distribute the Monthly Excess Cashflow for such Distribution Date, after making all distributions pursuant to Sections 5.02(g) and 5.02(h) below, in the following order of priority:
(i) (A) concurrently, on a pro rata basis, based on amounts due, to the Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date, to the extent unpaid pursuant to Sections 5.02(b)(iii), 5.02(g)(i) and 5.02(h)(iii); provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account, the Available Distribution Amount (other than the Class P Distributable Amount) with respect to each Collateral Group, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates, in the following order of priority:
(i) from the Available Distribution Amount for each Collateral Group, to the Senior Certificates, pro rata, payment of Accrued Certificate Interest for on each Class of Senior Certificates (other than the Class AP Certificates) and any interest bearing component relating to such Collateral Group (reduced, in each case, by any Net Prepayment Interest Shortfalls relating to such Collateral Group allocated to that Class and such of Certificates or component thereof on that Distribution Date, plus as described herein); provided, however, that any unpaid Accrued Certificate Interest remaining unpaid from shortfall in available amounts for that Collateral Group shall be allocated among the Classes and any prior Distribution Datesuch component related to that Collateral Group in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(ii) from the Available Distribution Amount for each Collateral Group, to payment of any outstanding Interest Shortfalls on each Class of Senior Certificates (other than the Class AP Certificates) and any interest-bearing component thereof relating to that Collateral Group; provided, however, that any shortfall in available amounts for that Collateral Group shall be allocated among the Classes of Senior Certificates and any such component related to that Collateral Group in proportion to the Class M-1 Certificates, Accrued Certificate Interest for amount of such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Dateinterest (as so reduced) that would otherwise be distributable thereon;
(iii) from the remaining Available Distribution Amount for each Collateral Group to the Class M-2 Senior Certificates (other than any related Notional Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date) as set forth in the Senior Principal Priorities attached as Exhibit O hereto;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 AP Certificates, to the extent of the portion remaining Available Distribution Amount for all Collateral Groups (other than Collateral Group P), the AP Deferred Amount for such Distribution Date; provided, however, that (x) distributions pursuant to this priority (iv) shall not exceed the aggregate of the Subordinate Principal Remittance Distribution Amounts for all Collateral Groups (other than Collateral Group P) for such date; and (y) such amounts will not reduce the Class Principal Amount of the Class AP Certificates;
(v) from the remaining after Available Distribution Amounts for all the Collateral Groups (other than Collateral Group P), to the Subordinate Certificates, subject to the prior distribution of amounts pursuant to Section 5.02(f), in clause the following order of priority:
(iA) aboveto the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class M-1 Principal B1 Certificates, any Interest Shortfall for such Class on such Distribution AmountDate;
(C) to the Class B1 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero; and;
(viiP) to the holders Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, any Interest Shortfall for such Class on such Distribution Date;
(R) to the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) aboveClass B6 Certificates, in reduction of the Current Class Principal Amounts Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(S) to the Class B7 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(T) to the Class B7 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(U) to the Class B7 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Collateral Group shall be allocated among the Senior Certificates related to such Collateral Group (including any interest-bearing Component thereof and excluding the Class AP Certificates) and the Subordinate Certificates pro rata based on (i) in the case of the related Non-AP Senior Certificates (and any such Component), the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(c) After the applicable Credit Support Depletion Date, the Senior Distribution Amount with respect to each Collateral Group remaining after distribution of interest to the related Non-AP Senior Certificates on such date shall be distributed among the related Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a)(iii).
(d) With respect to each Class of Subordinate Certificates, if on any Distribution Date the Credit Support Percentage for that Class is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of the related Subordinate Principal Distribution Amount will be made to any Subordinate Certificates of lower priority. Any such amounts will be distributed proportionately to such Class of Subordinate Certificates entitled to distributions in respect such clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount on such date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph shall be allocated among the remaining Classes of Subordinate Certificates in proportion to their respective Class Principal Amounts.
(e) On each Distribution Date, the Trustee shall distribute to the Holder of the Class R Certificate any amounts remaining in REMIC III for such Distribution Date after application of all amounts described in paragraph (a) of this Section 5.02. Any distributions pursuant to this paragraph (e) shall not reduce the Class Principal Amount of the Class R Certificate.
(f) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the total Certificate Principal Amount of the Non-AP Senior Certificate or Certificates relating to one or more Collateral Groups have been reduced to zero, amounts otherwise distributable as principal on each Class of Subordinate Certificates pursuant to Section 5.02(a)(v), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount relating to such retired Certificates, shall be distributed as principal to such Non-AP Senior Certificates remaining outstanding pursuant to Section 5.02(a)(iii) until the Class Principal Amounts thereof have been reduced to zero; and
, provided that on such Distribution Date (viiia) to the holders Aggregate Subordinate Percentage for all Collateral Groups (other than Collateral Group P) for such Distribution Date is less than 200% of such Aggregate Subordinate Percentage for the Subordinate Certificates, as of the Class R CertificatesCut-off Date or (b) the average outstanding principal balance of the Mortgage Loans in any of such Collateral Groups that are delinquent 60 days or more for the last six months (including for this purpose any REO Property or Mortgage Loans in foreclosure or bankruptcy and the Scheduled Payments that would have been due on Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust Fund if the related Mortgage Loan had remained in existence) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. Notwithstanding the foregoing, on any On each Distribution Date on which the Class Principal Amount Amounts of each Class of the Non-AP Senior Certificates having a higher priority of distribution has relating to one or more Collateral Groups have been reduced to zero, any amounts distributable pursuant to this Section 5.02(f) will be allocated, as to each applicable Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Senior Certificate. On each Distribution Date on which the Non-AP Senior Certificates for one or more Collateral Groups remain outstanding, any amounts distributable pursuant to this Section 5.02(f) will be distributed in proportion to the aggregate Certificate Principal Amount of such Certificates relating to each such Collateral Group.
(g) (A) On any Distribution Date on which the Non-AP Senior Certificates relating to any Collateral Group constitute an Undercollateralized Class or Classes, all amounts otherwise distributable as principal on the Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay any AP Deferred Amounts or unpaid Interest Shortfalls) (or, following the Credit Support Depletion Date, such other amounts described in the immediately following sentence), will be distributed as principal to such Undercollateralized Class or Classes pursuant to Section 5.02(a)(iii), until the total Certificate Principal Amount of the Undercollateralized Class or Classes equals the Non-AP Pool Balance of the related Collateral Group, (such distribution, an “Undercollateralization Distribution”). In the event that any Non-AP Senior Certificate or Certificates constitute an Undercollateralized Class or Classes on any Distribution Date following the Credit Support Depletion Date, Undercollateralization Distributions will be made from any Available Distribution Amount not related to an Undercollateralized Class or Classes remaining Principal Remittance Amount after all required amounts have been distributed to the Non-AP Senior Certificates related to such other Collateral Groups. In addition, the amount of any unpaid Interest Shortfalls with respect to an Undercollateralized Class on any Distribution Date (including any Interest Shortfalls for such Distribution Date) will be distributed to such Undercollateralized Class or Classes prior to the remaining Certificates payment of any related Undercollateralization Distributions from amounts otherwise distributable as principal on the Subordinate Certificates, in the reverse order of priority set forth above until (or, following the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Credit Support Depletion Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring as provided in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Ratepreceding sentence).
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Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1 and REMIC 2 and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) to the Senior CertificatesTrustee, pro rata, Accrued Certificate Interest the product of (a) the Trustee Fee divided by twelve and (b) the Pool Percentage for Pool 1 for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Guarantor, the Guarantee Fee payable with respect to the Class M-1 Certificates, Accrued Certificate Interest A1 Certificates for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 CertificatesGuarantor, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datepreviously unreimbursed Guarantor Reimbursement Amounts;
(iv) to the Class M-3 A1 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(v) to the Class B-1 M1 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 M2 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 B Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date;
(viii) to the Loss Mitigation Advisor, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior the Loss Mitigation Advisor's Fee for such Distribution Date;
(ix) to the Master Servicer, any amounts reimburseable pursuant to Section 4.02(v) and not previously reimbursed to the Master Servicer; and
(viiix) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any remaining Interest Remittance Amount for Pool 1 remaining after application pursuant to the Class R Certificatesclauses (i) through (ix) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) to the Trustee, the product of (a) the Trustee Fee divided by twelve and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(ii) to the Class A2 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(iii) to the Class M1 Certificates, Current Interest for such Class and such Distribution Date;
(iv) to the Class M2 Certificates, Current Interest for such Class and such Distribution Date;
(v) to the Class B Certificates, Current Interest for such Class and such Distribution Date;
(vi) to the Loss Mitigation Advisor, the Loss Mitigation Advisor's Fee for such Distribution Date;
(vii) to the Master Servicer, any amounts reimburseable pursuant to Section 4.02(v) and not previously reimbursed to the Master Servicer; and
(viii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (vii) above.
(d) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee will make the following distributions: For Pool 1: Until the aggregate Certificate Principal Amount of all of the Class R Certificates and Class A Certificatesequals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in that order, the following order of priority:
(A) to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereofClass A1 Certificates, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of such Class has been reduced to zero;
(iiiB) to the holders of the Class M-2 A2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(ivC) to the holders of the Class M-3 M1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(vD) to the holders of the Class B-1 M2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(viE) to the holders of the Class B-2 B Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero; and
(viiF) to the holders for application as part of the Class B-2Monthly Excess Cashflow for such Distribution Date, Class B-1as provided in subsection (e) of this Section, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the any Principal Remittance Distribution Amount for Pool 1 remaining after the distributions in application pursuant to clauses (iA) through (viE) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
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Samples: Trust Agreement (Amortizing Resi Collateral Tr Mor Pas Thru Cert Ser 2000-Bc3)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee Securities Administrator, as initial Paying Agent shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount as specified in this Section. All allocations and distributions made between and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee Securities Administrator shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) to the Senior CertificatesCertificate Insurer, the allocable portion of the Aggregate Certificate Insurance Premium due for the Certificate Insurance Policy for that Distribution Date with respect to the Group 1 Insured Certificates (allocated pro rata, Accrued rata on the basis of the aggregate Certificate Interest for such Class and Principal Amount of the Group 1 Insured Certificates immediately before such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date);
(ii) pro rata, to the Class M-1 Group 1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class Classes and for such Distribution Date; provided, plus however, that if amounts distributable are insufficient to pay such amounts, any unpaid Accrued Certificate resulting shortfalls shall be allocated pro rata on the basis of Current Interest remaining unpaid from any prior and Carryforward Interest due each such Class on such Distribution Date;
(iii) concurrently, (a) to the Class M-2 Certificate Insurer, any due and owing Reimbursement Amounts attributable to the Group 1 Insured Certificates and (b) in the priority provided in the last paragraph of this Section 5.02(b), to the Group 1 Certificates, Accrued Certificate all accrued and unpaid interest at the related Interest for Rate on any Deferred Amounts previously allocated and not previously distributed to such Class Classes and any Deferred Amounts previously allocated to such Distribution DateClasses and not previously reimbursed, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datepro rata, based on the amounts owed under each of clause (a) and clause (b) of this subsection (iii);
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for application as part of Pool 1 Monthly Excess Cashflow for such Class and such Distribution Remittance Date, plus as provided in subsection (e) of this Section, any unpaid Accrued Certificate Interest Remittance Amount for Pool 1 remaining unpaid from any prior after application pursuant to clauses (i) through (iii) above. Any payments made pursuant to subsection 5.02(b)(iii) on a Distribution Date;Date shall be made in the following order of priority:
(v1) to the Class B-1 Group 1 Certificates, Accrued Certificate all accrued and unpaid interest at the related Interest Rate for each such Class on any Deferred Amounts previously allocated to each such Class, pro rata, based on amounts of such accrued and unpaid interest owed to each such Class for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datedate; and
(viii2) any remaining Interest Remittance Amount to the Class R Group 1 Certificates, any Deferred Amounts previously allocated to each such Class, pro rata, based on Deferred Amounts owed to each such Class, for such date.
(c) On each Distribution Date, the Trustee Securities Administrator shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) to the Certificate Insurer, the allocable portion of the Aggregate Certificate Insurance Premium due for the Certificate Insurance Policy for such Distribution Date with respect to the Group 2 Insured Certificates (allocated pro rata on the basis of the Class Principal Amount of the Group 2 Insured Certificates immediately before such Distribution Date);
(ii) pro rata, to the Group 2 Certificates, Current Interest and any Carryforward Interest for such Classes and for such Distribution Date; provided, however, that if amounts distributable are insufficient to pay such amounts, any resulting shortfalls shall be allocated pro rata on the basis of Current Interest and Carryforward Interest due each such Class on such Distribution Date;
(iii) concurrently, (a) to the Certificate Insurer, any due and owing Reimbursement Amounts attributable to the Group 2 Insured Certificates and (b) in the priority provided in the last paragraph of this Section 5.02(c), to the Group 2 Certificates, all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated and nor previously distributed to such Classes and any Deferred Amounts previously allocated to such Classes and not previously reimbursed, pro rata, based on the amounts owed under each clause (a) and (b) of this subsection (iii);
(iv) for application as part of Pool 2 Monthly Excess Cashflow for such Remittance Date, as provided in subsection (e) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (iii) above. Any payments made pursuant to subsection 5.02(c)(iii) above on a Distribution Date shall be made in the following order of priority:
(1) to the Group 2 Certificates, all accrued and unpaid interest at the related Interest Rate for each such Class on any Deferred Amounts previously allocated to each such Class, pro rata, based on amounts of such accrued and unpaid interest owed to each such Class for such date; and
(2) to the Group 2 Certificates, any Deferred Amounts previously allocated to each such Class, pro rata, on Deferred Amounts owed to each such Class for such date.
(d) On each Distribution Date, the Securities Administrator shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders of the Class R Certificates and Class A Certificates, Stepdown Date or (b) with respect to which a Trigger Event is in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereofeffect, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class aggregate Certificate Principal Amount of each Class of the Offered Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance equals the Target Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each for such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred InterestSecurities Administrator shall distribute the Principal Distribution Amount for each Mortgage Pool, if anyconcurrently, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts following order of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.priority:
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account, the Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount) with respect to each Mortgage Pool, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates or Components, in the following order of priority:
(i) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components relating to such Mortgage Pool (other than the Senior Class AP Certificates), pro rata, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced, in each case, by such Class’s or Component’s allocable share of any unpaid Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Mortgage Pool in proportion to the amount of Accrued Certificate Interest remaining unpaid from any prior Distribution Date(as so reduced) that would otherwise be distributable thereon;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components relating to such Mortgage Pool (other than the Class M-1 AP Certificates), Accrued Certificate any related Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Dateshortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Mortgage Pool in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(iii) from the remaining Available Distribution Amount for each Mortgage Pool to the Class M-2 Senior Certificates (other than any related Notional Certificates) as set forth in the Senior Principal Priorities attached as Exhibit O hereto, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datewithout regard to references to the word “approximately”;
(iv) from the remaining Available Distribution Amounts for Pool 2 and Pool 3, to the Class M-3 2-AP and Class 3-AP Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that orderrespectively, to the extent of the Principal Remittance Amountremaining Available Distribution Amounts for Pool 2 and Pool 3, respectively, the Senior related AP Deferred Amount for such Class for such Distribution Date, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution AmountAmount for all four Mortgage Pools for such date and (B) in the event the total Subordinate Principal Distribution Amount for all four Mortgage Pools is insufficient to fully pay the related AP Deferred Amount for the Class 2-AP and Class 3-AP Certificates, the amount will be distributed proportionately among such Classes based on their respective AP Deferred Amounts; and
(v) from the remaining Available Distribution Amount for all four Mortgage Pools, to the Subordinate Certificates, subject to the prior distribution of amounts pursuant to Section 5.02(g) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinate Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiR) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Class of Certificates having a higher priority of distribution has been reduced to zeroSubordinate Principal Distribution Amount for such Distribution Date, any remaining Principal Remittance Amount will be distributed to the remaining Certificates except as provided in the order of priority set forth above Section 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero.
(db) On or prior Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates and Components related to each Determination such Mortgage Pool (other than the Class AP Certificates) pro rata based on (i) in the case of the related Non-AP Senior Certificates and Components, the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(c) After the Credit Support Depletion Date, the Master Servicer shall determine the amount Senior Distribution Amount with respect to Pool 3 remaining after distribution of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information interest to the Trustee pursuant to Section 3.20. With respect to any Distribution Daterelated Non-AP Senior Certificates on such date shall be distributed among the related Classes of Senior Certificates proportionately, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current basis of their respective Class Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate , regardless of the priorities and amounts set forth in Section 5.02(a)(iii).
(d) (i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added to made in respect of the Current Principal Amount thereof Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will thereafter bear interest at be made in respect of the then applicable Pass-Through RateClass B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee Securities Administrator shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for such datepayment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (i) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Securities Administrator (or the Paying Agent on behalf of the Securities Administrator) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (j) and (l) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee Securities Administrator shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the Senior Certificates, pro rata, Accrued Certificate Interest lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Class Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Class M-1 Certificates, Accrued Certificate Interest Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause (i) above and subsection 5.02(c)(i) below) for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) on the Distribution Date in November 2016 and each Distribution Date thereafter:
(A) for deposit into the Final Maturity Reserve Account, the Final Maturity Reserve Amount for Pool 1;
(B) for deposit into the Final Maturity Reserve Account, the Final Maturity Reserve Amount for Pool 2 to the Class M-2 Certificates, Accrued Certificate Interest extent not paid from subsection 5.02(c)(iii) below for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 A1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;; and
(v) for application pursuant to the Class B-1 CertificatesSection 5.02(d), Accrued Certificate any Interest Remittance Amount for such Class and Pool 1 remaining undistributed after application pursuant to clause (i) through (iv) of this Section 5.02(b) for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
Date (i) or with respect to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) abovebelow on the related Swap Payment Date), the Class M-2 Principal Securities Administrator shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution AmountDate and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause (i) above and subsection 5.02(b)(i) above) for such Distribution Date;
(iii) on the Distribution Date in reduction of November 2016 and each Distribution Date thereafter:
(A) for deposit into the Current Principal Final Maturity Reserve Account, the Final Maturity Reserve Amount thereoffor Pool 2;
(B) for deposit into the Final Maturity Reserve Account, until the Current Principal Final Maturity Reserve Amount thereof has been reduced for Pool 1 to zerothe extent not paid from subsection 5.02(b)(iii) above for such Distribution Date;
(iv) concurrently, to each Class of the Group 2 Certificates, Current Interest and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the holders amount of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;Interest and Carryforward Interest that would otherwise be distributable thereon; and
(v) for application pursuant to the holders of the Class B-1 CertificatesSection 5.02(d), to the extent of the portion of the Principal any Interest Remittance Amount for Pool 2 remaining undistributed after the distributions in clauses application pursuant to clause (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vithis Section 5.02(c) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Samples: Trust Agreement (Sasco 2006-Bc3)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for such datepayment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee Trustee, to the extent of amounts on deposit in the Certificate Account, shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the Senior Certificates, pro rata, Accrued Certificate lesser of (x) any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty and (y) the Interest Remittance Amount for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Class M-1 A Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) sequentially, to the Class M-2 M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class B Certificates, Accrued Certificate in that order (the “Subordinate Priority”), Current Interest and any Carryforward Interest for each such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 CertificatesCredit Risk Manager, Accrued Certificate Interest the Credit Risk Manager’s Fee for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 CertificatesTrustee, Accrued Certificate Interest any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vi) for such Class and application as part of Monthly Excess Cashflow for such Distribution Date, plus as provided in subsection (d) of this Section, any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount remaining after application pursuant to the Class R Certificatesclauses (i) through (v) above.
(c) On each Distribution Date, the Trustee Trustee, to the extent of amounts on deposit in the Certificate Account, shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Class R Offered Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount will be distributed in the following order of priority:
(A) for deposit into the Supplemental Interest Trust Account an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not paid from the Interest Remittance Amount pursuant to Section 5.02(b)) and (y) the Principal Distribution Amount for such Distribution Date;
(B) to the Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of such Class has been reduced to zero;
(iiiC) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zeroSubordinate Certificates, any remaining Principal Remittance Amount will be distributed to sequentially, in accordance with the remaining Certificates in the order of priority set forth above Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; and
(D) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (C) of this Section 5.02(c)(i). Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) for deposit into the Supplemental Interest Trust Account an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (to the extent not paid from the Interest Remittance Amount pursuant to Section 5.02(b)) and (y) the Principal Distribution Amount for such Distribution Date;
(B) (1) so long as any of the Subordinate Certificates are outstanding, to the Senior Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount paid to the Supplemental Interest Trust on such Distribution Date pursuant to clauses (A) above and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; or (2) if none of the Subordinate Certificates are outstanding, to the Senior Certificates, the Principal Distribution Amount for such Distribution Date until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) and (B) above and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (C) above and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1 and Class M2 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (D) above and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2 and Class M3 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (E) above and (y) the M4 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3 and Class M4 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (E) above and (y) the M5 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (E) above and (y) the M6 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class B Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates or paid to the Supplemental Interest Trust on such date pursuant to clauses (A) through (F) above and (y) the B Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(J) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (I) above.
(d) On or prior to For each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, any Monthly Excess Cashflow will be distributed in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate amount Certificate Principal Amount of Deferred Interestthe Offered Certificates equals the Target Amount for such Distribution Date, if any, that is added in the following order of priority:
(A) to the Scheduled Class A Certificates, in reduction of their Class Principal Balance Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(B) to each Class of Subordinate Certificates, sequentially, in accordance with the Mortgage Loans on Subordinate Priority, in reduction of their respective Class Principal Amounts, until the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Class Principal Amount of each such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the denominator following order of which is priority:
(A) to the Senior Certificates, until the Class Principal Amount of the Senior Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Current Class Principal Amount of such Classes of Class and the Senior Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in each case immediately prior reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Senior Certificates and the Class M1 Certificates, after giving effect to distributions on such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added , equals the M2 Target Amount;
(D) to the Current Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount thereof of such Class, the Senior Certificates and the Class M1 and Class M2 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Senior Certificates and the Class M1, Class M2 and Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M4 Target Amount;
(F) to the Class M5 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Senior Certificates and the Class M1, Class M2, Class M3 and Class M4 Certificates, after giving effect to distributions on such Distribution Date, equals the M5 Target Amount;
(G) to the Class M6 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Senior Certificates and the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates, after giving effect to distributions on such Distribution Date, equals the M6 Target Amount; and
(H) to the Class B Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class, the Senior Certificates and the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates, after giving effect to distributions on such Distribution Date, equals the B Target Amount;
(iii) to the Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for such Distribution Date, and then from the Basis Risk Reserve Fund, in the following order of priority:
(A) concurrently, in proportion to their respective Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, to the Class A Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(B) to each Class of Subordinate Certificates, sequentially, in accordance with the Subordinate Priority, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for each such Class and such Distribution Date; and
(C) to the Supplemental Interest Trust, for application pursuant to Section 5.02(e)(ix), any amounts remaining in the Basis Risk Reserve Fund, after taking into account distributions pursuant to clauses (A) and (B) above, in excess of the Required Reserve Fund Amount for such Distribution Date;
(iv) on or after the Distribution Date in November 2005, to the Class B Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(v) to each Class of Subordinate Certificates, sequentially, in accordance with the Subordinate Priority, any Deferred Amount for each such Class and will thereafter bear interest at such date;
(vi) on the then applicable Pass-Through RateDistribution Date occurring in June 2010 (or the next succeeding Distribution Date on which sufficient funds are available in the Certificate Account to make such distributions to the Class P Certificates), $100 in payment of its Class P Principal Amount;
(vii) to the Supplemental Interest Trust, the Class X Distributable Amount (less any Basis Risk Payment for such Distribution Date) for such Distribution Date, for application pursuant to Section 5.02(e)(ix); and
(viii) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (vii) above.
(e) On each Distribution Date, the Trustee shall distribute the Supplemental Interest Trust Amount, together with any investment earnings on deposit in the Supplemental Interest Trust Account, for such date as follows:
(i) to the Swap Counterparty, any Net Swap Payment owed to the Swap Counterparty pursuant to the Swap Agreement for such Distribution Date;
(ii) to the Swap Counterparty, any Swap Termination Payment not due to a Swap Counterparty Trigger Event owed to the Swap Counterparty pursuant to the Swap Agreement;
(iii) to each Class of Offered Certificates, Current Interest and any Carryforward Interest for each such Class and such Distribution Date; for application pursuant to the priorities set forth in Sections 5.02(b)(ii) and (b)(iii), to the extent unpaid pursuant to such Sections;
(iv) to each Class of Offered Certificates, any amount necessary to maintain the Targeted Overcollateralization Amount specified in Sections 5.02(d)(i) and 5.02(d)(ii) for such Distribution Date, for application pursuant to the priorities set forth in such clauses, after giving effect to distributions pursuant to such clauses;
(v) to each Class of Offered Certificates, any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for each such class for such Distribution Date, for application pursuant to the priorities set forth in Sections 5.02(d)(iii)(A) and (B), to the extent unpaid pursuant to such clauses;
(vi) to the Class M Certificates, any Deferred Amount for each such class and such Distribution Date for application pursuant to the priorities set forth in Section 5.02(d)(v), to the extent unpaid pursuant to such clause;
(vii) if applicable, to the Termination Receipts Account for application to the purchase of a replacement swap agreement pursuant to Section 5.09;
(viii) to the Swap Counterparty, any Swap Termination Payment due to a Swap Counterparty Trigger Event owed to the Swap Counterparty pursuant to the Swap Agreement;
(ix) to the Class X Certificates, any amount deposited into the Supplemental Interest Trust Account pursuant to Section 5.02(d)(iii)(C) or Section 5.02(d)(vii) and any remaining Supplemental Interest Trust Amount; and
(x) on the first Distribution Date on which the Class Principal Amount of each Class of Certificates has been reduced to zero, to the Class X Certificates, all amounts remaining in the Supplemental Interest Trust Account. With respect to each Distribution Date, the sum of all amounts distributed pursuant to clauses (iv) and (vi) above may not exceed cumulative Realized Losses incurred.
(f) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Class P Certificates.
Appears in 1 contract
Samples: Trust Agreement (SASCO Mortgage Loan Trust Series 2005-Gel3)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account, the Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount) with respect to each Mortgage Pool, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates or Components, in the following order of priority:
(i) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components relating to such Mortgage Pool (other than the Class 3-AP Certificates in the case of Pool 3), the Accrued Certificate Interest thereon for such Distribution Date, as reduced, in each case, by such Class’s or Component’s allocable share of any Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Mortgage Pool in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components relating to such Mortgage Pool (other than the Class 3-AP Certificates), any related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Mortgage Pool in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(iii) from the remaining Available Distribution Amount for each Mortgage Pool to the Senior Certificates, pro rataother than any related Notional Certificates, Accrued Certificate Interest as set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word “approximately”;
(iv) from the remaining Available Distribution Amounts for Pool 3, to the Class 3-AP Certificates, the related Class 3-AP Deferred Amount for such Class and Distribution Date, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution Amount for all four Mortgage Pools for such date; and (B) such amounts will not reduce the Class Principal Amounts of such Class; and
(v) from the remaining Available Distribution Amount for all four Mortgage Pools, subject to the prior distribution of amounts pursuant to Section 5.02(f) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinated Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, plus as reduced by such Class’s allocable share of any unpaid Accrued Certificate Net Prepayment Interest remaining unpaid from any prior Shortfalls for such Distribution Date;
(iiB) to the Class M-1 B1 Certificates, Accrued Certificate any Interest Shortfall for such Class and on such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iiiC) to the Class M-2 B1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiR) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Class of Certificates having a higher priority of distribution has been reduced to zeroSubordinate Principal Distribution Amount for such Distribution Date, any remaining Principal Remittance Amount will be distributed to the remaining Certificates except as provided in the order of priority set forth above Section 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero.
(db) On or prior Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates and Components related to each Determination Datesuch Mortgage Pool (other than the Class 3-AP Certificates) pro rata based on (i) in the case of the related Non-AP Senior Certificates and Components, the Master Servicer shall determine Accrued Certificate Interest otherwise distributable thereon, and (ii) in the amount case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Deferred Interest Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution DateClass B2, the aggregate amount of Deferred InterestClass B3, if anyClass B4, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Class B5 or Class B6 Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added to made in respect of the Current Principal Amount thereof Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will thereafter bear interest at be made in respect of the then applicable Pass-Through RateClass B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
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Samples: Trust Agreement (Structured Asset Sec Corp Mor Pass THR Cer Ser 2003-35)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account Account, the Total Available Distribution Amount for such date(other than the Class P Distributable Amount) with respect to each Collateral Group, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
subparagraph (ba) On through subparagraph (g) of this Section to the Holders of record of each Distribution DateClass of Certificates, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) from the Available Distribution Amount for each Collateral Group, to each Class of Senior Certificates (other than the Senior Class AX, Class PAX and Class AP Certificates) and any Component of the Class AX and Class PAX Certificates relating to such Collateral Group, pro rata, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced, in each case, by such Class’s or Component’s allocable share of any unpaid Net Prepayment Interest Shortfalls for the related Collateral Group for such Distribution Date; provided, however, that any shortfall in available amounts for each Collateral Group shall be allocated among the Classes of Senior Certificates related to such Collateral Group in proportion to the amount of Accrued Certificate Interest remaining unpaid from any prior Distribution Date(as so reduced) that would otherwise be distributable thereon;
(ii) from the Available Distribution Amount for each Collateral Group, to each Class of Senior Certificates (other than the Class M-1 AX, Class PAX and Class AP Certificates) and any Component of the Class AX and Class PAX Certificates relating to such Collateral Group, Accrued Certificate any related Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Dateshortfall in available amounts for each Collateral Group shall be allocated among the Classes of Senior Certificates and Components related to such Collateral Group in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(iii) from the remaining Available Distribution Amount for each Collateral Group to the Class M-2 Senior Certificates (other than any related Notional Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date) as set forth in the Senior Principal Priorities attached as Exhibit O hereto;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 AP Certificates, to the extent of the portion remaining Available Distribution Amounts for Collateral Group 1, Collateral Group 2, Collateral Group 3, Collateral Group 4, Collateral Group 5, Collateral Group 6 and Collateral Group 7, the AP Deferred Amount for such Distribution Date; provided, however, that (A) distributions pursuant to this priority shall not exceed the Subordinate Principal Distribution Amounts for Collateral Group 1, Collateral Group 2, Collateral Group 3 and Collateral Group 4 for such date; and (B) such amounts will not reduce the Class Principal Amount of the Principal Remittance Class AP Certificates;
(v) from the remaining Available Distribution Amount remaining after for all Collateral Groups, to the Subordinate Certificates, subject to the prior distribution of amounts pursuant to Section 5.02(g) in clause the case of clauses (iC), (F), (I), (L), (O), (R), (U) aboveand (X) below, to the Subordinate Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class M-1 Principal B1 Certificates, any Interest Shortfall for such Class on such Distribution AmountDate;
(C) to the Class B1 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero; and;
(viiP) to the holders Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, any Interest Shortfall for such Class on such Distribution Date;
(R) to the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) aboveClass B6 Certificates, in reduction of the Current Class Principal Amounts Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution thereof has been reduced to zero;
(S) to the Class B7 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date (T) to the Class B7 Certificates, any remaining Principal Remittance Amount will be distributed Interest Shortfall for such Class on such Distribution Date; (U) to the remaining Certificates Class B7 Certificates, in reduction of the order Class Principal Amount thereof, such Class’s Subordinate Class Percentage of priority set forth above each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount of each such Class thereof has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.;
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee Securities Administrator shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for such datepayment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (i) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Securities Administrator (or the Paying Agent on behalf of the Securities Administrator) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (k), (l) and (m) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee Securities Administrator shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the Senior Certificates, pro rata, Accrued Certificate Interest lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Class Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Class M-1 Certificates, Accrued Certificate Interest Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause (i) above and subsection 5.02(c)(i) below) for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) on the Distribution Date in December 2016 and each Distribution Date thereafter:
(A) for deposit into the Final Maturity Reserve Account, the Final Maturity Reserve Amount for Pool 1;
(B) for deposit into the Final Maturity Reserve Account, the Final Maturity Reserve Amount for Pool 2 to the Class M-2 Certificates, Accrued Certificate Interest extent not paid from subsection 5.02(c)(iii) below for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 A1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;; and
(v) for application pursuant to the Class B-1 CertificatesSection 5.02(d), Accrued Certificate any Interest Remittance Amount for such Class and Pool 1 remaining undistributed after application pursuant to clause (i) through (iv) of this Section 5.02(b) for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below on the related Swap Payment Date), the Securities Administrator shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause (i) above and subsection 5.02(b)(i) above) for such Distribution Date;
(iii) on the Distribution Date in December 2016 and each Distribution Date thereafter:
(A) for deposit into the Final Maturity Reserve Account, the Final Maturity Reserve Amount for Pool 2;
(B) for deposit into the Final Maturity Reserve Account, the Final Maturity Reserve Amount for Pool 1 to the extent not paid from subsection 5.02(b)(iii) above for such Distribution Date;
(iv) concurrently, to each Class of the Group 2 Certificates, Current Interest and any Carryforward Interest for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon; and
(v) for application pursuant to Section 5.02(d), any Interest Remittance Amount for Pool 2 remaining undistributed after application pursuant to clause (i) through (iv) of this Section 5.02(c) for such Distribution Date.
(d) On each Distribution Date, the Trustee Securities Administrator shall distribute the aggregate of any remaining Interest Remittance Amounts from subsections 5.02(b)(v) and 5.02(c)(v) above in the following order of priority:
(i) concurrently, to each Class of Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsections 5.02(b)(iv) and 5.02(c)(iv)) above for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(ii) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iii) to the Credit Risk Manager, the Credit Risk Manager’s Fee;
(iv) to the Trustee, any amounts reimbursable pursuant to Section 4.02 and not previously reimbursed to the Trustee; and
(v) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Interest Remittance Amount remaining undistributed for such Distribution Date.
(e) On each Distribution Date or related Swap Payment Date, as applicable, the Securities Administrator shall distribute the Principal Remittance Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and (B)(2) below, on the related Swap Payment Date) (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Class R LIBOR Certificates and Class A Certificatesequals the Target Amount for such Distribution Date, the Securities Administrator shall make the following distributions, concurrently:
(A) For Pool 1: The Principal Distribution Amount for Pool 1 will be distributed in that orderthe following order of priority:
(1) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (to the extent of not paid previously or from the Principal Interest Remittance Amount, Amount for such Distribution Date) and (B) the Senior Principal Pool Percentage for Pool 1 for such Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
Date and (iiy) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after for Pool 1 for such Distribution Date;
(2) for deposit into the distribution in clause (i) aboveSwap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(e)(i)(A)(1) above and 5.02(e)(i)(B)(1) below, and to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date);
(3) to the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereofA1 Certificates, until the Current Class Principal Amount thereof has been reduced to zero;
(iii) to the holders of the such Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii4) for application pursuant to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (isubsection 5.02(e)(ii) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zerobelow, any such Principal Distribution Amount for Pool 1 remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to undistributed for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2006-Bc5)
Distributions from the Certificate Account. (a) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account, the Available Distribution Amount with respect to each Collateral Group, and shall distribute such amount to the Holders of record of each Class of Certificates, in the following order of priority:
(i) from the Available Distribution Amount for each Collateral Group, to payment of Accrued Certificate Interest on each Class of Senior Certificates (other than the Class AP Certificates) and any interest bearing component relating to such Collateral Group (reduced, in each case, by any Net Prepayment Interest Shortfalls relating to such Collateral Group allocated to that Class of Certificates or component thereof on that Distribution Date, as described herein); provided, however, that any shortfall in available amounts for that Collateral Group shall be allocated among the Classes of Senior Certificates and any such component related to that Collateral Group in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(ii) from the Available Distribution Amount for each Collateral Group, to payment of any outstanding Interest Shortfalls on each Class of Senior Certificates (other than the Class AP Certificates) and any interest-bearing component thereof relating to that Collateral Group; provided, however, that any shortfall in available amounts for that Collateral Group shall be allocated among the Classes of Senior Certificates and any such component related to that Collateral Group in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(iii) from the remaining Available Distribution Amount for each Collateral Group to the Senior Certificates (other than any related Notional Certificates) as set forth in the Senior Principal Priorities attached as Exhibit O hereto;
(iv) to the Class AP Certificates, to the extent of the remaining Available Distribution Amount for Collateral Groups 1, the AP Deferred Amount for such Distribution Date; provided, however, that (x) distributions pursuant to this priority (iv) shall not exceed the aggregate of the Subordinate Principal Distribution Amounts for such Collateral Groups for such date; and (y) such amounts will not reduce the Class Principal Amount of the Class AP Certificates;
(v) from the remaining Available Distribution Amounts for Collateral Groups 1 and 2, to the Subordinate Certificates, subject to the prior distribution of amounts pursuant to Section 5.02(f), in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B1 Certificates, any Interest Shortfall for each such Class on such Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(D) to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B2 Certificates, any Interest Shortfall for each such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Collateral Group shall be allocated among the Senior Certificates related to such Collateral Group (including any interest-bearing Component thereof and excluding the Class AP Certificates) and the Subordinate Certificates pro rata based on (i) in the case of the related Non-AP Senior Certificates (and any such Component), the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(c) After the applicable Credit Support Depletion Date, the Senior Distribution Amount with respect to Collateral Groups 1 and 2 remaining after distribution of interest to the related Non-AP Senior Certificates on such date shall be distributed among the related Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a)(iii).
(d) With respect to each Class of Subordinate Certificates (other than the Class B1 Certificates), if on any Distribution Date the Credit Support Percentage for that Class is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of the related Subordinate Principal Distribution Amount will be made to any Subordinate Certificates of lower priority. Any such amounts will be distributed proportionately to such Class of Subordinate Certificates entitled to distributions in respect such clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount on such date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph shall be allocated among the remaining Classes of Subordinate Certificates in proportion to their respective Class Principal Amounts.
(e) On each Distribution Date, the Trustee shall distribute to the Holder of the Class R Certificate any amounts remaining in REMIC III for such Distribution Date after application of all amounts described in paragraph (a) of this Section 5.02. Any distributions pursuant to this paragraph (e) shall not reduce the Class Principal Amount of the Class R Certificate.
(f) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the total Certificate Principal Amount of the Non-AP Senior Certificate or Certificates relating to either Collateral Group 1 or 2 have been reduced to zero, amounts otherwise distributable as principal on each Class of Subordinate Certificates pursuant to Section 5.02(a)(iv), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount relating to such retired Certificates, shall be distributed as principal to such Non-AP Senior Certificates remaining outstanding pursuant to Section 5.02(a)(iii) until the Class Principal Amounts thereof have been reduced to zero, provided that on such Distribution Date (a) the Aggregate Subordinate Percentage for Collateral Groups 1 and 2 for such Distribution Date is less than 200% of such Aggregate Subordinate Percentage for the Subordinate Certificates, as of the Cut-off Date or (b) the average outstanding principal balance of the Mortgage Loans in the Collateral Groups that are delinquent 60 days or more for the last six months (including for this purpose any REO Property or Mortgage Loans in foreclosure or bankruptcy and the Scheduled Payments that would have been due on Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust Fund if the related Mortgage Loan had remained in existence) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%. On each Distribution Date on which the Class Principal Amounts of the Non-AP Senior Certificates relating to a Collateral Group has been reduced to zero, any amounts distributable pursuant to this Section 5.02(f) will be allocated, as to each applicable Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Senior Certificate.
(g) On any Distribution Date on which the Non-AP Senior Certificates relating to any Collateral Group constitute an Undercollateralized Class or Classes, all amounts otherwise distributable as principal on the Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay any AP Deferred Amounts or unpaid Interest Shortfalls) (or, following the Credit Support Depletion Date, such other amounts described in the immediately following sentence), will be distributed as principal to such Undercollateralized Class or Classes pursuant to Section 5.02(a)(iii), until the total Certificate Principal Amount of the Undercollateralized Class or Classes equals the Non-AP Pool Balance of the related Collateral Group, (such distribution, an “Undercollateralization Distribution”). In the event that any Non-AP Senior Certificate or Certificates constitute an Undercollateralized Class or Classes on any Distribution Date following the Credit Support Depletion Date, Undercollateralization Distributions will be made from any Available Distribution Amount not related to an Undercollateralized Class or Classes remaining after all required amounts have been distributed to the Non-AP Senior Certificates related to such other Collateral Groups. In addition, the amount of any unpaid Interest Shortfalls with respect to an Undercollateralized Class on any Distribution Date (including any Interest Shortfalls for such Distribution Date) will be distributed to such Undercollateralized Class or Classes prior to the payment of any related Undercollateralization Distributions from amounts otherwise distributable as principal on the Subordinate Certificates, in reverse order of priority (or, following the Credit Support Depletion Date, as provided in the preceding sentence).
(h) On each Distribution Date occurring after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee), shall withdraw from the Certificate Account the Total Available Distribution Amount for (to the extent such dateamount is on deposit in the Certificate Account), and shall allocate such amount to the interests issued in respect of the Trust Fund Lower Tier REMIC 1 Uncertificated Regular Interests created pursuant to this Agreement and shall distribute such amount first, to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee, second, to the LTURI-holder, any remaining Available Distribution Amount to the extent payable on the Lower Tier REMIC 1 Uncertificated Regular Interests as specified provided in this Sectionthe Preliminary Statement, and third, to the Class LT-R Certificates.
(bi) [Reserved]
(j) On each Distribution Date, all FPD Premiums to which the Trustee Trust Fund is entitled received with respect to a First Payment Default Mortgage Loan, shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Senior Certificates, pro rata, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) be distributed to the Class M-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R 1-A5 Certificates.
(ck) For federal income tax purposes, the Trustee shall treat the beneficial owners of the Class 1-A5 Certificates (an “FPD Certificate”) as having entered into a cash-settled option contract. Pursuant to each cash-settled option contract, each FPD Certificate has the right to receive amounts in respect of FPD Premiums. Any payments to an FPD Certificate in light of the foregoing shall not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1). Notwithstanding the priority and sources of payments set forth in Article V or otherwise, the Trustee shall account for all distributions in respect of FPD Premiums on an FPD Certificate as set forth in this section. For purposes of providing tax information reporting with respect to the FPD Certificates, the Trustee shall treat each cash-settled option contract described in this paragraph as having a value of $10,000 as of the Closing Date.
(l) On each Distribution Date, Date following the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each the Class of B2 or Class B3 Certificates having a higher priority of distribution has been reduced to zero, such Classes shall remain outstanding and the Trustee shall distribute to each such Retired Subordinate Class any remaining Principal Remittance Additional Interest Amount will for such date and Class. Such amounts shall be distributed to from the remaining Certificates Available Distribution Amount in the same order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred that Accrued Certificate Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will otherwise would be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior distributable to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through RateClass.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) concurrently, to the Senior Class A Certificates, pro ratarata on the basis of the amount of interest distributable thereon, Accrued Certificate Current Interest and any Carryforward Interest for such Class Classes and for such Distribution Date; provided, plus however, that if amounts distributable are insufficient to pay such amounts, any unpaid Accrued Certificate resulting shortfalls shall be allocated pro rata on the basis of Current Interest remaining unpaid from any prior and Carryforward Interest due such Classes on such Distribution Date;
(ii) to the Class M-1 M1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 M2 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M3 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) concurrently, to the Class B-1 CertificatesTrustee and the Master Servicer, Accrued Certificate Interest pro rata, on the basis of the amounts reimburseable to each hereunder, any amounts reimbursable pursuant to Section 4.04(b)(i) and 4.02(i), respectively, and not previously reimbursed thereto; and
(vi) for such Class and application as part of Monthly Excess Cashflow for such Distribution Date, plus as provided in subsection (d) of this Section, any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount remaining after application pursuant to the Class R Certificatesclauses (i) through (v) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(A) sequentially, to the Class R Certificates A1, Class A2 and Class A A3 Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero;
(B) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(E) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (D) above.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) to the Class A Certificates, in accordance with the Senior Priority, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, if none of the Class M Certificates are outstanding, the entire Principal Distribution Amount on such Distribution Date will be distributable to the Class A Certificates (in accordance with the Senior Priority);
(B) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates on such date pursuant to clause (A) above, and (y) the M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A and Class M1 Certificates on such Distribution Date pursuant to clauses (A) and (B) above, respectively, and (y) the M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1 and Class M2 Certificates for such Distribution Date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; and
(E) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to sub-clauses (A) through (D) above.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) For each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Certificate Principal Balance Amount of the Mortgage Loans on Offered Certificates equals the Due Date occurring Target Amount, in reduction of the month in which such Distribution Date occurs will be added to the Current Class Principal Amounts of the Offered Certificates on a pro rata basis based on a fractionin the following order of priority:
(A) to the Class A Certificates, in reduction of their respective Class Principal Amounts, in accordance with the numerator of which is Senior Priority, until the Current Class Principal Amount of each such Class and has been reduced to zero;
(B) to the denominator Class M1 Certificates, in reduction of which is their Class Principal Amount, until the aggregate Current Class Principal Amount of such Classes of Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each case immediately prior Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority,
(A) to the Class A Certificates, in accordance with the Senior Priority, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the Class A Certificates, after giving effect to distributions on such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added , equals the Senior Target Amount;
(B) to the Current Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount thereof of the Class A and Class M1 Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A, Class M1 and Class M2 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount; and
(D) to the Class M3 Certificates, in reduction of its Class Principal Amount, until the aggregate Class Principal Amount of the Class A, Class M1, Class M2 and Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(iii) to the Cap Agreement Reserve Fund, an amount equal to the Net Funds Cap Payment for such Distribution Date and will thereafter bear interest at any payments under the Cap Agreement, and then from the Cap Agreement Reserve Fund, in the following order of priority:
(A) concurrently, in proportion to their respective Net Funds Cap Shortfalls and Unpaid Net Funds Cap Shortfalls, after giving effect to previous distributions on such Distribution Date, to each Class of Class A Certificates, any applicable Pass-Through RateNet Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for each such Class and such Distribution Date;
(B) sequentially, to the Class M1, Class M2 and Class M3 Certificates, in that order, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for each such Class and such Distribution Date; and
(C) to the Class X Certificateholders, the sum of (a) any amounts remaining in the Cap Agreement Reserve Fund, after taking into account distributions pursuant to clauses (A) and (B) above, in excess of the Required Reserve Fund Amount for such Distribution Date, and (b) any amounts paid under the Cap Agreement and distributable to the Class X Certificates under Section 5.06(b);
(iv) to the Class M1 Certificates, any Deferred Amounts for such Class and such Distribution Date;
(v) to the Class M2 Certificates, any Deferred Amounts for such Class and such Distribution Date;
(vi) to the Class M3 Certificates, any Deferred Amounts for such Class and such Distribution Date;
(vii) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date;
(viii) on the earlier of (a) Distribution Date occurring in February 2010 (or the next occurring Distribution Date on which sufficient funds are available in the Certificate Account) and (b) the final Distribution Date, to the Class P Certificates, $100 in payment of the Class P Principal Amount; and
(ix) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (viii) above.
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Holders of the Class P Certificates.
Appears in 1 contract
Samples: Trust Agreement (Structured Adjustable Rate Mortgage Loan Trust 2005-3xs)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount with respect to each Mortgage Pool, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates, in the following order of priority:
(i) to the Senior CertificatesTrustee, pro rata, Accrued Certificate Interest the Trustee Fee for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group (other than any related Class M-1 of Principal Only Certificates), the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced by such Class's allocable share of any unpaid Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates of the related Certificate Group in proportion to the amount of Accrued Certificate Interest remaining unpaid from any prior Distribution Date;(as so reduced) that would otherwise be distributable thereon.
(iii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group (other than any related Class M-2 of Principal Only Certificates), Accrued Certificate any related Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates of the related Certificate Group in proportion to the Interest remaining unpaid from any prior Shortfall for each such Class on such Distribution Date;.
(iv) from the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates of the related Certificate Group (other than any Class M-3 of Notional Certificates), Accrued Certificate Interest for as provided in the Senior Principal Priorities set forth in Exhibit O attached hereto, except use of the word "approximately" therein shall be disregarded in applying such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;priorities.
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates 1-AP and Class A 2-AP Certificates, in that order, to the extent of the Principal Remittance Amountremaining Available Distribution Amount for both Mortgage Pools, the Senior AP Deferred Amount for such Certificates and Distribution Date, until the Certificate Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution AmountAmount for both Mortgage Pools for such date; (B) such amounts will not reduce the Certificate Principal Amounts of such Certificates; and (C) in the event the aggregate Subordinate Principal Distribution Amount for both Mortgage Pools is insufficient to fully pay the AP Deferred Amount for the Class 1-AP and Class 2-AP Certificates, such amount shall be distributed pro rata to such Class on the basis of their respective AP Deferred Amounts; and
(vi) from the remaining Available Distribution Amount for both Mortgage Pools, subject to the prior distribution of amounts pursuant to Section 5.02(g) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinated Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Current Class Principal Amounts Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Amounts Balance thereof have has been reduced to zero;
(iiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-1 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution AmountB2 Certificates, in reduction of the Current Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-2 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB3 Certificates, in reduction of the Current Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(ivJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class M-3 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB4 Certificates, in reduction of the Current Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Amount Balance thereof has been reduced to zero;
(vM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-1 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB5 Certificates, in reduction of the Current Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount Balance thereof has been reduced to zero;
(viP) to the holders Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B-2 B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB6 Certificates, in reduction of the Current Certificate Principal Amount thereof, until the Current such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2for such Distribution Date, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, except as provided in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereofSection 5.02(c), until the Current Certificate Principal Amounts Balance thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates of the related Certificate Group (other than any related Principal Only Certificates) pro rata based on (i) in the case of the related Non-AP Senior Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described
(iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
(v) If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Subordinate Classes in proportion to their respective Certificate Principal Amounts.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added Trustee shall distribute to the Scheduled Principal Balance Holder of the Mortgage Loans on the Due Date occurring Class R Certificate any amounts remaining in the month in which REMIC for such Distribution Date occurs will be added to the Current Principal Amounts after application of the Certificates on a pro rata basis based on a fraction, the numerator all amounts described in paragraph (a) of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Ratethis Section 5.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Cert Ser 2002 4h)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for such datepayment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (j) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (k) through (m) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 and for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the Senior lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsection 5.02(b)(i) above and subsections 5.02(c)(i) and 5.02(d)(i) below) for such Distribution Date, to be paid concurrently and in proportion to Principal Distribution Amounts available with respect to Pool 2 and Pool 3;
(iii) to the Class A1 Certificates, pro rataCurrent Interest and any Carryforward Interest for such Class for such Distribution Date; and
(iv) for application pursuant to Section 5.02(e) below any Interest Remittance Amount for Pool 1 remaining undistributed after application pursuant to clause (i) through (iii) of this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below on the related Swap Payment Date), Accrued Certificate the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(d)(i) below) for such Distribution Date, to be paid concurrently and in proportion to Principal Distribution Amounts available with respect to Pool 1 and Pool 3;
(iii) to the Class A2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Class M-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;; and
(iv) for application pursuant to the Class M-3 CertificatesSection 5.02(e) below, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount for Pool 2 remaining undistributed after application pursuant to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vthis Section 5.02(c) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Samples: Trust Agreement (First Franklin Mortgage Loan Trust 2006-Ff15)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for (to the extent such date, amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1, REMIC 2, REMIC 3 and REMIC 4 and shall distribute such amount as specified in this Section. All allocations and distributions made between and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) concurrently, pro rata to the Senior CertificatesClass 1-A1 and Class 1-A2 Certificates and the A-IO(1) Component, Current Interest (taking into account the Pool 1 Net Funds Cap, if applicable) for such Classes and Component and such Distribution Date and any Carryforward Interest for such Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among the Class 1-A1 and Class 2-A2 Certificates and the A-IO(1) Component in proportion to the amount of Current Interest (as so reduced) that would otherwise be distributable thereon;
(ii) concurrently, pro ratarata to the Class 2-A Certificates and the A-IO(2) Component, Accrued Certificate Current Interest (taking into account distributions pursuant to subsection 5.02(c)(ii) below and the Pool 2 Net Funds Cap, if applicable) for such Class and Component and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Class M-1 Certificates, Accrued Certificate Interest for such Class Component and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 M1 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) concurrently, pro rata, to the Class M-3 M2-A and Class M2-B Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for each such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M3 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 M4 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 M5 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B Certificates, plus Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(ix) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(x) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiixi) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any remaining Interest Remittance Amount for Pool 1 remaining after application pursuant to the Class R Certificatesclauses (i) through (x) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) concurrently, pro rata to the Class 2-A Certificates and the A-IO(2) Component, Current Interest (taking into account the Pool 2 Net Funds Cap, if applicable) for each such Class and Component and such Distribution Date and any Carryforward Interest for each such Class and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among the Class 2-A Certificates and the A-IO(2) Component in proportion to the amount of Current Interest (as so reduced) that would otherwise be distributable thereon;
(ii) concurrently, pro rata to the Class 1-A1 and Class 1-A2 Certificates and the A-IO(1) Component, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above and the Pool 1 Net Funds Cap, if applicable) for such Class and Component and such Distribution Date and any Carryforward Interest for such Class and Component and such Distribution Date;
(iii) to the Class M1 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(iv) concurrently, pro rata to the Class M2-A and Class M2-B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for each such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(x) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(xi) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (x) above.
(d) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee will make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Class R Certificates 1-A1, Class 1-A2, Class 2-A, Class M1, Class M2-A, Class M2-B, Class M3, Class M4, Class M5 and Class A B Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in the following order of priority:
(1) to the Class 1-A1 and Class 1-A2 Certificates, sequentially, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.;
(d2) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee Class 2-A Certificates, after giving effect to distributions pursuant to Section 3.20. With respect to any Distribution DateSubsections 5.02(d)(i)(B)(1), until the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Class Principal Amount of each such Class and has been reduced to zero;
(3) to the denominator of which is Class M1 Certificates, until the aggregate Current Class Principal Amount of such Classes of Class has been reduced to zero;
(4) concurrently, pro rata, to the Class M2-A and Class M2-B Certificates, in based on their respective Class Principal Amounts, until the Class Principal Amount of each case immediately prior such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(8) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(9) for application as part of Monthly Excess Cashflow for such Distribution Date. Deferred Interest allocated , as provided in subsection (e) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rateclauses (1) through (8) of this Section 5.02(d)(i)(A).
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc5)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for (to the extent such date, amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1, REMIC 2, REMIC 3 and REMIC 4 and shall distribute such amount as specified in this Section. All allocations and distributions made between and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) to the Senior Certificatesconcurrently, pro rata, Accrued Certificate to the Class 1-A Certificates and the A-IO(1) Component, Current Interest (taking into account the Pool 1 Net Funds Cap, if applicable) for each such Class and Component and such Distribution Date and any Carryforward Interest for each such Class and Component and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateshall be allocated among the Class 1-A Certificates and the A-IO(1) Component in proportion to the amount of Current Interest (as so reduced) that would otherwise be distributable thereon;
(ii) concurrently, pro rata, to the Class M-1 Certificates2-A1 and Class 2-A2 Certificates and the A-IO(2) Component, Accrued Certificate Current Interest (taking into account distributions pursuant to subsection 5.02(c)(i) below and the Pool 2 Net Funds Cap, if applicable) for each such Class and Component and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for each such Class and Component and such Distribution Date;
(iii) to the Class M-2 M1 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M2 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M3 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 M4 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 B Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Credit Risk Manager, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(ix) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiix) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any remaining Interest Remittance Amount for Pool 1 remaining after application pursuant to the Class R Certificatesclauses (i) through (ix) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) concurrently, pro rata, to the Class 2-A1 and Class 2-A2 Certificates and the A-IO(2) Component, Current Interest (taking into account the Pool 2 Net Funds Cap, if applicable) for each such Class and Component and such Distribution Date and any Carryforward Interest for each such Class and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among the Class 2-A1 and Class 2-A2 Certificates and the A-IO(2) Component in proportion to the amount of Current Interest (as so reduced) that would otherwise be distributable thereon;
(ii) concurrently, pro rata, to the Class 1-A Certificates and the A-IO(1) Component, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above and the Pool 1 Net Funds Cap, if applicable) for each such Class and Component and such Distribution Date and any Carryforward Interest for each such Class and Component and such Distribution Date;
(iii) to the Class M1 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(iv) to the Class M2 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(ix) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(x) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (ix) above.
(d) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee will make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Class R Certificates 1-A, Class 2-A1, Class 2-A2, Class M1, Class M2, Class M3, Class M4 and Class A CertificatesB Certificates equals the Target Amount for such Distribution Date, in that order, to the extent of the Principal Remittance Amount, Distribution Amount for Pool 1 will be distributed in the Senior Principal Distribution Amount, in reduction following order of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;priority:
(ii1) to the holders of Class 1-A Certificates until the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of such Class has been reduced to zero;
(iii2) to the holders of the Class M-2 2-A1 and Class 2-A2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificatessequentially, in that order, the Principal Remittance Amount remaining after the giving effect to distributions in clauses (ipursuant to subsection 5.02(d)(i)(B)(1) through (vi) abovebelow, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.;
(d3) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution DateClass M1 Certificates, until the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Class has been reduced to zero;
(4) to the Class M2 Certificates, in each case immediately prior until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(8) for application as part of Monthly Excess Cashflow for such Distribution Date. Deferred Interest allocated , as provided in subsection (e) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rateclauses (1) through (7) of this Section 5.02(d)(i)(A).
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 Ff3)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account, the Available Distribution Amount with respect to each Collateral Group, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates, in the following order of priority:
(i) from the Available Distribution Amount for each of Collateral Groups 1A and 1B, to the Senior Certificates, pro rata, payment of Accrued Certificate Interest for on each Class of Senior Certificates (other than the Principal-Only Certificates) and any interest bearing Component relating to such Collateral Groups (reduced, in each case, by any Net Prepayment Interest Shortfalls relating to such Collateral Groups allocated to that Class and such of Certificates or component thereof on that Distribution Date, plus as described herein); provided, however, that any unpaid Accrued Certificate Interest remaining unpaid from shortfall in available amounts for such Collateral Groups shall be allocated among the related Classes of Senior Certificates and any prior Distribution Datesuch Component related to such Collateral Groups in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(ii) from the Available Distribution Amount for each of Collateral Groups 1A and 1B, to payment of any outstanding Interest Shortfalls on each Class of Senior Certificates (other than the Principal-Only Certificates) and any interest-bearing Component thereof relating to such Collateral Groups; provided, however, that any shortfall in available amounts for such Collateral Groups shall be allocated among the related Classes of Senior Certificates and any such Component related to such Collateral Groups in proportion to the Class M-1 Certificates, Accrued Certificate Interest for amount of such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Dateinterest (as so reduced) that would otherwise be distributable thereon;
(iii) from the remaining Available Distribution Amount for each Collateral Group to the Class M-2 Senior Certificates (other than any related Notional Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date) as set forth in the Senior Principal Priorities attached as Exhibit O hereto;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 AP Certificates, to the extent of the portion remaining Available Distribution Amount for Collateral Groups 1A and 1B, the AP Deferred Amount for such Distribution Date; provided, however, that (x) distributions pursuant to this priority (iv) shall not exceed the aggregate of the Subordinate Principal Remittance Distribution Amounts for Collateral Groups 1A and 1B for such date; and (y) such amounts will not reduce the Class Principal Amount of the Class AP Certificates;
(v) from the remaining after Available Distribution Amounts for Collateral Groups 1A and 1B, to the distribution Subordinate Certificates, subject to Section 5.02(f) and Section 5.02(k), in clause the following order of priority:
(iA) aboveto the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class M-1 Principal B1 Certificates, any Interest Shortfall for such Class on such Distribution AmountDate;
(C) to the Class B1 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount2B2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on such Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiR) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Class Principal Amounts Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each such Collateral Group on Distribution Date, except as provided in Section 5.02(d), until the Current Class Principal Amount thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Collateral Group shall be allocated among the Senior Certificates related to such Collateral Group or Collateral Groups (including any interest-bearing Component thereof and excluding the Principal-Only Certificates) and the Subordinate Certificates pro rata based on (i) in the case of the related Non-AP Senior Certificates (and any such Component), the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(c) After the applicable Credit Support Depletion Date, the Senior Distribution Amount with respect to Collateral Groups 1A and 1B remaining after distribution of interest to the related Non-AP Senior Certificates on such date shall be distributed among the related Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a)(iii).
(d) With respect to each Class of Subordinate Certificates (other than the Class B1 Certificates), if on any Distribution Date the Credit Support Percentage for that Class is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of the Subordinate Principal Distribution Amount will be made to any Subordinate Certificates of lower priority. Any such amounts will be distributed proportionately to such Class of Subordinate Certificates entitled to distributions in respect such clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount on such date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph shall be allocated among the remaining Classes of related Subordinate Certificates in proportion to their respective Class Principal Amounts.
(e) On each Distribution Date, the Trustee shall distribute to the Holder of the Class R Certificate any amounts remaining in REMIC III for such Distribution Date after application of all amounts described in paragraph (a) of this Section 5.02. Any distributions pursuant to this paragraph (e) shall not reduce the Class Principal Amount of the Class R Certificate.
(f) On each Distribution Date prior to the Credit Support Depletion Date but after the date on which the total Certificate Principal Amount of the Non-AP Senior Certificate or Certificates relating to either of Collateral Groups 1A or 1B have been reduced to zero, amounts otherwise distributable as principal on each Class of Subordinate Certificates pursuant to Section 5.02(a)(v), in reverse order of priority, in respect of such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to such retired Certificates, shall be distributed as principal to such Non-AP Senior Certificates remaining outstanding pursuant to Section 5.02(a)(iii) until the Class Principal Amounts thereof have been reduced to zero; and, provided that on such Distribution Date (a) the Aggregate Subordinate Percentage for Collateral Groups 1A or 1B for such Distribution Date is less than 200% of such Subordinate Percentage as of the Cut-off Date or (b) the average outstanding principal balance of the Mortgage Loans in any of Collateral Groups 1A or 1B that are delinquent 60 days or more for the last six months (including for this purpose any REO Property or Mortgage Loans in foreclosure or bankruptcy and the Scheduled Payments that would have been due on Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust Fund if the related Mortgage Loan had remained in existence) as a percentage of the related Group Subordinate Amount is greater than or equal to 50%.
(viiig) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any On each Distribution Date on which the Class Principal Amount Amounts of each Class of the Non-AP Senior Certificates having a higher priority of distribution relating to one or more Collateral Groups has been reduced to zero, any amounts distributable pursuant to Sections 5.02(f) will be allocated, as to each applicable Class of Subordinate Certificates, in proportion to such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for the Collateral Group relating to each such retired Senior Certificate. On each Distribution Date on which the Non-AP Senior Certificates for one or more Collateral Groups remain outstanding, any amounts distributable pursuant to Sections 5.02(f) will be distributed in proportion to the aggregate Certificate Principal Amount of such Certificates relating to each such Collateral Group.
(h) (A) On any Distribution Date on which any Non-AP Senior Certificate or Certificates relating to either of Collateral Groups 1A or 1B constitute an Undercollateralized Class or Classes, all amounts otherwise distributable as principal on the Subordinate Certificates, in reverse order of priority (other than amounts necessary to pay any related AP Deferred Amounts or unpaid Interest Shortfalls) (or, following the applicable Credit Support Depletion Date, such other amounts described in the immediately following sentence), will be distributed as principal to such Undercollateralized Class or Classes pursuant to Section 5.02(a)(iii), until the total Class Principal Amount of the Undercollateralized Class or Classes equals the Non-AP Pool Balance of the related Collateral Group, (such distribution, an “Undercollateralization Distribution”). In the event that any Non-AP Senior Certificate or Certificates relating to Collateral Groups 1A or 1B constitute an Undercollateralized Class or Classes on any Distribution Date following the Credit Support Depletion Date, related Undercollateralization Distributions will be made from any Available Distribution Amount for such Collateral Group or Groups not related to an Undercollateralized Class or Classes remaining Principal Remittance Amount after all required amounts have been distributed to the Non-AP Senior Certificates related to such other Collateral Groups. In addition, the amount of any unpaid Interest Shortfalls with respect to an Undercollateralized Class on any Distribution Date (including any Interest Shortfalls for such Distribution Date) will be distributed to such Undercollateralized Class or Classes prior to the remaining Certificates payment of any related Undercollateralization Distributions from amounts otherwise distributable as principal on the Subordinate Certificates, in the reverse order of priority set forth above until (or, following the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Credit Support Depletion Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring as provided in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Ratepreceding sentence).
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Senior Class A Certificates, pro rata, Accrued Certificate Current Interest and any Carryforward Interest for such Class Classes and for such Distribution Date; provided, plus however, that if amounts distributable are insufficient to pay such amounts, any unpaid Accrued Certificate resulting shortfalls shall be allocated pro rata on the basis of Current Interest remaining unpaid from any prior and Carryforward Interest due such Classes on such Distribution Date;
(ii) to the Class M-1 A Certificates, Accrued Certificate all accrued and unpaid interest at the related Interest for Rate on any Deferred Amounts previously allocated and not previously distributed to such Class Classes and any Deferred Amounts previously allocated to such Distribution DateClasses and not previously reimbursed, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datepro rata, on the amounts owed under each subclause (a) and (b);
(iii) to the Class M-2 M1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M2 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M3 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 CertificatesTrustee, Accrued Certificate Interest any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for such Class and application as part of Monthly Excess Cashflow for such Distribution Date, plus as provided in subsection (d) of this Section, any unpaid Accrued Certificate Interest Remittance Amount remaining unpaid from any prior Distribution Date;after application pursuant to clauses (i) through (vi) above. Any payments made pursuant to clause (ii)(b) of this paragraph (b) shall be made in the following order of priority:
(vii1) to the Class B-3 A Certificates, Accrued Certificate all accrued and unpaid interest at the related Interest Rate for each applicable Class on any Deferred Amount previously allocated to each such Class, pro rata, based on amounts of such accrued and unpaid interest owed to each such Class, for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datedate; and
(viii2) any remaining Interest Remittance Amount to the Class R A Certificates, any Deferred Amounts previously allocated to each such Class, pro rata, based on the Deferred Amounts owed to each such Class, for such date.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders of the Class R Certificates and Class A Certificates, Stepdown Date or (b) with respect to which a Trigger Event is in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereofeffect, until the Current aggregate Certificate Principal Amounts thereof have been reduced to zero;Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(iiA) to the holders of the Class M-1 A6A, Class A6B and Class A6C Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) abovepro rata, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal A6 Priority Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero;
(B) sequentially, to the Class A Certificates (other than the Class X0X, X0X and Class A6C Certificates) in the following order of priority:
(1) to the Class A1A, Class A1B and Class A1C Certificates, pro rata, until the Class Principal Amount of each such Class has been reduced to zero;
(2) to the Class A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(3) concurrently, pro rata,
(a) to the Class A3A, Class A3B and Class A3C Certificates, pro rata, until the Class Principal Amount of each such Class has been reduced to zero; and
(b) to the Class A4 and Class A5 Certificates, sequentially in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(C) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(F) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (E) above.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) to the Class A Certificates, in accordance with the Senior Priority, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, if none of the Class M Certificates are outstanding, the entire Principal Distribution Amount on such Distribution Date will be distributable to the Class A Certificates (in accordance with the Senior Priority);
(B) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates on such date pursuant to clause (A) above, and (y) the M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A and Class M1 Certificates on such Distribution Date pursuant to clauses (A) and (B) above, respectively, and (y) the M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A, Class M1 and Class M2 Certificates for such Distribution Date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; and
(E) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to sub-clauses (A) through (D) above.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) For each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate amount Certificate Principal Amount of Deferred Interestthe Offered Certificates equals the Target Amount, if any, that is added in reduction of the Aggregate Class Principal Amount of the Offered Certificates in the following order of priority:
(A) to the Scheduled Class A Certificates, in reduction of their respective Class Principal Balance of Amounts, in accordance with the Mortgage Loans on Senior Priority, until the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Class Principal Amount of each such Class and have been reduced to zero;
(B) to the denominator Class M1 Certificates, in reduction of which is their Class Principal Amount, until the aggregate Current Class Principal Amount of such Classes of Class has been reduced to zero;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each case immediately prior Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority,
(A) to the Class A Certificates, in accordance with the Senior Priority, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the Class A Certificates, after giving effect to distributions on such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added , equals the Senior Target Amount;
(B) to the Current Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount thereof of the Class A and Class M1 Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A, Class M1 and Class M2 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount; and
(D) to the Class M3 Certificates, in reduction of its Class Principal Amount, until the aggregate Class Principal Amount of the Class A, Class M1, Class M2 and Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(iii) from the Reserve Fund, first: to the Class A1A, Class A1B and Class A1C Certificates, pro rata, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date; and second, to the Class X Certificates, the sum of (a) any amounts remaining in the Reserve Fund, after taking into account distributions pursuant to clause first above in excess of the Required Reserve Fund Amount for such Distribution Date, and (b) any amounts payable under the Cap Agreement and distributable to the Class X Certificates under Section 5.06(b);
(iv) to the Class A Certificates, pro rata, based on their respective Net Funds Cap Shortfalls plus all related Unpaid Net Funds Cap Shortfalls, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for each such Class and such Distribution Date (with any such calculation with respect to the Class A1A, Class A1B or Class A1C Certificates being made after giving effect to clause (iii) above);
(v) to the Class M1 Certificates, any applicable Net Funds Cap Shortfall and will thereafter bear Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vi) to the Class M2 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vii) to the Class M3 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(viii) to the Class A Certificates, pro rata, based on their respective Deferred Amounts, any accrued but unpaid interest at on any Deferred Amount and any unpaid Deferred Amount for each such Class and such Distribution Date;
(ix) to the then applicable Pass-Through RateClass M1 Certificates, any Deferred Amounts for such Class and such Distribution Date;
(x) to the Class M2 Certificates, any Deferred Amounts for such Class and such Distribution Date;
(xi) to the Class M3 Certificates, any Deferred Amounts for such Class and such Distribution Date;
(xii) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date;
(xiii) on the earlier of (a) Distribution Date occurring in October 2009 (or the next occurring Distribution Date on which sufficient funds are available in the Certificate Account) and (b) the final Distribution Date, to the Class P Certificates, $100 in payment of the Class P Principal Amount; and
(xiv) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (xii) above.
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Holders of the Class P Certificates.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for (to the extent such date, amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1, REMIC 2, REMIC 3 and REMIC 4 and shall distribute such amount as specified in this Section. All allocations and distributions made between and with respect to Pool 1, Pool 2 and Pool 3 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) concurrently, pro rata to the Senior CertificatesClass 1-A Certificates and the A-IO(1) Component, pro rataCurrent Interest (taking into account the Pool 1 Net Funds Cap, Accrued Certificate if applicable) for such Class and Component and such Distribution Date and any Carryforward Interest for such Class and Component and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateshall be allocated among the Class 1-A Certificates and the A-IO(1) Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) concurrently, pro rata to the Class M-1 Certificates2-A and Class 3-A Certificates and the A-IO(2) and A-IO(3) Components, Accrued Certificate Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i) and 5.02(d)(i) below, as applicable, and the related Net Funds Cap, if applicable) for such Classes and Components and such Distribution Date and any Carryforward Interest for such Class Classes and Components and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 M1 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M2 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M3 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 M4 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 M5 Certificates, Accrued Certificate Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, plus Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(ix) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(xi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiixii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any remaining Interest Remittance Amount for Pool 1 remaining after application pursuant to the Class R Certificatesclauses (i) through (xi) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Interest Remittance Amount for Pool 2 for such date as followsin the following order of priority:
(i) concurrently, pro rata to the holders of Class 2-A Certificates and the A-IO(2) Component, Current Interest (taking into account the Pool 2 Net Funds Cap, if applicable) for such Class and Component and such Distribution Date and any Carryforward Interest for such Class and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among the Class R 2-A Certificates and Class A Certificates, the A-IO(2) Component in that order, proportion to the extent amount of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zeroInterest that would otherwise be distributable thereon;
(ii) concurrently, pro rata to the holders of Class 1-A and Class 3-A Certificates and the Class M-1 CertificatesA-IO(1) and A-IO(3) Components, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) above and 5.02(d)(i) below, as applicable, and the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (irelated Net Funds Cap, if applicable) above, the Class M-1 Principal for such Classes and Components and such Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zeroDate and any Carryforward Interest for such Classes and Components and such Distribution Date;
(iii) to the holders of the Class M-2 M1 Certificates, to Current Interest (taking into account the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (iSubordinate Net Funds Cap, if applicable) for such Class and (ii) above, the such Distribution Date and any Carryforward Interest for such Class M-2 Principal and such Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zeroDate;
(iv) to the holders of the Class M-3 M2 Certificates, to Current Interest (taking into account the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (iSubordinate Net Funds Cap, if applicable) through (iii) above, the for such Class M-3 Principal and such Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zeroDate and any Carryforward Interest for such Class and such Distribution Date;
(v) to the holders of the Class B-1 M3 Certificates, to Current Interest (taking into account the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (iSubordinate Net Funds Cap, if applicable) through (iv) above, the for such Class B-1 Principal and such Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zeroDate and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the holders of Class M4 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class B-2 M5 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the extent Class M6 Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B Certificates, Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Credit Risk Manager, the product of (a) the portion Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(xi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(xii) for application as part of the Principal Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Interest Remittance Amount for Pool 2 remaining after the distributions in application pursuant to clauses (i) through (vxi) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-Bc12)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee Securities Administrator shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for such datepayment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (i) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Securities Administrator (or the Paying Agent on behalf of the Securities Administrator) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (j) and (l) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee Securities Administrator shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the Senior Certificates, pro rata, Accrued Certificate Interest lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Class Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Class M-1 Certificates, Accrued Certificate Interest Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause (i) above and subsection 5.02(c)(i) below) for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 A1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;; and
(iv) for application pursuant to the Class M-3 CertificatesSection 5.02(d), Accrued Certificate any Interest Remittance Amount for such Class and Pool 1 remaining undistributed after application pursuant to clause (i) through (iii) of this Section 5.02(b) for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
Date (i) or with respect to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) abovebelow on the related Swap Payment Date), the Securities Administrator shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to clause (i) above and subsection 5.02(b)(i) above) for such Distribution Date;
(iii) concurrently, to each Class M-2 Principal Distribution Amount, in reduction of the Group 2 Certificates, Current Principal Amount thereofInterest and any Carryforward Interest for each such Class and such Distribution Date; provided, until however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Principal Amount thereof has been reduced to zero;Interest and Carryforward Interest that would otherwise be distributable thereon; and
(iv) for application pursuant to the holders of the Class M-3 CertificatesSection 5.02(d), to the extent of the portion of the Principal any Interest Remittance Amount for Pool 2 remaining undistributed after distributions in clauses application pursuant to clause (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vthis Section 5.02(c) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Samples: Trust Agreement (Sasco 2006-Bc2)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount with respect to each Mortgage Pool, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates, in the following order of priority:
(i) to payment of the Senior Certificates, pro rata, Accrued Certificate Interest Trustee Fee for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) from the remaining Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the Class M-1 Certificatesrelated Certificate Group, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced by such Class's allocable share of any unpaid Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for a Mortgage Pool shall be allocated among the Classes of the related Certificate Group in proportion to the amount of Accrued Certificate Interest remaining unpaid from any prior Distribution Date(as so reduced) that would otherwise be distributable thereon;
(iii) from the remaining Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the Class M-2 Certificatesrelated Certificate Group, Accrued Certificate any related Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of the related Certificate Group in proportion to the Interest remaining unpaid from any prior Shortfall for each such Class on such Distribution Date;
(iv) from the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates of the related Certificate Group (other than any Class M-3 of Notional Certificates) in reduction of the Class Principal Amounts thereof, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;as follows.
(vA) to the Class B-1 Certificatessequentially, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each and Class 1-A1 Certificates from the Available Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance AmountPool 1, the Senior Principal Distribution AmountAmount for Mortgage Pool 1, in reduction of the Current their Class Principal Amounts, until their Class Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(iiB) to the holders Class 2-A1 Certificates from the Available Distribution Amount for Pool 2, the Senior Principal Distribution Amount for such Mortgage Pool, in reduction of their Class Principal Amount until their Class Principal Amount has been reduced to zero;
(C) to the Class M-1 3-A Certificates, from the Available Distribution Amount for Pool 3, the Senior Principal Distribution Amount for such Mortgage Pool, in reduction of their Class Principal Amount, until their Class Principal Amount has been reduced to zero;
(D) to the Class 4-A Certificates, from the Available Distribution Amount for Pool 4, the Senior Principal Distribution Amount for such Mortgage Pool, in reduction of their Class Principal Amount, until their Class Principal Amount has been reduced to zero;
(v) from the remaining Available Distribution Amount for Pool 1, subject to the prior distribution of amounts pursuant to Section 5.02(b) in the case of clauses (C) and (H) below, to the extent Class B1-I, Class B1-I-X, Class B2-I and Class B2-I-X Certificates, in the following order of priority:
(A) to the portion of the Principal Remittance Amount remaining after the distribution in clause (i) aboveClass B1-I Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class M-1 Principal B1-I Certificates, any Interest Shortfall for such Class on such Distribution AmountDate;
(C) to the Class B1-I Certificates, in reduction of the Current Class Principal Amount thereof, such Class's pro rata share of the Pool 1 B1-B2 Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(b), until the Current Certificate Principal Balance thereof has been reduced to zero;
(D) to the Class B1-I-X Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B1-I-X Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2-I Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(G) to the Class B2-I Certificates, any Interest Shortfall for such Class on such Distribution Date;
(H) to the Class B2-I Certificates, in reduction of the Certificate Principal Amount thereof, the sum of (i) such Class's pro rata share of the Pool 1 B1-B2 Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(b), and (ii) any portion of the Pool 1 B1-B2 Principal Distribution Amount allocated to the Class B1-I Certificates in excess of the Certificate Principal Amount of such Class, until the Class Principal Amount thereof has been reduced to zero;
(iiiI) to the holders Class B2-I-X Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(J) to the Class M-2 B2-I-X Certificates, any Interest Shortfall for such Class on such Distribution Date;
(vi) from the remaining Available Distribution Amount for Pool 2, Pool 3 and Pool 4, subject to the prior distribution of amounts pursuant to Section 5.02(b) in the case of clauses (C) and (F) below, to the extent Class B1-II and Class B2-II Certificates, in the following order of priority:
(A) to the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) aboveClass B1-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class M-2 Principal B1-II Certificates, any Interest Shortfall for such Class on such Distribution AmountDate;
(C) to the Class B1-II Certificates, in reduction of the Current Class Principal Amount thereof, such Class's pro rata share of the Pool 2-4 B1-B2 Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(b), until the Current Certificate Principal Balance thereof has been reduced to zero;
(D) to the Class B2-II Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B2-II Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2-II Certificates, in reduction of the Certificate Principal Amount thereof, the sum of (i) such Class's pro rata share of the Pool 2-4 B1-B2 Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(b), and (ii) any portion of the Pool 2-4 B1-B2 Principal Distribution Amount allocated to the Class B1-II Certificates in excess of the Certificate Principal Amount of such Class, until the Class Principal Amount thereof has been reduced to zero;
(ivvii) from the remaining Available Distribution Amounts for all Mortgage Pools, subject to the prior distribution of amounts pursuant to Section 5.02(c) in the case of clauses (C), (F), (I) and (L) below, to the Class B3, Class B4, Class B5 and Class B6 Certificates in the following order of priority
(A) to the holders Class B3 Certificates, Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Certificate Principal Amount thereof, such Class's pro rata share of the sum of the Pool 1 B3-B6 Principal Distribution Amount and the Pool 2-4 B3-B6 Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Amount thereof has been reduced to zero;
(vD) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Certificate Principal Amount thereof, the sum of (i) such Class's pro rata share of the sum of the Pool 1 B3-B6 Principal Distribution Amount and the Pool 2-4 B3-B6 Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), and (ii) any portion of the sum of the Pool 1 B3-B6 Principal Distribution Amount and Pool 2-4 B3-B6 Principal Distribution Amount allocated to the Class B3 Certificates in excess of the Certificate Principal Amount of such Class, until the Current Certificate Principal Amount Balance thereof has been reduced to zero;
(viG) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Certificate Principal Amount thereof, the sum of (i) such Class's pro rata share of sum of the Pool 1 B3-B6 Principal Distribution Amount and the Pool 2-4 B3-B6 Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), and (ii) any portion of the sum of the Pool 1 B3-B6 Principal Distribution Amount and the Pool 2-4 B3-B6 Principal Distribution Amount allocated to the Class B4 Certificates in excess of the Certificate Principal Amount of such Class, until the Current Class Principal Amount Balance thereof has been reduced to zero;
(J) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiL) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Certificate Principal Amounts Amount thereof, the sum of (i) such Class's pro rata share of the sum of the Pool 1 B3-B6 Principal Distribution Amount and the Pool 2-4 B3-B6 Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), and (ii) any portion of the sum of the Pool 1 B3-B6 Principal Distribution Amount and the Pool 2-4 B3-B6 Principal Distribution Amount allocated to the Class B5 Certificates in excess of the Certificate Principal Amount of such Class, until the Current Certificate Principal Amounts Balance thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(dviii) On or prior to each Determination DateNet Prepayment Interest Shortfalls for Pool 1 shall be allocated among the Group 1 Certificates and the Class B3, Class B4, Class B5 and Class B6 Certificates pro rata based on (x) in the case of the related Group 1 Certificates, the Master Servicer Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class B3, Class B4, Class B5 and Class B6 Certificates, interest accrued at the Pool 1 Net WAC on the related Apportioned Principal Balances.
(ix) Net Prepayment Interest Shortfalls for Pool 2 shall determine be allocated among the amount Group 2 Certificates and the Class B1-II, Class B2-II, Class B3, Class B4, Class B5 and Class B6 Certificates pro rata based on (x) in the case of any Deferred the Group 2 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in respect the case of each Mortgage Loan that occurred during the immediately preceding calendar month Class B1-II, Class B2-II, Class B3, Class B4, Class B5 and provide such information to Class B6 Certificates, the Trustee pursuant to Section 3.20. With respect to interest accrued at the Pool 2 Net WAC on the related Apportioned Principal Balances.
(x) Net Prepayment Interest Shortfalls for Pool 3 shall be allocated among the Group 3 Certificates and the Class B1-II, Class B2-II, Class B3, Class B4, Class B5 and Class B6 Certificates pro rata based on (x) in the case of the Group 3 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class B1-II, Class B2-II, Class B3, Class B4, Class B5 and Class B6 Certificates, the interest accrued at the Pool 3 Net WAC on the related Apportioned Principal Balances.
(xi) Net Prepayment Interest Shortfalls for Pool 4 shall be allocated among the Group 4 Certificates and the Class B1-II, Class B2-II, Class B3, Class B4, Class B5 and Class B6 Certificates pro rata based on (x) in the case of the Group 4 Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (y) in the case of the Class B1-II, Class B2-II, Class B3, Class B4, Class B5 and Class B6 Certificates, the interest accrued at the Pool 4 Net WAC on the related Apportioned Principal Balances.
(i) Notwithstanding the foregoing, on any Distribution Date, the aggregate amount portion of Deferred Interest, if any, that is added the Pool 1 B1-B2 Principal Distribution Amount described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for Pool 1 referred to above in Section 5.02(a)(v) will be distributed entirely to the Scheduled Class B1-I Certificates if the Credit Support Percentage of the Class B1-I Certificates as of such Distribution Date (before giving effect to any distribution of principal on such Distribution Date) is less than the Original Credit Support Percentage for such Class.
(ii) Notwithstanding the foregoing, on any Distribution Date, the portion of the Pool 2-4 B1-B2 Principal Balance Distribution Amount described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for Pool 2, Pool 3 and Pool 4 referred to above in Section 5.02(a)(vi) will be distributed entirely to the Class B1-II Certificates if the Credit Support Percentage of the Class B1-II Certificates as of such Distribution Date (before giving effect to any distribution of principal on such Distribution Date) is less than the Original Credit Support Percentage for such Class.
(c) Notwithstanding the foregoing, on any Distribution Date, the portion of the sum of the Pool 1 B3-B6 Principal Distribution Amount and the Pool 2-4 B3-B6 Principal Distribution Amount described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount for Pool 1, Pool 2, Pool 3 and Pool 4 referred to above in Section 5.02(a)(vii) will be allocated pro rata among the following Classes of Certificates: (i) any of the Class of Class B3, Class B4 and Class B5 Certificates which has a current Credit Support Percentage (before giving effect to any distribution of principal on such Distribution Date) greater than or equal to the original Credit Support Percentage for such Class; (ii) the Class of Class B3, Class B4 and Class B5 Certificates having the lowest numerical class designation which does not meet the criteria in (i) above; and (iii) the Class B6 Certificates if all other outstanding Classes of Class B3, Class B4 and Class B5 Certificates meet the criteria in (i) above or if no other Class of Class B3, Class B4 and Class B5 Certificates is outstanding.
(d) On each Distribution Date, the Trustee shall distribute to Holders of the Class P-I and Class P-II Certificates any Prepayment Penalty Amounts related to Pool 1 and Pool 2, Pool 3, and Pool 4, respectively, for such Distribution Date (other than any Prepayment Penalty Amounts received with respect to the Participations).
(e) On each Distribution Date, the Trustee shall distribute to the Holder of the Class R Certificate any portion of the Available Distribution Amount for any of the Mortgage Loans on the Due Date occurring in the month in which Pools for such Distribution Date occurs will be added to the Current Principal Amounts remaining after application of the Certificates on a pro rata basis based on a fraction, the numerator all amounts described in paragraph (a) and (d) of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Ratethis Section 5.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-18a)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount with respect to each Mortgage Pool, and shall distribute such amount to itself (in the Interest Remittance Amount for such date case of clause (i)), the Class 1-A1 Certificate Insurer, and to the Holders of record of each Class of Certificates, in the following order of priority:
(i) from the Available Distribution Amount for each Mortgage Pool, to the Senior CertificatesTrustee, pro rata, Accrued Certificate Interest the Trustee Fee for all Mortgage Loans in the related Mortgage Pool for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to from the Available Distribution Amount for Pool 1, the Aggregate Class M-1 Certificates, Accrued 1-A1 Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution DateInsurance Premium;
(iii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the Class M-2 Certificatesrelated Certificate Group, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced by such Class's allocable share of any unpaid Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for a Mortgage Pool shall be allocated among the Classes of the related Certificate Group in proportion to the amount of Accrued Certificate Interest remaining unpaid from any prior Distribution Date(as so reduced) that would otherwise be distributable thereon;
(iv) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the Class M-3 Certificatesrelated Certificate Group, Accrued Certificate any related Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of the related Certificate Group in proportion to the Interest remaining unpaid from any prior Shortfall for each such Class on such Distribution Date;
(v) from the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates of the related Certificate Group (other than any Class B-1 of Notional Certificates) in reduction of the Class Principal Amounts thereof, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;as follows.
(viA) to the Class B-2 Certificatessequentially, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A 1-A1 Certificates, in that order, from the Available Distribution Amount for Pool 1 for such Distribution Date in an amount up to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, Amount for such Mortgage Pool for such Distribution Date until the Current Class Principal Amounts thereof have been reduced to zero;
(iiB) concurrently, to the Class 2-A1 and Class 2-A2 Certificates, from the Available Distribution Amount for Pool 2 for such Distribution Date, the Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in proportion to their respective Class Principal Amounts, until the Class Principal Amounts thereof have been reduced to zero;
(C) sequentially, to the Class 3-A1, Class 3-A2 and Class 3-A3 Certificates, in that order, from the Available Distribution Amount for Pool 3 for such Distribution Date in an amount up to the Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date until the Class Principal Amounts thereof have been reduced to zero;
(D) to the holders of Class 4-A1 Certificates, from the Available Distribution Amount for Pool 4 for such Distribution Date in an amount up to the Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date until the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iiiE) to the holders of Class 5-A1 Certificates, from the Available Distribution Amount for Pool 5 for such Distribution Date in an amount up to the Senior Principal Distribution Amount for such Mortgage Pool for such Distribution Date until the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vi) from the Available Distribution Amount for Pool 1, to the Class 1-A1 Certificate Insurer, any unreimbursed Reimbursement Amounts; and
(vii) from the remaining Available Distribution Amount for each Mortgage Pool, subject to the prior distribution of amounts pursuant to Section 5.02(e) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinated Certificates, in the following order of priority:
(A) to the holders Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B1 Certificates, in that order, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) aboveClass B1 Certificates, in reduction of the Current Class Principal Amounts Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Amounts Balance thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero;
(D) to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B2 Certificates, any remaining Principal Remittance Amount will be distributed Interest Shortfall for such Class on such Distribution Date;
(F) to the remaining Certificates Class B2 Certificates, in reduction of the order Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of priority set forth above each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(G) to the Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the Class B3 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(J) to the Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Class B4 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the Class B5 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Balance thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates of the related Certificate Group pro rata based on (i) in the case of the related Senior Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
(v) If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Subordinate Classes in proportion to their respective Certificate Principal Amounts.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added Trustee shall distribute to the Scheduled Principal Balance Holder of the Mortgage Loans on the Due Date occurring Class R Certificate any amounts remaining in the month in which Upper Tier REMIC for such Distribution Date occurs will be added to the Current Principal Amounts after application of the Certificates on a pro rata basis based on a fraction, the numerator all amounts described in paragraph (a) of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Ratethis Section 5.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2001 15a)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates in the following order of priority:
(i) to each Class of Senior Certificates other than the Senior Class AP Certificates, pro rata, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date; provided, however, that any shortfall in available amounts shall be allocated among the Classes of Senior Certificates in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) to each Class of Senior Certificates other than the Class AP Certificates, any outstanding Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) shortfall in available amounts shall be allocated among the Classes of Senior Certificates in proportion to the Class M-1 Certificates, Accrued Certificate Interest Shortfall for each such Class and on such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Senior Certificates other than the Class M-2 AX Certificates, Accrued Certificate Interest for such in reduction of their Class and such Distribution DatePrincipal Amounts, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificatesconcurrently, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(iA) sequentially to the holders of the Class A and Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereofAmount for such Distribution Date, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of each such Class has been reduced to zero;; and
(iiiB) to the holders of the Class M-2 AP Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 AP Principal Distribution Amount, in reduction of the Current Principal Amount thereoffor such Distribution Date, until the Current Class Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 AP Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 AP Deferred Amount for such Distribution Date, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution AmountAmount for such date; and (B) such amounts will not reduce the Class Principal Amounts of such Classes; and
(v) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(vi) to the Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(vii) to the Class B1 Certificates, in reduction of the Current Class Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Balance thereof has been reduced to zero;
(viii) to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(ix) to the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(x) to the Class B2 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(vxi) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(xii) to the Class B-1 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(xiii) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB3 Certificates, in reduction of the Current Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(vixiv) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(xv) to the Class B-2 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(xvi) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB4 Certificates, in reduction of the Current Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Amount Balance thereof has been reduced to zero; and;
(viixvii) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(xviii) to the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B5 Certificates, in that order, any Interest Shortfall for such Class on such Distribution Date;
(xix) to the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) aboveClass B5 Certificates, in reduction of the Current Certificate Principal Amounts Amount thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders such Class's Subordinate Class Percentage of the Class R Certificates. Notwithstanding the foregoingSubordinate Principal Distribution Amount for such Distribution Date, on any Distribution Date on which except as provided in Section 5.02(c), until the Class Principal Amount of each Class of Certificates having a higher priority of distribution Balance thereof has been reduced to zero;
(xx) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(xxi) to the Class B6 Certificates, any remaining Principal Remittance Amount will be distributed Interest Shortfall for such Class on such Distribution Date; and
(xxii) to the remaining Certificates Class B6 Certificates, in reduction of the order Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of priority set forth above the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Certificate Principal Amount of each such Class Balance thereof has been reduced to zero.
(b) Net Prepayment Interest Shortfalls shall be allocated on each Distribution Date to the Certificates other than the Class AP Certificates pro rata based on the Accrued Certificate Interest otherwise distributable thereon.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
(v) If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Classes of Subordinate Certificates in proportion to their respective Class Principal Amounts.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added Trustee shall distribute to the Scheduled Principal Balance Holder of the Mortgage Loans on the Due Date occurring in the month in which Class R Certificate any remaining Available Distribution Amount for such Distribution Date occurs will be added to the Current Principal Amounts after application of the Certificates on a pro rata basis based on a fraction, the numerator all amounts described in paragraph (a) of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Ratethis Section 5.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Senior CertificatesCertificate Insurer, pro rata, Accrued the Aggregate Certificate Interest Insurance Premium due for such Class and such Distribution Date, plus any unpaid Accrued the Certificate Interest remaining unpaid from any prior Insurance Policy for that Distribution Date;
(ii) to the Class M-1 A Certificates, Accrued Certificate Current Interest and any Carryforward Interest thereon for such Class and such Distribution Date; provided, plus however, that if amounts distributable are insufficient to pay such amounts, any unpaid Accrued Certificate resulting shortfalls will be allocated pro rata on the basis of Current Interest remaining unpaid from any prior and Carryforward Interest due such classes on such Distribution Date;
(iii) to the Class M-2 CertificatesCertificate Insurer, Accrued Certificate Interest for such Class any due and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Dateowing Reimbursement Amounts;
(iv) to the Class M-3 M1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M2 Certificates, Accrued Certificate Current Interest and any Carryforward Interests for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 M3 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 CertificatesTrustee, Accrued Certificate Interest for such Class any amounts reimbursable pursuant to Section 4.04(b)(i) and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datenot previously reimbursed to the Trustee; and
(viii) for application as part of Monthly Excess Cashflow for such Remittance Date, as provided in subsection (d) of this Section, any remaining Interest Remittance Amount remaining after application pursuant to the Class R Certificatesclauses (i) through (vii) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders of the Class R Certificates and Class A Certificates, Stepdown Date or (b) with respect to which a Trigger Event is in that order, to the extent of the Principal Remittance Amounteffect, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of Trustee shall distribute the Principal Remittance Amount remaining after in the distribution in clause following order of priority:
(iA) aboveConcurrently,
(1) to the Class A6 Certificates, pro rata based on their respective Class Principal Amount, the Class M-1 Principal Distribution A6 Priority Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof has been reduced to zero;
(iii) to the holders of the each such Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii2) sequentially (1) to the holders of the Class B-2A1, Class B-1A2, Class M-3A3, Class M-2, Class M-1, Class A A4 and Class B-3 Certificates, A5 Certificates in that order, until the respective Class Principal Remittance Amount remaining after of each such Class has been reduced to zero;
(B) to the distributions in clauses (i) through (viCertificate Insurer, any due and owing Reimbursement Amounts, but only to the extent not paid pursuant to Section 5.02(b)(iii) above, in reduction of ;
(C) to the Current Principal Amounts thereofClass M1 Certificates, until the Current Class Principal Amounts thereof have Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(viiiF) for application as part of Monthly Excess Cashflow for such Remittance Date, as provided in subsection (d) of this Section, any Principal Remittance Amount remaining after application pursuant to clauses (A) through (E) above. The priority of distributions set forth in sub-clauses (A)(1) and (2) above is referred to hereinafter as the “Senior Priorities.”
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Remittance Amount for such date will be distributed in the following order of priority:
(A) to the holders Class A Certificates (other than the Class A-IO Certificates) in accordance with the Senior Priorities, an amount equal to the lesser of (x) the Principal Remittance Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, if none of the Class R M1,Class M2 or Class M3 Certificates are outstanding, the entire Principal Distribution Amount on such Distribution Date will be distributable to the Class A Certificates (in accordance with the Senior Priorities);
(B) to the Certificate Insurer, any due and owing Reimbursement Amounts, but only to the extent not paid pursuant to Section 5.02(b)(iii) or 5.02(c)(i)(B);
(C) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Remittance Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates and the Certificate Insurer on such date pursuant to clauses (A) and (B) above, and (y) the M1 Principal Remittance Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Remittance Amount for such Distribution Date over (b) the amount distributed to the Class A Certificates, the Certificate Insurer and the Class M1 Certificates on such date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M2 Principal Remittance Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Remittance Amount for such Distribution Date or (b) the amount distributed to the Class A Certificates, the Certificate Insurer, the Class M1 Certificates and Class M2 Certificates on such date pursuant to clauses (A), (B), (C) and (D) above, respectively, and (y) the M3 Principal Remittance Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(F) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Remittance Amount remaining after application pursuant to sub-clauses (A) through (E) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above above.
(d) On each Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) For each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Certificates is equal to the Pool Balance for such Distribution Date, in the following order of priority:
(A) to the Class A Certificates (other than the Class A-IO Certificates), in reduction of their respective Class Principal Amounts, in accordance with the Senior Priorities, until the Class Principal Amounts thereof have been reduced to zero;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of each such Class has been reduced to zero.;
(dC) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to Section 3.20. With respect zero; and
(D) to any the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority,
(A) to the Class A Certificates (other than the Class A-IO Certificates), in accordance with the Senior Priorities, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the Class A Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate amount of Deferred InterestClass Principal Amount for such Class and the Class A Certificates, if anyafter giving effect to distributions on such Distribution Date, that is added equals the M1 Target Amount;
(C) to the Scheduled Class M2 Certificates, in reduction of their Class Principal Balance of Amount, until the Mortgage Loans aggregate Class Principal Amount for such Class, the Class M1 and the Class A Certificates, after giving effect to distributions on the Due Date occurring in the month in which such Distribution Date occurs will be added Date, equals the M2 Target Amount; and
(D) to the Current Class M3 Certificates, in reduction of their Class Principal Amounts of Amount, until the aggregate Class Principal Amount for such Class, the Class M1, the Class M2 and the Class A Certificates, after giving effect to distributions on such date, equals the M3 Target Amount;
(iii) to the Class A Certificates on a (other than the Class A-IO Certificates), pro rata basis based on a fractiontheir respective Net Funds Cap Shortfalls plus all related Unpaid Net Funds Cap Shortfalls, the numerator of which is the Current Principal Amount of any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added ;
(iv) from the Class M1 Reserve Fund, first, to the Current Principal Amount thereof on Class M1 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date and, second, to the Class X Certificates, the sum of (a) any amounts remaining in the Class M1 Reserve Fund, after taking into account distributions pursuant to clause first above, in excess of the Required Reserve Fund Amount for such Distribution Date, and will thereafter bear (b) any amounts paid by the Cap Provider to the Trust Fund with respect to the Class X Cap;
(v) to the Class M1 Certificates, any remaining Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vi) to the Class M2 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(vii) to the Class M3 Certificates, any applicable Net Funds Cap Shortfall and Unpaid Net Funds Cap Shortfall for such Class and such Distribution Date;
(viii) to the Class A Certificates (other than the Class A-IO Certificates), all accrued and unpaid interest at the then related Certificate Interest Rate for each applicable PassClass on any Deferred Amounts previously allocated to such Class, pro rata based on amounts of such accrued and unpaid interest owed to each such Class, for such Distribution Date;
(ix) to the Class A Certificates (other than the Class A-Through RateIO Certificates), any Deferred Amounts previously allocated to such Class, pro rata based on the Deferred Amounts owed to each such Class, for such Distribution Date;
(x) to the Class M1 Certificates, any Deferred Amount for such Class and such Distribution Date;
(xi) to the Class M2 Certificates, any Deferred Amount for such Class and such Distribution Date;
(xii) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(xiii) to the Class X Certificate, the Class X Distributable Amount for such Distribution Date;
(xiv) on the Distribution Date occurring in August 2008 (or the next occurring Distribution Date on which sufficient funds are available in the Certificate Account) to the Class P Certificates, $100 in payment of its Class P Principal Amount; and
(xv) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (xiv) above.
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Holders of the Class P Certificates.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mo Pa Th Ce Ser 2003-25xs)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount (other than the Class P Distributable Amount), and shall distribute such amount to the Holders of record of each Class of Certificates, in the following order of priority to the extent of remaining Available Distribution Amount:
(i) to each Class of Senior Certificates (other than any Principal Only Certificates) of any Class of Senior Certificates, the Accrued Certificate Interest Remittance thereon for such Distribution Date, as reduced, in each case, by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date; provided, however, that any shortfall in available amounts shall be allocated among the Classes of Senior Certificates in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(ii) to each Class of Senior Certificates (other than any Principal Only Certificates), any Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts shall be allocated among the Classes of Senior Certificates in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(iii) to the Senior Certificates (other than any Notional Certificates), as set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word “approximately;”
(iv) to the Class AP Certificates, the AP Deferred Amount for such Class and Distribution Date, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the Subordinate Principal Distribution Amount for such date and (B) such amounts will not reduce the Class Principal Amount of such Class; and
(v) to the Subordinate Certificates, in the following order of priority:
(iA) to the Senior Class B1 Certificates, pro rata, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced by such Class’s allocable share of any unpaid Accrued Certificate Net Prepayment Interest remaining unpaid from any prior Shortfalls for such Distribution Date;
(iiB) to the Class M-1 B1 Certificates, Accrued Certificate any Interest Shortfall for such Class and on such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iiiC) to the Class M-2 B1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiR) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Class of Certificates having a higher priority of distribution has been reduced to zerothe Subordinate Principal Distribution Amount for such Distribution Date, any remaining Principal Remittance Amount will be distributed to the remaining Certificates except as provided in the order of priority set forth above Section 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero.
(db) On or prior Net Prepayment Interest Shortfalls shall be allocated among the Certificates (other than any Principal Only Certificates) pro rata based on the Accrued Certificate Interest otherwise distributable thereon.
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to each Determination Datethe contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the Master Servicer shall determine the amount definition of any Deferred Interest Subordinate Principal Distribution Amount will be made in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution DateClass B2, the aggregate amount of Deferred InterestClass B3, if anyClass B4, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Class B5 or Class B6 Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added to made in respect of the Current Principal Amount thereof Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will thereafter bear interest at be made in respect of the then applicable Pass-Through RateClass B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003-16)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount with respect to each Mortgage Pool, and shall distribute such amount to the Class 1-A5 Certificate Insurer, and to the Holders of record of each Class of Certificates, in the following order of priority based on the report of the Securities Administrator:
(i) from the Available Distribution Amount for Pool 1, to the Class 1-A5 Certificate Insurer, the Aggregate Class 1-A5 Certificate Insurance Premium;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group (other than any Class of Principal Only Certificates), the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of the related Certificate Group in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(iii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates in the related Certificate Group (other than any Class of Principal Only Certificates), any related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of the related Certificate Group in proportion to the Interest Remittance Shortfall for each such Class on such Distribution Date;
(iv) from the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates of the related Certificate Group (other than any Class of Notional Certificates), as follows:
(A) to the Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A5, Class 1-A7, Class 1-A8, Class 1-AP and Class R Certificates, from the Available Distribution Amount for Pool 1 for such date Distribution Date, in reduction of their respective Class Principal Amounts, concurrently, as follows:
(1) to the Class 1-A1, Class 1-A2, Class 1-A3, Class 1-A5, Class 1-A7, Class 1-A8, and Class R Certificates, the Senior Principal Distribution Amount for Pool 1 for such Distribution Date, in the following order of priority:
(i) to the Senior Certificates, pro rata, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iia) to the Class M-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereofCertificate, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iiib) to if the holders of Distribution Date occurs on or after the Class M-2 CertificatesDistribution Date in February 2004, to the extent Class 1-A5 Certificates, an amount on each Distribution Date up to $20,000 for each Distribution Date, until their Class Principal Amount has been reduced to zero;
(c) pro rata, to the Class 1-A7 and Class 1-A8 Certificates, the lesser of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) the Group 1 NAS Priority Amount for such Distribution Date and (ii) above, 98.6% of the Class M-2 remaining Senior Principal Distribution Amount, in reduction of the Current Principal Amount thereoffor Pool 1 for such Distribution Date, until the Current Class Principal Amount thereof has been reduced to zero;
(ivd) to the holders Class 1-A1, Class 1-A2 and Class 1-A3 Certificates, until a total of $1,775,000 has been distributed under this clause (iv)(A)(1)(d) for such Distribution Date, concurrently, as follows:
(I) 90.00% of the amount distributable pursuant to clause (iv)(A)(1)(d) to the Class M-3 1-A1 Certificates, until the Class Principal Amount there has been reduced to zero; and:
(II) 10.00% of the amount distributable pursuant to clause (iv)(A)(1)(d), pro rata, to the extent Class 1-A2 and Class 1-A3 Certificates, until the Class Principal Amount thereof has been reduced to zero;
(e) pro rata, to the Class 1-A2 and Class 1-A3 Certificates, until the Class Principal Amount of eacg such Class has been reduced to zero; and
(f) sequentially, to the portion of Class 1-A1 and Class 1-45 Certificates, in that order, until their Class Principal Amount has been reduced to zero; and
(2) to the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) aboveClass 1-AP Certificates, the Class M-3 AP Principal Distribution AmountAmount for Pool 1, until the Class Principal Amount thereof has been reduced to zero;
(B) to the Class 2-A1, Class 2-A2, Class 2-A4 and Class 2-A6 Certificates, from the Senior Principal Distribution Amount for Pool 2 for such Distribution Date, in reduction of their respective Class Principal Amounts, in the Current Principal Amount thereoffollowing order of priority:
(1) pro rata, to the Class 2-A1, Class 2-A2 and Class 2-A6 Certificates, until the Current Class Principal Amount of each Class has been reduced to zero; and
(2) to the Class 2-A4 Certificates, until their Class Principal Amount has been reduced to zero;
(C) to the Class 3-A and Class 3-AP Certificates, from the Available Distribution Amount for Pool 3 for such Distribution Date, in reduction of their respective Class Principal Amounts, concurrently, as follows:
(1) to the Class 3-A Certificates, the Senior Principal Distribution Amount for Pool 3 for such Distribution Date, until the Class Principal Amount thereof has been reduced to zero; and
(2) to the Class 3-AP Certificates, the AP Distribution Amount for Pool 3 for such Distribution Date, until the Class Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 1-AP and Class 3-AP Certificates, to the extent of the portion of the Principal Remittance remaining Available Distribution Amount remaining after the distributions in clauses (i) through (iv) abovefor all three Pools, the Class B-1 AP Deferred Amount for such Class and Distribution Date, until the Class Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution AmountAmount for all three Mortgage Pools for such date; (B) such amounts will not reduce the Class Principal Amounts of such Classes; and (C) in the event the aggregate Subordinate Principal Distribution Amount for all Mortgage Pools is insufficient to fully pay the Class AP Deferred Amount for the Class 1-AP and Class 3-AP Certificates, such amount shall be distributed pro rata to such Classes on the basis of their respective Class AP Deferred Amounts;
(vi) from the Available Distribution Amount for Pool 1, to the Class 1-A5 Certificate Insurer, any unreimbursed Insured Payments, plus all amounts due to the Class 1-A5 Certificate Insurer under the Insurance Agreement, together with interest thereon at the rate specified in the Insurance Agreement (collectively, the "Reimbursement Amounts"); and
(vii) from the remaining Available Distribution Amount for all Mortgage Pools, subject to the prior distribution of amounts pursuant to Section 5.02(f) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinated Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Current Class Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Balance thereof has been reduced to zero;
(D) to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount thereof has been reduced to zero;
(viG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B-2 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB3 Certificates, in reduction of the Current Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero; and;
(viiJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B4 Certificates, in that order, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) aboveClass B4 Certificates, in reduction of the Current Certificate Principal Amounts Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Amounts Balance thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any remaining Principal Remittance Amount will be distributed Interest Shortfall for such Class on such Distribution Date;
(O) to the remaining Certificates Class B5 Certificates, in reduction of the order Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of priority set forth above each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Balance thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Class Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero.
(db) On or prior to Net Prepayment Interest Shortfalls for each Determination DateMortgage Pool shall be allocated among the Certificates of the related Certificate Group (other than any related Principal Only Certificates) pro rata based on (i) in the case of the related Non-AP Senior Certificates, the Master Servicer shall determine Accrued Certificate Interest otherwise distributable thereon, and (ii) in the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance case of the Mortgage Loans Subordinate Certificates, interest accrued on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current related Apportioned Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate Balances.
(c) (i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added to made in respect of the Current Principal Amount thereof Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through RateDate.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pass THR Cert Ser 01 1)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of prioritypriority based on the report of the Master Servicer:
(i) concurrently, to the Senior Certificates, pro rata, Accrued Certificate Current Interest for each such Class and such Distribution Date and any Carryforward Interest for each such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateshall be allocated among the Senior Certificates in proportion to the amount of Current Interest (as so reduced) that would otherwise be distributable thereon;
(ii) to the Class M-1 A4 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 M1 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 M2 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 M3 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 B Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 CertificatesCredit Risk Manager, Accrued Certificate Interest the Credit Risk Manager’s Fee for such Class Distribution Date;
(viii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(ix) for application as part of Monthly Excess Cashflow for such Distribution Date, plus as provided in subsection (d) of this Section, any unpaid Accrued Certificate Interest Remittance Amount remaining unpaid from any prior Distribution Date; and
after application pursuant to clauses (i) through (viii) any remaining Interest Remittance Amount to the Class R Certificatesabove.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Class Principal Amount of the Class R Certificates A1, Class A2, Class A3, Class A4, Class M1, Class M2, Class M3 and Class A CertificatesB Certificates equals the Target Amount for such Distribution Date, in that order, to the extent of Trustee shall distribute the Principal Remittance Amount, Distribution Amount in the Senior Principal Distribution Amount, in reduction following order of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;priority:
(iiA) to the holders Senior Certificates, concurrently, as follows:
(a) 61.0735061958% of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution amount distributable in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iiiSection 5.02(c)(i)(A) to the holders of the Class M-2 A1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the until their Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(viib) 38.9264938042% of the amount distributable in Section 5.02(c)(i)(A), sequentially, to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A A2 and Class B-3 A3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current until their respective Class Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viiiB) to the holders Class A4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(G) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (F) above. Any Principal Distribution Amount remaining on any Distribution Date after the Target Amount is achieved will be applied as part of Monthly Excess Cashflow for such Distribution Date as provided in subsection (d) of this Section.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) so long as the Class A4, Class M1, Class M2, Class M3 or Class B Certificates are outstanding, to the Senior Certificates, an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, in accordance with priority (i)(A) above, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, that if none of the Class R A4, Class M1, Class M2, Class M3 or Class B Certificates are outstanding, then to the Senior Certificates, in accordance with Section 5.02(c)(i)(A), the Principal Distribution Amount for such Distribution Date;
(B) to the Class A4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates on such date pursuant to clause (A) above, and (y) the A4 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the Class A4 Certificates on such date pursuant to clauses (A) and (B) above, and (y) the M1 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class A4 and Class M1 Certificates on such date pursuant to clauses (A), (B) and (C) above, and (y) the M2 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class A4, Class M1 and Class M2 Certificates on such date pursuant to clauses (A) through (D) above, and (y) the M3 Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class B Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class A3, Class A4, Class M1, Class M2 and Class M3 Certificates on such date pursuant to clauses (A) through (E) above, respectively, and (y) the B Principal Distribution Amount for such date, until the Class Principal Amount of such Class has been reduced to zero; and
(G) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) through (F) above. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Distribution Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow, and for purposes of distributions pursuant to Section 5.02(d)(iii) of this Agreement, any amounts distributable from the Basis Risk Reserve Fund, and solely for purposes of distributions pursuant to Section 5.02(d)(ix), amounts representing Excess Purchase Prices, for such date in the following order of priority:
(i) for each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Certificate Principal Balance Amount of the Mortgage Loans on LIBOR Certificates equals the Due Date occurring in the month in which Pool Balance for such Distribution Date occurs will be added minus the Targeted Overcollateralization Amount for such Distribution Date, in the following order of priority,
(A) concurrently, in proportion to their respective Class Principal Amounts, after giving effect to previous principal distributions on such Distribution Date pursuant to Section 5.02(c), to the Current Senior Certificates, in reduction of their Class Principal Amounts of Amount until the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Class Principal Amount of each such Class has been reduced to zero; provided however, that amounts distributable pursuant to this Section 5.02(d)(i)(A) shall be distributed as follows:
(I) 61.0735061958% of the amount distributable in Section 5.02(d)(i)(A) to the Class A1 Certificates, until their Class Principal Amount has been reduced to zero; and
(II) 38.9264938042% of the amount distributable in Section 5.02(d)(i)(A), sequentially, to the Class A2 and Class A3 Certificates, in that order, until their respective Class Principal Amounts have been reduced to zero;
(B) to the denominator Class A4 Certificates, in reduction of which is their Class Principal Amount, until the aggregate Current Class Principal Amount of such Classes of Class has been reduced to zero;
(C) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero; and
(F) to the Class B Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such Class has been reduced to zero;
(ii) for each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority,
(A) concurrently, in proportion to the Current their respective Class Principal Amount thereof Amounts, after giving effect to previous principal distributions on such Distribution Date pursuant to Section 5.02(c), to the Senior Certificates, in reduction of their Class Principal Amount until the aggregate Class Principal Amounts of the Senior Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount; provided however, that amounts distributable pursuant to this Section 5.02(d)(ii)(A) shall be distributed as follows:
(I) 61.0735061958% of the amount distributable in Section 5.02(d)(ii)(A) to the Class A1 Certificates, until their Class Principal Amount has been reduced to zero; and
(II) 38.9264938042% of the amount distributable in Section 5.02(d)(ii)(A), sequentially, to the Class A2 and will thereafter bear interest at Class A3 Certificates, in that order, until their respective Class Principal Amounts have been reduced to zero;
(B) to the Class A4 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount for such Class, the Senior Certificates, after giving effect to distributions on such Distribution Date, equals the A4 Target Amount;
(C) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class and the Class A4, Class A3, Class A2 and Class A1 Certificates, after giving effect to distributions on such Distribution Date equals the M1 Target Amount;
(D) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class and the Class M1, Class A4, Class A3, Class A2 and Class A1 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(E) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class and the Class M1, Class M2, Class A4, Class A3, Class A2 and Class A1 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(F) to the Class B Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of such Class and the Class M3, Class M2, Class M1, Class A4, Class A3, Class A2 and Class A1 Certificates, after giving effect to distributions on such Distribution Date, equals the B Target Amount;
(iii) to the Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for such Distribution Date, and then from the Basis Risk Reserve Fund in the following order of priority,
(A) concurrently, in proportion to their respective Unpaid Basis Risk Shortfalls, after giving effect to previous distributions on such Distribution Date, to the Senior Certificates, any applicable Pass-Through RateBasis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(B) to the Class A4 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and Distribution Date;
(C) to the Class M1 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(D) to the Class M2 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(E) to the Class M3 Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date; and
(F) to the Class B Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and Distribution Date;
(G) to the Class X Certificateholder, the sum of (a) any amounts remaining in the Basis Risk Reserve Fund, after taking into account distributions pursuant to clauses (A) through (F) above, in excess of the Required Reserve Fund Amount for such Distribution Date, and (b) any amounts paid by the Cap Provider to the Trust Fund with respect to the Class X Cap;
(iv) to the Class A4 Certificates, any Deferred Amount for such Class and such Distribution Date;
(v) to the Class M1 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vi) to the Class M2 Certificates, any Deferred Amount for such Class and such Distribution Date;
(vii) to the Class M3 Certificates, any Deferred Amount for such Class and such Distribution Date;
(viii) to the Class B Certificates, any Deferred Amount for such Class and such Distribution Date;
(ix) to the Class X Certificate, the Class X Distributable Amount (less any Basis Risk Payment for such Distribution Date) for such Distribution Date; and
(x) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (ix) above.
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Class P Certificate. In addition, on the Class P Principal Distribution Date, the Trustee shall withdraw from the Class P Principal Deposit Account and distribute to the Class P Certificate all amounts on deposit in the Class P Principal Deposit Account in reduction of its Class Principal Amount.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event, a Pool 1 Termination Event or a Pool 2 Termination Event, as applicable, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account (i) the Total Distribution sum of the Interest Remittance Amount for such date, Pool 1 and the Principal Remittance Amount for Pool 1 and amounts that are available for payment to the Swap Counterparty and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount as specified in subparagraphs (b), (d), (f), (h) and (i) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date, and (ii) the sum of the Interest Remittance Amount for Pool 2 and the Principal Remittance Amount for Pool 2 and shall allocate such amount to the interests issued in respect of each REMIC and shall distribute such amount as specified in subparagraphs (c), (e), (g) and (i) of this Section. All allocations and distributions made between and with respect to Pool 1 and Pool 2 in subparagraphs (b) other than clause (i) thereof, (c), (d) other than clause (i) and (ii)(A) thereof, (e), (f) and (g) of this Section shall be made concurrently.
(b) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 1 Regular Interests (or, with respect to clause (i) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment for Pool 1 owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) to the Certificate Insurer, the Aggregate Class 1-A4 Insurance Premium due under the Certificate Insurance Policy for the Class 1-A4 Certificates for that Distribution Date;
(iii) concurrently, to the Group 1 Senior Certificates, Current Interest and any Carryforward Interest (and in the case of the Class 1-A4 Certificates, calculated without regard to the Certificate Insurance Policy for the Class 1-A4 Certificates) for such Classes for such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iv) concurrently, pro rata based on amounts due, (a) to the Certificate Insurer, any due unreimbursed Insured Amounts attributable to the Class 1-A4 Certificates and (b) in the priority provided in the last paragraph of this Section 5.02(b), to the Group 1 Certificates, all accrued and unpaid interest at the related Interest Rate on any Deferred Amounts previously allocated and not previously distributed to such Classes and any Deferred Amounts previously allocated to such Classes and not previously reimbursed, pro rata, based on the amounts owed under each of clause (a) and clause (b) of this subsection (iii);
(v) to the Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate Priority, Current Interest and any Carryforward Interest for such Classes for such Distribution Date;
(vi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vii) for application as part of Pool 1 Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Pool 1 Monthly Excess Interest for such Distribution Date. Any distributions made pursuant to subclause (iv)(b) above on a Distribution Date shall be made in the following order of priority:
(1) to the Group 1 Senior Certificates, all Current Interest and Carryforward Interest for each applicable Class on any Deferred Amounts previously allocated to such Class, pro rata based on amounts of such Current Interest and Carryforward Interest owed to each such Class, for such date; and
(2) to the Group 1 Senior Certificates, any Deferred Amounts previously allocated to each such Class, pro rata based on the Deferred Amounts owed to each such Class, for such date.
(c) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 2 Regular Interests, the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) to the Senior CertificatesCertificate Insurer, pro rata, Accrued the Aggregate Class 2-A3 Insurance Premium due under the Certificate Interest Insurance Policy for the Class 2-A3 Certificates for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) concurrently, to the Class M-1 Group 2 Senior Certificates, Accrued Current Interest and any Carryforward Interest (and in the case of the Class 2-A3 Certificates, calculated without regard to the Certificate Interest Insurance Policy for the Class 2-A3 Certificates) for such Class and Classes for such Distribution Date, plus provided, however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateand Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iii) concurrently, pro rata based on amounts due, (a) to the Certificate Insurer, any due and owing Reimbursement Amounts attributable to the Class M-2 2-A3 Certificates and (b) in the priority provided in the last paragraph of this Section 5.02(c), to the Group 2 Certificates, Accrued Certificate all accrued and unpaid interest at the related Interest for Rate on any Deferred Amounts previously allocated and not previously distributed to such Class Classes and any Deferred Amounts previously allocated to such Distribution DateClasses and not previously reimbursed, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datepro rata, based on the amounts owed under each of clause (a) and clause (b) of this subsection (iii);
(iv) to the Class M-3 Group 2 Subordinate Certificates, Accrued Certificate in accordance with the Group 2 Subordinate Priority, Current Interest and any Carryforward Interest for such Class and Classes for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 CertificatesTrustee, Accrued Certificate Interest any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(vi) for such Class and application as part of Pool 2 Monthly Excess Cashflow for such Distribution Date, plus as provided in subsection (g) of this Section, any unpaid Accrued Certificate Pool 2 Monthly Excess Interest remaining unpaid from any prior for such Distribution Date;. Any distributions made pursuant to subclause (iii)(b) above on a Distribution Date shall be made in the following order of priority:
(vi1) to the Class B-2 Group 2 Senior Certificates, Accrued Certificate all Current Interest and Carryforward Interest at the related Interest Rate for each applicable Class on any Deferred Amounts previously allocated to such Class, pro rata, based on amounts of such Current Interest and Carryforward Interest owed to each such Class, for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Datedate; and
(viii2) any remaining Interest Remittance Amount to the Class R Group 2 Senior Certificates, any Deferred Amounts previously allocated to each such Class, pro rata, based on the Deferred Amounts owed to each such Class, for such date.
(cd) On each Distribution Date or related Swap Payment Date on or prior to a Section 7.01(d) Purchase Event related to the Pooling REMIC 1 Regular Interests, the Trustee shall distribute the Principal Distribution Amount for Pool 1 for such date, as follows:
(i) On each Distribution Date (or, with respect to clause (A) below, on the related Swap Payment Date) (a) prior to the Pool 1 Stepdown Date or (b) on or after the Pool 1 Stepdown Date and with respect to which a Pool 1 Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Group 1 Certificates equals the Pool 1 Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount for Pool 1 in the following order of priority:
(A) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the amount of any Net Swap Payment or Swap Termination Payment for Pool 1 owed to the Swap Counterparty (to the extent not paid from the Interest Remittance Amount for such date as follows:
Pool 1) and (iy) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal for Pool 1 for such Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zeroDate;
(iiiB) concurrently to (a) the Class 1-A1, Class 1-A2 and Class 1-A3 Certificates, and (b) the Class 1-A4 Certificates, in proportion to the holders aggregate Class Principal Amounts of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-21-A1, Class B-1, Class M-3, Class M-2, Class M-1, Class A 1-A2 and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which 1-A3 Certificates and the Class Principal Amount of each the Class of Certificates having a higher priority of distribution has been reduced to zero1-A4 Certificates, any remaining Principal Remittance Amount will be distributed provided that amounts distributable to the remaining Class 1-A1, Class 1-A2 and Class 1-A3 Certificates pursuant to clause (a) shall be made sequentially to such classes, in the such order of priority set forth above priority;
(C) to the Group 1 Subordinate Certificates, in accordance with the Group 1 Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero.;
(dD) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to Certificate Insurer, any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added unreimbursed Insured Amounts plus all amounts due to the Scheduled Principal Balance of Certificate Insurer under the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added Certificate Insurance Policy with regard to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of 1-A4 Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear together with interest thereon at the then applicable Pass-Through Rate.Default Rate;and
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for (to the extent such date, amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of the Trust Fund REMIC 1, REMIC 2 and REMIC 3 and shall distribute such amount as specified in this Section. All allocations and distributions made between and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata to the Senior CertificatesClass A1 and the A3(1) and A-IO(1) Components, pro rata, Accrued Certificate Current Interest for such Class and Components and such Distribution Date and any Carryforward Interest for such Class and Components and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateshall be allocated among such Class and Components in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata to the Class M-1 CertificatesA-2, Accrued Certificate Class A-4 and Class A5 Certificates and the A3(2) and A-IO(2) Components, Current Interest (after taking into account distributions pursuant to subsections 5.02(c)(i) below), for such Classes and Components and such Distribution Date and any Carryforward Interest for such Class Classes and Components and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateshall be allocated among such Class and Components in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) to the Class M-2 M1 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(iv) to the Class M-3 M2 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(v) to the Class B-1 M3 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(vi) to the Class B-2 M4 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(vii) to the Class B-3 M5 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, plus Current Interest for such Class and such Distribution Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(ix) to the Class B Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(xi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiixii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any remaining Interest Remittance Amount for Pool 1 remaining after application pursuant to the Class R Certificatesclauses (i) through (xi) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Interest Remittance Amount for Pool 2 for such date as followsin the following order of priority:
(i) pro rata to the holders of the Class R A2, Class A4 and Class A5 Certificates and Class A Certificatesthe A3(2) and A-IO(2) Components, Current Interest for such Classes and Components and such Distribution Date and any Carryforward Interest for such Classes and Components and such Distribution Date; provided, however, that any shortfall in that order, Current Interest shall be allocated among such Classes and Components in proportion to the extent amount of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zeroInterest that would otherwise be distributable thereon;
(ii) pro rata to the holders of the Class M-1 A1 Certificates, and the A3(1) and A-IO(1) Components, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above) for such Class and Components and such Distribution Date and any Carryforward Interest for such Class and Components and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes and Components in proportion to the extent amount of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zeroInterest that would otherwise be distributable thereon;
(iii) to the holders of the Class M-2 M1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) Current Interest for such Class and (ii) above, the such Distribution Date and any Carryforward Interest for such Class M-2 Principal and such Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zeroDate;
(iv) to the holders of the Class M-3 M2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Current Interest for such Class M-3 Principal and such Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zeroDate and any Carryforward Interest for such Class and such Distribution Date;
(v) to the holders of the Class B-1 M3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Current Interest for such Class B-1 Principal and such Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zeroDate and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the holders of Class M4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class B-2 M5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the extent Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class B Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Credit Risk Manager, the product of (a) the portion Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(xi) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(xii) for application as part of the Principal Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Interest Remittance Amount for Pool 2 remaining after the distributions in application pursuant to clauses (i) through (vxi) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added Trustee shall distribute the Principal Distribution Amount with respect to the Scheduled Principal Balance of the each Mortgage Loans on the Due Date occurring in the month in which Pool for such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.date as follows:
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004-3)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Available Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On to the Holders of record of each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date Class of Certificates in the following order of priority:
(i) to the Senior CertificatesTrustee, pro rata, Accrued Certificate Interest the Trustee Fee for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) from the Available Distribution Amount, to the each Class M-1 of Senior Certificates, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus any unpaid as reduced by such Class's pro rata share (determined on the basis of Accrued Certificate Interest remaining unpaid from otherwise distributable thereon) of any prior Net Prepayment Interest Shortfalls for such Distribution Date; provided, however, that Accrued Certificate Interest on the Class A2 Certificates for such Distribution Date shall be applied in the manner set forth in Section 5.02(f), provided, further, that any shortfall in available amounts shall be allocated among such Classes in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon (or added to the Certificate Principal Amount thereof);
(iii) from the remaining Available Distribution Amount, to the each Class M-2 of Senior Certificates, Accrued Certificate any related Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate Interest remaining unpaid from Shortfall for the Class A2 Certificates for such Distribution Date shall be applied in the manner provided by Section 5.02(f), provided, further, that any prior shortfall in available amounts shall be allocated among such Classes in proportion to the Interest Shortfall for each such Class on such Distribution Date;
(iv) to from the Class M-3 Certificates, Accrued Certificate Interest for such Class and such remaining Available Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that orderAmount, to the extent of Senior Certificates (other than the Principal Remittance AmountClass AX1 and Class AX2 Certificates), in an amount up to the Senior Principal Distribution Amount, in reduction the following order of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;priority:
(iiA) to the holders of the Class M-1 A1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Class Certificate Principal Amount thereof, until the Current Class Certificate Principal Amount thereof has been reduced to zero;
(iiiB) to the holders of the Class M-2 A2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Class Certificate Principal Amount thereof, until the Current Class Certificate Principal Amount thereof has been reduced to zero;
; and (ivC) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountR Certificate, in reduction of the Current Class Certificate Principal Amount thereof, until the Current Class Certificate Principal Amount thereof has been reduced to zero;
(v) from the remaining Available Distribution Amount to the holders of Subordinated Certificates, as follows:
(A) to the Class B-1 B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's pro rata share (determined on the basis of Accrued Certificate Interest otherwise distributable thereon) of any Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date;
(B) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(iC) through (iv) above, to the Class B-1 Principal Distribution AmountB1 Certificates, in reduction of the Current Class Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Balance thereof has been reduced to zero;
(D) to the Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's pro rata share (determined on the basis of Accrued Certificate Interest otherwise distributable thereon) of any Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date;
(E) to the Class B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the Class B2 Certificates, in reduction of the Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Certificate Principal Amount thereof has been reduced to zero;
(viG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's pro rata share (determined on the basis of Accrued Certificate Interest otherwise distributable thereon) of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class B-2 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB3 Certificates, in reduction of the Current Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Certificate Principal Amount thereof has been reduced to zero; and;
(viiJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's pro rata share (determined on the basis of Accrued Certificate Interest otherwise distributable thereon) of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B4 Certificates, in that order, any Interest Shortfall for such Class on such Distribution Date;
(L) to the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) aboveClass B4 Certificates, in reduction of the Current Certificate Principal Amounts Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Certificate Principal Amounts Balance thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero;
(M) to the Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's pro rata share (determined on the basis of Accrued Certificate Interest otherwise distributable thereon) of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B5 Certificates, any remaining Principal Remittance Amount will be distributed Interest Shortfall for such Class on such Distribution Date;
(O) to the remaining Certificates Class B5 Certificates, in reduction of the order Certificate Principal Amount thereof, such Class's Subordinate Class Percentage of priority set forth above the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Class Principal Amount Balance thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's pro rata share (determined on the basis of each Accrued Certificate Interest otherwise distributable thereon) of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(R) to the Class B6 Certificates, in reduction of the Component Principal Amount thereof, such Class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero.
(db) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to If on any Distribution Date, Date the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Class Certificate Principal Amounts of each Class of the Certificates on a pro rata basis based on a fractionhave each been reduced to zero, the numerator Available Distribution Amount remaining after distribution of which is interest to the Current Principal Amount of each Senior Certificates on such Class and date shall be distributed among the denominator of which is the aggregate Current Principal Amount of such Classes of CertificatesSenior Certificates pro rata, in each case on the basis of their respective Class Certificate Principal Amounts immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate , regardless of the priorities and amounts set forth in Sections 5.02(a)(iv)(A), (B) and (C).
(i) If on any Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added to made in respect of the Current Principal Amount thereof Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Component, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B4, Class B5 or Class B6 Certificates on such Distribution Date.
(iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
(v) If on any Distribution Date the Credit Support Percentage for the Class B5 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B6 Certificates on such Distribution Date. Any amount not distributed in respect of any Class on any Distribution Date pursuant to the immediately preceding paragraph will be allocated among the remaining Subordinate Classes in proportion to their respective Certificate Principal Amounts.
(d) Notwithstanding Section 5.02(a), on each Distribution Date, amounts otherwise distributable to the Class AX2 Certificates pursuant to Sections 5.02(a)(ii) and (iii) shall be withheld by the Trustee and deposited into an Eligible Account established by the Depositor and maintained by the Trustee entitled "Structured Asset Securities Corporation Series 1998-6 Reserve Fund" (the "Reserve Fund"). On each Distribution Date, amounts on deposit in the Reserve Fund shall be withdrawn by the Trustee and applied to pay the Special Servicer the Special Servicing Fee and Extended Special Servicing Fee due and unpaid with respect to such Distribution Date or any previous Distribution Date. On any Distribution Date, amounts on deposit in the Reserve Fund (after payment of any due and unpaid Special Servicing Fees and Extended Special Servicing Fees) in excess of the Reserve Fund Requirement shall be released to the Class AX2 Certificateholder and thereafter bear interest shall not be subject to return by the Class AX2 Certificateholder or otherwise pledged to the Trust Fund for the payment of fees to the Special Servicer or for any other purpose. The Reserve Fund will not be part of the REMIC and, for all federal income tax purposes, will be beneficially owned by the Class AX2 Certificateholder. Amounts on deposit in the Reserve Fund may be invested by the Trustee in Eligible Investments (which may be obligations of the Trustee) at the then applicable Pass-Through Ratewritten direction of the Class AX2 Certificateholder, provided such investments mature no later than the next Distribution Date, and shall not be sold or disposed of prior to their maturity. All such Eligible Investments will be made in the name of the Class AX2 Certificateholder. All income and gain from any such investment shall belong to the Class AX2 Certificateholder and shall be subject to its withdrawal on order from time to time. The amount of any losses incurred in respect of any such investments shall be paid by the Class AX2 Certificateholder for deposit into the Reserve Fund out of its own funds, without any right of reimbursement therefor, immediately as realized.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for (to the extent such date, amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created hereby and shall distribute such amount as specified in this Section. All allocations and distributions made between and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) to the Senior Certificates, pro rata, Accrued Certificate to the Class A1 and Class A2 Certificates and the A-SIO(1) Component, Current Interest for such Class Classes and Component and such Distribution Date and any Carryforward Interest for such Classes and Component and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateshall be allocated among such Classes and Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to the Class M-1 CertificatesA3 and Class A4 Certificates and the A-SIO(2) Component, Accrued Certificate Current Interest (after taking into account distributions pursuant to subsections 5.02(c)(i) below, as applicable) for such Classes and Component and such Distribution Date and any Carryforward Interest for such Class Classes and Component and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateshall be allocated among such Classes and Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) to the Class M-2 A5 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(iv) to the Class M-3 M1 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(v) to the Class B-1 M2 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(vi) to the Class B-2 M3 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(vii) to the Class B-3 M4 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M5 Certificates, plus Current Interest for such Class and such Distribution Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(ix) to the Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Class M7 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Class B1 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(xiii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiixiv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any remaining Interest Remittance Amount for Pool 1 remaining after application pursuant to the Class R Certificatesclauses (i) through (xi) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata to the Class A3 and Class A4 Certificates and the A-SIO(2) Component, Current Interest for such Classes and Component and such Distribution Date and any Carryforward Interest for such Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes and Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata, to the Class A1 and Class A2 Certificates and the A-SIO(1) Component, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above) for such Classes and Component and such Distribution Date and any Carryforward Interest for such Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes and Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) to the Class A5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(iv) to the Class M1 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M2 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M3 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Class M7 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Class B1 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(xiii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(xiv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (xiii) above.
(d) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the holders of the Class R Certificates and Class A Certificates, Stepdown Date or (b) with respect to which a Trigger Event is in that order, to the extent of the Principal Remittance Amounteffect, the Senior Principal Distribution AmountTrustee shall make the following distributions, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.concurrently:
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Investment Loan Trust 2004-Bnc1)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for such datepayment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (h) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (i) and (j) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date, ) the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the Senior lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (after giving effect to distributions made pursuant to subsection 5.02(c)(i) below);
(iii) to the Class A1 Certificates, pro rata, Accrued Certificate Current Interest and any Carryforward Interest for such Class and such Distribution Date; and
(iv) for application pursuant to clause 5.02(d), plus any unpaid Accrued Certificate Interest Remittance Amount remaining unpaid from undistributed after application pursuant to clauses (i) through (iii) of this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the lesser of (x) the product of (A) the amount of any prior Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Supplemental Interest Trust Account, the amount of any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty (after giving effect to distributions made pursuant to subsection 5.02(b)(i) above);
(iii) concurrently, to each Class M-1 of the Group 2 Certificates, Accrued Certificate Current Interest and any Carryforward Interest for each such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Date;
(iii) and Carryforward Interest shall be allocated among such Classes in proportion to the Class M-2 Certificates, Accrued Certificate amount of Current Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior Distribution Date;that would otherwise be distributable thereon; and
(iv) for application pursuant to the Class M-3 Certificatesclause 5.02(d), Accrued Certificate any Interest Remittance Amount remaining undistributed after application pursuant to clauses (i) through (iii) of this Section 5.02(c) for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(cd) On each Distribution Date, the Trustee shall distribute the Principal aggregate of any remaining Interest Remittance Amounts from subsections 5.02(b)(iv) and 5.02(c)(iv) above in the following order of priority:
(i) concurrently, to each Class of Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsections 5.02(b)(iii) and 5.02(c)(iii) above) for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(ii) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(iv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Interest Remittance Amount remaining undistributed for such Distribution Date.
(e) On each Distribution Date or related Swap Payment Date, as applicable, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and B(2) below, the related Swap Payment Date) (a) prior to the holders of the Class R Certificates and Class A Certificates, Stepdown Date or (b) with respect to which a Trigger Event is in that order, to the extent of the Principal Remittance Amounteffect, the Senior Principal Distribution Amount, in reduction of Trustee shall make the Current Principal Amounts thereof, following distributions until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class aggregate Certificate Principal Amount of each Class of the Offered Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until and the Class Principal B2 Certificates equals the Target Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.:
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp 2005-Wf4)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount) with respect to each Mortgage Pool, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates or Components, in the following order of priority:
(i) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components in the Senior Certificatesrelated Certificate Group (other than any related Principal Only Certificates or Principal Only Components), pro rata, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced, in each case, by such Class’s or Component’s allocable share of any unpaid Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components of the related Certificate Group in proportion to the amount of Accrued Certificate Interest remaining unpaid from any prior Distribution Date(as so reduced) that would otherwise be distributable thereon;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Component in the Class M-1 Certificatesrelated Certificate Group (other than any related Principal Only Certificates or Principal Only Components), Accrued Certificate any related Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components of the related Certificate Interest remaining unpaid from any prior Distribution DateGroup in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(iii) from the remaining Available Distribution Amount for each Mortgage Pool to the Senior Certificates or Components of any Class M-2 Certificatesof Senior Certificates of each Certificate Group, Accrued Certificate Interest for such Class and such Distribution Dateother than any related Notional Certificates or Notional Components, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Dateas set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word “approximately”;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R 1-AP Certificates and Class A Certificates, in that orderthe AP(2) Component and AP(3) Component, to the extent of the Principal Remittance Amountremaining Available Distribution Amount for all three Mortgage Pools, the Senior AP Deferred Amount for such Class or Component and Distribution Date, until the Component Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution AmountAmount for all three Mortgage Pools for such date; (B) such amounts will not reduce the Class Principal Amounts or the Component Principal Amounts of such Classes or Components; and (C) in the event the aggregate Subordinate Principal Distribution Amount for all three Mortgage Pools is insufficient to fully pay the AP Deferred Amount for the Class 1-AP Certificates and the AP(2) Component and AP(3) Component, the amount shall be distributed pro rata to such Classes and Components on the basis of their respective AP Deferred Amounts; and
(v) from the remaining Available Distribution Amount for all three Mortgage Pools, subject to the prior distribution of amounts pursuant to Section 5.02(g) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinated Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 and Class BX Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date; provided, however, that any shortfall in available amounts shall be allocated among the Classes of Certificates in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(E) to the Class M-2 B2 and Class BX Certificates, any Interest Shortfall for each such Class on such Distribution Date; provided, however, that any shortfall in available amounts shall be allocated among the Classes of Certificates in proportion to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses Interest Shortfall for each such Class on such Distribution Date;
(iF) and (ii) above, to the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiR) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Class of Certificates having a higher priority of distribution has been reduced to zeroSubordinate Principal Distribution Amount for such Distribution Date, any remaining Principal Remittance Amount will be distributed to the remaining Certificates except as provided in the order of priority set forth above Section 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero.
(db) On or prior to Net Prepayment Interest Shortfalls for each Determination DateMortgage Pool shall be allocated among the Certificates and Components of the related Certificate Group (other than any related Principal Only Certificates) pro rata based on (i) in the case of the related Senior Certificates and Components, the Master Servicer shall determine Accrued Certificate Interest otherwise distributable thereon, and (ii) in the amount case of any Deferred the Subordinate Certificates, the portion of the related Accrued Certificate Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information allocable to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, related Apportioned Principal Balance (except for the aggregate amount of Deferred Interest, if any, that is added Class BX Certificates which will be based on accrued interest equal to the Scheduled sum of (A) interest accrued at an interest rate equal to the excess of the related Designated Rate over the Certificate Interest Rate on the Class B1 Certificates (subject to a floor of 0.00%) on an amount equal to the related Apportioned Principal Balance of the Mortgage Loans Class B1 Certificates and (B) interest accrued at an interest rate equal to the excess of the related Designated Rate over the Certificate Interest Rate on the Due Date occurring in Class B2 Certificates (subject to a floor of 0.00%) on an amount equal to the month in which such related Apportioned Principal Balance of the Class B2 Certificates).
(i) If on any Distribution Date occurs the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added to the Current Principal Amounts made in respect of the Class B2, Class B3, Class B4, Class B5 or Class B6 Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added to made in respect of the Current Principal Amount thereof Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will thereafter bear interest at be made in respect of the then applicable Pass-Through RateClass B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mor Pa Th Ce Se 2002-13)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event or a Trust Fund Termination Event, as applicable, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount and amounts that are available for such date, payment to the Swap Counterparty and shall allocate such amount amounts to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount amounts as specified in subparagraphs (b) through (i) of this SectionSection 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event (or, with respect to clause (i) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) for deposit into the Supplemental Interest Trust Account, an amount equal to the Senior Certificates, pro rata, Accrued Certificate lesser of (x) any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (y) the Interest Remittance Amount for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) concurrently, pro rata, to the Class M-1 Senior Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and Classes for such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateand Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(iii) to the Class M-2 Offered Subordinated Certificates, Accrued Certificate in accordance with the Subordinate Priority, Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest Classes for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viiiiv) for application as part of the Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any remaining Monthly Excess Interest Remittance Amount to the Class R Certificatesfor such Distribution Date.
(c) [Reserved].
(d) On each Distribution Date or related Swap Payment Date on or prior to a Section 7.01(d) Purchase Event, the Trustee shall distribute the Principal Distribution Amount for such date, as follows:
(i) Prior to the Stepdown Date or (b) on or after the Stepdown Date and with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount, in the following order of priority:
(A) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (to the extent not deposited previously from the Interest Remittance Amount for such date in accordance with clause (b)(i) above);
(B) concurrently, to the Senior Certificates, pro rata, based on (x) the aggregate Class Principal Amount of the Class A1, Class A2 and Class A3 Certificates, (y) the Class Principal Amount of the Class A4 Certificates and (z) the Class Principal Amount of the Class A5 Certificates, as follows:
(ia) sequentially, to the holders of the Class R Certificates A1, Class A2 and Class A A3 Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero;
(b) to the Class A4 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(c) to the Class A5 Certificates, until the Class Principal Amount of such class has been reduced to zero.
(dC) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution DateOffered Subordinate Certificates, in accordance with the aggregate amount of Deferred InterestSubordinate Priority, if any, that is added to until the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Class Principal Amount of each such class has been reduced to zero; and
(D) for application as part of the Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any such Principal Distribution Amount remaining after application pursuant subclauses (d)(i)(A) through (C) of this Section 5.02(d).
(ii) On or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Trustee shall distribute the Principal Distribution Amount for such date, in the following order of priority:
(A) for deposit into the Supplemental Interest Trust Account, any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty (to the extent not deposited previously);
(B) (1) so long as any of the Offered Subordinate Certificates are outstanding, to the Senior Certificates, in accordance with the Senior Priority, in an amount equal to the lesser of (x) the excess, if any, of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Supplemental Interest Trust on such Distribution Date pursuant to clause (A) above and (y) the Senior Principal Distribution Amount for such Distribution Date until the Class Principal Amount of each such class has been reduced to zero; or (2) otherwise to the Senior Certificates, in accordance with the Senior Priority, the excess of (A) the Principal Distribution Amount for such Distribution Date over (B) the amount distributed to the Supplemental Interest Trust with respect to such Distribution Date pursuant to clause (ii) (A) above, in each case until the Class Principal Amount of each such class has been reduced to zero;
(C) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates and the denominator of which is Supplemental Interest Trust on such Distribution Date pursuant to clauses (ii) (A) through (B) above, and (y) the aggregate Current M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Classes of Class has been reduced to zero;
(D) to the Class M2 Certificates, in each case immediately prior an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added over (b) the amount distributed to the Current Principal Amount thereof Senior Certificates, the Class M1 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (ii) (A) through (C) above, and will thereafter bear interest at (y) the then applicable Pass-Through RateM2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the Class M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1 and Class M2 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (ii) (A) through (D) above, and (y) the M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the Class M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1, Class M2 and Class M3 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (ii) (A) through (E) above, and (y) the M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the Class M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1, Class M2, Class M3 and Class M4 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (ii) (A) through (F) above, and (y) the M5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the Class M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (ii) (A) through (G) above, and (y) the M6 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(I) to the Class M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (ii) (A) through (H) above, and (y) the M7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(J) to the Class M8 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (ii) (A) through (I) above, and (y) the M8 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(K) to the Class M9 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7 and Class M8 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (ii) (A) through (J) above, and (y) the M9 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(L) to the Class M10 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Senior Certificates, the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8 and Class M9 Certificates and the Supplemental Interest Trust on such Distribution Date pursuant to clauses (ii) (A) through (K) above, and (y) the M10 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; and
(M) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Principal Distribution Amount remaining after application pursuant to subclauses (d)(ii)(A) through (L) above of this Section 5.02(b).
(e) [Reserved].
(f) On each Distribution Date on or prior to a Section 7.01(d) Purchase Event, the Trustee shall distribute the Monthly Excess Cashflow for such Distribution Date, together with any payments received under the Cap Agreement in the case of distributions made pursuant to subclause (iv) below, in the following order of priority:
(i) (A) concurrently, on a pro rata basis, based on amounts due, to the Senior Certificates, Current Interest and any Carryforward Interest for such Classes for such Distribution Date, to the extent unpaid pursuant to clause 5.02(b)(ii); provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee Paying Agent shall withdraw from pay the Certificate Account the Total Distribution Amount Interest Funds for each Mortgage Pool for such date, from funds in the Certificate Account, concurrently as follows in accordance with the report of the Securities Administrator:
(i) On each Distribution Date, Interest Funds for Pool 1 shall allocate such amount be distributed concurrently, in proportion to the interests issued amount of Current Interest and Carryforward Interest for each such Class, to the Class 1-A-1 and Class 1-A-2 Certificates, in respect an amount equal to Current Interest and any Carryforward Interest for each such Class for such Distribution Date;
(ii) On each Distribution Date, Interest Funds for Pool 2 shall be distributed concurrently, in proportion to the amount of Current Interest and Carryforward Interest for each such Class, to the Trust Fund Class 2-A-1 and Class 2-A-2 Certificates, in an amount equal to Current Interest and any Carryforward Interest for each such Class for such Distribution Date;
(iii) On each Distribution Date, Interest Funds for Pool 3 shall distribute be distributed concurrently, in proportion to the amount of Current Interest and Carryforward Interest for each such Class, to the Class 3-A-1, Class 3-A-2 and Class 3-A-3 Certificates, in an amount equal to Current Interest and any Carryforward Interest for each such Class for such Distribution Date;
(iv) On each Distribution Date, Interest Funds for Pool 4 shall be distributed concurrently, in proportion to the amount of Current Interest and Carryforward Interest for each such Class, to the Class 4-A-1 and Class 4-A-2 Certificates, in an amount equal to Current Interest and any Carryforward Interest for each such Class for such Distribution Date;
(v) On each Distribution Date, any Interest Funds remaining for Pool 1, Pool 2, Pool 3 or Pool 4, after giving effect to distributions pursuant to clauses (i) through (iv) above, shall be distributed in the following order of priority:
(1) concurrently, in proportion to the amount of Current Interest and Carryforward Interest for each such Class remaining unpaid, to the Class 1-A-1, Class 1-A-2, Class 2-A-1, Class 2-A-2, Class 3-A-1, Class 3-A-2, Class 3-A-3, Class 4-A-1 and Class 4-A-2 Certificates, any Current Interest and any Carryforward Interest for each such Class remaining unpaid for such Distribution Date;
(2) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such class for such Distribution Date;
(3) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such class for such Distribution Date;
(4) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such class for such Distribution Date; and
(5) for application as specified in this Sectionpart of Monthly Excess Interest for such Distribution Date, as described under Section 6.08(c) below, any Interest Funds remaining after application pursuant to clauses (i) through (iv) and clauses (v)(1) through (4) above.
(b) On each Distribution Date, the Trustee Paying Agent shall pay the Principal Distribution Amount for each Mortgage Pool for such Distribution Date from funds in the Certificate Account as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, concurrently as follows:
(1) The Principal Distribution Amount for Pool 1 shall be distributed pro rata, to the Class 1-A-1 and Class 1-A-2 Certificates, based on their respective Class Principal Amounts, until their respective Class Principal Amounts have been reduced to zero;
(2) The Principal Distribution Amount for Pool 2 shall be distributed pro rata, to the Class 2-A-1 and Class 2-A-2 Certificates, based on their respective Class Principal Amounts, until their respective Class Principal Amounts have been reduced to zero;
(3) The Principal Distribution Amount for Pool 3 shall be distributed concurrently, to (a) the Class 3-A-1 and Class 3-A-2 Certificates, sequentially, in that order, and (b) the Class 3-A-3 Certificates, in proportion to, in the case of subclause (a), the aggregate Class Principal Amount of the Class 3-A-1 and Class 3-A-2 Certificates, and in the case of subclause (b), the Class Principal Amount of the Class 3-A-3 Certificates, until their respective Class Principal Amounts have been reduced to zero;
(4) The Principal Distribution Amount for Pool 4 shall be distributed pro rata, to the Class 4-A-1 and Class 4-A-2 Certificates, based on their respective Class Principal Amounts, until their respective Class Principal Amounts have been reduced to zero;
(5) Any Principal Distribution Amount remaining for Pool 1, Pool 2, Pool 3 or Pool 4, after giving effect to distributions pursuant to clauses (1) through (4) above, shall be distributed in the following order of priority:
(A) concurrently, to the Group 1, Group 2, Group 3 and Group 4 Certificates (in each case in proportion to the aggregate Class Principal Amount of the Certificates in the related group after giving effect to distributions pursuant to clauses (1), (2), (3) and (4) above, respectively), in each case in accordance with the Related Senior Priority, until the Class Principal Amount of each such class has been reduced to zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero;
(D) to the Class B-1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero; and
(E) for application as part of Monthly Excess Cashflow for such Distribution Date, as described under Section 6.08(c) below, any Principal Distribution Amount remaining after application pursuant to clauses (i)(1) through (4) and clauses (i)(5)(A) through (D) above.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, in the following order of priority:
(1) to the Group 1 Certificates, in accordance with the Related Senior Priority for Pool 1 (from amounts for Pool 1 except as provided below), to the Group 2 Certificates, in accordance with the Related Senior Priority for Pool 2 (from amounts for Pool 2 except as provided below), to the Group 3 Certificates, in accordance with the Related Senior Priority for Pool 3 (from amounts for Pool 3 except as provided below) and to the Group 4 Certificates, in accordance with the Related Senior Priority for Pool 4 (from amounts for Pool 4 except as provided below), in reduction of their respective Class Principal Amounts, in each case, an amount equal to the lesser of (x) the Principal Distribution Amount for the related Mortgage Pool for such Distribution Date and (y) the Related Class A Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in each case until the Class Principal Amount of each such class has been reduced to zero; provided, however, to the extent that the Principal Distribution Amount for a Mortgage Pool exceeds the Related Class A Principal Distribution Amount for such Mortgage Pool, such excess shall be applied concurrently to the Senior Certificates related to the other Mortgage Pools (in each case in proportion to the aggregate Class Principal Amount of the Certificates in the related Mortgage Pool after giving effect to distributions above) in each case in accordance with the Related Senior Priority for the Certificates of such Mortgage Pool, but in an amount not to exceed the Class A Principal Distribution Amount for such Distribution Date (as reduced by any distributions pursuant to subclauses (x) or (y) of this clause (1) on such Distribution Date);
(2) to the Class M-1 Certificates, an amount equal to the Class M-1 Principal Distribution Amount, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero;
(3) to the Class M-2 Certificates, an amount equal to the Class M-2 Principal Distribution Amount, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero;
(4) to the Class B-1 Certificates, an amount equal to the Class B-1 Principal Distribution Amount, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero; and
(5) for application as part of Monthly Excess Cashflow for such Distribution Date, as described under Section 6.08(c) below, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (4) above.
(c) On each Distribution Date, the Paying Agent shall distribute the Interest Remittance Amount Monthly Excess Cashflow for such date from funds in the Certificate Account in accordance with the report of the Securities Administrator, in the following order of priority:
(i) concurrently, in proportion to the Deferred Amount for each such class, to the Senior Certificates, pro rata, Accrued Certificate Interest any Deferred Amount for each such Class class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Class M-1 Certificates, Accrued Certificate Interest any Deferred Amount for such Class class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 Certificates, Accrued Certificate Interest any Deferred Amount for such Class class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 B-1 Certificates, Accrued Certificate Interest any Deferred Amount for such Class class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to on each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, in each case until the aggregate Class B-1 Certificates, Accrued Certificate Interest Principal Amount of the Senior and Subordinate Certificates equals the Aggregate Pool Balance for such Class and Distribution Date minus the Overcollateralization Target Amount for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;in the following order of priority:
(vi1) concurrently, in proportion to the Class B-2 Certificates, Accrued Certificate Interest Senior Proportionate Percentage for such Class and each Mortgage Pool for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 CertificatesGroup 1, Accrued Certificate Interest for such Class Group 2, Group 3 and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Group 4 Certificates, in that order, to each case in accordance with the extent of the Principal Remittance Amount, the Related Senior Principal Distribution AmountPriority, in reduction of the Current their respective Class Principal Amounts thereofAmounts, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of each such class has been reduced to zero;
(iii2) to the holders of the Class M-2 M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current their Class Principal Amount thereofAmount, until the Current Class Principal Amount thereof of such class has been reduced to zero;
(iv3) to the holders of the Class M-3 M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current their Class Principal Amount thereofAmount, until the Current Class Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof such class has been reduced to zero; and
(vii4) to the holders Class B-1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero.
(vi) on each Distribution Date occurring (a) on or after the Stepdown Date and (b) for which a Trigger Event is not in effect, in the following order of priority:
(1) concurrently, in proportion to the Senior Proportionate Percentage for each Mortgage Pool for such Distribution Date, to the Group 1, Group 2, Group 3 and Group 4 Certificates, in each case in accordance with the Related Senior Priority, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the Senior Certificates, after giving effect to distributions on such Distribution Date, equals the Class B-2A Target Amount;
(2) to the Class M-1 Certificates, in reduction of their Class B-1Principal Amount, until the aggregate Class M-3Principal Amount of the Senior Certificates and the Class M-1 Certificates, after giving effect to distributions on such Distribution Date, equals the M-1 Target Amount;
(3) to the Class M-2M-2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M-1 and Class M-2 Certificates, after giving effect to distributions on such Distribution Date, equals the M-2 Target Amount; and
(4) to the Class B-1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M-1, Class A M-2 and Class B-3 B-1 Certificates, after giving effect to distributions on such Distribution Date, equals the B-1 Target Amount.
(vii) concurrently, in that orderproportion to the amount of Current Interest and Carryforward Interest for each such class, to the Senior Certificates, any Current Interest and Carryforward Interest for each such class and such Distribution Date remaining unpaid after distribution of the Interest Funds for each Mortgage Pool;
(viii) to the Class M-1 Certificates, any Current Interest and Carryforward Interest for such class and such Distribution Date remaining unpaid after distribution of the Interest Funds for each Mortgage Pool;
(ix) to the Class M-2 Certificates, any Current Interest and Carryforward Interest for such class and such Distribution Date remaining unpaid after distribution of the Interest Funds for each Mortgage Pool;
(x) to the Class B-1 Certificates, any Current Interest and Carryforward Interest for such class and such Distribution Date remaining unpaid after distribution of the Interest Funds for each Mortgage Pool;
(xi) to the Group 1 Certificates, the Principal Remittance Amount remaining after Group 2 Certificates, the distributions in clauses (i) through (vi) aboveGroup 3 Certificates or the Group 4 Certificates, as applicable, in reduction of each case in accordance with the Current Principal Amounts thereofRelated Senior Priority, any Related Senior Clean-up Amount for such Distribution Date, until the Current Class Principal Amounts thereof have Amount of each such class has been reduced to zero; and
(viiixii) to the holders of Class X Certificates, the Class X Distributable Amount;
(xiii) to the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zeroCertificate, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zeroamount.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount) with respect to each Mortgage Pool, and shall distribute such amount to the Interest Remittance Amount for such date Holders of record of each Class of Certificates or Components, in the following order of priority:
(i) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components in the Senior Certificatesrelated Certificate Group (other than any related Principal Only Certificates or Principal Only Components), pro rata, the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced, in each case, by such Class’s or Component’s allocable share of any unpaid Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components of the related Certificate Group in proportion to the amount of Accrued Certificate Interest remaining unpaid from (as so reduced) that would otherwise be distributable thereon; and provided further, that any prior Accrued Certificate Interest allocable to a Class of Accrual Certificates shall not be distributable thereto until the Distribution DateDate immediately following the related Accretion Termination Date but instead shall be distributable as provided in Section 5.02(e);
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Component in the related Certificate Group (other than any related Principal Only Certificates or Principal Only Components), any related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components of the related Certificate Group in proportion to the Class M-1 Certificatesamount of such interest (as so reduced) that would otherwise be distributable thereon; and provided further, that any Accrued Certificate Interest for such allocable to a Class and such of Accrual Certificates shall not be distributable thereto until the Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution DateDate immediately following the related Accretion Termination Date but instead shall be distributable as provided in Section 5.02(e);
(iii) from the remaining Available Distribution Amount for each Mortgage Pool to the Senior Certificates or Components of any Class M-2 Certificatesof Senior Certificates of each Certificate Group, Accrued Certificate Interest for other than any related Notional Certificates or Notional Components, as set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word “approximately”; provided that all references to each PAC Principal Amount Schedule or Principal Amount Schedules shall be deemed to refer to such Class schedules attached as Exhibit P-1 and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution DateP-2 hereto;
(iv) to the Class M-3 CertificatesAP(1), Accrued Certificate Interest for such Class AP(2), AP(3) and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vAP(4) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that orderComponents, to the extent of the Principal Remittance Amountremaining Available Distribution Amount for all four Mortgage Pools, the Senior AP Deferred Amount for such Component and Distribution Date, until the Component Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution AmountAmount for all four Mortgage Pools for such date; (B) such amounts will not reduce the Component Principal Amounts of such Components; and (C) in the event the aggregate Subordinate Principal Distribution Amount for all four Mortgage Pools is insufficient to fully pay the AP Deferred Amount for the AP(1) Component, AP(2) Component, AP(3) Component and AP(4) Component, the amount shall be distributed pro rata to such Components on the basis of their respective AP Deferred Amounts; and
(v) from the remaining Available Distribution Amount for all four Mortgage Pools, subject to the prior distribution of amounts pursuant to Section 5.02(g) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinated Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiR) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Class of Certificates having a higher priority of distribution has been reduced to zeroSubordinate Principal Distribution Amount for such Distribution Date, any remaining Principal Remittance Amount will be distributed to the remaining Certificates except as provided in the order of priority set forth above Section 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero.
(db) On or prior to Net Prepayment Interest Shortfalls for each Determination DateMortgage Pool shall be allocated among the Certificates and Components of the related Certificate Group (other than any related Principal Only Certificates) pro rata based on (i) in the case of the related Non-AP Senior Certificates and Non-AP Senior Components, the Master Servicer shall determine Accrued Certificate Interest otherwise distributable thereon, and (ii) in the amount case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Deferred Interest Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution DateClass B2, the aggregate amount of Deferred InterestClass B3, if anyClass B4, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Class B5 or Class B6 Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added to made in respect of the Current Principal Amount thereof Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will thereafter bear interest at be made in respect of the then applicable Pass-Through RateClass B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2003-1)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account Account, the Total Available Distribution Amount for such date(other than the Class P Distributable Amount) with respect to each Mortgage Pool, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Sectionsubparagraph (a) through subparagraph (j) of this Section to the Holders of record of each Class of Certificates or Components and to the Certificate Insurer, in the following order of priority:
(i) from the Available Distribution Amount for Pool 2, to the Certificate Insurer, the Aggregate Certificate Insurance Premium due under the Insurance Agreement for such Distribution Date (together with any interest thereon at the rate set forth in the Insurance Agreement);
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates (other than the Class AX, Class PAX and Class AP Certificates) and any Component of the Class AX and Class PAX Certificates relating to such Mortgage Pool, the Accrued Certificate Interest thereon for such Distribution Date, as reduced, in each case, by such Class’s or Component’s allocable share of any Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for that Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Mortgage Pool in proportion to the amount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon; provided further, that prior to the related Accretion Termination Date, such amount otherwise distributable to the Class 1-A4, Class 2-A8 and Class 2-A9 Certificates will instead be added to the Class Principal Amount thereof and will be allocated as provided in Section 5.02(h);
(iii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates (other than the Class AX, Class PAX and Class AP Certificates) and any Component of the Class AX and Class PAX Certificates relating to such Mortgage Pool, any related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components related to such Mortgage Pool in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon; provided further, that prior to the related Accretion Termination Date, such amount otherwise distributable to the Class 1-A4, Class 2-A8 and Class 2-A9 Certificates will instead be added to the Class Principal Amount thereof and will be allocated as provided in Section 5.02(h);
(iv) from the remaining Available Distribution Amount for each Mortgage Pool to the Senior Certificates (other than any related Notional Certificates) as set forth in the Senior Principal Priorities attached as Exhibit O hereto;
(v) to the Class AP(1) Component, to the extent of the remaining Available Distribution Amount for Pool 1, the related AP(1) Component Deferred Amount for such Distribution Date; provided, however, that (A) distributions pursuant to this priority shall not exceed the Subordinate Principal Distribution Amount for Pool 1 for such date; and (B) such amounts will not reduce the Component Principal Amount of the AP(1) Component;
(vi) to the Class AP(2) Component, to the extent of the remaining Available Distribution Amount for Pool 2, Pool 3 and Pool 4, the related AP(2) Component Deferred Amount for such Distribution Date; provided, however, that (A) distributions pursuant to this priority shall not exceed the Subordinate Principal Distribution Amount for Pool 2, Pool 3 and Pool 4 for such date; and (B) such amounts will not reduce the Component Principal Amount of the AP(2) Component;
(vii) from the remaining Available Distribution Amount for Pool 1, to the B1(1), B2(1), B3(1), B4(1), B5(1), B6(1), B7(1), B8(1) and B9(1) Components, in that order, of the following amounts, in the following order of priority: (x) the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date, (y) any Interest Shortfall for such Component on such Distribution Date and (z) the related Component’s Subordinate Component Percentage of the Subordinate Principal Distribution Amount for Pool 1 for that Distribution Date, except as provided in Section 5.02(f), until the Component Principal Amount thereof has been reduced to zero;
(viii) to the extent of the remaining Available Distribution Amounts for Pool 2, Pool 3 and Pool 4, to the Certificate Insurer, any unreimbursed Insured Payments paid by the Certificate Insurer;
(ix) from the remaining Available Distribution Amount for Pool 2, Pool 3 and Pool 4, to the B1(2-4), B2(2-4), B3(2-4), B4(2-4), B5(2-4), B6(2-4), B7(2-4), B8(2-4) and B9(2-4) Components, in that order, of the following amounts, in the following order of priority: (x) the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Component’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date, (y) any Interest Shortfall for such Component on such Distribution Date and (z) the related Component’s Subordinate Component Percentage of the Subordinate Principal Distribution Amounts for Pool 2, Pool 3 and Pool 4 for that Distribution Date, except as provided in Section 5.02(f), until the Component Principal Amount thereof has been reduced to zero;
(x) to the extent of the remaining Available Distribution Amounts for Pool 2, Pool 3 and Pool 4, to the Certificate Insurer, any Reimbursement Amounts.
(b) Net Prepayment Interest Shortfalls for each Mortgage Pool shall be allocated among the Certificates related to such Mortgage Pool (other than the Class AP Certificates) pro rata based on, (i) in the case of the related Non-AP Senior Certificates and the B1(1), B2(1), B3(1), B4(1), B5(1), B6(1), B7(1), B8(1) and B9(1) Components of the Subordinate Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (ii) in the case of he Group 2-4 Subordinate Components, interest accrued on the related Apportioned Principal Balances.
(c) After the Group 1 Credit Support Depletion Date, the Senior Principal Distribution Amount with respect to Pool 1 shall be distributed among the related Non-AP Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a)(iv).
(d) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for amount withdrawn from the Class 2-A5 Reserve Fund with respect to such date Distribution Date pursuant to Section 4.05, to the extent of funds on deposit in the following order Class 2-A5 Reserve Fund, and shall apply such funds to distributions on the Class 2-A5 Certificates, as interest thereon, in the amount of priority:(i) any Net Prepayment Interest Shortfalls for each Mortgage Pool allocable to the Class 2-A5 Certificates on such Distribution Date and (ii) any Relief Act Reductions allocable to the Class 2-A5 Certificates on such Distribution Date.
(e) After the Group 2-4 Credit Support Depletion Date, the Senior Principal Distribution Amount with respect to Pool 2 shall be distributed among the related Non-AP Classes of Senior Certificates proportionately, on the basis of their respective Class Principal Amounts immediately prior to such Distribution Date, regardless of the priorities and amounts set forth in Section 5.02(a)(iv).
(i) With respect to any of the B1(1), B2(1), B3(1), B4(1), B5(1), B6(1), B7(1), B8(1) or B9(1) Components, if on any Distribution Date the Credit Support Percentage for that Component is less than the Original Credit Support Percentage for such Component, then, notwithstanding anything to the Senior Certificatescontrary in Section 5.02(a), pro ratano distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of any related Component of lower priority on such Distribution Date and (ii) with respect to any of the B1(2-4), Accrued Certificate Interest B2(2-4), B3(2-4), B4(2-4), B5(2-4), B6(2-4), B7(2-4), B8(2-4) or B9(2-4) Components, if on any Distribution Date the Credit Support Percentage for that Component is less than the Original Credit Support Percentage for such Class Component, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of any related Component of lower priority on such Distribution Date, plus . Any amount not distributed in respect of any unpaid Accrued Certificate Interest remaining unpaid from Component or Class on any prior Distribution Date;
(ii) Date pursuant to the Class M-1 immediately preceding paragraph shall be allocated among the remaining Components or Classes of Subordinate Certificates, Accrued Certificate Interest for such as applicable, in proportion to their respective Component Principal Amounts or Class and such Distribution DatePrincipal Amounts, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificatesas applicable.
(cg) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders Holder of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount Certificate any amounts remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On REMIC II or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which REMIC III for such Distribution Date occurs will be added to the Current Principal Amounts after application of the Certificates on a pro rata basis based on a fraction, the numerator all amounts described in paragraph (a) of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Ratethis Section 5.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for such datepayment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (i) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent acting on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (j) through (l) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 and for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the Senior Certificates, pro rata, Accrued Certificate Interest lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Class Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Class M-1 Certificates, Accrued Certificate Interest Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsection 5.02(b)(i) above and subsection 5.02(c)(i) below) for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 Group 1 Senior Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class for such Distribution Date; and
(iv) for application pursuant to Section 5.02(d) below, any Interest Remittance Amount for Pool 1 remaining undistributed after application pursuant to clause (i) through (iii) of this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above) for such Distribution Date;
(iii) concurrently, on a pro rata basis, to each Class of the Group 2 Senior Certificates, Current Interest and any Carryforward Interest for each such Class and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Date;and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon; and
(iv) for application pursuant to the Class M-3 CertificatesSection 5.02(d) below, Accrued Certificate any Interest Remittance Amount for such Class and Pool 2 remaining undistributed after application pursuant to clauses (i) through (iii) of this Section 5.02(c) for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(cd) On each Distribution Date, the Trustee shall distribute the Principal aggregate of any remaining Interest Remittance Amounts from subsections 5.02(b)(iv) and 5.02(c)(iv) above in the following order of priority:
(i) concurrently, on a pro rata basis, to each Class of Senior Certificates, Current Interest and any Carryforward Interest (taking into account distributions pursuant to subsections 5.02(b)(iii) and 5.02(c)(iii) above) for each such Class and such Distribution Date; provided, however, that any shortfall in Current Interest and Carryforward Interest shall be allocated among such Classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon;
(ii) to each Class of Subordinate Certificates, in accordance with the Subordinate Priority, Current Interest and any Carryforward Interest for each such Class and such Distribution Date;
(iii) to the Credit Risk Manager, the Credit Risk Manager’s Fee;
(iv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(v) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (f) of this Section, any Interest Remittance Amount remaining undistributed for such Distribution Date.
(e) On each Distribution Date or related Swap Payment Date, as applicable, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (or, with respect to clauses (A)(1), (A)(2), (B)(1) and (B)(2) below of this Section 5.02(e), on the related Swap Payment Date) (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Class R LIBOR Certificates and Class A Certificatesequals the Target Amount for such Distribution Date, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: The Principal Distribution Amount for Pool 1 will be distributed in that orderthe following order of priority:
(1) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (to the extent of not paid previously or from the Principal Interest Remittance Amount, Amount for such Distribution Date) and (B) the Senior Principal Pool Percentage for Pool 1 for such Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
Date and (iiy) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after for Pool 1 for such Distribution Date;
(2) for deposit into the distribution in clause (i) aboveSwap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(e)(i)(A)(1) above and 5.02(e)(i)(B)(1) below, and to the extent not paid previously or from the Interest Remittance Amount for such Distribution Date);
(3) to the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereofA1 Certificates, until the Current Class Principal Amount thereof has been reduced to zero;
(iii) to the holders of the such Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii4) for application pursuant to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (isubsection 5.02(e)(ii) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zerobelow, any such Principal Distribution Amount for Pool 1 remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to undistributed for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Distribution Amount (other than the Class E Distributable Amount and the Class P Distributable Amount) with respect to each Mortgage Pool, and shall distribute such amount to the Interest Remittance Amount for such date Certificates Insurer and the Holders of record of each Class of Certificates or Components, in the following order of priority:
(i) from the Available Distribution Amounts for each Mortgage Pool, to the Senior Certificates, pro rata, Accrued payment to the Certificate Interest Insurer the Aggregate Certificate Insurance Premium for such Mortgage Pool, allocable on the basis of the Component Principal Amount of the related Components of the Class and A4 Certificates for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Components in the Class M-1 Certificatesrelated Certificate Group (other than any related Principal Only Certificates or Principal Only Components), the Accrued Certificate Interest thereon for such Class and such Distribution Date, plus as reduced, in each case, by such Class’s or Component’s allocable share of any unpaid Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components of the related Certificate Group in proportion to the amount of Accrued Certificate Interest remaining unpaid from any prior Distribution Date(as so reduced) that would otherwise be distributable thereon;
(iii) from the Available Distribution Amount for each Mortgage Pool, to each Class of Senior Certificates or Component in the Class M-2 Certificatesrelated Certificate Group (other than any related Principal Only Certificates or Principal Only Components), Accrued Certificate any related Interest Shortfall for such Class and such Distribution Date; provided, plus however, that any unpaid Accrued shortfall in available amounts for each Mortgage Pool shall be allocated among the Classes of Senior Certificates or Components of the related Certificate Interest remaining unpaid from any prior Distribution DateGroup in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon;
(iv) from the remaining Available Distribution Amount for each Mortgage Pool to the Senior Certificates or Components of any Class M-3 Certificatesof Senior Certificates of each Certificate Group, Accrued Certificate Interest for such Class and such Distribution Dateother than any related Notional Certificates or Notional Components, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Dateas set forth in the Senior Principal Priorities attached as Exhibit O hereto, without regard to references to the word "approximately";
(v) to the Class B-1 CertificatesAP(1) Component, Accrued Certificate Interest for such Class AP(2) Component and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(viAP(3) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that orderComponent, to the extent of the Principal Remittance Amountremaining Available Distribution Amount for all three Mortgage Pools, the Senior AP Deferred Amount for such Component and Distribution Date, until the Component Principal Amount thereof has been reduced to zero; provided, however, that (A) distributions pursuant to this priority shall not exceed the aggregate Subordinate Principal Distribution AmountAmount for all three Mortgage Pools for such date; (B) such amounts will not reduce the Component Principal Amounts of such Components; and (C) in the event the aggregate Subordinate Principal Distribution Amount for all three Mortgage Pools is insufficient to fully pay the AP Deferred Amount for the AP(1) Component, AP(2) Component and AP(3) Component, the amount shall be distributed pro rata to such Components on the basis of their respective AP Deferred Amounts; and
(vi) from the Available Distribution Amount for all three Mortgage Pools, to the Certificate Insurer, any unreimbursed Insured Payments, plus all amounts due to the Certificate Insurer under the Insurance Agreement, together with interest thereon at the Late Payment Rate (collectively, the "Reimbursement Amounts"); and
(vii) from the remaining Available Distribution Amount for all three Mortgage Pools, subject to the prior distribution of amounts pursuant to Section 5.02(g) in the case of clauses (C), (F), (I), (L), (O) and (R) below, to the Subordinated Certificates, in the following order of priority:
(A) to the Class B1 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(B) to the Class B1 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(iiiD) to the holders Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(E) to the Class M-2 B2 Certificates, any Interest Shortfall for each such Class on such Distribution Date;
(F) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution AmountB2 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(ivG) to the holders Class B3 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(H) to the Class M-3 B3 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(I) to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution AmountB3 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(vJ) to the holders Class B4 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(K) to the Class B-1 B4 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(L) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution AmountB4 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(viM) to the holders Class B5 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(N) to the Class B-2 B5 Certificates, any Interest Shortfall for such Class on such Distribution Date;
(O) to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution AmountB5 Certificates, in reduction of the Current Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Subordinate Principal Distribution Amount for such Distribution Date, except as provided in Section 5.02(c), until the Current Class Principal Amount thereof has been reduced to zero;
(P) to the Class B6 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class’s allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date;
(Q) to the Class B6 Certificates, any Interest Shortfall for such Class on such Distribution Date; and
(viiR) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 B6 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount thereof, such Class’s Subordinate Class Percentage of each Class of Certificates having a higher priority of distribution has been reduced to zeroSubordinate Principal Distribution Amount for such Distribution Date, any remaining Principal Remittance Amount will be distributed to the remaining Certificates except as provided in the order of priority set forth above Section 5.02(c), until the Class Principal Amount of each such Class thereof has been reduced to zero.
(db) On or prior to Net Prepayment Interest Shortfalls for each Determination DateMortgage Pool shall be allocated among the Certificates and Components of the related Certificate Group (other than any related Principal Only Certificates) pro rata based on (i) in the case of the related Non-AP Senior Certificates and Non-AP Senior Components, the Master Servicer shall determine Accrued Certificate Interest otherwise distributable thereon, and (ii) in the amount case of the Subordinate Certificates, interest accrued on the related Apportioned Principal Balances.
(i) If on any Deferred Interest Distribution Date the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution DateClass B2, the aggregate amount of Deferred InterestClass B3, if anyClass B4, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Class B5 or Class B6 Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate (ii) If on any Distribution Date the Credit Support Percentage for the Class B2 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be added to made in respect of the Current Principal Amount thereof Class B3, Class B4, Class B5 or Class B6 Certificates on such Distribution Date. (iii) If on any Distribution Date the Credit Support Percentage for the Class B3 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will thereafter bear interest at be made in respect of the then applicable Pass-Through RateClass B4, Class B5 or Class B6 Certificates on such Distribution Date. (iv) If on any Distribution Date the Credit Support Percentage for the Class B4 Certificates is less than the Original Credit Support Percentage for such Class, then, notwithstanding anything to the contrary in Section 5.02(a), no distribution of amounts described in clauses (ii) and (iii) of the definition of Subordinate Principal Distribution Amount will be made in respect of the Class B5 or Class B6 Certificates on such Distribution Date.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-15)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) concurrently, to the Senior Certificates, pro ratarata on the basis of the amount of interest distributable thereon, Accrued Certificate Current Interest and any Carryforward Interest for such Class Classes and for such Distribution Date; provided, plus however, that if amounts distributable are insufficient to pay such amounts, any unpaid Accrued Certificate resulting shortfalls shall be allocated pro rata on the basis of Current Interest remaining unpaid from any prior and Carryforward Interest due such Classes on such Distribution Date;
(ii) to the M1, Class M-1 M2, Class M3, Class M4, Class M5, Class M6, and Class M7 Certificates, Accrued Certificate sequentially, in that order (the “Subordinate Priority”), Current Interest and any Carryforward Interest for each such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) concurrently, to the Class M-2 CertificatesTrustee, Accrued Certificate Interest any amounts reimbursable pursuant to Section 4.04(b)(i), and not previously reimbursed thereto; and
(iv) for such Class and application as part of Monthly Excess Cashflow for such Distribution Date, plus as provided in subsection (d) of this Section, any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount remaining after application pursuant to the Class R Certificatesclauses (i) through (iii) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, until the aggregate Certificate Principal Amount of the Offered Certificates (other than the Class R A-IO Certificates) equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(A) pro rata, to the Class A1 Certificates and Class A A2 Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero; provided, however, that on each Distribution Date after the aggregate Class Principal Amount of the Class M Certificates has been reduced to zero and the Overcollateralization Amount is equal to zero or less, any amounts that would otherwise be distributed to the Class A1 Certificates and Class A2 Certificates on a pro rata basis will be distributed to the Class A1 Certificates and Class A2 Certificates sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(B) to the Class M Certificates, in accordance with the Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero;
(C) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to clauses (A) and (B) above.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, the Principal Distribution Amount for such date will be distributed in the following order of priority:
(A) so long as any Class of Class M Certificates are outstanding, pro rata to the Class A1 Certificates and Class A2 Certificates, in an amount equal to the lesser of (x) the Principal Distribution Amount for such Distribution Date and (y) the Senior Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of each such Class has been reduced to zero; provided, however, if none of the Class M Certificates are outstanding, the entire Principal Distribution Amount on such Distribution Date will be distributable pro rata to the Class A1 Certificates and Class A2 Certificates until the Class Principal Amount of each such Class has been reduced to zero; provided, however, that on each Distribution Date after the aggregate Class Principal Amount of the Class M Certificates has been reduced to zero and the Overcollateralization Amount is equal to zero or less, any amounts that would otherwise be distributable to the Class A1 Certificates and the Class A2 Certificates on a pro rata basis will be distributed to the Class A1 Certificates and the Class A2 Certificates sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(B) to the Class M1 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1 and Class A2 Certificates on such Distribution Date pursuant to clause (A) above, and (y) the M1 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(C) to the Class M2 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2 and Class M1 Certificates on such Distribution Date pursuant to clauses (A) and (B) above, and (y) the M2 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(D) to the M3 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1 and Class M2 Certificates on such Distribution Date pursuant to clauses (A), (B) and (C) above, respectively, and (y) the M3 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(E) to the M4 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1, Class M2 and Class M3 Certificates on such Distribution Date pursuant to clauses (A) through (D) above, respectively, and (y) the M4 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(F) to the M5 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1, Class M2, Class M3 and Class M4 Certificates on such Distribution Date pursuant to clauses (A) through (E) above, respectively, and (y) the M5 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(G) to the M6 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates on such Distribution Date pursuant to clauses (A) through (F) above, respectively, and (y) the M6 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(H) to the M7 Certificates, an amount equal to the lesser of (x) the excess of (a) the Principal Distribution Amount for such Distribution Date over (b) the amount distributed to the Class A1, Class A2, Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates on such Distribution Date pursuant to clauses (A) through (G) above, respectively, and (y) the M7 Principal Distribution Amount for such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero;
(I) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (d) of this Section, any Principal Distribution Amount remaining after application pursuant to sub-clauses (A) through (H) above.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the Trustee shall distribute the Monthly Excess Cashflow for such date in the following order of priority:
(i) For each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, then until the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Certificate Principal Balance Amount of the Mortgage Loans on Offered Certificates equals the Due Date occurring Target Amount, in reduction of the month in which such Distribution Date occurs will be added to the Current Class Principal Amounts of the Offered Certificates on a in the following order of priority:
(A) so long as any of Class M Certificates are outstanding pro rata basis based on a fractionto the Class A1 Certificates and Class A2 Certificates, in reduction of their respective Class Principal Amounts, until the numerator of which is the Current Class Principal Amount of each such Class has been reduced to zero; provided, however, if none of the Class M Certificates are outstanding and the denominator of which Overcollateralization Amount is the aggregate Current Principal Amount of equal to zero or less, Monthly Excess Cashflow on such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added distributable to the Current Class A1 Certificates and Class A2 Certificates sequentially, in that order, until the Class Principal Amount thereof of each such Class has been reduced to zero;
(B) to the Class M Certificates, in accordance with the Subordinate Priority, in reduction of their Class Principal Amount, until the Class Principal Amount of each such Class has been reduced to zero;
(ii) for each Distribution Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority:
(A) pro rata to the Class A1 and Class A2 Certificates, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the Class A1 and Class A2 Certificates, after giving effect to distributions on such Distribution Date, equals the Senior Target Amount; provided, however, if none of the Class M Certificates are outstanding and the Overcollateralization Amount is equal to zero or less, Monthly Excess Cashflow on such Distribution Date will be distributable to the Class A1 Certificates and will thereafter bear interest at Class A2 Certificates sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(B) to the Class M1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A1, Class A2 and Class M1 Certificates, after giving effect to distributions on such Distribution Date, equals the M1 Target Amount;
(C) to the Class M2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A1, Class A2, Class M1 and Class M2 Certificates, after giving effect to distributions on such Distribution Date, equals the M2 Target Amount;
(D) to the Class M3 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A1, Class A2, Class M1, Class M2 and Class M3 Certificates, after giving effect to distributions on such Distribution Date, equals the M3 Target Amount;
(E) to the Class M4 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A1, Class A2, Class M1, Class M2, Class M3 and Class M4 Certificates, after giving effect to distributions on such Distribution Date, equals the M4 Target Amount;
(F) to the Class M5 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A1, Class A2, Class M1, Class M2, Class M3, Class M4 and Class M5 Certificates, after giving effect to distributions on such Distribution Date, equals the M5 Target Amount;
(G) to the Class M6 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A1, Class A2, Class M1, Class M2, Class M3, Class M4, Class M5 and Class M6 Certificates, after giving effect to distributions on such Distribution Date, equals the M6 Target Amount; and
(H) to the Class M7 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Class A1, Class A2, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6 and Class M7 Certificates, after giving effect to distributions on such Distribution Date, equals the M7 Target Amount; and
(iii) to the Basis Risk Reserve Fund, an amount equal to the Basis Risk Payment for such Distribution Date and any payments under the Cap Agreement, and then from the Basis Risk Reserve Fund, in the following order of priority:
(A) pro rata, to the Class A1 Certificates and Class A2 Certificates, any applicable Pass-Through RateBasis Risk Shortfall and Unpaid Basis Risk Shortfall for each such Class and such Distribution Date (to be paid first, in the case of the Class A1 Certificates and Class A2 Certificates, from proceeds received under the Cap Agreement and second, from amounts on deposit in the Basis Risk Reserve Fund);
(B) to the Class M Certificates, from amounts on deposit in the Basis Risk Reserve Fund other than proceeds received under the Cap Agreement in accordance with the Subordinate Priority, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for each such Class and such Distribution Date;
(C) to the Class CX Certificates, any amounts remaining in the Basis Risk Reserve Fund attributable to proceeds received under the Cap Agreement not applied in subclause (A) above to pay any applicable Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls on the Class A1 Certificates and Class A2 Certificates; and
(D) for addition to the amounts distributable pursuant to subclause (v) below, to the Class X Certificates, any amounts remaining in the Basis Risk Reserve Fund in excess of amounts required to be on deposit therein after application pursuant to subclauses (A) through (C) above;
(iv) to the Class M Certificates, in accordance with the Subordinate Priority, any Deferred Amounts for each such Class and such Distribution Date;
(v) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date reduced by the sum of the Basis Risk Payment for such Distribution Date and all prior Distribution Dates;
(vi) on the earlier of (a) Distribution Date occurring in June 2010 (or the next occurring Distribution Date on which sufficient funds are available in the Certificate Account) and (b) the final Distribution Date, to the Class P Certificates, $100 in payment of the Class P Principal Amount; and
(vii) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (vi) above; and
(e) On each Distribution Date, an amount equal to the aggregate of all Prepayment Premiums collected during the preceding Prepayment Period shall be distributed to the Holders of the Class P Certificates.
Appears in 1 contract
Samples: Trust Agreement (Structured Adjustable Rate Mortgage)
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for such date, (excluding all Prepayment Premiums) and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC and shall distribute such amount as specified in this Section.Section concurrently, as follows:
(bi) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priorityas follows:
(iA) concurrently to each class of Class 1-A1A, Class 1-A1B, Class 1-A2A, Class 1-A2B, Class 1-A3A, Class 1-A3B, Class 1-A4, Class 1-A5A and Class 1-A5B Certificates, Current Interest and any Carryforward Interest for such classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any resulting shortfalls will be allocated pro rata on the basis of Current Interest and Carryforward Interest due such classes on such Distribution Date; provided, further, however, any interest shortfall resulting from Deferred Interest on the Mortgage Loans will be allocated to the Pool 1 Senior Certificates, pro rata, according to the Certificate Principal Amount of each such class of Certificates, in reduction of the amount of interest otherwise distributable to such class of Certificates; provided, further, however, that to the extent the amount of Net Negative Amortization otherwise allocable to the Pool 1 Senior Certificates exceeds the amount of Accrued Certificate Interest (as reduced by each such class’s share of any Net Prepayment Interest Shortfalls for such Class and such Distribution Date) accrued on such classes of Certificates, plus then such excess Net Negative Amortization shall be allocated to the Class X Certificates to the extent payments would otherwise be made to the Class X Certificates, and then, if necessary, among the Certificates in proportion to, and up to, the amount of any unpaid remaining interest otherwise distributable on such Certificates;
(B) for application pursuant to Section 5.02(b), any such Interest Remittance Amount remaining undistributed for such Distribution Date.
(ii) On each Distribution Date the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date as follows:
(A) concurrently, to each class of Class 2-A1 and Class 2-A2 Certificates, Current Interest and any Carryforward Interest for such classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any resulting shortfalls will be allocated pro rata on the basis of Current Interest and Carryforward Interest due such classes on such Distribution Date; provided, further, however, any interest shortfall resulting from Deferred Interest on the Mortgage Loans will be allocated to the Pool 2 Senior Certificates, pro rata, according the Certificate Principal Amount of each such class of Certificates, in reduction of the amount of interest otherwise distributable to such classes of Certificates; provided, further, however, that to the extent the amount of Net Negative Amortization otherwise allocable to the Pool 2 Senior Certificates exceeds the amount of Accrued Certificate Interest remaining unpaid from (as reduced by each such class’s share of any prior Net Prepayment Interest Shortfalls for such Distribution Date) accrued on such classes of Certificates, then such excess Net Negative Amortization shall be allocated to the Class X Certificates to the extent payments would otherwise be made to the Class X Certificates, and then, if necessary, among the Certificates in proportion to, and up to, the amount of any remaining interest otherwise distributable on such Certificates;
(B) for application pursuant to clause 5.02(b), any such Interest Remittance Amount remaining undistributed for such Distribution Date.
(iii) On each Distribution Date the Trustee shall distribute the Interest Remittance Amount for Pool 3 for such date as follows:
(A) concurrently, to each class of Class 3-A1, Class 3-A2 and Class 3-A3 Certificates, Current Interest and any Carryforward Interest for such classes for such Distribution Date; provided, however, that if funds available are insufficient to pay such amounts, any resulting shortfalls will be allocated pro rata on the basis of Current Interest and Carryforward Interest due such classes on such Distribution Date; provided, further, however, any interest shortfall resulting from Deferred Interest on the Mortgage Loans will be allocated to the Pool 3 Senior Certificates, pro rata, according to the Certificate Principal Amount of each such class of Certificates, in reduction of the amount of interest otherwise distributable to such class of Certificates; provided, further, however, that to the extent the amount of Net Negative Amortization otherwise allocable to the Pool 3 Senior Certificates exceeds the amount of Accrued Certificate Interest (as reduced by each such class’s share of any Net Prepayment Interest Shortfalls for such Distribution Date) accrued on such classes of Certificates, then such excess Net Negative Amortization shall be allocated to the Class X Certificates to the extent payments would otherwise be made to the Class X Certificates, and then, if necessary, among the Certificates in proportion to, and up to, the amount of any remaining interest otherwise distributable on such Certificates;
(B) for application pursuant to clause 5.02(b), any such Interest Remittance Amount remaining undistributed for such Distribution Date.
(b) On each Distribution Date, the Trustee will distribute the aggregate of any remaining Interest Remittance Amounts from Sections 5.02(a)(i)(B), 5.02(a)(ii)(B) and 5.02(a)(iii)(B), as applicable, as follows:
(i) concurrently, to each class of Senior Certificates, Current Interest and any Carryforward Interest for such classes for such Distribution Date (any shortfall in Current Interest and Carryforward Interest to be allocated among such classes in proportion to the amount of Current Interest and Carryforward Interest that would otherwise be distributable thereon) to the extent not paid on such Distribution Date pursuant to Sections 5.02(a)(i)(A), 5.02(a)(ii)(A) and 5.02(a)(iii)(A);
(ii) to the Class M-1 each class of Subordinate Certificates, in accordance with the Subordinate Priority, Current Interest and any Carryforward Interest for such classes for such Distribution Date; provided, however, any interest shortfall resulting from Deferred Interest on the Mortgage Loans will be allocated to the Subordinate Certificates, pro rata, according the Certificate Principal Amount of each such Subordinate Certificate, in reduction of the amount of interest otherwise distributable to such classes of Certificates; provided, further, however, that to the extent the amount of Net Negative Amortization otherwise allocable to the Subordinate Certificates exceeds the amount of Accrued Certificate Interest (as reduced by each such class’s share of any Net Prepayment Interest Shortfalls for such Class and such Distribution Date) accrued on such Subordinate Certificates, plus then such excess Net Negative Amortization shall be allocated to the Class X Certificates to the extent payments would otherwise be made to the Class X Certificates, and then, if necessary, among the Certificates in proportion to, and up to, the amount of any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Dateinterest otherwise distributable on such Certificates;
(iii) to the Class M-2 CertificatesTrustee, Accrued Certificate Interest previously unreimbursed extraordinary costs, liabilities and expenses; and
(iv) for such Class and application as part of the aggregate Monthly Excess Cashflow for such Distribution Date, plus as provided in Section 5.02(d), any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount remaining after application pursuant to the Class R Certificatesclauses (i) through (iii) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Distribution Amount with respect to each Mortgage Pool for such date date, concurrently, as follows:
(i) On each Distribution Date (a) prior to the holders of the Class R Certificates and Class A Certificates, Stepdown Date or (b) with respect to which a Trigger Event is in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereofeffect, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class aggregate Certificate Principal Amount of each Class of the Offered Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance equals the Target Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each for such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred InterestTrustee shall distribute the Principal Distribution Amount concurrently, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.as follows:
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date Date, the Trustee Paying Agent shall withdraw from pay the Certificate Account the Total Distribution Amount Interest Funds for each Mortgage Pool for such date, from funds in the Certificate Account, concurrently as follows in accordance with the report of the Securities Administrator:
(i) On each Distribution Date, Interest Funds for Pool 1 shall allocate such amount be distributed concurrently, in proportion to the interests issued amount of Current Interest and Carryforward Interest for each such Class, to the Class 1-A-1 and Class 1-A-2 Certificates, in respect an amount equal to Current Interest and any Carryforward Interest for each such Class for such Distribution Date;
(ii) On each Distribution Date, Interest Funds for Pool 2 shall be distributed concurrently, in proportion to the amount of Current Interest and Carryforward Interest for each such Class, to the Trust Fund Class 2-A-1 and Class 2-A-2 Certificates, in an amount equal to Current Interest and any Carryforward Interest for each such Class for such Distribution Date;
(iii) On each Distribution Date, Interest Funds for Pool 3 shall distribute be distributed concurrently, in proportion to the amount of Current Interest and Carryforward Interest for each such Class, to the Class 3-A-1, Class 3-A-2 and Class 3-A-3 Certificates, in an amount equal to Current Interest and any Carryforward Interest for each such Class for such Distribution Date;
(iv) On each Distribution Date, Interest Funds for Pool 4 shall be distributed concurrently, in proportion to the amount of Current Interest and Carryforward Interest for each such Class, to the Class 4-A-1 and Class 4-A-2 Certificates, in an amount equal to Current Interest and any Carryforward Interest for each such Class for such Distribution Date;
(v) On each Distribution Date, any Interest Funds remaining for Pool 1, Pool 2, Pool 3 or Pool 4, after giving effect to distributions pursuant to clauses (i) through (iv) above, shall be distributed in the following order of priority:
(1) concurrently, in proportion to the amount of Current Interest and Carryforward Interest for each such Class remaining unpaid, to the Class 1-A-1, Class 1-A-2, Class 2-A-1, Class 2-A-2, Class 3-A-1, Class 3-A-2, Class 3-A-3, Class 4-A-1 and Class 4-A-2 Certificates, any Current Interest and any Carryforward Interest for each such Class remaining unpaid for such Distribution Date;
(2) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such class for such Distribution Date;
(3) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such class for such Distribution Date;
(4) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such class for such Distribution Date; and
(5) for application as specified in this Sectionpart of Monthly Excess Interest for such Distribution Date, as described under Section 6.08(c) below, any Interest Funds remaining after application pursuant to clauses (i) through (iv) and clauses (v)(1) through (4) above.
(b) On each Distribution Date, the Trustee Paying Agent shall pay the Principal Distribution Amount for each Mortgage Pool for such Distribution Date from funds in the Certificate Account as follows:
(i) On each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, concurrently as follows:
(1) The Principal Distribution Amount for Pool 1 shall be distributed pro rata, to the Class 1-A-1 and Class 1-A-2 Certificates, based on their respective Class Principal Amounts, until their respective Class Principal Amounts have been reduced to zero;
(2) The Principal Distribution Amount for Pool 2 shall be distributed pro rata, to the Class 2-A-1 and Class 2-A-2 Certificates, based on their respective Class Principal Amounts, until their respective Class Principal Amounts have been reduced to zero;
(3) The Principal Distribution Amount for Pool 3 shall be distributed concurrently, to (a) the Class 3-A-1 and Class 3-A-2 Certificates, sequentially, in that order, and (b) the Class 3-A-3 Certificates, in proportion to, in the case of subclause (a), the aggregate Class Principal Amount of the Class 3-A-1 and Class 3-A-2 Certificates, and in the case of subclause (b), the Class Principal Amount of the Class 3-A-3 Certificates, until their respective Class Principal Amounts have been reduced to zero;
(4) The Principal Distribution Amount for Pool 4 shall be distributed pro rata, to the Class 4-A-1 and Class 4-A-2 Certificates, based on their respective Class Principal Amounts, until their respective Class Principal Amounts have been reduced to zero;
(5) Any Principal Distribution Amount remaining for Pool 1, Pool 2, Pool 3 or Pool 4, after giving effect to distributions pursuant to clauses (1) through (4) above, shall be distributed in the following order of priority:
(A) concurrently, to the Group 2, Group 3 and Group 4 Certificates (in each case in proportion to the aggregate Class Principal Amount of the Certificates in the related group after giving effect to distributions pursuant to clauses (1), (2), (3) and (4) above, respectively), in each case in accordance with the Related Senior Priority, until the Class Principal Amount of each such class has been reduced to zero;
(B) to the Class M-1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero;
(C) to the Class M-2 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero;
(D) to the Class B-1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero; and
(E) for application as part of Monthly Excess Cashflow for such Distribution Date, as described under Section 6.08(c) below, any Principal Distribution Amount remaining after application pursuant to clauses (i)(1) through (4) and clauses (i)(5)(A) through (D) above.
(ii) On each Distribution Date (a) on or after the Stepdown Date and (b) with respect to which a Trigger Event is not in effect, in the following order of priority:
(1) to the Group 1 Certificates, in accordance with the Related Senior Priority for Pool 1 (from amounts for Pool 1 except as provided below), to the Group 2 Certificates, in accordance with the Related Senior Priority for Pool 2 (from amounts for Pool 2 except as provided below), to the Group 3 Certificates, in accordance with the Related Senior Priority for Pool 3 (from amounts for Pool 3 except as provided below) and to the Group 4 Certificates, in accordance with the Related Senior Priority for Pool 4 (from amounts for Pool 4 except as provided below), in reduction of their respective Class Principal Amounts, in each case, an amount equal to the lesser of (x) the Principal Distribution Amount for the related Mortgage Pool for such Distribution Date and (y) the Related Class A Principal Distribution Amount for such Mortgage Pool for such Distribution Date, in each case until the Class Principal Amount of each such class has been reduced to zero; provided, however, to the extent that the Principal Distribution Amount for a Mortgage Pool exceeds the Related Class A Principal Distribution Amount for such Mortgage Pool, such excess shall be applied concurrently to the Senior Certificates related to the other Mortgage Pools (in each case in proportion to the aggregate Class Principal Amount of the Certificates in the related Mortgage Pool after giving effect to distributions above) in each case in accordance with the Related Senior Priority for the Certificates of such Mortgage Pool., but in an amount not to exceed the Class A Principal Distribution Amount for such Distribution Date (as reduced by any distributions pursuant to subclauses (x) or (y) of this clause (1) on such Distribution Date);
(2) to the Class M-1 Certificates, an amount equal to the Class M-1 Principal Distribution Amount, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero;
(3) to the Class M-2 Certificates, an amount equal to the Class M-2 Principal Distribution Amount, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero;
(4) to the Class B-1 Certificates, an amount equal to the Class B-1 Principal Distribution Amount, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero; and
(5) for application as part of Monthly Excess Cashflow for such Distribution Date, as described under Section 6.08(c) below, any Principal Distribution Amount remaining after application pursuant to clauses (1) through (4) above.
(c) On each Distribution Date, the Paying Agent shall distribute the Interest Remittance Amount Monthly Excess Cashflow for such date from funds in the Certificate Account in accordance with the report of the Securities Administrator, in the following order of priority:
(i) concurrently, in proportion to the Deferred Amount for each such class, to the Senior Certificates, pro rata, Accrued Certificate Interest any Deferred Amount for each such Class class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Class M-1 Certificates, Accrued Certificate Interest any Deferred Amount for such Class class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 Certificates, Accrued Certificate Interest any Deferred Amount for such Class class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 B-1 Certificates, Accrued Certificate Interest any Deferred Amount for such Class class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to on each Distribution Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, in each case until the aggregate Class B-1 Certificates, Accrued Certificate Interest Principal Amount of the Senior and Subordinate Certificates equals the Aggregate Pool Balance for such Class and Distribution Date minus the Overcollateralization Target Amount for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;in the following order of priority:
(vi1) concurrently, in proportion to the Class B-2 Certificates, Accrued Certificate Interest Senior Proportionate Percentage for such Class and each Mortgage Pool for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 CertificatesGroup 1, Accrued Certificate Interest for such Class Group 2, Group 3 and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Group 4 Certificates, in that order, to each case in accordance with the extent of the Principal Remittance Amount, the Related Senior Principal Distribution AmountPriority, in reduction of the Current their respective Class Principal Amounts thereofAmounts, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof of each such class has been reduced to zero;
(iii2) to the holders of the Class M-2 M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current their Class Principal Amount thereofAmount, until the Current Class Principal Amount thereof of such class has been reduced to zero;
(iv3) to the holders of the Class M-3 M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current their Class Principal Amount thereofAmount, until the Current Class Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof such class has been reduced to zero; and
(vii4) to the holders Class B-1 Certificates, in reduction of their Class Principal Amount, until the Class Principal Amount of such class has been reduced to zero.
(vi) on each Distribution Date occurring (a) on or after the Stepdown Date and (b) for which a Trigger Event is not in effect, in the following order of priority:
(1) concurrently, in proportion to the Senior Proportionate Percentage for each Mortgage Pool for such Distribution Date, to the Group 1, Group 2, Group 3 and Group 4 Certificates, in each case in accordance with the Related Senior Priority, in reduction of their respective Class Principal Amounts, until the aggregate Class Principal Amount of the Senior Certificates, after giving effect to distributions on such Distribution Date, equals the Class B-2A Target Amount;
(2) to the Class M-1 Certificates, in reduction of their Class B-1Principal Amount, until the aggregate Class M-3Principal Amount of the Senior Certificates and the Class M-1 Certificates, after giving effect to distributions on such Distribution Date, equals the M-1 Target Amount;
(3) to the Class M-2M-2 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M-1 and Class M-2 Certificates, after giving effect to distributions on such Distribution Date, equals the M-2 Target Amount; and
(4) to the Class B-1 Certificates, in reduction of their Class Principal Amount, until the aggregate Class Principal Amount of the Senior Certificates and the Class M-1, Class A M-2 and Class B-3 B-1 Certificates, after giving effect to distributions on such Distribution Date, equals the B-1 Target Amount.
(vii) concurrently, in that orderproportion to the amount of Current Interest and Carryforward Interest for each such class, to the Senior Certificates, any Current Interest and Carryforward Interest for each such class and such Distribution Date remaining unpaid after distribution of the Interest Funds for each Mortgage Pool;
(viii) to the Class M-1 Certificates, any Current Interest and Carryforward Interest for such class and such Distribution Date remaining unpaid after distribution of the Interest Funds for each Mortgage Pool;
(ix) to the Class M-2 Certificates, any Current Interest and Carryforward Interest for such class and such Distribution Date remaining unpaid after distribution of the Interest Funds for each Mortgage Pool; and
(x) to the Class B-1 Certificates, any Current Interest and Carryforward Interest for such class and such Distribution Date remaining unpaid after distribution of the Interest Funds for each Mortgage Pool;
(xi) to the Group 1 Certificates, the Principal Remittance Amount remaining after Group 2 Certificates, the distributions in clauses (i) through (vi) aboveGroup 3 Certificates or the Group 4 Certificates, as applicable, in reduction of each case in accordance with the Current Principal Amounts thereofRelated Senior Priority, any Related Senior Clean-up Amount for such Distribution Date, until the Current Class Principal Amounts thereof have Amount of each such class has been reduced to zero; and
(viiixii) to the holders of Class X Certificates, the Class X Distributable Amount;
(xiii) to the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zeroCertificate, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zeroamount.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for (to the extent such date, amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created hereby and shall distribute such amount as specified in this Section. All allocations and distributions made between and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the following order of priority:
(i) pro rata to the Senior CertificatesClass 1-A1 and Class 1-A2 Certificates and the A-SIO(1) Component, pro rata, Accrued Certificate Current Interest for such Class Classes and Component and such Distribution Date and any Carryforward Interest for such Classes and Component and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateshall be allocated among such Classes and Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata to the Class M-1 Certificates2-A1 and Class 2-A2 Certificates and the A-SIO(2) Component, Accrued Certificate Current Interest (after taking into account distributions pursuant to subsection 5.02(c)(i) below), for such Classes and Component and such Distribution Date and any Carryforward Interest for such Class Classes and Component and such Distribution Date; provided, plus however, that any unpaid Accrued Certificate shortfall in Current Interest remaining unpaid from any prior Distribution Dateshall be allocated among such Classes and Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) to the Class M-2 M1 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(iv) to the Class M-3 M2 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(v) to the Class B-1 M3 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(vi) to the Class B-2 M4 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date, plus Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(vii) to the Class B-3 M5 Certificates, Accrued Certificate Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, plus Current Interest for such Class and such Distribution Date and any unpaid Accrued Certificate Carryforward Interest remaining unpaid from any prior for such Class and such Distribution Date;
(ix) to the Class M7 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Class M8 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Class B1 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xii) to the Class B2 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xiii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 1 for such Distribution Date;
(xiv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(viiixv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any remaining Interest Remittance Amount for Pool 1 remaining after application pursuant to the Class R Certificatesclauses (i) through (xiv) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) pro rata to the Class 2-A1 and Class 2-A2 Certificates and the A-SIO(2) Component, Current Interest for such Classes and Component and such Distribution Date and any Carryforward Interest for such Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes and Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(ii) pro rata to the Class 1-A1 and Class 1-A2 Certificates and the A-SIO(1) Component, Current Interest (taking into account distributions pursuant to subsection 5.02(b)(i) above) for such Classes and Component and such Distribution Date and any Carryforward Interest for such Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be allocated among such Classes and Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) to the Class M1 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(iv) to the Class M2 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(v) to the Class M3 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vi) to the Class M4 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(vii) to the Class M5 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(viii) to the Class M6 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(ix) to the Class M7 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(x) to the Class M8 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xi) to the Class B1 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xii) to the Class B2 Certificates, Current Interest for such Class and such Distribution Date and any Carryforward Interest for such Class and such Distribution Date;
(xiii) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool Percentage for Pool 2 for such Distribution Date;
(xiv) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(xv) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (e) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (xiv) above.
(d) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date as follows:
(i) On each Distribution Date (a) prior to the holders Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Trustee shall make the following distributions, concurrently:
(A) For Pool 1: Until the aggregate Certificate Principal Amount of the Class R Certificates 1-A1, Class 1-A2, Class 2-A1, Class 2-A2, Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class B1 and Class A CertificatesB2 Certificates equals the Target Amount for such Distribution Date, the Principal Distribution Amount for Pool 1 will be distributed in that orderthe following order of priority:
(1) pro rata, to the extent of Class 1-A1 and Class 1-A2 Certificates, based on the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Class Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 1-A1 and Class 1-A2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.;
(d2) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee Class 2-A1 and Class 2-A2 Certificates, sequentially, in that order, after giving effect to distributions pursuant to Section 3.20. With respect to any Distribution Datesubsection 5.02(d)(i)(B)(1) below, until the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Class Principal Amount of each such class has been reduced to zero;
(3) to the Class and M1 Certificates, until the denominator of which is the aggregate Current Class Principal Amount of such Classes of Class has been reduced to zero;
(4) to the Class M2 Certificates, in each case immediately prior until the Class Principal Amount of such Class has been reduced to zero;
(5) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(8) to the Class M6 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(9) to the Class M7 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(10) to the Class M8 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(11) to the Class B1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(12) to the Class B2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(13) for application as part of Monthly Excess Cashflow for such Distribution Date. Deferred Interest allocated , as provided in subsection (e) of this Section, any Principal Distribution Amount for Pool 1 remaining after application pursuant to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rateclauses (1) through (12) of this Section 5.02(d)(i)(A).
Appears in 1 contract
Samples: Trust Agreement (Finance America Mortgage Loan Trust 2004-1)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee shall withdraw from the Certificate Account the Total Distribution Amount for such date, shall allocate such amount to the interests issued in respect of the Trust Fund and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee Available Distribution Amount shall distribute be withdrawn by the Interest Remittance Amount for such date Securities Administrator from the Distribution Account and allocated among the classes of Senior Certificates and Subordinate Certificates in the following order of priority:
(i) Concurrently, to the payment of the Interest Distribution Amount and any Interest Shortfalls for each Class of Senior Certificates; provided, pro ratahowever, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Class M-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificates.
(c) On that on each Distribution Date, the Trustee Interest Distribution Amount that would otherwise be distributable to a Class of Interest-Only Certificates shall distribute be deposited in the Principal Remittance Amount Reserve Fund to the extent of the Required Reserve Fund Deposit for such date as follows:Class and shall not be distributed to such Class; 63963 SEQUOIA 12 Pooling and Servicing Agreement 55
(iii) Sequentially to the holders of the Class A-R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution AmountAmount for such date, in reduction of the Current until their respective Class Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of To the Class M-2 B-1 Certificates, to the extent of the portion of the Principal Remittance Interest Distribution Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amountany Interest Shortfalls, in reduction of the Current Principal Amount thereofeach case, until the Current Principal Amount thereof has been reduced to zerofor such Class on such date;
(iv) to To the holders Class B-1 Certificates, such Class' Subordinate Class Percentage of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Subordinate Principal Distribution Amount, in reduction of the Current until its Class Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(v) From the Reserve Fund, for payment to the holders of the Class A and Class B-1 Certificates, to sequentially in that order, any related Net WAC Shortfall or related Unpaid Net WAC Shortfall for such date;
(vi) To the extent Class B-2 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(vii) To the Class B-2 Certificates, such Class' Subordinate Class Percentage of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Subordinate Principal Distribution AmountAmount for such date, in reduction of the Current until its Class Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(viviii) to To the holders Class B-3 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(ix) To the Class B-3 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for such date, until its Class B-2 Principal Amount has been reduced to zero;
(x) To the Class B-4 Certificates, to the extent Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(xi) To the Class B-4 Certificates, such Class' Subordinate Class Percentage of the portion Subordinate Principal Distribution Amount for such date, until its Class Principal Amount has been reduced to zero;
(xii) To the Class B-5 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(xiii) To the Class B-5 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Remittance Distribution Amount remaining after for such date, until its Class Principal Amount has been reduced to zero;
(xiv) To the distributions in clauses (i) through (v) aboveClass B-6 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class B-2 and date; 63963 SEQUOIA 12 Pooling and Servicing Agreement 56
(xv) To the Class B-6 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution AmountAmount for such date, in reduction of the Current until its Class Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(viixvi) To the Class A-R Certificate and the Class LT-R Certificate, any remaining amount.
(b) On each Distribution Date on and after the Credit Support Depletion Date, the Available Distribution Amount shall be distributed to the holders of Senior Certificates, on a pro rata basis, first, to pay the Interest Distribution Amount and any accrued but unpaid Interest Shortfalls; second, to pay the Senior Principal Distribution Amount; third, to pay any related Net WAC Shortfall or any related Unpaid Net WAC Shortfall; and fourth, to the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A A-R and Class B-3 CertificatesLT-R Certificate, any remaining Available Distribution Amount.
(c) Notwithstanding the priority and allocation set forth in that orderSection 5.02(a)(iii), the Principal Remittance Amount remaining after the distributions in clauses (iiv) through and (vivi)-(xv) above, in reduction if with respect to any Class of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, Subordinate Certificates on any Distribution Date the sum of the related Class Subordination Percentages of such Class and of all other Classes of Subordinate Certificates which have a higher numerical Class designation than such Class is less than the Original Applicable Credit Support Percentage for such Class, no distribution of Principal Prepayments shall be made to any such Classes and the amount of such Principal Prepayment otherwise distributable to such Classes shall be distributed to any Classes of Subordinate Certificates having lower numerical Class designations than such Class, pro rata, based on which the Class Principal Amount Amounts of each Class of Certificates having a higher priority of distribution has been reduced the respective Classes immediately prior to zero, any remaining Principal Remittance Amount will such Distribution Date and shall be distributed to the remaining Certificates in the sequential order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zeroprovided in Section 5.02(a)(iii), (iv) and (vi)-(xv) above.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information Amounts distributed to the Trustee Residual Certificates pursuant to subparagraph (a)(xvi) of this Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate 5.02 on any Distribution Date will shall be added allocated among the REMIC residual interests represented thereby such that each such interest is allocated the excess of funds available to the Current Principal Amount thereof related REMIC over required distributions to the regular interests in such REMIC on such Distribution Date.
(e) To the extent a Net WAC Shortfall is experienced on the Class A or Class B-1 Certificates, the Securities Administrator shall withdraw from the Reserve Fund an amount for distribution to such Class equal to the lesser of (1) the amount of such Net WAC Shortfall and (2) the amount available therefor on deposit in the Reserve Fund as provided in Section 5.06.
(f) For purposes of distributions of interest in paragraph (a) such distributions to a Class of Certificates on any Distribution Date shall be made first, in respect of Current Interest; and will thereafter bear interest at the then applicable Pass-Through Ratesecond, in respect of Interest Shortfalls.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Sequoia Residential Funding Inc)
Distributions from the Certificate Account. (a) On each Distribution Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount for (to the extent such date, amount is on deposit in the Certificate Account) and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created hereby and shall distribute such amount as specified in this Section.
(b) On each Distribution Date, the Trustee shall distribute the Interest Remittance Amount for such date in the following order of priority:
(i) to the Senior Class A Certificates, pro rata, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Class M-1 B Certificates, Accrued Certificate Current Interest and any Carryforward Interest for such Class and for such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 CertificatesCredit Risk Manager, Accrued Certificate Interest the Credit Risk Manager’s Fee for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iv) to the Class M-3 CertificatesTrustee, Accrued Certificate Interest any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(v) for such Class and application as part of Monthly Excess Cashflow for such Distribution Date, plus as provided in subsection (d) of this Section, any unpaid Accrued Certificate Interest Remittance Amount remaining unpaid from any prior after application pursuant to clauses (i) through (iv) above.
(c) On each Distribution Date;, until the aggregate Certificate Principal Amount of the Publicly Offered Certificates equals the Target Amount for such Distribution Date, the Trustee shall distribute the Principal Distribution Amount in the following order of priority:
(vi) to the Class B-1 A Certificates, Accrued Certificate Interest for until the Class Principal Amount of such Class and has been reduced to zero;
(ii) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(iii) for application as part of Monthly Excess Cashflow for such Distribution Date, plus as provided in subsection (d) of this Section, any unpaid Accrued Certificate Interest Principal Distribution Amount remaining unpaid from any prior Distribution Date;
after application pursuant to clauses (vii) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(viiii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount to the Class R Certificatesabove.
(cd) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount Monthly Excess Cashflow for such date as followsin the following order of priority:
(i) for each Distribution Date, until the aggregate Certificate Principal Amount of the Publicly Offered Certificates equals the Target Amount, in the following order of priority:
(A) to the holders of the Class R Certificates and Class A Certificates, in that orderreduction of their Class Principal Amount, after giving effect to distributions on such Distribution Date, until the Class Principal Amount of such Class has been reduced to zero; and
(B) to the extent of the Principal Remittance Amount, the Senior Principal Distribution AmountClass B Certificates, in reduction of the Current their Class Principal Amounts thereofAmount, after giving effect to distributions on such Distribution Date, until the Current Class Principal Amounts thereof have Amount of such Class has been reduced to zero;
(ii) to the holders Basis Risk Reserve Fund, the amount of any Basis Risk Payment, and then from the Basis Risk Reserve Fund, in the following order of priority:
(A) to the Class M-1 A Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date;
(B) to the extent of Class B Certificates, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Distribution Date; and
(C) for addition to amounts distributable pursuant to Sections 5.02(d)(iii) through (vii) below, any amounts remaining in the portion of the Principal Remittance Amount remaining Basis Risk Reserve Fund, after the distribution in clause taking into account distributions pursuant to Sections 5.02(d)(ii)(A) and (iB) above, the Class M-1 Principal Distribution Amount, in reduction excess of the Current Principal Required Reserve Fund Amount thereof, until the Current Principal Amount thereof has been reduced to zerofor such Distribution Date;
(iii) to the holders of the Class M-2 A Certificates, to the extent of the portion of the Principal Remittance any Deferred Amount remaining after distributions in clauses (i) for such Class and (ii) above, the Class M-2 Principal such Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zeroDate;
(iv) to the holders of the Class M-3 B Certificates, to the extent of the portion of the Principal Remittance any Deferred Amount remaining after distributions in clauses (i) through (iii) above, the for such Class M-3 Principal and such Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zeroDate;
(v) to the holders of the Class B-1 A Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Class Principal Amount thereof of such Class has been reduced to zero;
(vi) to the holders of the Class B-2 B Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero;
(vii) to the Class X Certificates, the Class X Distributable Amount for such Distribution Date;
(viii) on the Distribution Date occurring in August 2008 (or the next succeeding Distribution Date on which sufficient funds are available in the Certificate Account to make such distributions to the Class P Certificates), $100 to the Class P Certificates in payment of their Class P Principal Amount; and
(ix) to the Class R Certificate, any amount remaining on such date after application pursuant to clauses (i) through (viii) above.
(de) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, an amount equal to the aggregate amount of Deferred Interest, if any, that is added all Prepayment Premiums collected during the related Prepayment Period shall be distributed to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of P Certificates, in each case immediately prior to such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp 2005-S4)
Distributions from the Certificate Account. (a) On each Distribution Date on or prior to a Section 7.01(c) Purchase Event or a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for such datepayment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of the Trust Fund each REMIC created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (b) through (j) of this Section 5.02; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date. On each Distribution Date after a Section 7.01(c) Purchase Event but on or prior to a Trust Fund Termination Event, the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the extent such amount is on deposit in the Certificate Account), and amounts that are available for payment to the Swap Counterparty, and shall allocate such amount to the interests issued in respect of REMIC 1 created pursuant to this Agreement and shall distribute such amount as specified in subparagraphs (k) through (m) of this Section; provided, that amounts that are available for payment to the Swap Counterparty shall be paid on the related Swap Payment Date.
(b) On each Distribution Date (or, with respect to clauses (i) and (ii) below, on the related Swap Payment Date), the Trustee shall distribute the Interest Remittance Amount for Pool 1 and for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the Senior lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 1 for such Distribution Date and (y) the Interest Remittance Amount for Pool 1 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsection 5.02(b)(i) above and subsections 5.02(c)(i) and 5.02(d)(i) below) for such Distribution Date, to be paid concurrently and in proportion to Interest Remittance Amounts available with respect to Pool 2 and Pool 3;
(iii) to the Class A1 Certificates, pro rataCurrent Interest and any Carryforward Interest for such Class for such Distribution Date; and
(iv) for application pursuant to Section 5.02(e) below any Interest Remittance Amount for Pool 1 remaining undistributed after application pursuant to clause (i) through (iii) of this Section 5.02(b) for such Distribution Date.
(c) On each Distribution Date (or with respect to clauses (i) and (ii) below on the related Swap Payment Date), Accrued Certificate the Trustee shall distribute the Interest Remittance Amount for Pool 2 for such date in the following order of priority:
(i) for deposit into the Swap Account, an amount equal to the lesser of (x) the product of (A) the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date and (B) the Pool Percentage for Pool 2 for such Distribution Date and (y) the Interest Remittance Amount for Pool 2 for such Distribution Date;
(ii) for deposit into the Swap Account, the amount of any Net Swap Payment or Swap Termination Payment (not due to a Swap Counterparty Trigger Event) owed to the Swap Counterparty on the related Swap Payment Date (after giving effect to distributions made pursuant to subsections 5.02(b)(i) and 5.02(c)(i) above and subsection 5.02(d)(i) below) for such Distribution Date, to be paid concurrently and in proportion to Interest Remittance Amounts available with respect to Pool 1 and Pool 3;
(iii) to the Class A2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(ii) to the Class M-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(iii) to the Class M-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;; and
(iv) for application pursuant to the Class M-3 CertificatesSection 5.02(e) below, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(v) to the Class B-1 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vi) to the Class B-2 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date;
(vii) to the Class B-3 Certificates, Accrued Certificate Interest for such Class and such Distribution Date, plus any unpaid Accrued Certificate Interest remaining unpaid from any prior Distribution Date; and
(viii) any remaining Interest Remittance Amount for Pool 2 remaining undistributed after application pursuant to the Class R Certificates.
(c) On each Distribution Date, the Trustee shall distribute the Principal Remittance Amount for such date as follows:
(i) to the holders of the Class R Certificates and Class A Certificates, in that order, to the extent of the Principal Remittance Amount, the Senior Principal Distribution Amount, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero;
(ii) to the holders of the Class M-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distribution in clause (i) above, the Class M-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iii) to the holders of the Class M-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) and (ii) above, the Class M-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(iv) to the holders of the Class M-3 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after distributions in clauses (i) through (iii) above, the Class M-3 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vthis Section 5.02(c) to the holders of the Class B-1 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (iv) above, the Class B-1 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero;
(vi) to the holders of the Class B-2 Certificates, to the extent of the portion of the Principal Remittance Amount remaining after the distributions in clauses (i) through (v) above, the Class B-2 Principal Distribution Amount, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and
(vii) to the holders of the Class B-2, Class B-1, Class M-3, Class M-2, Class M-1, Class A and Class B-3 Certificates, in that order, the Principal Remittance Amount remaining after the distributions in clauses (i) through (vi) above, in reduction of the Current Principal Amounts thereof, until the Current Principal Amounts thereof have been reduced to zero; and
(viii) to the holders of the Class R Certificates. Notwithstanding the foregoing, on any Distribution Date on which the Class Principal Amount of each Class of Certificates having a higher priority of distribution has been reduced to zero, any remaining Principal Remittance Amount will be distributed to the remaining Certificates in the order of priority set forth above until the Class Principal Amount of each such Class has been reduced to zero.
(d) On or prior to each Determination Date, the Master Servicer shall determine the amount of any Deferred Interest in respect of each Mortgage Loan that occurred during the immediately preceding calendar month and provide such information to the Trustee pursuant to Section 3.20. With respect to any Distribution Date, the aggregate amount of Deferred Interest, if any, that is added to the Scheduled Principal Balance of the Mortgage Loans on the Due Date occurring in the month in which such Distribution Date occurs will be added to the Current Principal Amounts of the Certificates on a pro rata basis based on a fraction, the numerator of which is the Current Principal Amount of each such Class and the denominator of which is the aggregate Current Principal Amount of such Classes of Certificates, in each case immediately prior to for such Distribution Date. Deferred Interest allocated to any Certificate on any Distribution Date will be added to the Current Principal Amount thereof on such Distribution Date and will thereafter bear interest at the then applicable Pass-Through Rate.
Appears in 1 contract
Samples: Trust Agreement (First Franklin Mortgage Loan Trust 2006-Ff17)
