Distributions from the Certificate Account. (a) Interest and principal (as applicable) on the Group I Certificates will be distributed monthly on each Distribution Date, commencing in April 2007, in an amount equal to the Group I Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Group I Available Funds on deposit in the Distribution Account shall be distributed as follows: (i) on each Distribution Date, the Group I Available Funds for Loan Group I-1 will be distributed to the Group I-1 Senior Certificates as follows: first, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-1; and third, to the Class I-1A-1 Certificates and Class I-1A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-1 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-1, until the Class Principal Amounts of such Classes have been reduced to zero. (ii) on each Distribution Date, the Group I Available Funds for Loan Group I-2 will be distributed to the Group I-2 Senior Certificates as follows: first, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-2; and third, to the Class I-2A-1 Certificates and Class I-2A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2, until the Class Principal Amounts of such Classes have been reduced to zero. (iii) on each Distribution Date, the Group I Available Funds for Loan Group I-3 will be distributed to the Group I-3 Senior Certificates as follows: first, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-3; and third, to the Class I-3A-1 Certificates and Class I-3A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-3 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-3, until the Class Principal Amounts of such Classes have been reduced to zero. (iv) Except as provided in clauses (v) and (vi) below, on each Distribution Date on or prior to the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions in clauses (i), (ii) and (iii) above will be distributed sequentially, in the following order, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (A) the Group I Accrued Interest thereon for such Distribution Date, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) such Class’s Group I Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I Available Funds. (v) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction of the Class Principal Amount of the Group I Senior Certificates of a Certificate Group to zero, the remaining class or classes of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Groups relating to the class or classes of Group I Senior Certificates of the fully repaid Certificate Group; provided, however, that if (A) the weighted average of the Group I Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Group I Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates in accordance with this subsection (v) will not be made and 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Group I Senior Certificates will be allocated to the Group I Subordinate Certificates. (vi) If on any Distribution Date on which the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in its related Loan Group and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Group I Subordinate Certificates in respect of principal will be distributed to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, pro rata, based upon their Class Principal Amounts immediately prior to such Distribution Date, in reduction of the Class Principal Amounts thereof, until the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, is equal to the aggregate Scheduled Principal Balance of the Mortgage loans in its related Loan Group, and (ii) the Group I Accrued Interest otherwise allocable to the Group I Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Group I Senior Certificates in an amount equal to the Group I Accrued Interest for such Distribution Date on the excess of (x) the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in the related Loan Group. Any such reduction in the Group I Accrued Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Group I Subordinate Certificates’ numerical designations, commencing with the Class I-B-6 Certificates. (b) If, after distributions have been made pursuant to priorities first and second of subsections (i), (ii) and (iii) above on any Distribution Date, the remaining Group I Available Funds for each Loan Group are less than the Group I Senior Optimal Principal Amounts for the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, respectively, the Group I Senior Optimal Principal Amount for such Loan Group shall be reduced, and such remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Certificates, on a pro rata basis on the basis of such reduced amount.
Appears in 1 contract
Distributions from the Certificate Account. (a) Interest and principal (as applicable) on the Group I Certificates will be distributed monthly on each Distribution Date, commencing in April 2007, in an amount equal to the Group I Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Group I Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Funds on deposit Distribution Amount, and shall distribute such amount to itself (in the Distribution Account shall be distributed as followscase of clause (i)) and to the Holders of record of each Class of Certificates, in the following order of priority:
(i) on each Distribution Dateto the Trustee, the Group I Available Funds for Loan Group I-1 will be distributed to the Group I-1 Senior Certificates as follows: first, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes Trustee Fee for such Distribution Date. As described below, accrued interest on the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-1; and third, to the Class I-1A-1 Certificates and Class I-1A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-1 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-1, until the Class Principal Amounts of such Classes have been reduced to zero.;
(ii) on to each Distribution Date, the Group I Available Funds for Loan Group I-2 will be distributed to the Group I-2 Class of Senior Certificates as follows: first, to the (other than any Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-2A-1, Class I-2A-2 and Class I-2X of Principal Only Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-2; and third, to the Class I-2A-1 Certificates and Class I-2A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2, until the Class Principal Amounts of such Classes have been reduced to zero.
(iii) on each Distribution Date, the Group I Available Funds for Loan Group I-3 will be distributed to the Group I-3 Senior Certificates as follows: first, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-3; and third, to the Class I-3A-1 Certificates and Class I-3A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-3 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-3, until the Class Principal Amounts of such Classes have been reduced to zero.
(iv) Except as provided in clauses (v) and (vi) below, on each Distribution Date on or prior to the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions Distribution Date in clauses (iNovember 2005), (ii) and (iii) above will be distributed sequentially, in the following order, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (A) the Group I Accrued Certificate Interest thereon for such Distribution Date, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) as reduced by such Class’s Group I Allocable Share 's allocable share of any Net Prepayment Interest Shortfalls for such Distribution Date, in each case, to the extent of remaining Group I Available Funds.
(v) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction of the Class Principal Amount of the Group I Senior Certificates of a Certificate Group to zero, the remaining class or classes of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Groups relating to the class or classes of Group I Senior Certificates of the fully repaid Certificate Group; provided, however, that if any shortfall in available amounts shall be allocated among the Classes of Certificates in proportion to the amount of Accrued Certificate Interest (Aas so reduced) that would otherwise be distributable thereon;
(iii) to each Class of Senior Certificates (other than any Class of Principal Only Certificates on or prior to the weighted average of the Group I Subordinate Percentages on Distribution Date in November 2005), any related Interest Shortfall for such Distribution Date equals or exceeds two times Date; provided, however, that any shortfall in available amounts shall be allocated among the initial weighted average Classes of the Group I Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans Certificates in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments proportion to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates in accordance with this subsection (v) will not be made and 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Group I Senior Certificates will be allocated to the Group I Subordinate Certificates.
(vi) If on any Distribution Date on which the aggregate Interest Shortfall for each such Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in its related Loan Group and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Date, ;
(iiv) 100% of amounts otherwise allocable to the Group I Subordinate Certificates in respect of principal will be distributed to the Group I-1 Senior Class A1, Class A2, Class A3, Class A6 and Class R Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, pro rata, based upon their Class Principal Amounts immediately prior to such Distribution Date, in reduction of their respective Class Principal Amounts, concurrently, as follows:
(1) to the Class Principal Amounts thereofA1, until the aggregate Class Principal Amount of the Group I-1 Senior CertificatesA2, Group I-2 Senior Certificates Class A3 and Group I-3 Senior Certificates, as applicable, is equal to the aggregate Scheduled Principal Balance of the Mortgage loans in its related Loan Group, and (ii) the Group I Accrued Interest otherwise allocable to the Group I Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Group I Senior Class R Certificates in an amount equal up to the Group I Accrued Interest for such Senior Principal Distribution Date on Amount, in the excess following order of priority:
(xa) to the aggregate Class R Certificate, until the Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in the related Loan Group. Any such reduction in the Group I Accrued Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Group I Subordinate Certificates’ numerical designations, commencing with the Class I-B-6 Certificates.thereof has been reduced to zero; and
(b) Ifconcurrently, after distributions have been made pursuant to priorities first the Class A1, Class A2 and second of subsections (i), (ii) and (iii) above on any Distribution Date, the remaining Group I Available Funds for each Loan Group are less than the Group I Senior Optimal Principal Amounts for the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, respectively, the Group I Senior Optimal Principal Amount for such Loan Group shall be reduced, and such remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Certificates, on a pro rata basis on the basis of such reduced amount.Class A3 Certificate as follows:
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cert Ser 01 7a)
Distributions from the Certificate Account. (a) Interest and principal (as applicable) on the Group I Certificates will be distributed monthly on each Distribution Date, commencing in April 2007, in an amount equal to the Group I Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Group I Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Funds on deposit Distribution Amount with respect to each Mortgage Pool, and shall distribute such amount to the Class A4 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:
(1) from the Available Distribution Account Amount for each Mortgage Pool, the Aggregate Class A4 Certificate Insurance Premium;
(2) 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 Class of Principal Only Certificates), the Accrued Certificate Interest thereon for such Distribution Date, as reduced 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 distributed allocated among the Classes 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;
(3) 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 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 or Components of the related Certificate Group in proportion to the Interest Shortfall for each such Class or Components on such Distribution Date;
(4) from the remaining Available Distribution Amount for each Mortgage Pool, to the Senior Certificates or Components 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-A6, Class 1-A7, Class 1-AP and Class R Certificates and to the A4(1) Component, from the Available Distribution Amount for Pool 1 for such Distribution Date, in reduction of their respective Class Principal Amounts or Component Principal Amount, concurrently, as follows:
(i) on each Distribution Date, the Group I Available Funds for Loan Group I-1 will be distributed to the Group I-1 Senior Certificates as follows: first, to the Class I-1A-11-A1, Class I-1A-2 1-A2, Class 1-A3, Class 1-A5, Class 1-A6, Class 1-A7 and Class I-1X Certificates, on a pro rata basisR Certificates and the A4(1) Component, the Group I Accrued Interest on such Classes for such Senior Principal Distribution Date. As described below, accrued interest on the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-1; and third, to the Class I-1A-1 Certificates and Class I-1A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-1 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-1, until the Class Principal Amounts of such Classes have been reduced to zero.
(ii) on each Distribution Date, the Group I Available Funds for Loan Group I-2 will be distributed to the Group I-2 Senior Certificates as follows: first, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-2; and third, to the Class I-2A-1 Certificates and Class I-2A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2, until the Class Principal Amounts of such Classes have been reduced to zero.
(iii) on each Distribution Date, the Group I Available Funds for Loan Group I-3 will be distributed to the Group I-3 Senior Certificates as follows: first, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-3; and third, to the Class I-3A-1 Certificates and Class I-3A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-3 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-3, until the Class Principal Amounts of such Classes have been reduced to zero.
(iv) Except as provided in clauses (v) and (vi) below, on each Distribution Date on or prior to the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions in clauses (i), (ii) and (iii) above will be distributed sequentially, in the following order, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (A) the Group I Accrued Interest thereon for such Distribution Date, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) such Class’s Group I Allocable Share Pool 1 for such Distribution Date, in each casethe following order of priority:
(a) to the Class R Certificate, until the Class Principal Amount thereof has been reduced to zero;
(b) if the Distribution Date occurs on or after the Distribution Date in March 2004, an amount up to approximately $22,862.15 for such Distribution Date, pro rata to the A4(i) Component and the Class 1-A7 Certificate until their respective Component Principal Amount and the Class Principal Amount have been reduced to zero;
(c) to the Class 1-A1, Class 1-A2 and Class 1-A3 Certificates, 72.90% of the remaining Senior Principal Distribution Amount for Pool 1, as follows:
(I) to the Class 1-A1 and Class 1-A2 Certificates, until a total of $1,440,000 has been distributed under this clause (4)(A)(i)(c)(I) for such Distribution Date, concurrently, as follows:
(A) 85.00% of the amount distributable pursuant to clause (4)(A)(i)(c)(I)(A) to the Class 1-A1 Certificates, until the Class Principal Amount thereof has been reduced to zero; and
(B) 15.00% of the amount distributable pursuant to clause (4)(A)(i)(c)(I) to the Class 1-A2 Certificates, until the Class Principal Amount thereof has been reduced to zero; and
(II) sequentially, to the extent of remaining Group I Available Funds.
(v) On each Distribution Date prior to the Group I CrossClass 1-Over Date but after the reduction of A2, Class 1-A1 and Class 1-A3 Certificates, in that order, until the Class Principal Amount of the Group I Senior Certificates of a Certificate Group each such Class has been reduced to zero; and
(d) to the Class 1-A5 and Class 1-A6 Certificates, the remaining class or classes until a total of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to $430,000 has been distributed under this clause (4)(A)(i)(d) for such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificatesconcurrently, 100as follows:
(I) 90.00% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Groups relating amount distributable pursuant to clause (4)(A)(i)(d) to the class or classes of Group I Senior Certificates Class 1-A5 Certificates, until the Class Principal Amount thereof has been reduced to zero; and
(II) 10.00% of the fully repaid Certificate Group; providedamount distributable pursuant to clause (4)(A)(i)(d) to the Class 1-A6 Certificates, however, that if (A) until the weighted average of the Group I Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Group I Subordinate Percentages and (B) the aggregate Scheduled Class Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property Amount thereof has been acquired by reduced to zero;
(e) sequentially, to the Trust)Class 1-A6, averaged over and 1-A5 Certificates, in that order, until the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%each of those Classes has been reduced to zero; and
(f) pro rata, then the additional allocation of Principal Prepayments to the Group I-1 Senior A4(1) Component and the Class 1-A7 Certificates, Group I-2 Senior Certificates until the Component Principal Amount of such Component and Group I-3 Senior Certificates in accordance with this subsection (v) will not be made and 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Group I Senior Certificates will be allocated to the Group I Subordinate Certificates.
(vi) If on any Distribution Date on which the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in its related Loan Group and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect such Class has been reduced to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Group I Subordinate Certificates in respect of principal will be distributed to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, pro rata, based upon their Class Principal Amounts immediately prior to such Distribution Date, in reduction of the Class Principal Amounts thereof, until the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, is equal to the aggregate Scheduled Principal Balance of the Mortgage loans in its related Loan Group, and (ii) the Group I Accrued Interest otherwise allocable to the Group I Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Group I Senior Certificates in an amount equal to the Group I Accrued Interest for such Distribution Date on the excess of (x) the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in the related Loan Group. Any such reduction in the Group I Accrued Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Group I Subordinate Certificates’ numerical designations, commencing with the Class I-B-6 Certificates.
(b) If, after distributions have been made pursuant to priorities first and second of subsections (i), (ii) and (iii) above on any Distribution Date, the remaining Group I Available Funds for each Loan Group are less than the Group I Senior Optimal Principal Amounts for the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, respectively, the Group I Senior Optimal Principal Amount for such Loan Group shall be reduced, and such remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Certificates, on a pro rata basis on the basis of such reduced amount.zero;
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2001-2)
Distributions from the Certificate Account. (a) Interest and principal (as applicable) on the Group I Certificates will be distributed monthly on On each Distribution Date, commencing in April 2007, in an amount equal Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the Group I Available Funds extent such amount is on deposit in the Distribution Account for Certificate Account) and shall allocate such Distribution Dateamount to the interests issued in respect of 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 Group I Available Funds on deposit Trustee shall distribute the Interest Remittance Amount for Pool 1 for such date in the Distribution Account shall be distributed as followsfollowing order of priority:
(i) on each Distribution Dateconcurrently, the Group I Available Funds for Loan Group I-1 will be distributed to the Group I-1 Senior Certificates as follows: first, pro rata to the Class I-1A-1, Class I-1A-2 1-A1 and Class I-1X Certificates1-A2 Certificates and the A-IO(1) Component, on a pro rata basisCurrent Interest (taking into account the Pool 1 Net Funds Cap, the Group I Accrued Interest on if applicable) for such Classes and Component and such Distribution Date and any Carryforward Interest for such Classes and Component and such Distribution Date. As described below, accrued interest on the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-1; and third, to the Class I-1A-1 Certificates and Class I-1A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-1 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-1, until the Class Principal Amounts of such Classes have been reduced to zero.
(ii) on each Distribution Date, the Group I Available Funds for Loan Group I-2 will be distributed to the Group I-2 Senior Certificates as follows: first, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-2; and third, to the Class I-2A-1 Certificates and Class I-2A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2, until the Class Principal Amounts of such Classes have been reduced to zero.
(iii) on each Distribution Date, the Group I Available Funds for Loan Group I-3 will be distributed to the Group I-3 Senior Certificates as follows: first, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-3; and third, to the Class I-3A-1 Certificates and Class I-3A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-3 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-3, until the Class Principal Amounts of such Classes have been reduced to zero.
(iv) Except as provided in clauses (v) and (vi) below, on each Distribution Date on or prior to the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions in clauses (i), (ii) and (iii) above will be distributed sequentially, in the following order, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (A) the Group I Accrued Interest thereon for such Distribution Date, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) such Class’s Group I Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I Available Funds.
(v) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction of the Class Principal Amount of the Group I Senior Certificates of a Certificate Group to zero, the remaining class or classes of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Groups relating to the class or classes of Group I Senior Certificates of the fully repaid Certificate Group; provided, however, that any shortfall in Current Interest shall 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) to the Certificate Insurer, the Certificate Insurance Premium for the Certificate Insurance Policy for such Distribution Date, to the extent not paid pursuant to Subsection 5.02(d)(i) below;
(iii) concurrently, pro rata to the Class 2-A Certificates, the A-IO(2) Component, the Class 3-A1, Class 3-A2 and Class 3-A3 Certificates and the A-IO(3) Component, Current Interest (taking into account distributions pursuant to subsections 5.02(c)(i), 5.02(c)(iii), 5.02(d)(ii) and 5.02(d)(iii) below, as applicable, and the related Net Funds Cap, if (Aapplicable) the weighted average of the Group I Subordinate Percentages on for such Classes and Components and such Distribution Date equals or exceeds two times the initial weighted average of the Group I Subordinate Percentages and any Carryforward Interest for such Classes and Components and such Distribution Date;
(Biv) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Group I-1 Senior CertificatesCertificate Insurer, Group I-2 Senior Certificates any due and Group I-3 Senior Certificates in accordance with this subsection owing Reimbursement Amounts;
(v) will not be made and 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Group I Senior Certificates will be allocated to Class M1 Certificates, Current Interest (taking into account the Group I Subordinate Certificates.Net Funds Cap, if applicable) and any Carryforward Interest for such Class and such Distribution Date;
(vi) If on any Distribution Date on which to the aggregate Class Principal Amount of the Group I-1 Senior M2 Certificates, Group I-2 Senior Certificates Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and Group I-3 Senior Certificates would be greater than any Carryforward Interest for such Class and such Distribution Date;
(vii) to the aggregate Scheduled Principal Balance 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;
(viii) 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;
(ix) 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;
(x) 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;
(xi) to the Credit Risk Manager, the product of (a) the Credit Risk Manager’s Fee and (b) the Pool I Mortgage Loans in its related Loan Group Percentage for Pool 1 for such Distribution Date;
(xii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect not previously reimbursed to distributions to be made on the Trustee; and
(xiii) 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 1 remaining after application pursuant to clauses (i) 100% through (xii) 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 amounts otherwise allocable priority:
(i) concurrently, pro rata to the Group I Subordinate 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 respect of principal will Current Interest shall be distributed allocated among the Class 2-A Certificates and the A-IO(2) Component in proportion to the Group I-1 Senior amount of Current Interest that would otherwise be distributable thereon;
(ii) to the Certificate Insurer, the Certificate Insurance Premium for the Certificate Insurance Policy for such Distribution Date, to the extent not paid pursuant to Subsection 5.02(d)(i) below;
(iii) concurrently, pro rata to the Class 1-A1 and Class 1-A2 Certificates, Group I-2 Senior the A-IO(1) Component, the Class 3-A1, Class 3-A2 and Class 3-A3 Certificates and Group I-3 Senior Certificatesthe A-IO(3) Component, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i) and 5.02(b)(iii) above and subsections 5.02(d)(ii) and 5.02(d)(iii) below, as applicable, pro rataand the related Net Funds Cap, based upon their if applicable) for such Classes and Components and such Distribution Date and any Carryforward Interest for such Classes and Components and such Distribution Date;
(iv) to the Certificate Insurer, any due and owing Reimbursement Amounts;
(v) to the Class Principal Amounts immediately prior 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;
(vi) 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;
(vii) 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;
(viii) 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;
(ix) 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;
(x) 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;
(xi) 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;
(xii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(xiii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in reduction subsection (f) of this Section, any Interest Remittance Amount for Pool 2 remaining after application pursuant to clauses (i) through (xii) 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) to the Certificate Insurer, the Certificate Insurance Premium due for the Certificate Insurance Policy for such Distribution Date;
(ii) concurrently, pro rata to the Class Principal Amounts thereof3-A1, until Class 3-A2 and Class 3-A3 Certificates and the aggregate 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 Principal Amount 3-A1, Class 3-A2 and Class 3-A3 Certificates and the A-IO(3) Component in proportion to the amount of Current Interest that would otherwise be distributable thereon;
(iii) concurrently, pro rata to the Group I-1 Senior Class 1-A1 and Class 1-A2 Certificates, Group I-2 Senior the A-IO(1) Component, the Class 2-A Certificates and Group I-3 Senior Certificatesthe A-IO(2) Component, Current Interest (taking into account distributions pursuant to subsections 5.02(b)(i), 5.02(b)(iii), 5.02(c)(i) and 5.02(c)(iii) above, as applicable, is equal to and the aggregate Scheduled Principal Balance of the Mortgage loans in its related Loan GroupNet Funds Cap, if applicable) for such Classes and (ii) the Group I Accrued Interest otherwise allocable to the Group I Subordinate Certificates on Components and such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Group I Senior Certificates in an amount equal to the Group I Accrued any Carryforward Interest for such Classes and Components and such Distribution Date on Date;
(iv) to the excess of Certificate Insurer, any due and owing Reimbursement Amounts;
(v) 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;
(vi) 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;
(vii) 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;
(viii) 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;
(ix) 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;
(x) to the aggregate Class Principal Amount of the Group I-1 Senior B Certificates, Group I-2 Senior Certificates Current Interest (taking into account the Subordinate Net Funds Cap, if applicable) and Group I-3 Senior Certificatesany Carryforward Interest for such Class and such Distribution Date;
(xi) 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;
(xii) to the Trustee, any amounts reimbursable pursuant to Section 4.04(b)(i) and not previously reimbursed to the Trustee; and
(xiii) for application as part of Monthly Excess Cashflow for such Distribution Date, as applicableprovided in subsection (f) of this Section, over any Interest Remittance Amount for Pool 3 remaining after application pursuant to clauses (yi) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in the related Loan Group. Any such reduction in the Group I Accrued Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Group I Subordinate Certificates’ numerical designations, commencing with the Class I-B-6 Certificatesthrough (xii) above.
(be) If, after distributions have been made pursuant to priorities first and second of subsections (i), (ii) and (iii) above on any On each Distribution Date, the remaining Group I Available Funds for Trustee shall distribute the Principal Distribution Amount with respect to each Loan Group are less than the Group I Senior Optimal Principal Amounts for the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, respectively, the Group I Senior Optimal Principal Amount Mortgage Pool for such Loan Group shall be reduced, and such remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Certificates, on a pro rata basis on the basis of such reduced amount.date as follows:
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc8)
Distributions from the Certificate Account. (a) Interest and principal (as applicable) on the Group I Certificates will be distributed monthly on each Distribution Date, commencing in April 2007, in an amount equal to the Group I Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Group I Available Funds on deposit in Distribution Amount shall be withdrawn by the Securities Administrator from the Distribution Account shall be distributed as followsand 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, however, that on each Distribution Date, the Group I Interest Distribution Amount that would otherwise be distributable to a Class of Interest-Only Certificates shall be deposited in the Reserve Fund to the extent of the Required Reserve Fund Deposit for such Class and shall not be distributed to such Class; 63963 SEQUOIA 12 Pooling and Servicing Agreement 55
(ii) Sequentially to the Class A-R and Class A Certificates, in that order, the Senior Principal Distribution Amount for such date, until their respective Class Principal Amounts have been reduced to zero;
(iii) To the Class B-1 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class on such date;
(iv) To the Class B-1 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount, until its Class Principal Amount has been reduced to zero;
(v) From the Reserve Fund, for payment to the Class A and Class B-1 Certificates, sequentially in that order, any related Net WAC Shortfall or related Unpaid Net WAC Shortfall for such date;
(vi) To the 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 Subordinate Principal Distribution Amount for such date, until its Class Principal Amount has been reduced to zero;
(viii) To the 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 Principal Amount has been reduced to zero;
(x) To the Class B-4 Certificates, the 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 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 Distribution Amount for such date, until its Class Principal Amount has been reduced to zero;
(xiv) To the Class B-6 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class 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 Amount for such date, until its Class Principal Amount has been reduced to zero; and
(xvi) 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 Funds for Loan Group I-1 will Distribution Amount shall be distributed to the Group I-1 Senior Certificates as follows: first, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, first, to pay the Group I Accrued Interest on such Classes for such Distribution Date. As described below, Amount and any accrued interest on the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event of certain Group I Net but unpaid Interest Shortfalls allocable theretoShortfalls; second, to pay the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Senior Principal Distribution DatesAmount; third, to the extent of remaining Group I Available Funds for Loan Group I-1pay any related Net WAC Shortfall or any related Unpaid Net WAC Shortfall; and thirdfourth, to the Class I-1A-1 Certificates A-R and Class I-1A-2 CertificatesLT-R Certificate, any remaining Available Distribution Amount.
(c) Notwithstanding the priority and allocation set forth in Section 5.02(a)(iii), (iv) and (vi)-(xv) above, if with respect to any Class of Subordinate Certificates on a pro rata basis, in reduction any Distribution Date the sum of the related Class Principal Amount thereof, 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 Group I Senior Optimal Principal Amount for the Group I-1 Senior Certificates Original Applicable Credit Support Percentage for such Distribution Date Class, no distribution of Principal Prepayments shall be made to any such Classes and the extent amount of remaining Group I Available Funds for Loan Group I-1such Principal Prepayment otherwise distributable to such Classes shall be distributed to any Classes of Subordinate Certificates having lower numerical Class designations than such Class, until pro rata, based on the Class Principal Amounts of such the respective Classes have been reduced to zero.
(ii) on each Distribution Date, the Group I Available Funds for Loan Group I-2 will be distributed to the Group I-2 Senior Certificates as follows: first, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-2; and third, to the Class I-2A-1 Certificates and Class I-2A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2, until the Class Principal Amounts of such Classes have been reduced to zero.
(iii) on each Distribution Date, the Group I Available Funds for Loan Group I-3 will be distributed to the Group I-3 Senior Certificates as follows: first, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-3; and third, to the Class I-3A-1 Certificates and Class I-3A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-3 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-3, until the Class Principal Amounts of such Classes have been reduced to zero.
(iv) Except as provided in clauses (v) and (vi) below, on each Distribution Date on or prior to the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions in clauses (i), (ii) and (iii) above will be distributed sequentially, in the following order, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (A) the Group I Accrued Interest thereon for such Distribution Date, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) such Class’s Group I Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I Available Funds.
(v) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction of the Class Principal Amount of the Group I Senior Certificates of a Certificate Group to zero, the remaining class or classes of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan Date and shall be distributed in the Loan Group or Groups relating to the class or classes of Group I Senior Certificates of the fully repaid Certificate Group; providedsequential order provided in Section 5.02(a)(iii), however, that if (Aiv) the weighted average of the Group I Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Group I Subordinate Percentages and (Bvi)-(xv) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates in accordance with this subsection (v) will not be made and 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Group I Senior Certificates will be allocated to the Group I Subordinate Certificatesabove.
(vid) If Amounts distributed to the Residual Certificates pursuant to subparagraph (a)(xvi) of this Section 5.02 on any Distribution Date on which shall be allocated among the aggregate Class Principal Amount REMIC residual interests represented thereby such that each such interest is allocated the excess of funds available to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in its related Loan Group and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect to REMIC over required distributions to be made 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, (i) 100% of amounts otherwise allocable the Securities Administrator shall withdraw from the Reserve Fund an amount for distribution to such Class equal to the Group I Subordinate 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 principal will be distributed to the Group I-1 Senior Certificates, Group I-2 Senior Certificates Current Interest; and Group I-3 Senior Certificates, as applicable, pro rata, based upon their Class Principal Amounts immediately prior to such Distribution Datesecond, in reduction respect of the Class Principal Amounts thereof, until the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, is equal to the aggregate Scheduled Principal Balance of the Mortgage loans in its related Loan Group, and (ii) the Group I Accrued Interest otherwise allocable to the Group I Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Group I Senior Certificates in an amount equal to the Group I Accrued Interest for such Distribution Date on the excess of (x) the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in the related Loan Group. Any such reduction in the Group I Accrued Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Group I Subordinate Certificates’ numerical designations, commencing with the Class I-B-6 CertificatesShortfalls.
(b) If, after distributions have been made pursuant to priorities first and second of subsections (i), (ii) and (iii) above on any Distribution Date, the remaining Group I Available Funds for each Loan Group are less than the Group I Senior Optimal Principal Amounts for the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, respectively, the Group I Senior Optimal Principal Amount for such Loan Group shall be reduced, and such remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Certificates, on a pro rata basis on the basis of such reduced amount.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Sequoia Residential Funding Inc)
Distributions from the Certificate Account. (a) Interest and principal (as applicable) on the Group I Certificates will be distributed monthly on each Distribution Date, commencing in April 2007, in an amount equal to the Group I Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Group I Available Funds on deposit in Distribution Amount shall be withdrawn by the Trustee from the Distribution Account shall be distributed as followsand allocated among the classes of Senior Certificates and Subordinate Certificates in the following order of priority:
(i) Concurrently, from the related Available Distribution Amount, to the payment of the Interest Distribution Amount and any Interest Shortfalls for each Class of Senior Certificates; provided, however, that on each Distribution Date, the Group I Available Funds Interest Distribution Amount that would otherwise be distributable to a Class of Interest-Only Certificates shall be deposited in the Basis Risk Reserve Fund to the extent of the Required Basis Risk Deposit for Loan Group I-1 will such Class and shall not be distributed to such Class;
(ii) To the Group I-1 Senior Certificates as follows: firstfrom the Available Distribution Amount after application of amounts pursuant to clause (i) above, the Senior Principal Distribution Amount first to the Class I-1A-1, Class I-1A-2 A-R Certificates and Class I-1X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; then second, to the Class I-1A-1, Class I-1A-2 A-1 and Class I-1X A-2 Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-1; and third, to the Class I-1A-1 Certificates and Class I-1A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-1 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-1, until the Class Principal Amounts of such Classes have been reduced to zero.
(ii) on each Distribution Date, the Group I Available Funds for Loan Group I-2 will be distributed to the Group I-2 Senior Certificates as follows: first, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-2; and third, to the Class I-2A-1 Certificates and Class I-2A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2, until the Class Principal Amounts of such Classes have been reduced to zero.
(iii) on each Distribution Date, the Group I Available Funds for Loan Group I-3 will be distributed to the Group I-3 Senior Certificates as follows: first, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-3; and third, to the Class I-3A-1 Certificates and Class I-3A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-3 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-3, until the Class Principal Amounts of such Classes have been reduced to zero.
(iv) Except as provided in clauses (v) and (vi) below, on each Distribution Date on or prior to the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions in clauses (i), (ii) and (iii) above will be distributed sequentially, in the following order, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (A) the Group I Accrued Interest thereon for such Distribution Date, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) such Class’s Group I Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I Available Funds.
(v) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction of the Class Principal Amount of the Group I Senior Certificates of a Certificate Group to zero, the remaining class or classes of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Groups relating to the class or classes of Group I Senior Certificates of the fully repaid Certificate Group; provided, however, that if (A) the weighted average of the Group I Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Group I Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates in accordance with this subsection (v) will not be made and 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Group I Senior Certificates will be allocated to the Group I Subordinate Certificates.
(vi) If on any Distribution Date on which the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in its related Loan Group and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Group I Subordinate Certificates in respect of principal will be distributed to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, pro rata, based upon their Class Principal Amounts immediately prior to such Distribution DateAmounts, in reduction of the until their respective Class Principal Amounts thereof, until have been reduced to zero; and
(iii) From the aggregate Class Principal Available Distribution Amount remaining after the application of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, is equal amounts pursuant to the aggregate Scheduled Principal Balance of the Mortgage loans in its related Loan Group, clauses (i) and (ii) the Group I Accrued Interest otherwise allocable above, to the Group I Subordinate Certificates Class B-1, Class B-2 and Class B-3 Certificates, sequentially, in that order, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class on such date;
(iv) From the Available Distribution Date will be reducedAmount remaining after application of amounts pursuant to clauses (i) through (iii) above, if necessary, and distributed to such class or classes of Group I Senior Certificates in an amount equal to the Group I Accrued Interest for Class B-1, Class B-2 and Class B-3 Certificates, sequentially, in that order, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Date on the excess of (x) the aggregate Amount, until its Class Principal Amount has been reduced to zero;
(v) [Reserved;]
(vi) From the remaining Available Distribution Amount in the aggregate remaining after application of amounts pursuant to clauses (i) through (v) in the following order of priority:
(A) to the Class B-4 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(B) to the Class B-4 Certificates, such Class' Subordinate Class Percentage of the Group I-1 Senior Subordinate Principal Distribution Amount, until its Class Principal Amount has been reduced to zero;
(C) to the Class B-5 Certificates, Group I-2 Senior Certificates the Interest Distribution Amount and Group I-3 Senior any Interest Shortfalls, in each case, for such Class and date;
(D) to the Class B-5 Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance such Class' Subordinate Class Percentage of the Pool I Mortgage Loans Subordinate Principal Distribution Amount, until its Class Principal Amount has been reduced to zero;
(E) to the Class B-6 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date; and
(F) to the related Loan Group. Any Class B-6 Certificates, such reduction in the Group I Accrued Interest on the Group I Class' Subordinate Certificates will be allocated in reverse order Class Percentage of the Group I Subordinate Certificates’ numerical designationsPrincipal Distribution Amount, commencing with until its Class Principal Amount has been reduced to zero;
(vii) To the Class IA-B-6 CertificatesR Certificate, any remaining amount of the Available Distribution Amount allocated as provided in Section 5.02(d).
(b) If, On each Distribution Date on and after distributions have been made pursuant to priorities first and second of subsections (i), (ii) and (iii) above on any Distribution the Credit Support Depletion Date, the remaining Group I Available Funds for each Loan Group are less than the Group I Senior Optimal Principal Amounts for the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, respectively, the Group I Senior Optimal Principal Distribution Amount for such Loan Group shall be reduced, and such distributed to the remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Classes of Certificates, on a pro rata basis basis, first, to pay the Interest Distribution Amount and any accrued but unpaid Interest Shortfalls; second, to pay the Senior Principal Distribution Amount; and third, to the Class A-R Certificate, any remaining Available Distribution Amount.
(c) Notwithstanding the priority and allocation set forth in Section 5.02(a)(iv) and Section 5.02(a)(vi) above, if with respect to any Class of 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 the basis Class Principal Amounts of the respective Classes immediately prior to such reduced amountDistribution Date and shall be distributed in the sequential order provided in Section 5.02(a)(iv) and Section 5.02(a)(vi) above.
(d) Amounts distributed to the Residual Certificates pursuant to subparagraph (a)(vii) of this Section 5.02 on any Distribution Date shall be allocated among the REMIC residual interests represented thereby such that each such interest is allocated the excess of funds available to the related REMIC over required distributions to the regular interests in such REMIC on such Distribution Date.
(e) [Reserved].
(f) To the extent a Basis Risk Shortfall is experienced on the Class X-0, Xxxxx X-0, Class A-R, Class B-1, Class B-2 or Class B-3 Certificates, the Trustee shall withdraw from the Class X-A-1 Sub-account of the Basis Risk Reserve Fund, for payment to the Class A-1 and Class A-R Certificates, concurrently, in proportion to any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls related to such Classes for such Distribution Date, from the Class X-A-2 Sub-account of the Basis Risk Reserve Fund, for payment to the Class A-2 Certificates, any Basis Risk Shortfalls or related Unpaid Basis Risk Shortfall related to such Class for such Distribution Date and from the Class X-B Sub-account of the Basis Risk Reserve Fund for payment to the Class B-1, Class B-2 and Class B-3 Certificates, sequentially in that order, any related Basis Risk Shortfall or related Unpaid Basis Risk Shortfall for such date up to in each case the amounts available therefor on deposit in the related Sub-account as provided in Section 5.06.
(g) For purposes of distributions of interest in paragraph (a) of this Section 5.02 such distributions to a Class of Certificates on any Distribution Date shall be made first, in respect of Current Interest; and second, in respect of Interest Shortfalls.
Appears in 1 contract
Samples: Trust Agreement (Merrill Lynch Mort Invest Inc MLCC 2003-B Mort Ps THR Cert)
Distributions from the Certificate Account. (a) Interest and principal (as applicable) on the Group I Certificates will be distributed monthly on On each Distribution Date, commencing in April 2007, in an amount equal Date the Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (to the Group I Available Funds extent such amount is on deposit in the Distribution Account for Certificate Account) and shall allocate such Distribution Dateamount to the interests issued in respect of 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 Group I Available Funds on deposit 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 Class 1-A1, Class 1-A2 and Class 1-A3 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 Account Date and any Carryforward Interest for such Classes and Component and such Distribution Date; provided, however, that any shortfall in Current Interest shall be distributed allocated among the Class 1-A1, Class 1-A2 and Class 1-A3 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 2-A Certificates, 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), 5.02(c)(ii), 5.02(d)(i) and 5.02(d)(ii) 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 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
(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 1 remaining after application pursuant to clauses (i) through (x) 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:
(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, Class 1-A2 and Class 1-A3 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) and 5.02(b)(ii) above and subsections 5.02(d)(i) and 5.02(d)(ii) 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, Class 1-A2 and Class 1-A3 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), 5.02(b)(ii), 5.02(c)(i) and 5.02(c)(ii) 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 On each Distribution Date (a) prior to the 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 1-A1, Class 1-A2, Class 1-A3, Class 2-A, Class 3-A1, Class 3-A2, Class M1, Class M2, Class M3, Class M4, Class M5 and Class B Certificates equals the Target Amount for such Distribution Date, the Group I Available Funds Principal Distribution Amount for Loan Group I-1 Pool 1 will be distributed to in the Group I-1 Senior Certificates as follows: first, following order of priority:
(1) to the Class I-1A-1, Class I-1A-2 1-A1 and Class I-1X 1-A2 Certificates, on a pro rata basisfrom the Principal Distribution Amount for Subgroup 1(1), the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event following order of certain Group I Net Interest Shortfalls allocable thereto; second, priority:
(a) to the Class I-1A-1, Class I-1A-2 and Class I-1X 1-A1 Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-1; and third, to the Class I-1A-1 Certificates and Class I-1A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-1 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-1, until the Class Principal Amounts Amount of such Classes have Class has been reduced to zero.; and
(iib) on each Distribution Date, the Group I Available Funds for Loan Group I-2 will be distributed to the Group I-2 Senior Certificates as follows: first, to the Class I-2A-1, Class I-2A-2 and Class I-2X 1-A2 Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-2; and third, to the Class I-2A-1 Certificates and Class I-2A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2, until the Class Principal Amounts of such Classes have been reduced to zero.
(iii) on each Distribution Date, the Group I Available Funds for Loan Group I-3 will be distributed to the Group I-3 Senior Certificates as follows: first, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-3; and third, to the Class I-3A-1 Certificates and Class I-3A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-3 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-3, until the Class Principal Amounts of such Classes have been reduced to zero.
(iv) Except as provided in clauses (v) and (vi) below, on each Distribution Date on or prior to the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions in clauses (i), (ii) and (iii) above will be distributed sequentially, in the following order, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (A) the Group I Accrued Interest thereon for such Distribution Date, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) such Class’s Group I Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I Available Funds.
(v) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction of the Class Principal Amount of the Group I Senior Certificates of a Certificate Group to zero, the remaining class or classes of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Groups relating to the class or classes of Group I Senior Certificates of the fully repaid Certificate Group; provided, however, that if (A) the weighted average of the Group I Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Group I Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates in accordance with this subsection (v) will not be made and 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Group I Senior Certificates will be allocated to the Group I Subordinate Certificates.
(vi) If on any Distribution Date on which the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in its related Loan Group and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect to distributions pursuant to be made on subsection 5.02(e)(i)(A)(2)(a) below, until the Class Principal Amount of such Class has been reduced to zero;
(2) to the Class 1-A1 and Class 1-A2 Certificates, from the Principal Distribution Amount for Subgroup 1(2), in the following order of priority:
(a) to the Class 1-A2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(b) to the Class 1-A1 Certificates, after giving effect to distributions pursuant to subsection 5.02(e)(i)(A)(1)(a) above, until the Class Principal Amount of such Class has been reduced to zero;
(3) to the Class 1-A3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(4) concurrently, to the Class 2-A, Class 3-A1 and Class 3-A2 Certificates, in proportion to the aggregate Class Principal Amounts of the Class A Certificates related to each Mortgage Pool, after giving effect to distributions pursuant to subsections 5.02(e)(i)(B)(1), 5.02(e)(i)(B)(2), 5.02(e)(i)(C)(1) and 5.02(e)(i)(C)(2) below, as follows:
(a) to the Class 2-A Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(b) to the Class 3-A1 and Class 3-A2 Certificates, sequentially, in that order, until the Class Principal Amount of each such Class has been reduced to zero;
(5) to the Class M1 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(6) to the Class M2 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(7) to the Class M3 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(8) to the Class M4 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(9) to the Class M5 Certificates, until the Class Principal Amount of such Class has been reduced to zero;
(10) to the Class B Certificates, until the Class Principal Amount of such Class has been reduced to zero; and
(11) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in subsection (if) 100% of amounts otherwise allocable to the Group I Subordinate Certificates in respect of principal will be distributed to the Group I-1 Senior Certificatesthis Section, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, pro rata, based upon their Class any Principal Amounts immediately prior to such Distribution Date, in reduction of the Class Principal Amounts thereof, until the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, is equal to the aggregate Scheduled Principal Balance of the Mortgage loans in its related Loan Group, and (ii) the Group I Accrued Interest otherwise allocable to the Group I Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Group I Senior Certificates in an amount equal to the Group I Accrued Interest for such Distribution Date on the excess of (x) the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in the related Loan Group. Any such reduction in the Group I Accrued Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Group I Subordinate Certificates’ numerical designations, commencing with the Class I-B-6 Certificates.
(b) If, 1 remaining after distributions have been made application pursuant to priorities first and second clauses (1) through (10) of subsections (ithis Section 5.02(e)(i)(A), (ii) and (iii) above on any Distribution Date, the remaining Group I Available Funds for each Loan Group are less than the Group I Senior Optimal Principal Amounts for the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, respectively, the Group I Senior Optimal Principal Amount for such Loan Group shall be reduced, and such remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Certificates, on a pro rata basis on the basis of such reduced amount.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Inv Loan Mort Pass THR Certs Ser 2003-Bc6)
Distributions from the Certificate Account. (a) Interest and principal (as applicable) on the Group I Certificates will be distributed monthly on each Distribution Date, commencing in April 2007, in an amount equal to the Group I Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Group I Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Funds on deposit 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 Distribution Account shall be distributed as followsfollowing order of priority based on the report of the Securities Administrator:
(i) on each from the Available Distribution Date, the Group I Available Funds Amount for Loan Group I-1 will be distributed to the Group I-1 Senior Certificates as follows: firstPool 2, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis2-A5 Certificate Insurer, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Aggregate Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-1; and third, to the Class I-1A-1 Certificates and Class I-1A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-1 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-1, until the Class Principal Amounts of such Classes have been reduced to zero.2-A5 Certificate Insurance Premium;
(ii) on from the Available Distribution Amount for each Distribution DateMortgage Pool, to each Class of Senior Certificates in the related Certificate Group (other than any Class of Principal Only Certificates), the Group I Available Funds for Loan Group I-2 will be distributed to the Group I-2 Senior Certificates as follows: first, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-2; and third, to the Class I-2A-1 Certificates and Class I-2A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2, until the Class Principal Amounts of such Classes have been reduced to zero.
(iii) on each Distribution Date, the Group I Available Funds for Loan Group I-3 will be distributed to the Group I-3 Senior Certificates as follows: first, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-3; and third, to the Class I-3A-1 Certificates and Class I-3A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-3 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-3, until the Class Principal Amounts of such Classes have been reduced to zero.
(iv) Except as provided in clauses (v) and (vi) below, on each Distribution Date on or prior to the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions in clauses (i), (ii) and (iii) above will be distributed sequentially, in the following order, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (A) the Group I Accrued Certificate Interest thereon for such Distribution Date, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) as reduced by such Class’s Group I Allocable Share 's allocable share of any Net Prepayment Interest Shortfalls for the related Mortgage Pool for such Distribution Date, in each case, to the extent of remaining Group I Available Funds.
(v) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction of the Class Principal Amount of the Group I Senior Certificates of a Certificate Group to zero, the remaining class or classes of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Groups relating to the class or classes of Group I Senior Certificates of the fully repaid Certificate Group; provided, however, that if (A) any shortfall in available amounts for each Mortgage Pool shall be allocated among the weighted average Classes of the related Certificate Group I Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Group I Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments proportion to the Group I-1 Senior Certificatesamount of Accrued Certificate Interest (as so reduced) that would otherwise be distributable thereon;
(iii) from the Available Distribution Amount for each Mortgage Pool, Group I-2 Senior Certificates and Group I-3 to each Class of Senior Certificates in accordance with this subsection the related Certificate Group (v) will not 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 made and 100% allocated among the Classes of the Principal Prepayments on any related Certificate Group I Mortgage Loan in the Loan Group relating proportion to the fully repaid class or classes of Group I Senior Certificates will be allocated to the Group I Subordinate Certificates.
(vi) If on any Distribution Date on which the aggregate Interest Shortfall for each such Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in its related Loan Group and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Date;
(iv) from the remaining Available Distribution Amount for each Mortgage Pool, (i) 100% of amounts otherwise allocable to the Senior Certificates of the related Certificate Group I Subordinate Certificates in respect (other than any Class of principal will be distributed Notional Certificates), as follows:
(A) to the Group I-1 Senior Class 1-A1, Class 1-A3, Class 1-A5, Class 1-A7, Class 1-AP and Class R Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, pro rata, based upon their Class Principal Amounts immediately prior to 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 Principal Amounts thereof1-A1, until the aggregate Class Principal Amount of the Group I-1 Senior 1-A3, Class 1-A5, Class 1-A7 and Class R Certificates, Group I-2 the Senior Certificates and Group I-3 Senior Principal Distribution Amount for Pool 1 for such Distribution Date, in the following order of priority:
(a) to the Class 1-A7 Certificates, as applicable, is equal to the aggregate Scheduled Principal Balance lesser of (i) the Mortgage loans in its related Loan Group, Class 1-A7 Priority Amount for such Distribution Date and (ii) 98.6% of the Group I Accrued Interest otherwise allocable to the Group I Subordinate Certificates on such Senior Principal Distribution Date will be reduced, if necessary, and distributed to such class or classes of Group I Senior Certificates in an amount equal to the Group I Accrued Interest Amount for Pool 1 for such Distribution Date on Date, until the excess of (x) the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in the related Loan Group. Any such reduction in the Group I Accrued Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Group I Subordinate Certificates’ numerical designations, commencing with the Class I-B-6 Certificates.thereof has been reduced to zero; and
(b) Ifto the Class 1-A1, after distributions have been made pursuant to priorities first Class 1-A3, Class 1-A5 and second Class R Certificates, in reduction of subsections (i)their respective Class Principal Amounts, (ii) and (iii) above on any the remaining Senior Principal Distribution Amount for Pool 1 for such Distribution Date, in the remaining Group I Available Funds following order of priority:
(I) to the Class R Certificate, until the Class Principal Amount thereof has been reduced to zero;
(II) to the Class 1-A1 and Class 1-A3 Certificates, until a total of $1,650,000 has been distributed under this clause (iv)(A)(1)(b)(II) for each Loan Group are less than the Group I Senior Optimal Principal Amounts for the Group I-1 Senior CertificatesDistribution Date, Group I-2 Senior Certificates and Group I-3 Senior Certificatesconcurrently, respectively, the Group I Senior Optimal Principal Amount for such Loan Group shall be reduced, and such remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Certificates, on a pro rata basis on the basis of such reduced amount.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) Interest and principal (as applicable) on the Group I Certificates will be distributed monthly on each Distribution Date, commencing in April 2007, in an amount equal to the Group I Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Group I Available Funds Trustee shall apply an amount on deposit in the Certificate Account equal to the Available Distribution Account Amount in the following order of priority:
(i) from the Available Distribution Amount, to the Senior Certificateholders (other than the Class PO Certificateholders) all amounts distributable pursuant to paragraph (b)(i);
(ii) the balance, if any, of the Available Distribution Amount shall be distributed first, to the Non-PO Senior Certificateholders (other than the Class IO Certificateholders) in the amounts distributable pursuant to (b)(ii)(A) below, up to the Non-PO Senior Optimal Principal Amount and to the Class PO Certificates, the Class PO Certificate Distribution Amount pursuant to (b)(ii)(A) below, and second, to the Class PO Certificates, the Class PO Shortfall Amount, in accordance with paragraph (b)(v) below;
(iii) subject to paragraph (b) below, to the Subordinate Certificateholders, the balance, if any, of the Available Distribution Amount after making the distributions provided for in paragraphs (i) and (ii) above, in accordance with, and up to the amounts calculated pursuant to, Section 6.01(c) below; and
(iv) to the Class R Certificateholders the balance, if any, of the Available Distribution Amount remaining after the distributions provided for in paragraphs (i) through (iii) above.
(b) Amounts payable to the Senior Certificateholders on any Distribution Date shall be distributed as follows:
(i) on each Distribution Date, the Group I Available Funds for Loan Group I-1 will be distributed to the Group I-1 Senior Certificates as follows: first, extent the amounts available for distribution pursuant to paragraph (a)(i) above are sufficient:
(A) to the Class I-1A-1I-A1 Certificateholders, (1) the Class I-1A-2 and I-A1 Interest Accrual Amount plus (2) the Class I-1X Certificates, on a pro rata basis, I-A1 Shortfall from the Group I Accrued Interest on such Classes for such preceding Distribution Date. As described below, accrued interest on the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, ;
(B) to the Class I-1A-1, I-A2 Certificateholders (1) the Class I-1A-2 and I-A2 Interest Accrual Amount plus (2) the Class I-1X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed I-A2 Shortfall from previous the preceding Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-1; and third, Date;
(C) to the Class I-1A-1 Certificates and Class I-1A-2 Certificates, on a pro rata basis, in reduction of I-A3 Certificateholders (1) the Class Principal I-A3 Interest Accrual Amount thereof, plus (2) the Group I Senior Optimal Principal Amount for Class I-A3 Shortfall from the Group I-1 Senior Certificates for such preceding Distribution Date Date;
(D) to the extent of remaining Group I Available Funds for Loan Group I-1, until Class I-A4 Certificateholders (1) the Class Principal Amounts of such Classes have been reduced I-A4 Interest Accrual Amount plus (2) the Class I-A4 Shortfall from the preceding Distribution Date;
(E) to zero.the Class I-A5 Certificateholders (1) the Class I-A5 Interest Accrual Amount plus (2) the Class I-A5 Shortfall from the preceding Distribution Date;
(F) to the Class I-A6 Certificateholders (1) the Class I-A6 Interest Accrual Amount plus (2) the Class I-A6 Shortfall from the preceding Distribution Date;
(G) to the Class I-A7 Certificateholders (1) the Class I-A7 Interest Accrual Amount plus (2) the Class I-A7 Shortfall from the preceding Distribution Date;
(H) to the Class I-A8 Certificateholders (1) the Class I-A8 Interest Accrual Amount plus (2) the Class I-A8 Shortfall from the preceding Distribution Date;
(I) to the Class IO Certificateholders, (1) the Class IO Interest Accrual Amount plus (2) the Class IO Shortfall from the preceding Distribution Date; and
(J) to the Class R Certificateholders, (1) the Class R Interest Accrual Amount plus (2) the Class R Shortfall from the preceding Distribution Date;
(ii) on On each Distribution Date prior to the Class I-A5 Accretion Termination Date, the Group I Available Funds for Loan Group I-2 Class I-A5 Interest Accrual Amount, if any, will be distributed to the Group I-2 Senior Certificates as principal as follows: first, :
(A) to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, I-A4 Certificates until the Group I Accrued Interest on reduction of the principal balance of such Classes for such Distribution Date. As described below, accrued interest on class to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable theretoTargeted Principal Balance; second, and
(B) to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-2; and third, to the Class I-2A-1 I-A5 Certificates and Class I-2A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2, until the Class Principal Amounts principal balance of such Classes have class has been reduced to zero.
(iii) to the Non-PO Senior Certificateholders (other than the Class IO Certificateholders), up to the Non-PO Senior Optimal Principal Amount, allocated among the Non-PO Senior Certificates (other than the Class IO Certificates) as follows ; Except after the Credit Support Depletion Date, distributions in respect of principal will be made on each Distribution Date to the Non-PO Senior Certificates as described below. On each Distribution Date, the Group I Available Funds for Loan Group I-3 Non-PO Senior Optimal Principal Amount will be distributed to the Group I-3 Non-PO Senior Certificates Certificateholders as follows: first, :
(A) to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-3A-1, Class I-3A-2 and Class I-3X R Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-3; and third, to the Class I-3A-1 Certificates and Class I-3A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-3 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-3, until the Class Principal Amounts principal balance of such Classes have class has been reduced to zero.; and
(ivB) Except as provided in clauses concurrently:
(vI) and (vi) below, on each Distribution Date on or prior to the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions in clauses (i), (ii) and (iii) above will be distributed sequentially, in the following order27.643212908398100%, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in A1 Certificates until the following order: (A) the Group I Accrued Interest thereon for principal balance of such Distribution Date, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) such Class’s Group I Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I Available Funds.
(v) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction of the Class Principal Amount of the Group I Senior Certificates of a Certificate Group class has been reduced to zero, the remaining class or classes of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Groups relating to the class or classes of Group I Senior Certificates of the fully repaid Certificate Group; provided, however, that if (A) the weighted average of the Group I Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Group I Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates in accordance with this subsection (v) will not be made and 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Group I Senior Certificates will be allocated to the Group I Subordinate Certificates.
(vi) If on any Distribution Date on which the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in its related Loan Group and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Group I Subordinate Certificates in respect of principal will be distributed to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, pro rata, based upon their Class Principal Amounts immediately prior to such Distribution Date, in reduction of the Class Principal Amounts thereof, until the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, is equal to the aggregate Scheduled Principal Balance of the Mortgage loans in its related Loan Group, and (ii) the Group I Accrued Interest otherwise allocable to the Group I Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Group I Senior Certificates in an amount equal to the Group I Accrued Interest for such Distribution Date on the excess of (x) the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in the related Loan Group. Any such reduction in the Group I Accrued Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Group I Subordinate Certificates’ numerical designations, commencing with the Class I-B-6 Certificates.
(b) If, after distributions have been made pursuant to priorities first and second of subsections (i), (ii) and (iii) above on any Distribution Date, the remaining Group I Available Funds for each Loan Group are less than the Group I Senior Optimal Principal Amounts for the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, respectively, the Group I Senior Optimal Principal Amount for such Loan Group shall be reduced, and such remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Certificates, on a pro rata basis on the basis of such reduced amount.and
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-F1)
Distributions from the Certificate Account. (a) Interest and principal (as applicable) on the Group I Certificates will be distributed monthly on each Distribution Date, commencing in April 2007, in an amount equal to the Group I Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Group I Available Funds Trustee (or the Paying Agent on deposit behalf of the Trustee) shall withdraw from the Certificate Account the Total Distribution Amount (excluding all Prepayment Premiums) and shall allocate such amount to the interests issued in the Distribution Account respect of each REMIC and shall be distributed distribute such amount as specified in this Section concurrently, as follows:
(i) on On each Distribution Date, the Group I Available Funds Trustee shall distribute the Interest Remittance Amount for Loan Group I-1 will be distributed to the Group I-1 Senior Certificates Pool 1 for such date as follows: first, :
(A) concurrently to the each class of Class I-1A-11-A1A, Class I-1A-2 1-A1B, Class 1-A2A, Class 1-A2B, Class 1-A3A, Class 1-A3B, Class 1-A4, Class 1-A5A and Class I-1X 1-A5B Certificates, on a pro rata basis, the Group I Accrued Current Interest on and any Carryforward Interest for such Classes classes for such Distribution Date. As described below, accrued interest on the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-1; and third, to the Class I-1A-1 Certificates and Class I-1A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-1 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-1, until the Class Principal Amounts of such Classes have been reduced to zero.
(ii) on each Distribution Date, the Group I Available Funds for Loan Group I-2 will be distributed to the Group I-2 Senior Certificates as follows: first, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-2; and third, to the Class I-2A-1 Certificates and Class I-2A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2, until the Class Principal Amounts of such Classes have been reduced to zero.
(iii) on each Distribution Date, the Group I Available Funds for Loan Group I-3 will be distributed to the Group I-3 Senior Certificates as follows: first, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-3; and third, to the Class I-3A-1 Certificates and Class I-3A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-3 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-3, until the Class Principal Amounts of such Classes have been reduced to zero.
(iv) Except as provided in clauses (v) and (vi) below, on each Distribution Date on or prior to the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions in clauses (i), (ii) and (iii) above will be distributed sequentially, in the following order, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (A) the Group I Accrued Interest thereon for such Distribution Date, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) such Class’s Group I Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I Available Funds.
(v) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction of the Class Principal Amount of the Group I Senior Certificates of a Certificate Group to zero, the remaining class or classes of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Groups relating to the class or classes of Group I Senior Certificates of the fully repaid Certificate Group; provided, however, that if (A) funds available are insufficient to pay such amounts, any resulting shortfalls will be allocated pro rata on the weighted average basis of the Group I Subordinate Percentages Current Interest and Carryforward Interest due such classes on such Distribution Date equals or exceeds two times Date; provided, further, however, any interest shortfall resulting from Deferred Interest on the initial weighted average of the Group I Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates in accordance with this subsection (v) will not be made and 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Group I Senior Certificates will be allocated to the Group I Subordinate Certificates.
(vi) If on any Distribution Date on which the aggregate Class Principal Amount of the Group I-1 Pool 1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in its related Loan Group and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Group I Subordinate Certificates in respect of principal will be distributed to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, pro rata, based upon their Class according to the Certificate Principal Amounts immediately prior to Amount of each such Distribution Dateclass of Certificates, in reduction of the Class Principal Amounts thereofamount of interest otherwise distributable to such class of Certificates; provided, until the aggregate Class Principal Amount of the Group I-1 Senior Certificatesfurther, Group I-2 Senior Certificates and Group I-3 Senior Certificateshowever, as applicable, is equal that to the aggregate Scheduled Principal Balance extent the amount of the Mortgage loans in its related Loan Group, and (ii) the Group I Accrued Interest Net Negative Amortization otherwise allocable to the Group I Subordinate 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 Distribution Date) accrued on such Distribution Date will classes of Certificates, then such excess Net Negative Amortization shall be reducedallocated 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 distributed up to, the amount of any 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 (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.
(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 or classes of Group I Certificates; provided, further, however, that to the extent the amount of Net Negative Amortization otherwise allocable to the Pool 3 Senior Certificates in an exceeds the amount equal to the Group I of Accrued Certificate Interest (as reduced by each such class’s share of any Net Prepayment Interest Shortfalls for such Distribution Date Date) accrued on the excess such classes of (x) the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior then such excess Net Negative Amortization shall be allocated to the Class X Certificates and Group I-3 Senior to the extent payments would otherwise be made to the Class X Certificates, as applicableand then, over if necessary, among the Certificates in proportion to, and up to, the amount of any remaining interest otherwise distributable on such Certificates;
(yB) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in the related Loan Group. Any for application pursuant to clause 5.02(b), any such reduction in the Group I Accrued Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Group I Subordinate Certificates’ numerical designations, commencing with the Class I-B-6 CertificatesRemittance Amount remaining undistributed for such Distribution Date.
(b) If, after distributions have been made pursuant to priorities first and second of subsections (i), (ii) and (iii) above on any On each Distribution Date, the Trustee will distribute the aggregate of any remaining Group I Available Funds for 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 Loan Group are less than the Group I Senior Optimal Principal Amounts for the Group I-1 class of Senior Certificates, Group I-2 Senior Certificates Current Interest and Group I-3 Senior 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 each class of Subordinate Certificates, respectivelyin 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 Distribution Date) accrued on such Subordinate 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 Group I Senior Optimal amount of any remaining interest otherwise distributable on such Certificates;
(iii) to the Trustee, previously unreimbursed extraordinary costs, liabilities and expenses; and
(iv) for application as part of the aggregate Monthly Excess Cashflow for such Distribution Date, as provided in Section 5.02(d), any such Interest Remittance Amount remaining after application pursuant to clauses (i) through (iii) above.
(c) On each Distribution Date, the Trustee shall distribute the Principal Distribution Amount with respect to each Mortgage Pool for such date, concurrently, 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, until the aggregate Certificate Principal Amount of the Offered Certificates equals the Target Amount for such Loan Group Distribution Date, the Trustee shall be reduceddistribute the Principal Distribution Amount concurrently, and such remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Certificates, on a pro rata basis on the basis of such reduced amount.as follows:
Appears in 1 contract
Distributions from the Certificate Account. (a) Interest and principal (as applicable) on the Group I Certificates will be distributed monthly on each Distribution Date, commencing in April 2007, in an amount equal to the Group I Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Group I Trustee (or the Paying Agent on behalf of the Trustee) shall withdraw from the Certificate Account the Available Funds on deposit Distribution Amount with respect to each Loan Pool, 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 Account Amount for each Loan Pool, to each Class of Senior Certificates or Component in the related Certificate Group (other than any related Class of Principal Only Certificates), the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's or Component's allocable share of any Net Prepayment Interest Shortfalls for the related Loan Pool for such Distribution Date; provided, however, that any shortfall in available amounts for each Loan Pool shall be distributed allocated among the Classes or Component 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 Loan Pool, to each Class of Senior Certificates or Component in the related Certificate Group (other than any related Class of Principal Only Certificates), any related Interest Shortfall for such Distribution Date; provided, however, that any shortfall in available amounts for each Loan Pool shall be allocated among the Classes or Component of the related Certificate Group in proportion to the Interest Shortfall for each such Class or Component on such Distribution Date;
(iii) from the remaining Available Distribution Amount for each Loan Pool, to the Senior Certificates or Components of the related Certificate Group (other than any Class of Notional Certificates), as follows:
(iA) to the A1(A) Component, the A1(B) Component, the A2(1) Component, the A3(1) Component and the APO (1) Component, from the Available Distribution Amount for Pool 1 for such Distribution Date, in reduction of their respective Class Principal Amounts or Component Principal Amounts, concurrently, as follows:
(1) to the A1(A) Component, the A1(B) Component, the A2(1) Component and the A3(1) Component, in an amount up to the Senior Principal Distribution Amount for Pool 1 for such Distribution Date, in the following order of priority:
(a) to the A1(A) Component, until the Component Principal Amount thereof has been reduced to zero;
(b) pro rata, the A1(B) Component and the A3(1) Component, until the respective Component Principal Amounts thereof have been reduced to zero;
(c) to the A2(1) Component, until the Component Principal Amount thereof has been reduced to zero;
(2) to the APO(1) Component, the APO Principal Distribution Amount for Pool 1 for such Distribution Date, until the Component Principal Amount thereof has been reduced to zero;
(B) to the A2(2) Component, the A3(2) Component and the APO(2) Component, in reduction of their respective Component Principal Amounts, from the Available Distribution Amount for Pool 2, concurrently, as follows:
(1) pro rata, to the A2(2) Component and the A3(2) Component, in an amount up to the Senior Principal Distribution Amount for Pool 2, until the Component Principal Amount thereof has been reduced to zero; and
(2) to the Class APO(2) Component, the APO Principal Distribution Amount thereof for Pool 2 for such Distribution Date, until the Component Principal Amount thereof has been reduced to zero;
(C) to the A3(3) Component and the APO(3) Component, in reduction of their respective Component Principal Amounts from the Available Distribution Amount for Pool 3, concurrently, as follows:
(1) to the Class A3(3) Component, the Senior Principal Distribution Amount for Pool 3, until the Component Principal Amount thereof has been reduced to zero; and
(2) to the APO(3) Component, the APO Principal Distribution Amount for Pool 3, until the Component Principal Amount thereof has been reduced to zero; and
(iv) on each Distribution Date on and after the Credit Support Depletion Date, the Group I Available Funds for Loan Group I-1 will be distributed to the Group I-1 Senior Certificates as follows: first, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of the remaining Group I Available Funds Distribution Amount for any Loan Group I-1Pool the related Senior Certificates and Components of which have been reduced to zero, pro rata, to each Class or Component of Senior Certificates remaining outstanding, on the basis of their respective Class Principal Amounts or Component Principal Amounts, any Non-APO Senior Certificate Deferred Amount for that Class or Component; provided, however, that any Non-APO Senior Certificate Deferred Amount in respect of the Class A1 Certificates shall only be paid to the extent of such Class's pro rata share of any such remaining Available Distribution Amount in respect of Pool 1 and thirdany other Loan Pool all of the remaining Assistance Loans in which are, at the time such payment is made in respect of any Non-APO Senior Certificate Deferred Amount for the Class A1 Certificates, Xxxxxx Mae Conforming Mortgage Loans;
(v) to the APO(1), APO(2) and APO(3) Components, to the Class I-1A-1 Certificates extent of the remaining Available Distribution Amount for the related Loan Pool, the Component Deferred Amount for that Component, until the related Component Principal Amount has been reduced to zero; provided, however, that (x) distributions pursuant to this priority shall not exceed the Subordinate Principal Distribution Amount for the related Loan Pool for such date; and Class I-1A-2 (y) such amounts will not reduce the Component Principal Amounts of such Components; and;
(vi) from the remaining Available Distribution Amount for all Loan Pools, 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 a pro rata basissuch Distribution Date;
(C) to the Class B1 Certificates, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal such Class's Subordinate Class Percentage of each Subordinate Principal Distribution Amount for the Group I-1 Senior Certificates for such Distribution Date Date, except as provided in Section 5.02(c), until the Certificate Principal Balance thereof has been reduced to zero;
(D) to the extent Class B2 Certificates, the Accrued Certificate Interest thereon for such Distribution Date, as reduced by such Class's allocable share of remaining Group I Available Funds any Net Prepayment Interest Shortfalls for Loan Group I-1such 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 Amounts 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 Classes have 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 Loan 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-APO Senior Certificates, the Accrued Certificate Interest otherwise distributable thereon, and (ii) on each Distribution Date, in the Group I Available Funds for Loan Group I-2 will be distributed to case of the Group I-2 Senior Certificates as follows: first, to the Class I-2A-1, Class I-2A-2 and Class I-2X Subordinate Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, interest accrued interest on the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-2; and third, to the Class I-2A-1 Certificates and Class I-2A-2 Certificates, on a pro rata basis, in reduction of the Class related Apportioned Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2, until the Class Principal Amounts of such Classes have been reduced to zeroBalances.
(iiic) (i) If on each any Distribution DateDate the Credit Support Percentage for the Class B1 Certificates is less than the Original Credit Support Percentage for such Class, the Group I Available Funds for Loan Group I-3 will be distributed then, notwithstanding anything to the Group I-3 Senior Certificates as follows: firstcontrary in Section 5.02(a), to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As no distribution of amounts described below, accrued interest on the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-3; and third, to the Class I-3A-1 Certificates and Class I-3A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-3 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-3, until the Class Principal Amounts of such Classes have been reduced to zero.
(iv) Except as provided in clauses (v) and (vi) below, on each Distribution Date on or prior to the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions in clauses (i), (ii) and (iii) above will be distributed sequentially, in the following order, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (A) the Group I Accrued Interest thereon for such Distribution Date, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) such Class’s Group I Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I Available Funds.
(v) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction of the Class Principal Amount of the Group I Senior Certificates of a Certificate Group to zero, the remaining class or classes of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Groups relating to the class or classes of Group I Senior Certificates of the fully repaid Certificate Group; provided, however, that if (A) the weighted average of the Group I Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Group I Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates in accordance with this subsection (v) will not be made and 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Group I Senior Certificates will be allocated to the Group I Subordinate Certificates.
(vi) If on any Distribution Date on which the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in its related Loan Group and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Group I Subordinate Certificates in respect of principal will be distributed to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, pro rata, based upon their Class Principal Amounts immediately prior to such Distribution Date, in reduction of the Class Principal Amounts thereof, until the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, is equal to the aggregate Scheduled Principal Balance of the Mortgage loans in its related Loan Group, and (ii) the Group I Accrued Interest otherwise allocable to the Group I Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Group I Senior Certificates in an amount equal to the Group I Accrued Interest for such Distribution Date on the excess of (x) the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in the related Loan Group. Any such reduction in the Group I Accrued Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Group I Subordinate Certificates’ numerical designations, commencing with the Class I-B-6 Certificates.
(b) If, after distributions have been made pursuant to priorities first and second of subsections (i), (ii) and (iii) above on any Distribution Date, the remaining Group I Available Funds for each Loan Group are less than the Group I Senior Optimal Principal Amounts for the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, respectively, the Group I Senior Optimal Principal Amount for such Loan Group shall be reduced, and such remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Certificates, on a pro rata basis on the basis of such reduced amount.the
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Pass Through Cert Series 2002-Al1)
Distributions from the Certificate Account. (a) Interest Subject to Sections 5.02(g) and principal (as applicable) on the Group I Certificates will be distributed monthly on each Distribution Dateh), commencing in April 2007, in an amount equal to the Group I Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Group I Available Funds on deposit in the Distribution Account shall be distributed as follows:
(i) on each Distribution Date, the Group I Available Funds Distribution Amount for Loan Group I-1 will be distributed to the Group I-1 related Mortgage Pool (in the case of the Senior Certificates as follows: firstother than the Class X-B Certificates) and the Mortgage Pools in the aggregate (in the case of the Subordinate Certificates and the Class X-B Certificates) shall be allocated among the classes of Senior Certificates and Subordinate Certificates in the following order of priority:
(i) Concurrently, from the related Available Distribution Amount, to the Class I-1A-1, Class I-1A-2 payment of the Interest Distribution Amount and Class I-1X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event of certain Group I Net any Interest Shortfalls allocable theretofor each Class of Senior Certificates; secondprovided, to the Class I-1A-1however, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-1; and third, to the Class I-1A-1 Certificates and Class I-1A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-1 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-1, until the Class Principal Amounts of such Classes have been reduced to zero.
(ii) that on each Distribution Date, the Group I Available Funds for Loan Group I-2 will Interest Distribution Amount that would otherwise be distributed distributable to the Group I-2 Senior a Class of Interest-Only Certificates as follows: first, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates is subject to reduction shall be deposited in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, Basis Risk Reserve Fund to the extent of remaining Group I Available Funds the Required Basis Risk Deposit for Loan Group I-2; such Class and thirdshall not be distributed to such Class;
(ii) Concurrently, to the Senior Certificates from the Available Distribution Amount remaining in the related Mortgage Pool after application of amounts pursuant to clause (i) above, as follows:
(a) sequentially to the Class I-2A-1 Certificates A-R, Class 1A-1 and Class I-2A-2 1A-2 Certificates, on a pro rata basisin that order, in reduction of the Senior Principal Distribution Amount for Pool 1, until their respective Class Principal Amounts have been reduced to zero;
(b) to the Class Principal Amount thereof2A Certificates, the Group I Senior Optimal Principal Distribution Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2Pool 2, until the Class Principal Amounts Amount of such Classes have Class has been reduced to zero; and
(c) to the Class 3A Certificates, the Senior Principal Distribution Amount for Pool 3, until the Class Principal Amount of such Class has been reduced to zero.
(iii) From the Available Distribution Amount from the Mortgage Pools in the aggregate remaining after the application of amounts pursuant to clauses (i) and (ii) above, to the Class B-1 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class on such date;
(iv) From the Available Distribution Amount from the Mortgage Pools in the aggregate remaining after application of amounts pursuant to clauses (i) through (iii) above, to the Class B-1 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero;
(v) From the Basis Risk Reserve Fund, for payment to the Class 1A-1, Class 2A and Class B-1 Certificates, sequentially in that order, any related Basis Risk Shortfall or related Unpaid Basis Risk Shortfall for such date;
(vi) From the remaining Available Distribution Amount from the Mortgage Pools in the aggregate remaining after application of amounts pursuant to clauses (i) through (v) in the following order of priority:
(A) to the Class B-2 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(B) to the Class B-2 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero;
(C) to the Class B-3 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(D) to the Class B-3 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero;
(E) to the Class B-4 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(F) to the Class B-4 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero;
(G) to the Class B-5 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(H) to the Class B-5 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero;
(I) to the Class B-6 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(J) to the Class B-6 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero; and
(vii) To the Class A-R Certificate and the Class LTR Certificate, any remaining amount of the Available Distribution Amount from the Mortgage Pools in the aggregate allocated as provided in Section 5.02(c).
(b) On each Distribution Date on and after the Credit Support Depletion Date, the Group I Available Funds Distribution Amount for Loan Group I-3 will each Mortgage Pool shall be distributed to the Group I-3 Senior remaining Classes of Certificates as follows: first, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificatesof a Certificate Group, on a pro rata basis, first, to pay the Group I Accrued Interest on such Classes for such Distribution Date. As described below, Amount and any accrued interest on the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates is subject to reduction in the event of certain Group I Net but unpaid Interest Shortfalls allocable theretoShortfalls; second, to pay the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Senior Principal Distribution DatesAmount for such Mortgage Pool; third, to the extent of remaining Group I Available Funds for Loan Group I-3pay any related Basis Risk Shortfall or any related Unpaid Basis Risk Shortfall; and thirdfourth, to the Class I-3A-1 Certificates A-R Certificate, any remaining Available Distribution Amount from such Mortgage Pool. Amounts distributed pursuant to clause second, in respect of Pool 1 shall be allocated pro rata to the Class 1A-1 and Class I-3A-2 1A-2 Certificates.
(c) Notwithstanding the priority and allocation set forth in Section 5.02(a)(vi) above, if with respect to any Class of Subordinate Certificates on a pro rata basis, in reduction any Distribution Date the sum of the related Class Principal Amount thereof, 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 Group I Senior Optimal Principal Amount for the Group I-3 Senior Certificates Original Applicable Credit Support Percentage for such Distribution Date Class, no distribution of Principal Prepayments shall be made to any such Classes and the extent amount of remaining Group I Available Funds for Loan Group I-3such Principal Prepayment otherwise distributable to such Classes shall be distributed to any Classes of Subordinate Certificates having lower numerical Class designations than such Class, until pro rata, based on the Class Principal Amounts of the respective Classes immediately prior to such Distribution Date and shall be distributed in the sequential order provided in Section 5.02(a)(vi) above.
(d) Amounts distributed to the Residual Certificates pursuant to subparagraph (a)(vii) of this Section 5.02 on any Distribution Date shall be allocated among the REMIC residual interests represented thereby such that each such interest is allocated the excess of funds available to the related REMIC over required distributions to the regular interests in such REMIC on such Distribution Date.
(e) For purposes of distributions provided in paragraph (a), each Mortgage Pool shall "relate" to the Senior Class or Classes of the applicable Related Certificate Group.
(f) To the extent a Basis Risk Shortfall is experienced on the Class 1A-1, Class 2A or Class B-1 Certificates, the Securities Administrator shall withdraw from the related Sub-Account of the Basis Risk Reserve Fund an amount for distribution to such Class equal to the lesser of (1) the amount of such Basis Risk Shortfall and (2) the amounts available therefor on deposit in the related Sub-Account as provided in Section 5.06.
(g) 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 second, in respect of Interest Shortfalls.
(h) Notwithstanding the priority of distributions set forth in paragraph (a) above, if on any Distribution Date prior to the Credit Support Depletion (1) either one of the Rapid Prepayment Conditions is satisfied on such date and (2) the Certificate Principal Amount of the Senior Certificates relating to one or more Mortgage Pools have been reduced to zero.
(iv, then that portion of the Available Distribution Amount for each Mortgage Pool described in Section 5.02(a)(ii) Except that represents principal collections on the Mortgage Loans shall be applied as provided in clauses (v) and (vi) below, on each Distribution Date on or prior an additional distribution to the Group I Cross-Over Dateremaining Classes of Senior Certificates in reduction of, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions in clauses (i), (ii) and (iii) above will be distributed sequentially, in the following order, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (A) the Group I Accrued Interest thereon for such Distribution Dateproportion to, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) such Class’s Group I Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I Available Funds.
(v) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction of the Class Principal Amount of the Group I Senior Certificates of a Certificate Group to zero, the remaining class or classes of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Groups relating to the class or classes of Group I Senior Certificates of the fully repaid Certificate Groupthereof; provided, however, that if (A) the weighted average of the Group I Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Group I Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments amounts distributable to the Group I-1 Senior CertificatesClass A-R, Group I-2 Senior Class 1A-1 and Class 1A-2 Certificates and Group I-3 Senior Certificates shall be distributed sequentially thereto in accordance with this subsection (v) will not be made and 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Group I Senior Certificates will be allocated to the Group I Subordinate Certificatessuch order.
(vi) If on any Distribution Date on which the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in its related Loan Group and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Group I Subordinate Certificates in respect of principal will be distributed to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, pro rata, based upon their Class Principal Amounts immediately prior to such Distribution Date, in reduction of the Class Principal Amounts thereof, until the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, is equal to the aggregate Scheduled Principal Balance of the Mortgage loans in its related Loan Group, and (ii) the Group I Accrued Interest otherwise allocable to the Group I Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Group I Senior Certificates in an amount equal to the Group I Accrued Interest for such Distribution Date on the excess of (x) the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in the related Loan Group. Any such reduction in the Group I Accrued Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Group I Subordinate Certificates’ numerical designations, commencing with the Class I-B-6 Certificates.
(b) If, after distributions have been made pursuant to priorities first and second of subsections (i), (ii) and (iii) above on any Distribution Date, any Certificate Group would constitute an Undercollateralized Group and one or both of the other Certificate Groups constitute an Overcollateralized Group, then notwithstanding Section 5.02(a)(ii), the Available Distribution Amount for the Overcollateralized Group or Groups, to the extent remaining following distributions of interest and principal to the related Senior Certificates of that Certificate Group I Available Funds or Groups shall be distributed up to the sum of the Interest Transfer Amount and the Principal Transfer Amount for each Loan the Undercollateralized Group are less or Groups to the Senior Certificates related to the Undercollateralized Group in payment of accrued but unpaid interest, if any, and then to such Senior Certificates as principal, in the same order and priority as such Certificates would receive other distributions of principal. To the extent (1) more than one Overcollateralized Group exists on a Distribution Date, amounts distributable therefrom shall be allocated in proportion to the Group I Senior Optimal Certificate Principal Amounts for the of each related Certificate Group; and (2) more than one Undercollateralized Group I-1 Senior Certificatesexists on a Distribution Date, Group I-2 Senior Certificates and Group I-3 Senior Certificates, respectively, the Group I Senior Optimal Principal Amount for such Loan Group amounts distributable thereto shall be reducedallocated first, and such remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Certificates, on a pro rata basis on the basis of any outstanding Interest Shortfalls; and second, as principal to the Undercollateralized Groups allocated in proportion to the Certificate Principal Amounts of each such reduced amountUndercollateralized Group.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Sequoia Residential Funding Inc)
Distributions from the Certificate Account. (a) Interest and principal (as applicable) on the Group I Certificates will be distributed monthly on each Distribution Date, commencing in April 2007, in an amount equal to the Group I Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, the Group I Available Funds on deposit in Distribution Amount shall be withdrawn by the Trustee from the Distribution Account shall be distributed as followsand 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 accrued but unpaid Interest Shortfalls with respect to each class of Senior Certificates and the Components, with, subject to the proviso set forth below, (x) all amounts payable in respect of Component XB1, Component XB2 and Component XB3 being payable to the Class X-B Certificates; provided, however, that on each Distribution Date, amounts that would otherwise be payable to the Group I Available Funds Class X-A-1, Class X-A-2, or Class X-B Certificates under this clause (a)(i) will (A) in the case of amounts otherwise payable to the Class X-A-1 and Class X-A-2 Certificates, be paid to the Class A Certificates to the extent of any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for Loan Group I-1 will the Class A Certificates as of such Distribution Date, (B) in the case of amounts otherwise payable to the Class X-A-2 Certificates be paid to the Class A-X-1 Certificates to the extent necessary to reimburse the Class X-A-1 Certificates for prior amounts not distributed to the Group I-1 Senior Class X-A-1 Certificates as follows: firsta result of clause (A) above and any limitations on the Current Interest of the Class X-A-1 Certificates resulting from the Class X-A Current Interest Restriction and (C) in the case of amounts otherwise payable to the Class X-B Certificates, be paid to the Class B-1, Class B-2 and Class B-3 Certificates to the extent of any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for the Class B-1, Class B-2 and Class B-3 Certificates, respectively, as of such Distribution Date;
(ii) Concurrently, to the Class I-1A-1, Class I-1A-2 A and Class I-1X CertificatesA-R Certificates from the Available Distribution Amount remaining after application of amounts pursuant to clause (i) above, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, sequentially to the Class I-1A-1, Class I-1A-2 A-R and Class I-1X A Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-1; and third, to the Class I-1A-1 Certificates and Class I-1A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereofthat order, the Group I Senior Optimal Principal Distribution Amount for the Group I-1 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-1, until the their respective Class Principal Amounts of such Classes have been reduced to zero.
(ii) on each Distribution Date, the Group I Available Funds for Loan Group I-2 will be distributed to the Group I-2 Senior Certificates as follows: first, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-2; and third, to the Class I-2A-1 Certificates and Class I-2A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2, until the Class Principal Amounts of such Classes have been reduced to zero.
(iii) From the Available Distribution Amount remaining after the application of amounts pursuant to clauses (i) and (ii) above, to the Class B-1, Class B-2 and Class B-3 Certificates, sequentially, in that order, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class on such date;
(iv) From the Available Distribution Amount remaining after application of amounts pursuant to clauses (i) through (iii) above, to the Class B-1, Class B-2 and Class B-3 Certificates, sequentially, in that order, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount, until its Class Principal Amount has been reduced to zero;
(v) From the remaining Available Distribution Amount remaining after application of amounts pursuant to clauses (i) through (iv) in the following order of priority:
(A) to the Class B-4 Certificates, the payment of its Interest Distribution Amount and any outstanding Interest Shortfalls;
(B) to the Class B-4 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount, until its Class Principal Amount has been reduced to zero;
(C) to the Class B-5 Certificates, the payment of its Interest Distribution Amount and any outstanding Interest Shortfalls;
(D) to the Class B-5 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount, until its Class Principal Amount has been reduced to zero;
(E) to the Class B-6 Certificates, the payment of its Interest Distribution Amount and any outstanding Interest Shortfalls; and
(F) to the Class B-6 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount, until its Class Principal Amount has been reduced to zero;
(vi) To the Class A-R Certificate, any remaining amount of the Available Distribution Amount allocated as provided in Section 5.02(d). Amounts paid to the Class A Certificates on any Distribution Date pursuant to the proviso in clause (a)(i) above shall reduce amounts otherwise payable on such Distribution Date in respect of the Class X-A-2 Certificates before reducing any amounts otherwise payable to the Class X-A-1 Certificates. Amounts that would have been distributed in respect of the Class X-A-1, Class X-A-2 and Class X-B Certificates, but for the proviso set forth in clause (a)(i) above shall be treated as having been distributed to the Class X-A-1, Class X-A-2 and Class X-B Certificates, as applicable, for purposes of determining subsequent Interest Shortfalls with respect to the Class X-A-1, Class X-A-2 and Class X-B Certificates.
(b) On each Distribution Date on and after the Credit Support Depletion Date, the Group I Available Funds for Loan Group I-3 will Distribution Amount shall be distributed to the Group I-3 Senior remaining Classes of Certificates as follows: first, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, first, to pay the Group I Accrued Interest Distribution Amount and any accrued but unpaid Interest Shortfalls; provided, however, that (i) on such Classes for each such Distribution Date. As described below, accrued interest amounts that would otherwise be payable to the Class X-A-1 and Class X-A-2 Certificates under this clause (b) will be paid to the Class A Certificates to the extent of any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls for the Class A Certificates as of such Distribution Date and (ii) on each such Distribution Date, amounts that would otherwise be payable to the Class X-A-2 Certificates under this clause (b) will be paid to the Class X-A-1 Certificates to the extent necessary to reimburse the Class X-A-1 Certificates for prior amounts not distributed to the Class X-A-1 Certificates as a result of clause (i) above or clause (A) of Section 5.02(a)(i) and any limitations on the Current Interest of the Class I-3A-1, X-A-1 Certificates resulting from the Class I-3A-2 and Class I-3X Certificates is subject to reduction in the event of certain Group I Net X-A Current Interest Shortfalls allocable theretoRestriction; second, to pay the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Senior Principal Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-3Amount; and third, to the Class I-3A-1 A-R Certificate, any remaining Available Distribution Amount. Amounts paid to the Class A Certificates and Class I-3A-2 Certificates, on a pro rata basis, any Distribution Date pursuant to the proviso in reduction this clause (b) shall reduce amounts otherwise payable on such Distribution Date in respect of the Class Principal Amount thereof, X-A-2 Certificates before reducing any amounts otherwise payable to the Group I Senior Optimal Principal Amount Class X-A-1 Certificates. Amounts that would have been distributed in respect of the Class X-A-1 Certificates or the Class X-A-2 Certificates but for the Group I-3 Senior proviso set forth in this Section 5.02(b) shall be treated as having been distributed to the Class X-A-1 Certificates or the Class X-A-2 Certificates, as the case may be, for purposes of determining subsequent Interest Shortfalls with respect to the Class X-A-1 Certificates and the Class X-A-2 Certificates.
(c) Notwithstanding the priority and allocation set forth in Section 5.02(a)(iv) and Section 5.02(a)(v) above, if with respect to any Class of 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 Distribution Date Class, no distribution of Principal Prepayments shall be made to any such Classes and the extent amount of remaining Group I Available Funds for Loan Group I-3such Principal Prepayment otherwise distributable to such Classes shall be distributed to any Classes of Subordinate Certificates having lower numerical Class designations than such Class, until pro rata, based on the Class Principal Amounts of such the respective Classes have been reduced to zero.
(iv) Except as provided in clauses (v) and (vi) below, on each Distribution Date on or prior to the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions in clauses (i), (ii) and (iii) above will be distributed sequentially, in the following order, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (A) the Group I Accrued Interest thereon for such Distribution Date, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) such Class’s Group I Allocable Share for such Distribution Date, in each case, to the extent of remaining Group I Available Funds.
(v) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction of the Class Principal Amount of the Group I Senior Certificates of a Certificate Group to zero, the remaining class or classes of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan Date and shall be distributed in the Loan Group or Groups relating to the class or classes of Group I Senior Certificates of the fully repaid Certificate Group; provided, however, that if (Asequential order provided in Section 5.02(a)(iv) the weighted average of the Group I Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Group I Subordinate Percentages and (BSection 5.02(a)(v) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates in accordance with this subsection (v) will not be made and 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Group I Senior Certificates will be allocated to the Group I Subordinate Certificatesabove.
(vid) If Amounts distributed to the Residual Certificates pursuant to subparagraph (a)(vi) of this Section 5.02 on any Distribution Date on which shall be allocated among the aggregate Class Principal Amount REMIC residual interests represented thereby such that each such interest is allocated the excess of funds available to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in its related Loan Group and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect to REMIC over required distributions to be made the regular interests in such REMIC on such Distribution Date.
(e) For purposes of distributions of interest in paragraph (a) of this Section 5.02 such distributions to a Class of Certificates on any Distribution Date shall be made first, (i) 100% of amounts otherwise allocable to the Group I Subordinate Certificates in respect of principal will be distributed to the Group I-1 Senior Certificates, Group I-2 Senior Certificates Current Interest; and Group I-3 Senior Certificates, as applicable, pro rata, based upon their Class Principal Amounts immediately prior to such Distribution Datesecond, in reduction respect of the Class Principal Amounts thereof, until the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, is equal to the aggregate Scheduled Principal Balance of the Mortgage loans in its related Loan Group, and (ii) the Group I Accrued Interest otherwise allocable to the Group I Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Group I Senior Certificates in an amount equal to the Group I Accrued Interest for such Distribution Date on the excess of (x) the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in the related Loan Group. Any such reduction in the Group I Accrued Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Group I Subordinate Certificates’ numerical designations, commencing with the Class I-B-6 CertificatesShortfalls.
(b) If, after distributions have been made pursuant to priorities first and second of subsections (i), (ii) and (iii) above on any Distribution Date, the remaining Group I Available Funds for each Loan Group are less than the Group I Senior Optimal Principal Amounts for the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, respectively, the Group I Senior Optimal Principal Amount for such Loan Group shall be reduced, and such remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Certificates, on a pro rata basis on the basis of such reduced amount.
Appears in 1 contract
Samples: Trust Agreement (Merrill Lynch Mort Investors Inc Trust Series MLCC 2003-D)
Distributions from the Certificate Account. (a) Interest Subject to Sections 5.02(h) and principal (as applicable) on the Group I Certificates will be distributed monthly i), on each Distribution Date, commencing the Available Distribution Amount for the related Mortgage Pool (in April 2007, the case of the Senior Certificates other than the Class X-B Certificates) and the Mortgage Pools in an amount equal to the Group I Available Funds on deposit aggregate (in the case of the Subordinate Certificates and the Class X-B Certificates) shall be withdrawn by the Trustee from the Distribution Account and allocated among the classes of Senior Certificates and Subordinate Certificates in the following order of priority:
(i) Concurrently, from the related Available Distribution Amount, to the payment of the Interest Distribution Amount and any Interest Shortfalls for such Distribution Date. On each Class of Senior Certificates; provided, however, that on each Distribution Date, the Group I Available Funds on deposit Interest Distribution Amount that would otherwise be distributable to a Class of Interest-Only Certificates shall be deposited in the Distribution Account Basis Risk Reserve Fund to the extent of the Required Basis Risk Deposit for such Class and shall not be distributed to such Class;
(ii) Concurrently, to the Senior Certificates from the Available Distribution Amount remaining in the related Mortgage Pool after application of amounts pursuant to clause (i) above, as follows:
(a) sequentially to the Class A-R and Class 1A Certificates, in that order, the Senior Principal Distribution Amount for Pool 1, until their respective Class Principal Amounts have been reduced to zero; and
(b) concurrently to the Class 2A-1 Certificates and the Class 2A-2 Certificates, an amount up to the Senior Principal Distribution Amount for Pool 2 as follows:
(i) on each Distribution Dateto the Class 2A-2 Certificates, the Group I Available Funds Class 2A-2 Principal Distribution Amount for Loan Group I-1 will be distributed such Distribution Date until the Class Principal Amount of such Class has been reduced to zero; and
(ii) to the Group I-1 Class 2A-1 Certificates, any remaining Senior Certificates as follows: firstPrincipal Distribution Amount for Pool 2 after application of paragraph of (a)(ii)(b)(i) of this Section 5.02;
(iii) From the Available Distribution Amount from the Mortgage Pools in the aggregate remaining after the application of amounts pursuant to clauses (i) and (ii) above, to the Class I-1A-1B-1, Class I-1A-2 B-2 and Class I-1X B-3 Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-1A-1, Class I-1A-2 and Class I-1X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-1; and third, to the Class I-1A-1 Certificates and Class I-1A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-1 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-1, until the Class Principal Amounts of such Classes have been reduced to zero.
(ii) on each Distribution Date, the Group I Available Funds for Loan Group I-2 will be distributed to the Group I-2 Senior Certificates as follows: first, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-2A-1, Class I-2A-2 and Class I-2X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-2; and third, to the Class I-2A-1 Certificates and Class I-2A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-2 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-2, until the Class Principal Amounts of such Classes have been reduced to zero.
(iii) on each Distribution Date, the Group I Available Funds for Loan Group I-3 will be distributed to the Group I-3 Senior Certificates as follows: first, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, the Group I Accrued Interest on such Classes for such Distribution Date. As described below, accrued interest on the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates is subject to reduction in the event of certain Group I Net Interest Shortfalls allocable thereto; second, to the Class I-3A-1, Class I-3A-2 and Class I-3X Certificates, on a pro rata basis, any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds for Loan Group I-3; and third, to the Class I-3A-1 Certificates and Class I-3A-2 Certificates, on a pro rata basis, in reduction of the Class Principal Amount thereof, the Group I Senior Optimal Principal Amount for the Group I-3 Senior Certificates for such Distribution Date to the extent of remaining Group I Available Funds for Loan Group I-3, until the Class Principal Amounts of such Classes have been reduced to zero.
(iv) Except as provided in clauses (v) and (vi) below, on each Distribution Date on or prior to the Group I Cross-Over Date, an amount equal to the sum of any remaining Group I Available Funds for each Loan Group after the distributions in clauses (i), (ii) and (iii) above will be distributed sequentially, in the following that order, to the Class I-B-1, Class I-B-2, Class I-B-3, Class I-B-4, Class I-B-5 Interest Distribution Amount and Class I-B-6 Certificates, in each case up to an amount equal to and in the following order: (A) the Group I Accrued any Interest thereon for such Distribution Date, (B) any Group I Accrued Interest thereon remaining undistributed from previous Distribution Dates and (C) such Class’s Group I Allocable Share for such Distribution DateShortfalls, in each case, for such Class on such date;
(iv) From the Available Distribution Amount from the Mortgage Pools in the aggregate remaining after application of amounts pursuant to clauses (i) through (iii) above, to the extent of remaining Group I Available Funds.
(v) On each Distribution Date prior to the Group I Cross-Over Date but after the reduction Class B-1, Class B-2 and Class B-3 Certificates, sequentially, in that order, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount of the Group I Senior Certificates of a Certificate Group has been reduced to zero, the remaining class or classes of Group I Senior Certificates in the remaining Certificate Group or Groups will be entitled to receive in reduction of their Class Principal Amounts, pro rata based upon their Class Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates’ respective Loan Group allocated to such Group I Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Groups relating to the class or classes of Group I Senior Certificates of the fully repaid Certificate Group; provided, however, that if (A) the weighted average of the Group I Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Group I Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and bankruptcy and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Class Principal Amount of the Group I Subordinate Certificates does not exceed 50%, then the additional allocation of Principal Prepayments to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates in accordance with this subsection (v) will not be made and 100% of the Principal Prepayments on any Group I Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Group I Senior Certificates will be allocated to the Group I Subordinate Certificates.
(vi) If on any Distribution Date on which the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in its related Loan Group and any Group I Subordinate Certificates are still outstanding, in each case, after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Group I Subordinate Certificates in respect of principal will be distributed to the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, pro rata, based upon their Class Principal Amounts immediately prior to such Distribution Date, in reduction of the Class Principal Amounts thereof, until the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, is equal to the aggregate Scheduled Principal Balance of the Mortgage loans in its related Loan Group, and (ii) the Group I Accrued Interest otherwise allocable to the Group I Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Group I Senior Certificates in an amount equal to the Group I Accrued Interest for such Distribution Date on the excess of (x) the aggregate Class Principal Amount of the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, as applicable, over (y) the aggregate Scheduled Principal Balance of the Pool I Mortgage Loans in the related Loan Group. Any such reduction in the Group I Accrued Interest on the Group I Subordinate Certificates will be allocated in reverse order of the Group I Subordinate Certificates’ numerical designations, commencing with the Class I-B-6 Certificates.
(b) If, after distributions have been made pursuant to priorities first and second of subsections (i), (ii) and (iii) above on any Distribution Date, the remaining Group I Available Funds for each Loan Group are less than the Group I Senior Optimal Principal Amounts for the Group I-1 Senior Certificates, Group I-2 Senior Certificates and Group I-3 Senior Certificates, respectively, the Group I Senior Optimal Principal Amount for such Loan Group shall be reduced, and such remaining Group I Available Funds will be distributed among the related Group I Senior Certificates, other than the Interest Only Certificates, on a pro rata basis on the basis of such reduced amount.;
Appears in 1 contract
