Distributions from the Distribution Account. (a) Subject to Sections 5.02(h) and (i), on each Distribution Date, the Available Distribution Amount for the related Mortgage Pool (in the case of the Senior Certificates) and the Mortgage Pools in the aggregate (in the case of the Subordinate Certificates) shall be withdrawn by the Securities Administrator from funds on deposit in the Distribution Account allocated among the classes of Senior Certificates and Subordinate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; (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 1-A-1 Certificates, in that order, the Senior Principal Distribution Amount for Pool 1, until their respective Class Principal Amounts have been reduced to zero; (b) to the Class 2-A-1 Certificates, the Senior Principal Distribution Amount for Pool 2, until the Class Principal Amount of such Class has been reduced to zero; (c) to the Class 3-A-1 Certificates, the Senior Principal Distribution Amount for Pool 3, until the Class Principal Amount of such Class has been reduced to zero; and (d) to the Class 4-A-1, Class 4-A-2, Class 4-A-3, Class 4-A-4 and Class 4-A-5 Certificates, the Senior Principal Distribution Amount for Pool 4, in the following order of priority: (A) to the Class 4-A-1 Certificates, until Class Principal Amount of such Class has been reduced to zero; (B) concurrently, to the Class 4-A-2 and Class 4-A-3 Certificates, pro rata, until the respective Class Principal Amounts of such Classes have been reduced to zero; and (C) concurrently, to the Class 4-A-4 and Class 4-A-5 Certificates, pro rata, until the respective Class Principal Amounts of such Classes have been reduced to zero; (iii) To the Subordinate Certificates, as follows: (A) to the Class B-1 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date; (B) 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; (C) to the Class B-2 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date; (D) 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; (E) to the Class B-3 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date; (F) 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; (G) to the Class B-4 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date; (H) 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; (I) to the Class B-5 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date; (J) 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; (K) to the Class B-6 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date; and (L) 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; (iv) To the Class A-R Certificates, any remaining amount of the Available Distribution Amount from the Mortgage Pools. (b) On each Distribution Date on and after the Credit Support Depletion Date, the Available Distribution Amount for each Mortgage Pool shall be combined and distributed to the remaining Classes of Certificates, on a pro rata basis, first, to pay the Interest Distribution Amount and any accrued but unpaid Interest Shortfalls; second, in reduction of the Certificate Principal Amounts of the Certificates, pro rata (on the basis of their Class Principal Amounts), until such Certificate Principal Amounts have been reduced to zero; and third, to the Class A-R Certificate, any remaining Available Distribution Amount from such Mortgage Pool. (c) Notwithstanding the priority and allocation set forth in Section 5.02(a)(iii) 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 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)(iii) above. (d) Amounts distributed to the Residual Certificates pursuant to subparagraph (a)(v) 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) [Reserved]. (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 Date (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 of the Mortgage Pools have been reduced to zero, then that portion of the Available Distribution Amount for each Mortgage Pool described in Section 5.02(a)(ii) that represents principal collections on the Mortgage Loans shall be applied as an additional distribution to the remaining Classes of Senior Certificates in reduction of, and in proportion to, the Class Principal Amounts thereof; provided, however, that any such amounts distributable to the Group 4 Certificates shall be distributed in accordance with the priorities set forth in Section 5.02(a)(ii)(d). (i) If, on any Distribution Date, any Certificate Group would constitute an Undercollateralized Group and any other Certificate Group constitutes an Overcollateralized Group, then notwithstanding Section 5.02(a)(ii), the Available Distribution Amount for a Overcollateralized Group, to the extent remaining following distributions of interest and principal to the related Senior Certificates of that Certificate Group, shall be distributed up to the sum of the Interest Transfer Amount and the Principal Transfer Amount for the Undercollateralized Group 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. If more than one Undercollateralized Group exists on any Distribution Date, the sum of the Interest Transfer Amounts and the Principal Transfer Amounts shall be allocated among such Undercollateralized Groups, pro rata, on the basis of the amount by which the aggregate Class Principal Amount of the related Senior Certificates immediately prior to such Distribution Date exceeds the aggregate Stated Principal Balance of the Mortgage Loans in that Undercollateralized Group. If more than one Overcollateralized Group exists on any Distribution Date, reductions in the Available Distribution Amount for such Overcollateralized Groups to make the payments required to be made pursuant to this Section 5.02(i) on such Distribution Date shall be made pro rata, on the basis of the Class Principal Amount of the related Senior Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (J P Morgan Acceptance Corp I)
Distributions from the Distribution Account. (a) Subject to Sections 5.02(h) and (i), on each Distribution Date, the Available Distribution Amount for the related Mortgage Pool (in the case of the Senior Certificates) and the Mortgage Pools in the aggregate related Aggregate Pool (in the case of the Subordinate Certificates) shall be withdrawn by the Securities Administrator from funds on deposit in the Distribution Account allocated among the classes related Classes of Senior Certificates and the related Classes of 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;
(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 sequentially, to the Class A-R and Class 1-A-1 Certificates, in that order, the Senior Principal Distribution Amount for Pool 1, until their respective Class Principal Amounts have been reduced to zero;
(b) to the Class 2-A-1 Certificates, the Senior Principal Distribution Amount for Pool 2, until the its Class Principal Amount of such Class has been reduced to zero;
(c) to the Class 3-A-1 A-1, Class 3-A-2 and Class 3-A-3 Certificates, the Senior Principal Distribution Amount for Pool 3, sequentially, in the following order of priority:
(I) concurrently, 65.5837478226% to the Class 3-A-1 Certificates and 34.4162521774% to the Class 3-A-2 Certificates, until the Class Principal Amount of such the Class 3-A-1 Certificates has been reduced to zero; and
(II) sequentially, to the Class 3-A-2 and Class 3-A-3 Certificates, in that order, until their respective Class Principal Amounts have been reduced to zero;
(d) concurrently, to the Class 4-A-1, Class 4-A-2, Class 4-A-3, Class 4-A-4 A-1 and Class 4-A-5 A-2 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 4, in the following order of priority:until their respective Class Principal Amounts have been reduced to zero;
(Ae) to the Class 4S-A-1 F-1 Certificates, the Senior Principal Distribution Amount for Pool 5, until its Class Principal Amount of such Class has been reduced to zero;
(Bf) concurrently, to the Class 4S-A-2 and Class 4-A-3 F-2 Certificates, pro ratathe Senior Principal Distribution Amount for Pool 6, until the respective its Class Principal Amounts of such Classes have Amount has been reduced to zero; and
(Cg) concurrently, to the Class 4S-A-4 and Class 4-A-5 F-3 Certificates, pro ratathe Senior Principal Distribution Amount for Pool 7, until the respective its Class Principal Amounts of such Classes have Amount has been reduced to zero;
(iii) To Concurrently, to the Subordinate Certificates, as follows:
(a) Sequentially, to the Pool I Subordinate Certificates, as follows:
(A) to the Class I-B-1 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(B) to the Class I-B-1 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage PoolPool in Aggregate Pool I, until its Class Principal Amount has been reduced to zero;
(C) to the Class I-B-2 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(D) to the Class I-B-2 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage PoolPool in Aggregate Pool I, until its Class Principal Amount has been reduced to zero;
(E) to the Class I-B-3 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(F) to the Class I-B-3 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage PoolPool in Aggregate Pool I, until its Class Principal Amount has been reduced to zero;
(G) to the Class I-B-4 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(H) to the Class I-B-4 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage PoolPool in Aggregate Pool I, until its Class Principal Amount has been reduced to zero;
(I) to the Class I-B-5 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(J) to the Class I-B-5 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage PoolPool in Aggregate Pool I, until its Class Principal Amount has been reduced to zero;
(K) to the Class I-B-6 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date; and
(L) to the Class I-B-6 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage PoolPool in Aggregate Pool I, until its Class Principal Amount has been reduced to zero;
(b) Sequentially, to the Pool II Subordinate Certificates, as follows:
(A) to the Class S-B-1 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(B) to the Class S-B-1 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool in Aggregate Pool II, until its Class Principal Amount has been reduced to zero;
(C) to the Class S-B-2 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(D) to the Class S-B-2 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool in Aggregate Pool II, until its Class Principal Amount has been reduced to zero;
(E) to the Class S-B-3 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(F) to the Class S-B-3 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool in Aggregate Pool II, until its Class Principal Amount has been reduced to zero;
(G) to the Class S-B-4 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(H) to the Class S-B-4 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool in Aggregate Pool II, until its Class Principal Amount has been reduced to zero;
(I) to the Class S-B-5 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(J) to the Class S-B-5 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool in Aggregate Pool II, until its Class Principal Amount has been reduced to zero;
(K) to the Class S-B-6 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date; and
(L) to the Class S-B-6 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool in Aggregate Pool II, until its Class Principal Amount has been reduced to zero;
(iv) To the Class A-R Certificates, any remaining amount of the Available Distribution Amount from the Mortgage PoolsPools in Aggregate Pool I and Aggregate Pool II.
(b) On each Distribution Date on and after the related Credit Support Depletion DateDate for an Aggregate Pool, the Available Distribution Amount for each Mortgage Pool in the applicable Aggregate Pool shall be combined and distributed to the remaining related Classes of Certificates, on a pro rata basis, first, to pay the Interest Distribution Amount and any accrued but unpaid Interest Shortfalls; second, in reduction of the Certificate Principal Amounts of the such Certificates, pro rata (on the basis of their Class Principal Amounts), until such Certificate Principal Amounts have been reduced to zero; and third, to the Class A-R Certificate, any remaining Available Distribution Amount from such Mortgage Pool.
(c) Notwithstanding the priority priorities and allocation allocations set forth in Section 5.02(a)(iiiSections 5.02(a)(iii)(a) and 5.02(a)(iii)(b) above, if with respect to any Class of Subordinate Certificates related to an Aggregate Pool on any Distribution Date the sum of the related Class Subordination Percentages of such Class and of all other Classes of Subordinate Certificates related to that Aggregate Pool 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 related Classes of Subordinate Certificates having lower numerical Class designations than such Class, 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)(iiiSections 5.02(a)(iii)(a) or 5.02(a)(iii)(b) above, as applicable.
(d) Amounts distributed to the Residual Certificates pursuant to subparagraph (a)(va)(iv) 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) [Reserved].
(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 related Credit Support Depletion Date for an Aggregate Pool (1) either one of the applicable Rapid Prepayment Conditions is satisfied on such date and (2) the Certificate Principal Amount of the Senior Certificates relating to one of the Mortgage Pools in that Aggregate Pool have been reduced to zero, then that portion of the Available Distribution Amount for each Mortgage Pool in that Aggregate Pool described in Section 5.02(a)(ii) that represents principal collections on the Mortgage Loans shall be applied as an additional distribution to the remaining related Classes of Senior Certificates in reduction of, and in proportion to, the Class Principal Amounts thereof; provided, however, that any such amounts distributable to the Group 4 Certificates shall be distributed in accordance with the priorities set forth in Section 5.02(a)(ii)(d).
(i) If, on any Distribution Date, any Certificate Group in an Aggregate Pool would constitute an Undercollateralized Group and any other Certificate Group in that Aggregate Pool constitutes an Overcollateralized Group, then notwithstanding Section 5.02(a)(ii), the Available Distribution Amount for a such Overcollateralized Group, to the extent remaining following distributions of interest and principal to the related Senior Certificates of that Certificate Group, shall be distributed up to the sum of the Interest Transfer Amount and the Principal Transfer Amount for the such Undercollateralized Group to the Senior Certificates related to the that 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. If more than one Undercollateralized Group in an Aggregate Pool exists on any Distribution Date, the sum of the Interest Transfer Amounts and the Principal Transfer Amounts shall be allocated among such Undercollateralized Groups, pro rata, on the basis of the amount by which the aggregate Class Principal Amount of the related Senior Certificates immediately prior to such Distribution Date exceeds the aggregate Stated Principal Balance of the Mortgage Loans in that Undercollateralized Group. If more than one Overcollateralized Group in an Aggregate Pool exists on any Distribution Date, reductions in the Available Distribution Amount for such Overcollateralized Groups to make the payments required to be made pursuant to this Section 5.02(i) on such Distribution Date shall be made pro rata, on the basis of the Class Principal Amount of the related Senior Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Trust 2004-A3)
Distributions from the Distribution Account. (a) Subject to Sections 5.02(h5.02(i) and (ij), on each Distribution Date, the Available Distribution Amount for the related Mortgage Pool (in the case of the Senior Certificates) and the Mortgage Pools in the aggregate (in the case of the Subordinate Certificates) 1 shall be withdrawn by the Securities Administrator from funds on deposit in the Distribution Account and allocated among the classes of Senior Certificates and Subordinate Group 1 Certificates in the following order of prioritypriority with corresponding allocations to the related Lower-Tier Interests and Middle-Tier Interests:
(i) Concurrently, from the related Available Distribution Amountconcurrently, to the payment of the Interest Distribution Amount and any accrued but unpaid Interest Shortfalls for on each class of Class of Senior 1A Certificates (other than the Class 1-A-P Certificates;
(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 1-A-1 Certificates, in that order, the Senior Principal Distribution Amount for Pool 1, until their respective Class Principal Amounts have been reduced to zero;
(b) to the Class 2-A-1 Certificates, the Senior Principal Distribution Amount for Pool 2, until the Class Principal Amount of such Class has been reduced to zero;
(c) to the Class 3-A-1 Certificates, the Senior Principal Distribution Amount for Pool 3, until the Class Principal Amount of such Class has been reduced to zero; and
(d) to the Class 4-A-1, Class 4-A-2, Class 4-A-3, Class 4-A-4 and Class 4-A-5 Certificates, the Senior Principal Distribution Amount for Pool 4, in the following order of priority:concurrently,
(A) to the Class 41-A-1 A-P Certificates, until the Class AP Principal Distribution Amount of such Class has been reduced to zerofor Subgroup 1-1;
(B) concurrentlyfrom payments in respect of principal on the Subgroup 1-1 Mortgage Components (other than the portion of principal received on the related Class P Fraction of the Class P Mortgage Components), to the Class 41-A-1 and Class 1-A-2 and Class 4-A-3 Certificates, pro rata, until the respective Class Principal Amounts of such Classes have been reduced to zero; and
(C) concurrently, up to the Class 4-A-4 and Class 4-A-5 Certificatesrelated Senior Principal Distribution Amount, pro rata, until the respective Class Principal Amounts of such Classes have been reduced to zero;
(iii) To the Subordinate Certificatessequentially, as follows:
(A1) first, to the Class B-1 1-A-1 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(B) 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;; and
(C2) second, to the Class B-2 1-A-2 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(D) 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;
(E) to the Class B-3 Certificates. provided, the Interest Distribution Amount and any Interest Shortfallshowever, in each case, for such Class and date;
(F) 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;
(G) to the Class B-4 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(H) 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;
(I) to the Class B-5 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(J) 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;
(K) to the Class B-6 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date; and
(L) 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;
(iv) To the Class A-R Certificates, any remaining amount of the Available Distribution Amount from the Mortgage Pools.
(b) On each Distribution Date on and after the Credit Support Depletion DateDate for the Group 1B Certificates, the Available Class 1-A-1 and Class 1-A-2 Certificates will receive principal distributions of the related Senior Principal Distribution Amount for each Mortgage Pool shall be combined and distributed to the remaining Classes of Certificates, on a pro rata basis, first, to pay the Interest Distribution Amount and any accrued but unpaid Interest Shortfalls; second, in reduction of the Certificate Principal Amounts of the Certificates, pro rata (based on the basis of their respective Class Principal Amounts), until such Certificate Principal Amounts have been reduced to zero; and third;
(C) from payments in respect of principal on the Subgroup 1-2 Mortgage Components, to the Class A1-R CertificateA-3, any remaining Available Distribution Amount from such Mortgage Pool.
(c) Notwithstanding the priority Class 1-A-4, Class 1-A-5, Class 1-A-6 and allocation set forth in Section 5.02(a)(iii) aboveClass 1-A-7 Certificates, 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 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)(iii) above.
(d) Amounts distributed to the Residual Certificates pursuant to subparagraph (a)(v) 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) [Reserved].
(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 Date (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 of the Mortgage Pools have been reduced to zero, then that portion of the Available Distribution Amount for each Mortgage Pool described in Section 5.02(a)(ii) that represents principal collections on the Mortgage Loans shall be applied as an additional distribution to the remaining Classes of Senior Certificates in reduction of, and in proportion to, the Class Principal Amounts thereof; provided, however, that any such amounts distributable to the Group 4 Certificates shall be distributed in accordance with the priorities set forth in Section 5.02(a)(ii)(d).
(i) If, on any Distribution Date, any Certificate Group would constitute an Undercollateralized Group and any other Certificate Group constitutes an Overcollateralized Group, then notwithstanding Section 5.02(a)(ii), the Available Distribution Amount for a Overcollateralized Group, to the extent remaining following distributions of interest and principal up to the related Senior Certificates of that Certificate GroupPrincipal Distribution Amount, shall be distributed up to the sum of the Interest Transfer Amount and the Principal Transfer Amount for the Undercollateralized Group to the Senior Certificates related to the Undercollateralized Group in payment of accrued but unpaid interestconcurrently, 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. If more than one Undercollateralized Group exists on any Distribution Date, the sum of the Interest Transfer Amounts and the Principal Transfer Amounts shall be allocated among such Undercollateralized Groups, pro rata, on the basis of the amount by which the aggregate Class Principal Amount of the related Senior Certificates immediately prior to such Distribution Date exceeds the aggregate Stated Principal Balance of the Mortgage Loans in that Undercollateralized Group. If more than one Overcollateralized Group exists on any Distribution Date, reductions in the Available Distribution Amount for such Overcollateralized Groups to make the payments required to be made pursuant to this Section 5.02(i) on such Distribution Date shall be made pro rata, on the basis of the Class Principal Amount of the related Senior Certificates.follows:
Appears in 1 contract
Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Trust 2004-S2)
Distributions from the Distribution Account. (a) Subject to Sections 5.02(h) and (i), on each Distribution Date, the Available Distribution Amount for the related Mortgage Pool (in the case of the Senior Certificates) and the Mortgage Pools in the aggregate (in the case of the Subordinate Certificates) shall be withdrawn by the Securities Administrator from funds on deposit in the Distribution Account 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;
(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 sequentially, to the Class A-R R, Class 1-A-1 and Class 1-A-1 A-2 Certificates, in that order, the Senior Principal Distribution Amount for Pool 1, sequentially, in the following order of priority:
(i) to the Class A-R Certificates, until its Class Principal Amount has been reduced to zero; and
(ii) concurrently, to the Class 1-A-1 and Class 1-A-2 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero;
(b) concurrently, to the Class 2-A-1 A-1, Class 2-A-2 and Class 2-A-3 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 2, until the their respective Class Principal Amount of such Class has Amounts have been reduced to zero;
(c) to the Class 3-A-1 Certificates, the Senior Principal Distribution Amount for Pool 3, until the its Class Principal Amount of such Class has been reduced to zero; and
(d) to the Class 4-A-1, Class 4-A-2, Class 4-A-3, Class 4-A-4 and Class 4-A-5 A-1 Certificates, the Senior Principal Distribution Amount for Pool 4, in the following order of priority:
(A) to the Class 4-A-1 Certificates, until its Class Principal Amount of such Class has been reduced to zero;
(B) concurrently, to the Class 4-A-2 and Class 4-A-3 Certificates, pro rata, until the respective Class Principal Amounts of such Classes have been reduced to zero; and
(C) concurrently, to the Class 4-A-4 and Class 4-A-5 Certificates, pro rata, until the respective Class Principal Amounts of such Classes have been reduced to zero;
(iii) To the Subordinate Certificates, as follows:
(A) to the Class B-1 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(B) 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;
(C) to the Class B-2 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(D) 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;
(E) to the Class B-3 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(F) 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;
(G) to the Class B-4 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(H) 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;
(I) to the Class B-5 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(J) 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;
(K) to the Class B-6 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date; and
(L) 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;
(iv) To the Class A-R Certificates, any remaining amount of the Available Distribution Amount from the Mortgage Pools.
(b) On each Distribution Date on and after the Credit Support Depletion Date, the Available Distribution Amount for each Mortgage Pool shall be combined and distributed to the remaining Classes of Certificates, on a pro rata basis, first, to pay the Interest Distribution Amount and any accrued but unpaid Interest Shortfalls; second, in reduction of the Certificate Principal Amounts of the Certificates, pro rata (on the basis of their Class Principal Amounts), until such Certificate Principal Amounts have been reduced to zero; and third, to the Class A-R Certificate, any remaining Available Distribution Amount from such Mortgage Pool.
(c) Notwithstanding the priority and allocation set forth in Section 5.02(a)(iii) 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 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)(iii) above.
(d) Amounts distributed to the Residual Certificates pursuant to subparagraph (a)(v) 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) [Reserved].
(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 Date (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 of the Mortgage Pools have been reduced to zero, then that portion of the Available Distribution Amount for each Mortgage Pool described in Section 5.02(a)(ii) that represents principal collections on the Mortgage Loans shall be applied as an additional distribution to the remaining Classes of Senior Certificates in reduction of, and in proportion to, the Class Principal Amounts thereof; provided, however, that any such amounts distributable to the Group 4 Certificates shall be distributed in accordance with the priorities set forth in Section 5.02(a)(ii)(d).
(i) If, on any Distribution Date, any Certificate Group would constitute an Undercollateralized Group and any other Certificate Group constitutes an Overcollateralized Group, then notwithstanding Section 5.02(a)(ii), the Available Distribution Amount for a Overcollateralized Group, to the extent remaining following distributions of interest and principal to the related Senior Certificates of that Certificate Group, shall be distributed up to the sum of the Interest Transfer Amount and the Principal Transfer Amount for the Undercollateralized Group 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. If more than one Undercollateralized Group exists on any Distribution Date, the sum of the Interest Transfer Amounts and the Principal Transfer Amounts shall be allocated among such Undercollateralized Groups, pro rata, on the basis of the amount by which the aggregate Class Principal Amount of the related Senior Certificates immediately prior to such Distribution Date exceeds the aggregate Stated Principal Balance of the Mortgage Loans in that Undercollateralized Group. If more than one Overcollateralized Group exists on any Distribution Date, reductions in the Available Distribution Amount for such Overcollateralized Groups to make the payments required to be made pursuant to this Section 5.02(i) on such Distribution Date shall be made pro rata, on the basis of the Class Principal Amount of the related Senior Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (J.P. Morgan Mortgage Trust 2004-A2)
Distributions from the Distribution Account. (a) Subject to Sections 5.02(h) and (i), on each Distribution Date, the Available Distribution Amount for the related Mortgage Pool (in the case of the Senior Certificates) and the Mortgage Pools in the aggregate related Aggregate Pool (in the case of the Subordinate Certificates) shall be withdrawn by the Securities Administrator from funds on deposit in the Distribution Account allocated among the classes related Classes of Senior Certificates and the related Classes of 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;
(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 sequentially, to the Class A-R and Class 1-A-1 Certificates, in that order, the Senior Principal Distribution Amount for Pool 1, until their respective Class Principal Amounts have been reduced to zero;
(b) to the Class 2-A-1 Certificates, the Senior Principal Distribution Amount for Pool 2, until the its Class Principal Amount of such Class has been reduced to zero;
(c) to the Class 3-A-1 A-1, Class 3-A-2 and Class 3-A-3 Certificates, the Senior Principal Distribution Amount for Pool 3, sequentially, in the following order of priority:
(I) concurrently, 65.0000000000% to the Class 3-A-1 Certificates and 34.4162521774% to the Class 3-A-2 Certificates, until the Class Principal Amount of such the Class 3-A-1 Certificates has been reduced to zero; and
(II) sequentially, to the Class 3-A-2 and Class 3-A-3 Certificates, in that order, until their respective Class Principal Amounts have been reduced to zero;
(d) concurrently, to the Class 4-A-1, Class 4-A-2, Class 4-A-3, Class 4-A-4 A-1 and Class 4-A-5 A-2 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 4, in the following order of priority:until their respective Class Principal Amounts have been reduced to zero;
(Ae) to the Class 4S-A-1 F-1 Certificates, the Senior Principal Distribution Amount for Pool 5, until its Class Principal Amount of such Class has been reduced to zero;
(Bf) concurrently, to the Class 4S-A-2 and Class 4-A-3 F-2 Certificates, pro ratathe Senior Principal Distribution Amount for Pool 6, until the respective its Class Principal Amounts of such Classes have Amount has been reduced to zero; and
(Cg) concurrently, to the Class 4S-A-4 and Class 4-A-5 F-3 Certificates, pro ratathe Senior Principal Distribution Amount for Pool 7, until the respective its Class Principal Amounts of such Classes have Amount has been reduced to zero;
(iii) To Concurrently, to the Subordinate Certificates, as follows:
(a) Sequentially, to the Pool I Subordinate Certificates, as follows:
(A) to the Class I-B-1 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(B) to the Class I-B-1 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage PoolPool in Aggregate Pool I, until its Class Principal Amount has been reduced to zero;
(C) to the Class I-B-2 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(D) to the Class I-B-2 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage PoolPool in Aggregate Pool I, until its Class Principal Amount has been reduced to zero;
(E) to the Class I-B-3 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(F) to the Class I-B-3 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage PoolPool in Aggregate Pool I, until its Class Principal Amount has been reduced to zero;
(G) to the Class I-B-4 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(H) to the Class I-B-4 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage PoolPool in Aggregate Pool I, until its Class Principal Amount has been reduced to zero;
(I) to the Class I-B-5 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(J) to the Class I-B-5 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage PoolPool in Aggregate Pool I, until its Class Principal Amount has been reduced to zero;
(K) to the Class I-B-6 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date; and
(L) to the Class I-B-6 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage PoolPool in Aggregate Pool I, until its Class Principal Amount has been reduced to zero;
(ivb) To Sequentially, to the Pool II Subordinate Certificates, as follows:
(A) to the Class AS-R B-1 Certificates, the Interest Distribution Amount and any remaining amount Interest Shortfalls, in each case, for such Class and date;
(B) to the Class S-B-1 Certificates, such Class' Subordinate Class Percentage of the Available Distribution Amount from the Mortgage Pools.
(b) On each Distribution Date on and after the Credit Support Depletion Date, the Available Subordinate Principal Distribution Amount for each Mortgage Pool shall be combined and distributed in Aggregate Pool II, until its Class Principal Amount has been reduced to zero;
(C) to the remaining Classes of Class S-B-2 Certificates, on a pro rata basis, first, to pay the Interest Distribution Amount and any accrued but unpaid Interest Shortfalls; second, in reduction of the Certificate Principal Amounts of the Certificateseach case, pro rata for such Class and date;
(on the basis of their Class Principal Amounts), until such Certificate Principal Amounts have been reduced to zero; and third, D) to the Class AS-R CertificateB-2 Certificates, any remaining Available Distribution Amount from such Mortgage Pool.
(c) Notwithstanding the priority and allocation set forth in Section 5.02(a)(iii) above, if with respect to any Class' Subordinate Class of Subordinate Certificates on any Distribution Date the sum Percentage 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 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)(iii) above.
(d) Amounts distributed to the Residual Certificates pursuant to subparagraph (a)(v) 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) [Reserved].
(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 Date (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 of the Mortgage Pools have been reduced to zero, then that portion of the Available Distribution Amount for each Mortgage Pool described in Section 5.02(a)(iiAggregate Pool II, until its Class Principal Amount has been reduced to zero;
(E) that represents principal collections on the Mortgage Loans shall be applied as an additional distribution to the remaining Classes of Senior Certificates in reduction of, and in proportion toClass S-B-3 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class Principal Amounts thereof; provided, however, that any such amounts distributable and date;
(F) to the Group 4 Certificates shall be distributed in accordance with Class S-B-3 Certificates, such Class' Subordinate Class Percentage of the priorities set forth in Section 5.02(a)(ii)(d).
(i) If, on any Distribution Date, any Certificate Group would constitute an Undercollateralized Group and any other Certificate Group constitutes an Overcollateralized Group, then notwithstanding Section 5.02(a)(ii), the Available Subordinate Principal Distribution Amount for a Overcollateralized Groupeach Mortgage Pool in Aggregate Pool II, to the extent remaining following distributions of interest and principal to the related Senior Certificates of that Certificate Group, shall be distributed up to the sum of the Interest Transfer Amount and the Principal Transfer Amount for the Undercollateralized Group 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. If more than one Undercollateralized Group exists on any Distribution Date, the sum of the Interest Transfer Amounts and the Principal Transfer Amounts shall be allocated among such Undercollateralized Groups, pro rata, on the basis of the amount by which the aggregate until its Class Principal Amount has been reduced to zero;
(G) to the Class S-B-4 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(H) to the Class S-B-4 Certificates, such Class' Subordinate Class Percentage of the related Senior Certificates immediately prior to such Distribution Date exceeds the aggregate Stated Subordinate Principal Balance of the Mortgage Loans in that Undercollateralized Group. If more than one Overcollateralized Group exists on any Distribution Date, reductions in the Available Distribution Amount for such Overcollateralized Groups to make the payments required to be made pursuant to this Section 5.02(i) on such Distribution Date shall be made pro rataeach Mortgage Pool in Aggregate Pool II, on the basis of the until its Class Principal Amount has been reduced to zero;
(I) to the Class S-B-5 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(J) to the Class S-B-5 Certificates, such Class' Subordinate Class Percentage of the related Senior Subordinate Principal Distribution Amount for each Mortgage Pool in Aggregate Pool II, until its Class Principal Amount has been reduced to zero;
(K) to the Class S-B-6 Certificates., the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date; and
(L) to the Class S-B-6 Certificates, such Class' Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool in Aggregate Pool II, until its Class Principal Amount has been reduced to zero;
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Sunset Financial Resources Inc)
Distributions from the Distribution Account. (a) Subject to Sections 5.02(h5.02(g) and (i5.02(h), on each Distribution Date, the Available Distribution Amount for the related Mortgage Pool (in the case of the Senior Certificates) and the Mortgage Pools in the aggregate (in the case of the Subordinate Certificates) shall be withdrawn by the Securities Administrator Trustee from funds on deposit in the Distribution Account and allocated among the classes of Senior Certificates and Subordinate Certificates in the following order of priority:
(i) Concurrently, from to the related Available Distribution AmountClass 1-A, to Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4 and Class 2-A-5 Certificates, on a pro rata basis based on the amount of interest accrued thereon, the payment of the related Interest Distribution Amount and any accrued but unpaid related Interest Shortfalls for with respect to each Class class of Senior Certificates;
(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:
(aA) sequentially to the Class A-R and Class 1-A-1 A Certificates, in that order, the Senior Principal Distribution Amount for Pool 1, until their respective its Class Principal Amounts have Amount has been reduced to zero;; and
(bB) to the Class 2-A-1 CertificatesA-1, Class 2-A-2, Class 2-A-3, Class 2-A-4 and Class 2-A-5 Certificates the Senior Principal Distribution Amount for Pool 2, until the Class Principal Amount of such Class has been reduced to zero;concurrently as follows:
(ci) approximately 63.0000000000% of the amount available under clause (B) above, pro rata, to the Class 3-A-1 Certificates, the Senior Principal Distribution Amount for Pool 3, until the Class Principal Amount of such Class has been reduced to zero; and
(d) to the Class 42-A-1, Class 4-A-2, Class 4-A-3, Class 4-A-4 and Class 4-A-5 Certificates, the Senior Principal Distribution Amount for Pool 4, in the following order of priority:
(A) to the Class 4-A-1 Certificates, until Class Principal Amount of such Class has been reduced to zero;
(B) concurrently, to the Class 42-A-2 and Class 42-A-3 Certificates, pro rata, until the respective their Class Principal Amounts of such Classes have been reduced to zero; and
(Cii) concurrentlyapproximately 36.9476350109% of the amount available under clause (B) above, sequentially, to the Class 42-A-4 Certificates and Class 42-A-5 Certificates, pro ratain that order, in each case until the respective its Class Principal Amounts of such Classes have Amount has been reduced to zero;.
(iii) To From the Subordinate CertificatesAvailable Distribution Amount from the Mortgage Pools in the aggregate remaining after the application of amounts pursuant to clauses (i) and (ii) above, as follows:
(A) to the Class B-1 M-1, Class M-2, Class M-3, 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 and on such date;
(Biv) 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 X-0, Xxxxx X-0, Class M-3, 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 has been reduced to zero;
(C) to the Class B-2 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(D) 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;
(E) to the Class B-3 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(F) 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;
(G) to the Class B-4 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(H) 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;
(I) to the Class B-5 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date;
(J) 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;
(K) to the Class B-6 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and date; and
(L) 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;
(ivv) To the Class A-R CertificatesR-2 Certificate, any remaining amount of the Available Distribution Amount from the Mortgage PoolsPools in the aggregate allocated as provided in Section 5.02(d).
(b) On each Distribution Date on and after the Credit Support Depletion Date, the Available Distribution Amount for each Mortgage Pool shall be combined and distributed to the remaining Classes of Certificates, Certificates of the related Certificate Group on a pro rata basis, first, to pay the Interest Distribution Amount and any accrued but unpaid Interest Shortfalls; second, in reduction of to pay the Certificate Senior Principal Amounts of the Certificates, pro rata (on the basis of their Class Principal Amounts), until Distribution Amount for such Certificate Principal Amounts have been reduced to zeroMortgage Pool; and third, to the Class A-R R-2 Certificate, any remaining Available Distribution Amount from such Mortgage Pool.
(c) Notwithstanding the priority and allocation set forth in Section 5.02(a)(iii5.02(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 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 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)(iii5.02(a)(iv) and Section 5.02(a)(v) above.
(d) Amounts distributed to the Residual Certificates pursuant to subparagraph (a)(va)(vi) 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)this Section 5.02, each Mortgage Pool shall "relate" to the Senior Class or Classes of the applicable Related Certificate Group.
(f) [Reserved].
(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.
(hg) Notwithstanding the priority of distributions set forth in paragraph (a) aboveof this Section 5.02, if on any Distribution Date prior to the Credit Support Depletion Date (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 of the Mortgage Pools have has been reduced to zero, then that portion of the Available Distribution Amount for each such Mortgage Pool described in Section 5.02(a)(ii) that represents principal collections on the Mortgage Loans shall be applied as an additional distribution to the remaining Classes of Senior Certificates on a pro rata basis in reduction of, and in proportion to, the Class Principal Amounts thereof; provided, however, that (x) any such amounts distributable to the Group 4 Class R and Class 1-A Certificates shall be distributed sequentially thereto in accordance with such order and (y) any such amounts distributable to the priorities set forth in Section 5.02(a)(ii)(d)Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4 and Class 2-A-5 Certificates shall be distributed pro rata.
(ih) If, on any Distribution Date, any Certificate Group would constitute an Undercollateralized Group and any the other Certificate Group constitutes an Overcollateralized Group, then notwithstanding Section 5.02(a)(ii), the Available Distribution Amount for a the Overcollateralized Group, Group to the extent remaining following distributions of interest and principal to the related Senior Certificates of that Certificate Group, shall be distributed up to the sum of the Interest Transfer Amount and the Principal Transfer Amount for the Undercollateralized Group 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. If more than one Undercollateralized Group exists on any Distribution Date, the sum of the Interest Transfer Amounts and the Principal Transfer Amounts shall be allocated among such Undercollateralized Groups, pro rata, on the basis of the amount by which the aggregate Class Principal Amount of the related Senior Certificates immediately prior to such Distribution Date exceeds the aggregate Stated Principal Balance of the Mortgage Loans in that Undercollateralized Group. If more than one Overcollateralized Group exists on any Distribution Date, reductions in the Available Distribution Amount for such Overcollateralized Groups to make the payments required to be made pursuant to this Section 5.02(i) on such Distribution Date shall be made pro rata, on the basis of the Class Principal Amount of the related Senior Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (MERRILL LYNCH MORT INV TRUST SERIES MLCC Series 2005-1)
