Common use of Distributions from the Distribution Account Clause in Contracts

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the Senior Certificates) and the Mortgage Pools in the aggregate (in the case of the Subordinate Certificates) shall be withdrawn by the Securities Administrator from funds on deposit in the Distribution Account allocated among the Classes of Senior Certificates and Subordinate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) to the Class A-R, Class 1-A-1 and Class 1-A-2 Certificates, 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, Class 2-A-2 and Class 2-A-3 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 2, until their respective Class Principal Amounts have been reduced to zero; (c) to the Class 3-A-1 Certificates, the Senior Principal Distribution Amount for Pool 3, until its Class Principal Amount has been reduced to zero; (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, concurrently, as follows: (i) 14.8071699278% to the Class 4-A-1 Certificates, until its Class Principal Amount has been reduced to zero; and (ii) 85.1928300722%, sequentially, as follows: (A) concurrently, to the Class 4-A-2 and Class 4-A-3 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (B) concurrently, to the Class 4-A-4 and Class 4-A-5 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (e) to the Class 5-A-1 Certificates, the Senior Principal Distribution Amount for Pool 5, until its Class Principal Amount has 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 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 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)(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 Section 5.02(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 pursuant to Section 5.02(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. (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 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 such Undercollateralized Group to the Senior Certificates related to 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 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 2 contracts

Sources: Pooling and Servicing Agreement (J P Morgan Acceptance Corp I), 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 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, to the Class A-R, R and Class 1-A-1 and Class 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, Class 2-A-2 and Class 2-A-3 A-1 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 2, until its Class Principal Amount has been reduced to zero; (c) to the Class 3-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.▇▇▇▇▇▇▇▇▇▇% to the Class 3-A-1 Certificates and 34.4162521774% to the Class 3-A-2 Certificates, until the Class Principal Amount of 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; (c) to the Class 3-A-1 Certificates, the Senior Principal Distribution Amount for Pool 3, until its Class Principal Amount has 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, concurrently, as follows: (i) 14.8071699278% to the Class 4-A-1 Certificates, until its Class Principal Amount has been reduced to zero; and (ii) 85.1928300722%, sequentially, as follows: (A) concurrently, to the Class 4-A-2 and Class 4-A-3 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (B) concurrently, to the Class 4-A-4 and Class 4-A-5 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and; (e) to the Class 5S-A-1 F-1 Certificates, the Senior Principal Distribution Amount for Pool 5, until its Class Principal Amount has been reduced to zero; (f) to the Class S-F-2 Certificates, the Senior Principal Distribution Amount for Pool 6, until its Class Principal Amount has been reduced to zero; and (g) to the Class S-F-3 Certificates, the Senior Principal Distribution Amount for Pool 7, until its Class Principal 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 each case, for such Certificates, pro rata 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)(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 Section 5.02(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 pursuant to Section 5.02(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.and date; (iF) Ifto the Class S-B-3 Certificates, 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), such Class' Subordinate Class Percentage of the Available Subordinate Principal Distribution Amount for such 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 such Undercollateralized Group to the Senior Certificates related to 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 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

Sources: Pooling and Servicing Agreement (Sunset Financial Resources Inc)

Distributions from the Distribution Account. (a) Subject to Sections 5.02(h) and (i), on On each Distribution Date, the Available Distribution Amount for the related Mortgage Pool (in the case of the Senior Certificates) 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 and allocated among the Classes 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 accrued but unpaid Interest Shortfalls for on 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 priority (i) above, as follows: (aA) first, to the Class A-RR Certificate until the Class Principal Amount thereof has been reduced to zero, and second to the Class 1I-A-1 and Class 1-A-2 A Certificates, an amount up to the Senior Principal Distribution Amount for Pool 1, sequentially, in until the following order of priority: (i) to the Class A-R Certificates, until its Class Principal Amount thereof has been reduced to zero; and; (iiB) concurrently, to the Class 1II-A-1 and Class 1II-A-2 Certificates, pro rata, until their respective Class Principal Amounts have been reduced an amount up to zero; (b) concurrently, to the Class 2-A-1, Class 2-A-2 and Class 2-A-3 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 2, until their the respective Class Principal Amounts thereof have been reduced to zero;; and (cC) to the Class 3III-A-1 Certificates, A Certificates an amount up to the Senior Principal Distribution Amount for Pool 3, until its the Class Principal Amount thereof has been reduced to zero; (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, concurrently, as follows: (i) 14.8071699278% to the Class 4-A-1 Certificates, until its Class Principal Amount has been reduced to zero; and (ii) 85.1928300722%, sequentially, as follows: (A) concurrently, to the Class 4-A-2 and Class 4-A-3 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (B) concurrently, to the Class 4-A-4 and Class 4-A-5 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (e) to the Class 5-A-1 Certificates, the Senior Principal Distribution Amount for Pool 5, until its Class Principal Amount has 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 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 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)(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 Section 5.02(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 pursuant to Section 5.02(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. (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 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 such Undercollateralized Group to the Senior Certificates related to 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 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

Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series MLCC 2007-2)

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) to the Class A-R, Class 1-A-1 and Class 1-A-2 Certificates, 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, Class 2-A-2 and Class 2-A-3 A-1 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 2, until their respective its Class Principal Amounts have Amount has been reduced to zero;; and (c) to the Class 3-A-1 Certificates, the Senior Principal Distribution Amount for Pool 3, until its Class Principal Amount has been reduced to zero; (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, concurrently, as follows: (i) 14.8071699278% to the Class 4-A-1 Certificates, until its Class Principal Amount has been reduced to zero; and (ii) 85.1928300722%, sequentially, as follows: (A) concurrently, to the Class 4-A-2 and Class 4-A-3 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (B) concurrently, to the Class 4-A-4 and Class 4-A-5 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (e) to the Class 5-A-1 Certificates, the Senior Principal Distribution Amount for Pool 5, until its Class Principal Amount has 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 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 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)(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 Section 5.02(aparagraph (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 pursuant to Section 5.02(ain 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. (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 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 such Undercollateralized Group to the Senior Certificates related to 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 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

Sources: Pooling and Servicing Agreement (J.P. Morgan Mortgage Trust 2004-A4)

Distributions from the Distribution Account. (a) Subject to Sections 5.02(h5.02(b), (c), (l) and (im), 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 accrued but unpaid Interest Shortfalls for on each Class of Senior CertificatesCertificates of the Related Certificate Group; (ii) Concurrently, to the Senior Certificates of the Related Certificate Group, from the Available Distribution Amount remaining in the related Mortgage Pool after application of amounts pursuant to clause (i) above, as follows: (aA) first, to the Class A-R, Class 1-A-1 and Class 1-A-2 AR Certificates, the Senior Principal Distribution Amount for Pool 1, sequentially, in the following order of priority: (i) to the Class A-R Certificates, until its their Class Principal Amount has been reduced to zero; and (ii) concurrently, and second, pro rata, to the Class 1-A-1 A1 and Class 1-A-2 A2 Certificates, pro ratathe Senior Principal Distribution Amount for Pool 1, until their respective Class Principal Amounts have been reduced to zero; (bB) concurrentlypro rata, to the Class 2-A-1, Class 2-A-2 A1 and Class 2-A-3 A2 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 2, until their respective Class Principal Amounts have been reduced to zero; (cC) pro rata, to the Class 3-A-1 A1 and Class 3-A2 Certificates, the Senior Principal Distribution Amount for Pool 3, until its their respective Class Principal Amount has Amounts have been reduced to zero; (dD) pro rata, to the Class 4-A-1, Class 4-A-2, Class 4-A-3, Class 4-A-4 A1 and Class 4-A-5 A2 Certificates, the Senior Principal Distribution Amount for Pool 4, concurrently, as follows: (i) 14.8071699278% to the Class 4-A-1 Certificates, until its Class Principal Amount has been reduced to zero; and (ii) 85.1928300722%, sequentially, as follows: (A) concurrently, to the Class 4-A-2 and Class 4-A-3 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and; (BE) concurrentlypro rata, to the Class 45-A-4 A1 and Class 45-A-5 A2 Certificates, pro ratathe Senior Principal Distribution Amount for Pool 5, until their respective Class Principal Amounts have been reduced to zero; and (e) to the Class 5-A-1 Certificates, the Senior Principal Distribution Amount for Pool 5, until its Class Principal 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 Certificates, 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 Certificates, such Class' Subordinate Class Percentage of the 213965 Sequoia 2007-1 Pooling and Servicing Agmt. aggregate Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero; (Cv) From the Available Distribution Amount from the Mortgage Pools in the aggregate remaining after the application of amounts pursuant to clauses (i) through (iv) above, to the Class B-2 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and on such date; (Dvi) From the Available Distribution Amount from the Mortgage Pools in the aggregate remaining after application of amounts pursuant to clauses (i) through (v) above, to the Class B-2 Certificates, such Class' Subordinate Class Percentage of the aggregate Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero; (Evii) From the Available Distribution Amount from the Mortgage Pools in the aggregate remaining after the application of amounts pursuant to clauses (i) through (vi) above, to the Class B-3 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and on such date; (Fviii) From the Available Distribution Amount from the Mortgage Pools in the aggregate remaining after application of amounts pursuant to clauses (i) through (vii) above, to the Class B-3 Certificates, such Class' Subordinate Class Percentage of the aggregate Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero; (Gix) From the Available Distribution Amount from the Mortgage Pools in the aggregate remaining after the application of amounts pursuant to clauses (i) through (viii) above, to the Class B-4 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and on such date; (Hx) From the Available Distribution Amount from the Mortgage Pools in the aggregate remaining after application of amounts pursuant to clauses (i) through (ix) above, to the Class B-4 Certificates, such Class' Subordinate Class Percentage of the aggregate Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero; (Ixi) From the Available Distribution Amount from the Mortgage Pools in the aggregate remaining after the application of amounts pursuant to clauses (i) through (x) above, to the Class B-5 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class and on such date; (Jxii) From the Available Distribution Amount from the Mortgage Pools in the aggregate remaining after application of amounts pursuant to clauses (i) through (xi) above, to the Class B-5 Certificates, such Class' Subordinate Class Percentage of the aggregate Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero; 213965 Sequoia 2007-1 Pooling and Servicing Agmt. (xiii) From the Available Distribution Amount from the Mortgage Pools in the aggregate remaining after the application of amounts pursuant to clauses (i) through (xii) above, to the Class B-6 Certificates, the Interest Distribution Amount and any Interest Shortfalls, in each case, for such Class on such date; (xiv) From the Available Distribution Amount from the Mortgage Pools in the aggregate remaining after application of amounts pursuant to clauses (i) through (xiii) above, to the Class B-6 Certificates, such Class’ Subordinate Class Percentage of the aggregate 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; (ivxv) To the Class A1-AR Certificate and the Class LT-R CertificatesCertificate, 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 the Mortgage Pool Pools 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 such Certificates, to pay principal on a pro rata (on the basis of their Class Principal Amounts), until such Certificate Principal Amounts have been reduced to zerobasis; and third, to the Class A1-AR and Class LT-R CertificateCertificates, any remaining Available Distribution Amount from such Mortgage PoolPool or Mortgage Pools. (c) Notwithstanding the priority and allocation set forth in Section 5.02(a)(iii) above5.02(a), if with respect to any Class of Subordinate Certificates on any Distribution Date the sum aggregate 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) above. (d) Amounts distributed to the Residual Certificates pursuant to subparagraph (a)(iva)(xv) 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 Section 5.02(aparagraph (a), each Mortgage Pool shall "relate" to the Senior Class or Classes of the applicable Related Certificate Group. (f) [Reserved]. (g) [Reserved]. (h) [Reserved]. 213965 Sequoia 2007-1 Pooling and Servicing Agmt. (i) [Reserved]. (j) For purposes of distributions of interest pursuant to Section 5.02(ain 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. (hk) [Reserved]. (l) 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 aggregate Class 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 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 the other Certificate Group, in reduction of, and in proportion to, the Class Principal Amounts thereof; provided, however, that any such amounts distributable to the Class 1-AR, Class 1-A1 and Class 1-A2 Certificates shall be distributed first, to the Class 1-AR Certificates and, second, pro rata, to the Class 1-A1 and Class 1-A2 Certificates. (im) If, on any Distribution Date, any Certificate Group would constitute an Undercollateralized Group and any the other Certificate Group constitutes or Certificate Groups constitute an Overcollateralized Group, then notwithstanding Section 5.02(a)(ii), the Available Distribution Amount for such an Overcollateralized Group, to the extent remaining following distributions of interest and principal to the related Senior Certificates of that Certificate Group, Group shall be distributed distributed, up to the sum of the Interest Transfer Amount and the Principal Transfer Amount for such the Undercollateralized Group or Undercollateralized Groups, to the Senior Certificates related to that the Undercollateralized Group or Undercollateralized Groups, 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

Sources: Pooling and Servicing Agreement (Sequoia Mortgage Trust 2007-1)

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) to the Class A-R, Class 1-A-1 and Class 1-A-2 Certificates, 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, Class 2-A-2 and Class 2-A-3 A-1 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 2, until their respective its Class Principal Amounts have Amount 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, until its Class Principal Amount has been reduced to zero; (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, concurrently, as follows: (i) 14.807169927882.▇▇▇▇▇▇▇▇▇▇% to the Class 43-A-1 Certificates, until its Class Principal Amount has been reduced to zero; and (ii) 85.192830072217.2594284607%, sequentially, as follows: (A) concurrently, to the Class 43-A-2 and Class 43-A-3 Certificates, pro ratain that order, until their respective Class Principal Amounts have been reduced to zero; and; (Bd) concurrently, to the Class 4-A-4 and Class 4-A-5 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (e) to the Class 5-A-1 Certificates, the Senior Principal Distribution Amount for Pool 54, until its Class Principal Amount has been reduced to zero; and (e) concurrently, to the Class 5-A-1 and Class 5-A-2 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 5, until their respective Class Principal Amounts 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 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 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)(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 Section 5.02(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 pursuant to Section 5.02(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. (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 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 such Undercollateralized Group to the Senior Certificates related to 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 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

Sources: 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 (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 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, Class 1-A-1 and Class 1-A-2 Certificates, 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, Class 2-A-2 and Class 2-A-3 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 2, until their respective Class Principal Amounts have been reduced to zero; (c) to the Class 3-A-1 Certificates, the Senior Principal Distribution Amount for Pool 3, until its Class Principal Amount 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, concurrently, as follows: (i) 14.8071699278% to the Class 4-A-1 Certificates, until its Class Principal Amount has been reduced to zero; and (ii) 85.1928300722%, sequentially, as follows: (A) concurrently, to the Class 4-A-2 and Class 4-A-3 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (B) concurrently, to the Class 4-A-4 and Class 4-A-5 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (e) to the Class 5-A-1 Certificates, the Senior Principal Distribution Amount for Pool 54, until its Class Principal Amount has 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 such 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)(iva)(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 Section 5.02(aparagraph (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 pursuant to Section 5.02(ain 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. (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 such 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 such the Undercollateralized Group to the Senior Certificates related to that 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

Sources: Pooling and Servicing Agreement (J.P. Morgan Mortgage Trust 2004-A2)

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:concurrently, (aA) to the Class 1-A-R, Class 1-A-1 and Class 1-A-2 P Certificates, the Senior Class AP Principal Distribution Amount for Pool Subgroup 1, sequentially, in the following order of priority:-1; (iB) to from 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 A-R Certificates, until its Class Principal Amount has been reduced to zero; and (ii) concurrentlyP Mortgage Components), 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, up to the Class 2-A-1, Class 2-A-2 and Class 2-A-3 Certificates, pro rata, the related Senior Principal Distribution Amount for Pool 2Amount, until their respective Class Principal Amounts have been reduced to zero; (c) to the Class 3-A-1 Certificates, the Senior Principal Distribution Amount for Pool 3, until its Class Principal Amount has been reduced to zero; (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, concurrentlysequentially, as follows: (i1) 14.8071699278% first, to the Class 41-A-1 Certificates, until its Class Principal Amount has been reduced to zero; and (ii2) 85.1928300722%, sequentially, as follows: (A) concurrentlysecond, to the Class 41-A-2 and Class 4-A-3 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (B) concurrently, to the Class 4-A-4 and Class 4-A-5 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (e) to the Class 5-A-1 Certificates, the Senior Principal Distribution Amount for Pool 5, until its Class Principal Amount has been reduced to zero; (iii) To the Subordinate Certificates. provided, as follows: (A) to the Class B-1 Certificateshowever, 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 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 such 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)(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 Section 5.02(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 pursuant to Section 5.02(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. (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 such 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 such Undercollateralized Group to the Senior Certificates related to that 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

Sources: 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 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, R and Class 1-A-1 and Class 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 and Class 2-A-2 and Class 2-A-3 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 2, until their respective Class Principal Amounts have been reduced to zero; (c) concurrently, to the Class 3-A-1 and Class 3-A-2 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 3, until its their respective Class Principal Amount has Amounts have been reduced to zero; (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, concurrently, as follows: (i) 14.8071699278% to the Class 4-A-1 Certificates, until its Class Principal Amount has been reduced to zero; and (ii) 85.1928300722%, sequentially, as follows: (A) concurrently, to the Class 4-A-2 and Class 4-A-3 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (B) concurrently, to the Class 4-A-4 and Class 4-A-5 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (e) to the Class 5-A-1 Certificates, the Senior Principal Distribution Amount for Pool 5, until its Class Principal Amount has 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 such 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)(iva)(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 Section 5.02(aparagraph (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 pursuant to Section 5.02(ain 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. (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 such 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 such the Undercollateralized Group to the Senior Certificates related to that 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

Sources: Pooling and Servicing Agreement (Jp Morgan Mortgage Trust 2004-A1 Mort Pass Thru Certs)

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 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) to the Class A-R, Class 1-A-1 and Class 1-A-2 A Certificates, 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 (iiB) concurrently, to the Class 12-A-1 A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4 and Class 12-A-2 CertificatesA-5 Certificates the Senior Principal Distribution Amount for Pool 2, concurrently as follows: (i) approximately 63.▇▇▇▇▇▇▇▇▇▇% of the amount available under clause (B) above, pro rata, until their respective Class Principal Amounts have been reduced to zero; (b) concurrently, to the Class 2-A-1, Class 2-A-2 and Class 2-A-3 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 2, until their respective Class Principal Amounts have been reduced to zero; (c) to the Class 3-A-1 Certificates, the Senior Principal Distribution Amount for Pool 3, until its Class Principal Amount has been reduced to zero; (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, concurrently, as follows: (i) 14.8071699278% to the Class 4-A-1 Certificates, until its Class Principal Amount has been reduced to zero; and (ii) 85.1928300722%, sequentially, as follows: (A) concurrently, to the Class 4-A-2 and Class 4-A-3 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (ii) approximately 36.9476350109% of the amount available under clause (B) concurrentlyabove, sequentially, to the Class 42-A-4 Certificates and Class 42-A-5 Certificates, pro ratain that order, until their respective Class Principal Amounts have been reduced to zero; and (e) to the Class 5-A-1 Certificates, the Senior Principal Distribution Amount for Pool 5, in each case until its Class Principal 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 ▇-▇, ▇▇▇▇▇ ▇-▇, 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 Distribution Amount for such Certificates, pro rata (on the basis of their Class Principal Amounts), until 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)(iva)(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 this Section 5.02(a)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 pursuant to in paragraph (a) of this Section 5.02(a) 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 Class R and Class 1-A Certificates shall be distributed sequentially thereto in such order and (y) any such amounts distributable to the 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 such 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 such the Undercollateralized Group to the Senior Certificates related to that 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

Sources: Pooling and Servicing Agreement (MERRILL LYNCH MORT INV TRUST SERIES MLCC Series 2005-1)

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 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, to the Class A-R, R and Class 1-A-1 and Class 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, Class 2-A-2 and Class 2-A-3 A-1 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 2, until its Class Principal Amount has been reduced to zero; (c) to the Class 3-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 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; (c) to the Class 3-A-1 Certificates, the Senior Principal Distribution Amount for Pool 3, until its Class Principal Amount has 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, concurrently, as follows: (i) 14.8071699278% to the Class 4-A-1 Certificates, until its Class Principal Amount has been reduced to zero; and (ii) 85.1928300722%, sequentially, as follows: (A) concurrently, to the Class 4-A-2 and Class 4-A-3 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (B) concurrently, to the Class 4-A-4 and Class 4-A-5 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and; (e) to the Class 5S-A-1 F-1 Certificates, the Senior Principal Distribution Amount for Pool 5, until its Class Principal Amount has been reduced to zero; (f) to the Class S-F-2 Certificates, the Senior Principal Distribution Amount for Pool 6, until its Class Principal Amount has been reduced to zero; and (g) to the Class S-F-3 Certificates, the Senior Principal Distribution Amount for Pool 7, until its Class Principal 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 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)(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 Section 5.02(aparagraph (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 pursuant to Section 5.02(ain 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. (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 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 such Undercollateralized Group to the Senior Certificates related to 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

Sources: Pooling and Servicing Agreement (J.P. Morgan Mortgage Trust 2004-A3)

Distributions from the Distribution Account. (a) Subject to Sections 5.02(h) and (i), on On each Distribution Date, the Available Distribution Amount for the related Mortgage Pool (in the case of the Senior Certificates) 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 and allocated among the Classes 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 accrued but unpaid Interest Shortfalls for on each Class of Senior Certificates; (ii) Concurrently, to the Senior Certificates (other than the Class IV-A-X Certificates) from the Available Distribution Amount remaining in the related Mortgage Pool after application of amounts pursuant to clause priority (i) above, as follows: (aA) first, to the Class A-RR Certificate until the Class Principal Amount thereof has been reduced to zero, and second to the Class 1I-A-1 Certificates and Class 1I-A-2 CertificatesCertificates pro rata, an amount up to the Senior Principal Distribution Amount for Pool 1, sequentiallyuntil the respective Class Principal Amounts thereof have been reduced to zero; (B) to the Class II-A-1 and Class II-A-2 Certificates, in pro rata, an amount up to the following order Senior Principal Distribution Amount for Pool 2, until the respective Class Principal Amounts thereof have been reduced to zero; (C) to the Class III-A Certificates an amount up to the Senior Principal Distribution Amount for Pool 3, until the Class Principal Amount thereof has been reduced to zero; and (D) to the Class IV-A-1, Class IV-A-2, Class IV-A-3 and Class IV-A-4 Certificates, concurrently, on a pro rata basis based on the Class Principal Amounts of prioritythe related Certificates, an amount up to the Senior Principal Distribution Amount for Pool 4, as follows: (i) sequentially, to the Class AIV-R A-1, Class IV-A-2 and Class IV-A-3 Certificates, until its the respective Class Principal Amount of each such Class has been reduced to zero; and (ii) concurrently, to the Class 1IV-A-1 and Class 1-A-2 A-4 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; (b) concurrently, to the Class 2-A-1, Class 2-A-2 and Class 2-A-3 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 2, until their respective Class Principal Amounts have been reduced to zero; (c) to the Class 3-A-1 Certificates, the Senior Principal Distribution Amount for Pool 3, until its Class Principal Amount thereof has been reduced to zero; (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, concurrently, as follows: (i) 14.8071699278% to the Class 4-A-1 Certificates, until its Class Principal Amount has been reduced to zero; and (ii) 85.1928300722%, sequentially, as follows: (A) concurrently, to the Class 4-A-2 and Class 4-A-3 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (B) concurrently, to the Class 4-A-4 and Class 4-A-5 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (e) to the Class 5-A-1 Certificates, the Senior Principal Distribution Amount for Pool 5, until its Class Principal Amount has been reduced to zero;. (iii) To From the Subordinate Certificates, as followsAvailable Distribution Amount from all four Mortgage Pools in the aggregate remaining after application amounts pursuant to clauses (i) and (ii) above: (A) to the Class B-1 M-1 Certificates, the payment of its applicable Interest Distribution Amount and any outstanding Interest Shortfalls, in each case, for such Class and date; (B) to the Class M-2 Certificates, the payment of its applicable Interest Distribution Amount and any outstanding Interest Shortfalls; (C) to the Class M-3 Certificates, the payment of its applicable Interest Distribution Amount and any outstanding Interest Shortfalls; (D) to the Class B-1 Certificates, the payment of its applicable Interest Distribution Amount and any outstanding Interest Shortfalls; (E) to the Class B-2 Certificates, the payment of its applicable Interest Distribution Amount and any outstanding Interest Shortfalls; (F) to the Class B-3 Certificates, the payment of its applicable Interest Distribution Amount and any outstanding Interest Shortfalls; (G) to the Class M-1 Certificates, such Class' class's 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 M-2 Certificates, such Class' class's 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 M-3 Certificates, such class's Subordinate Class Percentage of the Interest Subordinate Principal Distribution Amount and any Interest Shortfallsfor each Mortgage Pool, in each case, for such until its Class and datePrincipal Amount has been reduced to zero; (J) to the Class B-5 B-1 Certificates, such Class' class's 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 B-2 Certificates, such Class' class's Subordinate Class Percentage of the Subordinate Principal Distribution Amount for each Mortgage Pool, until its Class Principal Amount has been reduced to zero;; and (L) to the Class B-3 Certificates, such class's 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 CertificatesCertificate, any remaining amount of the Available Distribution Amount from the Mortgage PoolsPools in the aggregate. (bi) On each Distribution Date on and after the Credit Support Depletion Date, the Available Distribution Amount for each Mortgage Pool shall remaining after the distributions in clause (a) above and any distributions required to be combined made pursuant to clause (b)(ii) and (b)(iii) below, will be distributed to the remaining Classes classes of Certificates, the related Certificate Group or Groups 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 such Certificates, pro rata (on the basis of their Class Principal Amounts), until such Certificate Principal Amounts have been reduced to zeroDistribution Amount; and third, to the Class A-R Certificate, any remaining Available Distribution Amount from for such Mortgage Pool. (ii) On each Distribution Date prior to the Credit Support Depletion Date but after the reduction of the aggregate Class Principal Amount of the Senior Certificates of a Certificate Group to zero, the remaining class or classes of Senior Certificates in the remaining Certificate Group or Groups, will be entitled to receive in reduction of their Class Principal Amount, pro rata, based upon their Class Principal Amount immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates' respective Mortgage Pool allocated to such Senior Certificates, 100% of the Principal Payments on any Mortgage Loan in the Mortgage Pool relating to the fully repaid class or classes of Senior Certificates of the fully repaid Certificate Group; provided, however, that if both (a) the weighted average of the Aggregate Subordinate Percentage equals or exceeds 200% of the original weighted average of the Aggregate Subordinate Percentage as of the Closing Date on or after the Distribution Date in February 2010 and (b) the aggregate Stated Principal Balance of the Mortgage Loans delinquent sixty (60) days or more, averaged over the last six (6) months, as a percentage of the aggregate Class Principal Amount of the Class M Certificates and Class B Certificates, does not exceed 50%, then the additional allocation of Principal Prepayments to the Senior Certificates in accordance with this clause (b) will not be made and 100% of the Principal Prepayments on any Mortgage Loan in the Mortgage Pool relating to the fully repaid class or classes of Senior Certificates will be applied as a principal distribution to the Subordinate Certificates. (iii) If on any Distribution Date on which the aggregate Class Principal Amount of any class or classes of Senior Certificates would be greater than the aggregate Stated Principal Balance of the Mortgage Loans in its related Mortgage Pool (the amount of such excess, the "Undercollateralized Amount," and any such class or classes of Senior Certificates, the "Undercollateralized Senior Certificates") and the other class or classes of Senior Certificates, the "Overcollateralized Senior Certificates") and any 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 Subordinate Certificates in respect of principal will be distributed to the Undercollateralized Senior Certificates in reduction of the Class Principal Amounts thereof, until the aggregate Class Principal Amount of such class or classes of Undercollateralized Senior Certificates is equal to the aggregate Stated Principal Balance of the Mortgage Loans in its related Senior Certificates, and (ii) the Interest Distribution Amount otherwise allocable to the Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such class or classes of Undercollateralized Senior Certificates pursuant to 5.02(a) above, in an amount equal to the Net WAC of the related Mortgage Pool for such class or classes of Undercollateralized Senior Certificates for such Distribution Date on a balance equal to the related Undercollateralized Amount. Any such reduction in the Interest Distribution Amount on the Subordinate Certificates will be allocated to the Class B-3, Class B-2, Class B-1, Class M-3, Class M-2 and Class M-1 Certificates, in that order. (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)(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 this Section 5.02(a)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 pursuant to in paragraph (a) of this Section 5.02(a) 5.02 such distributions to a Class of Certificates on any Distribution Date shall be made first, in respect of Current InterestInterest Distribution Amount; and second, in respect of Interest ShortfallsShortfall. (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. (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 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 such Undercollateralized Group to the Senior Certificates related to 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 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

Sources: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series MLCC 2007-1)

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 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) to the Class A1-RA-1, Class 1-A-1 A-2 and Class 1A-A-2 R Certificates, the Senior Principal Distribution Amount for Pool 1, sequentially, in the following order of priority: (iA) to the Class A-R Certificates, until its the Class Principal Amount of such Class has been reduced to zero; and (iiB) concurrently, to the Class 1-A-1 and Class 1-A-2 Certificates, pro rata, until their the respective Class Principal Amounts of such Classes have been reduced to zero; (b) concurrently, to the Class 2-A-1, Class 2-A-2 A-2, Class 2-A-3 and Class 2-A-3 A-4 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 2, in the following order of priority: (A) to the Class 2-A-1 Certificates, until their the Class Principal Amount of such Class has been reduced to zero; (B) to the Class 2-A-2 Certificates, until the Class Principal Amount of such Class has been reduced to zero; and (C) concurrently, to the Class 2-A-3 and Class 2-A-4 Certificates, pro rata, until the respective Class Principal Amounts of such Classes have been reduced to zero; (c) to the Class 3-A-1 Certificates, the Senior Principal Distribution Amount for Pool 3, until its the Class Principal Amount of such Class has been reduced to zero; (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, concurrently, as follows: (i) 14.8071699278% to until the Class 4-A-1 Certificates, until its Class Principal Amount of such Class has been reduced to zero; and (ii) 85.1928300722%, sequentially, as follows: (A) concurrently, to the Class 4-A-2 and Class 4-A-3 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (B) concurrently, to the Class 4-A-4 and Class 4-A-5 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (e) to the Class 5-A-1 Certificates, the Senior Principal Distribution Amount for Pool 5, until its the Class Principal Amount of such Class has 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 such 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)(iva)(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 Section 5.02(aparagraph (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 pursuant to Section 5.02(ain 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 2 Certificates shall be distributed in accordance with the priorities set forth in Section 5.02(a)(ii)(b). (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 such 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 such the Undercollateralized Group to the Senior Certificates related to that 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

Sources: Pooling and Servicing Agreement (Jp Morgan Mortgage Trust 2003-A2)

Distributions from the Distribution Account. (a) Subject to Sections 5.02(h) and (i), on On each Distribution Date, the Available Distribution Amount for the related Mortgage Pool (in the case of the Senior Certificates) and for the Mortgage Pools in the aggregate (in the case of the Subordinate Certificates) ), to the extent received by the Securities Administrator, shall be withdrawn by the Securities Administrator Paying Agent 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:priority (in each case, to the extent of the remaining Available Distribution Amount): (i) Concurrently, (a) from the related Available Distribution AmountAmount for Pool 1, to the payment of the Class 1-A-1 Certificates and Class 1-X-1 Certificates, concurrently, on a pro rata basis, based on their Interest Distribution Amounts, in each case such Class’s Interest Distribution Amount and any accrued but unpaid Interest Shortfalls for such Distribution Date and (b) from the Available Distribution Amount for Pool 2, to the Class 2-X-4, Class 2-A-1, Class 2-X-1, Class 2-A-2, Class 2-A-3, Class 2-A-4, Class 2-X-2 and Class 2-A-5 Certificates, concurrently, on a pro rata basis, based on their Interest Distribution Amounts, in each Class of Senior Certificatescase such Class’s Interest Distribution Amount and any accrued but unpaid Interest Shortfalls for such Distribution Date; (ii) (i) Concurrently, to the Senior Certificates (a) from the Available Distribution Amount remaining in the related Mortgage for Pool after application of amounts pursuant to clause (i) above1, as follows: (a) prior to the Class A-RCredit Support Depletion Date and on and after the Credit Support Depletion Date, to the Class 1-A-1 and Class 1-A-2 Certificates, the Senior Principal Distribution Amount for Pool 1, sequentiallyuntil the Class Principal Amount thereof has been reduced to zero and (b) from the Available Distribution Amount for Pool 2, in prior to the following order Credit Support Depletion Date, the Senior Principal Distribution Amount for Pool 2 shall be distributed to the (a) Class 2-A-1 Certificates and Class 2-A-2 Certificates, (b) Class 2-A-3 Certificates and (c) Class 2-A-4 Certificates and Class 2-A-5 Certificates, concurrently, on a pro rata basis based on the Class Principal Amount or aggregate Class Principal Amount, as applicable, of prioritysuch Classes prior to such Distribution Date, as follows: (iA) to the Class A2-R A-1 Certificates and Class 2-A-2 Certificates, sequentially, in that order, in each case until the Class Principal Amount thereof is reduced to zero; (B) to the Class 2-A-3 Certificates, until the Class Principal Amount thereof is reduced to zero; and (C) to the Class 2-A-4 Certificates and Class 2-A-5 Certificates, sequentially, in that order, in each case until the Class Principal Amount thereof is reduced to zero; notwithstanding the foregoing, on any Distribution Date on and after the Credit Support Depletion Date, the Senior Principal Distribution Amount for Pool 2 shall be distributed to the Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4 and Class 2-A-5 Certificates, concurrently, on a pro rata basis, in accordance with their respective Class Principal Amounts, until the aggregate Class Principal Amount thereof has been reduced to zero; (iii) to the Class B-1 Certificates, the Interest Distribution Amount and any accrued but unpaid 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 Amounts for each of Pool 1 and Pool 2, until its Class Principal Amount has been reduced to zero; (v) to the Class B-2 Certificates, the Interest Distribution Amount and any accrued but unpaid Interest Shortfalls, in each case, for such Class on such date; (vi) to the Class B-2 Certificates, such Class’ Subordinate Class Percentage of the Subordinate Principal Distribution Amounts for each of Pool 1 and Pool 2, until its Class Principal Amount has been reduced to zero; (vii) to the Class B-3 Certificates, the Interest Distribution Amount and any accrued but unpaid Interest Shortfalls, in each case, for such Class on such date; (viii) to the Class B-3 Certificates, such Class’ Subordinate Class Percentage of the Subordinate Principal Distribution Amounts for each of Pool 1 and Pool 2, until its Class Principal Amount has been reduced to zero; (ix) to the Class B-4 Certificates, the Interest Distribution Amount and any accrued but unpaid Interest Shortfalls, in each case, for such Class on such date; (x) to the Class B-4 Certificates, such Class’ Subordinate Class Percentage of the Subordinate Principal Distribution Amounts for each of Pool 1 and Pool 2, until its Class Principal Amount has been reduced to zero; (xi) to the Class B-5 Certificates, the Interest Distribution Amount and any accrued but unpaid Interest Shortfalls, in each case, for such Class on such date; (xii) to the Class B-5 Certificates, such Class’ Subordinate Class Percentage of the Subordinate Principal Distribution Amounts for each of Pool 1 and Pool 2, 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, Class 2-A-2 and Class 2-A-3 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 2, until their respective Class Principal Amounts have been reduced to zero; (c) to the Class 3-A-1 Certificates, the Senior Principal Distribution Amount for Pool 3, until its Class Principal Amount has been reduced to zero; (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, concurrently, as follows: (i) 14.8071699278% to the Class 4-A-1 Certificates, until its Class Principal Amount has been reduced to zero; and (ii) 85.1928300722%, sequentially, as follows: (A) concurrently, to the Class 4-A-2 and Class 4-A-3 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (B) concurrently, to the Class 4-A-4 and Class 4-A-5 Certificates, pro rata, until their respective Class Principal Amounts have been reduced to zero; and (e) to the Class 5-A-1 Certificates, the Senior Principal Distribution Amount for Pool 5, until its Class Principal Amount has 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; (ivxiii) To the Class A-R Certificates, any remaining amount of the Available Distribution Amount from the Mortgage Poolsamounts. (b) On each Distribution Date on and after the Credit Support Depletion Date, the Interest Distribution Amounts shall be distributed as set forth in Section 5.02(a)(i) and each of the Senior Principal Distribution Amounts shall be distributed to the Senior Certificates in the related Certificate Group as set forth in Section 5.02(a)(ii); provided that, if there is a shortfall on any Distribution Date in the distribution of the entire Interest Distribution Amount to the Class 1-A-1, Class 1-X-1, Class 2-X-4, Class 2-A-1, Class 2-X-1, Class 2-A-2, Class 2-A-3, Class 2-A-4, Class 2-X-2 and Class 2-A-5 Certificates from the Available Distribution Amount for each the related Mortgage Pool Pool, any such shortfall shall be combined and distributed covered 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 extent of the Certificate Principal Amounts interest portion of 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 for the non-related Mortgage PoolPool remaining after making interest distributions to the related Classes of Senior Certificates pursuant to Section 5.02(a)(i). (c) Notwithstanding The portion of the priority and allocation set forth in Section 5.02(a)(iii) above, if with respect Subordinate Principal Distribution Amount distributed to any each Class of Subordinate Certificates on any each Distribution Date the sum of the related Class Subordination Percentages of such Class pursuant to clauses (a)(iv), (a)(vi), (a)(viii), (a)(x) 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 (a)(xii) above shall be made to any such Classes and reduced, in reverse order of priority, by 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 Capitalization Reimbursement Amount remaining for such Distribution Date and shall be distributed in the sequential order provided in Section 5.02(a)(iii) aboveAmount. (d) Amounts distributed to the Residual Certificates pursuant to subparagraph (a)(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 Section 5.02(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 pursuant to in Section 5.02(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. Net Prepayment Interest Shortfalls and Relief Act Shortfalls experienced by a Mortgage Pool on any Distribution Date will be allocated among each Class of related Senior Certificates entitled to distributions in respect of interest and to all Classes of Subordinate Certificates proportionately based on (1) in the case of the Pool 1 Certificates and Pool 2 Certificates, the amount of Net Prepayment Interest Shortfalls and Relief Act Shortfalls experienced by Pool 1 and Pool 2, respectively, and Current Interest otherwise distributable on the Pool 1 Certificates and Pool 2 Certificates, respectively, on such Distribution Date, and (2) in the case of the Subordinate Certificates, the amount of Net Prepayment Interest Shortfalls and Relief Act Shortfalls experienced by Pool 1 and Pool 2 and Current Interest otherwise distributable on the Subordinate Certificates based on the Apportioned Principal Balance for each such Mortgage Pool before taking into account any reductions in such amounts from Interest Shortfalls for such Distribution Date. (he) Notwithstanding the priority of distributions set forth in paragraph (a) aboveSection 5.02(a), 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 aggregate of the Class Principal Amount Amounts of the Senior Certificates relating to one of the Mortgage Pools have has been reduced to zerozero or will be reduced to zero after giving effect to distributions on such Distribution Date, then that portion of the Available Distribution Amount for each Mortgage Pool described in Section 5.02(a)(ii5.02(a)(iii) that represents principal collections on the Mortgage Loans shall be applied as an additional distribution to the remaining Classes of Senior Certificates in the other Certificate Group, in reduction of, and in proportion to, the Class Principal Amounts thereof. (if) If, on any Distribution Date, any Certificate Group would constitute an Undercollateralized Group and any the other Certificate Group constitutes would constitute an Overcollateralized Group, then notwithstanding Section 5.02(a)(ii), the Available Distribution Amount for such an Overcollateralized Group, to the extent remaining following distributions of interest and principal to the related Senior Certificates of that Certificate Group, shall be distributed distributed, up to the sum of the Interest Transfer Amount and the Principal Transfer Amount for such the Undercollateralized Group Group, to the Senior Certificates related to that the Undercollateralized Group so that the aggregate Class Principal Amount of those Senior Certificates equals the Aggregate Stated Principal Balance of the Mortgage Loans in the related Mortgage Pool, in payment of accrued but unpaid interest, if any, and then to such Senior Certificates as principal, in the same manner and order and of priority as such Senior Certificates would receive other distributions of principal. If more than one Undercollateralized Group exists on any Distribution Dateprincipal pursuant to Section 5.02(a)(ii). (g) For purposes of distributions provided in Section 5.02(a), each Mortgage Pool shall “relate” to the sum Senior Class of the Interest Transfer Amounts and applicable related Certificate Group. (h) In the Principal Transfer Amounts event that Initial Exchangeable Certificates are exchanged for Exchangeable Certificates as set forth on Appendix A to this Agreement, such Exchangeable Certificates shall be allocated among such Undercollateralized Groupsentitled to receive the proportionate share of interest and principal distributions, pro rataas applicable, that would otherwise be distributable 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 DateInitial Exchangeable Certificates, reductions in the Available Distribution Amount for such Overcollateralized Groups to make the payments required to be made pursuant to order of priority assigned in 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 Certificates5.02.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Five Oaks Investment Corp.)

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 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, R and Class 1-A-1 and Class 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, Class 2-A-2 and Class 2-A-3 A-1 Certificates, pro rata, the Senior Principal Distribution Amount for Pool 2, until their respective the Class Principal Amounts have 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 its 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, concurrently, as followsin the following order of priority: (iA) 14.8071699278% to the Class 4-A-1 Certificates, until its Class Principal Amount of such Class has been reduced to zero; and; (ii) 85.1928300722%, sequentially, as follows: (AB) concurrently, to the Class 4-A-2 and Class 4-A-3 Certificates, pro rata, until their the respective Class Principal Amounts of such Classes have been reduced to zero; and (BC) concurrently, to the Class 4-A-4 and Class 4-A-5 Certificates, pro rata, until their the respective Class Principal Amounts of such Classes have been reduced to zero; and (e) to the Class 5-A-1 Certificates, the Senior Principal Distribution Amount for Pool 5, until its Class Principal Amount has 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 such 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)(iva)(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 Section 5.02(aparagraph (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 pursuant to Section 5.02(ain 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 such 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 such the Undercollateralized Group to the Senior Certificates related to that 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

Sources: Pooling and Servicing Agreement (J P Morgan Acceptance Corp I)