Distributions in Reduction of the Class. A-6 Certificates. (a) Except as provided in subclauses (d) and (f) below, on each Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-6 Certificates are made, such distributions will be made pursuant to any request by a Class A-6 Certificate Owner, in the following priority: (i) any request by the personal representative of a Deceased Holder or by a surviving tenant by the entirety, by a surviving joint tenant or by a surviving tenant in common or other Person empowered to act on behalf of such Deceased Holder upon his or her death, in an amount up to but not exceeding $100,000 per request; and (ii) any request by a Living Holder, in an amount up to but not exceeding $10,000 per request. (b) Thereafter, distributions will be made as provided in clauses (i) and (ii) above up to a second $100,000 and $10,000 per request, respectively. This sequence of priorities will be repeated for each request for principal distributions made by the Certificate Owners of the Class A-6 Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Balances of Class A-6 Certificates presented on behalf of Deceased Holders in accordance with the provisions of clause (i) above will be accepted in the order of their receipt by the Depository. Requests for distributions in reduction of the Certificate Balances of Class A-6 Certificates presented in accordance with the provisions of clause (ii) above will be accepted in the order of priority established by the random lot procedures of the Depository after all requests with respect to such Class presented in accordance with clause (i) have been honored. All requests for distributions in reduction of the Certificate Balance of the Class A-6 Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c) below and must be received by the Depository and forwarded to, and received by, the Trustee no later than the close of business on the related Record Date. Requests for distributions which are received by the Depository and forwarded to the Trustee after the related Record Date and requests, in either case, for distributions timely received but not accepted with respect to any Distribution Date, will be treated as requests for distributions in reduction of the Certificate Balances of the applicable Class A-6 Certificates on the next succeeding Distribution Date, and each succeeding Distribution Date thereafter, until each such request is accepted or is withdrawn as provided in Section 4.03(c). Such requests as are not so withdrawn shall retain their order of priority without the need for any further action on the part of the appropriate Certificate Owner of the related Class A-6 Certificate, all in accordance with the procedures of the Depository and the Trustee. Upon the transfer of beneficial ownership of any Class A-6 Certificate, any distribution request previously submitted with respect to such Certificate will be deemed to have been withdrawn only upon the receipt by the Trustee of notification of such withdrawal using a form required by the Depository. Distributions in reduction of the Certificate Balances of Class A-6 Certificates will be applied, in the aggregate, to the Class A-6 Certificates in an amount equal to the portion of the Available Funds distributable to the Class A-6 Certificates pursuant to Section 4.02(a)(iv), plus any amounts available for distribution from the Rounding Account pursuant to Section 4.03(f), provided that the aggregate distribution in reduction of the Class Certificate Balance of the Class A-6 Certificates on any Distribution Date is made in an integral multiple of $1,000.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (Cwalt Inc)
Distributions in Reduction of the Class. A-6 CertificatesA-3 CERTIFICATES. ------------------------------------------- Distributions in reduction of the Principal Balance of the Class A-3 Certificates will be made in integral multiples of $1,000 at the request of the appropriate representatives of Deceased Holders of such Class and at the request of Living Holders of such Class or by mandatory distributions by random lot, pursuant to clauses (a) and (d) below, or on a pro rata basis pursuant to clause (f) below.
(a) Except as provided in subclauses (d) and (f) below, on On each Distribution Date on which distributions in reduction of the Class Certificate Principal Balance of the Class A-6 A-3 Certificates are made, such distributions will be made pursuant with respect to any request by a such Class A-6 Certificate Owner, in the following priority:
(i) any request by the personal representative representatives of a Deceased Holder or by a surviving tenant by the entirety, by a surviving joint tenant or by a surviving tenant in common or other Person empowered to act on behalf of such Deceased Holder upon his or her deathcommon, in an amount up to but not exceeding an aggregate principal balance for such Class of $100,000 per request; and
(ii) any request by a Living Holder, in an amount up to but not exceeding an aggregate principal balance for such Class of $10,000 per request.
(b) . Thereafter, distributions will be made made, with respect to such Class, as provided in clauses (i) and (ii) above up to a second $100,000 and $10,000 per request10,000, respectively. This sequence of priorities will be repeated for each request for principal distributions for such Class made by the Certificate Beneficial Owners of the Class A-6 A-3 Certificates until all such requests have been honored. Requests For each such sequence of priorities described above, requests for distributions in reduction of the Certificate Balances principal balance of Class A-6 A-3 Certificates presented on behalf of Deceased Holders in accordance with the provisions of clause (i) above will be accepted in the order of their receipt by the Depository. Requests Clearing Agency and requests for distributions in reduction of the Certificate Balances principal balance of Class A-6 A-3 Certificates presented by Living Holders in accordance with the provisions of clause (ii) above will be accepted in the order of priority established their receipt by the random lot procedures of the Depository Clearing Agency after all requests with respect to such Class presented in accordance with clause (i) have been honored. All requests for distributions in reduction of the Certificate Balance principal balance of the Class A-6 A-3 Certificates will be accepted in accordance with the provisions set forth in Section 4.07(c). All requests for distributions in reduction of the principal balance of Class A-3 Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c) below and must be received by the Depository Clearing Agency and forwarded to, and received by, the Trustee no later than the close of business on the related Record Date. Requests for distributions which are received by the Depository Clearing Agency and forwarded to to, and received by, the Trustee after the related Record Date and requests, in either case, for distributions timely received but not accepted with respect to any Distribution Date, will be treated as requests for distributions in reduction of the Certificate Balances principal balance of the applicable Class A-6 A-3 Certificates on the next succeeding Distribution Date, and each succeeding Distribution Date thereafter, until each such request is accepted or is withdrawn as provided in Section 4.03(c4.07(c). Such requests as are not so withdrawn shall retain their order of priority without the need for any further action on the part of the appropriate Certificate Beneficial Owner of the related Class A-6 A-3 Certificate, all in accordance with the procedures of the Depository Clearing Agency and the Trustee. Upon the transfer of beneficial ownership of any Class A-6 A-3 Certificate, any distribution request previously submitted with respect to such Certificate will be deemed to have been withdrawn only upon the receipt by the Trustee of notification of such withdrawal using a form in the manner required by the DepositoryClearing Agency under its APUT System. Distributions in reduction of the Certificate Balances principal balance of the Class A-6 A-3 Certificates will be applied, in the aggregateaggregate with respect to such Class, to the Class A-6 Certificates in an amount equal to the portion of the Available Funds Class A Non-PO Principal Distribution Amount allocable to such Class pursuant to Section 4.01(b) plus any amounts distributable to the Class A-6 A-3 Certificates pursuant as a payment under the Policy of a Class A-3 Principal Loss Amount of the type described in clause (i) of the respective definitions thereof, minus amounts to Section 4.02(a)(iv)repay any funds withdrawn from the Rounding Account for such Class for the prior Distribution Date, plus any amounts available for distribution from the Rounding Account pursuant to for such Class established as provided in Section 4.03(f4.07(e), provided that the aggregate distribution in reduction of the Class Certificate Principal Balance of the such Class A-6 Certificates on any Distribution Date is made in an integral multiple of $1,000. To the extent that the portion of the Class A Non-PO Principal Distribution Amount allocable to distributions in reduction of the Principal Balance of the Class A-3 Certificates on any Distribution Date plus any amounts distributable to the Class A-3 Certificates as a payment under the Policy of a Class A-3 Principal Loss Amount of the type described in clause (i) of the respective definitions hereof (minus amounts to repay any funds withdrawn from the Rounding Account for such Class on the prior Distribution Date and plus any amounts required to be distributed from the Rounding Account for such Class pursuant to Section 4.07(e)) exceeds the aggregate principal balance of Class A-3 Certificates with respect to which distribution requests, as set forth above, have been received, distributions in reduction of the Principal Balance of the Class A-3 Certificates will be made by mandatory distribution pursuant to Section 4.07(d).
(b) A Class A-3 Certificate shall be deemed to be held by a Deceased Holder for purposes of this Section 4.07 if the death of the Beneficial Owner thereof is deemed to have occurred. Class A-3 Certificates beneficially owned by tenants by the entirety, joint tenants or tenants in common will be considered to be beneficially owned by a single owner. The death of a tenant by the entirety, joint tenant or tenant in common will be deemed to be the death of the Beneficial Owner, and the Class A-3 Certificates so beneficially owned will be eligible for priority with respect to distributions in reduction of the principal balance of such Class thereof, subject to the limitations stated above. Class A-3 Certificates beneficially owned by a trust will be considered to be beneficially owned by each beneficiary of the trust to the extent of such beneficiary's beneficial interest therein, but in no event will a trust's beneficiaries collectively be deemed to be Beneficial Owners of a number of Individual Class A-3 Certificates greater than the number of Individual Class A-3 Certificates of which such trust is the owner. The death of a beneficiary of a trust will be deemed to be the death of a Beneficial Owner of the Class A-3 Certificates owned by the trust to the extent of such beneficiary's beneficial interest in such trust. The death of an individual who was a tenant by the entirety, joint tenant or tenant in common in a tenancy which is the beneficiary of a trust will be deemed to be the death of the beneficiary of such trust. The death of a person who, during his or her lifetime, was entitled to substantially all of the beneficial ownership interests in Individual Class A-3 Certificates will be deemed to be the death of the Beneficial Owner of such Class A-3 Certificates regardless of the registration of ownership, if such beneficial interest can be established to the satisfaction of the Trustee. Such beneficial interest will be deemed to exist in typical cases of street name or nominee ownership, ownership by a Trustee, ownership under the Uniform Gifts to Minors Act and community property or other joint ownership arrangements between a husband and wife. Beneficial interests shall include the power to sell, transfer or otherwise dispose of a Class A-3 Certificate and the right to receive the proceeds therefrom, as well as interest and distributions in reduction of the principal balance of the Class A-3 Certificates payable with respect thereto. The Trustee shall not be under any duty to determine independently the occurrence of the death of any deceased Beneficial Owner. The Trustee may rely entirely upon documentation delivered to it pursuant to Section 4.07(c) in establishing the eligibility of any Beneficial Owner to receive the priority accorded Deceased Holders in Section 4.07(a).
(c) Requests for distributions in reduction of the principal balance of Class A-3 Certificates must be made by delivering a written request therefor to the Clearing Agency Participant or Clearing Agency Indirect Participant that maintains the account evidencing such Beneficial Owner's interest in Class A-3
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Pass Through Certificates Series 2000-7)
Distributions in Reduction of the Class. A-6 CertificatesCERTIFICATES. ------------------------------------------- Distributions in reduction of the Principal Balance of the Class A-6 Certificates will be made in integral multiples of $1,000 at the request of the appropriate representatives of Deceased Holders of such Class and at the request of Living Holders of such Class or by mandatory distributions by random lot, pursuant to clauses (a) and (d) below, or on a pro rata basis pursuant to clause (f) below.
(a) Except as provided in subclauses (d) and (f) below, on On each Distribution Date on which distributions in reduction of the Class Certificate Principal Balance of the Class A-6 Certificates are made, such distributions will be made pursuant with respect to any request by a such Class A-6 Certificate Owner, in the following priority:
(i) any request by the personal representative representatives of a Deceased Holder or by a surviving tenant by the entirety, by a surviving joint tenant or by a surviving tenant in common or other Person empowered to act on behalf of such Deceased Holder upon his or her deathcommon, in an amount up to but not exceeding an aggregate principal balance for such Class of $100,000 per request; and
(ii) any request by a Living Holder, in an amount up to but not exceeding an aggregate principal balance for such Class of $10,000 per request.
(b) . Thereafter, distributions will be made made, with respect to such Class, as provided in clauses (i) and (ii) above up to a second $100,000 and $10,000 per request10,000, respectively. This sequence of priorities will be repeated for each request for principal distributions for such Class made by the Certificate Beneficial Owners of the Class A-6 Certificates until all such requests have been honored. Requests For each such sequence of priorities described above, requests for distributions in reduction of the Certificate Balances principal balance of Class A-6 Certificates presented on behalf of Deceased Holders in accordance with the provisions of clause (i) above will be accepted in the order of their receipt by the Depository. Requests Clearing Agency and requests for distributions in reduction of the Certificate Balances principal balance of Class A-6 Certificates presented by Living Holders in accordance with the provisions of clause (ii) above will be accepted in the order of priority established their receipt by the random lot procedures of the Depository Clearing Agency after all requests with respect to such Class presented in accordance with clause (i) have been honored. All requests for distributions in reduction of the Certificate Balance principal balance of the Class A-6 Certificates will be accepted in accordance with the provisions set forth in Section 4.07(c). All requests for distributions in reduction of the principal balance of Class A-6 Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c) below and must be received by the Depository Clearing Agency and forwarded to, and received by, the Trustee no later than the close of business on the related Record Date. Requests for distributions which are received by the Depository Clearing Agency and forwarded to to, and received by, the Trustee after the related Record Date and requests, in either case, for distributions timely received but not accepted with respect to any Distribution Date, will be treated as requests for distributions in reduction of the Certificate Balances principal balance of the applicable Class A-6 Certificates on the next succeeding Distribution Date, and each succeeding Distribution Date thereafter, until each such request is accepted or is withdrawn as provided in Section 4.03(c4.07(c). Such requests as are not so withdrawn shall retain their order of priority without the need for any further action on the part of the appropriate Certificate Beneficial Owner of the related Class A-6 Certificate, all in accordance with the procedures of the Depository Clearing Agency and the Trustee. Upon the transfer of beneficial ownership of any Class A-6 Certificate, any distribution request previously submitted with respect to such Certificate will be deemed to have been withdrawn only upon the receipt by the Trustee of notification of such withdrawal using a form in the manner required by the DepositoryClearing Agency under its APUT System. Distributions in reduction of the Certificate Balances Principal Balance of the Class A-6 Certificates will be applied, in the aggregateaggregate with respect to such Class, to the Class A-6 Certificates in an amount equal to the portion of the Available Funds Class A Non-PO Principal Distribution Amount allocable to such Class pursuant to Section 4.01(b) plus any amounts distributable to the Class A-6 Certificates pursuant as a payment under the Policy of a Class A-6 Principal Loss Amount minus amounts to Section 4.02(a)(iv)repay any funds withdrawn from the Rounding Account for such Class for the prior Distribution Date, plus any amounts available for distribution from the Rounding Account pursuant to for such Class established as provided in Section 4.03(f4.07(e), provided that the aggregate distribution in reduction of the Class Certificate Principal Balance of the such Class A-6 Certificates on any Distribution Date is made in an integral multiple of $1,000. To the extent that the portion of the Class A Non-PO Principal Distribution Amount allocable to distributions in reduction of the Principal Balance of the Class A-6 Certificates on any Distribution Date plus any amounts distributable to the Class A-6 Certificates as a payment under the Policy of a Class A-6 Principal Loss Amount (minus amounts to repay any funds withdrawn from the Rounding Account for such Class on the prior Distribution Date and plus any amounts required to be distributed from the Rounding Account for such Class pursuant to Section 4.07(e)) exceeds the aggregate principal balance of Class A-6 Certificates with respect to which distribution requests, as set forth above, have been received, distributions in reduction of the Principal Balance of the Class A-6 Certificates will be made by mandatory distribution pursuant to Section 4.07(d).
(b) A Class A-6 Certificate shall be deemed to be held by a Deceased Holder for purposes of this Section 4.07 if the death of the Beneficial Owner thereof is deemed to have occurred. Class A-6 Certificates beneficially owned by tenants by the entirety, joint tenants or tenants in common will be considered to be beneficially owned by a single owner. The death of a tenant by the entirety, joint tenant or tenant in common will be deemed to be the death of the Beneficial Owner, and the Class A-6 Certificates so beneficially owned will be eligible for priority with respect to distributions in reduction of the principal balance of such Class thereof, subject to the limitations stated above. Class A-6 Certificates beneficially owned by a trust will be considered to be beneficially owned by each beneficiary of the trust to the extent of such beneficiary's beneficial interest therein, but in no event will a trust's beneficiaries collectively be deemed to be Beneficial Owners of a number of Individual Certificates greater than the number of Individual Certificates of which such trust is the owner. The death of a beneficiary of a trust will be deemed to be the death of a Beneficial Owner of the Class A-6 Certificates owned by the trust to the extent of such beneficiary's beneficial interest in such trust. The death of an individual who was a tenant by the entirety, joint tenant or tenant in common in a tenancy which is the beneficiary of a trust will be deemed to be the death of the beneficiary of such trust. The death of a person who, during his or her lifetime, was entitled to substantially all of the beneficial ownership interests in Individual Certificates will be deemed to be the death of the Beneficial Owner of such Class A-6 Certificates regardless of the registration of ownership, if such beneficial interest can be established to the satisfaction of the Trustee. Such beneficial interest will be deemed to exist in typical cases of street name or nominee ownership, ownership by a Trustee, ownership under the Uniform Gifts to Minors Act and community property or other joint ownership arrangements between a husband and wife. Beneficial interests shall include the power to sell, transfer or otherwise dispose of a Class A-6 Certificate and the right to receive the proceeds therefrom, as well as interest and distributions in reduction of the principal balance of the Class A-6 Certificates payable with respect thereto. The Trustee shall not be under any duty to determine independently the occurrence of the death of any deceased Beneficial Owner. The Trustee may rely entirely upon documentation delivered to it pursuant to Section 4.07(c) in establishing the eligibility of any Beneficial Owner to receive the priority accorded Deceased Holders in Section 4.07(a).
(c) Requests for distributions in reduction of the principal balance of Class A-6 Certificates must be made by delivering a written request therefor to the Clearing Agency Participant or Clearing Agency Indirect Participant that maintains the account evidencing such Beneficial Owner's interest in Class A-6
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Wells Fargo Asset Mortgage Back Securities 2001-19 Trust)
Distributions in Reduction of the Class. A-6 CertificatesA-4 CERTIFICATES. ------------------------------------------- Distributions in reduction of the Principal Balance of the Class A-4 Certificates will be made in integral multiples of $1,000 at the request of the appropriate representatives of Deceased Holders of such Class and at the request of Living Holders of such Class or by mandatory distributions by random lot, pursuant to clauses (a) and (d) below, or on a pro rata basis pursuant to clause (f) below.
(a) Except as provided in subclauses (d) and (f) below, on On each Distribution Date on which distributions in reduction of the Class Certificate Principal Balance of the Class A-6 A-4 Certificates are made, such distributions will be made pursuant with respect to any request by a such Class A-6 Certificate Owner, in the following priority:
(i) any request by the personal representative representatives of a Deceased Holder or by a surviving tenant by the entirety, by a surviving joint tenant or by a surviving tenant in common or other Person empowered to act on behalf of such Deceased Holder upon his or her deathcommon, in an amount up to but not exceeding an aggregate principal balance for such Class of $100,000 per request; and
(ii) any request by a Living Holder, in an amount up to but not exceeding an aggregate principal balance for such Class of $10,000 per request.
(b) . Thereafter, distributions will be made made, with respect to such Class, as provided in clauses (i) and (ii) above up to a second $100,000 and $10,000 per request10,000, respectively. This sequence of priorities will be repeated for each request for principal distributions for such Class made by the Certificate Beneficial Owners of the Class A-6 A-4 Certificates until all such requests have been honored. Requests For each such sequence of priorities described above, requests for distributions in reduction of the Certificate Balances principal balance of Class A-6 A-4 Certificates presented on behalf of Deceased Holders in accordance with the provisions of clause (i) above will be accepted in the order of their receipt by the Depository. Requests Clearing Agency and requests for distributions in reduction of the Certificate Balances principal balance of Class A-6 A-4 Certificates presented by Living Holders in accordance with the provisions of clause (ii) above will be accepted in the order of priority established their receipt by the random lot procedures of the Depository Clearing Agency after all requests with respect to such Class presented in accordance with clause (i) have been honored. All requests for distributions in reduction of the Certificate Balance principal balance of the Class A-6 A-4 Certificates will be accepted in accordance with the provisions set forth in Section 4.07(c). All requests for distributions in reduction of the principal balance of Class A-4 Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c) below and must be received by the Depository Clearing Agency and forwarded to, and received by, the Trustee no later than the close of business on the related Record Date. Requests for distributions which are received by the Depository Clearing Agency and forwarded to to, and received by, the Trustee after the related Record Date and requests, in either case, for distributions timely received but not accepted with respect to any Distribution Date, will be treated as requests for distributions in reduction of the Certificate Balances principal balance of the applicable Class A-6 A-4 Certificates on the next succeeding Distribution Date, and each succeeding Distribution Date thereafter, until each such request is accepted or is withdrawn as provided in Section 4.03(c4.07(c). Such requests as are not so withdrawn shall retain their order of priority without the need for any further action on the part of the appropriate Certificate Beneficial Owner of the related Class A-6 A-4 Certificate, all in accordance with the procedures of the Depository Clearing Agency and the Trustee. Upon the transfer of beneficial ownership of any Class A-6 A-4 Certificate, any distribution request previously submitted with respect to such Certificate will be deemed to have been withdrawn only upon the receipt by the Trustee of notification of such withdrawal using a form in the manner required by the DepositoryClearing Agency under its APUT System. Distributions in reduction of the Certificate Balances principal balance of the Class A-6 A-4 Certificates will be applied, in the aggregateaggregate with respect to such Class, to the Class A-6 Certificates in an amount equal to the portion of the Available Funds Class A Non-PO Principal Distribution Amount allocable to such Class pursuant to Section 4.01(b) plus any amounts distributable to the Class A-6 A-4 Certificates pursuant as a payment under the Policy of a Class A-4 Principal Loss Amount of the type described in clause (i) of the respective definitions thereof, minus amounts to Section 4.02(a)(iv)repay any funds withdrawn from the Rounding Account for such Class for the prior Distribution Date, plus any amounts available for distribution from the Rounding Account pursuant to for such Class established as provided in Section 4.03(f4.07(e), provided that the aggregate distribution in reduction of the Class Certificate Principal Balance of the such Class A-6 Certificates on any Distribution Date is made in an integral multiple of $1,000. To the extent that the portion of the Class A Non-PO Principal Distribution Amount allocable to distributions in reduction of the Principal Balance of the Class A-4 Certificates on any Distribution Date plus any amounts distributable to the Class A-4 Certificates as a payment under the Policy of a Class A-4 Principal Loss Amount of the type described in clause (i) of the respective definitions hereof (minus amounts to repay any funds withdrawn from the Rounding Account for such Class on the prior Distribution Date and plus any amounts required to be distributed from the Rounding Account for such Class pursuant to Section 4.07(e)) exceeds the aggregate principal balance of Class A-4 Certificates with respect to which distribution requests, as set forth above, have been received, distributions in reduction of the Principal Balance of the Class A-4 Certificates will be made by mandatory distribution pursuant to Section 4.07(d).
(b) A Class A-4 Certificate shall be deemed to be held by a Deceased Holder for purposes of this Section 4.07 if the death of the Beneficial Owner thereof is deemed to have occurred. Class A-4 Certificates beneficially owned by tenants by the entirety, joint tenants or tenants in common will be considered to be beneficially owned by a single owner. The death of a tenant by the entirety, joint tenant or tenant in common will be deemed to be the death of the Beneficial Owner, and the Class A-4 Certificates so beneficially owned will be eligible for priority with respect to distributions in reduction of the principal balance of such Class thereof, subject to the limitations stated above. Class A-4 Certificates beneficially owned by a trust will be considered to be beneficially owned by each beneficiary of the trust to the extent of such beneficiary's beneficial interest therein, but in no event will a trust's beneficiaries collectively be deemed to be Beneficial Owners of a number of Individual Class A-4 Certificates greater than the number of Individual Class A-4 Certificates of which such trust is the owner. The death of a beneficiary of a trust will be deemed to be the death of a Beneficial Owner of the Class A-4 Certificates owned by the trust to the extent of such beneficiary's beneficial interest in such trust. The death of an individual who was a tenant by the entirety, joint tenant or tenant in common in a tenancy which is the beneficiary of a trust will be deemed to be the death of the beneficiary of such trust. The death of a person who, during his or her lifetime, was entitled to substantially all of the beneficial ownership interests in Individual Class A-4 Certificates will be deemed to be the death of the Beneficial Owner of such Class A-4 Certificates regardless of the registration of ownership, if such beneficial interest can be established to the satisfaction of the Trustee. Such beneficial interest will be deemed to exist in typical cases of street name or nominee ownership, ownership by a Trustee, ownership under the Uniform Gifts to Minors Act and community property or other joint ownership arrangements between a husband and wife. Beneficial interests shall include the power to sell, transfer or otherwise dispose of a Class A-4 Certificate and the right to receive the proceeds therefrom, as well as interest and distributions in reduction of the principal balance of the Class A-4 Certificates payable with respect thereto. The Trustee shall not be under any duty to determine independently the occurrence of the death of any deceased Beneficial Owner. The Trustee may rely entirely upon documentation delivered to it pursuant to Section 4.07(c) in establishing the eligibility of any Beneficial Owner to receive the priority accorded Deceased Holders in Section 4.07(a).
(c) Requests for distributions in reduction of the principal balance of Class A-4 Certificates must be made by delivering a written request therefor to the Clearing Agency Participant or Clearing Agency Indirect Participant that maintains the account evidencing such Beneficial Owner's interest in Class A-4
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Wells Fargo Asset Sec Corp Mort Pass THR Cert Series 2000-4)
Distributions in Reduction of the Class. A-6 I-A-10 and Class I-A-11 Certificates.
(a) Except as provided in subclauses (d) and (f) below, on each Distribution Date on which distributions in reduction of the Class Certificate Principal Balance of the Class A-6 I-A-10 and Class I-A-11 Certificates are made, such distributions will be made pursuant to any request by a Class A-6 Certificate Owner, in the following priority:
(i) any request by the personal representative of a Deceased Holder or by a surviving tenant by the entirety, by a surviving joint tenant or by a surviving tenant in common or other Person empowered to act on behalf of such Deceased Holder upon his or her death, in an amount up to but not exceeding $100,000 per request; and
(ii) any request by a Living Holder, in an amount up to but not exceeding $10,000 per request.
(b) . Thereafter, distributions will be made as provided in clauses (i) and (ii) above up to a second $100,000 and $10,000 per request, respectively. This sequence of priorities will be repeated for each request for principal distributions made by the Certificate Owners Beneficial Holders of the Class A-6 I-A-10 and Class I-A-11 Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Balances of the Class A-6 I-A-10 and Class I-A-11 Certificates presented on behalf of the related Deceased Holders in accordance with the provisions of clause (i) above will be accepted in the order of their receipt by the DepositoryDTC. Requests for distributions in reduction of the Certificate Balances of the Class A-6 I-A-10 and Class I-A-11 Certificates presented in accordance with the provisions of clause (ii) above will be accepted in the order of priority established by the random lot procedures of the Depository DTC after all requests with respect to such Class Certificates presented in accordance with clause (i) have been honored. All requests for distributions in reduction of the Certificate Balance Balances of the Class A-6 I-A-10 and Class I-A-11 Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c4.07(c) below and must be received by the Depository DTC and forwarded to, and received by, the Trustee Trust Administrator no later than the close of business on the related Record Date. Requests for distributions which are received by the Depository DTC and forwarded to the Trustee Trust Administrator after the related Record Date and requests, in either case, for distributions timely received but not accepted with respect to any Distribution Date, will be treated as requests for distributions in reduction of the Certificate Balances of the applicable Class A-6 I-A-10 and Class I-A-11 Certificates on the next succeeding Distribution Date, and each succeeding Distribution Date thereafter, until each such request is accepted or is withdrawn as provided in Section 4.03(c4.07(c). Such requests as are not so withdrawn shall retain their order of priority without the need for any further action on the part of the appropriate Certificate Owner Beneficial Holder of the related Class A-6 I-A-10 and Class I-A-11 Certificate, all in accordance with the procedures of the Depository DTC and the TrusteeTrust Administrator. Upon the transfer of beneficial ownership of any Class A-6 I-A-10 and Class I-A-11 Certificate, any distribution request previously submitted with respect to such Class I-A-10 and Class I-A-11 Certificate will be deemed to have been withdrawn only upon the receipt by the Trustee Trust Administrator of notification of such withdrawal using a form required by the DepositoryDTC. Distributions in reduction of the Certificate Balances of the Class A-6 I-A-10 and Class I-A-11 Certificates will be applied, in the aggregate, to the Class A-6 I-A-10 and Class I-A-11 Certificates in an amount equal to the portion of the Available Funds Distribution Amount distributable to the Class A-6 I-A-10 and Class I-A-11 Certificates pursuant to Section 4.02(a)(iv)4.01II, plus any amounts available for distribution from the Class I-A-10 and Class I-A-11 Rounding Account pursuant to Section 4.03(f4.07(e), provided that the aggregate distribution in reduction of the Class Certificate Principal Balance of the a Class A-6 Certificates I-A-10 and Class I-A-11 Certificate on any Distribution Date is made in an integral multiple of $1,000.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Distributions in Reduction of the Class. A-6 A-2 Certificates.
(a) Except as provided in subclauses (d) and (f) below, on each Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-6 A-2 Certificates are made, such distributions will be made pursuant to any request by a Class A-6 A-2 Certificate Owner, in the following priority:
(i) any request by the personal representative of a Deceased Holder or by a surviving tenant by the entirety, by a surviving joint tenant or by a surviving tenant in common or other Person empowered to act on behalf of such Deceased Holder upon his or her death, in an amount up to but not exceeding $100,000 per request; and
(ii) any request by a Living Holder, in an amount up to but not exceeding $10,000 per request.
(b) Thereafter, distributions will be made as provided in clauses (i) and (ii) above up to a second $100,000 and $10,000 per request, respectively. This sequence of priorities will be repeated for each request for principal distributions made by the Certificate Owners of the Class A-6 A-2 Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Balances of Class A-6 A-2 Certificates presented on behalf of Deceased Holders in accordance with the provisions of clause (i) above will be accepted in the order of their receipt by the Depository. Requests for distributions in reduction of the Certificate Balances of Class A-6 A-2 Certificates presented in accordance with the provisions of clause (ii) above will be accepted in the order of priority established by the random lot procedures of the Depository after all requests with respect to such Class presented in accordance with clause (i) have been honored. All requests for distributions in reduction of the Certificate Balance of the Class A-6 A-2 Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c) below and must be received by the Depository and forwarded to, and received by, the Trustee no later than the close of business on the related Record Date. Requests for distributions which are received by the Depository and forwarded to the Trustee after the related Record Date and requests, in either case, for distributions timely received but not accepted with respect to any Distribution Date, will be treated as requests for distributions in reduction of the Certificate Balances of the applicable Class A-6 A-2 Certificates on the next succeeding Distribution Date, and each succeeding Distribution Date thereafter, until each such request is accepted or is withdrawn as provided in Section 4.03(c). Such requests as are not so withdrawn shall retain their order of priority without the need for any further action on the part of the appropriate Certificate Owner of the related Class A-6 A-2 Certificate, all in accordance with the procedures of the Depository and the Trustee. Upon the transfer of beneficial ownership of any Class A-6 A-2 Certificate, any distribution request previously submitted with respect to such Certificate will be deemed to have been withdrawn only upon the receipt by the Trustee of notification of such withdrawal using a form required by the Depository. Distributions in reduction of the Certificate Balances of Class A-6 A-2 Certificates will be applied, in the aggregate, to the Class A-6 A-2 Certificates in an amount equal to the portion of the Available Funds distributable to the Class A-6 A-2 Certificates pursuant to Section 4.02(a)(iv4.02(a)(ii), plus any amounts available for distribution from the Class A-2 Rounding Account pursuant to Section 4.03(f), provided that the aggregate distribution in reduction of the Class Certificate Balance of the Class A-6 A-2 Certificates on any Distribution Date is made in an integral multiple of $1,000.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Indymac MBS Inc Residential Asset Sec Trust 2003 A10)
Distributions in Reduction of the Class. A-6 A-8 Certificates.
(a) Except as provided in subclauses (d) and (f) below, on each Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-6 A-8 Certificates are made, such distributions will be made pursuant to any request by a Class A-6 A-8 Certificate Owner, in the following priority:
(i) any request by the personal representative of a Deceased Holder or by a surviving tenant by the entirety, by a surviving joint tenant or by a surviving tenant in common or other Person empowered to act on behalf of such Deceased Holder upon his or her death, in an amount up to but not exceeding $100,000 per request; and
(ii) any request by a Living Holder, in an amount up to but not exceeding $10,000 per request.
(b) Thereafter, distributions will be made as provided in clauses (i) and (ii) above up to a second $100,000 and $10,000 per request, respectively. This sequence of priorities will be repeated for each request for principal distributions made by the Certificate Owners of the Class A-6 A-8 Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Balances of Class A-6 A-8 Certificates presented on behalf of Deceased Holders in accordance with the provisions of clause (i) above will be accepted in the order of their receipt by the Depository. Requests for distributions in reduction of the Certificate Balances of Class A-6 A-8 Certificates presented in accordance with the provisions of clause (ii) above will be accepted in the order of priority established by the random lot procedures of the Depository after all requests with respect to such Class presented in accordance with clause (i) have been honored. All requests for distributions in reduction of the Certificate Balance of the Class A-6 A-8 Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c) below and must be received by the Depository and forwarded to, and received by, the Trustee no later than the close of business on the related Record Date. Requests for distributions which are received by the Depository and forwarded to the Trustee after the related Record Date and requests, in either case, for distributions timely received but not accepted with respect to any Distribution Date, will be treated as requests for distributions in reduction of the Certificate Balances of the applicable Class A-6 A-8 Certificates on the next succeeding Distribution Date, and each succeeding Distribution Date thereafter, until each such request is accepted or is withdrawn as provided in Section 4.03(c). Such requests as are not so withdrawn shall retain their order of priority without the need for any further action on the part of the appropriate Certificate Owner of the related Class A-6 A-8 Certificate, all in accordance with the procedures of the Depository and the Trustee. Upon the transfer of beneficial ownership of any Class A-6 A-8 Certificate, any distribution request previously submitted with respect to such Certificate will be deemed to have been withdrawn only upon the receipt by the Trustee of notification of such withdrawal using a form required by the Depository. Distributions in reduction of the Certificate Balances of Class A-6 A-8 Certificates will be applied, in the aggregate, to the Class A-6 A-8 Certificates in an amount equal to the portion of the Available Funds distributable to the Class A-6 A-8 Certificates pursuant to Section 4.02(a)(iv4.02(a)(ii), plus any amounts available for distribution from the Class A-8 Rounding Account pursuant to Section 4.03(f), provided that the aggregate distribution in reduction of the Class Certificate Balance of the Class A-6 A-8 Certificates on any Distribution Date is made in an integral multiple of $1,000.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Indymac MBS Inc Residential Asset Sec Trust 2003-A7)
Distributions in Reduction of the Class. A-6 A-12 Certificates.
(a) Except as provided in subclauses (d) and (f) below, on each Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-6 A-12 Certificates are made, such distributions will be made pursuant to any request by a Class A-6 A-12 Certificate Owner, in the following priority:
(i) any request by the personal representative of a Deceased Holder or by a surviving tenant by the entirety, by a surviving joint tenant or by a surviving tenant in common or other Person empowered to act on behalf of such Deceased Holder upon his or her death, in an amount up to but not exceeding $100,000 per request; and
(ii) any request by a Living Holder, in an amount up to but not exceeding $10,000 per request.
(b) Thereafter, distributions will be made as provided in clauses (i) and (ii) above up to a second $100,000 and $10,000 per request, respectively. This sequence of priorities will be repeated for each request for principal distributions made by the Certificate Owners of the Class A-6 A-12 Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Balances of Class A-6 A-12 Certificates presented on behalf of Deceased Holders in accordance with the provisions of clause (i) above will be accepted in the order of their receipt by the Depository. Requests for distributions in reduction of the Certificate Balances of Class A-6 A-12 Certificates presented in accordance with the provisions of clause (ii) above will be accepted in the order of priority established by the random lot procedures of the Depository after all requests with respect to such Class presented in accordance with clause (i) have been honored. All requests for distributions in reduction of the Certificate Balance Balances of the Class A-6 A-12 Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c) below and must be received by the Depository and forwarded to, and received by, the Trustee no later than the close of business on the related Record Date. Requests for distributions which are received by the Depository and forwarded to the Trustee after the related Record Date and requests, in either case, for distributions timely received but not accepted with respect to any Distribution Date, will be treated as requests for distributions in reduction of the Certificate Balances of the applicable Class A-6 A-12 Certificates on the next succeeding Distribution Date, and each succeeding Distribution Date thereafter, until each such request is accepted or is withdrawn as provided in Section 4.03(c). Such requests as are not so withdrawn shall retain their order of priority without the need for any further action on the part of the appropriate Certificate Owner of the related Class A-6 A-12 Certificate, all in accordance with the procedures of the Depository and the Trustee. Upon the transfer of beneficial ownership of any Class A-6 A-12 Certificate, any distribution request previously submitted with respect to such Certificate will be deemed to have been withdrawn only upon the receipt by the Trustee of notification of such withdrawal using a form required by the Depository. Distributions in reduction of the Certificate Balances of Class A-6 A-12 Certificates will be applied, in the aggregate, to the Class A-6 A-12 Certificates in an amount equal to the portion of the Available Funds distributable to the Class A-6 A-12 Certificates pursuant to Section 4.02(a)(iv), plus any amounts available for distribution from the Class A-12 Rounding Account pursuant to Section 4.03(f), provided that the aggregate distribution in reduction of the Class Certificate Balance of the Class A-6 Certificates A-12 Certificate on any Distribution Date is made in an integral multiple of $1,000.
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Distributions in Reduction of the Class. A-6 A-5 Certificates.
(a) Except as provided in subclauses (d) and (f) below, on each Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-6 A-5 Certificates are made, such distributions will be made pursuant to any request by a Class A-6 A-5 Certificate Owner, in the following priority:
(i) any request by the personal representative of a Deceased Holder or by a surviving tenant by the entirety, by a surviving joint tenant or by a surviving tenant in common or other Person empowered to act on behalf of such Deceased Holder upon his or her death, in an amount up to but not exceeding $100,000 per request; and
(ii) any request by a Living Holder, in an amount up to but not exceeding $10,000 per request.
(b) Thereafter, distributions will be made as provided in clauses (i) and (ii) above up to a second $100,000 and $10,000 per request, respectively. This sequence of priorities will be repeated for each request for principal distributions made by the Certificate Owners of the Class A-6 A-5 Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Balances of Class A-6 Certificates presented on behalf of Deceased Holders in accordance with the provisions of clause (i) above will be accepted in the order of their receipt by the Depository. Requests for distributions in reduction of the Certificate Balances of Class A-6 Certificates presented in accordance with the provisions of clause (ii) above will be accepted in the order of priority established by the random lot procedures of the Depository after all requests with respect to such Class presented in accordance with clause (i) have been honored. All requests for distributions in reduction of the Certificate Balance of the Class A-6 Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c) below and must be received by the Depository and forwarded to, and received by, the Trustee no later than the close of business on the related Record Date. Requests for distributions which are received by the Depository and forwarded to the Trustee after the related Record Date and requests, in either case, for distributions timely received but not accepted with respect to any Distribution Date, will be treated as requests for distributions in reduction of the Certificate Balances of the applicable Class A-6 Certificates on the next succeeding Distribution Date, and each succeeding Distribution Date thereafter, until each such request is accepted or is withdrawn as provided in Section 4.03(c). Such requests as are not so withdrawn shall retain their order of priority without the need for any further action on the part of the appropriate Certificate Owner of the related Class A-6 Certificate, all in accordance with the procedures of the Depository and the Trustee. Upon the transfer of beneficial ownership of any Class A-6 Certificate, any distribution request previously submitted with respect to such Certificate will be deemed to have been withdrawn only upon the receipt by the Trustee of notification of such withdrawal using a form required by the Depository. Distributions in reduction of the Certificate Balances of Class A-6 A-5 Certificates will be applied, in the aggregate, to the Class A-6 A-5 Certificates in an amount equal to the portion of the Available Funds distributable to the Class A-6 A-5 Certificates pursuant to Section 4.02(a)(iv), plus any amounts available for distribution from the Class A-5 Rounding Account pursuant to Section 4.03(f), provided that the aggregate distribution in reduction of the Class Certificate Balance of the Class A-6 A-5 Certificates on any Distribution Date is made in an integral multiple of $1,000.
Appears in 1 contract
Distributions in Reduction of the Class. A-6 A-4 Certificates.
(a) Except as provided in subclauses (d) and (f) below, on each Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-6 A-4 Certificates are made, such distributions will be made pursuant to any request by a Class A-6 A-4 Certificate Owner, in the following priority:
(i) any request by the personal representative of a Deceased Holder or by a surviving tenant by the entirety, by a surviving joint tenant or by a surviving tenant in common or other Person empowered to act on behalf of such Deceased Holder upon his or her death, in an amount up to but not exceeding $100,000 per request; and
(ii) any request by a Living Holder, in an amount up to but not exceeding $10,000 per request.
(b) Thereafter, distributions will be made as provided in clauses (i) and (ii) above up to a second $100,000 and $10,000 per request, respectively. This sequence of priorities will be repeated for each request for principal distributions made by the Certificate Owners of the Class A-6 A-4 Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Balances of Class A-6 A-4 Certificates presented on behalf of Deceased Holders in accordance with the provisions of clause (i) above will be accepted in the order of their receipt by the Depository. Requests for distributions in reduction of the Certificate Balances of Class A-6 A-4 Certificates presented in accordance with the provisions of clause (ii) above will be accepted in the order of priority established by the random lot procedures of the Depository after all requests with respect to such Class presented in accordance with clause (i) have been honored. All requests for distributions in reduction of the Certificate Balance of the Class A-6 A-4 Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c) below and must be received by the Depository and forwarded to, and received by, the Trustee no later than the close of business on the related Record Date. Requests for distributions which are received by the Depository and forwarded to the Trustee after the related Record Date and requests, in either case, for distributions timely received but not accepted with respect to any Distribution Date, will be treated as requests for distributions in reduction of the Certificate Balances of the applicable Class A-6 A-4 Certificates on the next succeeding Distribution Date, and each succeeding Distribution Date thereafter, until each such request is accepted or is withdrawn as provided in Section 4.03(c). Such requests as are not so withdrawn shall retain their order of priority without the need for any further action on the part of the appropriate Certificate Owner of the related Class A-6 A-4 Certificate, all in accordance with the procedures of the Depository and the Trustee. Upon the transfer of beneficial ownership of any Class A-6 A-4 Certificate, any distribution request previously submitted with respect to such Certificate will be deemed to have been withdrawn only upon the receipt by the Trustee of notification of such withdrawal using a form required by the Depository. Distributions in reduction of the Certificate Balances of Class A-6 A-4 Certificates will be applied, in the aggregate, to the Class A-6 A-4 Certificates in an amount equal to the portion of the Available Funds distributable to the Class A-6 A-4 Certificates pursuant to Section 4.02(a)(iv), plus any amounts available for distribution from the Class A-4 Rounding Account pursuant to Section 4.03(f4.03(e), provided that the aggregate distribution in reduction of the Class Certificate Balance of the Class A-6 A-4 Certificates on any Distribution Date is made in an integral multiple of $1,000.
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Distributions in Reduction of the Class. A-6 I-A-3, Class II-A-11 and Class II-A-12 Certificates.
(a) Except as provided in subclauses (d) and (f) below, on each Distribution Date on which distributions in reduction of the Class Certificate Principal Balance of the Class A-6 I-A-3, Class II-A-11 and Class II-A-12 Certificates are made, such distributions will be made pursuant to any request by a Class A-6 Certificate Owner, in the following priority:
(i) any request by the personal representative of a Deceased Holder or by a surviving tenant by the entirety, by a surviving joint tenant or by a surviving tenant in common or other Person empowered to act on behalf of such Deceased Holder upon his or her death, in an amount up to but not exceeding $100,000 per request; and
(ii) any request by a Living Holder, in an amount up to but not exceeding $10,000 per request.
(b) . Thereafter, distributions will be made as provided in clauses (i) and (ii) above up to a second $100,000 and $10,000 per request, respectively. This sequence of priorities will be repeated for each request for principal distributions made by the Certificate Owners Beneficial Holders of the Class A-6 I-A-3, Class II-A-11 and Class II-A-12 Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Balances of the Class A-6 I-A-3, Class II-A-11 and Class II-A-12 Certificates presented on behalf of the related Deceased Holders in accordance with the provisions of clause (i) above will be accepted in the order of their receipt by the DepositoryDTC. Requests for distributions in reduction of the Certificate Balances of the Class A-6 I-A-3, Class II-A-11 and Class II-A-12 Certificates presented in accordance with the provisions of clause (ii) above will be accepted in the order of priority established by the random lot procedures of the Depository DTC after all requests with respect to such Class Certificates presented in accordance with clause (i) have been honored. All requests for distributions in reduction of the Certificate Balance Balances of the Class A-6 I-A-3, Class II-A-11 and Class II-A-12 Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c4.07(c) below and must be received by the Depository DTC and forwarded to, and received by, the Trustee no later than the close of business on the related Record Date. Requests for distributions which are received by the Depository DTC and forwarded to the Trustee after the related Record Date and requests, in either case, for distributions timely received but not accepted with respect to any Distribution Date, will be treated as requests for distributions in reduction of the Certificate Balances of the applicable Class A-6 I-A-3, Class II-A-11 and Class II-A-12 Certificates on the next succeeding Distribution Date, and each succeeding Distribution Date thereafter, until each such request is accepted or is withdrawn as provided in Section 4.03(c4.07(c). Such requests as are not so withdrawn shall retain their order of priority without the need for any further action on the part of the appropriate Certificate Owner Beneficial Holder of the related Class A-6 I-A-3, Class II-A-11 and Class II-A-12 Certificate, all in accordance with the procedures of the Depository DTC and the Trustee. Upon the transfer of beneficial ownership of any Class A-6 I-A-3, Class II-A-11 and Class II-A-12 Certificate, any distribution request previously submitted with respect to such Class I-A-3, Class II-A-11 and Class II-A-12 Certificate will be deemed to have been withdrawn only upon the receipt by the Trustee of notification of such withdrawal using a form required by the DepositoryDTC. Distributions in reduction of the Certificate Balances of the Class A-6 I-A-3, Class II-A-11 and Class II-A-12 Certificates will be applied, in the aggregate, to the Class A-6 I-A-3, Class II-A-11 and Class II-A-12 Certificates in an amount equal to the portion of the Available Funds Distribution Amount distributable to the Class A-6 I-A-3, Class II-A-11 and Class II-A-12 Certificates pursuant to Section 4.02(a)(iv)4.01, plus any amounts available for distribution from the Class I-A-3, Class II-A-11 and Class II-A-12 Rounding Account pursuant to Section 4.03(f4.07(e), provided that the aggregate distribution in reduction of the Class Certificate Principal Balance of the a Class A-6 Certificates I-A-3, Class II-A-11 and Class II-A-12 Certificate on any Distribution Date is made in an integral multiple of $1,000.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certs Series 2001 33)
Distributions in Reduction of the Class. A-6 A-10 Certificates.
(a) Except as provided in subclauses (d) and (f) below, on each Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-6 A-10 Certificates are made, such distributions will be made pursuant to any request by a Class A-6 A-10 Certificate Owner, in the following priority:
(i) any request by the personal representative of a Deceased Holder or by a surviving tenant by the entirety, by a surviving joint tenant or by a surviving tenant in common or other Person empowered to act on behalf of such Deceased Holder upon his or her death, in an amount up to but not exceeding $100,000 per request; and
(ii) any request by a Living Holder, in an amount up to but not exceeding $10,000 per request.
(b) Thereafter, distributions will be made as provided in clauses (i) and (ii) above up to a second $100,000 and $10,000 per request, respectively. This sequence of priorities will be repeated for each request for principal distributions made by the Certificate Owners of the Class A-6 A-10 Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Balances of Class A-6 A-10 Certificates presented on behalf of Deceased Holders in accordance with the provisions of clause (i) above will be accepted in the order of their receipt by the Depository. Requests for distributions in reduction of the Certificate Balances of Class A-6 A-10 Certificates presented in accordance with the provisions of clause (ii) above will be accepted in the order of priority established by the random lot procedures of the Depository after all requests with respect to such Class presented in accordance with clause (i) have been honored. All requests for distributions in reduction of the Certificate Balance of the Class A-6 A-10 Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c) below and must be received by the Depository and forwarded to, and received by, the Trustee no later than the close of business on the related Record Date. Requests for distributions which are received by the Depository and forwarded to the Trustee after the related Record Date and requests, in either case, for distributions timely received but not accepted with respect to any Distribution Date, will be treated as requests for distributions in reduction of the Certificate Balances of the applicable Class A-6 A-10 Certificates on the next succeeding Distribution Date, and each succeeding Distribution Date thereafter, until each such request is accepted or is withdrawn as provided in Section 4.03(c). Such requests as are not so withdrawn shall retain their order of priority without the need for any further action on the part of the appropriate Certificate Owner of the related Class A-6 A-10 Certificate, all in accordance with the procedures of the Depository and the Trustee. Upon the transfer of beneficial ownership of any Class A-6 A-10 Certificate, any distribution request previously submitted with respect to such Certificate will be deemed to have been withdrawn only upon the receipt by the Trustee of notification of such withdrawal using a form required by the Depository. Distributions in reduction of the Certificate Balances of Class A-6 A-10 Certificates will be applied, in the aggregate, to the Class A-6 A-10 Certificates in an amount equal to the portion of the Available Funds distributable to the Class A-6 A-10 Certificates pursuant to Section 4.02(a)(iv), plus any amounts available for distribution from the Rounding Account pursuant to Section 4.03(f), provided that the aggregate distribution in reduction of the Class Certificate Balance of the Class A-6 A-10 Certificates on any Distribution Date is made in an integral multiple of $1,000.
Appears in 1 contract
Distributions in Reduction of the Class. A-6 A-11 Certificates.
(a) Except as provided in subclauses (d) and (f) below, on each Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-6 A-11 Certificates (the "Designated Certificates") are made, such distributions will be made pursuant to any request by a Class A-6 Certificate Owner, in the following priority:
(i) any request by the personal representative of a Deceased Holder or by a surviving tenant by the entirety, by a surviving joint tenant or by a surviving tenant in common or other Person empowered to act on behalf of such Deceased Holder upon his or her death, in an amount up to but not exceeding $100,000 per request; and
(ii) any request by a Living Holder, in an amount up to but not exceeding $10,000 per request.
(b) . Thereafter, distributions will be made as provided in clauses (i) and (ii) above up to a second $100,000 and $10,000 per request, respectively. This sequence of priorities will be repeated for each request for principal distributions made by the Certificate Owners of the Class A-6 Designated Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Balances of Class A-6 Designated Certificates presented on behalf of the related Deceased Holders in accordance with the provisions of clause (i) above will be accepted in the order of their receipt by the Depository. Requests for distributions in reduction of the Certificate Balances of Class A-6 Designated Certificates presented in accordance with the provisions of clause (ii) above will be accepted in the order of priority established by the random lot procedures of the Depository after all requests with respect to such Class Certificates presented in accordance with clause (i) have been honored. All requests for distributions in reduction of the Certificate Balance Balances of the Class A-6 Designated Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c) below and must be received by the Depository and forwarded to, and received by, the Trustee no later than the close of business on the related Record Date. Requests for distributions which are received by the Depository and forwarded to the Trustee after the related Record Date and requests, in either case, for distributions timely received but not accepted with respect to any Distribution Date, will be treated as requests for distributions in reduction of the Certificate Balances of the applicable Class A-6 Designated Certificates on the next succeeding Distribution Date, and each succeeding Distribution Date thereafter, until each such request is accepted or is withdrawn as provided in Section 4.03(c). Such requests as are not so withdrawn shall retain their order of priority without the need for any further action on the part of the appropriate Certificate Owner of the related Class A-6 Designated Certificate, all in accordance with the procedures of the Depository and the Trustee. Upon the transfer of beneficial ownership of any Class A-6 Designated Certificate, any distribution request previously submitted with respect to such Certificate will be deemed to have been withdrawn only upon the receipt by the Trustee of notification of such withdrawal using a form required by the Depository. Distributions in reduction of the Certificate Balances of Class A-6 Designated Certificates will be applied, in the aggregate, to the Class A-6 such related Designated Certificates in an amount equal to the portion of the Available Funds distributable to the Class A-6 related Designated Certificates pursuant to Section 4.02(a)(iv), plus any amounts available for distribution from the related Rounding Account pursuant to Section 4.03(f4.03(e), provided that the aggregate distribution in reduction of the Class Certificate Balance of the Class A-6 Certificates a Designated Certificate on any Distribution Date is made in an integral multiple of $1,000.
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Distributions in Reduction of the Class. A-6 A-4 Certificates.
(a) Except as provided in subclauses (d) and (f) below, on each Distribution Date on which distributions in reduction of the Class Certificate Balance of the Class A-6 A-4 Certificates are made, such distributions will be made pursuant to any request by a Class A-6 A-4 Certificate Owner, in the following priority:
(i) any request by the personal representative of a Deceased Holder or by a surviving tenant by the entirety, by a surviving joint tenant or by a surviving tenant in common or other Person empowered to act on behalf of such Deceased Holder upon his or her death, in an amount up to but not exceeding $100,000 per request; and
(ii) any request by a Living Holder, in an amount up to but not exceeding $10,000 per request.
(b) Thereafter, distributions will be made as provided in clauses (i) and (ii) above up to a second $100,000 and $10,000 per request, respectively. This sequence of priorities will be repeated for each request for principal distributions made by the Certificate Owners of the Class A-6 A-4 Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Balances of Class A-6 A-4 Certificates presented on behalf of Deceased Holders in accordance with the provisions of clause (i) above will be accepted in the order of their receipt by the Depository. Requests for distributions in reduction of the Certificate Balances of Class A-6 A-4 Certificates presented in accordance with the provisions of clause (ii) above will be accepted in the order of priority established by the random lot procedures of the Depository after all requests with respect to such Class presented in accordance with clause (i) have been honored. All requests for distributions in reduction of the Certificate Balance of the Class A-6 A-4 Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c) below and must be received by the Depository and forwarded to, and received by, the Trustee no later than the close of business on the related Record Date. Requests for distributions which are received by the Depository and forwarded to the Trustee after the related Record Date and requests, in either case, for distributions timely received but not accepted with respect to any Distribution Date, will be treated as requests for distributions in reduction of the Certificate Balances of the applicable Class A-6 A-4 Certificates on the next succeeding Distribution Date, and each succeeding Distribution Date thereafter, until each such request is accepted or is withdrawn as provided in Section 4.03(c). Such requests as are not so withdrawn shall retain their order of priority without the need for any further action on the part of the appropriate Certificate Owner of the related Class A-6 A-4 Certificate, all in accordance with the procedures of the Depository and the Trustee. Upon the transfer of beneficial ownership of any Class A-6 A-4 Certificate, any distribution request previously submitted with respect to such Certificate will be deemed to have been withdrawn only upon the receipt by the Trustee of notification of such withdrawal using a form required by the Depository. Distributions in reduction of the Certificate Balances of Class A-6 A-4 Certificates will be applied, in the aggregate, to the Class A-6 A-4 Certificates in an amount equal to the portion of the Available Funds distributable to the Class A-6 A-4 Certificates pursuant to Section 4.02(a)(iv), plus any amounts available for distribution from the Class A-4 Rounding Account pursuant to Section 4.03(f), provided that the aggregate distribution in reduction of the Class Certificate Balance of the Class A-6 A-4 Certificates on any Distribution Date is made in an integral multiple of $1,000.
Appears in 1 contract