Distributions of Interest and Principal Proceeds. On each Distribution Date, the Indenture Trustee, with respect to the Notes, and the Paying Agent, with respect to the Ownership Interest, shall distribute out of the Distribution Account, to the extent of Available Funds for each Group (except that with respect to Cross-Collateralization Payments, such Payments shall be applied only to cover shortfalls as a result of defaults and delinquencies and (A) the portion thereof payable to the Noteholders in respect of any Interest Deficiency shall be distributed solely pursuant to Section 5.01(a)(ii), (B) the portion thereof payable to the Insurer in respect of any Insurer Reimbursement Deficiency shall be distributed solely pursuant to Section 5.01(a)(iv), and (C) the portion thereof payable in respect of any Undercollateralization Amount shall be applied pursuant to Section 5.01(a)(iii)), the following amounts and in the following order of priority to the following Persons (based on the information set forth in the Servicing Certificate) in respect of the related Group: (i) concurrently, to the Indenture Trustee, the Indenture Trustee Fee and Transition Expenses for such Distribution Date, to the Owner Trustee, the Owner Trustee Fee for such Distribution Date, and to the Insurer (so long as no Insurer Default defined in clause (i) in the definition thereof has occurred and is continuing), the Premium Amount, in each case, in respect of such Group; (ii) concurrently, to the holders of the related Class of Notes, an amount equal to the related Interest Distribution for such Class of Notes for such Distribution Date; (iii) to the holders of the related Class of Notes, the Principal Distribution for such Distribution Date and such Class (other than the portion constituting Distributable Excess Spread); (iv) to the Insurer (so long as no Insurer Default defined in clause (i) in the definition thereof has occurred and is continuing), the amount owing to the Insurer under the Insurance Agreement for reimbursement for prior draws made on the applicable Insurance Policy, including interest thereon, in respect of such Group; (v) to the holders of the related Class of Notes, to the extent of Available Funds in respect of such Group remaining, the Distributable Excess Spread for such Distribution Date and such Group; (vi) to the Insurer (so long as no Insurer Default described in clause (i) thereof has occurred and is continuing), any other amounts owing to the Insurer in respect of such Group under the Insurance Agreement; (vii) to the other Group(s), for deposit in the related subaccount(s) of the Distribution Account, any related Cross-Collateralization Payment for such Distribution Date; (viii) to the Holders of the Class A-3 Notes, the Interest Index Carryover; (ix) to the Indenture Trustee, reimbursement for all reimbursable expenses incurred in connection with its duties and obligations under this Agreement, to the extent not reimbursed as Transition Expenses pursuant to clause (i) above; (x) to the Servicer, any unreimbursed Delinquency Advances, Servicing Advances and Compensating Interest; (xi) to the Cross-Collateralization Reserve Account for such Group, the Cross-Collateralization Reserve Deposit for such Group and Distribution Date; and (xii) to the Transferor in respect of the Transferor Interest, the balance.
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Samples: Sale and Servicing Agreement (Chec Funding LLC), Sale and Servicing Agreement (Renaissance Mortgage Acceptance Corp), Sale and Servicing Agreement (Renaissance Mortgage Acceptance Corp)
Distributions of Interest and Principal Proceeds. On each Distribution Date, the Indenture Trustee, with respect to the Notes, and the Paying Agent, with respect to the Ownership Interest, shall distribute out of the Distribution Account, to the extent of Available Funds for each Group (except that with respect to Cross-Collateralization Payments, such Payments shall be applied only to cover shortfalls as a result of defaults and delinquencies and (A) the portion thereof payable to the Noteholders in respect of any Interest Deficiency shall be distributed solely pursuant to Section 5.01(a)(ii), (B) the portion thereof payable to the Insurer in respect of any Insurer Reimbursement Deficiency shall be distributed solely pursuant to Section 5.01(a)(iv), and (C) the portion thereof payable in respect of any Undercollateralization Amount shall be applied pursuant to Section 5.01(a)(iii)), the following amounts and in the following order of priority to the following Persons (based on the information set forth in the Servicing Certificate) in respect of the related Group:
(i) concurrently, to the Indenture Trustee, the Indenture Trustee Fee and Transition Expenses for such Distribution Date, to the Owner Trustee, the Owner Trustee Fee for such Distribution Date, and to the Insurer (so long as no Insurer Default defined in clause (i) in the definition thereof has occurred and is continuing), the Premium Amount, in each case, in respect of such Group;
; (ii) concurrently, to the holders of the related Class of Notes, an amount equal to the related Interest Distribution for such Class of Notes for such Distribution Date;
; (iii) to the holders of the related Class of Notes, the Principal Distribution for such Distribution Date and such Class (other than the portion constituting Distributable Excess Spread);
; (iv) to the Insurer (so long as no Insurer Default defined in clause (i) in the definition thereof has occurred and is continuing), the amount owing to the Insurer under the Insurance Agreement for reimbursement for prior draws made on the applicable Insurance Policy, including interest thereon, in respect of such Group;
; (v) to the holders of the related Class of Notes, to the extent of Available Funds in respect of such Group remaining, the Distributable Excess Spread for such Distribution Date and such Group;
; (vi) to the Insurer (so long as no Insurer Default described in clause (i) thereof has occurred and is continuing), any other amounts owing to the Insurer in respect of such Group under the Insurance Agreement;
; (vii) to the other Group(s), for deposit in the related subaccount(s) of the Distribution Account, any related Cross-Collateralization Payment for such Distribution Date;
; (viii) to the Holders of the Class A-3 Notes, the Interest Index Carryover;
; (ix) to the Indenture Trustee, reimbursement for all reimbursable expenses incurred in connection with its duties and obligations under this Agreement, to the extent not reimbursed as Transition Expenses pursuant to clause (i) above;
; (x) to the Servicer, any unreimbursed Delinquency Advances, Servicing Advances and Compensating Interest;
; (xi) to the Cross-Collateralization Reserve Account for such Group, the Cross-Collateralization Reserve Deposit for such Group and Distribution Date; and
and (xii) to the Transferor in respect of the Transferor Interest, the balance.
Appears in 1 contract
Distributions of Interest and Principal Proceeds. On Pursuant to Section 5.4(b) of the Indenture, on each Distribution Payment Date, the Indenture Trustee, with respect to the Class A Notes, and the Paying Agent, with respect to the Ownership Interest, shall distribute out of the Distribution Collection Account, to the extent of the Available Funds for each Group Distribution Amount (except that with respect amounts paid under the Insurance Policy shall only be available for distribution to Cross-Collateralization Payments, such Payments shall be applied only to cover shortfalls as a result of defaults and delinquencies and (A) the portion thereof payable to the Noteholders in respect of any Interest Deficiency shall be distributed solely pursuant to Section 5.01(a)(ii), (B) the portion thereof payable to the Insurer in respect of any Insurer Reimbursement Deficiency shall be distributed solely pursuant to Section 5.01(a)(iv), and (C) the portion thereof payable in respect of any Undercollateralization Amount shall be applied pursuant to Section 5.01(a)(iii)Class A Noteholders), the following amounts and in the following order of priority to the following Persons (based on the information set forth in the Servicing Certificate) in respect of the related Group:):
(i) concurrently, to the Indenture Trustee, the Indenture Trustee Fee and Transition Expenses for such Distribution Payment Date, to the Owner Trustee, the Owner Trustee Fee for such Distribution Payment Date[, and to the Insurer (so long as no Insurer Default defined in clause (i) in the definition thereof has occurred and is continuing)Insurer, the Premium Amount, in each case, in respect of such Group];
(ii) concurrently, to the holders of the related Class of A Notes, an amount equal to the related Interest Distribution for such the Class of A Notes for such Distribution Payment Date;
(iii) to the holders of the related Class of A Notes, the Class A Principal Distribution for such Distribution Payment Date and such Class (other than the portion constituting Distributable Excess SpreadCashflow);
(iv) [to the Insurer (so long as no Insurer Default defined in clause (i) in the definition thereof has occurred and is continuing)Insurer, the amount owing to the Insurer under the Insurance Agreement for reimbursement for prior draws made on the applicable Insurance Policy, including interest thereon, in respect of such Group;]
(v) to the holders of the related Class of A Notes, to the extent of the Available Funds in respect of such Group Distribution Amount remaining, the Distributable Excess Spread Cashflow for such Distribution Date and such GroupPayment Date;
(vi) [to the Insurer (so long as no Insurer Default described in clause (i) thereof has occurred and is continuing)Insurer, any other amounts owing to the Insurer in respect of such Group under the Insurance Agreement;; and]
(vii) to the other Group(s), for deposit in the related subaccount(s) of the Distribution Account, any related Cross-Collateralization Payment for such Distribution Date;
(viii) to the Holders of the Class A-3 Notes, the Interest Index Carryover;
(ix) to the Indenture Trustee, reimbursement for all reimbursable expenses incurred in connection with its duties and obligations under this Agreement, to the extent not reimbursed as Transition Expenses pursuant to clause (i) above;
(x) to the Servicer, any unreimbursed Delinquency Advances, Servicing Advances and Compensating Interest;
(xi) to the Cross-Collateralization Reserve Account for such Group, the Cross-Collateralization Reserve Deposit for such Group and Distribution Date; and
(xii) to the Transferor in respect of the Transferor Ownership Interest, the balance.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Household Mortgage Funding Corp Iii)
Distributions of Interest and Principal Proceeds. On Pursuant to Section 5.4(b) of the Indenture, on each Distribution Payment Date, the Indenture Trustee, with respect to the Class A Notes, and the Paying Agent, with respect to the Ownership Interest, shall distribute out of the Distribution Account, to the extent of Available Funds for each Group (except that with respect amounts paid under the Insurance Policy shall only be available for distribution to Cross-Collateralization Payments, such Payments shall be applied only to cover shortfalls as a result of defaults and delinquencies and (A) the portion thereof payable to the Noteholders in respect of any Interest Deficiency shall be distributed solely pursuant to Section 5.01(a)(ii), (B) the portion thereof payable to the Insurer in respect of any Insurer Reimbursement Deficiency shall be distributed solely pursuant to Section 5.01(a)(iv), and (C) the portion thereof payable in respect of any Undercollateralization Amount shall be applied pursuant to Section 5.01(a)(iii)Class A Noteholders), the following amounts and in the following order of priority to the following Persons (based on the information set forth in the Servicing Certificate) in respect of the related Group:):
(i) concurrently, to the Indenture Trustee, the Indenture Trustee Fee and Transition Expenses for such Distribution Payment Date, to the Owner Trustee, the Owner Trustee Fee for such Distribution Payment Date, and to the Insurer (so long as no Insurer Default defined in clause (i) in the definition thereof has occurred and is continuing)Insurer, the Premium Amount, in each case, in respect of such Group;
(ii) concurrently, to the holders of the related Class of A Notes, an amount equal to the related Interest Distribution for such the Class of A Notes for such Distribution Payment Date;
(iii) to the holders of the related Class of A Notes, the Class A Principal Distribution for such Distribution Payment Date and such Class (other than the portion constituting Distributable Excess Spread);
(iv) to the Insurer (so long as no Insurer Default defined in clause (i) in the definition thereof has occurred and is continuing)Insurer, the amount owing to the Insurer under the Insurance Agreement for reimbursement for prior draws made on the applicable Insurance Policy, including interest thereon, in respect of such Group;
(v) to the holders of the related Class of A Notes, to the extent of Available Funds in respect of such Group remaining, the Distributable Excess Spread for such Distribution Date and such GroupPayment Date;
(vi) to the Insurer Servicer, the amount of any accrued and unpaid Servicing Fee;
(so long as no Insurer Default described in clause vii) to the Servicer, the amount of Nonrecoverable Advances not previously reimbursed and any amounts payable to the Servicer pursuant to Section 7.03;
(iviii) thereof has occurred and is continuing)to the Insurer, any other amounts owing to the Insurer in respect of such Group under the Insurance Agreement;
(vii) to the other Group(s), for deposit in the related subaccount(s) of the Distribution Account, any related Cross-Collateralization Payment for such Distribution Date;
(viii) to the Holders of the Class A-3 Notes, the Interest Index Carryover;
(ix) to the Indenture Trustee, reimbursement for all reimbursable expenses incurred in connection with its duties and obligations under this Agreement, to the extent not reimbursed as Transition Expenses pursuant to clause (i) above;
(x) to the Servicer, any unreimbursed Delinquency Advances, Servicing Advances and Compensating Interest;
(xi) to the Cross-Collateralization Reserve Account for such Group, the Cross-Collateralization Reserve Deposit for such Group and Distribution Date; and
(xiiix) to the Transferor in respect of the Transferor Ownership Interest, the balance.
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Samples: Sale and Servicing Agreement (Fleet Home Equity Loan Corp)