Distributions of Principal on Redemption 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 Amount of a Class of Redemption Certificates are made, such distributions will be made in the following order of 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. 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 a Class of Redemption Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 Clearing Agency. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 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 Class Certificate Principal Amount of a Class of Redemption Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c) below and must be received by the 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 that are received by the Clearing Agency 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 Class Certificate Principal Amount of the applicable Class of Redemption 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 5.05(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 Redemption Certificate, all in accordance with the procedures of the Clearing Agency and the Trustee. Upon the transfer of beneficial ownership of any Redemption 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 Clearing Agency. Distributions in reduction of the Certificate Principal Amounts of Redemption Certificates will be applied, in the aggregate, to such Certificates in an amount equal to the portion of the Available Distribution Amount distributable to the Redemption Certificates pursuant to Section 5.02(a)(iv), plus any amounts available for distribution from the applicable Rounding Account pursuant to Section 5.05(e), provided that -------- the aggregate distribution in reduction of the Class Certificate Principal Amount of any Class of Redemption Certificates on any Distribution Date is made in an integral multiple of $1,000.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Securities Corporation), Trust Agreement (Structured Asset Securities Corporation)
Distributions of Principal on Redemption 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 Amount of a Class of Redemption Certificates are made, such distributions will be made in the following order of 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. 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 a Class of Redemption Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 Clearing Agency. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 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 Class Certificate Principal Amount of a Class of Redemption Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c5.06(c) below and must be received by the 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 that are received by the Clearing Agency 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 Class Certificate Principal Amount of the applicable Class of Redemption 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 5.05(c5.06(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 Redemption Certificate, all in accordance with the procedures of the Clearing Agency and the Trustee. Upon the transfer of beneficial ownership of any Redemption 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 Clearing Agency. Distributions in reduction of the Certificate Principal Amounts of Redemption Certificates will be applied, in the aggregate, to such Certificates in an amount equal to the portion of the Available Distribution Amount distributable to the Redemption Certificates pursuant to Section 5.02(a)(iv5.02(a)(v), plus any amounts available for distribution from the applicable Rounding Account pursuant to Section 5.05(e5.06(e), provided that -------- the aggregate distribution in reduction of the Class Certificate Principal Amount of any Class of Redemption Certificates on any Distribution Date is made in an integral multiple of $1,000.
Appears in 2 contracts
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pas THR Cert Se 2000 3), Trust Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2000-1)
Distributions of Principal on Redemption 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 Amount of a Class of Redemption Certificates are made, such distributions will be made in the following order of priority:
(i1) 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
(ii2) any request by a Living Holder, in an amount up to but not exceeding $10,000 per request. 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 a Class of Redemption Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 Clearing Agency. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 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 Class Certificate Principal Amount of a Class of Redemption Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c5.06(c) below and must be received by the 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 that are received by the Clearing Agency 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 Class Certificate Principal Amount of the applicable Class of Redemption 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 5.05(c5.06(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 Redemption Certificate, all in accordance with the procedures of the Clearing Agency and the Trustee. Upon the transfer of beneficial ownership of any Redemption 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 Clearing Agency. Distributions in reduction of the Certificate Principal Amounts of Redemption Certificates will be applied, in the aggregate, to such Certificates in an amount equal to the portion of the Available Distribution Amount distributable to the Redemption Certificates pursuant to Section 5.02(a)(iv), plus any amounts available for distribution from the applicable Rounding Account pursuant to Section 5.05(e5.06(e), provided that -------- the aggregate distribution in reduction of the Class Certificate Principal Amount of any Class of Redemption Certificates on any Distribution Date is made in an integral multiple of $1,000.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2001-2)
Distributions of Principal on Redemption 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 Amount of a Class of Redemption Certificates are made, such distributions will be made in the following order of 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. 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 a Class of Redemption Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 Clearing Agency. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 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 Class Certificate Principal Amount of a Class of Redemption Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c5.06(c) below and must be received by the 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 that are received by the Clearing Agency 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 Class Certificate Principal Amount of the applicable Class of Redemption 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 5.05(c5.06(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 Redemption Certificate, all in accordance with the procedures of the Clearing Agency and the Trustee. Upon the transfer of beneficial ownership of any Redemption 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 Clearing Agency. Distributions in reduction of the Certificate Principal Amounts of Redemption Certificates will be applied, in the aggregate, to such Certificates in an amount equal to the portion of the Available Distribution Amount distributable to the Redemption Certificates pursuant to Section 5.02(a)(iv), .
(a) (v)(A)(6) plus any amounts available for distribution from the applicable Rounding Account pursuant to Section 5.05(e5.06(e), ; provided that -------- the aggregate distribution in reduction of the Class Certificate Principal Amount of any Class of Redemption Certificates on any Distribution Date is made in an integral multiple of $1,000.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass Thro Cert Ser 1999 Als2)
Distributions of Principal on Redemption 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 Amount of a Class of Redemption Certificates are made, such distributions will be made in the following order of 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. 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 a Class of Redemption Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 Clearing Agency. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 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 Class Certificate Principal Amount of a Class of Redemption Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c5.09(c) below and must be received by the 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 that are received by the Clearing Agency 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 Class Certificate Principal Amount of the applicable Class of Redemption 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 5.05(c5.09(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 Redemption Certificate, all in accordance with the procedures of the Clearing Agency and the Trustee. Upon the transfer of beneficial ownership of any Redemption 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 Clearing Agency. Distributions in reduction of the Certificate Principal Amounts of Redemption Certificates will be applied, in the aggregate, to such Certificates in an amount equal to the portion of the Available Distribution Amount distributable to the Redemption Certificates pursuant to Section 5.02(a)(iv), plus any amounts available for distribution from the applicable Rounding Account pursuant to Section 5.05(e5.09(e), provided that -------- the aggregate distribution in reduction of the Class Certificate Principal Amount of any Class of Redemption Certificates on any Distribution Date is made in an integral multiple of $1,000.
Appears in 1 contract
Distributions of Principal on Redemption 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 Amount of a Class of Redemption Certificates are made, such distributions will be made in the following order of 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. 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 a Class of Redemption Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 Clearing Agency. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 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 Class Certificate Principal Amount of a Class of Redemption Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c5.05(c) below and must be received by the 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 that are received by the Clearing Agency 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 Class Certificate Principal Amount of the applicable Class of Redemption 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 5.05(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 Redemption Certificate, all in accordance with the procedures of the Clearing Agency and the Trustee. Upon the transfer of beneficial ownership of any Redemption 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 Clearing Agency. Distributions in reduction of the Certificate Principal Amounts of Redemption Certificates will be applied, in the aggregate, to such Certificates in an amount equal to the portion of the Available Distribution Amount distributable to the Redemption Certificates pursuant to Section 5.02(a)(iv), plus any amounts available for distribution from the applicable Rounding Account pursuant to Section 5.05(e), provided that -------- the aggregate distribution in reduction of the Class Certificate Principal Amount of any Class of Redemption Certificates on any Distribution Date is made in an integral multiple of $1,000.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 1999 1)
Distributions of Principal on Redemption 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 Amount of a Class of Redemption Certificates are made, such distributions will be made in the following order of 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. 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 a Class of Redemption Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 Clearing Agency. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 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 Class Certificate Principal Amount of a Class of Redemption Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c) below and must be received by the 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 that are received by the Clearing Agency 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 Class Certificate Principal Amount of the applicable Class of Redemption 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 5.05(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 Redemption Certificate, all in accordance with the procedures of the Clearing Agency and the Trustee. Upon the transfer of beneficial ownership of any Redemption 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 Clearing Agency. Distributions in reduction of the Certificate Principal Amounts of Redemption Certificates will be applied, in the aggregate, to such Certificates in an amount equal to the portion of the Available Distribution Amount distributable to the Redemption Certificates pursuant to Section 5.02(a)(iv), plus any amounts available for distribution from the applicable Rounding Account pursuant to Section 5.05(e), provided that -------- the aggregate distribution in reduction of the Class Certificate Principal Amount of any Class of Redemption Certificates on any Distribution Date is made in an integral multiple of $1,000.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corporation)
Distributions of Principal on Redemption 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 Amount of a Class of Redemption Certificates are made, such distributions will be made in the following order of 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. 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 a Class of Redemption Certificates until all such requests have been honored. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 Clearing Agency. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 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 Class Certificate Principal Amount of a Class of Redemption Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c5.06(c) below and must be received by the 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 that are received by the Clearing Agency 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 Class Certificate Principal Amount of the applicable Class of Redemption 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 5.05(c5.06(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 Redemption Certificate, all in accordance with the procedures of the Clearing Agency and the Trustee. Upon the transfer of beneficial ownership of any Redemption 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 Clearing Agency. Distributions in reduction of the Certificate Principal Amounts of Redemption Certificates will be applied, in the aggregate, to such Certificates in an amount equal to the portion of the Available Distribution Amount distributable to the Redemption Certificates pursuant to Section 5.02(a)(iv), plus any amounts available for distribution from the applicable Rounding Account pursuant to Section 5.05(e5.06(e), provided that -------- the aggregate distribution in reduction of the Class Certificate Principal Amount of any Class of Redemption Certificates on any Distribution Date is made in an integral multiple of $1,000.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Corp Mort Pass THR Cert Ser 01 1)
Distributions of Principal on Redemption 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 Amount of a Class of Redemption Certificates are made, such distributions will be made in the following order of priority:priority (after depositing any amounts in the Rounding Account under paragraph (e):
(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. 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 a Class of Redemption Certificates until all such requests have amounts available for distribution reduction of the Class Principal Amount of the Class A4 Certificates has been honoreddistributed. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 Clearing Agency. Requests for distributions in reduction of the Certificate Principal Amounts of Redemption 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 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 Class Certificate Principal Amount of a Class of Redemption Certificates with respect to any Distribution Date shall be made in accordance with Section 4.03(c5.06(c) below and must be received by the 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 that are received by the Clearing Agency 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 Class Certificate Principal Amount of the applicable Class of Redemption 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 5.05(c5.06(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 Redemption Certificate, all in accordance with the procedures of the Clearing Agency and the Trustee. Upon the transfer of beneficial ownership of any Redemption 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 Clearing Agency. Distributions in reduction of the Certificate Principal Amounts of Redemption Certificates will be applied, in the aggregate, to such Certificates in an amount equal to the portion of the Available Distribution Amount distributable to the Redemption Certificates pursuant to Section 5.02(a)(iv), plus any amounts available for distribution from the applicable Rounding Account pursuant to Section 5.05(e5.06(e), provided that -------- the aggregate distribution in reduction of the Class Certificate Principal Amount of any Class of Redemption Certificates on any Distribution Date is made in an integral multiple of $1,000.
Appears in 1 contract
Samples: Trust Agreement (Structured Asset Securities Co Mor Pass-THR Cer Ser 2002-19)