Common use of Distributions on Residual Certificates Clause in Contracts

Distributions on Residual Certificates. (a) The Residual Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Distribution Account for payment to the Residual Certificateholders pursuant to Section 8.7(b)(xiv) of the Indenture, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows: (i) with respect to any Payment Date during the Managed Amortization Period, to the Class B Certificateholders; and (ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders and the Class G Certificateholders, pro rata based on their respective Class Principal Balance; provided, however, that the Class G Certificateholders shall have no right to such distributions unless all unpaid and unreimbursed Expenses due and owing to the Owner Trustee pursuant to the Basic Documents (including Section 9.2 herein) shall have been paid from such amounts available for distribution to the Class G Certificates. provided, further, on the Payment Date on which the Redemption Price is distributed, the portion, if any, of the Redemption Price equal to the Class Principal Balance of the Class G Certificates shall be distributed pursuant to this Section 4.11(a) to the Class G Certificateholders and the portion, if any, of the Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 4.11(a) to the Class B Certificateholders, as applicable. (b) With respect to each Payment Date, the Owner Trustee, to the extent the Servicer has provided the related Servicing Certificate to the Owner Trustee pursuant to Section 4.01 of the Sale and Servicing Agreement, shall deliver or make available the Servicing Certificate for such Payment Date to each Residual Certificateholder.

Distributions on Residual Certificates. (ai) The Residual Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, (x) the Indenture Trustee shall distribute to the Class L Certificateholders any amounts allocated to them in accordance with Section 8.7(b)(iv), (v) and (vi) of the Indenture and (y) any amounts remaining in the Distribution Account for payment to the Residual Certificateholders pursuant to Section 8.7(b)(xiv) of the Indenture, to the extent such funds are received by the Owner Trustee, Indenture shall be distributed by the Indenture Trustee on the Owner Trustee Trustee's behalf as follows: (i) with With respect to any Payment Date during the Managed Amortization Period, to the Class B O Certificateholders, all amounts; and (ii) with respect to any Payment Date during the Rapid Amortization Period, concurrentlyfirst, to the Class B Certificateholders and L Certificateholders, interest on the Class G CertificateholdersPrincipal Balance thereof at the Contribution Rate, pro rata based on their respective second, to the Holders of the Class O Certificates, any remaining Interest Collections and third, all other amounts (x) to the Class O Certificateholders until the Class Principal BalanceBalance of the Class O Notes has been reduced to zero then (y) to the Class L Certificateholders until the Class Principal Balance of the Class L Certificates has been reduced to zero; provided, however, that the Class G O Certificateholders shall have no right to such distributions unless all unpaid and unreimbursed Expenses due and owing to the Owner Trustee pursuant to the Basic Documents (including Section 9.2 herein) shall have been paid from such amounts available for distribution to the Class G O Certificates. provided, further, on the Payment Date on which the Redemption Price is distributed, the portion, if any, of the Redemption Price equal allocable to the Class Principal Balance of the Class G L Certificates shall be distributed pursuant to this Section 4.11(a) 4.11 to the Class G L Certificateholders and the portion, if any, of the Redemption Price equal allocable to the Class Principal Balance of the Class B O Certificates shall be distributed pursuant to this Section 4.11(a) 4.11 to the Class B O Certificateholders, as applicable. (b) With respect to each Payment Date. provided, further, that the Owner Trustee, to Issuer shall cause any Mortgage Loans removed from the extent the Servicer has provided the related Servicing Certificate to the Owner Trustee Trust Property pursuant to Section 4.01 2.07 of the Sale and Servicing AgreementAgreement to be assigned to the Holder of the Class L Certificates and the Class Principal Balance of the Class L Certificates shall be reduced by the Principal Balance of such Mortgage Loans (it being understood that, shall deliver or make available if any such assignment occurs during the Servicing Certificate for Managed Amortization Period, the Principal Balance of such Payment Date to each Residual CertificateholderMortgage Loans will be offset against the Class Principal Balance of the Class L Certificates following commencement of the Rapid Amortization Period).

Distributions on Residual Certificates. (a) The Residual Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale Transfer and Servicing Agreement and the Indenture. With respect to any Payment Date during the Managed Amortization Period, funds received by the Owner Trustee pursuant to Section 5.03(b)(ii) or (iii) of the Transfer and Servicing Agreement shall be distributed by the Owner Trustee to the Class L Certificateholders. With respect to any Payment Date, any amounts remaining in the Distribution Payment Account for payment to the Residual Certificateholders pursuant to Section 8.7(b)(xiv5.03(b)(xi) of the IndentureTransfer and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows: (i) with respect to any Payment Date during the Managed Amortization Period, to the Class B CertificateholdersCertificateholders the Class B Distribution Amount for such Payment Date (net of amounts paid to the Class B Certificateholders pursuant to Section 5.03(c) of the Transfer and Servicing Agreement on such Payment Date); and (ii) with respect to any Payment Date during the Rapid Amortization Period, concurrentlysequentially, first to the Class L Certificateholders the Interest Payment Amount for such Payment Date, second, to the Class L Certificateholders the Class Principal Balance of the Class L Certificates until reduced to zero, third to the Class B Certificateholders and the Class G B Distribution Amount for such Payment Date (net of amounts paid to the Class B Certificateholders pursuant to Section 5.03(c) of the Transfer and Servicing Agreement on such Payment Date); (iii) on any Payment Date, any remaining amounts will be distributed to the Class L Certificateholders to the extent attributable to the Lower-Tier REMIC and otherwise to the Class R Certificateholders, pro rata based on their respective Class Principal Balance; provided, however, that the Class G L Certificateholders shall have no right to such distributions unless all unpaid and unreimbursed Expenses due and owing to the Owner Trustee pursuant to the Basic Documents Operative Agreements (including Section 9.2 7.02 herein) shall have been paid from such amounts available for distribution to the Class G L Certificates. provided, further, on ; and provided further than the Payment Date on which the Redemption Price is distributed, the portion, if any, of the Redemption Price equal amount distributable to the Class Principal Balance of the Class G Certificates shall be distributed pursuant to this Section 4.11(a) to the Class G Certificateholders and the portion, if any, of the Redemption Price equal to the Class Principal Balance of the Class B Certificates on any Payment Date shall be distributed pursuant to this Section 4.11(a) reduced by the amount of Net WAC Carryover Amounts payable to the Class B Certificateholders, as applicable. (b) Notes on such Payment Date. With respect to each Payment Date, the Owner TrusteeAdministrator, to the extent the Servicer has provided the related Servicing Certificate certificate delivered by the Servicer to the Owner Trustee Administrator pursuant to Section 4.01 4.24(a) of the Sale Transfer and Servicing AgreementAgreement (the “Servicer Certificate”), shall deliver or make available the Servicing Servicer Certificate for such Payment Date to each Residual Certificateholder.

Distributions on Residual Certificates. (a) The Residual Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Distribution Account for payment to the Residual Certificateholders pursuant to Section 8.7(b)(xiv) of the Indenture, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows: (i) with respect to any Payment Date during the Managed Amortization Period, to the Class B Certificateholders; and (ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders and the Class G Certificateholders, pro rata based on their respective Class Principal Balance; provided, however, that the Class G Certificateholders shall have no right to such distributions unless all unpaid and unreimbursed Expenses due and owing to the Owner Trustee pursuant to the Basic Documents (including Section 9.2 herein) shall have been paid from such amounts available for distribution to the Class G Certificates. provided, further, on the Payment Date on which the Redemption Price is distributed, the portion, if any, of the Redemption Price equal to the Class Principal Balance of the Class G Certificates shall be distributed pursuant to this Section 4.11(a) to the Class G Certificateholders and the portion, if any, of the Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 4.11(a) to the Class B Certificateholders, as applicable. (b) With respect to each Payment Date, the Owner Trustee, to the extent the Servicer has provided the related Servicing Certificate to the Owner Trustee pursuant to Section 4.01 of the Sale and Servicing Agreement, shall deliver or make available the Servicing Certificate for such Payment Date to each Residual Certificateholder.

Distributions on Residual Certificates. (a) The Residual Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Distribution Payment Account for payment distribution to the Residual Certificateholders pursuant to Section 8.7(b)(xiv) 5.03 of the IndentureSale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows: (i) with respect to any Payment Date during the Managed Amortization Periodfirst, to the Holders of the Class B Certificateholders; andG Certificates, as set forth in Section 5.03 of the Sale and Servicing Agreement; (ii) with respect to any Payment Date during the Rapid Amortization Period, concurrentlysecond, to the Class B Certificateholders and the Class G CertificateholdersOwner Trustee, pro rata based on their respective Class Principal Balance; provided, however, that the Class G Certificateholders shall have no right to such distributions unless all any unpaid and unreimbursed Expenses due and owing to the Owner Trustee it pursuant to the Basic Documents Operative Agreements (including Section 9.2 7.02 herein); (iii) shall have been paid from such amounts available for distribution third, to the Holders of the Class G C Certificates, (a) the Monthly Interest Payable Amount and any Overcollateralization Release Amount for such Payment Date and (b) on any Payment Date on which the aggregate Note Balance of the Class A Notes, the Mezzanine Notes and the Class B Notes has been reduced to zero, any remaining amounts in reduction of the Certificate Principal Balance of the Class C Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and (iv) fourth, to the Holders of the Residual Certificates (in respect of the Class R-1 Interest, the Class R-2 Interest, the Class R-3 Interest or the Class R-4 Interest, as appropriate). providedPROVIDED, further, THAT on the Payment Date on which the Redemption Price is distributed, the portion, if any, of the Redemption Price equal to the Class Certificate Principal Balance of the Class G Certificates shall be distributed pursuant to this Section 4.11(a3.11(a) to the Class G Certificateholders and the portion, if any, of the Redemption Price equal to the Class Certificate Principal Balance of the Class B C Certificates shall be distributed pursuant to this Section 4.11(a3.11(a) to the Class B C Certificateholders, as applicable. (b) With respect to each Payment Date, the Owner Trustee, to the extent the Servicer has provided the related Servicing Certificate to the Owner Trustee pursuant to Section 4.01 of the Sale and Servicing Agreement, shall deliver or make available the Servicing Certificate for such Payment Date to each Residual Certificateholder.

Distributions on Residual Certificates. (a) The Residual Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale Transfer and Servicing Agreement and the Indenture. With respect to any Payment Date during the Managed Amortization Period, funds received by the Owner Trustee pursuant to Section 5.03(b)(ii) or (iii) of the Transfer and Servicing Agreement shall be distributed by the Owner Trustee to the Class L Certificateholders. With respect to any Payment Date, any amounts remaining in the Distribution Account for payment to the Residual Certificateholders pursuant to Section 8.7(b)(xiv5.03(b)(xv) of the IndentureTransfer and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows: (i) with respect to any Payment Date during the Managed Amortization Period, to the Class B Certificateholders; and (ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders and the Class G L Certificateholders, pro rata based on their respective Class Principal BalanceBalances; provided, however, that the Class G L Certificateholders shall have no right to such distributions unless all unpaid and unreimbursed Expenses due and owing to the Owner Trustee pursuant to the Basic Documents Operative Agreements (including Section 9.2 7.02 herein) shall have been paid from such amounts available for distribution to the Class G L Certificates. provided, further, on the Payment Date on which the Redemption Price is distributed, the portion, if any, of the Redemption Price equal to the Class Principal Balance of the Class G L Certificates shall be distributed pursuant to this Section 4.11(a3.11(a) to the Class G L Certificateholders and the portion, if any, of the Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 4.11(a3.11(a) to the Class B Certificateholders, as applicable. (b) . With respect to each Payment Date, the Owner TrusteeAdministrator, to the extent the Master Servicer has provided the related Servicing Certificate certificate delivered by the Master Servicer to the Owner Trustee Administrator pursuant to Section 4.01 4.09(a) of the Sale Transfer and Servicing AgreementAgreement (the “Master Servicer Certificate”), shall deliver or make available the Servicing Master Servicer Certificate for such Payment Date to each Residual Certificateholder.

Distributions on Residual Certificates. (a) The Residual Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Distribution Payment Account for payment distribution to the Residual Certificateholders pursuant to Section 8.7(b)(xiv) 5.03 of the IndentureSale and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows: (i) with respect to any Payment Date during the Managed Amortization Periodfirst, to the Holders of the Class B Certificateholders; andG Certificates, as set forth in Section 5.03 of the Sale and Servicing Agreement; (ii) with respect to any Payment Date during the Rapid Amortization Period, concurrentlysecond, to the Class B Certificateholders and the Class G CertificateholdersOwner Trustee, pro rata based on their respective Class Principal Balance; provided, however, that the Class G Certificateholders shall have no right to such distributions unless all any unpaid and unreimbursed Expenses due and owing to the Owner Trustee it pursuant to the Basic Documents Operative Agreements (including Section 9.2 7.02 herein); (iii) shall have been paid from such amounts available for distribution third, to the Holders of the Class G C Certificates, (a) the Monthly Interest Payable Amount and any Overcollateralization Release Amount for such Payment Date and (b) on any Payment Date on which the aggregate Note Balance of the Class A Notes, the Mezzanine Notes and the Class B Notes has been reduced to zero, any remaining amounts in reduction of the Certificate Principal Balance of the Class C Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and (iv) fourth, to the Holders of the Residual Certificates (in respect of the Class R-1 Interest, the Class R-2 Interest, the Class R-3 Interest or the Class R-4 Interest, as appropriate). provided, further, that on the Payment Date on which the Redemption Price is distributed, the portion, if any, of the Redemption Price equal to the Class Certificate Principal Balance of the Class G Certificates shall be distributed pursuant to this Section 4.11(a3.11(a) to the Class G Certificateholders and the portion, if any, of the Redemption Price equal to the Class Certificate Principal Balance of the Class B C Certificates shall be distributed pursuant to this Section 4.11(a3.11(a) to the Class B C Certificateholders, as applicable. (b) With respect to each Payment Date, the Owner Trustee, to the extent the Servicer has provided the related Servicing Certificate to the Owner Trustee pursuant to Section 4.01 of the Sale and Servicing Agreement, shall deliver or make available the Servicing Certificate for such Payment Date to each Residual Certificateholder.

Distributions on Residual Certificates. (a) The Residual Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Distribution Account for payment to the Residual Certificateholders pursuant to Section 8.7(b)(xiv8.7(b)(xiii) of the Indenture, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows: (i) with respect to any Payment Date during the Managed Amortization Period, to the Class B Certificateholders; and (ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders and the Class G Certificateholders, pro rata based on their respective Class Principal Balance; provided, however, that the Class G Certificateholders shall have no right to such distributions unless all unpaid and unreimbursed Expenses due and owing to the Owner Trustee pursuant to the Basic Documents (including Section 9.2 herein) shall have been paid from such amounts available for distribution to the Class G Certificates. provided, further, on the Payment Date on which the Redemption Price is distributed, the portion, if any, of the Redemption Price equal to the Class Principal Balance of the Class G Certificates shall be distributed pursuant to this Section 4.11(a) to the Class G Certificateholders and the portion, if any, of the Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 4.11(a) to the Class B Certificateholders, as applicable. (b) With respect to each Payment Date, the Owner Trustee, to the extent the Servicer has provided the related Servicing Certificate to the Owner Trustee pursuant to Section 4.01 of the Sale and Servicing Agreement, shall deliver or make available the Servicing Certificate for such Payment Date to each Residual Certificateholder.

Distributions on Residual Certificates. (a) The Residual Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts remaining in the Distribution Account for payment to the Residual Certificateholders pursuant to Section 8.7(b)(xiv) [5.03(b)(xi)] of the Indenture, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows: (i) with respect to any Payment Date during the Managed Amortization Period, to the Class B Certificateholders; and (ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders and the Class G L Certificateholders, pro rata based on their respective Class Principal Balance; provided, however, that the Class G Certificateholders shall have no right to such distributions unless all unpaid and unreimbursed Expenses due and owing to the Owner Trustee pursuant to the Basic Operative Documents (including Section 9.2 7.02 herein) shall have been paid from such amounts available for distribution to the Class G Certificates. provided, further, on the Payment Date on which the Redemption Price is distributed, the portion, if any, of the Redemption Price equal to the Class Principal Balance of the Class G L Certificates shall be distributed pursuant to this Section 4.11(a3.11(a) to the Class G L Certificateholders and the portion, if any, of the Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 4.11(a3.11(a) to the Class B Certificateholders, as applicable. (b) With respect to each Payment Date, the Owner Trustee, to the extent the Servicer has provided the related Servicing Certificate to the Owner Trustee pursuant to Section 4.01 of the Sale and Servicing Agreement, shall deliver or make available the Servicing Certificate for such Payment Date to each Residual Certificateholder.

Distributions on Residual Certificates. (a) The Residual Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale and Master Servicing Agreement and the Indenture. With respect to any Payment Date, (x) the Indenture Trustee shall distribute to the Class L Certificateholders any amounts allocated to them in accordance with Section [___] of the Indenture and (y) any amounts remaining in the Distribution Account for payment to the Residual Certificateholders pursuant to Section 8.7(b)(xiv) [___] of the Indenture, to the extent such funds are received by the Owner Trustee, Indenture shall be distributed by the Indenture Trustee on the Owner Trustee as follows: (i) with respect to any Payment Date during the Managed Amortization Period, Trustee’s behalf to the Class B O Certificateholders; and (ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders and the Class G Certificateholders, pro rata based on their respective Class Principal Balance; provided, however, that the Class G Certificateholders shall have no right to such distributions unless all unpaid and unreimbursed Expenses due and owing to the Owner Trustee pursuant to the Basic Documents (including Section 9.2 herein) shall have been paid from such amounts available for distribution to the Class G Certificates. provided, further, on the Payment Date on which the Redemption Price is distributed, the portion, if any, of the Redemption Price equal allocable to the Class Principal Balance of the Class G L Certificates shall be distributed pursuant to this Section 4.11(a) 4.11 to the Class G L Certificateholders and the portion, if any, of the Redemption Price equal allocable to the Class Principal Balance of the Class B O Certificates shall be distributed pursuant to this Section 4.11(a) 4.11 to the Class B O Certificateholders, as applicable. (b) With respect to each Payment Date; and provided, further, that the Owner Trustee, to Issuer shall cause any Mortgage Loans removed from the extent the Servicer has provided the related Servicing Certificate to the Owner Trustee Trust Property pursuant to Section 4.01 2.07 of the Sale Master Servicing Agreement to be assigned to the Holder of the Class L Certificates and Servicing Agreementthe Class Principal Balance of the Class L Certificates shall be reduced by the Principal Balance of such Mortgage Loans (it being understood that, shall deliver or make available if any such assignment occurs during the Servicing Certificate for Managed Amortization Period, the Principal Balance of such Payment Date to each Residual CertificateholderMortgage Loans will be offset against the Class Principal Balance of the Class L Certificates following commencement of the Rapid Amortization Period).

Distributions on Residual Certificates. (a) The Residual Certificateholders will be entitled to distributions on each Payment Date, as provided in this Agreement, the Sale Transfer and Servicing Agreement and the Indenture. With respect to any Payment Date during the Managed Amortization Period, funds received by the Owner Trustee pursuant to Section 5.03(b)(ii) or (iii) of the Transfer and Servicing Agreement shall be distributed by the Owner Trustee to the Class L Certificateholders. With respect to any Payment Date, any amounts remaining in the Distribution Account for payment to the Residual Certificateholders pursuant to Section 8.7(b)(xiv5.03(b)(xv) of the IndentureTransfer and Servicing Agreement, to the extent such funds are received by the Owner Trustee, shall be distributed by the Owner Trustee as follows: (i) with respect to any Payment Date during the Managed Amortization Period, to the Class B Certificateholders; and (ii) with respect to any Payment Date during the Rapid Amortization Period, concurrently, to the Class B Certificateholders and the Class G L Certificateholders, pro rata based on their respective Class Principal BalanceBalances; provided, however, that the Class G L Certificateholders shall have no right to such distributions unless all unpaid and unreimbursed Expenses due and owing to the Owner Trustee pursuant to the Basic Documents Operative Agreements (including Section 9.2 7.02 herein) shall have been paid from such amounts available for distribution to the Class G L Certificates. provided, further, on the Payment Date on which the Redemption Price is distributed, the portion, if any, of the Redemption Price equal to the Class Principal Balance of the Class G L Certificates shall be distributed pursuant to this Section 4.11(a) 3.11 to the Class G L Certificateholders and the portion, if any, of the Redemption Price equal to the Class Principal Balance of the Class B Certificates shall be distributed pursuant to this Section 4.11(a) 3.11 to the Class B Certificateholders, as applicable. (b) . With respect to each Payment Date, the Owner Indenture Trustee, to the extent the Master Servicer has provided the related Servicing Certificate Mortgage Loan data delivered by the Master Servicer to the Owner Indenture Trustee pursuant to Section 4.01 4.09(a) of the Sale Transfer and Servicing AgreementAgreement (the "Indenture Trustee Report"), shall deliver or make available the report to be provided by the Indenture Trustee pursuant to Section 4.09 of the Transfer and Servicing Certificate Agreement for such Payment Date to each Residual Certificateholder.