Distributions on the Certificates. (a) On each Distribution Date, the Trustee shall apply amounts on deposit in the Distribution Account, in each case to the extent of the remaining portion of the Available Distribution Amount, in the following order of priority: (i) to distributions of interest to the Holders of the Class A-1 Certificates, the Holders of the Class A-2 Certificates and the Holders of the Class X Certificates, pro rata in accordance with the respective amounts of Distributable Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (iii) to distributions to the Holders of the Class A-1 Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, in an amount (not to exceed the Class Principal Balance of the Class B Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificates, in an amount equal to the balance, if any, of the Available Distribution Amount for such Distribution Date remaining after the distributions to be made on such Distribution Date pursuant to clauses (i) through (xxx) above;

Appears in 8 contracts

Samples: Pooling and Servicing Agreement (Mortgage Capital Funding Inc), Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc), Pooling and Servicing Agreement (Nationslink Funding Corp)

Distributions on the Certificates. (a) On each Distribution Date, the Trustee shall apply amounts on deposit in the Distribution Account, in each case to the extent of the remaining portion of the Available Distribution Amount, in the following order of priority: (i) to distributions of interest to the Holders of the Class A-1 Certificates, the Holders of the Class A-2 Certificates and the Holders of the Class X Certificates, pro rata in accordance with the respective amounts of Distributable Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (iii) to distributions to the Holders of the Class A-1 Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, in an amount (not to exceed the Class Principal Balance of the Class B Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxxi) to distributions of interest to the Holders of the Class L Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxxii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class K Certificates have been reduced to zero, to distributions of principal to the Holders of the Class L Certificates, in an amount (not to exceed the Class Principal Balance of the Class L Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxxiii) to distributions to the Holders of the Class L Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class L Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxxiv) to make distributions to the Holders of the Class R-III Certificates, in an amount equal to the excess, if any, of (A) the aggregate distributions deemed made in respect of the REMIC II Regular Interests on such Distribution Date pursuant to Section 4.05(a), over (B) the aggregate distributions made in respect of the REMIC III Regular Certificates on such Distribution Date pursuant to clauses (i) through (xxxiii) above; (xxxv) to make distributions to the Holders of the Class R-II Certificates, up to an amount equal to the excess, if any, of (A) the aggregate distributions deemed made in respect of the REMIC I Regular Interests on such Distribution Date pursuant to Section 4.05(e), over (B) the aggregate distributions deemed made in respect of the REMIC II Regular Interests on such Distribution Date pursuant to Section 4.05(a); and (~~xxxi~~xxxvi) to distributions to the Holders of the Class R-I Certificates, in an amount equal to the balance, if any, of the Available Distribution Amount for such Distribution Date remaining after the distributions to be made on such Distribution Date pursuant to clauses (i) through (~~xxx~~xxxv) above;; -148-

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mortgage Capital Funding Inc), Pooling and Servicing Agreement (Mortgage Capital Funding Inc)

Distributions on the Certificates. (a) On each Distribution Date, following application of Available Funds pursuant to clauses (i) and (ii) of Section 4.03(b), the Trustee ~~shall apply~~ will withdraw remaining Group 1 Available Funds and Group 2 Available Funds from the related sub-account of the Certificate Account and distribute them, together with (i) on the Distribution Date in November 2001, the Accrued Interest Reimbursement Amount withdrawn from the Accrued Interest Account (to be applied pursuant to clause FIRST below) and (ii) in the case of distributions of Group Available Funds to the Holders of the Senior Certificates of a Senior Certificate Group, any amounts advanced by the Certificate Insurer in respect of such Senior Certificate Group and on deposit in the ~~Distribution Account, in each case to the extent~~ appropriate subaccount of the ~~remaining portion of the Available Distribution Amount~~Certificate Account, in the following order of ~~priority: (i)~~ priority among the Certificates: FIRST, to ~~distributions of interest to the Holders~~ each of the ~~Class A-1 Certificates, the Holders of the Class A-2~~ Group 1 Senior Certificates and the ~~Holders of the Class X~~ Group 2 Senior Certificates, ~~pro rata in accordance with~~ from the ~~respective amounts of Distributable~~ related Group Available Funds, Accrued Certificate Interest ~~payable in respect of~~ for such ~~Classes of Certificates described in this clause (i), in an amount equal to all Distributable~~ Senior Certificate ~~Interest in respect of each such Class of Certificates~~ Group for such Distribution Date and, on the Distribution Date in November 2001, the portion of the Accrued Interest Reimbursement Amount allocable to such Senior Certificate Group; SECOND, to each of the ~~extent not previously paid~~Group 1 Senior Certificates and the Group 2 Senior Certificates, from the related Group Available Funds, Accrued Certificate Interest for ~~all~~ such Senior Certificate Group remaining unpaid from prior Distribution Dates;; THIRD, to each of the Group 1 Senior Certificates and the Group 2 Senior Certificates, from the related Group Available Funds, the related Senior Optimal Principal Amount, in reduction of the Current Principal Amount of such Senior Certificate Group, until the Current Principal Amount of such Senior Certificate Group has been reduced to zero; FOURTH, on each Distribution Date on which: (i) the Current Principal Amount of one Senior Certificate Group has been reduced to zero and (ii) ~~to distributions of principal, first~~ if such Distribution Date occurs on or prior to the ~~Holders~~ Cross-Over Date, the Subordination Trigger has not been met, from any remaining Group Available Funds allocable to principal for such Senior Certificate Group (and not including any amounts advanced by the Certificate Insurer), to the other Senior Certificate Group, in reduction of the Current Principal Amount thereof, if any, until such Current Principal Amount has been reduced to zero; FIFTH, if on any Distribution Date the aggregate Current Principal Amount of any Senior Certificate Group, following distributions pursuant to clauses FIRST through FOURTH, would be greater than the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Mortgage Loan Group and the Subordinate Certificates are still outstanding: (i) 100% of all Available Funds otherwise allocable to the Subordinate Certificates in respect of principal will be distributed to reduce the Current Principal Amount of such Senior Certificate Group until such Current Principal Amount equals the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Mortgage Loan Group; and (ii) Accrued Certificate Interest otherwise allocable to the Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such Senior Certificate Group in an amount equal to Accrued Certificate Interest for such Senior Certificate Group for such Distribution Date, calculated on the excess of the Current Principal Amount of such Senior Certificate Group over the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Mortgage Loan Group. Any reduction in Accrued Certificate Interest allocable to the Subordinate Certificates will be allocated to the Subordinate Certificates in inverse order of their numerical class designations; SIXTH, to the Certificate Insurer, with respect to each of the Group 1 Senior Certificates and the Group 2 Senior Certificates, from related Group Available Funds, to reimburse it for any amounts paid to such Certificate Group pursuant to the Certificate Insurance Policy (i) on such Distribution Date and (ii) on prior Distribution Dates, if unpaid, including interest on any such unpaid amount at the rate and as set forth in the Insurance Agreement; SEVENTH, on each Distribution Date on which: (i) the Current Principal Amount of one Senior Certificate Group has been reduced to zero and (ii) if such Distribution Date occurs on or prior to the Cross-Over Date, the Subordination Trigger has not been met, from any remaining Group Available Funds allocable to principal for such Senior Certificate Group (and not including any amounts advanced by the Certificate Insurer), to the Certificate Insurer, to reimburse it for amounts set forth in clause SIXTH above made in respect of the other Senior Certificate Group, if any, that remain unpaid after application of funds pursuant to clause SIXTH; EIGHTH, from any remaining Group 1 and Group 2 Available Funds, any costs, expenses, liabilities and indemnification of the Trustee not paid pursuant to Section 4.03(b), including any such costs, expenses, liabilities or indemnification remaining unpaid from prior Distribution Dates; NINTH, from any remaining Group 1 and Group 2 Available Funds, any costs, expenses, indemnification and liabilities of the Master Servicer not paid pursuant to Section 4.03(a), including any such costs, expenses, liabilities or indemnification remaining unpaid from prior Distribution Dates; TENTH, sequentially, in the following order, from any remaining Group 1 and Group 2 Available Funds, to each of the Class ~~A-1 Certificates~~ B-1, Class B-2, Class B-3, Class B-4, Class B-5 and ~~second to the Holders of the~~ Class ~~A-2~~ B-6 Certificates, in each ~~case~~case up to an amount equal to and in the following order: (1) the Accrued Certificate Interest on such Class for such Distribution Date, (2) any Accrued Certificate Interest on such Class remaining undistributed from previous Distribution Dates and (3) such Class's Allocable Share for such Distribution Date, in ~~an amount (not~~ reduction of the Current Principal Amount thereof; and ELEVENTH, any remaining Group 1 Available Funds to ~~exceed~~ the Class R-1 Certificates, and any remaining Group 2 Available Funds to the Class R-2 Certificates. (b) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the aggregate outstanding Current Principal ~~Balance~~ Amount of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (iii) to distributions to the Holders of the Class A-1 Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have has been reduced to zero~~, to distributions of principal~~ . (c) Net Interest Shortfalls will be allocated among the Certificateholders in proportion to the ~~Holders~~ amount of the Class B Certificates, in an amount (not to exceed the Class Principal Balance of the Class B Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, Accrued Certificate Interest that ~~were previously~~ would have been allocated to each Certificate in the ~~Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions~~ absence of ~~interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate~~ any Net Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificates, in an amount equal to the balance, if any, of the Available Distribution Amount for such Distribution Date remaining after the distributions to be made on such Distribution Date pursuant to clauses (i) through (xxx) above;Shortfall.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc), Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Distributions on the Certificates. ~~(a) On~~ The Certificateholders will be entitled to distributions on each ~~Distribution~~ Payment Date, as provided in this Agreement, the ~~Trustee shall apply~~ Sale and Servicing Agreement and the Indenture. With respect to any Payment Date, any amounts ~~on deposit~~ remaining in the ~~Distribution Account~~Payment Account for payment to the Certificateholders pursuant to Section 5.01(a)(II) of the Sale and Servicing Agreement, ~~in each case~~ to the extent of such funds are received by the ~~remaining portion of~~ Owner Trustee, shall be distributed by the ~~Available Distribution Amount, in the following order of priority~~Owner Trustee as follows: (i) with respect to ~~distributions of interest~~ any Payment Date during the Managed Amortization Period, concurrently, to the ~~Holders~~ Class B Certificateholders and the Class L Certificateholders, pro rata based on their respective Class Principal Balances, provided that, if such Payment Date is a Payment Date immediately following the expiration of the latest early termination fee term on a Mortgage Loan identified on the Mortgage Loan Schedule, or any Payment Date thereafter, then such funds shall be distributed first, to the holders of the Class ~~A-1 Certificates, the Holders of~~ P Certificates until the Class ~~A-2 Certificates~~ Principal Balance thereof is reduced to zero and second, to the Class B Certificateholders and the ~~Holders of the~~ Class ~~X Certificates~~L Certificateholders, pro rata ~~in accordance with the~~ based on their respective amounts of Distributable Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class ~~of Certificates for such Distribution Date~~ Principal Balances; and~~, to the extent not previously paid, for all prior Distribution Dates;~~ (ii) with respect to ~~distributions of principal~~any Payment Date during the Rapid Amortization Period, ~~first~~ concurrently, to the ~~Holders~~ Class B Certificateholders; provided, further, on the Payment Date on which the Optional Redemption Price is distributed, the portion, if any, of the ~~Class A-1 Certificates and second~~ Optional Redemption Price equal to the ~~Holders~~ sum of ~~the Class A-2 Certificates, in each case, in an amount (not to exceed~~ the Class Principal Balance of ~~such~~ the Class of L Certificates ~~outstanding immediately prior to such Distribution Date) equal to~~ and the ~~entire remaining~~ Class Principal ~~Distribution Amount for such Distribution Date; (iii) to distributions to the Holders~~ Balance of the Class ~~A-1 Certificates~~ P Certificate shall be distributed pursuant to this Section 3.11 to the Class L Certificateholders and the ~~Holders of the~~ Class ~~A-2 Certificates~~P Certificateholders, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal torespectively, and ~~in reimbursement of, all Realized Losses and Additional Trust Fund Expenses~~the portion remaining, if any, ~~that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders~~ of the ~~Class B Certificates in an amount~~ Optional Redemption Price equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, in an amount (not to exceed the Class Principal Balance of the Class B Certificates ~~outstanding immediately prior~~ shall be distributed pursuant to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated this Section 3.11 to the Class B ~~Certificates and that remain unreimbursed immediately prior~~ Certificateholders, as applicable. With respect to ~~such Distribution~~ each Payment Date~~; (vii) to distributions of interest to~~ , the ~~Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and~~Indenture Trustee, to the extent ~~not previously paid, for all prior Distribution Dates; (viii~~the Servicer has provided the Mortgage Loan data delivered by the Servicer to the Indenture Trustee pursuant to Section 4.09(a) ~~if the Class Principal Balances~~ of the ~~Class A-1~~Sale and Servicing Agreement (the “Indenture Trustee Report”), ~~Class A-2 and Class B Certificates have been reduced~~ shall deliver or make available the report to ~~zero,~~ be provided by the Indenture Trustee pursuant to ~~distributions of principal to the Holders~~ Section 4.09 of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount Sale and Servicing Agreement for such ~~Distribution Date; (ix)~~ Payment Date to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificates, in an amount equal to the balance, if any, of the Available Distribution Amount for such Distribution Date remaining after the distributions to be made on such Distribution Date pursuant to clauses (i) through (xxx) above;each Residual Certificateholder.

Appears in 2 contracts

Samples: Trust Agreement (Indymac MBS Inc), Trust Agreement (IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-H2)

Distributions on the Certificates. (a) Interest and principal on the Certificates will be distributed monthly on each Distribution Date, commencing in May 1999, in an aggregate amount equal to the Available Funds for such Distribution Date. (i) GROUP 1 CERTIFICATES AND GROUP 2 CERTIFICATES. (A) On each Distribution Date on or prior to the Group 1/Group 2 Cross-Over Date, the ~~Trustee shall apply amounts on deposit~~ Group 1 Available Funds will be distributed in the following order of priority: FIRST, to the Group 1 Senior Certificates (other than the PO Component of the Component Certificates), the Accrued Certificate Interest on each such Class or Component for such Distribution ~~Account~~Date; provided that Accrued Certificate Interest shall be paid to the Accrual Certificates only after the Group 1/Group 2 Cross-Over Date. As described below, Accrued Certificate Interest on each such Class or Component is subject to reduction in ~~each case~~ the event of certain Net Interest Shortfalls allocable thereto. Any Net Interest Shortfalls shall be allocated among such Group 1 Senior Certificates as provided in Section 6.01(d); SECOND, to the Group 1 Senior Certificates (other than the PO Component of the Component Certificates), any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 1 Available Funds, any shortfall in available amounts being allocated among such Classes and Components in proportion to the amount of such Accrued Certificate Interest remaining ~~portion~~ undistributed for each such Class and Component for such Distribution Date; THIRD, to the Group 1 Senior Certificates (other than the IO Components of the ~~Available~~ Component Certificates) in reduction of the Current Principal Amounts thereof: (A) an amount equal to the sum of the Group 1 Senior P&I Optimal Principal Amount and the Accrual Distribution ~~Amount~~Amount shall be distributed, in the following order of priority~~: (i) to distributions of interest~~ : FIRST, concurrently to the ~~Holders of the~~ Class ~~A-1 Certificates, the Holders of the~~ R-1 and Class ~~A-2 Certificates and the Holders of the Class X~~ R-4 Certificates, pro ~~rata in accordance with the~~ rata, based upon their Current Principal Amounts, until their respective amounts of Distributable Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Current Principal Balance of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (iii) to distributions to the Holders of the Class A-1 Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates Amounts have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, in an amount (not to exceed the Class Principal Balance of the Class B Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificates, in an amount equal to the balance, if any, of the Available Distribution Amount for such Distribution Date remaining after the distributions to be made on such Distribution Date pursuant to clauses (i) through (xxx) above;

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)

Distributions on the Certificates. (a) On the first Distribution Date only and from the amount deposited by the Depositor in the Distribution Account on the Closing Date pursuant to Section 2.01(a) hereof, to the Class R-1 and Class R-2 Certificates, pro rata, in reduction of their respective Current Principal Amounts, until their respective Current Principal Amounts have been reduced to zero. (b) On each Distribution Date, an amount equal to the Interest Funds and the Principal Funds for such Distribution Date shall be withdrawn by the Trustee ~~shall apply amounts on deposit in~~ from the Distribution ~~Account,~~ Account and distributed as directed in ~~each case to~~ accordance with the ~~extent of~~ Remittance Report provided by the ~~remaining portion of the Available~~ Securities Administrator for such Distribution ~~Amount~~Date, in the ~~following order of priority~~manner set forth in clauses (i) through (vi) below: (i) The Trustee shall apply Interest Funds for Loan Group I for such Distribution Date as follows: first, concurrently, to ~~distributions~~ the Class I-1A and Class I-2A Certificates, the Current Interest and then any Interest Carry Forward Amount for such Classes, pro rata based on the amount of ~~interest~~ Current Interest and any Interest Carry Forward Amount, as applicable, due thereon; second, from remaining Interest Funds for Loan Group I, to the Class I-M Certificates, the Current Interest for such Class; third, from remaining Interest Funds in respect of Loan Group I, any Group I Loss Amount will be included in Principal Funds in respect of Loan Group I (and for allocation purposes be treated as Principal Funds from the Loan Subgroup which experienced the Realized Loss) and as part of the Group I Principal Distribution Amount; fourth, from remaining Interest Funds in respect of Loan Group I, any Group II Crossed Loss Amount will be included in Principal Funds in respect of Loan Group II (and for allocation purposes be treated as Principal Funds from the Loan Subgroup which experienced the Realized Loss) and as part of the Group II Principal Distribution Amount; fifth, any Group I Excess Spread to the extent necessary to meet a level of overcollateralization equal to the Specified Overcollateralization Amount for Loan Group I will be the Group I Extra Principal Distribution Amount and will be included as part of the Group I Principal Distribution Amount; and sixth, any remaining Group I Excess Spread will be included in Group I Excess Cashflow and applied as described under clause (b)(iii) below. On any Distribution Date, any Net Interest Shortfalls with respect to Loan Group I will be allocated as provided in the definition of Current Interest. The Holders of the Group I Certificates will not be entitled to reimbursement for any such Net Interest Shortfalls. Notwithstanding the provisions of subclauses fifth and sixth of clause (b)(i) above, on the first Distribution Date, all Group I Excess Spread will be paid to the Holders of the Class ~~A-1~~ B-IO Certificates. (ii) The Trustee shall apply the Group I Principal Distribution Amount for such Distribution Date as follows: (A) for each Distribution Date (i) prior to the Stepdown Date for Certificate Group I or (ii) on which a Trigger Event for Loan Group I is in effect: first, ~~the Holders of~~ concurrently to the Class ~~A-2 Certificates~~ I-1A and ~~the Holders of the~~ Class X I-2A Certificates, pro rata based on the amount of Principal Funds for such Distribution Date from the Subgroup I-1 and Subgroup I-2 Mortgage Loans, respectively, until the Current Principal Amount of each such Class is reduced to zero; and second, to the Class I-M Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; (B) For each Distribution Date on or after the Stepdown Date for Certificate Group I, so long as a Trigger Event for Loan Group I is not in ~~accordance with~~ effect: first, concurrently to the ~~respective amounts~~ Class I-1A and Class I-2A Certificates, the Group I Senior Principal Distribution Amount, pro rata based on the amount of ~~Distributable Certificate Interest payable in respect~~ Principal Funds for such Distribution Date from the Subgroup I-1 and Subgroup I-2 Mortgage Loans, respectively, until the Current Principal Amount of each such Class is reduced to zero; and second, to the Class I-M Certificates, from any remaining Group I Principal Distribution Amount, the Class I-M Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero; Notwithstanding the provisions of clause (b)(ii) above, if on any Distribution Date the Current Principal Amount of a Class of Group I Senior Certificates has been reduced to zero, the portion of the Group I Principal Distribution Amount or the Group I Senior Principal Distribution Amount, as applicable, otherwise allocable to such Class will be allocated to the remaining Class of Group I Senior Certificates until its Current Principal Amount has been reduced to zero. (iii) The Trustee shall apply any Group I Excess Cashflow for such Distribution Date as follows: first, any Group I Excess Cashflow, to the extent necessary (after application of the Group II Principal Distribution Amount) to meet a level of overcollateralization equal to the Specified Overcollateralization Amount for Loan Group II will be distributed concurrently to the Class II-1A, Class II-2A, Class II-3A and Class II-4A Certificates, pro rata based on the amount of Principal Funds for such distribution date from the Subgroup II-1, Subgroup II-2, Subgroup II-3 and Subgroup II-4 Mortgage Loans, respectively, until the current principal amount of each such Class is reduced to zero; provided that, if on any Distribution Date the Current Principal Amount of one or more Classes of Group II Senior Certificates has been reduced to zero, the pro rata portion otherwise allocable to such Class or Classes will be allocated to the remaining Class or Classes of Group II Senior Certificates, pro rata based upon the remaining Current Principal Amounts of such remaining Classes until their Current Principal Amounts are reduced to zero; second, from any remaining Group I Excess Cashflow, to the Class I-M Certificates, an amount equal to (a) any Interest Carry Forward Amount and (b) any Unpaid Applied Realized Loss Amount, in that order, for that Class for such Distribution Date; third, from any remaining Group I Excess Cashflow, concurrently to the Class I-1A and Class I-2A Certificates, an amount equal to any Basis Risk Shortfall Carry Forward Amount for such Classes for that Distribution Date, pro rata based on the amount of any remaining Basis Risk Shortfall Carry Forward Amount for each such Class; fourth, from any remaining Group I Excess Cashflow, to the Class I-M Certificates, an amount equal to any Basis Risk Shortfall Carry Forward Amount for such Class for that Distribution Date; fifth, from any remaining Group I Excess Cashflow, to the Class II-M Certificates ~~described in this clause (i),~~ in an amount equal to ~~all Distributable Certificate~~ the sum of (a) any Interest Carry Forward Amount and (b) any unpaid Applied Realized Loss Amount remaining after application of Group II Excess Cashflow pursuant to subclause second of clause (b)(vi) below, to be applied in ~~respect~~ the priority set forth in such subclause; sixth, from any remaining Group I Excess Cashflow, to the Class B-IO Certificates, an amount up to the Class B-IO Distribution Amount for such Distribution Date; and seventh, any remaining amounts to each of ~~each~~ the Class R-1 Certificates and the Class R-2 Certificates, based on the related REMIC in which such ~~Class of Certificates~~ amounts remain. (iv) The Trustee shall apply Interest Funds for Loan Group II for such Distribution Date ~~and~~as follows: first, concurrently, to the Class II-1A, Class II-2A, Class II-3A and Class I-4A Certificates, the Current Interest and then any Interest Carry Forward Amount for such classes, pro rata based on the amount of Current Interest and any Interest Carry Forward Amount, as applicable, due thereon; second, from remaining Interest Funds for Loan Group II, to the Class II-M Certificates, the Current Interest for such Class; third, from remaining Interest Funds in respect of Loan Group II, any Group II Loss Amount will be included in Principal Funds in respect of Loan Group II (and for allocation purposes be treated as Principal Funds from the Loan Subgroup which experienced the Realized Loss) and as part of the Group II Principal Distribution Amount; fourth, from remaining Interest Funds in respect of Loan Group II, any Group I Crossed Loss Amount will be included in Principal Funds in respect of Loan Group I (and for allocation purposes be treated as Principal Funds from the Loan Subgroup which experienced the Realized Loss) and as part of the Group I Principal Distribution Amount; fifth, any Group II Excess Spread to the extent necessary to meet a level of overcollateralization equal to the Specified Overcollateralization Amount for Loan Group II will be the Group II Extra Principal Distribution Amount and will be included as part of the Group II Principal Distribution Amount; and sixth, any remaining Group II Excess Spread will be included in Group II Excess Cashflow and applied as described under clause (b)(vi) below. On any Distribution Date, any Net Interest Shortfalls with respect to Loan Group II will be allocated as provided in the definition of Current Interest. The Holders of the Group II Certificates will not ~~previously paid~~be entitled to reimbursement for any such Net Interest Shortfalls. Notwithstanding the provisions of subclauses fifth and sixth of clause (b)(iv) above, ~~for~~ on the first Distribution Date, all ~~prior Distribution Dates; (ii) to distributions of principal, first~~ Group II Excess Spread will be paid to the Holders of the Class ~~A-1 Certificates and second to~~ B-IO Certificates. (v) The Trustee shall apply the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Group II Principal Distribution Amount for such Distribution ~~Date;~~Date as follows: (~~iii~~A) ~~to distributions~~ for each Distribution Date (i) prior to the ~~Holders of~~ Stepdown Date for Certificate Group II or (ii) on which a Trigger Event for Loan Group II is in effect: first, concurrently to the Class ~~A-1 Certificates~~ II-1A, Class II-2A, Class II-3A and ~~the Holders of the~~ Class ~~A-2~~ II-4A Certificates, pro rata ~~in accordance with~~ based on the ~~respective amounts~~ amount of ~~previously allocated Realized Losses~~ Principal Funds for such distribution date from the Subgroup II-1, Subgroup II-2, Subgroup II-3 and ~~Additional Trust Fund Expenses reimbursable in respect~~ Subgroup II-4 Mortgage Loans, respectively, until the Current Principal Amount of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class ~~of Certificates~~ is reduced to zero; and ~~that remain unreimbursed immediately prior~~ second, to ~~such~~ the Class II-M Certificates, any remaining Group II Principal Distribution ~~Date~~Amount until the Current Principal Amount thereof is reduced to zero; (ivB) ~~to distributions of interest~~ For each Distribution Date on or after the Stepdown Date for Certificate Group II, so long as a Trigger Event for Loan Group II is not in effect: first, concurrently to the ~~Holders~~ Class II-1A, Class II-2A, Class II-3A and Class II-4A Certificates, the Group II Senior Principal Distribution Amount, pro rata based on the amount of ~~the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates~~ Principal Funds for such Distribution Date ~~and~~from the Subgroup II-1, Subgroup II-2, Subgroup II-3 and Subgroup II-4 Mortgage Loans, respectively, until the Current Principal Amount of each such Class is reduced to zero; and second, to the ~~extent not previously paid~~Class II-M Certificates, ~~for all prior~~ from any remaining Group II Principal Distribution ~~Dates; (v) if~~ Amount, the Class II-M Principal ~~Balances~~ Distribution Amount, until the Current Principal Amount thereof is reduced to zero; Notwithstanding the provisions of clause (b)(v) above, if on any Distribution Date the Current Principal Amount of one or more Classes of Group II Senior Certificates has been reduced to zero, the portion of the Group II Principal Distribution Amount or the Group II Senior Principal Distribution Amount, as applicable, otherwise allocable to such Class ~~A-1 and~~ or Classes will be allocated to the remaining Class ~~A-2~~ or Classes of Group II Senior Certificates pro rata based upon the remaining Current Principal Amounts of such remaining Classes until their Current Principal Amounts have been reduced to zero. (vi) The Trustee shall apply any Group II Excess Cashflow for such Distribution Date as follows: first, any Group II Excess Cashflow, to ~~distributions of principal to~~ the ~~Holders~~ extent necessary (after application of the ~~Class B Certificates, in an amount (not~~ Group I Principal Distribution Amount) to ~~exceed the Class Principal Balance~~ meet a level of ~~the Class B Certificates outstanding immediately prior to such Distribution Date)~~ overcollateralization equal to the ~~entire~~ Specified Overcollateralization Amount for Loan Group I will be distributed concurrently to the Class I-1A and Class I-2A Certificates pro rata based on the amount of Principal Funds for such Distribution Date from the Subgroup I-1 and Subgroup II-2 Mortgage Loans, respectively, until the current principal amount of each such Class is reduced to zero; provided that, if on any Distribution Date the Current Principal Amount of a Class of Group I Senior Certificates has been reduced to zero, the pro rata portion otherwise allocable to such Class will be allocated to the remaining Class of Group I Senior Certificates until its Current Principal Amount has been reduced to zero; second, from any remaining Group II Excess Cashflow, to the Class II-M Certificates, an amount equal to (a) any Interest Carry Forward Amount and (b) any Unpaid Applied Realized Loss Amount, in that order, for such Class for that Distribution Date; third, from any remaining Group II Excess Cashflow, to the Class I-M Certificates and the Group I Senior Certificates, an amount equal to the sum of (a) any Interest Carry Forward Amount and (b) any unpaid Applied Realized Loss Amount for the Class I-M Certificates, and (c) any Basis Risk Shortfall Carry Forward Amount for the Group I Senior Certificates and the Class I-M Certificates remaining after application of Group II Excess Cashflow pursuant to subclauses second through fourth of clause (b)(iii) above to be applied among the Group I Senior Certificates and the Class I-M Certificates in the order (including pro rata allocation) set forth in such subclauses; fourth, from any remaining Group II Excess Cashflow, to the Class B-IO Certificates, an amount up to the Class B-IO Distribution Amount for such Distribution Date~~; (vi)~~ ; and fifth, any remaining amounts to ~~distributions to the Holders~~ each of the Class B R-1 Certificates and the Class R-2 Certificates, based on the related REMIC in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to which such ~~Distribution Date;~~amounts remain. (~~vii~~c) No Current Interest will be payable with respect to ~~distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such~~ any Class of Certificates ~~for such~~ after the Distribution Date ~~and~~on which the Current Principal Amount of such Certificate has been reduced to zero. (d) The expenses and fees of the Trust shall be paid by each of the REMICs, to the extent ~~not previously paid~~that such expenses relate to the assets of each of such respective REMICs, ~~for~~ and all ~~prior Distribution Dates; (viii) if the Class Principal Balances~~ other expenses and fees of the ~~Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders~~ Trust shall be paid pro rata by both of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificates, in an amount equal to the balance, if any, of the Available Distribution Amount for such Distribution Date remaining after the distributions to be made on such Distribution Date pursuant to clauses (i) through (xxx) above;REMICs.

Appears in 1 contract

Samples: Trust, Pooling and Servicing Agreement (Thornburg Mortgage Inc)

Distributions on the Certificates. (a) Interest and (as applicable) principal on the Certificates (other than the Residual Certificates) will be distributed monthly on each Distribution Date, commencing in June 2005, in an aggregate amount equal to the Available Funds for such Distribution Date. On the first Distribution Date, an amount equal to the Deposit Amount shall be distributed to the Residual Certificates, pro rata, in reduction of their Current Principal Amounts, until their respective Current Principal Amounts are reduced to zero. (A) On each Distribution Date, the ~~Trustee shall apply amounts on deposit in the Distribution Account, in each case~~ Group I Available Funds will be distributed to the ~~extent of~~ Group I Senior Certificates (other than the ~~remaining portion of~~ Residual Certificates) and the ~~Available Distribution Amount~~Class M-X Certificates as follows: first, ~~in the following order of priority: (i) to distributions of interest~~ to the ~~Holders of the~~ Class I-A-1 Certificates, the ~~Holders of the~~ Class I-A-2 Certificates and the ~~Holders of the~~ Class I-X Certificates, ~~pro rata in accordance with~~ the ~~respective amounts of Distributable~~ Accrued Certificate Interest ~~payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of~~ on each such Class of Certificates for such Distribution ~~Date and~~Date, pro rata, and then to the ~~extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the~~ Class ~~A-1 Certificates and second to the Holders of the Class A-2~~ M-X Certificates, ~~in each case, in an amount (not to exceed~~ the ~~Class Principal Balance~~ Group I Allocation Fraction of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (iii) to distributions to the Holders of the Class A-1 Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Accrued Certificate Interest ~~in respect of~~ on such Class of Certificates for such Distribution Date, in each case based on the Accrued Certificate Interest owed to each such Class of Certificates; provided, however, that the amount of Accrued Certificate Interest paid to the Class I-X Certificates pursuant to this clause will be reduced by the aggregate amount of any Group I Carryover Shortfall Amounts on the Class I-A-1 Certificates and the Class I-A-2 Certificates, which amount will be deposited on such Distribution Date ~~and~~in the Group I Carryover Shortfall Reserve Fund for distribution to the Class I-A-1 Certificates and the Class I-A-2 Certificates, as set forth in subparagraph second below and in clause (G) below, and that the amount of Accrued Certificate Interest paid to the Class M-X Certificates pursuant to this clause on each Distribution Date will be reduced by the Group I Allocation Fraction of any Subordinate Carryover Shortfall Amounts on the Subordinate Certificates (other than the Class M-X Certificates), which amount will be deposited on such Distribution Date into the Subordinate Carryover Reserve Fund for distribution as set forth in Section 6.01(a)(I) below. In addition, Accrued Certificate Interest on the Class I-A-1 Certificates, the Class I-A-2 Certificates, the Class I-X Certificates and the Class M-X Certificates is subject to reduction in the event of certain Net Interest Shortfalls and Net Deferred Interest allocable thereto. Any Net Interest Shortfalls and Net Deferred Interest shall be allocated among such Class I-A-1 Certificates, the Class I-A-2 Certificates, the Class I-X Certificates and the Class M-X Certificates in accordance with the provisions of Section 6.02(g); second, to the Class I-A-1 Certificates and the Class I-A-2 Certificates, any Group I Carryover Shortfall Amounts due to such Certificates (in accordance with Section 6.01(a)(G) below) to the extent such amount was deducted from the Accrued Certificate Interest on the Class I-X Certificates for such Distribution Date; third, to the extent ~~not previously paid~~of remaining Group I Available Funds, ~~for all prior Distribution Dates; (v) if~~ to the Class ~~Principal Balances of~~ I-A-1 Certificates, the Class ~~A-1 and Class~~ I-A-2 Certificates ~~have been reduced~~ and the Class I-X Certificates, any Accrued Certificate Interest thereon pursuant to ~~zero~~clause first remaining undistributed from previous Distribution Dates (other than, with respect to the Class I-X Certificates, any amounts pursuant to clause first deposited into the Group I Carryover Shortfall Reserve), pro rata, and then to the Class M-X Certificates, the Accrued Certificate Interest thereon pursuant to clause first remaining undistributed from previous Distribution Dates (other than any amounts pursuant to clause first deposited into the Subordinate Carryover Shortfall Reserve Fund), in each case based on the undistributed Accrued Certificate Interest owed to each such Class of Certificates; and fourth, to ~~distributions~~ the extent of ~~principal~~ remaining Group I Available Funds, to the ~~Holders of~~ Class I-A-1 Certificates, the Class B I-A-2 Certificates and the Class I-X Certificates, in ~~an amount (not to exceed the Class Principal Balance~~ reduction of the ~~Class B Certificates outstanding immediately prior to such Distribution Date) equal to~~ respective Current Principal Amount thereof, the ~~entire~~ remaining Group I Senior Optimal Principal ~~Distribution~~ Amount for such Distribution Date;, until the respective Current Principal Amount of each such Class of Certificates has been reduced to zero. (viB) ~~to distributions to~~ On each Distribution Date, the ~~Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated~~ Group II Available Funds will be distributed to the Class B II-A-1 Certificates, the Class II-A-2 Certificates, the Class II-A-3 Certificates, the Class II-X Certificates and ~~that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest~~ the Class M-X Certificates as follows: first, to the ~~Holders of~~ Class II-A-1 Certificates, the Class C II-A-2 Certificates, ~~in an amount equal to all Distributable~~ the Class II-A-3 Certificates and the Class II-X Certificates, the Accrued Certificate Interest ~~in respect of~~ on each such Class of Certificates for such Distribution ~~Date and~~Date, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal topro rata, and ~~in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated~~ then to the Class ~~C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D~~ M-X Certificates, ~~in an amount equal to all Distributable~~ the Group II Allocation Fraction of Accrued Certificate Interest ~~in respect of~~ on such Class of Certificates for such Distribution Date, in each case based on the Accrued Certificate Interest owed to each such Class of Certificates, provided, however, that the amount of Accrued Certificate Interest paid to the Class II-X Certificates pursuant to this clause will be reduced by the aggregate amount of any Group II Carryover Shortfall Amounts for that Distribution Date ~~and~~on the Class II-A-1 Certificates, the Class II-A-2 Certificates and the Class II-A-3 Certificates, which amount will be deposited on such Distribution Date into the Group II Carryover Shortfall Reserve Fund for distribution to the Class II-A-1 Certificates, the Class II-A-2 Certificates and the Class II-A-3 Certificates as set forth in subparagraph second below and in clause (H) below; and provided further, that the amount of Accrued Certificate Interest paid to the Class M-X certificates pursuant to this clause on each Distribution Date will be reduced by the Group II Allocation Fraction of any Subordinate Carryover Shortfall Amounts on the Subordinate Certificates (other than the Class M-X Certificates), which amount will be deposited on such Distribution Date in the Subordinate Carryover Shortfall Reserve Fund for distribution to the Subordinate Certificates (other than the Class M-X Certificates) as set forth in clause (I) below. In addition, as described below, Accrued Certificate Interest on the Class II-A-1 Certificates, the Class II-A-2 Certificates, the Class II-A-3 Certificates, the Class II-X Certificates and the Class M-X Certificates is subject to reduction in the event of certain Net Interest Shortfalls and Net Deferred Interest allocable thereto. Any Net Interest Shortfalls and Net Deferred Interest shall be allocated among the Class II-A-1 Certificates, the Class II-A-2 Certificates, the Class II-A-3 Certificates, the Class II-X Certificates and the Class M-X Certificates in accordance with the provisions of Section 6.02(g); third, to the extent ~~not previously paid~~of remaining Group II Available Funds, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D II-A-1 Certificates, the Class II-A-2 Certificates, the Class II-A-3 Certificates and ~~that remain unreimbursed immediately prior~~ the Class II-X Certificates, any Accrued Certificate Interest thereon pursuant to ~~such~~ clause first remaining undistributed from previous Distribution ~~Date;~~ Dates (~~xiii) to distributions of interest~~ other than, with respect to the ~~Holders of~~ Class II-X Certificates, any amounts pursuant to clause first deposited into the Group II Carryover Shortfall Reserve Fund), pro rata, and then to the Class E M-X Certificates, ~~in an amount equal to all Distributable~~ the Group II Allocation Fraction of Accrued Certificate Interest ~~in respect of~~ on such Class of Certificates for such Distribution ~~Date and~~Date, in each case based on the undistributed Accrued Certificate Interest owed to each such Class of Certificates; and fourth, to the extent ~~not previously paid~~of remaining Group II Available Funds, ~~for all prior Distribution Dates; (xiv) if~~ to the Class ~~Principal Balances~~ II-A-1 Certificates, the Class II-A-2 Certificates, the Class II-A-3 Certificates and the Class II-X Certificates, pro rata, in reduction of the ~~Class A-1~~respective Current Principal Amount thereof, ~~Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to~~ the ~~Holders of the Class E Certificates, in an amount (not to exceed the Class~~ Group II Senior Optimal Principal ~~Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution~~ Amount for such Distribution Date;, until the respective Current Principal Amount of each such Class of Certificates has been reduced to zero. (xvC) ~~to distributions~~ On each Distribution Date, the Group III Available Funds will be distributed to the ~~Holders of~~ Group III Senior Certificates and the Class E M-X Certificates in the following order: first, to the Group III Senior Certificates, ~~in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to~~ the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Accrued Certificate Interest ~~in respect of~~ on each such Class of Certificates for such Distribution ~~Date and~~Date, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal topro rata, and ~~in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated~~ then to the Class ~~F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G~~ M-X Certificates, ~~in an amount equal to all Distributable~~ the Group III Allocation Fraction of Accrued Certificate Interest ~~in respect of~~ on such Class of Certificates for such Distribution Date, in each case based on the Accrued Certificate Interest owed to each such Class of Certificates ; provided, however, that the amount of Accrued Certificate Interest paid to the Class M-X Certificates pursuant to this clause will be reduced by the Group III Allocation Fraction of any Subordinate Carryover Shortfall Amounts on the Subordinate Certificates (other than the Class M-X Certificates), which amount will be deposited on such Distribution Date ~~and~~in the Subordinate Carryover Shortfall Reserve Fund for distribution to the Subordinate Certificates (other than the Class M-X Certificates) as set forth in clause (I) below. As described below, Accrued Certificate Interest on the Group III Senior Certificates and the Class M-X Certificates is subject to reduction in the event of certain Net Interest Shortfalls and Net Deferred Interest allocable thereto. Any Net Interest Shortfalls and Net Deferred Interest shall be allocated among the Group III Senior Certificates and the Class M-X Certificates as described below; second, to the extent ~~not previously paid~~of remaining Group III Available Funds, ~~for all prior~~ to the Group III Senior Certificates, any Accrued Certificate Interest thereon pursuant to clause first remaining undistributed from previous Distribution Dates~~; (xx) if the Class Principal Balances of the Class A-1~~, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal topro rata, and ~~in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated~~ then to the Class ~~G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H~~ M-X Certificates, ~~in an amount equal to all Distributable~~ the Group III Allocation Fraction of Accrued Certificate Interest ~~in respect of~~ on such Class of Certificates for such Distribution ~~Date and~~Date, in each case based on the undistributed Accrued Certificate Interest owed to each such Class of Certificates; and third, to the extent ~~not previously paid~~of remaining Group III Available Funds, ~~for all prior Distribution Dates; (xxiii) if~~ to the ~~Class Principal Balances~~ Group III Senior Certificates, pro rata, in reduction of the ~~Class A-1~~respective Current Principal Amount thereof, ~~Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to~~ the ~~Holders of the Class H Certificates, in an amount (not to exceed the Class~~ Group III Senior Optimal Principal ~~Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution~~ Amount for such Distribution Date~~; (xxiv) to distributions to~~ , until the ~~Holders~~ respective Current Principal Amount of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have has been reduced to zero. (D) Except as provided in paragraphs (E) and (F) below, ~~to distributions of principal~~ on each Distribution Date on or prior to the ~~Holders of the Class J Certificates~~Cross-Over Date, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificates, in an amount equal to the ~~balance, if any,~~ sum of the remaining Group I Available ~~Distribution Amount~~ Funds, Group II Available Funds and Group III Available Funds after the distributions in (A), (B) and (C) above will be distributed sequentially, in the following order, to the Class M-1, Class M-2, Cxxxx X-0, Xxxxs M-4, Class M-5, Class M-6, Class M-7, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution ~~Date remaining after the distributions to be made on such Distribution Date pursuant to clauses~~ Date, (ib) ~~through (xxx) above;~~any

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Mortgage Investments II Trust 2005-Ar2)

Distributions on the Certificates. (a) Interest and principal on the Certificates will be distributed by the Trustee monthly on each Distribution Date, commencing in February 2005, as instructed by the Master Servicer or the Securities Administrator, in an aggregate amount equal to the sum of the Available Funds for such Distribution Date. On each Distribution Date, the Available Funds shall be distributed as follows: (A) On each Distribution Date, the ~~Trustee shall apply amounts on deposit~~ Group I Available Funds will be distributed in the following order of priority among the Group I Senior Certificates except as otherwise noted: first, to the Class I-A Certificates, the Accrued Certificate Interest on the Class I-A Certificates for such Distribution ~~Account~~Date. As described below, Accrued Certificate Interest on the Class I-A Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated to the Class I-A Certificates as described below; second, to the Class I-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds, any shortfall in available amounts being allocated to the Class I-A Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Class I-A Certificates for such Distribution Date; and third, to the Class I-A Certificates, in reduction of the Class Certificate Balance thereof, the Group I Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group I Available Funds, until the Class Certificate Balance of such Class has been reduced to zero. (B) On each Distribution Date, the Group II Available Funds will be distributed in the following order of priority among the Group II Senior Certificates except as otherwise noted: first, to the Class II-A-1 Certificates and Class II-A-2 Certificates, pro rata, the Accrued Certificate Interest on each class of Group II Senior Certificates for such Distribution Date. As described below, Accrued Certificate Interest on the Group II Senior Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated to the Group II Senior Certificates as described below; second, to the Class II-A-1 Certificates and Class II-A-2 Certificates, pro rata, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II Available Funds, any shortfall in available amounts being allocated to the Class II Senior Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Group II Senior Certificates for such Distribution Date; and third, to the Class II-A-1 Certificates and Class II-A-2 Certificates, pro rata, in reduction of the Class Certificate Balances thereof, the Group II Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group II Available Funds, until the Class Certificate Balance of such Classes have been reduced to zero. (C) On each Distribution Date, the Group III Available Funds will be distributed in the following order of priority among the Group III Senior Certificates except as otherwise noted: first, to the Class III-A Certificates, the Accrued Certificate Interest on the Class III-A Certificates for such Distribution Date. As described below, Accrued Certificate Interest on the Class III-A Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated to the Class III-A Certificates as described below; second, to the Class III-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group III Available Funds, any shortfall in available amounts being allocated to the Class III-A Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Class III-A Certificates for such Distribution Date; and third, to the Class III-A Certificates, in reduction of the Class Certificate Balance thereof, the Group III Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group III Available Funds, until the Class Certificate Balance of such Class has been reduced to zero. (D) On each Distribution Date on or prior to the Distribution Date on which the Class Certificate Balances of the Subordinate Certificates are reduced to zero (the "Credit Support Depletion Date"), an amount equal to the sum of the remaining Group I, Group II and Group III Available Funds after the distributions in clauses (A), (B) and (C) above and after any distributions required to be made pursuant to clauses (E) and (F) below, will be distributed sequentially, in the following order, to the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates, in each case up to an amount equal to and in the (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's Subordinate Principal Distribution Amount for such Distribution Date, in each case to the extent of the remaining ~~portion~~ Available Funds. (E) On each Distribution Date prior to the Credit Support Depletion Date but after the reduction of the ~~Available Distribution Amount, in the following order of priority: (i) to distributions of interest to the Holders~~ aggregate Class Certificate Balance of the ~~Class A-1 Certificates~~related Senior Certificates of a related Loan Group to zero, the ~~Holders~~ remaining Class or Classes of ~~the~~ related Senior Certificates will be entitled to receive in reduction of their Class ~~A-2 Certificates and the Holders of the Class X Certificates~~Certificate Balances, pro rata ~~in accordance with the respective amounts of Distributable~~ based upon their Class Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding Balances immediately prior to such Distribution Date~~) equal~~ , in addition to any principal prepayments related to such remaining Senior Certificates' respective Loan Group allocated to such Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the ~~entire remaining~~ fully repaid Class or Classes of Senior Certificates; provided, however, that if both (a) the weighted average Subordinate Percentage equals or exceeds approximately 7.00% on or after the Distribution Date in February 2008 and (b) the aggregate Stated Principal ~~Distribution Amount for such Distribution Date; (iii) to distributions to~~ Balance of the ~~Holders~~ Mortgage Loans delinquent 60 days or more, averaged over the last six months, as a percentage of the aggregate Class Certificate Balance of the Class ~~A-1~~ M Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, does not exceed 100%, then the additional allocation of principal prepayments to the Senior Certificates in ~~an amount~~ accordance with this clause (E) will not ~~to exceed~~ be made. (F) If on any Distribution Date on which the aggregate Class Certificate Balance of any Class or Classes of Senior Certificates would be greater than the aggregate Stated Principal Balance of the Mortgage Loans in its related Loan Group (the amount of such excess, the "Undercollateralized Amount," and any such Class B or Classes of Senior Certificates, the "Undercollateralized Senior Certificates") and any Subordinate Certificates are still outstanding ~~immediately prior~~ in each case after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Subordinate Certificates in respect of principal will be distributed to the Undercollateralized Senior Certificates in reduction of the Class Certificate Balances thereof, until the aggregate Class Certificate Balance of such Class or Classes of Undercollateralized Senior Certificates is equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class aggregate Stated Principal Balance of the ~~Class C Certificates outstanding immediately prior to such Distribution Date~~Mortgage Loans in its related Loan Group, and (ii) ~~equal~~ the Accrued Certificate Interest otherwise allocable to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Subordinate Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for on such Distribution Date ~~and~~will be reduced, ~~to the extent not previously paid~~if necessary, ~~for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B~~ and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior distributed to such ~~Distribution Date~~Class or Classes of Undercollateralized Senior Certificates pursuant to clause first of clauses (A), (B) ~~equal to the entire remaining Principal Distribution Amount for such Distribution Date;~~ or (~~xii~~C) ~~to distributions to the Holders of the Class D Certificates~~above, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificatesas applicable, in an amount equal to the ~~balance, if any,~~ Accrued Certificate Interest at the Pass-Through Rate for such Class or Classes of ~~the Available Distribution Amount~~ Undercollateralized Senior Certificates for such Distribution Date on a balance equal to the related Undercollateralized Amount. Any such reduction in the Accrued Certificate Interest on the Subordinate Certificates will be allocated to the Class B-3, Class B-2, Class B-1, Class M-3, Class M-2 and Class M-1 Certificates, in that order. On each Distribution Date, any Available Funds remaining after payment of interest and principal to the ~~distributions~~ Classes of Certificates entitled thereto, as described above, will be distributed to ~~be made~~ the Class R-II Certificates; provided that if on ~~such~~ any Distribution Date on and after the Credit Support Depletion Date there are any Group I or Group II Available Funds remaining after payment of interest and principal to a Class or Classes of Senior Certificates entitled thereto, such amounts will be distributed to the other Classes of Senior Certificates, pro rata, based upon their Class Certificate Balances, until all amounts due to all Classes of Senior Certificates have been paid in full, before any amounts are distributed to the Class R-II Certificates. It is not anticipated that there will be any significant amounts remaining for such distribution. In addition to the foregoing distributions, with respect to any Subsequent Recoveries, the Master Servicer shall deposit such amounts into the Protected Account pursuant to ~~clauses (i) through (xxx) above;~~Section 4.01(a). If, after taking into account such Subsequent Recoveries, the amount of a Realized Loss is reduced, the amount of such Subsequent Recoveries will be applied to increase the Class Certificate Balance of the Class of Subordinate Certificates with the highest payment priority to which Realized Losses have been allocated, including any class of certificates to which a realized loss was previously allocated and whose Class Certificate Balance has been reduced to zero, but not by more than the amount of Realized Losses previously allocated to that Class of Certificates pursuant to Section 6.02(a). The amount of any remaining Subsequent Recoveries will be applied to increase the Class Certificate Balance of the Class of Certificates with the next highest payment priority, up to the amount of such Realized Losses previously allocated to that Class of Certificates pursuant to Section 6.02(a), and so on. Holders of such Certificates will not be entitled to any payment in respect of Current Interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Class Certificate Balance of each Certificate of such Class in accordance with its respective Percentage Interest.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MERRILL LYNCH MORT INV TRUST MLMI Series 2005-A1)

Distributions on the Certificates. (a) On Interest and principal on the Certificates (other than the Interest Only Certificates) will be distributed monthly on each Distribution Date, ~~the Trustee shall apply amounts on deposit~~ commencing in the Distribution Account, in each case to the extent of the remaining portion of the Available Distribution Amount, in the following order of priority: (i) to distributions of interest to the Holders of the Class A-1 Certificates, the Holders of the Class A-2 Certificates and the Holders of the Class X Certificates, pro rata in accordance with the respective amounts of Distributable Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (iii) to distributions to the Holders of the Class A-1 Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, in an amount (not to exceed the Class Principal Balance of the Class B Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I CertificatesMay 2003, in an amount equal to the ~~balance~~Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, ~~if any~~the Available Funds on deposit in the Distribution Account shall be distributed as follows: (A) on each Distribution Date, the Group 1 Available Funds will be distributed to the Group 1 Senior Certificates as follows: FIRST, to the Group 1 Senior Certificates, on a pro rata basis, the Accrued Certificate Interest on such Classes for such Distribution Date. As described below, Accrued Certificate Interest on the Group 1 Senior Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Group 1 Senior Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 1 Available Funds; and THIRD, sequentially, in the following order, to the Class R-I, Class R-II and Class R-III Certificates and then pro rata to the Class I-A-1 Certificates and Class I-A-2 Certificates, in reduction of the ~~Available Distribution~~ Current Principal Amounts thereof, the Group 1 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 1 Available Funds, in each case, until the Current Principal Amount of each such Class has been reduced to zero; (B) on each Distribution Date, the Group 2 Available Funds will be distributed to the Group 2 Senior Certificates as follows: FIRST, to the Group 2 Senior Certificates, on a pro rata basis, the Accrued Certificate Interest on such Classes for such Distribution Date. As described below, Accrued Certificate Interest on the Group 2 Senior Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Group 2 Senior Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 2 Available Funds; and THIRD, to the Class II-A-1, Class II-A-2, Class II-A-3 and Class II-A-4 Certificates, on a pro rata basis, in reduction of the Current Principal Amounts thereof, the Group 2 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 2 Available Funds, until the Current Principal Amount of each such Class has been reduced to zero; (C) on each Distribution Date, the Group 3 Available Funds will be distributed to the Group 3 Senior Certificates as follows: FIRST, to the Group 3 Senior Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Group 3 Senior Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Group 3 Senior Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 3 Available Funds; and THIRD, to the Class III-A-1, Class III-A-2 and Class III-A-3 Certificates, on a pro rata basis, in reduction of the Current Principal Amounts thereof, the Group 3 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 3 Available Funds, until the Current Principal Amount of each such Class has been reduced to zero; (D) on each Distribution Date, the Group 4 Available Funds will be distributed to the Group 4 Senior Certificates as follows: FIRST, to the Group 4 Senior Certificates, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Group 4 Senior Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Group 4 Senior Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 4 Available Funds; and THIRD, to the Class IV-A-1 Certificates, in reduction of the Current Principal Amount thereof, the Group 4 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 4 Available Funds, until the Current Principal Amount of such Class has been reduced to zero; (E) Except as provided in (F) and (G) below, on each Distribution Date prior to the Cross-Over Date, an amount equal to any remaining Group 1, Group 2, Group 3 and Group 4 Available Funds after the distributions in (A), (B), (C) and (D) above will be distributed sequentially, in the following order, to the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's Allocable Share for such Distribution Date, in each case, to the extent of the remaining Group 1, Group 2, Group 3 and Group 4 Available Funds. (F) On each Distribution Date prior to the Cross-Over Date, but after the reduction of the Current Principal Amount of any of the Group 1, Group 2, Group 3, or Group 4 Senior Certificates to zero, the remaining Class or Classes of Senior Certificates will be entitled to receive in reduction of their Current Principal Amounts, pro rata based upon their Current Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates' respective Loan Group allocated to such Group of Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the fully repaid Class or Classes of Senior Certificates; provided, however, that if (A) the weighted average of the Subordinate Percentages on such Distribution Date equals or exceeds two times the initial weighted average of the Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the sum of the aggregate Current Principal Amount of the Subordinate Certificates does not exceed 100%, then the additional allocation of Principal Prepayments to the Senior Certificates in accordance with this clause (F) will not be made and 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the fully repaid Class or Classes of Senior Certificates will be allocated to the Subordinate Certificates. (G) If on any Distribution Date on which the aggregate Current Principal Amount of any Class or Classes of Senior Certificates would be greater than the aggregate Scheduled Principal Balance of the Mortgage Loans in its related Loan Group and any Subordinate Certificates are still outstanding in each case after giving effect to distributions to be made on such Distribution ~~Date pursuant to clauses~~ Date, (i) ~~through~~ 100% of amounts otherwise allocable to the Subordinate Certificates in respect of principal will be distributed to such Class or Classes of Senior Certificates in reduction of the Current Principal Amounts thereof, until the aggregate Current Principal Amount of such Class or Classes of Senior Certificates is an amount equal to the aggregate Scheduled Principal Balance of the Mortgage Loans in its related Loan Group, and (~~xxx~~ii) the Accrued Certificate Interest otherwise allocable to the Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such Class or Classes of Senior Certificates in an amount equal to the Accrued Certificate Interest for such Distribution Date on the excess of (x) the aggregate Current Principal Balance of such Class or Classes of Senior Certificates over (y) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group. Any such reduction in the Accrued Certificate Interest on the Subordinate Certificates will be allocated in reverse order of the Subordinate Certificates numerical designations, commencing with the Class B-6 Certificates. (b) If, after distributions have been made pursuant to priorities FIRST and SECOND of clauses (a)(A), (B), (C) and (D) above on any Distribution Date, the remaining Group 1, Group 2, Group 3 or Group 4 Available Funds are less than the Group 1, Group 2, Group 3 or Group 4 Senior Optimal Principal Amounts, respectively, such amount shall be reduced, and such remaining funds will be distributed on the related Senior Certificates on the basis of such reduced amount. (c) Pro rata" distributions among Classes of Certificates will be made in proportion to the then Current Principal Amount of such Classes. (d) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, as described above;, will be distributed to the Class R-III Certificates; provided that if on any Distribution Date there are any Group 1, Group 2, Group 3 or Group 4 Available Funds remaining after payment of interest and principal to a Class or Classes of Certificates entitled thereto, such amounts will be distributed to the other Classes of Senior Certificates, pro rata, based upon their Current Principal Amounts, until all amounts due to all Classes of Senior Certificates have been paid in full, before any amounts are distributed to the Class R-III Certificates. (e) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount of such Certificate has been reduced to zero. (f) If on any Distribution Date the Available Funds for the Senior Certificates in any Certificate Group is less than the Accrued Certificate Interest on the related Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfall and the interest portion of Realized Losses, the shortfall will be allocated among the holders of each Class of Senior Certificates in such Certificate Group in proportion to the respective amounts of Accrued Certificate Interest that would have been allocated thereto in the absence of such Net Interest Shortfall and/or Realized Losses for such Distribution Date. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate Interest and will be distributable to holders of the Certificates of the related Classes entitled to such amounts on subsequent Distribution Dates, to the extent of the applicable Available Funds after current interest distributions as required herein. Any such amounts so carried forward will not bear interest. Shortfalls in interest payments will not be offset by a reduction in the servicing compensation of the Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments. (g) The expenses and fees of the Trust shall be paid by each of the REMICs, to the extent that such expenses relate to the assets of each of such respective REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the REMICs.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Bear Stearns Arm Trust 2003 3)

Distributions on the Certificates. (a) On each Distribution Date, the Trustee shall ~~apply amounts on deposit in the Distribution Account, in each case to the extent of the remaining portion of~~ withdraw the Available ~~Distribution Amount,~~ Funds from the Certificate Account and distribute them in the following order of priority: (i) to ~~distributions~~ each Class of ~~interest to the Holders of the Class A-1~~ interest-bearing Senior Certificates, the ~~Holders of the Class A-2 Certificates and the Holders of the Class X Certificates, pro rata in accordance with the respective amounts of Distributable~~ Accrued Certificate Interest ~~payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of~~ on each such Class ~~of Certificates~~ for such Distribution ~~Date and~~Date, any Net Interest Shortfall and the interest portion of Realized Losses allocable to the ~~extent not previously paid~~interest-bearing Senior Certificates being allocated among such Classes in proportion to the amount of Accrued Certificate Interest otherwise distributable thereon, ~~for all prior Distribution Dates~~except that after the Cross-Over Date the Class A-11 Certificates will bear the Interest Portion of any Realized Losses (other than Excess Losses) otherwise allocable to the Class A-8 and Class A-9 Certificates; (ii) to ~~distributions~~ each Class of ~~principal~~interest-bearing Senior Certificates, ~~first~~ any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, any shortfall in available amounts being allocated among such Classes in proportion to the ~~Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an~~ amount ~~(not to exceed the Class Principal Balance~~ of such Accrued Certificate Interest remaining undistributed for each such Class ~~of Certificates outstanding immediately prior to~~ on such Distribution ~~Date) equal to the entire remaining Principal Distribution Amount for~~ Date (no interest shall be paid on such ~~Distribution Date~~undistributed amounts); (iii) to ~~distributions to~~ the ~~Holders~~ Senior Certificates (other than the Class X Certificates) in reduction of the Class A-1 Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution DateCurrent Principal Amounts thereof; (iva) ~~to distributions of interest to~~ the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Senior Optimal Principal ~~Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates~~Amount, in ~~an amount (not to exceed~~ the ~~Class Principal Balance~~ following order of the Class B Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificates, in an amount equal to the balance, if any, of the Available Distribution Amount for such Distribution Date remaining after the distributions to be made on such Distribution Date pursuant to clauses (i) through (xxx) above;priority:

Appears in 1 contract

Samples: Terms Agreement (Bear Stearns Mortgage Securities Inc)

Distributions on the Certificates. (a) On Interest and principal on the Certificates (other than the Interest Only Certificates with respect to principal distributions) will be distributed monthly on each Distribution Date, ~~the Trustee shall apply amounts on deposit~~ commencing in the Distribution Account, in each case to the extent of the remaining portion of the Available Distribution Amount, in the following order of priority: (i) to distributions of interest to the Holders of the Class A-1 Certificates, the Holders of the Class A-2 Certificates and the Holders of the Class X Certificates, pro rata in accordance with the respective amounts of Distributable Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (iii) to distributions to the Holders of the Class A-1 Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, in an amount (not to exceed the Class Principal Balance of the Class B Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I CertificatesOctober 2003, in an amount equal to the ~~balance~~Available Funds on deposit in the Distribution Account for such Distribution Date. On each Distribution Date, ~~if any~~the Available Funds on deposit in the Distribution Account shall be distributed as follows: (A) on each Distribution Date prior to the Cross-Over Date, the Group 1 Available Funds will be distributed to the Group 1 Senior Certificates as follows: first, to the Class I-A Certificates and Class I-X Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, on a pro rata basis based on Accrued Certificate Interest payable on such Certificates with respect to such Distribution Date. As described below, Accrued Certificate Interest on the Class I-A Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class I-A Certificates and Class I-X Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 1 Available Funds; and third, to the Class I-A Certificates, in reduction of the Current Principal Amount thereof, the Group 1 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 1 Available Funds, until the Current Principal Amount of such Class has been reduced to zero; (B) on each Distribution Date prior to the Cross-Over Date, the Group 2 Available Funds will be distributed to the Group 2 Senior Certificates as follows: first, to the Class II-A Certificates and Class II-X Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, on a pro rata basis based on Accrued Certificate Interest payable on such Certificates with respect to such Distribution Date. As described below, Accrued Certificate Interest on the Class II-A Certificates and Class II-X Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class II-A Certificates and Class II-X Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 2 Available Funds; and third, to the Class II-A Certificates, in reduction of the Current Principal Amount thereof, the Group 2 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 2 Available Funds, until the Current Principal Amount of such Class has been reduced to zero; (C) on each Distribution Date prior to the Cross-Over Date, the Group 3 Available Funds will be distributed to the Class S Certificates and Class III-A Certificates as follows: first, to the Class S Certificates, the Accrued Certificate Interest on such Class for such Distribution Date and any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates; second, to the Class III-A Certificates, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Class III-A Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; third, to the Class III-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 3 Available Funds; and fourth, to the Class III-A Certificates, in reduction of the Current Principal Amount thereof, the Group 3 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 3 Available Funds, until the Current Principal Amount of such Class has been reduced to zero; (D) on each Distribution Date prior to the Cross-Over Date, the Group 4 Available Funds will be distributed to the Class IV-A Certificates as follows: first, to the Class IV-A, Class R-I, Class R-II and Class R-III Certificates, the Accrued Certificate Interest on such Classes for such Distribution Date, on a pro rata basis based on Accrued Certificate Interest payable on such Certificates with respect to such Distribution Date. As described below, Accrued Certificate Interest on the Class IV-A, Class R-I, Class R-II and Class R-III Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class IV-A, Class R-I, Class R-II and Class R-III Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 4 Available Funds; third, to the Class R-I, Class R-II and Class R-III Certificates, on a pro rata basis, in reduction of the Current Principal Amounts thereof, the Group 4 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 4 Available Funds, until the Current Principal Amounts of such Classes have been reduced to zero; and fourth, to the Class IV-A Certificates, in reduction of the Current Principal Amount thereof, the Group 4 Senior Optimal Principal Amount for such Distribution Date remaining after the distributions, if any, in priority third above, to the extent of remaining Group 4 Available Funds, until the Current Principal Amount of such Class has been reduced to zero; (E) on each Distribution Date prior to the Cross-Over Date, the Group 5 Available Funds will be distributed to the Class V-A Certificates as follows: first, to the Class V-A Certificates, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Class V-A Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class V-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 5 Available Funds; and third, to the Class V-A Certificates, in reduction of the Current Principal Amount thereof, the Group 5 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 5 Available Funds, until the Current Principal Amount of such Class has been reduced to zero; (F) on each Distribution Date prior to the Cross-Over Date, the Group 6 Available Funds will be distributed to the Class VI-A Certificates as follows: first, to the Class VI-A Certificates, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Class VI-A Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; second, to the Class VI-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 6 Available Funds; and third, to the Class VI-A Certificates, in reduction of the Current Principal Amount thereof, the Group 6 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 6 Available Funds, until the Current Principal Amount of such Class has been reduced to zero; (G) Except as provided in clauses (H) and (I) below, on each Distribution Date prior to the Cross-Over Date, an amount equal to any remaining Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 Available Funds after the distributions in clauses (A), (B), (C), (D), (E), (F) above will be distributed sequentially, in the following order, to the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's Allocable Share for such Distribution Date, in each case, to the extent of remaining Available Funds. (H) On each Distribution Date prior to the Cross-Over Date, but after the reduction of the Current Principal Amount of the Group 1, Group 2, Group 3, Group 4, Group 5 or Group 6 Senior Certificates to zero, the remaining Class or Classes of Senior Certificates (other than the Interest Only Certificates) will be entitled to receive in reduction of their Current Principal Amounts, pro rata based upon their Current Principal Amounts immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates' respective Loan Group allocated to such Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the fully repaid Class of Senior Certificates; provided, however, that if (A) the weighted average of the Subordinate Percentages on such Distribution Date for the Mortgage Loans equals or exceeds two times the initial weighted average of the Subordinate Percentages and (B) the aggregate Scheduled Principal Balance of the Mortgage Loans delinquent 60 days or more (including for this purpose any such Mortgage Loans in foreclosure and Mortgage Loans with respect to which the related Mortgaged Property has been acquired by the Trust), averaged over the last six months, as a percentage of the aggregate Current Principal Amount of the Subordinate Certificates does not exceed 100%, then the additional allocation of Principal Prepayments to the Senior Certificates in accordance with this clause (H) will not be made and 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the fully repaid Class or Classes of Senior Certificates will be allocated to the Subordinate Certificates. (I) If on any Distribution Date on which the aggregate Current Principal Amount of any Class or Classes of Senior Certificates (other than the Interest Only Certificates) would be greater than the aggregate Scheduled Principal Balance of the Mortgage Loans in its related Loan Group and any Subordinate Certificates are still outstanding in each case after giving effect to distributions to be made on such Distribution ~~Date pursuant to clauses~~ Date, (i) ~~through~~ 100% of amounts otherwise allocable to the Subordinate Certificates in respect of principal will be distributed to such Class or Classes of Senior Certificates in reduction of the Current Principal Amounts thereof, until the aggregate Current Principal Amount of such Class or Classes of Senior Certificates is an amount equal to the aggregate Scheduled Principal Balance of the Mortgage Loans in its related Loan Group, and (~~xxx~~ii) the Accrued Certificate Interest otherwise allocable to the Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such Class or Classes of Senior Certificates in an amount equal to the Accrued Certificate Interest for such Distribution Date on the excess of (x) the aggregate Current Principal Amount of such Class or Classes of Senior Certificates over (y) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group. Any such reduction in the Accrued Certificate Interest on the Subordinate Certificates will be allocated in reverse order of the Subordinate Certificates numerical designations, commencing with the Class B-6 Certificates. (J) If, after distributions have been made pursuant to priorities first and second of clauses (a)(i)(A), (B), (D), (E) or (F) above and priorities first, second and third of clause (a)(i)(C) above on any Distribution Date, the remaining Group 1, Group 2, Group 3, Group 4, Group 5 and Group 6 Available Funds, respectively, are less than the sum of the Group 1, Group 2, Group 3, Group 4, Group 5 and Group 6 Senior Optimal Principal Amounts such amount shall be reduced, and such remaining funds will be distributed on the related Senior Certificates on the basis of such reduced amount. (K) On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, as described above;, will be distributed to the Class R-III Certificates; provided that if on any Distribution Date there are any Group 1, Group 2, Group 3, Group 4, Group 5 and Group 6 Available Funds remaining after payment of interest and principal to a Class or Classes of Certificates entitled thereto, such amounts will be distributed to the other Classes of Senior Certificates, pro rata, based upon their Current Principal Amounts, until all amounts due to all Classes of Senior Certificates have been paid in full, before any amounts are distributed to the Class R-III Certificates. (b) Pro rata" distributions among Classes of Certificates will be made in proportion to the then Current Principal Amount of such Classes. (c) No Accrued Certificate Interest will be payable with respect to any Class of Certificates after the Distribution Date on which the Current Principal Amount of such Certificate has been reduced to zero. (d) If on any Distribution Date the Available Funds for the Senior Certificates in any Certificate Group is less than the Accrued Certificate Interest on the related Senior Certificates for such Distribution Date prior to reduction for Net Interest Shortfalls and the interest portion of Realized Losses, the shortfall will be allocated among the holders of each Class of Senior Certificates in such Certificate Group in proportion to the respective amounts of Accrued Certificate Interest that would have been allocated thereto in the absence of such Net Interest Shortfalls and/or Realized Losses for such Distribution Date. In addition, the amount of any interest shortfalls will constitute unpaid Accrued Certificate Interest and will be distributable to holders of the Certificates of the related Classes entitled to such amounts on subsequent Distribution Dates, to the extent of the applicable Available Funds after current interest distributions as required herein. Any such amounts so carried forward will not bear interest. Shortfalls in interest payments will not be offset by a reduction in the servicing compensation of the Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments. (e) The expenses and fees of the Trust shall be paid by each of the REMICs, to the extent that such expenses relate to the assets of each of such respective REMICs, and all other expenses and fees of the Trust shall be paid pro rata by each of the REMICs.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Mort Inv Inc Mort Pas THR Certs Ser 2003-3)

Distributions on the Certificates. (a) Interest and principal on the Certificates will be distributed by the Securities Administrator monthly on each Distribution Date, commencing in May 2006, as instructed by the Master Servicer, in an aggregate amount equal to the sum of the Available Funds for such Distribution Date. On each Distribution Date, the Available Funds shall be distributed as follows: (A) On each Distribution Date, the ~~Trustee shall apply amounts on deposit~~ Group I Available Funds will be distributed in the following order of priority among the Group I Certificates except as otherwise noted: first, to the Class I-A Certificates, Class X-A Certificates and Class A-R Certificates, pro rata, the Accrued Certificate Interest on each Class of Group I Certificates for such Distribution ~~Account~~Date; provided, however, that on each Distribution Date, amounts that would otherwise be payable to the Class X-A Certificates under this clause will be paid to the Class I-A Certificates to the extent of any Basis Risk Shortfall Amounts remaining unpaid as of such Distribution Date; second, to the Class I-A Certificates, Class X-A Certificates and Class A-R Certificates, pro rata, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds, any shortfall in available amounts being allocated to the Group I Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for each Class of Group I Certificates for such Distribution Date; provided, however, that on each Distribution Date, amounts that would otherwise be payable to the Class X-A Certificates under this clause will be paid to the Class I-A Certificates to the extent of any Basis Risk Shortfall Amounts remaining unpaid as of such Distribution Date; and third, to the Class I-A Certificates and Class A-R Certificates, pro rata, in reduction of their respective Class Certificate Balances thereof, the Group I Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group I Available Funds, until the Class Certificate Balances of such Classes have been reduced to zero. Concurrently, the Class X-A Notional Amount will be reduced by an amount equal to the reduction of the Class Certificate Balance of the Class I-A Certificates. Amounts that would have been distributed in respect of the Class X-A Certificates, but for the proviso set forth in clauses "first" and "second" above shall be treated as having been distributed to the Class X-A Certificates for purposes of determining subsequent interest shortfalls with respect to the Class X-A Certificates and the Class X-A Certificates shall have no right to reimbursement therefor. For federal income tax purposes, such amounts shall be deemed to have been distributed to the Class X-A Certificates in respect of a REMIC regular interest and then as having been paid over to the Class I-A Certificates pursuant to an interest rate cap agreement. (B) On each Distribution Date, the Group II Available Funds will be distributed in the following order of priority among the Group II Certificates except as otherwise noted: first, to the Class II-A1 Certificates and Class II-A2 Certificates, pro rata, the Accrued Certificate Interest on the Group II Certificates for such Distribution Date; second, to the Class II-A1 Certificates and Class II-A2 Certificates, pro rata, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II Available Funds, any shortfall in available amounts being allocated to the Group II Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Group II Certificates for such Distribution Date; and third, to the Class II-A1 Certificates and Class II-A2 Certificates, pro rata, in reduction of the Class Certificate Balance thereof, the Group II Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group II Available Funds, until the Class Certificate Balance of such Class has been reduced to zero. (C) On each Distribution Date, the Group III Available Funds will be distributed in the following order of priority among the Group III Certificates except as otherwise noted: first, to the Class III-A Certificates, the Accrued Certificate Interest on the Class III-A Certificates for such Distribution Date; second, to the Class III-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group III Available Funds, any shortfall in available amounts being allocated to the Class III-A Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Group III Certificates for such Distribution Date; and third, to the Class III-A Certificates, in reduction of the Class Certificate Balance thereof, the Group III Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group III Available Funds, until the Class Certificate Balance of such Class has been reduced to zero. (D) On each Distribution Date, the Group IV Available Funds will be distributed in the following order of priority among the Group IV Certificates except as otherwise noted: first, to the Class IV-A Certificates, the Accrued Certificate Interest on the Class IV-A Certificates for such Distribution Date; second, to the Class IV-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group IV Available Funds, any shortfall in available amounts being allocated to the Class IV-A Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Group IV Certificates for such Distribution Date; and third, to the Class IV-A Certificates, in reduction of the Class Certificate Balance thereof, the Group IV Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group IV Available Funds, until the Class Certificate Balance of such Class has been reduced to zero. (E) On each Distribution Date on or prior to the Credit Support Depletion Date, an amount equal to the sum of the remaining Group I Available Funds, Group II Available Funds, Group III Available Funds and Group IV Available Funds after the distributions in clauses (A) through (D) above and after any distributions required to be made pursuant to clauses (F) and (G) below, will be distributed sequentially, in the following order, to the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's Subordinate Principal Distribution Amount for such Distribution Date, in each case to the extent of the remaining ~~portion~~ Available Funds. (F) On each Distribution Date prior to the Credit Support Depletion Date but after the reduction of the aggregate Class Certificate Balance of the related Senior Certificates of a related Loan Group to zero, the remaining Class or Classes of related Senior Certificates will be entitled to receive in reduction of their Class Certificate Balances, pro rata, based upon their respective Class Certificate Balances immediately prior to such Distribution Date, in addition to any Principal Prepayments related to such remaining Senior Certificates' respective Loan Group allocated to such Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the fully repaid Class or Classes of Senior Certificates; provided, however, that if both (a) the weighted average of the Subordinate Percentage equals or exceeds 200% of the original weighted average of the Subordinate Percentage as of the Closing Date on or after the Distribution Date in May 2009 and (b) the aggregate Stated Principal Balance of the Mortgage Loans delinquent 60 days or more, averaged over the last six months, as a percentage of the aggregate Class Certificate Balance of the Class M Certificates and Class B Certificates, does not exceed 100%, then the additional allocation of Principal Prepayments to the Senior Certificates in accordance with this clause (D) will not be made and 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the fully repaid class or classes of Senior Certificates will be allocated to the Subordinate Certificates. (G) If on any Distribution Date on which the aggregate Class Certificate Balance of any Class or Classes of Senior Certificates would be greater than the aggregate Stated Principal Balance of the Mortgage Loans in its related Loan Group (the amount of such excess, the "Undercollateralized Amount," and any such Class or Classes of Senior Certificates, the "Undercollateralized Senior Certificates") and any Subordinate Certificates are still outstanding in each case after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Subordinate Certificates in respect of principal will be distributed to the Undercollateralized Senior Certificates in reduction of the Class Certificate Balances thereof, until the aggregate Class Certificate Balance of such Class or Classes of Undercollateralized Senior Certificates is equal to the aggregate Stated Principal Balance of the Mortgage Loans in its related Loan Group, and (ii) the Accrued Certificate Interest otherwise allocable to the Subordinate Certificates on such Distribution Date will be reduced, if necessary, and distributed to such Class or Classes of Undercollateralized Senior Certificates pursuant to clause first of clauses (A), (B), (C) or (D) above, as applicable, in an amount equal to the Accrued Certificate Interest at the Pass-Through Rate for such Class or Classes of Undercollateralized Senior Certificates for such Distribution Date on a balance equal to the related Undercollateralized Amount. Any such reduction in the Accrued Certificate Interest on the Subordinate Certificates will be allocated to the Class B-3, Class B-2, Class B-1, Class M-3, Class M-2 and Class M-1 Certificates, in that order. On each Distribution Date, any Available Funds remaining after payment of interest and principal to the Classes of Certificates entitled thereto, as described above, will be distributed to the Class A-R Certificates; provided that if on any Distribution ~~Amount~~Date on and after the Credit Support Depletion Date there are any Group I, Group II, Group III or Group IV Available Funds remaining after payment of interest and principal to a Class or Classes of Senior Certificates entitled thereto, such amounts will be distributed to the other Classes of Senior Certificates, pro rata, based upon their Class Certificate Balances, until all amounts due to all Classes of Senior Certificates have been paid in full, before any amounts are distributed to the Class A-R Certificates. In addition to the foregoing distributions, with respect to any Subsequent Recoveries, the Master Servicer shall deposit such amounts into the Master Servicer Collection Account pursuant to Section 4.01(a). If, after taking into account such Subsequent Recoveries, the amount of a Realized Loss is reduced, the amount of such Subsequent Recoveries will be applied to increase the Class Certificate Balance of the Class of Subordinate Certificates with the highest payment priority to which Realized Losses have been allocated, including any Class of Subordinate Certificates to which a Realized Loss was previously allocated and whose Class Certificate Balance has been reduced to zero, but not by more than the amount of Realized Losses previously allocated to that Class of Certificates pursuant to Section 6.02. The amount of any remaining Subsequent Recoveries will be applied to increase the Class Certificate Balance of the Class of Certificates with the next highest payment priority, up to the amount of such Realized Losses previously allocated to that Class of Certificates pursuant to Section 6.02, and so on. Holders of such Certificates will not be entitled to any payment in respect of Accrued Certificate Interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Class Certificate Balance of each Certificate of such Class in accordance with its respective Percentage Interest. (H) Any Prepayment Penalties shall be distributed to the Class P Certificates. (I) The Trustee is hereby directed by the Depositor to execute the Cap Contract on behalf of the Trust Fund in the form presented to it by the Depositor and shall have no responsibility for the contents of such Cap Contract, including, without limitation, the representations and warranties contained therein. Any funds payable by the Trustee under the Cap Contract at closing shall be paid by the Depositor. Notwithstanding anything to the contrary contained herein or in the Cap Contract, the Trustee shall not be required to make any payments to the Cap Provider. Any payments received under the terms of the Cap Contract will be available to pay the holders of the Class I-A Certificates to the extent that the Class I-A Certificates have not received distributions pursuant to Section 6.01(a)(A) sufficient to fully pay any Basis Risk Shortfall Amounts due on the Class I-A Certificates for any Distribution Date. The Securities Administrator will make distributions from amounts in the Reserve Account on the applicable Distribution Date in the following order of priority: (i) ~~to distributions of interest to~~ from the ~~Holders of~~ Cap Contract Payments in the Class A-1 Certificates, the Holders of the Class A-2 Certificates and the Holders of the Class X Certificates, pro rata in accordance with the respective amounts of Distributable Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date andReserve Account, to the ~~extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the~~ Class ~~A-1~~ I-A Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount any Basis Risk Shortfall Amounts for such ~~Distribution Date; (iii~~class remaining unpaid after application of Section 6.01(a)(A) to distributions to the Holders of the Class A-1 Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, in an amount (not to exceed the Class Principal Balance of the Class B Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (~~xxxi~~ii) to ~~distributions~~ the Cap Provider, any remaining amounts on deposit in the Reserve Account. The Cap Contract is scheduled to remain in effect until the related Cap Contract Termination Date and will be subject to early termination only in limited circumstances. Such circumstances include certain insolvency or bankruptcy events in relation to the ~~Holders~~ Cap Provider, the failure of the ~~Class R-I Certificates~~Cap Provider to make a payment due under the related Cap Contract, ~~in an amount equal~~ the failure by the Cap Provider (after the applicable cure period after notice of such failure is received) to perform any other agreement made by it under the ~~balance~~related Cap Contract, ~~if any,~~ the termination of the ~~Available Distribution Amount for such Distribution Date remaining after~~ Trust Fund and the ~~distributions~~ related Cap Contract becoming illegal or subject to ~~be made on such Distribution Date pursuant to clauses (i) through (xxx) above;~~certain kinds of taxation.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Investors Trust, Series 2006-A2)

Distributions on the Certificates. (a) Interest and principal on the Certificates will be distributed by the Trustee monthly on each Distribution Date, commencing in February 2005, as instructed by the Master Servicer or the Securities Administrator, in an aggregate amount equal to the sum of the Available Funds for such Distribution Date. On each Distribution Date, the Available Funds shall be distributed as follows: (A) On each Distribution Date, the ~~Trustee shall apply amounts on deposit~~ Group I Available Funds will be distributed in the following order of priority among the Group I Senior Certificates except as otherwise noted: first, to the Class I-A Certificates, the Accrued Certificate Interest on the Class I-A Certificates for such Distribution ~~Account~~Date. As described below, Accrued Certificate Interest on the Class I-A Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated to the Class I-A Certificates as described below; second, to the Class I-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds, any shortfall in available amounts being allocated to the Class I-A Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Class I-A Certificates for such Distribution Date; and third, to the Class I-A Certificates, in reduction of the Class Certificate Balance thereof, the Group I Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group I Available Funds, until the Class Certificate Balance of such Class has been reduced to zero. (B) On each Distribution Date, the Group II Available Funds will be distributed in the following order of priority among the Group II Senior Certificates except as otherwise noted: first, to the Class II-A-1 Certificates and Class II-A-2 Certificates, pro rata, the Accrued Certificate Interest on each class of Group II Senior Certificates for such Distribution Date. As described below, Accrued Certificate Interest on the Group II Senior Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated to the Group II Senior Certificates as described below; second, to the Class II-A-1 Certificates and Class II-A-2 Certificates, pro rata, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II Available Funds, any shortfall in available amounts being allocated to the Class II Senior Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Group II Senior Certificates for such Distribution Date; and third, to the Class II-A-1 Certificates and Class II-A-2 Certificates, pro rata, in reduction of the Class Certificate Balances thereof, the Group II Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group II Available Funds, until the Class Certificate Balance of such Classes have been reduced to zero. (C) On each Distribution Date, the Group III Available Funds will be distributed in the following order of priority among the Group III Senior Certificates except as otherwise noted: first, to the Class III-A Certificates, the Accrued Certificate Interest on the Class III-A Certificates for such Distribution Date. As described below, Accrued Certificate Interest on the Class III-A Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated to the Class III-A Certificates as described below; second, to the Class III-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group III Available Funds, any shortfall in available amounts being allocated to the Class III-A Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Class III-A Certificates for such Distribution Date; and third, to the Class III-A Certificates, in reduction of the Class Certificate Balance thereof, the Group III Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group III Available Funds, until the Class Certificate Balance of such Class has been reduced to zero. (D) On each Distribution Date on or prior to the Distribution Date on which the Class Certificate Balances of the Subordinate Certificates are reduced to zero (the "Credit Support Depletion Date"), an amount equal to the sum of the remaining Group I, Group II and Group III Available Funds after the distributions in clauses (A), (B) and (C) above and after any distributions required to be made pursuant to clauses (E) and (F) below, will be distributed sequentially, in the following order, to the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates, in each case up to an amount equal to and in the (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's Subordinate Principal Distribution Amount for such Distribution Date, in each case to the extent of the remaining ~~portion~~ Available Funds. (E) On each Distribution Date prior to the Credit Support Depletion Date but after the reduction of the ~~Available Distribution Amount, in the following order of priority: (i) to distributions of interest to the Holders~~ aggregate Class Certificate Balance of the ~~Class A-1 Certificates~~related Senior Certificates of a related Loan Group to zero, the ~~Holders~~ remaining Class or Classes of ~~the~~ related Senior Certificates will be entitled to receive in reduction of their Class ~~A-2 Certificates and the Holders of the Class X Certificates~~Certificate Balances, pro rata ~~in accordance with the respective amounts of Distributable~~ based upon their Class Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding Balances immediately prior to such Distribution Date~~) equal~~ , in addition to any principal prepayments related to such remaining Senior Certificates' respective Loan Group allocated to such Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the ~~entire remaining~~ fully repaid Class or Classes of Senior Certificates; provided, however, that if both (a) the weighted average Subordinate Percentage equals or exceeds approximately 7.00% on or after the Distribution Date in February 2008 and (b) the aggregate Stated Principal ~~Distribution Amount for such Distribution Date; (iii) to distributions to~~ Balance of the ~~Holders~~ Mortgage Loans delinquent 60 days or more, averaged over the last six months, as a percentage of the aggregate Class Certificate Balance of the Class ~~A-1~~ M Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, does not exceed 50%, then the additional allocation of principal prepayments to the Senior Certificates in ~~an amount~~ accordance with this clause (E) will not ~~to exceed~~ be made. (F) If on any Distribution Date on which the aggregate Class Certificate Balance of any Class or Classes of Senior Certificates would be greater than the aggregate Stated Principal Balance of the Mortgage Loans in its related Loan Group (the amount of such excess, the "Undercollateralized Amount," and any such Class B or Classes of Senior Certificates, the "Undercollateralized Senior Certificates") and any Subordinate Certificates are still outstanding ~~immediately prior~~ in each case after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Subordinate Certificates in respect of principal will be distributed to the Undercollateralized Senior Certificates in reduction of the Class Certificate Balances thereof, until the aggregate Class Certificate Balance of such Class or Classes of Undercollateralized Senior Certificates is equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class aggregate Stated Principal Balance of the ~~Class C Certificates outstanding immediately prior to such Distribution Date~~Mortgage Loans in its related Loan Group, and (ii) ~~equal~~ the Accrued Certificate Interest otherwise allocable to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Subordinate Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for on such Distribution Date ~~and~~will be reduced, ~~to the extent not previously paid~~if necessary, ~~for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B~~ and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior distributed to such ~~Distribution Date~~Class or Classes of Undercollateralized Senior Certificates pursuant to clause first of clauses (A), (B) ~~equal to the entire remaining Principal Distribution Amount for such Distribution Date;~~ or (~~xii~~C) ~~to distributions to the Holders of the Class D Certificates~~above, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificatesas applicable, in an amount equal to the ~~balance, if any,~~ Accrued Certificate Interest at the Pass-Through Rate for such Class or Classes of ~~the Available Distribution Amount~~ Undercollateralized Senior Certificates for such Distribution Date on a balance equal to the related Undercollateralized Amount. Any such reduction in the Accrued Certificate Interest on the Subordinate Certificates will be allocated to the Class B-3, Class B-2, Class B-1, Class M-3, Class M-2 and Class M-1 Certificates, in that order. On each Distribution Date, any Available Funds remaining after payment of interest and principal to the ~~distributions~~ Classes of Certificates entitled thereto, as described above, will be distributed to ~~be made~~ the Class R-II Certificates; provided that if on ~~such~~ any Distribution Date on and after the Credit Support Depletion Date there are any Group I or Group II Available Funds remaining after payment of interest and principal to a Class or Classes of Senior Certificates entitled thereto, such amounts will be distributed to the other Classes of Senior Certificates, pro rata, based upon their Class Certificate Balances, until all amounts due to all Classes of Senior Certificates have been paid in full, before any amounts are distributed to the Class R-II Certificates. It is not anticipated that there will be any significant amounts remaining for such distribution. In addition to the foregoing distributions, with respect to any Subsequent Recoveries, the Master Servicer shall deposit such amounts into the Protected Account pursuant to ~~clauses (i) through (xxx) above;~~Section 4.01(a). If, after taking into account such Subsequent Recoveries, the amount of a Realized Loss is reduced, the amount of such Subsequent Recoveries will be applied to increase the Class Certificate Balance of the Class of Subordinate Certificates with the highest payment priority to which Realized Losses have been allocated, including any class of certificates to which a realized loss was previously allocated and whose Class Certificate Balance has been reduced to zero, but not by more than the amount of Realized Losses previously allocated to that Class of Certificates pursuant to Section 6.02(a). The amount of any remaining Subsequent Recoveries will be applied to increase the Class Certificate Balance of the Class of Certificates with the next highest payment priority, up to the amount of such Realized Losses previously allocated to that Class of Certificates pursuant to Section 6.02(a), and so on. Holders of such Certificates will not be entitled to any payment in respect of Current Interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Class Certificate Balance of each Certificate of such Class in accordance with its respective Percentage Interest.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MERRILL LYNCH MORT INV TRUST MLMI Series 2005-A1)

Distributions on the Certificates. (a) Interest and principal on the Certificates will be distributed monthly on each Distribution Date, commencing in __________ 2000, in an aggregate amount equal to the Available Funds for such Distribution Date. (A) On each Distribution Date, the ~~Trustee shall apply amounts on deposit in the Distribution Account, in each case to the extent of the remaining portion of the~~ Available ~~Distribution Amount,~~ Funds will be distributed in the following order of ~~priority: (i) to distributions of interest~~ priority among the Certificates except as otherwise noted: first, to the ~~Holders~~ interest-bearing Classes of ~~the Class A-1~~ Senior Certificates, the ~~Holders of the Class A-2 Certificates and the Holders of the Class X Certificates, pro rata in accordance with the respective amounts of Distributable~~ Accrued Certificate Interest ~~payable in respect of~~ on each such ~~Classes of Certificates~~ Class for such Distribution Date. As described ~~in this clause (i)~~below, ~~in an amount equal to all Distributable~~ Accrued Certificate Interest ~~in respect of~~ on each such Class of Certificates ~~for such~~ is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto. Any Net Interest Shortfalls shall be allocated among the Senior Certificates as provided in Section 6.01(c); second, to the interest-bearing Classes of Senior Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution ~~Date and~~Dates, to the extent ~~not previously paid~~of remaining Available Funds, ~~for all prior Distribution Dates; (ii) to distributions of principal, first~~ any shortfall in available amounts being allocated among such Classes in proportion to the ~~Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an~~ amount ~~(not to exceed the Class Principal Balance~~ of such Accrued Certificate Interest remaining undistributed for each such Class ~~of Certificates outstanding immediately prior to~~ for such Distribution Date~~) equal~~ ; third, to the ~~entire remaining~~ Senior Certificates (other than the Class X Certificates) in reduction of the Current Principal Amounts thereof: (a) the Senior P&I Optimal Principal Amount, sequentially to the Class R Certificate and then to the Class A Certificates, until their respective Current Principal Amounts have been reduced to zero; and (b) the Class PO Principal Distribution Amount for such Distribution Date~~; (iii) to distributions~~ , to the ~~Holders~~ Class PO Certificates, until the Current Principal Amount of the Class ~~A-1~~ PO Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have has been reduced to zero; fourth, ~~to distributions of principal to the Holders of~~ the Class B Certificates, in an amount (not to exceed the Class Principal Balance of the Class B Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution PO Deferred Amount for such Distribution Date~~; (vi) to distributions~~ , to the ~~Holders of~~ Class PO Certificates; provided, that (i) on any Distribution Date, distributions pursuant to this priority fourth shall not exceed the ~~Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses~~excess, if any, ~~that were previously allocated to~~ of (x) the ~~Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii)~~ Available Funds remaining after giving effect to distributions ~~of interest~~ pursuant to clauses first through third under Section 6.01(a)(A) above over (y) the ~~Holders~~ sum of the ~~Class C Certificates, in an~~ amount ~~equal to all Distributable~~ of Accrued Certificate Interest ~~in respect of such Class of Certificates~~ for such Distribution Date ~~and~~and Accrued Certificate Interest remaining undistributed from previous Distribution Dates on all Classes of Subordinate Certificates then outstanding, (ii) such distributions shall not reduce the Current Principal Amount of the Class PO Certificates and (iii) no distribution will be made in respect of the Class PO Deferred Amount after the Cross-Over Date; and fifth, sequentially, in the following order, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G ~~Certificates have been reduced~~ Certificates, in each case up to ~~zero~~an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, to (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's Allocable Share for such Distribution Date. (B) On each Distribution Date after the Cross-Over Date, distributions of principal to on the ~~Holders~~ outstanding Senior Certificates (other than Class PO Certificates) will be made pro rata among all such Senior Certificates, regardless of the ~~Class H~~ allocation, or sequential nature, of principal payments described in priority third in Section 6.01(a)(A) above, based upon the then Current Principal Amounts of such Senior Certificates. (C) If, ~~in an amount (not~~ after distributions have been made pursuant to ~~exceed~~ priorities first and second under Section 6.01(a)(A) above on any Distribution Date, the remaining Available Funds are less than the sum of the Senior P&I Optimal Principal Amount and the Class ~~Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining~~ PO Principal Distribution Amount for such Distribution Date; , such amounts shall be proportionately reduced, and such remaining Available Funds will be distributed on the Senior Certificates (~~xxiv~~other than the Class X Certificates) ~~to distributions~~ on the basis of such reduced amounts. Notwithstanding any reduction in principal distributable to the ~~Holders~~ Class PO Certificates pursuant to this paragraph, the principal balance of the Class ~~H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated~~ PO Certificates shall be reduced not only by principal so distributed but also by the difference between (i) principal distributable to the Class H PO Certificates in accordance with clause (b) of priority third above and ~~that remain unreimbursed immediately prior~~ (ii) principal actually distributed to the Class PO Certificates after giving effect to this paragraph (such difference, the "Class PO Cash Shortfall"). The Class PO Cash Shortfall with respect to any Distribution ~~Date;~~Date will be added to the Class PO Deferred Amount. (~~xxv~~b) ~~to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable~~ No Accrued Certificate Interest in will be payable with respect to any Class of Certificates after the Distribution Date on which the outstanding Current Principal Amount or Notional Amount of such ~~Class of~~ Certificate has been reduced to zero. (c) If on any Distribution Date the Available Funds for the Senior Certificates is less than the Accrued Certificate Interest on the Senior Certificates for such Distribution Date ~~and~~prior to reduction for Net Interest Shortfall and the interest portion of Realized Losses, the shortfall will be allocated among the holders of each Class of interest- bearing Senior Certificates in proportion to the ~~extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances~~ respective amounts of ~~the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates~~ Accrued Certificate Interest that would have been ~~reduced to zero, to distributions~~ allocated thereto in the absence of ~~principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to~~ such ~~Distribution Date) equal to the entire remaining Principal Distribution Amount~~ Net Interest Shortfall or Realized Losses for such Distribution Date~~; (xxvii~~. In addition, the amount of any interest shortfalls that are covered by subordination as provided in Section 6.03(g) will constitute unpaid Accrued Certificate Interest and will be distributable to ~~distributions to the~~ Holders of the ~~Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J~~ Certificates ~~and that remain unreimbursed immediately prior~~ entitled to such amounts on subsequent Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, Dates to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificates, in an amount equal to the balance, if any, of the Available ~~Distribution Amount for such Distribution Date remaining~~ Funds after current interest distributions are made as required herein. Any amounts so carried forward will not bear interest. Shortfalls in interest payments will not be offset by a reduction in servicing compensation of the ~~distributions~~ Master Servicer or otherwise, except to ~~be made on such Distribution Date pursuant to clauses (i) through (xxx) above;~~the extent of Compensating Interest Payments.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Samco Mortgage Securities Corp)

Distributions on the Certificates. (a) On each Distribution Date, an amount equal to Available Funds for such Distribution Date shall be withdrawn by the ~~Trustee shall apply amounts~~ Securities Administrator from the Distribution Account and distributed as directed in accordance with the Remittance Report for such Distribution Date, as follows: 1. > from the related Group Available Funds: (A) <ERROR> on the Distribution Date in December 2015 and on each Distribution Date thereafter, for deposit in the ~~Distribution~~ Final Maturity Reserve Account, the Final Maturity Reserve Amount, if any, for the related Mortgage Loan Group. (B) to each Senior Certificate Group, from the related Group Available Funds in the following priority: first, the Accrued Certificate Interest for such Senior Certificate Group for such Distribution Date, pro rata based on the amount of Accrued Certificate Interest due to each ~~case~~ Class in that Senior Certificate Group; provided, however, that any shortfall in available amounts for the related Mortgage Loan Group will be allocated among the Classes of Senior Certificates relating to such Mortgage Loan Group (other than the Class A-X Certificates) in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon; provided, further, that for the purpose of distributions to the Class A-X Certificates, only the portion of their Current Notional Amount derived from the Mortgage Loans in the related Mortgage Loan Group will be used to calculate distributions to the Class A-X Certificates from the related Group Available Funds; provided, further, to the extent of the Required Available Funds Cap Reserve Fund Deposit for that Distribution Date, interest that would otherwise be payable to the Class A-X Certificates will be deposited in the Available Funds Cap Reserve Fund and will not be distributed to that Class; second, any Accrued Certificate Interest for such Senior Certificate Group remaining undistributed from previous Distribution Dates, pro rata based on the amount of Accrued Certificate Interest remaining undistributed from previous Distribution Dates to each Class in that Senior Certificate Group; provided, however, that any shortfall in available amounts for the related Mortgage Loan Group will be allocated among the Classes of Senior Certificates relating to such Mortgage Loan Group (other than the Class A-X Certificates) in proportion to the amount of such interest (as so reduced) that would otherwise be distributable thereon; provided, further, that for the purpose of distributions to the Class A-X Certificates, only the portion of their Current Notional Amount derived from the Mortgage Loans in the related Mortgage Loan Group will be used to calculate distributions to the Class A-X Certificates from the related Group Available Funds; provided, further, to the extent of the Required Available Funds Cap Reserve Fund Deposit for that Distribution Date, interest that would otherwise be payable to the Class A-X Certificates will be deposited in the Available Funds Cap Reserve Fund and will not be distributed to that Class; third, in reduction of the Current Principal Amount of the Senior Principal Certificates of such Senior Certificate Group, the related Group Senior Optimal Principal Amount for such Distribution Date, until the Current Principal Amount thereof has been reduced to zero; and 2. first, from the Yield Maintenance Account, and second, from the Available Funds Cap Reserve Fund, in that order, for distribution to the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, any Available Funds Cap Shortfall Amounts remaining unpaid for each such Class and such Distribution Date pursuant to Sections 4.07 and 4.08; provided that payments derived from a Yield Maintenance Agreement will be used only to cover Available Funds Cap Shortfall Amounts on the related Class of Class A-1, Class A-2, Class A-3 and Class A-4 Certificates and any excess therefrom will be distributed to Class A-X Certificates; 3. subject to clauses 4 and 5 below, from the sum of remaining Group Available Funds for all Mortgage Loan Groups after the distributions in clauses 1(A) and 1(B) above, to the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, sequentially in that order in each case, up to an amount equal to and in the following order: first, Accrued Certificate Interest for such Class for that Distribution Date, second, any Accrued Certificate Interest on that Class remaining undistributed from previous Distribution Dates; and third, such Class’ Allocable Share for such Distribution Date. 4. Notwithstanding anything to the contrary in clauses 1(B) and 3 above, on any Distribution Date prior to the Cross-Over Date but after the date on which the Current Principal Amount of one or more Classes of Senior Principal Certificates (following application of Group Available Funds pursuant to clause 1(B) above) has been reduced to zero, unless the Subordination Doubling Test and the Delinquency Test have been satisfied for such Distribution Date, amounts in respect of the related Mortgage Loan Group for each such Senior Certificate Group that would be otherwise distributable as principal under clauses (ii) and (iv) of the definition of Subordinate Optimal Principal Amount to each Class of Subordinate Certificates pursuant to paragraph third of clause (3) above, shall, in inverse order of priority, beginning with the Class B-6 Certificates, be applied to reduce the Current Principal Amount of the Senior Principal Certificates of each Senior Certificate Group that remains outstanding on such Distribution Date (following application of GroupAvailable Funds pursuant to clause 1(B) above), until such Current Principal Amount thereof has been reduced to zero. If more than one such Senior Certificate Group exists, such amounts shall be allocated to the Senior Principal Certificates of the Senior Certificate Groups pro rata, based upon the Current Principal Amount of each such Senior Principal Certificate as a percentage of the aggregate Current Principal Amount of all Senior Principal Certificates, in each case immediately prior to such Distribution Date. 5. Notwithstanding anything to the contrary in clauses 1(B) and 3 above, if an Undercollateralized Group exists on any Distribution Date, then (A) 100% of Available Funds otherwise payable on such Distribution Date to the Subordinate Certificates in respect of principal will be reallocated to pay to the Senior Principal Certificates in such Undercollateralized Group the related Undercollateralization Amount, in reduction of the Current Principal Amount thereof. In the event that there is more than one Undercollateralized Group on a Distribution Date, such Available Funds will be allocated pro rata among each such Undercollateralized Group, based on the Undercollateralization Amount for each such Undercollateralized Group as a percentage of the aggregate Undercollateralization Amount for all such Undercollateralized Groups; and (B) the Accrued Certificate Interest otherwise allocable to the Subordinate Certificates on that Distribution Date will, if necessary, be reduced and distributed to that Class or those Classes of Senior Certificates (including both the Senior Principal Certificates and the portion of the ~~Available~~ Class A-X Certificates derived from Mortgage Loans in the related Mortgage Loan Group and, if such distribution relates to the Class A-4 Certificates, the Class A-4X Certificates) in an amount equal to the Accrued Certificate Interest with respect to the Senior Principal Certificates, the Class A-4X Certificates, if applicable, and the portion of the Class A-X Certificates derived from Mortgage Loans in the related Mortgage Loan Group for that Distribution ~~Amount~~Date on the excess of (x) the aggregate Current Principal Amount of that Class or those Classes of Senior Principal Certificates over (y) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Mortgage Loan Group (pro rata if more than one Class of Senior Certificates is so affected, based on the relative amounts of Accrued Certificate Interest for each such Class). Any reduction in the Accrued Certificate Interest or principal of the Subordinate Certificates pursuant to this Clause 5 will be allocated to the Subordinate Certificates in reverse order of their numerical designations, commencing with the Class B-6 Certificates. Notwithstanding the foregoing, on the first Distribution Date, an amount equal to $50 shall be distributed to each of the Class R-I Certificate, the Class R-II Certificate and the Class R-III Certificate from funds deposited in the Distribution Account on the Closing Date. (b) On the earlier of the Distribution Date in December 2035 and the termination of the Trust, the Securities Administrator shall distribute the funds on deposit in the Final Maturity Reserve Account in the following order of priority: (i) to distributions of interest to the Holders of the Class A-1 Certificates, the Holders of the Class A-2 Certificates and the Holders of the Class X Certificates, pro rata in accordance with the respective amounts of Distributable Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (iii) to distributions to the Holders of the Class A-1 Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, in an amount (not to exceed the Class Principal Balance of the Class B Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class ~~B Certificates have~~ A-3 Certificates, concurrently, in proportion to their respective Current Principal Amounts, after giving effect to principal distributions on such Distribution Date pursuant to Section 6.01(a)1(B)third above, in reduction of their respective Current Principal Amounts, until the Current Principal Amount of each such Class has been reduced to zero~~, to distributions of principal~~ ; (ii) to the ~~Holders of the~~ Class C B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, in ~~an amount~~ that order, after giving effect to principal distributions on such Distribution Date pursuant to Section 6.01(a)3third above, in reduction of their respective Current Principal Amounts, until the Current Principal Amount of each such Class has been reduced to zero; (~~not~~ iii) to ~~exceed~~ the Class ~~Principal Balance of the~~ X-0, Xxxxx X-0, Class ~~C Certificates outstanding immediately prior to~~ A-3, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, any Interest Shortfalls for each such Class remaining unpaid on such Distribution Date~~) equal to~~ , in the ~~entire remaining Principal Distribution Amount for such Distribution Date~~same priority as set forth in Sections 6.01(a)1(B)second and 6.01(a)3 second; (ixiv) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class ~~A-2, Class B~~ A-2 and Class ~~C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D~~ A-3 Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificatesconcurrently, in ~~an amount equal to~~proportion to their respective Current Principal Amounts, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of any Available Funds Cap Shortfall Amounts remaining for each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to on such Distribution Date; and (~~xxxi~~v) to ~~distributions to~~ the ~~Holders~~ extent of any funds remaining in the ~~Class R-I Certificates, in an amount equal to the balance, if any, of the Available Distribution Amount for such Distribution Date remaining~~ Final Maturity Reserve Account after ~~the distributions to be made on such Distribution Date~~ payment pursuant to clauses (i) through (~~xxx~~iv) above;, to the Class I Certificates. (c) The expenses and fees of the Trust shall be paid by each of the REMICs, to the extent that such expenses relate to the assets of each of such respective REMICs, and all other expenses and fees of the Trust shall be paid pro rata by both of the REMICs.

Appears in 1 contract

Samples: Trust, Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2005-4)

Distributions on the Certificates. (a) On Interest and principal on the Certificates (other than the Class X Certificates) will be distributed monthly on each Distribution Date, ~~the Trustee shall apply amounts on deposit~~ commencing in the Distribution Account, in each case to the extent of the remaining portion of the Available Distribution Amount, in the following order of priority: (i) to distributions of interest to the Holders of the Class A-1 Certificates, the Holders of the Class A-2 Certificates and the Holders of the Class X Certificates, pro rata in accordance with the respective amounts of Distributable Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (iii) to distributions to the Holders of the Class A-1 Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, in an amount (not to exceed the Class Principal Balance of the Class B Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I CertificatesAugust 2002, in an amount equal to the ~~balance~~Available Funds for such Distribution Date. On each Distribution Date, ~~if any~~the Available Funds shall be distributed as follows: (A) on each Distribution Date, the Group 1 Available Funds will be distributed to the Group 1 Senior Certificates as follows: FIRST, to the Group 1 Senior Certificates, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Group 1 Senior Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Group 1 Senior Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 1 Available Funds; and THIRD, to the Group 1 Senior Certificates, in reduction of the ~~Available Distribution~~ Current Principal Amounts thereof, the Group 1 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 1 Available Funds, until the Current Principal Amounts of such Class has been reduced to zero; (B) on each Distribution Date, the Group 2 Available Funds will be distributed to the Group 2 Senior Certificates as follows: FIRST, to the Group 2 Senior Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Group 2 Senior Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Group 2 Senior Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 2 Available Funds; and THIRD, to the Group 2 Senior Certificates (other than the Class II-X Certificates), in reduction of the Current Principal Amount thereof, the Group 2 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 2 Available Funds, until the Current Principal Amount of such Class has been reduced to zero; (C) on each Distribution Date, the Group 3 Available Funds will be distributed to the Group 3 Senior Certificates as follows: FIRST, to the Group 3 Senior Certificates, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Group 3 Senior Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Group 3 Senior Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 3 Available Funds; and THIRD, to the Group 3 Senior Certificates, in reduction of the Current Principal Amount thereof, the Group 3 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 3 Available Funds, until the Current Principal Amount of such Class has been reduced to zero; (D) on each Distribution Date, the Group 4 Available Funds will be distributed to the Group 4 Senior Certificates as follows: FIRST, to the Group 4 Senior Certificates, on a pro rata basis, the Accrued Certificate Interest on each such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Group 4 Senior Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Group 4 Senior Certificates, on a pro rata basis, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 4 Available Funds; and THIRD, sequentially, in the following order, to the Class R-I, Class R-II, Class R-III and Class IV-A Certificates, in reduction of the Current Principal Amounts thereof, the Group 4 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 4 Available Funds, until the Current Principal Amount of each such Class has been reduced to zero; (E) on each Distribution Date, the Group 5 Available Funds will be distributed to the Group 5 Senior Certificates as follows: FIRST, to the Group 5 Senior Certificates, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Group 5 Senior Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Group 5 Senior Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 5 Available Funds; and THIRD, to the Group 5 Senior Certificates, in reduction of the Current Principal Amount thereof, the Group 5 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 5 Available Funds, until the Current Principal Amount of such Class has been reduced to zero; (F) on each Distribution Date, the Group 6 Available Funds will be distributed to the Group 6 Senior Certificates as follows: FIRST, to the Group 6 Senior Certificates, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Group 6 Senior Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Group 6 Senior Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 6 Available Funds; and THIRD, to the Group 6 Senior Certificates, in reduction of the Current Principal Amount thereof, the Group 6 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 6 Available Funds, until the Current Principal Amount of such Class has been reduced to zero; (G) on each Distribution Date, the Group 7 Available Funds will be distributed to the Group 7 Senior Certificates as follows: FIRST, to the Group 7 Senior Certificates, the Accrued Certificate Interest on such Class for such Distribution Date. As described below, Accrued Certificate Interest on the Group 7 Senior Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto; SECOND, to the Group 7 Senior Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group 7 Available Funds; and THIRD, to the Group 7 Senior Certificates, in reduction of the Current Principal Amount thereof, the Group 7 Senior Optimal Principal Amount for such Distribution Date to the extent of remaining Group 7 Available Funds, until the Current Principal Amount of such Class has been reduced to zero; (H) Except as provided in (I) and (J) below, on each Distribution Date prior to the Cross-Over Date, an amount equal to any remaining Group 1, Group 2, Group 3, Group 4, Group 5, Group 6 and Group 7 Available Funds after the distributions in (A), (B), (C), (D), (E), (F) and (G) above will be distributed sequentially, in the following order, to ~~be made on~~ the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution ~~Date pursuant to clauses~~ Date, (ib) ~~through (xxx) above;~~any

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Arm Trust Mortgage Pass Thro Cert Series 2002-8)

Distributions on the Certificates. (a) On Interest and principal on the Certificates will be distributed by the Trustee monthly on each Distribution ~~Date, the Trustee shall apply amounts~~ Date from funds on deposit in the ~~Distribution~~ Certificate Account, commencing in ~~each case~~ March 1998, in an aggregate amount equal to the ~~extent of the remaining portion of the~~ Available Funds for such Distribution ~~Amount,~~ Date in the following order of priority~~: (i) to distributions of interest~~ : FIRST, to the ~~Holders of the~~ Class ~~A-1 Certificates, the Holders of the Class A-2~~ A Certificates and the ~~Holders of~~ Class R Certificate, the ~~Class X Certificates, pro rata in accordance with the respective amounts of Distributable~~ Accrued Certificate Interest ~~payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of~~ on each such Class for such Distribution Date, any shortfall in available amounts being allocated between such Classes in proportion to the amount of Accrued Certificate Interest otherwise distributable thereon; SECOND, to the Class A Certificates and the Class R Certificate, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Available Funds, any shortfall in available amounts being allocated between such Classes in proportion to the amount of such Accrued Certificate Interest remaining undistributed for each such Class for such Distribution Date; THIRD, sequentially to the Class R Certificate and then to the Class A Certificates, in reduction of the Current Principal Amounts thereof, the Senior Optimal Principal Amount for such Distribution Date ~~and,~~ to the extent ~~not previously paid~~of remaining Available Funds, ~~for all prior Distribution Dates; (ii) to distributions of principal, first to~~ until the ~~Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class~~ Current Principal Balance of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (iii) to distributions to the Holders of the Class A-1 Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates Amounts thereof have been reduced to zero; FOURTH, sequentially, to ~~distributions of principal~~ the Class B-1 and then to the ~~Holders of the~~ Class B B-2 Certificates, in each case up to an amount ~~(not to exceed the Class Principal Balance of the Class B Certificates outstanding immediately prior to such Distribution Date)~~ equal to and in the ~~entire remaining Principal Distribution Amount~~ following order: (a) the Accrued Certificate Interest thereon for such Distribution Date; , (vib) ~~to distributions to the Holders of the Class B Certificates, in an amount equal to,~~ any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and ~~in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to~~ (c) such Class's Allocable Share for such Distribution Date~~; (vii) to distributions of interest to~~ , until the ~~Holders~~ Current Principal Amount of the respective Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have has been reduced to zero. On each Distribution Date, ~~to distributions~~ Available Funds remaining after payment of interest and principal to the ~~Holders of the Class C Certificates~~Certificates entitled thereto, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificatesas described above, ~~in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated~~ will be distributed to the Class ~~C Certificates and~~ R Certificate. It is not anticipated that ~~remain unreimbursed immediately prior to~~ there will be any significant amounts remaining for such ~~Distribution Date;~~distribution. (xb) ~~to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable~~ No Accrued Certificate Interest in will be payable with respect ~~of such~~ to any Class of Certificates ~~for such~~ after the Distribution Date ~~and, to~~ on which the ~~extent not previously paid, for all prior Distribution Dates; (xi) if the Class~~ outstanding Current Principal ~~Balances~~ Amount of ~~the Class A-1, Class A-2, Class B and Class C Certificates have~~ such Certificate has been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificates, in an amount equal to the balance, if any, of the Available Distribution Amount for such Distribution Date remaining after the distributions to be made on such Distribution Date pursuant to clauses (i) through (xxx) above;.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Securities Inc)

Distributions on the Certificates. (a) On the first Distribution Date only and from the amount deposited by the Depositor in the Distribution Account on the Closing Date pursuant to Section 2.01(a) hereof, to the Class R-1 and Class R-2 Certificates, pro rata, in reduction of their respective Current Principal Amounts, until their respective Current Principal Amounts have been reduced to zero. (b) On each Distribution Date, an amount equal to the Interest Funds and the Principal Funds for such Distribution Date shall be withdrawn by the Trustee ~~shall apply amounts on deposit in~~ from the Distribution ~~Account,~~ Account and distributed as directed in ~~each case to~~ accordance with the ~~extent of~~ Remittance Report provided by the ~~remaining portion of the Available~~ Securities Administrator for such Distribution ~~Amount~~Date, in the ~~following order of priority~~manner set forth in clauses (i) through (vi) below: (i) The Trustee shall apply Interest Funds for Loan Group I for such Distribution Date as follows: FIRST, concurrently, to ~~distributions~~ the Class I-1A and Class I-2A Certificates, the Current Interest and then any Interest Carry Forward Amount for such Classes, PRO RATA based on the amount of ~~interest~~ Current Interest and any Interest Carry Forward Amount, as applicable, due thereon; SECOND, from remaining Interest Funds for Loan Group I, to the Class I-M Certificates, the Current Interest for such Class; THIRD, from remaining Interest Funds in respect of Loan Group I, any Group I Loss Amount will be included in Principal Funds in respect of Loan Group I (and for allocation purposes be treated as Principal Funds from the Loan Subgroup which experienced the Realized Loss) and as part of the Group I Principal Distribution Amount; FOURTH, from remaining Interest Funds in respect of Loan Group I, any Group II Crossed Loss Amount will be included in Principal Funds in respect of Loan Group II (and for allocation purposes be treated as Principal Funds from the Loan Subgroup which experienced the Realized Loss) and as part of the Group II Principal Distribution Amount; FIFTH, any Group I Excess Spread to the extent necessary to meet a level of overcollateralization equal to the Specified Overcollateralization Amount for Loan Group I will be the Group I Extra Principal Distribution Amount and will be included as part of the Group I Principal Distribution Amount; and SIXTH, any remaining Group I Excess Spread will be included in Group I Excess Cashflow and applied as described under clause (b)(iii) below. On any Distribution Date, any Net Interest Shortfalls with respect to Loan Group I will be allocated as provided in the definition of Current Interest. The Holders of the Group I Certificates will not be entitled to reimbursement for any such Net Interest Shortfalls. Notwithstanding the provisions of subclauses FIFTH and SIXTH of clause (b)(i) above, on the first Distribution Date, all Group I Excess Spread will be paid to the Holders of the Class ~~A-1~~ B-IO Certificates. (ii) The Trustee shall apply the Group I Principal Distribution Amount for such Distribution Date as follows: (A) for each Distribution Date (i) prior to the Stepdown Date for Certificate Group I or (ii) on which a Trigger Event for Loan Group I is in effect: FIRST, concurrently to the Class I-1A and Class I-2A Certificates, PRO RATA based on the amount of Principal Funds for such Distribution Date from the Subgroup I-1 and Subgroup I-2 Mortgage Loans, respectively, until the Current Principal Amount of each such Class is reduced to zero; and SECOND, to the Class I-M Certificates, any remaining Group I Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; (B) For each Distribution Date on or after the Stepdown Date for Certificate Group I, so long as a Trigger Event for Loan Group I is not in effect: FIRST, concurrently to the Class I-1A and Class I-2A Certificates, the ~~Holders~~ Group I Senior Principal Distribution Amount, PRO RATA based on the amount of Principal Funds for such Distribution Date from the Subgroup I-1 and Subgroup I-2 Mortgage Loans, respectively, until the Current Principal Amount of each such Class is reduced to zero; and SECOND, to the Class I-M Certificates, from any remaining Group I Principal Distribution Amount, the Class I-M Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero; Notwithstanding the provisions of clause (b)(ii) above, if on any Distribution Date the Current Principal Amount of a Class of Group I Senior Certificates has been reduced to zero, the portion of the Group I Principal Distribution Amount or the Group I Senior Principal Distribution Amount, as applicable, otherwise allocable to such Class ~~A-2~~ will be allocated to the remaining Class of Group I Senior Certificates ~~and~~ until its Current Principal Amount has been reduced to zero. (iii) The Trustee shall apply any Group I Excess Cashflow for such Distribution Date as follows: FIRST, any Group I Excess Cashflow, to the ~~Holders~~ extent necessary (after application of the Group II Principal Distribution Amount) to meet a level of overcollateralization equal to the Specified Overcollateralization Amount for Loan Group II will be distributed concurrently to the Class X II-1A, Class II-2A, Class II-3A and Class II-4A Certificates, PRO RATA based on the amount of Principal Funds for such distribution date from the Subgroup II-1, Subgroup II-2, Subgroup II-3 and Subgroup II-4 Mortgage Loans, respectively, until the current principal amount of each such Class is reduced to zero; provided that, if on any Distribution Date the Current Principal Amount of one or more Classes of Group II Senior Certificates has been reduced to zero, the pro rata ~~in accordance with~~ portion otherwise allocable to such Class or Classes will be allocated to the ~~respective amounts~~ remaining Class or Classes of ~~Distributable Certificate Interest payable in respect~~ Group II Senior Certificates, PRO RATA based upon the remaining Current Principal Amounts of such remaining Classes until their Current Principal Amounts are reduced to zero; SECOND, from any remaining Group I Excess Cashflow, to the Class I-M Certificates, an amount equal to (a) any Interest Carry Forward Amount and (b) any Unpaid Applied Realized Loss Amount, in that order, for that Class for such Distribution Date; THIRD, from any remaining Group I Excess Cashflow, concurrently to the Class I-1A and Class I-2A Certificates, an amount equal to any Basis Risk Shortfall Carry Forward Amount for such Classes for that Distribution Date, PRO RATA based on the amount of any remaining Basis Risk Shortfall Carry Forward Amount for each such Class; FOURTH, from any remaining Group I Excess Cashflow, to the Class I-M Certificates, an amount equal to any Basis Risk Shortfall Carry Forward Amount for such Class for that Distribution Date; FIFTH, from any remaining Group I Excess Cashflow, to the Class II-M Certificates ~~described in this clause (i),~~ in an amount equal to ~~all Distributable Certificate~~ the sum of (a) any Interest Carry Forward Amount and (b) any unpaid Applied Realized Loss Amount remaining after application of Group II Excess Cashflow pursuant to subclause SECOND of clause (b)(vi) below, to be applied in ~~respect~~ the priority set forth in such subclause; SIXTH, from any remaining Group I Excess Cashflow, to the Class B-IO Certificates, an amount up to the Class B-IO Distribution Amount for such Distribution Date; and SEVENTH, any remaining amounts to each of ~~each~~ the Class R-1 Certificates and the Class R-2 Certificates, based on the related REMIC in which such ~~Class of Certificates~~ amounts remain. (iv) The Trustee shall apply Interest Funds for Loan Group II for such Distribution Date ~~and~~as follows: FIRST, concurrently, to the Class II-1A, Class II-2A, Class II-3A and Class I-4A Certificates, the Current Interest and then any Interest Carry Forward Amount for such classes, PRO RATA based on the amount of Current Interest and any Interest Carry Forward Amount, as applicable, due thereon; SECOND, from remaining Interest Funds for Loan Group II, to the Class II-M Certificates, the Current Interest for such Class; THIRD, from remaining Interest Funds in respect of Loan Group II, any Group II Loss Amount will be included in Principal Funds in respect of Loan Group II (and for allocation purposes be treated as Principal Funds from the Loan Subgroup which experienced the Realized Loss) and as part of the Group II Principal Distribution Amount; FOURTH, from remaining Interest Funds in respect of Loan Group II, any Group I Crossed Loss Amount will be included in Principal Funds in respect of Loan Group I (and for allocation purposes be treated as Principal Funds from the Loan Subgroup which experienced the Realized Loss) and as part of the Group I Principal Distribution Amount; FIFTH, any Group II Excess Spread to the extent necessary to meet a level of overcollateralization equal to the Specified Overcollateralization Amount for Loan Group II will be the Group II Extra Principal Distribution Amount and will be included as part of the Group II Principal Distribution Amount; and SIXTH, any remaining Group II Excess Spread will be included in Group II Excess Cashflow and applied as described under clause (b)(vi) below. On any Distribution Date, any Net Interest Shortfalls with respect to Loan Group II will be allocated as provided in the definition of Current Interest. The Holders of the Group II Certificates will not ~~previously paid~~be entitled to reimbursement for any such Net Interest Shortfalls. Notwithstanding the provisions of subclauses FIFTH and SIXTH of clause (b)(iv) above, ~~for~~ on the first Distribution Date, all ~~prior Distribution Dates; (ii) to distributions of principal, first~~ Group II Excess Spread will be paid to the Holders of the Class ~~A-1 Certificates and second to~~ B-IO Certificates. (v) The Trustee shall apply the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Group II Principal Distribution Amount for such Distribution ~~Date~~Date as follows: (A) for each Distribution Date (i) prior to the Stepdown Date for Certificate Group II or (ii) on which a Trigger Event for Loan Group II is in effect: FIRST, concurrently to the Class II-1A, Class II-2A, Class II-3A and Class II-4A Certificates, PRO RATA based on the amount of Principal Funds for such distribution date from the Subgroup II-1, Subgroup II-2, Subgroup II-3 and Subgroup II-4 Mortgage Loans, respectively, until the Current Principal Amount of each such Class is reduced to zero; and SECOND, to the Class II-M Certificates, any remaining Group II Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; (~~iii~~B) ~~to distributions~~ For each Distribution Date on or after the Stepdown Date for Certificate Group II, so long as a Trigger Event for Loan Group II is not in effect: FIRST, concurrently to the ~~Holders of the~~ Class ~~A-1 Certificates~~ II-1A, Class II-2A, Class II-3A and ~~the Holders of the~~ Class ~~A-2~~ II-4A Certificates, ~~pro rata in accordance with~~ the ~~respective amounts~~ Group II Senior Principal Distribution Amount, PRO RATA based on the amount of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates Principal Funds for such Distribution Date ~~and~~from the Subgroup II-1, Subgroup II-2, Subgroup II-3 and Subgroup II-4 Mortgage Loans, respectively, until the Current Principal Amount of each such Class is reduced to zero; and SECOND, to the ~~extent not previously paid~~Class II-M Certificates, ~~for all prior~~ from any remaining Group II Principal Distribution ~~Dates; (v) if~~ Amount, the Class II-M Principal ~~Balances~~ Distribution Amount, until the Current Principal Amount thereof is reduced to zero; Notwithstanding the provisions of clause (b)(v) above, if on any Distribution Date the Current Principal Amount of one or more Classes of Group II Senior Certificates has been reduced to zero, the portion of the Group II Principal Distribution Amount or the Group II Senior Principal Distribution Amount, as applicable, otherwise allocable to such Class ~~A-1 and~~ or Classes will be allocated to the remaining Class ~~A-2~~ or Classes of Group II Senior Certificates PRO RATA based upon the remaining Current Principal Amounts of such remaining Classes until their Current Principal Amounts have been reduced to zero. (vi) The Trustee shall apply any Group II Excess Cashflow for such Distribution Date as follows: FIRST, any Group II Excess Cashflow, to ~~distributions of principal to~~ the ~~Holders~~ extent necessary (after application of the ~~Class B Certificates, in an amount (not~~ Group I Principal Distribution Amount) to ~~exceed the Class Principal Balance~~ meet a level of ~~the Class B Certificates outstanding immediately prior to such Distribution Date)~~ overcollateralization equal to the ~~entire~~ Specified Overcollateralization Amount for Loan Group I will be distributed concurrently to the Class I-1A and Class I-2A Certificates PRO RATA based on the amount of Principal Funds for such Distribution Date from the Subgroup I-1 and Subgroup II-2 Mortgage Loans, respectively, until the current principal amount of each such Class is reduced to zero; provided that, if on any Distribution Date the Current Principal Amount of a Class of Group I Senior Certificates has been reduced to zero, the pro rata portion otherwise allocable to such Class will be allocated to the remaining Class of Group I Senior Certificates until its Current Principal Amount has been reduced to zero; SECOND, from any remaining Group II Excess Cashflow, to the Class II-M Certificates, an amount equal to (a) any Interest Carry Forward Amount and (b) any Unpaid Applied Realized Loss Amount, in that order, for such Class for that Distribution Date; THIRD, from any remaining Group II Excess Cashflow, to the Class I-M Certificates and the Group I Senior Certificates, an amount equal to the sum of (a) any Interest Carry Forward Amount and (b) any unpaid Applied Realized Loss Amount for the Class I-M Certificates, and (c) any Basis Risk Shortfall Carry Forward Amount for the Group I Senior Certificates and the Class I-M Certificates remaining after application of Group II Excess Cashflow pursuant to subclauses SECOND through FOURTH of clause (b)(iii) above to be applied among the Group I Senior Certificates and the Class I-M Certificates in the order (including pro rata allocation) set forth in such subclauses; FOURTH, from any remaining Group II Excess Cashflow, to the Class B-IO Certificates, an amount up to the Class B-IO Distribution Amount for such Distribution Date~~; (vi)~~ ; and FIFTH, any remaining amounts to ~~distributions to the Holders~~ each of the Class B R-1 Certificates and the Class R-2 Certificates, based on the related REMIC in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to which such ~~Distribution Date;~~amounts remain. (~~vii~~c) No Current Interest will be payable with respect to ~~distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such~~ any Class of Certificates ~~for such~~ after the Distribution Date ~~and~~on which the Current Principal Amount of such Certificate has been reduced to zero. (d) The expenses and fees of the Trust shall be paid by each of the REMICs, to the extent ~~not previously paid~~that such expenses relate to the assets of each of such respective REMICs, ~~for~~ and all ~~prior Distribution Dates; (viii) if the Class Principal Balances~~ other expenses and fees of the ~~Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders~~ Trust shall be paid pro rata by both of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificates, in an amount equal to the balance, if any, of the Available Distribution Amount for such Distribution Date remaining after the distributions to be made on such Distribution Date pursuant to clauses (i) through (xxx) above;REMICs.

Appears in 1 contract

Samples: Trust, Pooling and Servicing Agreement (Structured Asset Mortgage Investments Ii Inc)

Distributions on the Certificates. (a) Interest and principal on the Certificates will be distributed by the Trustee monthly on each Distribution Date, commencing in June 2005, as instructed by the Master Servicer or the Securities Administrator, in an aggregate amount equal to the sum of the Available Funds for such Distribution Date. On each Distribution Date, the Available Funds shall be distributed as follows: (A) On each Distribution Date, the ~~Trustee shall apply amounts on deposit~~ Group I Available Funds will be distributed in the following order of priority among the Group I Senior Certificates except as otherwise noted: first, to the Class I-A Certificates, the Accrued Certificate Interest on the Class I-A Certificates for such Distribution ~~Account~~Date. As described below, Accrued Certificate Interest on the Class I-A Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated to the Class I-A Certificates as described below; second, to the Class I-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds, any shortfall in available amounts being allocated to the Class I-A Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Class I-A Certificates for such Distribution Date; and third, to the Class I-A Certificates, in reduction of the Class Certificate Balance thereof, the Group I Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group I Available Funds, until the Class Certificate Balance of such Class has been reduced to zero. (B) On each Distribution Date, the Group II Available Funds will be distributed in the following order of priority among the Group II Senior Certificates except as otherwise noted: first, to the Class II-A-1, Class II-A-2 and Class II-A-IO Certificates, pro rata, the Accrued Certificate Interest on each class of Group II Senior Certificates for such Distribution Date. As described below, Accrued Certificate Interest on the Group II Senior Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated to the Group II Senior Certificates as described below; second, to the Class II-A-1, Class II-A-2 and Class II-A-IO Certificates, pro rata, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II Available Funds, any shortfall in available amounts being allocated to the Class II Senior Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Group II Senior Certificates for such Distribution Date; and third, sequentially, to the Class II-A-1 Certificates and Class II-A-2 Certificates, in that order, in reduction of the Class Certificate Balances thereof, the Group II Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group II Available Funds, in each case until the Class Certificate Balance of such Class has been reduced to zero. (C) On each Distribution Date, the Group III Available Funds will be distributed in the following order of priority among the Group III Senior Certificates except as otherwise noted: first, to the Class III-A Certificates, the Accrued Certificate Interest on the Class III-A Certificates for such Distribution Date. As described below, Accrued Certificate Interest on the Class III-A Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated to the Class III-A Certificates as described below; second, to the Class III-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group III Available Funds, any shortfall in available amounts being allocated to the Class III-A Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Class III-A Certificates for such Distribution Date; and third, to the Class III-A Certificates, in reduction of the Class Certificate Balance thereof, the Group III Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group III Available Funds, until the Class Certificate Balance of such Class has been reduced to zero. (D) On each Distribution Date, the Group IV Available Funds will be distributed in the following order of priority among the Group IV Senior Certificates except as otherwise noted: first, to the Class IV-A Certificates, the Accrued Certificate Interest on the Class IV-A Certificates for such Distribution Date. As described below, Accrued Certificate Interest on the Class IV-A Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated to the Class IV-A Certificates as described below; second, to the Class IV-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group IV Available Funds, any shortfall in available amounts being allocated to the Class IV-A Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Class IV-A Certificates for such Distribution Date; and third, to the Class IV-A Certificates, in reduction of the Class Certificate Balance thereof, the Group IV Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group IV Available Funds, until the Class Certificate Balance of such Class has been reduced to zero. (E) On each Distribution Date on or prior to the Distribution Date on which the Class Certificate Balances of the Subordinate Certificates are reduced to zero (the “Credit Support Depletion Date”), an amount equal to the sum of the remaining Group I, Group II, Group III and Group IV Available Funds after the distributions in clauses (A), (B), (C) and (D) above and after any distributions required to be made pursuant to clauses (F) and (G) below, will be distributed sequentially, in the following order, to the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's Subordinate Principal Distribution Amount for such Distribution Date, in each case to the extent of the remaining ~~portion~~ Available Funds. (F) On each Distribution Date prior to the Credit Support Depletion Date but after the reduction of the ~~Available Distribution Amount, in the following order of priority: (i) to distributions of interest to the Holders~~ aggregate Class Certificate Balance of the ~~Class A-1 Certificates~~related Senior Certificates of a related Loan Group to zero, the ~~Holders~~ remaining Class or Classes of ~~the~~ related Senior Certificates will be entitled to receive in reduction of their Class ~~A-2 Certificates and the Holders of the Class X Certificates~~Certificate Balances, pro rata ~~in accordance with the respective amounts of Distributable~~ based upon their Class Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding Balances immediately prior to such Distribution Date~~) equal~~ , in addition to any principal prepayments related to such remaining Senior Certificates' respective Loan Group allocated to such Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the ~~entire remaining~~ fully repaid Class or Classes of Senior Certificates; provided, however, that if both (a) the weighted average Subordinate Percentage equals or exceeds approximately 10.00% on or after the Distribution Date in June 2008 and (b) the aggregate Stated Principal ~~Distribution Amount for such Distribution Date; (iii) to distributions to~~ Balance of the ~~Holders~~ Mortgage Loans delinquent 60 days or more, averaged over the last six months, as a percentage of the aggregate Class Certificate Balance of the Class ~~A-1~~ M Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, does not exceed 100%, then the additional allocation of principal prepayments to the Senior Certificates in ~~an amount~~ accordance with this clause (F) will not ~~to exceed~~ be made. (G) If on any Distribution Date on which the aggregate Class Certificate Balance of any Class or Classes of Senior Certificates would be greater than the aggregate Stated Principal Balance of the Mortgage Loans in its related Loan Group (the amount of such excess, the “Undercollateralized Amount,” and any such Class B or Classes of Senior Certificates, the “Undercollateralized Senior Certificates”) and any Subordinate Certificates are still outstanding ~~immediately prior~~ in each case after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Subordinate Certificates in respect of principal will be distributed to the Undercollateralized Senior Certificates in reduction of the Class Certificate Balances thereof, until the aggregate Class Certificate Balance of such Class or Classes of Undercollateralized Senior Certificates is equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class aggregate Stated Principal Balance of the ~~Class C Certificates outstanding immediately prior to such Distribution Date~~Mortgage Loans in its related Loan Group, and (ii) ~~equal~~ the Accrued Certificate Interest otherwise allocable to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Subordinate Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for on such Distribution Date ~~and~~will be reduced, ~~to the extent not previously paid~~if necessary, ~~for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B~~ and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior distributed to such ~~Distribution Date~~Class or Classes of Undercollateralized Senior Certificates pursuant to clause first of clauses (A), (B), (C) ~~equal to the entire remaining Principal Distribution Amount for such Distribution Date;~~ or (~~xii~~D) ~~to distributions to the Holders of the Class D Certificates~~above, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificatesas applicable, in an amount equal to the ~~balance, if any,~~ Accrued Certificate Interest at the Pass-Through Rate for such Class or Classes of ~~the Available Distribution Amount~~ Undercollateralized Senior Certificates for such Distribution Date on a balance equal to the related Undercollateralized Amount. Any such reduction in the Accrued Certificate Interest on the Subordinate Certificates will be allocated to the Class B-3, Class B-2, Class B-1, Class M-3, Class M-2 and Class M-1 Certificates, in that order. On each Distribution Date, any Available Funds remaining after payment of interest and principal to the ~~distributions~~ Classes of Certificates entitled thereto, as described above, will be distributed to ~~be made~~ the Class R-II Certificates; provided that if on ~~such~~ any Distribution Date on and after the Credit Support Depletion Date there are any Group I or Group II Available Funds remaining after payment of interest and principal to a Class or Classes of Senior Certificates entitled thereto, such amounts will be distributed to the other Classes of Senior Certificates, pro rata, based upon their Class Certificate Balances, until all amounts due to all Classes of Senior Certificates have been paid in full, before any amounts are distributed to the Class R-II Certificates. It is not anticipated that there will be any significant amounts remaining for such distribution. In addition to the foregoing distributions, with respect to any Subsequent Recoveries, the Master Servicer shall deposit such amounts into the Protected Account pursuant to ~~clauses (i) through (xxx) above;~~Section 4.01(a). If, after taking into account such Subsequent Recoveries, the amount of a Realized Loss is reduced, the amount of such Subsequent Recoveries will be applied to increase the Class Certificate Balance of the Class of Subordinate Certificates with the highest payment priority to which Realized Losses have been allocated, including any class of certificates to which a realized loss was previously allocated and whose Class Certificate Balance has been reduced to zero, but not by more than the amount of Realized Losses previously allocated to that Class of Certificates pursuant to Section 6.02(a). The amount of any remaining Subsequent Recoveries will be applied to increase the Class Certificate Balance of the Class of Certificates with the next highest payment priority, up to the amount of such Realized Losses previously allocated to that Class of Certificates pursuant to Section 6.02(a), and so on. Holders of such Certificates will not be entitled to any payment in respect of Current Interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Class Certificate Balance of each Certificate of such Class in accordance with its respective Percentage Interest.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2005-A4)

Distributions on the Certificates. (a) On each Distribution Date, the Trustee shall apply amounts on deposit in the Distribution Account, in each case to the extent of the remaining portion of the Available Distribution Amount, in the following order of priority: (i) to distributions of interest to the Holders of the Class A-1 Certificates, the Holders of the Class A-2 Certificates and the Holders of the Class X Certificates, pro rata in accordance with the respective amounts of Distributable Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (iii) to distributions to the Holders of the Class A-1 Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, in an amount (not to exceed the Class Principal Balance of the Class B Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D D, and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxxi) to distributions of interest to the Holders of the Class L Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxxii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class K Certificates have been reduced to zero, to distributions of principal to the Holders of the Class L Certificates, in an amount (not to exceed the Class Principal Balance of the Class L Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxxiii) to distributions to the Holders of the Class L Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class L Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxxiv) to distributions of interest to the Holders of the Class M Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxxv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J, Class K and Class L Certificates have been reduced to zero, to distributions of principal to the Holders of the Class M Certificates, in an amount (not to exceed the Class Principal Balance of the Class M Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxxvi) to distributions to the Holders of the Class M Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class M Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxxvii) to make distributions to the Holders of the Class R-III Certificates, in an amount equal to the excess, if any, of (A) the aggregate distributions deemed made in respect of the REMIC II Regular Interests on such Distribution Date pursuant to Section 4.05(a), over (B) the aggregate distributions made in respect of the REMIC III Regular Certificates on such Distribution Date pursuant to clauses (i) through (xxxvi) above; (xxxviii) to make distributions to the Holders of the Class R-II Certificates, up to an amount equal to the excess, if any, of (A) the aggregate distributions deemed made in respect of the REMIC I Regular Interests on such Distribution Date pursuant to Section 4.05(e), over (B) the aggregate distributions deemed made in respect of the REMIC II Regular Interests on such Distribution Date pursuant to Section 4.05(a); and (~~xxxi~~xxxix) to distributions to the Holders of the Class R-I Certificates, in an amount equal to the balance, if any, of the Available Distribution Amount for such Distribution Date remaining after the distributions to be made on such Distribution Date pursuant to clauses (i) through (~~xxx~~xxxviii) above;

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Salomon Brothers Mort Sec Vii Com Mor Pas THR Cer Se 1999-C1)

Distributions on the Certificates. (a) Interest and principal on the Certificates will be distributed by the Securities Administrator monthly on each Distribution Date, commencing in August 2006, as instructed by the Master Servicer, in an aggregate amount equal to the sum of the Available Funds for such Distribution Date. On each Distribution Date, the Available Funds shall be distributed as follows: (A) On each Distribution Date, the ~~Trustee shall apply amounts on deposit~~ Group I Available Funds will be distributed in the following order of priority among the Group I Certificates except as otherwise noted: first, to the Class I-A, Class X-A and Class A-R Certificates, pro rata, the Accrued Certificate Interest on each class of Group I Certificates for such Distribution ~~Account~~Date; provided, however, that on each Distribution Date, amounts that would otherwise be payable to the Class X-A Certificates under this clause will be paid to the Class I-A Certificates to the extent of any Basis Risk Shortfall Amounts remaining unpaid as of such Distribution Date; second, to the Class I-A, Class X-A and Class A-R Certificates, pro rata, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds, any shortfall in available amounts being allocated to the Group I Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for each class of Group I Certificates for such Distribution Date; provided, however, that on each Distribution Date, amounts that would otherwise be payable to the Class X-A Certificates under this clause will be paid to the Class I-A Certificates to the extent of any Basis Risk Shortfall Amounts remaining unpaid as of such Distribution Date; and third, to the Class I-A and Class A-R Certificates, pro rata, in reduction of the Class Certificate Balances thereof, the Group I Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group I Available Funds, until the Class Certificate Balances of such Classes have been reduced to zero. Concurrently, the Class X-A Notional Amount will be reduced by an amount equal to the reduction of the Class Certificate Balance of the Class I-A Certificates. Amounts that would have been distributed in respect of the Class X-A Certificates, but for the proviso set forth in clauses "first" and "second" above shall be treated as having been distributed to the Class X-A Certificates for purposes of determining subsequent interest shortfalls with respect to the Class X-A Certificates and the Class X-A Certificates shall have no right to reimbursement therefor. For federal income tax purposes, such amounts shall be deemed to have been distributed to the Class X-A Certificates in respect of a REMIC regular interest and then as having been paid over to the Class I-A Certificates pursuant to an interest rate cap agreement. (B) On each Distribution Date, the Group II Available Funds will be distributed in the following order of priority among the Group II Certificates except as otherwise noted: first, to the Class II-A Certificates, the Accrued Certificate Interest on the Group II Certificates for such Distribution Date; second, to the Class II-A Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II Available Funds, any shortfall in available amounts being allocated to the Group II Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Group II Certificates for such Distribution Date; and third, to the Class II-A Certificates, in reduction of the Class Certificate Balance thereof, the Group II Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group II Available Funds, until the Class Certificate Balance of such Class has been reduced to zero. (C) On each Distribution Date, the Group III Available Funds will be distributed in the following order of priority among the Group III Certificates except as otherwise noted: first, to the Class III-A-1 Certificates and Class III-A-2 Certificates, pro rata, the Accrued Certificate Interest on the Group III Certificates for such Distribution Date; second, to the Class III-A-1 Certificates and Class III-A-2 Certificates, pro rata, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group III Available Funds, any shortfall in available amounts being allocated to the Group III Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Group III Certificates for such Distribution Date; and third, to the Class III-A-1 Certificates and Class III-A-2 Certificates, pro rata, in reduction of the Class Certificate Balances thereof, the Group III Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group III Available Funds, until the Class Certificate Balances of such Classes have been reduced to zero. (D) On each Distribution Date, the Group IV Available Funds will be distributed in the following order of priority among the Group IV Certificates except as otherwise noted: first, to the Class IV-A-1 Certificates and Class IV-A-2 Certificates, pro rata,, the Accrued Certificate Interest on the Group IV Certificates for such Distribution Date; second, to the Class IV-A-1 Certificates and Class IV-A-2 Certificates, pro rata, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group IV Available Funds, any shortfall in available amounts being allocated to the Group IV Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Group IV Certificates for such Distribution Date; and third, to the Class IV-A-1 Certificates and Class IV-A-2 Certificates, pro rata, in reduction of the Class Certificate Balances thereof, the Group IV Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group IV Available Funds, until the Class Certificate Balances of such Classes have been reduced to zero. (E) On each Distribution Date, the Group V Available Funds will be distributed in the following order of priority among the Group V Certificates except as otherwise noted: first, to the Class V-A Certificates, the Accrued Certificate Interest on the Group V Certificates for such Distribution Date; second, to the Class V Certificates, pro rata, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group V Available Funds, any shortfall in available amounts being allocated to the Group V Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for the Group V Certificates for such Distribution Date; and third, to the Class V Certificates, pro rata, in reduction of the Class Certificate Balance thereof, the Group V Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group V Available Funds, until the Class Certificate Balance of such Class has been reduced to zero. (F) [Reserved.] (G) On each Distribution Date on or prior to the Credit Support Depletion Date, an amount equal to the sum of the remaining Group I Available Funds, Group II Available Funds, Group III Available Funds, Group IV Available Funds and Group V Available Funds after the distributions in clauses (A) through (E) above and after any distributions required to be made pursuant to clauses (H) and (I) below, will be distributed sequentially, in the following order, to the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's Subordinate Principal Distribution Amount for such Distribution Date, in each case to the extent of the remaining ~~portion~~ Available Funds. (H) On each Distribution Date prior to the Credit Support Depletion Date but after the reduction of the ~~Available Distribution Amount, in the following order of priority: (i) to distributions of interest to the Holders~~ aggregate Class Certificate Balance of the ~~Class A-1 Certificates~~related Senior Certificates of a related Loan Group to zero, the ~~Holders~~ remaining Class or Classes of ~~the~~ related Senior Certificates will be entitled to receive in reduction of their Class ~~A-2 Certificates and the Holders of the Class X Certificates~~Certificate Balances, pro ~~rata in accordance with the~~ rata, based upon their respective ~~amounts of Distributable~~ Class Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding Balances immediately prior to such Distribution Date~~) equal~~ , in addition to any Principal Prepayments related to such remaining Senior Certificates' respective Loan Group allocated to such Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the ~~entire remaining~~ fully repaid Class or Classes of Senior Certificates; provided, however, that if both (a) the weighted average of the Subordinate Percentage equals or exceeds 200% of the original weighted average of the Subordinate Percentage as of the Closing Date on or after the Distribution Date in August 2009 and (b) the aggregate Stated Principal ~~Distribution Amount for such Distribution Date; (iii) to distributions to~~ Balance of the ~~Holders~~ Mortgage Loans delinquent 60 days or more, averaged over the last six months, as a percentage of the aggregate Class Certificate Balance of the Class ~~A-1~~ M Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, does not exceed 50%, then the additional allocation of Principal Prepayments to the Senior Certificates in ~~an amount~~ accordance with this clause (H) will not be made and 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to ~~exceed~~ the fully repaid class or classes of Senior Certificates will be allocated to the Subordinate Certificates. (I) If on any Distribution Date on which the aggregate Class Certificate Balance of any Class or Classes of Senior Certificates would be greater than the aggregate Stated Principal Balance of the Mortgage Loans in its related Loan Group (the amount of such excess, the "Undercollateralized Amount," and any such Class B or Classes of Senior Certificates, the "Undercollateralized Senior Certificates") and any Subordinate Certificates are still outstanding ~~immediately prior~~ in each case after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Subordinate Certificates in respect of principal will be distributed to the Undercollateralized Senior Certificates in reduction of the Class Certificate Balances thereof, until the aggregate Class Certificate Balance of such Class or Classes of Undercollateralized Senior Certificates is equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class aggregate Stated Principal Balance of the ~~Class C Certificates outstanding immediately prior to such Distribution Date~~Mortgage Loans in its related Loan Group, and (ii) ~~equal~~ the Accrued Certificate Interest otherwise allocable to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Subordinate Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for on such Distribution Date ~~and~~will be reduced, ~~to the extent not previously paid~~if necessary, ~~for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B~~ and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior distributed to such ~~Distribution Date~~Class or Classes of Undercollateralized Senior Certificates pursuant to clause first of clauses (A), (B), (C), (D), or (E) ~~equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates~~above, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificatesas applicable, in an amount equal to the ~~balance, if any,~~ Accrued Certificate Interest at the Pass-Through Rate for such Class or Classes of ~~the Available Distribution Amount~~ Undercollateralized Senior Certificates for such Distribution Date on a balance equal to the related Undercollateralized Amount. Any such reduction in the Accrued Certificate Interest on the Subordinate Certificates will be allocated to the Class B-3, Class B-2, Class B-1, Class M-3, Class M-2 and Class M-1 Certificates, in that order. On each Distribution Date, any Available Funds remaining after payment of interest and principal to the ~~distributions~~ Classes of Certificates entitled thereto, as described above, will be distributed to ~~be made~~ the Class A-R Certificates; provided that if on ~~such~~ any Distribution Date on and after the Credit Support Depletion Date there are any Group I, Group II, Group III, Group IV and Group V Available Funds remaining after payment of interest and principal to a Class or Classes of Senior Certificates entitled thereto, such amounts will be distributed to the other Classes of Senior Certificates, pro rata, based upon their Class Certificate Balances, until all amounts due to all Classes of Senior Certificates have been paid in full, before any amounts are distributed to the Class A-R Certificates. In addition to the foregoing distributions, with respect to any Subsequent Recoveries, the Master Servicer shall deposit such amounts into the Master Servicer Collection Account pursuant to ~~clauses~~ Section 4.01(a). If, after taking into account such Subsequent Recoveries, the amount of a Realized Loss is reduced, the amount of such Subsequent Recoveries will be applied to increase the Class Certificate Balance of the Class of Subordinate Certificates with the highest payment priority to which Realized Losses have been allocated, including any Class of Subordinate Certificates to which a Realized Loss was previously allocated and whose Class Certificate Balance has been reduced to zero, but not by more than the amount of Realized Losses previously allocated to that Class of Certificates pursuant to Section 6.02. The amount of any remaining Subsequent Recoveries will be applied to increase the Class Certificate Balance of the Class of Certificates with the next highest payment priority, up to the amount of such Realized Losses previously allocated to that Class of Certificates pursuant to Section 6.02, and so on. Holders of such Certificates will not be entitled to any payment in respect of Accrued Certificate Interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Class Certificate Balance of each Certificate of such Class in accordance with its respective Percentage Interest. (iJ) ~~through (xxx) above;~~Any Prepayment Penalties shall be distributed to the Class P Certificates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-A4)

Distributions on the Certificates. (a) On each Distribution Date, the Trustee shall apply amounts on deposit in the Distribution Account, in each case to the extent of the remaining portion of the Available Distribution Amount, in the following order of priority: (i) to distributions of interest to the Holders of the Class A-1 Certificates, the Holders of the Class A-2 Certificates and the Holders of the Class X Certificates, pro rata in accordance with the respective amounts of Distributable Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (iii) to distributions to the Holders of the Class A-1 Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, in an amount (not to exceed the Class Principal Balance of the Class B Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxxi) to distributions of interest to the Holders of the Class L Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxxii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J and Class K Certificates have been reduced to zero, to distributions of principal to the Holders of the Class L Certificates, in an amount (not to exceed the Class Principal Balance of the Class L Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxxiii) to distributions to the Holders of the Class L Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class L Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxxiv) to make distributions to the Holders of the Class R-III Certificates, in an amount equal to the excess, if any, of (A) the aggregate distributions deemed made in respect of the REMIC II Regular Interests on such Distribution Date pursuant to Section 4.05(a), over (B) the aggregate distributions made in respect of the REMIC III Regular Certificates on such Distribution Date pursuant to clauses (i) through (xxxiii) above; (xxxv) to make distributions to the Holders of the Class R-II Certificates, up to an amount equal to the excess, if any, of (A) the aggregate distributions deemed made in respect of the REMIC I Regular Interests on such Distribution Date pursuant to Section 4.05(e), over (B) the aggregate distributions deemed made in respect of the REMIC II Regular Interests on such Distribution Date pursuant to Section 4.05(a); and (~~xxxi~~xxxvi) to distributions to the Holders of the Class R-I Certificates, in an amount equal to the balance, if any, of the Available Distribution Amount for such Distribution Date remaining after the distributions to be made on such Distribution Date pursuant to clauses (i) through (~~xxx~~xxxv) above;; provided that, on each Distribution Date coinciding with or following the Senior Principal Distribution Cross-Over Date, and in any event on the Final Distribution Date, the payments of principal to be made pursuant to clause (ii) above, will be so made to the Holders of the respective Classes of Class A Certificates, subject to available funds, up to an amount equal to, and pro rata as among such Classes in accordance with, the respective then-outstanding Class Principal Balances of such Classes of Certificates, and without regard to the Principal Distribution Amount for such date; and provided, further, that, on the Final Distribution Date, the payments of principal to be made pursuant to any of clauses (v), (viii), (xi), (xiv), (xvii), (xx), (xxiii), (xxvi), (xxix) and (xxxii) above with respect to any Class of Principal Balance Certificates, will be so made to the Holders thereof, subject to available funds, up to an amount equal to the entire then-outstanding Class Principal Balance of such Class of Certificates, and without regard to the Principal Distribution Amount for

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Capital Funding Inc)

Distributions on the Certificates. (a) Interest and principal on the Certificates will be distributed monthly on each Distribution Date, commencing in March 2006, in an aggregate amount equal to the Available Funds for such Distribution Date. (I) On each Distribution Date, the ~~Trustee~~ Class A-1B Available Funds shall ~~apply amounts on deposit in the Distribution Account, in each case to the extent of the remaining portion of the Available Distribution Amount, in the following order of priority~~be distributed as follows: (i) to distributions of interest to the Holders of the Class A-1 Certificates, the Holders of the Class A-2 Certificates and the Holders of the Class X Certificates, pro rata in accordance with the respective amounts of Distributable Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date andFIRST, to the ~~extent not previously paid~~Swap Counterparty, the related Swap Counterparty Payment (if any) and certain termination payments (as set forth in the related Swap Agreement), if applicable, for ~~all prior Distribution Dates~~such distribution date (other than where the Swap Counterparty is the defaulting or affected party; (ii) ~~to distributions of principal~~SECOND, ~~first~~ to the ~~Holders~~ extent of remaining Class A-1B Available Funds, to the Class ~~A-1 Certificates and second to~~ A-1B Certificates, the ~~Holders of~~ Accrued Certificate Interest on the Class ~~A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of~~ A-1B Certificates ~~outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount~~ for such Distribution Date; (iii) ~~to distributions~~ THIRD, to the ~~Holders~~ extent of remaining Class A-1B Available Funds, to the Class ~~A-1 Certificates and the Holders of the Class A-2~~ A-1B Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such any Accrued Certificate Interest thereon remaining undistributed from previous Distribution ~~Date~~Dates; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date andFOURTH, to the extent ~~not previously paid~~of remaining Class A-1B Available Funds, ~~for all prior Distribution Dates;~~to the Class A-1B Certificates, any principal distributions received from the related Underlying Certificates, in reduction of the Current Principal Amount thereof, until the Current Principal Amount thereof has been reduced to zero; and (v) if FIFTH, to the extent of remaining Grantor Trust Available Funds to the Swap Counterparty, any termination payments (as set forth in the related Swap Agreement) where the Swap Counterparty is the defaulting or affected party. (II) On each Distribution Date, the Class ~~Principal Balances~~ A-2B Available Funds shall be distributed as follows: (i) FIRST, to the Swap Counterparty, the related Swap Counterparty Payment (if any) and certain termination payments (as set forth in the related Swap Agreement), if applicable, for such distribution date (other than where the Swap Counterparty is the defaulting or affected party; (ii) SECOND, to the extent of remaining Class A-2B Available Funds, to the Class ~~A-1 and Class A-2 Certificates have been reduced to zero~~A-2B Certificates, ~~to distributions of principal to~~ the ~~Holders of~~ Accrued Certificate Interest on the Class ~~B Certificates, in an amount (not to exceed the Class Principal Balance of the Class B~~ A-2B Certificates ~~outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount~~ for such Distribution Date; (viiii) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date andTHIRD, to the extent ~~not previously paid~~of remaining Class A-2B Available Funds, ~~for all prior~~ to the Class A-2B Certificates, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates; (~~viii~~iv) if FOURTH, to the extent of remaining Class A-2B Available Funds, to the Class ~~Principal Balances~~ A-2B Certificates, any principal distributions received from the related Underlying Certificates, in reduction of the ~~Class A-1~~Current Principal Amount thereof, ~~Class A-2 and Class B Certificates have~~ until the Current Principal Amount thereof has been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date;; and (ixv) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date andFIFTH, to the extent ~~not previously paid~~of remaining Grantor Trust Available Funds to the Swap Counterparty, ~~for all prior Distribution Dates;~~any termination payments (as set forth in the related Swap Agreement) where the Swap Counterparty is the defaulting or affected party. (xib) if No Accrued Certificate Interest will be payable with respect to the ~~Class~~ Certificates after the Distribution Date on which the Current Principal ~~Balances~~ Amount of the ~~Class A-1, Class A-2, Class B and Class C~~ Certificates ~~have~~ has been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificates, in an amount equal to the balance, if any, of the Available Distribution Amount for such Distribution Date remaining after the distributions to be made on such Distribution Date pursuant to clauses (i) through (xxx) above;.

Appears in 1 contract

Samples: Grantor Trust Agreement (GreenPoint Mortgage Funding Trust 2005-Ar1)

Distributions on the Certificates. (a) Interest and principal on the Certificates will be distributed by the Securities Administrator monthly on each Distribution Date, commencing in April 2007, as instructed by the Master Servicer, in an aggregate amount equal to the sum of the Available Funds for such Distribution Date. On each Distribution Date, the Available Funds shall be distributed as follows: (A) On each Distribution Date, the ~~Trustee shall apply amounts on deposit~~ Group I Available Funds will be distributed in the following order of priority among the Group I Certificates except as otherwise noted: first, to the Class P Certificates, any prepayment charges collected on the Mortgage Loans and (A) any amounts paid by the Sponsor or the related Servicer in respect of prepayment charges pursuant to this Agreement or the related Servicing Agreement and (B) any amounts received in respect of any indemnification paid as a result of a prepayment charges being unenforceable in breach of the representations and warranties set forth in the Mortgage Loan Purchase Agreement received during the related Prepayment Period; second, to the Class I-A-1, Class I-A-2 and Class A-R Certificates, pro rata, the Accrued Certificate Interest for such Distribution ~~Account~~Date. As described below, Accrued Certificate Interest on the Group I Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated among the Group I Certificates as described below; third, to the Class I-A-1, Class I-A-2 and Class A-R Certificates, pro rata, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds, any shortfall in available amounts being allocated to the Group I Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for each class of Group I Certificates for such Distribution Date; and fourth, sequentially to the Class A-R Certificate until the Class Certificate Balance of such class has been reduced to zero and then to the Class I-A-1 and Class I-A-2 Certificates, pro rata, in reduction of their respective Class Certificate Balances, the Group I Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group I Available Funds, until the Class Certificate Balances of such classes have been reduced to zero. (B) On each Distribution Date, the Group II Available Funds will be distributed in the following order of priority among the Group II Certificates except as otherwise noted: first, to the Class P Certificates, any prepayment charges collected on the Mortgage Loans and (A) any amounts paid by the Sponsor or the related Servicer in respect of prepayment charges pursuant to this Agreement or the related Servicing Agreement and (B) any amounts received in respect of any indemnification paid as a result of a prepayment charges being unenforceable in breach of the representations and warranties set forth in the Mortgage Loan Purchase Agreement received during the related Prepayment Period; second, to the Class II-A-1 and Class II-A-2 Certificates, pro rata, the Accrued Certificate Interest for such Distribution Date. As described below, Accrued Certificate Interest on the Group II Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated among the Group II Certificates as described below; third, to the Class II-A-1 and Class II-A-2 Certificates, pro rata, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II Available Funds, any shortfall in available amounts being allocated to the Group II Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for each class of Group II Certificates for such Distribution Date; and fourth, to the Class II-A-1 and Class II-A-2 Certificates, pro rata, in reduction of their respective Class Certificate Balances, the Group II Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group II Available Funds, until the Class Certificate Balances of such classes have been reduced to zero. (C) On each Distribution Date on or prior to the Credit Support Depletion Date, an amount equal to the sum of the remaining Group I Available Funds and Group II Available Funds after the distributions in clauses (A) and (B) above and after any distributions required to be made pursuant to clauses (D) and (E) below, will be distributed sequentially, in the following order, to the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's Subordinate Principal Distribution Amount for such Distribution Date, in each case to the extent of the remaining ~~portion~~ Available Funds. (D) On each Distribution Date prior to the Credit Support Depletion Date but after the reduction of the ~~Available Distribution Amount, in the following order of priority: (i) to distributions of interest to the Holders~~ aggregate Class Certificate Balance of the ~~Class A-1 Certificates~~related Senior Certificates of a related Loan Group to zero, the ~~Holders~~ remaining Class or Classes of ~~the~~ related Senior Certificates will be entitled to receive in reduction of their Class ~~A-2 Certificates and the Holders of the Class X Certificates~~Certificate Balances, pro ~~rata in accordance with the~~ rata, based upon their respective ~~amounts of Distributable~~ Class Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding Balances immediately prior to such Distribution Date~~) equal~~ , in addition to any Principal Prepayments related to such remaining Senior Certificates' respective Loan Group allocated to such Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to the ~~entire remaining~~ fully repaid Class or Classes of Senior Certificates; provided, however, that if both (a) the weighted average of the Subordinate Percentage equals or exceeds 200% of the original weighted average of the Subordinate Percentage as of the Closing Date on or after the Distribution Date in April 2010 and (b) the aggregate Stated Principal ~~Distribution Amount for such Distribution Date; (iii) to distributions to~~ Balance of the ~~Holders~~ Mortgage Loans delinquent 60 days or more, averaged over the last six months, as a percentage of the aggregate Class Certificate Balance of the Class ~~A-1~~ M Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, does not exceed 50%, then the additional allocation of Principal Prepayments to the Senior Certificates in ~~an amount~~ accordance with this clause (H) will not be made and 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group relating to ~~exceed~~ the fully repaid class or classes of Senior Certificates will be allocated to the Subordinate Certificates. (E) If on any Distribution Date on which the aggregate Class Certificate Balance of any Class or Classes of Senior Certificates would be greater than the aggregate Stated Principal Balance of the Mortgage Loans in its related Loan Group (the amount of such excess, the "Undercollateralized Amount," and any such Class B or Classes of Senior Certificates, the "Undercollateralized Senior Certificates") and any Subordinate Certificates are still outstanding ~~immediately prior~~ in each case after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Subordinate Certificates in respect of principal will be distributed to the Undercollateralized Senior Certificates in reduction of the Class Certificate Balances thereof, until the aggregate Class Certificate Balance of such Class or Classes of Undercollateralized Senior Certificates is equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class aggregate Stated Principal Balance of the ~~Class C Certificates outstanding immediately prior to such Distribution Date~~Mortgage Loans in its related Loan Group, and (ii) ~~equal~~ the Accrued Certificate Interest otherwise allocable to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Subordinate Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for on such Distribution Date ~~and~~will be reduced, ~~to the extent not previously paid~~if necessary, ~~for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B~~ and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior distributed to such ~~Distribution Date~~Class or Classes of Undercollateralized Senior Certificates pursuant to clause second of clauses (A) ~~equal to the entire remaining Principal Distribution Amount for such Distribution Date;~~ and (~~xii~~B) ~~to distributions to the Holders of the Class D Certificates~~above, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificatesas applicable, in an amount equal to the ~~balance, if any,~~ Accrued Certificate Interest at the Pass-Through Rate for such Class or Classes of ~~the Available Distribution Amount~~ Undercollateralized Senior Certificates for such Distribution Date on a balance equal to the related Undercollateralized Amount. Any such reduction in the Accrued Certificate Interest on the Subordinate Certificates will be allocated to the Class B-3, Class B-2, Class B-1, Class M-3, Class M-2 and Class M-1 Certificates, in that order. On each Distribution Date, any Available Funds remaining after payment of interest and principal to the ~~distributions~~ Classes of Certificates entitled thereto, as described above, will be distributed to ~~be made~~ the Class A-R Certificates; provided that if on ~~such~~ any Distribution Date on and after the Credit Support Depletion Date there are any Group I or Group II Available Funds remaining after payment of interest and principal to a Class or Classes of Senior Certificates entitled thereto, such amounts will be distributed to the other Classes of Senior Certificates, pro rata, based upon their Class Certificate Balances, until all amounts due to all Classes of Senior Certificates have been paid in full, before any amounts are distributed to the Class A-R Certificates. In addition to the foregoing distributions, with respect to any Subsequent Recoveries, the Master Servicer shall deposit such amounts into the Master Servicer Collection Account pursuant to ~~clauses (i) through (xxx) above;~~Section 4.01(a). If, after taking into account such Subsequent Recoveries, the amount of a Realized Loss is reduced, the amount of such Subsequent Recoveries will be applied to increase the Class Certificate Balance of the Class of Subordinate Certificates with the highest payment priority to which Realized Losses have been allocated, including any Class of Subordinate Certificates to which a Realized Loss was previously allocated and whose Class Certificate Balance has been reduced to zero, but not by more than the amount of Realized Losses previously allocated to that Class of Certificates pursuant to Section 6.02. The amount of any remaining Subsequent Recoveries will be applied to increase the Class Certificate Balance of the Class of Certificates with the next highest payment priority, up to the amount of such Realized Losses previously allocated to that Class of Certificates pursuant to Section 6.02, and so on. Holders of such Certificates will not be entitled to any payment in respect of Accrued Certificate Interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Class Certificate Balance of each Certificate of such Class in accordance with its respective Percentage Interest.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-1)

Distributions on the Certificates. (a) On each Distribution Date, the Trustee shall apply amounts on deposit in the Distribution Account, in each case to the extent of the remaining portion of the Available Distribution Amount, in the following order of priority: (i) to distributions of interest to the Holders of the Class A-1 Certificates, the Holders of the Class A-2 Certificates, the Holders of the Class A-3 Certificates and the Holders of the Class X Certificates, pro rata in accordance with the respective amounts of Distributable Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the Class A-1 ~~Certificates and~~ Certificates, second to the Holders of the Class A-2 Certificates, and third to the Holders of the Class A-3 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (iii) to distributions to the Holders of the Class A-1 Certificates, the Holders of the Class A-2 Certificates and the Holders of the Class ~~A-2~~ A-3 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class ~~A-1~~ A-1, Class A-2 and Class ~~A-2~~ A-3 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, in an amount (not to exceed the Class Principal Balance of the Class B Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class ~~A-2~~ A-2, Class A-3 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class A-3, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class A-3, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class A-3, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class A-3, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class A-3, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class A-3, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class A-3, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificates, in an amount equal to the balance, if any, of the Available Distribution Amount for such Distribution Date remaining after the distributions to be made on such Distribution Date pursuant to clauses (i) through (xxx) above;

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Mortgage Capital Funding Inc)

Distributions on the Certificates. (a) Interest and principal on the Certificates will be distributed by the Securities Administrator monthly on each Distribution Date, commencing in August 2007, as instructed by the Master Servicer, in an aggregate amount equal to the sum of the Available Funds for such Distribution Date. On each Distribution Date, the Available Funds shall be distributed as follows: (A) On each Distribution Date, the ~~Trustee shall apply amounts on deposit~~ Group I Available Funds will be distributed in the following order of priority among the Group I Certificates except as otherwise noted: first, to the Class P Certificates, any prepayment charges collected on the Mortgage Loans in Loan Group I and (A) any amounts paid by the Seller or the related Servicer in respect of prepayment charges pursuant to this Agreement or the related Servicing Agreement and (B) any amounts received in respect of any indemnification paid as a result of a prepayment charges being unenforceable in breach of the representations and warranties set forth in the Mortgage Loan Purchase Agreement received during the related Prepayment Period; second, to the Class I-A1, Class I-A2, Class I-A3 and Class A-R Certificates, pro rata, the Accrued Certificate Interest for such Distribution ~~Account~~Date. As described below, Accrued Certificate Interest on the Group I Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated among the Group I Certificates as described below; third, to the Class I-A1, Class I-A2, Class I-A3 and Class A-R Certificates, pro rata, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group I Available Funds, any shortfall in available amounts being allocated to the Group I Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for each class of Group I Certificates for such Distribution Date; and fourth, sequentially to the Class A-R Certificate until the Class Certificate Balance of such class has been reduced to zero and then to the Class I-A1, Class I-A2 and Class I-A3 Certificates, pro rata, in reduction of their respective Class Certificate Balances, the Group I Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group I Available Funds, until the Class Certificate Balances of such classes have been reduced to zero. (B) On each Distribution Date, the Group II Available Funds will be distributed in the following order of priority among the Group II Certificates except as otherwise noted: first, to the Class P Certificates, any prepayment charges collected on the Mortgage Loans in Loan Group II and (A) any amounts paid by the Seller or the related Servicer in respect of prepayment charges pursuant to this Agreement or the related Servicing Agreement and (B) any amounts received in respect of any indemnification paid as a result of a prepayment charges being unenforceable in breach of the representations and warranties set forth in the Mortgage Loan Purchase Agreement received during the related Prepayment Period; second, to the Class II-A1 and Class II-A2 Certificates, pro rata, the Accrued Certificate Interest for such Distribution Date. As described below, Accrued Certificate Interest on the Group II Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated among the Group II Certificates as described below; third, to the Class II-A1 and Class II-A2 Certificates, pro rata, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group II Available Funds, any shortfall in available amounts being allocated to the Group II Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for each class of Group II Certificates for such Distribution Date; and fourth, to the Class II-A1 and Class II-A2 Certificates, pro rata, in reduction of their respective Class Certificate Balances, the Group II Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group II Available Funds, until the Class Certificate Balances of such classes have been reduced to zero. (C) On each Distribution Date, the Group III Available Funds will be distributed in the following order of priority among the Group III Certificates except as otherwise noted: first, to the Class P Certificates, any prepayment charges collected on the Mortgage Loans in Loan Group III and (A) any amounts paid by the Seller or the related Servicer in respect of prepayment charges pursuant to this Agreement or the related Servicing Agreement and (B) any amounts received in respect of any indemnification paid as a result of a prepayment charges being unenforceable in breach of the representations and warranties set forth in the Mortgage Loan Purchase Agreement received during the related Prepayment Period; second, to the Class III-A1 and Class III-A2 Certificates, pro rata, the Accrued Certificate Interest for such Distribution Date. As described below, Accrued Certificate Interest on the Group III Certificates is subject to reduction in the event of certain interest shortfalls allocable thereto. Any interest shortfalls shall be allocated among the Group III Certificates as described below; third, to the Class III-A1 and Class III-A2 Certificates, pro rata, any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates, to the extent of remaining Group III Available Funds, any shortfall in available amounts being allocated to the Group III Certificates in proportion to the amount of such Accrued Certificate Interest remaining undistributed for each class of Group III Certificates for such Distribution Date; and fourth, to the Class III-A1 and Class III-A2 Certificates, pro rata, in reduction of their respective Class Certificate Balances, the Group III Senior Principal Distribution Amount for such Distribution Date to the extent of remaining Group III Available Funds, until the Class Certificate Balances of such classes have been reduced to zero. (D) On each Distribution Date on or prior to the Credit Support Depletion Date, an amount equal to the sum of the remaining Group I Available Funds, Group II Available Funds and the Group III Available Funds after the distributions in clauses (A), (B) and (C) above and after any distributions required to be made pursuant to clauses (E) and (F) below, will be distributed sequentially, in the following order, to the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates, in each case up to an amount equal to and in the following order: (a) the Accrued Certificate Interest thereon for such Distribution Date, (b) any Accrued Certificate Interest thereon remaining undistributed from previous Distribution Dates and (c) such Class's Subordinate Principal Distribution Amount for such Distribution Date, in each case to the extent of the remaining ~~portion~~ Available Funds. (E) On each Distribution Date prior to the Credit Support Depletion Date but after the reduction of the ~~Available Distribution Amount, in the following order of priority: (i) to distributions of interest to the Holders~~ aggregate Class Certificate Balance of the ~~Class A-1 Certificates~~related Senior Certificates of a related Loan Group or Loan Groups, as applicable, to zero, the ~~Holders~~ remaining Class or Classes of ~~the~~ related Senior Certificates will be entitled to receive in reduction of their Class ~~A-2 Certificates and the Holders of the Class X Certificates~~Certificate Balances, pro ~~rata in accordance with the~~ rata, based upon their respective ~~amounts of Distributable~~ Class Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (ii) to distributions of principal, first to the Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding Balances immediately prior to such Distribution Date~~) equal~~ , in addition to any Principal Prepayments related to such remaining Senior Certificates' respective Loan Group or Loan Groups, as applicable, allocated to such Senior Certificates, 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Loan Groups, as applicable, relating to the ~~entire remaining~~ fully repaid Class or Classes of Senior Certificates; provided, however, that if both (a) the weighted average of the Subordinate Percentage equals or exceeds 200% of the original weighted average of the Subordinate Percentage as of the Closing Date on or after the Distribution Date in August 2010 and (b) the aggregate Stated Principal ~~Distribution Amount for such Distribution Date; (iii) to distributions to~~ Balance of the ~~Holders~~ Mortgage Loans delinquent 60 days or more, averaged over the last six months, as a percentage of the aggregate Class Certificate Balance of the Class ~~A-1~~ M Certificates and the Holders of the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (v) if the Class Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, does not exceed 50%, then the additional allocation of Principal Prepayments to the Senior Certificates in ~~an amount~~ accordance with this clause (H) will not be made and 100% of the Principal Prepayments on any Mortgage Loan in the Loan Group or Loan Groups, as applicable, relating to ~~exceed~~ the fully repaid class or classes of Senior Certificates will be allocated to the Subordinate Certificates. (F) If on any Distribution Date on which the aggregate Class Certificate Balance of any Class or Classes of Senior Certificates would be greater than the aggregate Stated Principal Balance of the Mortgage Loans in its related Loan Group or Loan Groups, as applicable (the amount of such excess, the "Undercollateralized Amount," and any such Class B or Classes of Senior Certificates, the "Undercollateralized Senior Certificates") and any Subordinate Certificates are still outstanding ~~immediately prior~~ in each case after giving effect to distributions to be made on such Distribution Date, (i) 100% of amounts otherwise allocable to the Subordinate Certificates in respect of principal will be distributed to the Undercollateralized Senior Certificates in reduction of the Class Certificate Balances thereof, until the aggregate Class Certificate Balance of such Class or Classes of Undercollateralized Senior Certificates is equal to the entire remaining Principal Distribution Amount for such Distribution Date; (vi) to distributions to the Holders of the Class B Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class aggregate Stated Principal Balance of the ~~Class C Certificates outstanding immediately prior to such Distribution Date~~Mortgage Loans in its related Loan Group or Loan Groups, as applicable, and (ii) ~~equal~~ the Accrued Certificate Interest otherwise allocable to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Subordinate Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for on such Distribution Date ~~and~~will be reduced, ~~to the extent not previously paid~~if necessary, ~~for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B~~ and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior distributed to such ~~Distribution Date~~Class or Classes of Undercollateralized Senior Certificates pursuant to clause second of clauses (A), (B) ~~equal to the entire remaining Principal Distribution Amount for such Distribution Date;~~ and (~~xii~~C) ~~to distributions to the Holders of the Class D Certificates~~above, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificatesas applicable, in an amount equal to the ~~balance, if any,~~ Accrued Certificate Interest at the Pass-Through Rate for such Class or Classes of ~~the Available Distribution Amount~~ Undercollateralized Senior Certificates for such Distribution Date on a balance equal to the related Undercollateralized Amount. Any such reduction in the Accrued Certificate Interest on the Subordinate Certificates will be allocated to the Class B-3, Class B-2, Class B-1, Class M-3, Class M-2 and Class M-1 Certificates, in that order. On each Distribution Date, any Available Funds remaining after payment of interest and principal to the ~~distributions~~ Classes of Certificates entitled thereto, as described above, will be distributed to ~~be made~~ the Class A-R Certificates; provided that if on ~~such~~ any Distribution Date on and after the Credit Support Depletion Date there are any Group I, Group II or Group III Available Funds remaining after payment of interest and principal to a Class or Classes of Senior Certificates entitled thereto, such amounts will be distributed to the other Classes of Senior Certificates, pro rata, based upon their Class Certificate Balances, until all amounts due to all Classes of Senior Certificates have been paid in full, before any amounts are distributed to the Class A-R Certificates. In addition to the foregoing distributions, with respect to any Subsequent Recoveries, the Master Servicer shall deposit such amounts into the Master Servicer Collection Account pursuant to ~~clauses (i) through (xxx) above;~~Section 4.01(a). If, after taking into account such Subsequent Recoveries, the amount of a Realized Loss is reduced, the amount of such Subsequent Recoveries will be applied to increase the Class Certificate Balance of the Class of Subordinate Certificates with the highest payment priority to which Realized Losses have been allocated, including any Class of Subordinate Certificates to which a Realized Loss was previously allocated and whose Class Certificate Balance has been reduced to zero, but not by more than the amount of Realized Losses previously allocated to that Class of Certificates pursuant to Section 6.02. The amount of any remaining Subsequent Recoveries will be applied to increase the Class Certificate Balance of the Class of Certificates with the next highest payment priority, up to the amount of such Realized Losses previously allocated to that Class of Certificates pursuant to Section 6.02, and so on. Holders of such Certificates will not be entitled to any payment in respect of Accrued Certificate Interest on the amount of such increases for any Interest Accrual Period preceding the Distribution Date on which such increase occurs. Any such increases shall be applied to the Class Certificate Balance of each Certificate of such Class in accordance with its respective Percentage Interest.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Backed Securities Trust, Series 2007-3)

Distributions on the Certificates. (a) On each Distribution Date, an amount equal to the Interest Funds and Principal Funds for such Distribution Date shall be withdrawn by the Trustee ~~shall apply amounts on deposit in~~ from the Distribution ~~Account, in each case~~ Account to the extent of funds on deposit therein and distributed for such Distribution Date, in the ~~remaining portion~~ following order of priority: First, from Interest Funds, to pay any accrued and unpaid interest on the Offered Certificates and the Class B-5 Certificates in the following order of priority: 1. first, to each Class of Class A Certificates, the Current Interest and then any Interest Carry Forward Amount for each such Class, pro rata, based on the Current Interest and Interest Carry Forward Amount due to each such Class and second, to the Certificate Insurer, any accrued and unpaid Reimbursement Amounts payable to the Certificate Insurer for that Distribution Date in respect of any Deficiency Amount described in clauses (a)(1) or (b)(x) of such definition; 2. to the Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5 Certificates, sequentially, in that order, the Current Interest for each such Class of Certificates; 3. any Excess Spread to the extent necessary to meet a level of overcollateralization equal to the Overcollateralization Target Amount will be the Extra Principal Distribution Amount and will be included as part of the ~~Available~~ Principal Distribution Amount and distributed in accordance with Second (A) and (B) below; and 4. any remaining Excess Spread will be the Remaining Excess Spread and will be applied, together with the Overcollateralization Release Amount, as Excess Cashflow pursuant to clauses Third through Fourteenth below. Second, to pay as principal on the Class A Certificates and Class B Certificates, in the following order of priority: (A) For each Distribution Date (i) ~~to distributions of interest~~ prior to the Holders of the Class A-1 Certificates, the Holders of the Class A-2 Certificates and the Holders of the Class X Certificates, pro rata in accordance with the respective amounts of Distributable Certificate Interest payable in respect of such Classes of Certificates described in this clause (i), in an amount equal to all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Stepdown Date ~~and, to the extent not previously paid, for all prior Distribution Dates;~~ or (ii) ~~to distributions of principal~~on which a Trigger Event is in effect, ~~first to~~ from the Holders of the Class A-1 Certificates and second to the Holders of the Class A-2 Certificates, in each case, in an amount (not to exceed the Class Principal Balance of such Class of Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date;: ~~(iii)~~ 1. to ~~distributions~~ each Class of Class A Certificates on a pro rata basis until the Current Principal Amount of each such Class is reduced to zero and second, to the ~~Holders~~ Certificate Insurer, any accrued and unpaid Reimbursement Amounts payable to the Certificate Insurer for that Distribution Date in respect of any Deficiency Amount described in clauses (a)(2) or (b) (y) of such definition, but only to the extent of the ~~Class A-1 Certificates and~~ portion of Subsequent Recoveries with respect to the ~~Holders of~~ Mortgage Loans with respect to which Realized Losses were paid by the Certificate Insurer would otherwise be payable to the Class A-2 Certificates. 2. to the Class B-1 Certificates, any remaining Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; 3. to the Class B-2 Certificates, any remaining Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; 4. to the Class B-3 Certificates, any remaining Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; 5. to the Class B-4 Certificates, any remaining Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero; and 6. to the Class B-5 Certificates, any remaining Principal Distribution Amount until the Current Principal Amount thereof is reduced to zero. (B) For each Distribution Date on or after the Stepdown Date, so long as a Trigger Event is not in effect, the Principal Distribution Amount for such Distribution Date will be distributed as follows: 1. to the Class A Certificates, from the Principal Distribution Amount, an amount equal to the Class A Principal Distribution Amount will be distributed first, to each Class of Class A Certificates on a pro rata basis until the Current Principal Amount of each such Class is reduced to zero and second, to the Certificate Insurer, any accrued and unpaid Reimbursement Amounts payable to the Certificate Insurer for such Distribution Date in respect of any Deficiency Amount described in clauses (a)(2) or (b)(y) of such definition, but only to the extent of the portion of Subsequent Recoveries with respect to the Mortgage Loans with respect to which Realized Losses were paid by the Certificate Insurer would otherwise be payable to the Class A-2 Certificates; 2. to the Class B-1 Certificates, from any remaining Principal Distribution Amount, the Class B-1 Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero; 3. to the Class B-2 Certificates, from any remaining Principal Distribution Amount, the Class B-2 Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero; 4. to the Class B-3 Certificates, from any remaining Principal Distribution Amount, the Class B-3 Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero; 5. to the Class B-4 Certificates, from any remaining Principal Distribution Amount, the Class B-4 Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero; and 6. to the Class B-5 Certificates, from any remaining Principal Distribution Amount, the Class B-5 Principal Distribution Amount, until the Current Principal Amount thereof is reduced to zero. Third, from any Excess Cashflow, first, to the Class A Certificates, pro ~~rata~~ rata, in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated owed to each such Class ~~of Certificates and that remain unreimbursed immediately prior to such Distribution Date; (iv) to distributions of interest to the Holders of the Class B Certificates in~~ an amount equal to ~~all Distributable Certificate~~ (a) any Interest ~~in respect of~~ Carry Forward Amount, for each such Class ~~of Certificates~~ to the extent not fully paid pursuant to subclauses Second 1 above and then (b) any Unpaid Realized Loss Amount for each such Class for such Distribution Date ~~and~~and second, to the Certificate Insurer, any accrued and unpaid Reimbursement Amounts to the extent not ~~previously paid~~paid pursuant to priorities First 1, ~~for all prior Distribution Dates; (v~~Second 1(a) if and Second 1(b). Fourth, from any remaining Excess Cashflow, to the Class ~~Principal Balances of the Class A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B~~ B-1 Certificates, in an amount equal to (~~not to exceed the~~ a) any Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class ~~Principal Balance of the Class B Certificates outstanding immediately prior to~~ for such Distribution Date) ; Fifth, from any remaining Excess Cashflow, to the Class B-2 Certificates, an amount equal to (a) any Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class for such Distribution Date; Sixth, from any remaining Excess Cashflow, to the ~~entire~~ Class B-3 Certificates, an amount equal to (a) any Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class for such Distribution Date; Seventh, from any remaining ~~Principal~~ Excess Cashflow, to the Class B-4 Certificates, an amount equal to (a) any Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class for such Distribution Date; Eighth, from any remaining Excess Cashflow, to the Class B-5 Certificates, an amount equal to (a) any Interest Carry Forward Amount, and then (b) any Unpaid Realized Loss Amount for such Class for such Distribution Date; Ninth, from any remaining Excess Cashflow, to the Class A Certificates, any Basis Risk Shortfall and any Basis Risk Shortfall Carry-forward Amount for each such Class for such Distribution Date, pro rata, based on the Basis Risk Shortfall Carry-forward Amount owed to each such Class (any such amounts distributable from Excess Cashflow being first deposited to, and then immediately withdrawn from, the Reserve Fund as provided in Section 4.08); Tenth, from any remaining Excess Cashflow, to the Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5 Certificates, sequentially, in that order, any Basis Risk Shortfall Carry-forward Amount, in each case for such Class for such Distribution Date (any such amounts distributable from Excess Cashflow being first deposited to, and then immediately withdrawn from, the Reserve Fund as provided in Section 4.08); Eleventh, from any remaining Excess Cashflow, to the Class B-IO Certificates, the Class B-IO Distribution Amount for such Distribution Date;; Twelfth, from any remaining Excess Cashflow, to the Class B-IO Certificates, any unreimbursed Class B-IO Advances (as defined below); and Thirteenth, any remaining amounts, to the Residual Certificates. All payments of amounts in respect of Basis Risk Shortfall or Basis Risk Shortfall Carry Forward Amounts made pursuant to the provisions of this Section 6.1(a) shall, for federal income tax purposes, be deemed to have been distributed from REMIC III to the holder of the Class B-IO Certificates and then paid outside of any 2006-AR4 REMIC to the recipients thereof pursuant to an interest rate cap contract. By accepting their Certificates the holders of the Certificates agree so to treat such payments for purposes of filing their income tax returns. (vib) On each Distribution Date, amounts received under each Cap Contract benefiting the Offered Certificates and the Class B-5 Certificates and with respect to ~~distributions~~ such Distribution Date will be allocated in the following order of priority: First, to the Holders of the ~~Class B~~ Certificates, ~~in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to~~ the ~~Class B Certificates and that remain unreimbursed immediately prior to~~ payment of any Basis Risk Shortfall Carry-forward Amount for such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not ~~previously paid, for all prior Distribution Dates; (viii) if~~ covered by the Class Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount Excess Cashflow for such Distribution Date~~; (ix) to distributions~~ ; Second, from any remaining amounts, to the ~~Holders~~ holders of the Certificates, the payment of any Current Interest and Interest Carry Forward Amount for such Class C to the extent not covered by Interest Funds or Excess Cashflow on such Distribution Date; Third, from any excess amounts available from each Cap Contract relating to the Offered Certificates and the Class B-5 Certificates, to the Class A Certificates, pro rata, and then to the Class B-1, the Class B-2, the Class B-3, the Class B-4 and the Class B-5 Certificates, in ~~an amount equal to~~that order, Basis Risk Shortfall Carry-forward Amounts, Current Interest and Interest Carry Forward Amounts for such Classes to the extent not paid pursuant to clauses First or Second above or covered by Interest Funds or Excess Cashflow on such Distribution Date; and Fourth, to the Class B-IO Certificateholders, any remaining amounts. On each Distribution Date, amounts on deposit in ~~reimbursement of~~the Reserve Fund for the benefit of the Certificates will be allocated first to the Class A Certificates, ~~all~~ pro rata, based on the current Realized Losses and ~~Additional Trust Fund Expenses~~any Unpaid Realized Loss Amount for each such Class for such Distribution Date, ~~if any, that were previously allocated~~ and then to the Class ~~C Certificates~~ B-1, the Class B-2, the Class B-3, the Class B-4 and the Class B-5 Certificates, in that ~~remain unreimbursed immediately prior~~ order, to pay any current Realized Losses and any Unpaid Realized Loss Amount, in each case, for such class and for such Distribution Date;. All Cap Contract Payment Amounts made with respect to Current Interest and Interest Carry Forward Amounts will be treated, for federal income tax purposes, as reimbursable advances ("Class B-IO Advances") made from the Class B-IO Certificateholders. The Class B-IO Advances will be paid back to the Class B-IO Certificateholders pursuant to Section 6.01(a). (xc) ~~to distributions of interest to the Holders of~~ On each Distribution Date, all amounts transferred from the Class ~~D Certificates, in an amount equal to all Distributable Certificate Interest~~ XP Reserve Account representing Prepayment Charges in respect of ~~such~~ the Prepayment Charge Loans received during the related Prepayment Period will be withdrawn from the Distribution Account and distributed by the Trustee to the Class XP Certificates and shall not be available for distribution to the holders of any other Class of ~~Certificates for such Distribution Date and~~Certificates. (d) The expenses and fees of the Trust shall be paid by each of the 2006-AR4 REMICs, to the extent ~~not previously paid~~that such expenses relate to the assets of each of such respective 2006-AR4 REMICs, ~~for~~ and all ~~prior Distribution Dates; (xi) if the Class Principal Balances~~ other expenses and fees of the ~~Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders~~ Trust shall be paid pro rata by each of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R2006-I Certificates, in an amount equal to the balance, if any, of the Available Distribution Amount for such Distribution Date remaining after the distributions to be made on such Distribution Date pursuant to clauses (i) through (xxx) above;AR4 REMICs.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bear Stearns Mortgage Funding Trust 2006-Ar4)

Distributions on the Certificates. (a) On each Distribution Date, the ~~Trustee~~ Securities Administrator shall ~~apply amounts~~ withdraw the Interest Remittance Amount from funds then on deposit in the Distribution ~~Account,~~ Account for such Distribution Date and make the following distributions in ~~each case~~ the order of priority set forth below: (i) to the ~~extent~~ Senior Certificates, pro rata based on amounts due, Current Interest and any Carryforward Interest for such Class and such Distribution Date; (ii) to the Class M-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; (iii) to the Class M-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; (iv) to the Class B-1 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; (v) to the Class B-2 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; (vi) to the Class B-3 Certificates, Current Interest and any Carryforward Interest for such Class and such Distribution Date; and (vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in Section 5.06(d), any such Interest Remittance Amount remaining after application pursuant to clauses (i) through (vi) above for such Distribution Date. (b) On each Distribution Date (1) prior to the ~~remaining portion of~~ Stepdown Date or (2) with respect to which a Trigger Event is in effect, the ~~Available~~ Securities Administrator shall withdraw the Principal Payment Amount from funds then on deposit in the Distribution ~~Amount,~~ Account for such Distribution Date and distribute the Principal Payment Amount for such date in the following order of priority: (i) to ~~distributions~~ the Class A-1 Certificates, until the Certificate Principal Balance of ~~interest~~ such class has been reduced to zero; (ii) to the ~~Holders~~ Class M-1 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; (iii) to the Class M-2 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; (iv) to the Class B-1 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; (v) to the Class B-2 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; (vi) to the Class B-3 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; and (vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in Section 5.06(d), any such Principal Payment Amount remaining after application pursuant to clauses (i) through (vi) above, for such Distribution Date. (c) On each Distribution Date (1) on or after the Stepdown Date and (2) with respect to which a Trigger Event is not in effect, the Principal Payment Amount shall be withdrawn by the Securities Administrator from funds then on deposit in the Distribution Account for such Distribution Date and distribute the Principal Payment Amount for such date in the following order of priority: (i) to the Class A-1 Certificates, the ~~Holders of~~ Class A-1 Principal Payment Amount until the ~~Class A-2 Certificates and the Holders of the Class X Certificates, pro rata in accordance with the respective amounts of Distributable~~ Certificate ~~Interest payable in respect~~ Principal Balance of such ~~Classes of Certificates described in this clause (i), in an amount equal~~ class has been reduced to ~~all Distributable Certificate Interest in respect of each such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates~~zero; (ii) to ~~distributions of principal, first to the Holders of~~ the Class ~~A-1 Certificates and second to the Holders of~~ M-1 Certificates, the Class ~~A-2 Certificates~~M-1 Principal Payment Amount for such Distribution Date, ~~in each case, in an amount (not to exceed~~ until the ~~Class~~ Certificate Principal Balance of such Class ~~of Certificates outstanding immediately prior~~ has been reduced to ~~such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date~~zero; (iii) to ~~distributions to the Holders of~~ the Class ~~A-1 Certificates and the Holders of~~ M-2 Certificates, the Class A-2 Certificates, pro rata in accordance with the respective amounts of previously allocated Realized Losses and Additional Trust Fund Expenses reimbursable in respect of such Classes of Certificates described in this clause (iii), in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to each such Class of Certificates and that remain unreimbursed immediately prior to M-2 Principal Payment Amount for such Distribution Date, until the Certificate Principal Balance of such Class has been reduced to zero; (iv) to ~~distributions of interest to the Holders of~~ the Class ~~B Certificates in an amount equal to all Distributable~~ B-1 Certificates, the Class B-1 Principal Payment Amount for such Distribution Date, until the Certificate ~~Interest in respect~~ Principal Balance of such Class ~~of Certificates for such Distribution Date and,~~ has been reduced to ~~the extent not previously paid, for all prior Distribution Dates~~zero; (v) if to the Class ~~Principal Balances of~~ B-2 Certificates, the Class ~~A-1 and Class A-2 Certificates have been reduced to zero, to distributions of principal to the Holders of the Class B Certificates, in an amount (not to exceed the Class~~ B-2 Principal ~~Balance of the Class B Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution~~ Payment Amount for such Distribution Date, until the Certificate Principal Balance of such Class has been reduced to zero; (vi) to ~~distributions to the Holders of~~ the Class B B-3 Certificates, ~~in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to~~ the Class B Certificates and that remain unreimbursed immediately prior to such Distribution Date; (vii) to distributions of interest to the Holders of the Class C Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (viii) if the Class B-3 Principal Balances of the Class A-1, Class A-2 and Class B Certificates have been reduced to zero, to distributions of principal to the Holders of the Class C Certificates, in an amount (not to exceed the Class Principal Balance of the Class C Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (ix) to distributions to the Holders of the Class C Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class C Certificates and that remain unreimbursed immediately prior to such Distribution Date; (x) to distributions of interest to the Holders of the Class D Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xi) if the Class Principal Balances of the Class A-1, Class A-2, Class B and Class C Certificates have been reduced to zero, to distributions of principal to the Holders of the Class D Certificates, in an amount (not to exceed the Class Principal Balance of the Class D Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xii) to distributions to the Holders of the Class D Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class D Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xiii) to distributions of interest to the Holders of the Class E Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xiv) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C and Class D Certificates have been reduced to zero, to distributions of principal to the Holders of the Class E Certificates, in an amount (not to exceed the Class Principal Balance of the Class E Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xv) to distributions to the Holders of the Class E Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class E Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xvi) to distributions of interest to the Holders of the Class F Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xvii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D and Class E Certificates have been reduced to zero, to distributions of principal to the Holders of the Class F Certificates, in an amount (not to exceed the Class Principal Balance of the Class F Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xviii) to distributions to the Holders of the Class F Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class F Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xix) to distributions of interest to the Holders of the Class G Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xx) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E and Class F Certificates have been reduced to zero, to distributions of principal to the Holders of the Class G Certificates, in an amount (not to exceed the Class Principal Balance of the Class G Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxi) to distributions to the Holders of the Class G Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class G Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxii) to distributions of interest to the Holders of the Class H Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxiii) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F and Class G Certificates have been reduced to zero, to distributions of principal to the Holders of the Class H Certificates, in an amount (not to exceed the Class Principal Balance of the Class H Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxiv) to distributions to the Holders of the Class H Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class H Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxv) to distributions of interest to the Holders of the Class J Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxvi) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero, to distributions of principal to the Holders of the Class J Certificates, in an amount (not to exceed the Class Principal Balance of the Class J Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxvii) to distributions to the Holders of the Class J Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class J Certificates and that remain unreimbursed immediately prior to such Distribution Date; (xxviii) to distributions of interest to the Holders of the Class K Certificates, in an amount equal to all Distributable Certificate Interest in respect of such Class of Certificates for such Distribution Date and, to the extent not previously paid, for all prior Distribution Dates; (xxix) if the Class Principal Balances of the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class F, Class G, Class H and Class J Certificates have been reduced to zero, to distributions of principal to the Holders of the Class K Certificates, in an amount (not to exceed the Class Principal Balance of the Class K Certificates outstanding immediately prior to such Distribution Date) equal to the entire remaining Principal Distribution Amount for such Distribution Date; (xxx) to distributions to the Holders of the Class K Certificates, in an amount equal to, and in reimbursement of, all Realized Losses and Additional Trust Fund Expenses, if any, that were previously allocated to the Class K Certificates and that remain unreimbursed immediately prior to such Distribution Date; and (xxxi) to distributions to the Holders of the Class R-I Certificates, in an amount equal to the balance, if any, of the Available Distribution Payment Amount for such Distribution Date until the Certificate Principal Balance of such Class has been reduced to zero; and (vii) for application as part of Monthly Excess Cashflow for such Distribution Date, as provided in Section 5.06(d), any such Principal Payment Amount remaining after application pursuant to clauses (i) through (vi) above, for such Distribution Date. (d) On each Distribution Date, the Monthly Excess Cashflow shall be applied by the Securities Administrator, after covering losses in respect of the related Distribution Date for such date in the following order of priority: (A) until the aggregate Certificate Principal Balance of the Certificates equals the Aggregate Loan Balance for such Distribution Date minus the Targeted Overcollateralization Amount for such date, on each Distribution Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, to the extent of Monthly Excess Interest for such Distribution Date, to the Certificates, in the following order of priority: (1) to the Class A-1 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; (2) to the Class M-1 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; (3) to the Class M-2 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; (4) to the Class B-1 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; (5) to the Class B-2 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; and (6) to the Class B-3 Certificates, until the Certificate Principal Balance of such Class has been reduced to zero; (B) on each Distribution Date on or after the Stepdown Date and with respect to which a Trigger Event is not in effect, to fund any principal distributions required to be made on such Distribution Date pursuant to ~~clauses~~ Section 5.06(c), after giving effect to the distribution of the Principal Payment Amount for such Distribution Date, in accordance with the priorities set forth therein; (ii) to the Class M-1 Certificates, any Deferred Amount for such Class, with interest thereon at the applicable Pass-Through Rate; (iii) to the Class M-2 Certificates, any Deferred Amount for such Class, with interest thereon at the applicable Pass-Through Rate; (iv) to the Class B-1 Certificates, any Deferred Amount for such Class, with interest thereon at the applicable Pass-Through Rate; (v) to the Class B-2 Certificates, any Deferred Amount for such Class, with interest thereon at the applicable Pass-Through Rate; (vi) to the Class B-3 Certificates, any Deferred Amount for such Class, with interest thereon at the applicable Pass-Through Rate; (vii) to the Basis Risk Reserve Fund, the aggregate amount of any Basis Risk Shortfalls for such Distribution Date, which amounts shall be withdrawn by the Securities Administrator from the Basis Risk Reserve Fund, from funds then on deposit therein, and applied in the following order of priority: (1) to the Class A-1 Certificates, any applicable Basis Risk Shortfall for such Class; (2) to the Class M-1 Certificates, any applicable Basis Risk Shortfall for such Class; (3) to the Class M-2 Certificates, any applicable Basis Risk Shortfall for such Class; (4) to the Class B-1 Certificates, any applicable Basis Risk Shortfall for such Class; (5) to the Class B-2 Certificates, any applicable Basis Risk Shortfall for such Class; (6) to the Class B-3 Certificates, any applicable Basis Risk Shortfall for such Class; (viii) to the Class X-1 Certificates, the Class X-1 Distributable Amount for such Distribution Date; and (ix) to the Class R Certificate, any remaining amount. Distributions pursuant to Section 5.06(d)(ii)-(vi) on any Distribution Date will be made after giving effect to withdrawals from the Interest Rate Cap Account on such date to pay Deferred Amounts. (e) On each Distribution Date, all amounts representing Prepayment Charges in respect of the Mortgage Loans received during the related Prepayment Period and deposited in the Distribution Account will be withdrawn from the Distribution Account and distributed by the Securities Administrator in accordance with the reports delivered by the Servicer to the Master Servicer pursuant to Section 4.03 hereof to the Class P Certificates and shall not be available for distribution to the holders of any other Class of Certificates. The payment of such Prepayment Charges shall not reduce the Certificate Principal Balance of the Class P Certificates. (f) Subject to Section 10.02 hereof respecting the final distribution on a Class of LIBOR or Fixed Rate Certificates, on each Distribution Date the Securities Administrator shall make distributions to each Holder of a LIBOR or Fixed Rate Certificate of record on the preceding Record Date either by wire transfer in immediately available funds to the account of such holder at a bank or other entity having appropriate facilities therefor, if (i) ~~through~~ such Holder has so notified the Securities Administrator at least 5 Business Days prior to the related Record Date and (~~xxx~~ii) ~~above;~~such Holder shall hold Regular Certificates with aggregate principal denominations of not less than $1,000,000 or evidencing a Percentage Interest aggregating 10% or more with respect to such Class or, if not, by check mailed by first class mail to such Certificateholder at the address of such holder appearing in the Certificate Register. Notwithstanding the foregoing, but subject to Section 10.02 hereof respecting the final distribution, distributions with respect to LIBOR or Fixed Rate Certificates registered in the name of a Depository shall be made to such Depository in immediately available funds.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nomura Asset Acceptance Corporation, Alternative Loan Trust, Series 2005-S2)

Common use of Distributions on the Certificates Clause in Contracts